Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 15999. (Read 26586402 times)

Sometimes it helps to look at a log scale chart. Here is Bitstamp daily bitcoin log scale with a reasonable pitchfork drawn:



The pitchfork suggests we may reach roughly $8000 before a sharp correction down to about $5000 before new all time highs greater than $10,000 by year end. The sell off might occur during the fork drama and rather than the end of the world present just another buying opportunity.

Investing in something that might be burdensome and for something like 'waves' that are for free is not a good business.

This ratio.

Is there still somebody out there, trying to trade this madness?

saturday? or monday?

Bitstamp | Total bids: 106610570 USD. Total asks: 1930 BTC. Ratio: 55232.55661 USD/BTC. | Data vintage: 0.0227 seconds

not a bad morning.


Will we see a temporary dump as we did yesterday?

$32k by the weekend?

Actually most of people on this planet are broke and just worry about daily sustenance.  So even if they knew something about bitcoin, they probably would buy very little, if at all, and had get out as soon as they need the money for something else.  

So even if Mircea Popescu type of elitism is repugnant, he is right in that Bitcoin does NOT give a fook whether it sees widespread use as payment or the masses adopt it.  It's going to go up if enough elites see it as a hedge against central bank experimentalism or as a new method of exerting controls.  As I stated before, I got in in late 2012 mostly as a hyperdeflationary experiment, i.e. I want to see whether we can trigger the first recorded case of hyperdeflation in human history.  

Since bitcoin is highly deflationary by design, it is irrational to spend it when you have fiat alternatives readily available, e.g. Visa/Master/Paypal/Alipay/Debit-card/Fiat-Cash.  If any kind of S curve adoption occurs, then BTC would be hoarded to oblivion.  Gresham's law would tell you that people always want to spend the "bad money", e.g. fiat, before spending "good money" like gold or BTC.  So eventually just as in hyperinflation, people try to spend the toilet paper confetti before it becomes worthless, people would hoard BTC before it becomes even more valuable.  The end game would be the same, they lose their function as a medium of exchange, because one has zero function as storage of value, and the other because it is just too valuable to be spent.  

If one just look at BTC in fiat term, going from sub $1 to $7000+ in 7+ years is pretty hyperdeflationary.  It's even worse if one looks at it in "purchasing power parity" terms, i.e. Laszlo's pizza, 2 pizza for USD$70 million, an increase of at least 7,000,000 times.  Naturally the implication would be that if BTC undergoes hyperdeflation, any charting/wave-theory/fibonacci/TA would be meaningless.  That's like applying TA to Weimar stock market or the IBVC (Venezuela stock index), which is up like 20x in 2017 alone and 50x in 1 year.  

And if not
Its only a matter of time

this must be the wealthiest forum in history.

 

I remember back in May when Bitcoin first hit 2187. I had a little chuckle.

Haha. You know how YouTube puts up ads before your content plays? I followed your link, and was met with an ad for Cascade Paper company. Shots of smiling factory workers working in friendly collaboration, running finely-maintained production machines, cranking out huge volumes of ... ...
...
wait for it ...
...
Toilet Paper!

I myself see maybe a 9k to 10k pre-forking pump...with a result of 3 flavors of bitcoin, with none holding 51% ..thus stalemate..thus post forking dump say to 6k or 5k, as
a result of NO resolution to all this yet....give any of the above 51% and we will blast past 10k imho....

Don't get me wrong, I'm still gonna hodl thru all this, just saying it is how Bitcoin rolls....(or has in the past, on this kinda stuff)