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Bitcoin Chart Fractal. $5000?

Discussion in 'Digital Currencies' started by Nomis Elpmis, Feb 24, 2016.



  1. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    Will the fractal that I see in this current chart of bitcoin continue it's next geometric progression shortly?
    bitcoinchart.jpg
     
  2. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    fundamentally, I could see some movement there as the crosscurrents from other markets are speaking to loss of confidence in many other areas
     
  3. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

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    It's interesting to read more and more about the number of financial experts talking Bitcoin as a play to hedge against things like the Chinese Yuan being devalued. If and when the US economy falls further over the cliff and currencies around the world continue their slide people will look for something. Digital currency gives a lot of people heartburn but it's definitely going to be option.
    Bitcoin at $5000. No...think $10,000 or more.
    I read one example that said with the number of coins fixed we could see 1.6 million per coin. ?????
     
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  4. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    upload_2016-5-31_11-43-24.png
    There's been a breakout in bitcoin the in the last 5 days. The bitcoin mining 'reward halving' is supposed to occurred in late June, early July. The last 'halving' event occurred in October 2012 and several months after the price went hyper-parabolic. There's an ongoing argument that this event has already been priced in, but if it isn't...
     
    Last edited: Jun 3, 2016
  5. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Nomis Elpmis, still aint GOLD so it aint MONEY!:thumbs down:

    the DUCK :winks2:
     
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  6. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    Hi Duck. Thanks for commenting in my thread. No, it's not gold, but energy and resources were expended to produce bitcoins, so they have been assigned a monetary value. I also own physical gold and silver, but I guess I like taking on a 'little' risk too. I'm pretty sure I am aware of all the 'pitfalls' involved with 'investing' in bitcoin, but have been fascinated by the concept of a digital currency that can be exchanged directly from person to person without the need for a bank and want to support it. I have been following the GIM forum since '05 and have learned a lot about what is and isn't money. Bitcoin isn't gold, but it does function like money.
     
  7. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Nomis Elpmis,It was the "BANKERS"that wanted people to use there paper rather than GOLD and SILVER ---- then they wanted people to use plastic CREDIT CARDS now they want people to use pure digital currency ---- the BANKERS are never the friend of the working man the ones who create the actual wealth we all need to live.:thumbs down:

    Yes you MAY (?) gamble and win some but the HOUSE "BANKERS" always rig there games and always win but create and produce nothing!:thumbs down:Just an illusion!!:thumbs down:

    the DUCK :winks2:
     
    Last edited: Jun 1, 2016
  8. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Nomis Elpmis,Better years EARLY than one day TOO LATE!:2 thumbs up:

    Yes my cats will often eat FOOD I intended for my self when TSHTF but I won't be eating my cats ----- with bitcoin you won't even have cats to eat, :chef::thumbs down:

    the DUCK :winks2:
     
  9. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    I guess I have a tolerance/acceptance of our current 'monetary system overlay' and now that I have 'some' perspective about how it (dis)functions, thanks to GIM, I want to try to 'get ahead' of 'the system'. Although Bitcoin is part of the overall 'system', it appears to be a way to 'break free' of the central control of 'the system' and gain a little more freedom from within 'the system'. Of course the greater freedom is to be 'off the grid', on some land with gold in your hand..:-)
     
  10. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Nomis Elpmis, "I guess I have a tolerance/acceptance of our current 'monetary system overlay'" --- NO you have a hope of hitting on a LONG SHOT ---- you most likely buy lottery tickets too.:thumbs down:

    the DUCK :winks2:
     
  11. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    Your intuition about people is pretty good. I guess I shouldn't delude myself and try to construct some 'noble narrative' around what I'm doing. Basically, I'm trying to profit by 'outsmarting' other people. Of course the 'outsmarting' part remains to be seen and is open to interpretation. Yes, I do 'play' the lottery. However, in my case, 'play' means I don't believe in 'randomness' and carefully track and analyze the numbers. I look at number frequency and 'clustering' and try to use a combination of intuition and analysis to anticipate them. Am I prone to delusion? I'll let you know when I win.:-)
     
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  12. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Nomis Elpmis,Just keep stacking the GOLD and SILVER ,50000+ years of history will make you a WINNER --- how soon is the only question ---- learn PAITENCE it pays big time. :thumbs up 2:


    http://radio.goldseek.com/nuggets/murphy.05.31.16.mp3

    the DUCK :winks2:
     
    Last edited: Jun 1, 2016
  13. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    The breakout continues...
    upload_2016-6-11_21-10-30.png
     

    Attached Files:

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  14. solarion

    solarion Gold Member Gold Chaser

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    Amazing performance YTD. Glad I threw some dead presidents at the bitthingies. Almost doubled up in fiat terms already.
     
  15. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    I own some that average out to $480/BTC, so currently the price is $665. Up 38% and climbing.
     
  16. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK, "It's not how FAST you mow it' HOW WELL you mow FAST" Or is that just GRASS?:don't    know2::dduck::thumbs up 2: "GIVE me GOLD Not DIGITS in ciber space!"

    the DUCK :winks2:
     
  17. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

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    Looks like the Chinese are trying to find a place to store that yuan.
    Bitcoin $ 708.99
    ---------------------
    Gold Duck,
    I'll keep the gold/silver I have and buy more as soon as my Bitcoin hits $5000.
     
  18. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    It's hard to say if the price is going up because people are 'diversifying' out of their currencies or it's just the hype around the 'mining reward halving' early next month. Could be a 'perfect storm' of events.
    upload_2016-6-13_10-57-26.png
     
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  19. solarion

    solarion Gold Member Gold Chaser

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    Diversification is a huge factor imo. Particularly in China and SA where the economic challenges are more "in your face" than they are in the USSA. People have known about the halving forever.

    I believe there's also a short squeeze going on that's boosting btc vs fiat.

    Anyway, it's pulling back now, so I may be glad I just swapped out some bits for silver.
     
  20. Joe King

    Joe King Gold Member Gold Chaser

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    With respect to the idea that at some point in the future people will pay you more for it than you paid other people for it in the past, BTC is the same as gold.

    After all, if one thought anything would be worth less in the future than it is today, why would anyone put $ into it? Whatever it is. Only the truest of masochists would intentionally try to lose $
     
  21. solarion

    solarion Gold Member Gold Chaser

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    Not sure I understand the point to your post Joe. I mean yes, the idea is to store wealth in something that retains its value or hopefully increases its value with regard to commodities.

    The question isn't simply where to store wealth, it's also where to store wealth where it has the best chance of appreciating safely. Gold is a good store of wealth, though I would argue that at this time silver is a far better bet due to less downside risk and more upside. Bitcoin imo is at least as good a bet as silver...or at least it was in the $250ish range where I began accumulating. Not sure I'd be buying it up at $700ish.
     
  22. Joe King

    Joe King Gold Member Gold Chaser

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    It doesn't matter what it is. That part is up to each individual.

    What I was getting at is that anything people in the future will pay more for, will end up as having been a good investment.
    ...and the only real reason to buy anything to preserve (or even grow) your wealth is because you think someone in the future will pay you more for it than you paid for it.

    Would you buy silver if you thought you would lose $ on it?
     
  23. solarion

    solarion Gold Member Gold Chaser

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    Still not getting it JK. I usually find your posts to be enlightening, but this isn't one of those times. Either that or I'm just too dense to follow.

    No, people don't generally buy things (as investments) if they think they'll be worth-less tomorrow. I have exchanged fiat for silver even at times I thought the odds favored a drop in value relative to future fiat value, but those times have been relatively rare.

    When I was 100%(...or nearly 100%) certain the value of silver would drop relative to fiat or gold, as I was the case in 2011, I exchanged silver for gold.
     
  24. Joe King

    Joe King Gold Member Gold Chaser

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    You're saying the same thing, just in different words.

    I was applying the same principle to anything that might hold its value or increase in value.
    If something increases in value, it's only because people are willing to pay more for it than you did in the past when you bought it. Does it matter if that "thing" is gold, silver, a classic car, a pile of gravel, or even btc?
     
