Topic: Long-term market reversal? (Read 5433 times)
It could be considered fiat in the sense that code is law.
The definitions of 'fiat money' given by Oxford, Webster, and Wiktionary all include 'government decree'.
The etymology, from Latin comes to English in 1630s as "let it be done". I presume similar to French 'faire' - to do or make.
The very first references in English are translations of Genesis, 'fiat lux', 'γενηθήτω φῶς' (genēthētō phōs), '','יְהִי אוֹר' (yehiy 'or), 'let there be light'. The evolution of usage is first God at creation, then government stole the term, perhaps now the people can now repossess the term. Prometheus, baby! According to Wikipedia, the phrase is often used for its metaphorical meaning of dispelling ignorance. How appropriate then to refer to bitcoin as the new fiat lux - dispelling ignorance.
The etymology, from Latin comes to English in 1630s as "let it be done". I presume similar to French 'faire' - to do or make.
The very first references in English are translations of Genesis, 'fiat lux', 'γενηθήτω φῶς' (genēthētō phōs), '','יְהִי אוֹר' (yehiy 'or), 'let there be light'. The evolution of usage is first God at creation, then government stole the term, perhaps now the people can now repossess the term. Prometheus, baby! According to Wikipedia, the phrase is often used for its metaphorical meaning of dispelling ignorance. How appropriate then to refer to bitcoin as the new fiat lux - dispelling ignorance.
 | And in the end God said, Let there be bitcoin: and there was bitcoin And God saw bitcoin, and it was good: and God divided the worthy from the worthless. |
Isn't Bitcoin technically a fiat currency? (not to start a flame war or anything, but I mean under a technical definition)
Well I guess it depends on how you store it. If its on a HD then it has an intrinsic value of the HD, on one of Casaacius' gold coins would be a good place to store them.
But, I would think you are correct. It's only value is in what the community gives it.
Quote
Noun:
A formal authorization or proposition; a decree.
An arbitrary order.
Who formally authorized bitcoin again? Was it Obama, or maybe David Cameron?
Isn't Bitcoin technically a fiat currency? (not to start a flame war or anything, but I mean under a technical definition)
no
Isn't Bitcoin technically a fiat currency? (not to start a flame war or anything, but I mean under a technical definition)
EDIT: (3/13/2013) I wonder sometimes if the word "fiat" refers to the traditional "government" or the latin term of "let it be done". The first country to do fiat currency was actually China, with the intention of having it be converted every three years at a specific rate. Later on it would be used in the US by banks as a way to pay off taxes, and eventually such bills would become the only way to pay taxes. Most countries then adopted such a system, and we've been willingly following it ever since.
EDIT: (3/13/2013) I wonder sometimes if the word "fiat" refers to the traditional "government" or the latin term of "let it be done". The first country to do fiat currency was actually China, with the intention of having it be converted every three years at a specific rate. Later on it would be used in the US by banks as a way to pay off taxes, and eventually such bills would become the only way to pay taxes. Most countries then adopted such a system, and we've been willingly following it ever since.
Quote
Down to 3.75 already, that was a nice bull trap.
Nah it was just Zhoutong needing $$$ for hookers and blow for Christmas
wow, that really caught me off guard.
Down to 3.75 already, that was a nice bull trap.
I see this as an expected correction after a rally that clearly overshot. It was a bull trap only to short term players. Now we are entering the real trap zone and I can give one hint. It's not a bull trap.Especially now that we got some pretty good press coverage thanks to the rally, an overly bearish correction is very unlikely and the area further down will most likely be a massive bear trap.
Quote
Down to 3.75 already, that was a nice bull trap.
Nah it was just Zhoutong needing $$$ for hookers and blow for Christmas
Down to 3.75 already, that was a nice bull trap.
bitcoin prices below 3 $ would be rather bearish at this stage
It would be boring if all would agree with me 
The market will decide who is right or wrong. In my p.o.v the market dynamics have changed a lot. The current rise is very healthy , supported by strong volume.
Sure it will not go up in a straight line. There will be corrections along the way, but I see likelihood of 60-65% that we will not see bitcoin prices below 2 $ in the next weeks and months any more. More details and alerts in the subscriber section.
The market will decide who is right or wrong. In my p.o.v the market dynamics have changed a lot. The current rise is very healthy , supported by strong volume.
