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A lot has happened in the last month (November 2017). BTC is in the mainstream now. There are many differing views from BTCulls and BTCears as to where BTC price will move from here. I want to consolidate these varying opinions into a poll.
Users can change their vote as time progresses toward the polls conclusion 10 days from now.
Given bitcoins huge rise in the last 12 months, it will be interesting to see what happens next
Users can change their vote as time progresses toward the polls conclusion 10 days from now.
Given bitcoins huge rise in the last 12 months, it will be interesting to see what happens next
It seems strange to me that bitcoin has become so stable all of a sudden and for such a long time (in comparison to the last couple of months).
Can anyone explain this? Is there some form of manipulation going on?
Can anyone explain this? Is there some form of manipulation going on?
Can you explain what makes you think it's stable? How can something be considered truly stable, when you have no volume and every time we get volume, there's no stability.
Well the price is not swinging profusely as it was following the crash. I thought I made that clear in my post where I said - in comparison to the last couple of months.
What do you thinks happening?
I have a hypothesis.
1) Bitcoin was growing too fast. Everybody expected it to crash. When mtgox failed to handle the load, it crashed.
2) Almost everybody is long-term bullish, that is why many buy when bitcoin is cheap. But at the same time everybody knows that bitcoin is volatile and unpredictible. So people try to use the price swings to increase amount of BTC they own and maybe to make some pocket money too.
3) It is too easy to make profits when price swings widely. You just make an order in any direction at any price, and it is highly likely that you'll be able to take profit if you do not fix losses (since the price can go literally anywhere within few days).
So many people followed this strategy thus reducing the amplitude of price swings. And now there are a lot of fixed profits and unfixed losses, and the price can't fluctuate that much until something happens. And probably trade volume reduced because both short time bears and bulls don't want to fix losses and are waiting for price to come back to make even more profits to them.
That's why it looks like that: http://i.imgur.com/fY9NewR.png
But that is just a hypothesis. The other hypothesis might include some kind of conspiracy and manipulators.
1) Bitcoin was growing too fast. Everybody expected it to crash. When mtgox failed to handle the load, it crashed.
2) Almost everybody is long-term bullish, that is why many buy when bitcoin is cheap. But at the same time everybody knows that bitcoin is volatile and unpredictible. So people try to use the price swings to increase amount of BTC they own and maybe to make some pocket money too.
3) It is too easy to make profits when price swings widely. You just make an order in any direction at any price, and it is highly likely that you'll be able to take profit if you do not fix losses (since the price can go literally anywhere within few days).
So many people followed this strategy thus reducing the amplitude of price swings. And now there are a lot of fixed profits and unfixed losses, and the price can't fluctuate that much until something happens. And probably trade volume reduced because both short time bears and bulls don't want to fix losses and are waiting for price to come back to make even more profits to them.
That's why it looks like that: http://i.imgur.com/fY9NewR.png
But that is just a hypothesis. The other hypothesis might include some kind of conspiracy and manipulators.
long story short: Consolidation.
The longer the consolidation, the more dramatic the eventual breakout.
And now for a rhetorical question: Which direction will price breakout toward?
You have a 50/50 chance of being correct by a completely uneducated guess ...
So now the question lies within when. This is going to be cool
It seems strange to me that bitcoin has become so stable all of a sudden and for such a long time (in comparison to the last couple of months).
Can anyone explain this? Is there some form of manipulation going on?
Can anyone explain this? Is there some form of manipulation going on?
Yes more the demand.. But you have to use the currency to buy stuff for it to be sustainable in the long run.. frankly people are expecting a huge rally somewhere in the future so that they can cash out. fiat.. i mean the whole idea of bitcoin was to get rid of banksters and their manipulated fiat.. kinda defeats the purpose of the whole thing when you convert coins back to fiat.. well its my personal opinion and most people tend to disagree with it..
Give me the ability to buy with my BTC and I will happily replace all my fiat. I hate the shit along with the thieving governments that control it.
The problem though is that Linux had an easy way to sell itself - its free, as in Beer!
but atm doesn't bitcoin open up the pathway to save money (no tax, fees etc.) or even make it as the fiat value rises?
EDIT: Given that the fiat value rises
I expect we'll reach $5,000 this year. It's less than 50x the current price, and we already had a more than 20x run over the past six months. It feels like we're finally reaching critical mass, as we must in order to maintain exponential growth.
Bold expectation to have and I don't think it will but I hope your right so I can buy a new house :p
Its these kind of speculations thats driving people to buy and hold bitcoins.. for bitcoin to grow you need to actually use them.. buy stuff etc.. But with everyone speculating that the price will reach 5000 or 10000 or a million nobodys willing to actuallly use them.. if this goes on in the long run it wouldnt be good for the currency.. 
You sure about that? The more people that show interest and buy in, the greater the demand right?
That said, barriers to adoption are constantly decreasing too. Many flavours of Linux have been easier to install and use than Windows for a long time now. And it will become easier and cheaper to adopt cryptocurrency in the future too.
EDIT: And I don't get the Ubuntu hate. It's not closed source at all..... Mark has done wonders for the Linux ecosystem.
Haven't tried linux but I'm about to. Is this really true and true for Ubuntu?
Re: [Poll] Will BTC reach its previous all time high by the end of 2013?
So far it seems that people have a positive outlook for the future of bitcoin. A lot can happen in 7 months!!
A lot can happen in 7 weeks, 7 days or even 7 minutes.
Hopefully in the positive direction though.The week after we decided to first invest in bitcoin the price doubled, then the following week it tumbled back down to lower than when we bought so it was a really crazy ride for us so far. We are just holding and waiting at this point.
damn! that's exciting. Would like to see my first BTC investment double in a week.
Votes have been reset.
[Poll] Will BTC reach its previous all time high by the end of 2013?
From what I have read in the speculation forum there are some interesting and sometimes radical claims from BTCulls and BTCears alike as to what direction bitcoin will take in regards to its fiat value. I want to consolidate these varying opinions into a poll.
Users can change their vote as time progresses toward polls conclusion 60 days from now.
Given bitcoins great rise from humble beginnings it will be interesting to see what will happen next.
Users can change their vote as time progresses toward polls conclusion 60 days from now.
Given bitcoins great rise from humble beginnings it will be interesting to see what will happen next.
Don't waste your money.
Interesting news to me.
BFL must be filthy rich by now.
No the 1BTC would be spent. All the transactions are in a public database called the blockchain. Your wallet.dat only contains some bitcoin address with the corresponding private key. The private key let you sign a transaction and once it's been broadcast to the Bitcoin network then it's too late... The bitcoin has been spent.
Was wondering how this was overcome. Thanks for the education.