  25. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    What happens to bitcoin after a EMP attack?
    Hmmmmm?
    No more internet! POOF!!!
     
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  26. solarion

    solarion Gold Member Gold Chaser

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    Ummm...nothing? Assuming the entire global Internet went down in this hypothetical EMP attack there'd be no bitcoin transactions processed until service was restored, but there'd also be no fiat transactions processed. Nobody would care about bitcoins anyway...they'd be too worried trying to figure out how to feed themselves.
     
  27. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Every $ that goes in to bitcoin and NOT in to GOLD or SILVER helps the FIAT FRAUD continue!:thumbs down:

    the DUCK :winks2:
     
  28. Mujahideen

    Mujahideen Black Member Midas Member

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    What do you do when you want to make an online purchase? You can't go digital with gold.
     
  29. Joe King

    Joe King Gold Member Gold Chaser

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    Same can be said of your bank account and debit/CC.

    If a truly successful EMP attack ever happens, your car won't work, nor anything else electronic. In an instant, it'll be a whole new World. BTC will be the least of anyones problems.
     
  30. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Mujahideen,Dumb question --- I use a credit card because That is what is required SILLY!:dduck:

    the DUCK :winks2:
     
  31. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    But the same cannot be said about trading an ounce of silver for a few bags of groceries.
     
  32. Mujahideen

    Mujahideen Black Member Midas Member

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    Fiat is fiat.

    You can't do anything digital with gold.
     
    Last edited: Jun 14, 2016
  33. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Mujahideen,The seller sets the price and what they will accept in exchange for the goods ---- they could want feathers or blue stones but would have problems with shipping. :oriental:You give what they want or you don't get the goods.

    the DUCK:winks2:
     
  34. Mujahideen

    Mujahideen Black Member Midas Member

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    What if they want Bitcoin?
     
  35. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Mujahideen,You pay the seller whst the seller wants or you don't get the goods that simple ---- since bit coin was /is intended/invented for drugs and other ilegal goods you do with out and don't get the ilegal goods.:thumbs down:

    the DUCK :winks2:
     
  36. Joe King

    Joe King Gold Member Gold Chaser

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    The problem is going to be getting the groceries to a point you might be able to do that. That's assuming anyone will be interested in trading the stuff of life for your shiny rock.

    If you are going to use a worst-case scenario like an EMP attack as your justification in poo-pooing btc, you should realize that an actual EMP attack where, at the minimum, all civilian electronics and electrical grid is fried, you need to realize that that is an event where mass starvation could easily occur. In that type of panic inducing, end-of-the-known-World type of event, good luck getting anything for your silver. Food will be the new gold. Non-perishable food, to be exact.
     
  37. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,JOE,People who hold GOLD and SILVER often /usually also hold long term food too :2 thumbs up:

    the DUCK :winks2:
     
  38. Joe King

    Joe King Gold Member Gold Chaser

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    Do you realize you are basically arguing to do away with cash? Because that's exactly what they say is the problem with cash, today. It allows for bad things to be bought undetected.

    "Remember, only you can prevent illegal sales by always using checks and debit/CC obtained from your local bank."
    - this public service announcement brought to you by the Federal Reserve System.
     
  39. Joe King

    Joe King Gold Member Gold Chaser

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    If a true and successful EMP attack actually occurs, ain't nobody gonna have enough food. In such a scenario, you should have shovels handy.....to bury the dead.

    Edited to add: and even if one has a place to store a few years worth of food that will last, odds are that in such a scenario, that person won't be the one getting to eat it, either. It'll end up being taken away by more powerful forces scouring the land for food.


    If we're going to discuss the pros and cons of btc, can we all at least discuss it within the 99.9% of scenarios where the World doesn't end as a reason to not use btc?
     
  40. edsl48

    edsl48 Silver Member Silver Miner

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    The one advantage I see to bitcoin is unless I have misinterpreted things, would be to sell your gold and silver and buy bitcoins should one need to leave the country. Then when arriving in the new country redeem your bitcoins for gold and silver again. My thoughts are trying to leave one country and enter another with sizeable amounts of PMs are likely to raise eyebrows and could very well end up in a confiscation situation.
     
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