Sure it will not go up in a straight line. There will be corrections along the way, but I see likelihood of 60-65% that we will not see bitcoin prices below 2 $ in the next weeks and months any more. More details and alerts in the subscriber section.
How about prices below 3?
I don't put that much faith in Elliot waves so I have a different viewpoint. I tend to agree with S3052 right now, we are very likely completely changing course right now. This isn't straightforward though, we could be bouncing between $3 and $4 for a while. Price below $3 seems very unlikely to me at this point.
Lately I have come to the conclusion that we could be on our way to a price way past the June bubble. But it won't be the same as it was in June, the reasons for investing in Bitcoin will be more grounded to sanity instead of greed.
This is because it's becoming clear that Bitcoin doesn't die easily. It's not a company that will simply go under. Taking into account the hardships the Bitcoin-world has endured, it will literally seem like a miracle when it starts rising from the ashes, which it is doing now.
This will lead to people appreciating Bitcoin for what it is, a highly robust technology that has the ability to make storing and moving money cheaper, easier and more reliable than ever. And it makes 95% of bank activities obsolete. A lot of intermediaries will become obsolete on all levels leading to cheaper prices.
This is obviously a long term view. Very long term. But I think that we're going to see the first real developments towards this in 2012. My on position right now is mirroring my views. Which means I hold a long position and have no interest in selling unless a clear bubble has formed. And fundamentally that excludes at least all single digit prices.
And on another note, I still hold my view that for the skeptics to start believing in Bitcoin rising from the ashes we needs to reach $7. But this is a good start.
Lately I have come to the conclusion that we could be on our way to a price way past the June bubble. But it won't be the same as it was in June, the reasons for investing in Bitcoin will be more grounded to sanity instead of greed.
This is because it's becoming clear that Bitcoin doesn't die easily. It's not a company that will simply go under. Taking into account the hardships the Bitcoin-world has endured, it will literally seem like a miracle when it starts rising from the ashes, which it is doing now.
This will lead to people appreciating Bitcoin for what it is, a highly robust technology that has the ability to make storing and moving money cheaper, easier and more reliable than ever. And it makes 95% of bank activities obsolete. A lot of intermediaries will become obsolete on all levels leading to cheaper prices.
This is obviously a long term view. Very long term. But I think that we're going to see the first real developments towards this in 2012. My on position right now is mirroring my views. Which means I hold a long position and have no interest in selling unless a clear bubble has formed. And fundamentally that excludes at least all single digit prices.
And on another note, I still hold my view that for the skeptics to start believing in Bitcoin rising from the ashes we needs to reach $7. But this is a good start.
I agree. It will be a bumpy ride to $7... market making bot engaged.
I don't put that much faith in Elliot waves so I have a different viewpoint. I tend to agree with S3052 right now, we are very likely completely changing course right now. This isn't straightforward though, we could be bouncing between $3 and $4 for a while. Price below $3 seems very unlikely to me at this point.
Lately I have come to the conclusion that we could be on our way to a price way past the June bubble. But it won't be the same as it was in June, the reasons for investing in Bitcoin will be more grounded to sanity instead of greed.
This is because it's becoming clear that Bitcoin doesn't die easily. It's not a company that will simply go under. Taking into account the hardships the Bitcoin-world has endured, it will literally seem like a miracle when it starts rising from the ashes, which it is doing now.
This will lead to people appreciating Bitcoin for what it is, a highly robust technology that has the ability to make storing and moving money cheaper, easier and more reliable than ever. And it makes 95% of bank activities obsolete. A lot of intermediaries will become obsolete on all levels leading to cheaper prices for everything.
This is obviously a long term view. Very long term. But I think that we're going to see the first real developments toward this in 2012. My investment position is mirroring my views. Which means I hold a long position and have no interest in selling unless a clear bubble forms again. And fundamentally single digit prices are not even close to a bubble, they are more like serious undervaluation for a technology as solid as Bitcoin.
And on another note, I still hold my view that for the skeptics to start believing in Bitcoin rising from the ashes we needs to reach $7. But this is a good start.
Lately I have come to the conclusion that we could be on our way to a price way past the June bubble. But it won't be the same as it was in June, the reasons for investing in Bitcoin will be more grounded to sanity instead of greed.
