Topic: What effect will Monday's US Congressional hearing have on price? - page 2. (Read 5645 times)

3pm (ET)  Monday on C-SPAN

Committee on Homeland Security and Governmental Affairs
Hearings to examine Silk Road, focusing on potential risks, threats and promises of virtual currencies.

+1

With a congressional approval rating of 7%, I don't think most American are too excited by what regulators are doing to our freedoms.

As long as nothing happens to the exchanges, protocol or major btc players/services - prices stay the same (same up and down crazy bullshit, that is).

they would sell before it would be worth anywhere near

Bitcoin has not, as of yet, ever crashed after a periods of relative stability (i.e. less than 10% daily gain). All the crashes happen sharply right after a vicious move up - the faster the climb, the sharper the fall.

Right now, it can only "collapse" to like 420. Of course, it can surprise, but historically, it never happened yet. So I predict a beginning of the last leg, sharp move up, on Monday. To some 600-800 area, only then massive correction.

Bitcoin doesn't care

Speak for yourself.  I'm in the U.S. and I hate all these idiot old men in suits who like to play god. 

Agreed Congressional hearings are always meh anyway. Political theater. Ever see one with Bernanke?

Senator XYZ: Mr. Bernanke, [5 minute grandstanding on related political issue] blah blah blah, what do you think?

Bernanke: Yes, [5 minute speech on economics using academic terminology that neither makes any sense nor answers the question] blah blah, thank you.

Rinse and repeat for a few hours. It will be a chance for the public to hear more about Bitcoin, which is a good thing.

Hopefully the potential for huge gains is discussed on Monday and it lights a fire under the smarter ones.    So the politicians throw some of their money into Bitcoin, they gain huge profits and suddenly they are pro-Bitcoin!  Amazing how that works!  

Does the Bitcoin foundation have any coin that they could donate?  Give free coins to any politician that signs up for one?  That could help get the ball rolling.  Of course that might not be legal.  It would probably count as political donations of some sort I guess.

the community is about to fork over this...

i agree that it will have some affect, I do not think it will be the kind of thing that people are going to hang on every last word of the decision and supper rally/sell. I think that no matter what decision there is it will just benefit bitcoins in the long run.  I feel like its kinda like publicity for famous people with the saying of "bad publicity is still publicity and publicity is good".


and i agree with the other posters about how it will make quite a few wealthy people look into this a bit more, they will do there home work and see that there are huge gains in the bitcoins world. buy a couple them selves. once people are a little bit invested (literally) in bitcoins then they may bring it up in conversations with there families and friends which will just further spread there word about bitcoins.

I do not know a lot about the decision but unless it is an out right ban and attack on the cryptocurrency then i feel it could just stabilize and somewhat rally it.

This. Any laws will not quote Bitcoin directly, just virtual peer to peer currency. And quote Bitcoin only as example

So bitcoin will slowly infiltrate the current political structures and government agencies, free-thinking individual by free-thinking individual.  The people that haven't yet "got it" may propose anti-bitcoin regulations and then wonder why there efforts are being hampered and the laws that make it into the books are neutered in such a way as to make them useless.  Slowly, more and more will understand that bitcoin is simply better money.  

It looks like it may coincide with a temporary top and subsequent trading range for a while.  I dont think the hearing will have much effect on price unless there is an all out assault on digital currencies. 

I never get why Litecoin people think that what happens in Bitcoin wouldn't happen in Litecoin if it were worth anywhere near as much as bitcoin....

what are you people smoking, new ATH are being set all over, almost every day.

day stamps is up 6% in less then 1 days time

Thanks TERA for this demonstration - this is actually a great way to spot the noobs. I'm not saying you are one. But I keep seeing the word "stagnating" going around any time price is stable for more than a day. So people get involved with bitcoin during or right before a rally, they get spoiled by the mad gainz yo, then the minute it stops going up 10% a day, they call it "stagnating." As if it has to go up to go up... and if it's stable it automatically means crash. Calling it "stagnating" is kind of like calling people with significant savings accounts "hoarders" instead of responsible savers, and people who strap themselves to bulldozers to protest rainforests from being burned down "eco-terrorists."
Your point kind of makes sense, in that you don't want to hold something that's not giving you mad gainz yo, however, you're taking a massive gamble on being able to guess when price will start going up again. So either you know the magic moment, or you're buying at a loss when the rally resumes. I'm willing to be that for most people who don't possess omniescence, the latter happens a lot more often than the former.
Buy and hold "strategy" for Bitcoin has never failed anyone. IMO, selling during "stagnant" periods is just too risky. Unless you possess some magical capability to guess when to buy back in.

I have a few friends in your situation. One of them ignored my advice to buy at $90-$100 during the SR dip. Said they were waiting for a dip. Well, a bigger one, apparently. Ignored my advice to buy at $200. "Waiting for a dip." After $250 they realize they were fucked, and went all in. At a HUGE loss! Definitely a far less profitable strategy than "buy and hold."

Yes, exactly. Government is a bunch of individuals, and individuals who understand Bitcin enough to see it as a threat, understand it enough to see that they have to own some.

It's stagnating during a rally. During a rally there is a lot of risk so if its not going to the moon earning me rewards and its just sitting there, then its not worth the risk.  This can of activity can also be an indication of a kind of bearish divergence where volume and support will need to be met at lower levels for the rally to continue.

It think it's hard to predict, allthough they can't really make positive decisions that will let the price of the BTC rise even more. I agree with the_sunship, they might relate BTC to drugs and terrorism et cetera, to give it a bad image. But, I'm not really sure how that will affect the price. I mean, we know better. Everyone who has BTC's or is part of this forum knows better and knows that you can use it for far more things than terrorism and drugs.