Topic: Gold collapsing. Bitcoin UP. - page 1325. (Read 2032270 times)

Manipulation and price suppression don't work on strong hands. In the case of Bitcoin, it's all a game played againts the weaks hands, usually ending in carnage for them. It may actually be a good thing since it reduces volatility by injecting little stillettos to prick any mini-bubbles.

It sure got quiet here quick. Not at all surprising how some of the same methods used for gold price suppression have been aimed at Bitcoin and had the same result of knocking prices down; not through any issue with Bitcoin itself, but the surrounding infrastructure.

For what it's worth, here is my analysis cribbed from an e-mail I sent do an associated earlier today:

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Such bounces are common in big buys or sells because there is a large no-mans land between the two liquidity.

One possibility and something I've been anticipating is that if/when big money enters, they'll have the will, ability, and need to shake out the flighty geeks and petty criminals who hold much of the currency base.  This pretends, however, that they have formed some sort of a cooperative relationship with one another which might be a challenge.  Certain of the money seem likely to me to be prone to eat one another's lunch, but no party has an unlimited appetite (except perhaps the fed.)

Another possibility is that there is a technical glitch.  I watch the #bitcoin-dev IRC, but when serious things happen, the half dozen developers who actually mean anything can and do disappear to handle the issues more efficiently.  This may be happening now.

Most of the time I never understand or can appreciate the forces which cause such things to happen.  Things are currently so unstable that pretty significant events can probably be explained by chaos alone.

BTW, and you may have already realized this, but if you have secret keys you control value in the block chain.  I consider the block chain to be fairly independent of the protocol, and likely to form at least part of the basis of value in whatever thing or things crawl out of the smoking crater should Bitcoin collapse.

Bitcoin's percentage move action today is ultra bullish for the medium long term. (I wish I wasn't writing this because it is my best rational analysis of markets but the absolute figures involved conjure up emotions and make it sound like pumping and bubble-licious talk ... but some people might like to hear it.)

I thought I was dreaming when I saw the stilletto it painted at $25-20 correction (25% stilletto in matter of minutes) and thought to myself this sucker is going to $50 maybe $75 or higher ... then it did the same thing again when it touched $50 for first time and retreated to $36 (25%) and then bounced back in next to no time ...  these stilletto patterns all the way are evidence of more money waiting to get in basically "buying the dips" analysis but a little more sophisticated analysis of post dip action ... it is not the collapse that is the tell it is all in the bounce back and follow through. Sawtooth trading analysis is something very similar from commodities bull runs that uses similar patterns.

Now, today it just dropped from $260 to ~$110 and is bouncing back by almost 80-100% off the low ... this is a mother-of-all stilletto pattern that has got my hands shaking. We could easily be going north of $1000 in the medium term and bodes for higher again in the longer term.

I just had a peek at the stock market which I rarely do (my having no horse in that race) and it seems to be doing swimmingly today.

Gold beaten hard.

Bitcoin collapsing badly.

Nobody called the top this time...

What have we done...

Oh right, created Internet software that is currently drowning Gold's price in a bathtub full of tears

 

Gold DOWN.  Bitcoin UP.

Wow!  Leave you guys for 18 hours...

the silverbox update (comparison from the beginning of this thread, March 13th, 2012, gold=1690, Bitcoin=5.4):
Bitcoin is 240.11.  Gold is 1585.00
Bitcoin: 4346.48%
Gold:    -6.21%
Diff:  4641% advantage Bitcoin and Growing

we need an update 

Thanks to everyone's recommendations, after some reading and researching I finally bought from Bitcoin Commodities. It also took less time to have the gold in my hands than the average time it takes for an exchange to wire money to my bank account. As a precious metal virgin, my next experiment will be trying to sell it. Any recommendations about how/where to sell and what to expect?

Gold down.  Bitcoin UP.

Nope... bummer huh?  flying on the company's dime.

The vast majority of gold is held by a tiny minority of ultra-wealthy. That didn't stop it from becoming the world's prime form of wealth storage. Keep in mind that there are numerous other forms of savings, including silver and other metals. Likewise, Bitcoin is not alone: it has a cast of several supporting cryptocurrencies, including Litecoin, PPcoin, and Ripple.

As for an industrial-scale distributive method, it exists in the usage of bitcoins as funding for business endeavors. Initially, a good amount of Bitcoin supply will flow to the top - a groundswell of acquisition. That will then follow a trickle-down pattern, coming to a more disbursed level of ownership to accompany existing supply already in place. The distribution issue shouldn't be a primary concern due to the divisibility of units.

Even with turbulence, I find it unlikely that Bitcoin will experience a crash going forward. With the Cyprus event and planned continuation of confiscation, there is now a race against time for Bitcoin to come out ahead of gold in public awareness. Whichever is the focus of people's wealth in a panic reaction will gain initial primacy. Bitcoin and cryptocurrencies will win out over the long-term, but it's still very possible for gold to experience a sudden revaluation. As awareness of gold's wealth protection spreads, the concept of Bitcoin will follow. Any attempt to confiscate or excessively tax gold will result in a shift toward cryptocurrencies by those unable to leave significant amounts of wealth sit in multiple jurisdictions.

If anything, it would likely be wise to not leave cryptocurrencies. Trade among them the way gold is traded on its ratio to silver and other precious monetary metals. In fact, the first exchange that can combine multiple cryptocurrency markets with the major precious metals would have a horde of investment inflow (GoldMoney?).

You gonna stay for the conference? http://www.bitcoin2013.com/

Jesus H

So excited, gogo Bitcoin!

Good Morning East Coast USA!!!  Gold down, bitcoin ATH!!!

the silverbox update (comparison from the beginning of this thread, March 13th, 2012, gold=1690, Bitcoin=5.4):
Bitcoin is 190.00.  Gold is 1575.00
Bitcoin: 3418.52%
Gold:    -6.80%
Diff:   3675% advantage Bitcoin and Growing


(PS: I'm very happy for others to post the updates as well.  Esp tomorrow as I will be flying to San Fran)

The scheme operated from November '11 to August '12, so Bitcoin has a much longer record of profits than the scam right now.

How long had pirate operated his Ponzi? I figure that if someone has put his money in bitcoins at the 2011 bottom, or 2012 August bottom, he would get a pirate-level return per week on average.