This is because it's becoming clear that Bitcoin doesn't die easily. It's not a company that will simply go under. Taking into account the hardships the Bitcoin-world has endured, it will literally seem like a miracle when it starts rising from the ashes, which it is doing now.
This will lead to people appreciating Bitcoin for what it is, a highly robust technology that has the ability to make storing and moving money cheaper, easier and more reliable than ever. And it makes 95% of bank activities obsolete. A lot of intermediaries will become obsolete on all levels leading to cheaper prices for everything.
This is obviously a long term view. Very long term. But I think that we're going to see the first real developments toward this in 2012. My investment position is mirroring my views. Which means I hold a long position and have no interest in selling unless a clear bubble forms again. And fundamentally single digit prices are not even close to a bubble, they are more like serious undervaluation for a technology as solid as Bitcoin.
And on another note, I still hold my view that for the skeptics to start believing in Bitcoin rising from the ashes we needs to reach $7. But this is a good start.
Proudhon, I bet you 50 Bitcoins that the price doesn't dip below $2 in the next 2 weeks.
lol I thought
This thread has some serious pronoun issues. Who and to whom about what are we talking about?
Proudhon bet you 50 Bitcoins that the price doesn't dip below $2 in the next 2 weeks.
lol I thought you had something worked out with Proudhon and were offering it to S3052...
I don't think that's a fair bet. It's like asking the bulls to bet that the price rises above $8 in the next two weeks. You also win if there's no movement at all. Perhaps add the option of a draw, suggest less than $3 vs. above $5?
* unless... did someone already made that claim (<$2 in 2 weeks)?
* unless... did someone already made that claim (<$2 in 2 weeks)?
It would be boring if all would agree with me
The market will decide who is right or wrong. In my p.o.v the market dynamics have changed a lot. The current rise is very healthy , supported by strong volume.
Sure it will not go up in a straight line. There will be corrections along the way, but I see likelihood of 60-65% that we will not see bitcoin prices below 2 $ in the next weeks and months any more. More details and alerts in the subscriber section.
I am willing to put my money where my mouth is. The market will decide who is right or wrong. In my p.o.v the market dynamics have changed a lot. The current rise is very healthy , supported by strong volume.
Sure it will not go up in a straight line. There will be corrections along the way, but I see likelihood of 60-65% that we will not see bitcoin prices below 2 $ in the next weeks and months any more. More details and alerts in the subscriber section.
Proudhon bet you 50 Bitcoins that the price doesn't dip below $2 in the next 2 weeks.
Let me know if you want to go in.
Next two weeks?!
I accept. Is it a deal, proudhon?
It would be boring if all would agree with me
The market will decide who is right or wrong. In my p.o.v the market dynamics have changed a lot. The current rise is very healthy , supported by strong volume.
Sure it will not go up in a straight line. There will be corrections along the way, but I see likelihood of 60-65% that we will not see bitcoin prices below 2 $ in the next weeks and months any more. More details and alerts in the subscriber section.
I am willing to put my money where my mouth is. The market will decide who is right or wrong. In my p.o.v the market dynamics have changed a lot. The current rise is very healthy , supported by strong volume.
Sure it will not go up in a straight line. There will be corrections along the way, but I see likelihood of 60-65% that we will not see bitcoin prices below 2 $ in the next weeks and months any more. More details and alerts in the subscriber section.
Proudhon bet you 50 Bitcoins that the price doesn't dip below $2 in the next 2 weeks.
Let me know if you want to go in.
It would be boring if all would agree with me
The market will decide who is right or wrong. In my p.o.v the market dynamics have changed a lot. The current rise is very healthy , supported by strong volume.
Sure it will not go up in a straight line. There will be corrections along the way, but I see likelihood of 60-65% that we will not see bitcoin prices below 2 $ in the next weeks and months any more. More details and alerts in the subscriber section.
The market will decide who is right or wrong. In my p.o.v the market dynamics have changed a lot. The current rise is very healthy , supported by strong volume.
Sure it will not go up in a straight line. There will be corrections along the way, but I see likelihood of 60-65% that we will not see bitcoin prices below 2 $ in the next weeks and months any more. More details and alerts in the subscriber section.
Jump to: