Real investors/traders know that managing trades is the key to financial gain.
Amateurs and bad traders only focus in trying to predict the future, crystal ball style, with bold statements while pumping their chest. It almost always ends badly because they convince themselves they're right, so they hold on to losing positions forever until they turn positive again, until that one trade that doesn't and wipes them out.
Topic: R.I.P. double digits (Read 2614 times)
I have the feeling that "pretty violent market events" is the norm for bitcoin, and last year was just unusually "slow".
That would be a troublesome trait for a currency!Yet it's the path a voluntary floating free market currency must take. If this bothers you, perhaps you should avoid it for 5-10-15-20 years.
The thing is, I read nobby's post as meaning "Bitcoin is inherently volatile", which I think would be a problem; if I come back in 5-10-15-20 years and it's still jumping around like this, it'd be hard to use it as current money.
I have the feeling that "pretty violent market events" is the norm for bitcoin, and last year was just unusually "slow".
That would be a troublesome trait for a currency!Yet it's the path a voluntary floating free market currency must take. If this bothers you, perhaps you should avoid it for 5-10-15-20 years.
The thing is, I read nobby's post as meaning "Bitcoin is inherently volatile", which I think would be a problem; if I come back in 5-10-15-20 years and it's still jumping around like this, it'd be hard to use it as current money.
About an hour ago there was the last chance to see BTC/USD rate bellow 100 on MtGox.
No more double digits ever.
Sorry, proudhon.
No more double digits ever.
Sorry, proudhon.
Doubt it. It's this kind of blind optimism that got BTC to 266, and it might just do so again, but the end result is inevitable.
This.
Based on usability, the rates should be more like $20
We've gotten many announcements and many started developments, so chances are that some of those will succeed
But since one of Bitcoin's features is that the amount of available coins will not be adjusted to "necessities", this means that we need to accommodate somehow for all the new people aboard. Which means higher rates, even if they don't feel quite right.
We've gotten many announcements and many started developments, so chances are that some of those will succeed
But since one of Bitcoin's features is that the amount of available coins will not be adjusted to "necessities", this means that we need to accommodate somehow for all the new people aboard. Which means higher rates, even if they don't feel quite right.
Tough to judge a "rational here-and-now" price, isn't it? And even if one does, the market price will usually be higher than that due to speculation (all commodities). I could guess that a "rational" bitcoin price based on the infrastructure and economy we have now is perhaps, generously, $40. Based on that, the recent peak of $260 was about 6x "overinflated". In June 2011, a "rational" price per BTC might well have been 50c, meaning the $30 peak was about 60x overinflated. And a "rational" gold price based on practical usability might be less than $100 per troy ounce, but I can't imagine you'll get anyone to sell it to you even as cheaply as triple that, somehow.
for some reason I misread the topic..
I saw R.I.P
PROUDHON
I saw R.I.P
PROUDHON
About an hour ago there was the last chance to see BTC/USD rate bellow 100 on MtGox.
No more double digits ever.
No more double digits ever.
Based on usability, the rates should be more like $20
We've gotten many announcements and many started developments, so chances are that some of those will succeed
But since one of Bitcoin's features is that the amount of available coins will not be adjusted to "necessities", this means that we need to accommodate somehow for all the new people aboard. Which means higher rates, even if they don't feel quite right.
About an hour ago there was the last chance to see BTC/USD rate bellow 100 on MtGox.
No more double digits ever.
Sorry, proudhon.
No more double digits ever.
Sorry, proudhon.
Doubt it. It's this kind of blind optimism that got BTC to 266, and it might just do so again, but the end result is inevitable.
I have the feeling that "pretty violent market events" is the norm for bitcoin, and last year was just unusually "slow".
That would be a troublesome trait for a currency!Bitcoin trades like penny stocks, it's inherent in a market minnow.
Bitcoin will be a bit more stable either when 1 BTC = >>$10k or zero. But we face chicken-and-egg problems, scalability issues and perhaps extreme volatility en route, in either case.
I have the feeling that "pretty violent market events" is the norm for bitcoin, and last year was just unusually "slow".
That would be a troublesome trait for a currency!
Indeed I'm buying now...
Watching Mike Hearn speak gives me a huge amount of confidence in "the project", to be honest. You'll hardly find that kind of lucidity and straight talking in any government official.
Is there a video in particular you're referring to? I'd love to watch.
Sorry, I was thinking in particular of this (I think): http://www.youtube.com/watch?v=mD4L7xDNCmA
Not brief, but worth seeing! I was actually there too and remember this well enough from the live presentation.
Awesome, thanks!
Watching Mike Hearn speak gives me a huge amount of confidence in "the project", to be honest. You'll hardly find that kind of lucidity and straight talking in any government official.
Is there a video in particular you're referring to? I'd love to watch.
Sorry, I was thinking in particular of this (I think): http://www.youtube.com/watch?v=mD4L7xDNCmA
Not brief, but worth seeing! I was actually there too and remember this well enough from the live presentation.
Things are looking pretty healthy, and I'm not just talking about price. Its still only a week out from a pretty violent market events, so I wouldn't want to be too quick at pronouncements about leaving double digits. I feel like the project is at a crossroads now because of all the exposure over the past few weeks. I hope service providers are thinking further ahead in the future now with respect to scalability.
Good post.
I have the feeling that "pretty violent market events" is the norm for bitcoin, and last year was just unusually "slow".
Watching Mike Hearn speak gives me a huge amount of confidence in "the project", to be honest. You'll hardly find that kind of lucidity and straight talking in any government official.
Is there a video in particular you're referring to? I'd love to watch.
Things are looking pretty healthy, and I'm not just talking about price. Its still only a week out from a pretty violent market events, so I wouldn't want to be too quick at pronouncements about leaving double digits. I feel like the project is at a crossroads now because of all the exposure over the past few weeks. I hope service providers are thinking further ahead in the future now with respect to scalability.
Good post.
I have the feeling that "pretty violent market events" is the norm for bitcoin, and last year was just unusually "slow".
Watching Mike Hearn speak gives me a huge amount of confidence in "the project", to be honest. You'll hardly find that kind of lucidity and straight talking in any government official.
Emotional Analysis?
Go Proudhorn, this is the "back to normal" phase!
Things are looking pretty healthy, and I'm not just talking about price. Its still only a week out from a pretty violent market events, so I wouldn't want to be too quick at pronouncements about leaving double digits. I feel like the project is at a crossroads now because of all the exposure over the past few weeks. I hope service providers are thinking further ahead in the future now with respect to scalability.
I think he means Early Adopter.
Makes sense lol
I think he means Early Adopter.
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