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Bitcoin Chart Fractal. $5000?

solarion

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It's been quite a run. One btc buys 421 ounces of silver or 5.6 ounces of gold currently. Seems like a good place to swap some cryptos for metals.
 

Nomis Elpmis

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I think there should of been a large correction already, but the Nov 15th fork is acting like a 'backflow prevention valve'. I also think this will amplify the correction once it does happen. These are just educated guesses on my part.
 

Nomis Elpmis

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The 'patterns' look very clear to me. BTC is ready to 'blow off' and ETC is ready to 'take off'. 'Zero hour' is sometime on the 15th-16th of this month. Of course I may be completely wrong..:-)
btcethnov15.jpg
 

spinalcracker

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The price of gold is down today.
I bought some gold today.
Does this only happen to me?
I guess I should be paying attention to the Lunatic Charts Thread.
Suppose I buy BTC.
I bet the price would go down.
 

solarion

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The 'patterns' look very clear to me. BTC is ready to 'blow off' and ETC is ready to 'take off'. 'Zero hour' is sometime on the 15th-16th of this month. Of course I may be completely wrong..:-)
View attachment 95178
With you re: BTC, it is overdue for a takedown, but you mentioned both Ethereum(ETH) and ETC(Ethereum Classic) when I think you just meant ETH and got your tickers crossed. I maintain that post bailout forked Ethereum is complete rubbish from a fundamental viewpoint(centrally controlled, bailouts, easily hacked, etc) and the charts don't look all that great either. I mean all the alts pull back when BTC goes berserk vs fiat, but ETH looks a bit more beaten up and slower to recover than others. LTC for instance looks to have held up better during bitcoin's recent run.
 

Flight2gold

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Nomis Elpmis

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'Fork' cancellation was announced at noon yesterday. Created a second top, $7800. ETH up 10% currently.
dbltopbtc.jpg
 

solarion

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After going up how many 100's of percent since June? lol
222% increase from June 1 2017 to end of day peak on Nov 8. 2344 ---> 7553 in 5 months. Surely among the best investments in the world during that time. To say a pull back was overdue would be an understatement.

Naturally the detractors will cheer when it pulls back a tiny fraction of that instead of waiting till it troughs and climbing on board. Even a few hundred Washingtons could turn into something significant at the rate bitcoin has risen vs fiat...really don't understand people's mindset on this. I've introduced hundreds of people to bitcoin and only a tiny fraction of those have invested anything. The rest just said it was too risky, I don't understand it, or it's not real money...whatever that means. BTW, bitcoin was in the high single digits vs fiat when I first began introducing people to the concept in earnest. Ten bucks invested then would be worth several thousand now.

I got lucky and converted a good chunk to shiny stuff right at the top. Looking forward to seeing how many skips I can get from silver eagles at the pond.

Edit: Also bitcoin cash BCH is up over 51% in the last 24hrs. Kudos to anyone that jumped on that thing...I've only a small position I received as a by-product of bitcoin holdings.

It's a sea of red on coinmarketcap with nearly everything down around 10% or more vs fiat. Some notable exceptions are the aforementioned BCH, and also ETC(ethereum classic) is flat so far today. Also Zeitcoin is up a bit today, which is a nice surprise.
 
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goldielox1

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Surely among the best investments in the world during that time.
Sure if you call buying a lottery ticket, a penny stock, or putting $50 on your favorite Superbowl team an investment, then I guess these sub-fiats qualify as well.
 

solarion

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Sure if you call buying a lottery ticket, a penny stock, or putting $50 on your favorite Superbowl team an investment, then I guess these sub-fiats qualify as well.
Right...cuz buying bitcoin has been a real longshot proposition. The last time I actually exchanged dead presidents for bitcoin...it was $330ish per. I have a 1900% gain on those coins...in two years. A blind chipmunk could do well investing in cryptos, but keep preaching against it...to keep people safe.

[in-vest-muh nt]
See more synonyms on Thesaurus.com
noun
1.
the investing of money or capital in order to gain profitable returns,as interest, income, or appreciation in value.
Clearly bitcoin qualifies. I don't suppose you have another definition of the word "investment" available? No? Didn't think so.

Perhaps you're suggesting we should all stick to "honest" investments like the made up metal ETFs, mining stocks, or options, or other bankster fabricated crap. I already stack physical metals, so suggest some more goldilox1 approved places to invest. Obviously you'll be unable to come up with anything that's come close to matching cryptos, but I'd like to hear your thoughts anyway.
 
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solarion

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ETC is having quite a run. Looks like +56% or so this past week.


"old coke" is definitely outperforming "new coke" this week.
 

Flight2gold

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Hypothetically, if we were to have a currency crisis, where does everybody think most of the world would push their wealth?
Gold, silver and mining stocks, sure. They would all have a good run.
Bitcoin?
Bitcoin, I predict, will turn into a currency of its own.
$100,000 Bitcoin easily.
If 2% of people dropped into Bitcoin you would see $500,000 Bitcoin.
 

goldielox1

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Turd is down 20% in 3 days. Yeah that's really a store of value lol.

Idiots be thinking buying a penny stock is a form of investing. As stated many times. It could go to $10,000 tomorrow. Or it could go to $0 tomorrow. And no one could argue that's the wrong "price" for it.

Personally I think there are better places to gamble if you want to take a moon shot. Out of the money options, sports book, casinos, etc. But whatever floats your boat.
 
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nickndfl

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It's too easy to create a new substitute. Not the same with gold, silver or prime real estate.

Facebook, Amazon, Netflix or Google could create their own and wipe out Bitcoin overnight.
 

Flight2gold

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@goldielox1
When it goes to $10000 by about March 2018 all owners of Bitcoin are going to definitely argue adamantly that it’s the “wrong” price. :))
Personally, I’m going out into the street and yelling like a liberal that everything is so unfair that I just made 2500 % return.
Maybe I’ll head straight for the local sports bookey.
 

solarion

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Speaking of, what do think of bch breakin' $1000 this week?
Not likely...given that it's Saturday and BCH is already pushing 1200 fiats. :)

It's too easy to create a new substitute. Not the same with gold, silver or prime real estate.

Facebook, Amazon, Netflix or Google could create their own and wipe out Bitcoin overnight.
Unfortunately gold and silver do not exist in a free market, the suppression is ridiculous and we little people are not allowed to own real estate.

If it were so easy to unseat bitcoin, one would think it would've happened long before now.

On another note, the ULI changes to ZeitCoin seem to be bearing fruit...supply of "cheap" coin is drying up on all the exchanges.

 
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goldielox1

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@goldielox1
When it goes to $10000 by about March 2018 all owners of Bitcoin are going to definitely argue adamantly that it’s the “wrong” price. :))
Personally, I’m going out into the street and yelling like a liberal that everything is so unfair that I just made 2500 % return.
Maybe I’ll head straight for the local sports bookey.
Actually based on the 24% loss in 4 days, we're on pace to hit $0 sometime around Nov 30th, 2017.
 

Joe King

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Actually based on the 24% loss in 4 days, we're on pace to hit $0 sometime around Nov 30th, 2017.
No doubt that btc and cryptos in general are very volatile. They may not be for everyone, but I find the whole thing very exhilarating. Both the ups and the downs. It's like Ag on steroids, in terms of potential volatility.
....and I still don't see why you rail against it so badly. What's wrong with havin' a few bucks in it? Why the hate on those who do? It's not as though anyone has to be "all in" on it. What's wrong with dabbling in it along with other things? No one really knows what the future holds, so where's the harm in placing a few bets to see what pays off?
 

goldielox1

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No doubt that btc and cryptos in general are very volatile. They may not be for everyone, but I find the whole thing very exhilarating. Both the ups and the downs. It's like Ag on steroids, in terms of potential volatility.
....and I still don't see why you rail against it so badly. What's wrong with havin' a few bucks in it? Why the hate on those who do? It's not as though anyone has to be "all in" on it. What's wrong with dabbling in it along with other things? No one really knows what the future holds, so where's the harm in placing a few bets to see what pays off?
It's tough love. I hope you sold at $7,900 and are dancing in the streets. Just like if I saw a guy sitting at the blackjack table, I hope he cashes out on top...but most gamblers lose it all to the casino. And most bitcoin bagholders are going to get hurt pretty badly. I suppose seeing everyone pumping these turds is a bit annoying as well since to me it's like someone pumping the Power Ball Lottery day after day. Go ahead and drop a few bucks if that makes you happy but people are pumping like this thing is the greatest thing since sliced bread when all it is is a roll of the dice and a hope for a greater fool.
 

Joe King

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Tough love doesn't work, never has.
....but feel free to keep spinnin' your wheels. lol


I hope you sold at $7,900 and are dancing in the streets. Just like if I saw a guy sitting at the blackjack table, I hope he cashes out on top...but most gamblers lose it all to the casino. And most bitcoin bagholders are going to get hurt pretty badly.
You could say that about anything. What happens to the price of Au if everyone holding it decides they want their $1275 right now? The price will plummit and there will be bagholders. Same with real estate or anything else.

If you want to keep the price up on anything, each seller needs to have a buyer to exchange places with. If there isn't, the price of whatever it is will go down. Look what happened to Ag/Au in 2011, or real estate in 2008/09.
...and it's the same in any other market.



I suppose seeing everyone pumping these turds is a bit annoying as well since to me it's like someone pumping the Power Ball Lottery day after day.
I'm not pumpin' anything, so why you like pickin' on me for? If you don't want cryptos, don't buy them. No skin off my a$$ if you don't.


Go ahead and drop a few bucks if that makes you happy but people are pumping like this thing is the greatest thing since sliced bread when all it is is a roll of the dice and a hope for a greater fool.
It's made me very happy and yes, it is a pretty great thing IMHO.
....and even buying Au is a roll of the dice. How many times have you seen people post up complaining how soon as they bought PM's the price dropped? A bunch.

Like I said, it all comes down to ones appetite for risk. In the case of btc, mine is higher than yours. Why do you take offense to that?
 

solarion

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It's tough love. I hope you sold at $7,900 and are dancing in the streets. Just like if I saw a guy sitting at the blackjack table, I hope he cashes out on top...but most gamblers lose it all to the casino. And most bitcoin bagholders are going to get hurt pretty badly. I suppose seeing everyone pumping these turds is a bit annoying as well since to me it's like someone pumping the Power Ball Lottery day after day. Go ahead and drop a few bucks if that makes you happy but people are pumping like this thing is the greatest thing since sliced bread when all it is is a roll of the dice and a hope for a greater fool.
Weird you keep (mis)characterizing bitcoin as some kind of longshot gamble. Anyone that invested anything this year, with the exception of someone that bought in just this past week, is up huge. I mean the thing was still under $1k on New Year's Day. You make it sound like people are going broke because they bought a couple bitcoins. Heck, I haven't traded fiat for bitcoins since they were under $350.

If a Franklin dropped on lottery tickets had yielded the kinds of gains bitcoin has over the past decade, I'd play that stuff every drawing. Really sorry that's so difficult for you to see, but constantly pretending as though bitcoin is still pennies and the tens of thousands of percentage points of gains never happened just makes your points seem hollow.
 
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Flight2gold

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61% retracement of Bitcoin will be 4900 and would match up with previous retracements.
Bitcoin Cash is slowing.
 

solarion

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61% retracement of Bitcoin will be 4900 and would match up with previous retracements.
Bitcoin Cash is slowing.
I think pushing it below $5k for any length of time will be difficult and probably represent a good buying opportunity. People that missed the last surge will likely be chomping at the bit to get in.
 

solarion

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...and this is why I love the crypto space. ETC is being brutally hammered after a huge run up and is now just about right where it was a week ago. People do this to raise BTC, so that they can dump it for what they really want...FIAT. I moved assets out right near the peak and now I'm looking for opportunities to move right back in a day later. :p

ETC is having quite a run. Looks like +56% or so this past week.


"old coke" is definitely outperforming "new coke" this week.
...and here's ETC right this minute:


So, while the volatility takes some getting used to, once you get used to riding these waves the opportunities are plentiful.

Also, lest anyone forget, if you had BTC before the split in a wallet in which you have the private keys then you have corresponding BCH just waiting for you. Electrum wallet made it stupid easy to claim them with a separate wallet for BCH. It's really as simple as downloading it and inputting your seed phrase or importing your keys. For me at least the "free" BCH almost exactly equals the loss in fiat value the bitcoin I still hold have sustained. Now is perhaps a good time to swap BCH for BTC imo, but ymmv.

https://www.electroncash.org/#download
 
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goldielox1

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You could say that about anything. What happens to the price of Au if everyone holding it decides they want their $1275 right now? The price will plummit and there will be bagholders. Same with real estate or anything else.
Anyone that says this doesn't understand what gold is, or what money is for that matter.

....and even buying Au is a roll of the dice. How many times have you seen people post up complaining how soon as they bought PM's the price dropped? A bunch.
Um, last time I checked this site is "goldismoney2.com" not "bitconismoney2.com". I'd be just as annoyed if someone were pumping beenie babies day after day on this site. Now if I went to "beaniebabies2.com" I'd have no right to complain about people pumping beanie babies.

Anyone that invested anything this year, with the exception of someone that bought in just this past week, is up huge. I mean the thing was still under $1k on New Year's Day. You make it sound like people are going broke because they bought a couple bitcoins.
I guarantee you a bunch of suckers are down big in the 20+% drop in the last 4 days. Not everyone got in at $1000. A ton of suckers listened to pumpers like Joe and Solarian and got in at $6500+. Who do you think is on the other side of the trade when there is a transaction done at any price (hint: a seller AND a buyer)
 

#48Fan

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Anyone that says this doesn't understand what gold is, or what money is for that matter.



Um, last time I checked this site is "goldismoney2.com" not "bitconismoney2.com". I'd be just as annoyed if someone were pumping beenie babies day after day on this site. Now if I went to "beaniebabies2.com" I'd have no right to complain about people pumping beanie babies.



I guarantee you a bunch of suckers are down big in the 20+% drop in the last 4 days. Not everyone got in at $1000. A ton of suckers listened to pumpers like Joe and Solarian and got in at $6500+. Who do you think is on the other side of the trade when there is a transaction done at any price (hint: a seller AND a buyer)
Last time I checked, 98% of the posts on this site have zero to do with PM's.
 

Joe King

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Anyone that says this doesn't understand what gold is, or what money is for that matter.
So you think that no matter how many try to sell gold at one time, there will always be a buyer for it? If so, the price of gold would never go down. The reason the price today is $1278 is only because there are just enough buyers to keep it there. Same thing applies to cryptos.


Um, last time I checked this site is "goldismoney2.com" not "bitconismoney2.com". I'd be just as annoyed if someone were pumping beenie babies day after day on this site. Now if I went to "beaniebabies2.com" I'd have no right to complain about people pumping beanie babies.
I'm not "pumping" anything. If you want cryptos, get some. If you don't, then don't get some.
....and I certainly haven't told anyone to go all in. All I've done is answer questions and state how I feel about it, but you seem to take issue with any that show btc in any type of positive light. Why? Is it just sour grapes, or what? It sure comes across that way.



Who do you think is on the other side of the trade when there is a transaction done at any price (hint: a seller AND a buyer)
Exactly. So why would you think gold is any different? If too many decided to sell their gold, its price would plunge too.
In fact, that's how all markets work. Ie: if you wanna cash out, you must have someone (a buyer) to take your place. Otherwise the price falls.



Last time I checked, 98% of the posts on this site have zero to do with PM's.
OMG! I just noticed you're right. Has anyone alerted Scorp of this development?!? He's a gonna be pisssed! lol
 

solarion

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I guarantee you a bunch of suckers are down big in the 20+% drop in the last 4 days. Not everyone got in at $1000. A ton of suckers listened to pumpers like Joe and Solarian and got in at $6500+. Who do you think is on the other side of the trade when there is a transaction done at any price (hint: a seller AND a buyer)
Deep man. Real deep. Investing has winners and losers, it really doesn't get any more basic than that. Unless somebody forced them at gunpoint to buy, why should anyone feel bad for them when 10 seconds of research would have shown them that bitcoin had just run up hundreds of percentage points. Are you suggesting we should be protecting people from themselves? Perhaps you should be making public service videos to help people avoid these blatantly obvious pitfalls of investing. Shame you couldn't be there for the "suckers" that invested with Enron, Madoff, Corzine, Worldcom, etc...

To say nothing of the fact that if they hold and don't panic, a buyer at $6500 has, imo, a better chance of breaking even or booking some gains then sustaining further losses. I don't know what bitcoin/fiat will do next, and you consistently prove you've even less idea than I, so who's to say if those investors hold tight, don't panic sell at the bottom, that they won't come out ahead? BTW, in your theoretical buy at $6500, that buyer would now be down just 1%.
 

keef

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A 'bit coin' is made of what again? bits? Backed by bits?

Ok, back to the doghouse. This is as much normal as I can handle in one day..
 

solarion

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From a property rights standpoint a "bitcoin" is an encrypted private key file stored on your own drive. While it's fine for people to say "if you don't hold it, you don't own it", you can have sole physical possession of bitcoins by simply ensuring that one tiny file(wallet.dat) remains secured in your possession. If you do that, your bitcoins are truly yours and nobody can take them from you. In this regard bitcoin is very much like PMs or cash.

If bitcoin were a physical item it would be nearly useless and, I suspect, worthless. Certainly it'd be incapable of scaring the living shite out of the bankster parasites as it has.
 

Joe King

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From a property rights standpoint a "bitcoin" is an encrypted private key file stored on your own drive. While it's fine for people to say "if you don't hold it, you don't own it", you can have sole physical possession of bitcoins by simply ensuring that one tiny file(wallet.dat) remains secured in your possession. If you do that, your bitcoins are truly yours and nobody can take them from you. In this regard bitcoin is very much like PMs or cash.
That's what @Dude did.
 

solarion

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Last I'd checked, it seemed he was still unable to claim those coins. As a result he has inadvertently increased the value of everyone else's bitcoins by lowering the number of coins that will ever circulate...by two.

Seems strange to see someone on a forum distribute property for free to strangers which turns out to be worth nearly $16k. If only Dude had treated those bitcoins with a tiny bit of care he could've stacked roughly a dozen ounces of gold or roughly a thousand ounces of silver...for free. Doubtful anyone here would argue that the metal which the lost bitcoins could've purchased are worthless.