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Attachments: A new emerging commodity / currency : Bitcoins (BTC)
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A new emerging commodity / currency : Bitcoins (BTC)

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  • Post #1
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  • First Post: Edited 3:57pm Nov 7, 2010 3:43am | Edited 3:57pm
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
Hi Everyone,

there is a new commodity / currency emerging that is rising strongly: BITCOINS (BTC).

Before repeating all what has been written about it, here 2 links so you get the background:

http://www.bitcoin.org/
http://www.bitcoin.org/smf/index.php?topic=1493.20

I am planning to issue technical updates ("Bitcoin technical analysis") regularly here and discuss it with you.
Attached File(s)
File Type: pdf 101106 BTC interim.pdf   85 KB | 716 downloads
  • Post #2
  • Quote
  • Nov 7, 2010 5:42am Nov 7, 2010 5:42am
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
Daily chart looks very strong.
Attached Image (click to enlarge)
Click to Enlarge

Name: BTC USD 20100907 daily.png
Size: 24 KB
 
 
  • Post #3
  • Quote
  • Nov 7, 2010 6:22am Nov 7, 2010 6:22am
  •  Eren10
  • | Joined Aug 2010 | Status: Member | 651 Posts
Weird idea to generate coins, I try to understand their idea.

Somebody has to use our pc to generate coins. Who is that " somebody ".
And what about the privacy, can we trust that " somebody"
 
 
  • Post #4
  • Quote
  • Nov 7, 2010 6:41am Nov 7, 2010 6:41am
  •  Eren10
  • | Joined Aug 2010 | Status: Member | 651 Posts
To be succesful they need absolutely a " Cyber army "
 
 
  • Post #5
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  • Nov 7, 2010 7:46am Nov 7, 2010 7:46am
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
The beauty of this system is that the bitcoin mining is so attractive financially (like gold mining), that there will always be so many people having their computer working for the BTC generation that this is the ultimate security against attacks from others.
 
1
  • Post #6
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  • Nov 7, 2010 7:48am Nov 7, 2010 7:48am
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
Here a very good link to a charting tool for bitcoins (BTC/USD, BTC/RUB)

http://chart.bitcoinwatch.com/cgi-bin/form.pl
 
 
  • Post #7
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  • Nov 7, 2010 8:09am Nov 7, 2010 8:09am
  •  StirlingFX
  • | Joined Nov 2006 | Status: Member | 9 Posts
I've been watching BTC/USD over the last several weeks and the price action has been astounding. I thought when that funny business with PayPal happened at MTGox that price would have dropped after that, but it seems to have picked up momentum.

Is there any way of knowing how many people are participating in the bitcoin economy?
 
 
  • Post #8
  • Quote
  • Nov 7, 2010 9:22am Nov 7, 2010 9:22am
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
Weird idea to generate coins, I try to understand their idea:

Bitcoin is the bittorrent of currency.

Separate nodes contribute cpu power to secure the integrity of the bitcoin network and there is no central point of failure or need to trust anyone at all - you are your own bank .

SETI looks for aliens while bitcoin mines for coins. http://www.bitcoin.org/smf/Smileys/default/grin.gif

Somebody has to use our pc to generate coins. Who is that " somebody ".
And what about the privacy, can we trust that " somebody"
?:

It is you who uses your PC to generate coins, so you don't need to trust anyone else for this. However, it might take months before your PC generates a bundle of coins, so you may prefer to trade goods for bitcoins, or buy bitcoins from someone who already has some.

Also, if you just want to experiment, you can get 0.05 bitcoins absolutely free from people who are giving them away at the Bitcoin Faucet.
 
1
  • Post #9
  • Quote
  • Nov 7, 2010 1:38pm Nov 7, 2010 1:38pm
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
Quoting StirlingFX
Disliked
I've been watching BTC/USD over the last several weeks and the price action has been astounding. I thought when that funny business with PayPal happened at MTGox that price would have dropped after that, but it seems to have picked up momentum.

Is there any way of knowing how many people are participating in the bitcoin economy?
Ignored
there are about 1100 people in the bitcoin.org forum. Not sure how they participate in the economy , but the trend is up, indeed.

I don't know how many folks are registered on the exchanges (I.e. Mtgox), maybe he will reveal it to us...?
 
 
  • Post #10
  • Quote
  • Nov 7, 2010 3:17pm Nov 7, 2010 3:17pm
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
Looks like another triangle is forming in the hourly chart since early Sunday (Nov 7). Breakout on the upside will enable a target of 0.6 - 0.8
Attached Image (click to enlarge)
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Name: BTC USD 20100907 hourly.png
Size: 11 KB
 
 
  • Post #11
  • Quote
  • Nov 7, 2010 3:47pm Nov 7, 2010 3:47pm
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
BTC/RUB is showing a very strong rally as well.

Soon, one BTC will buy one bottle of Vodka :-)
Attached Image (click to enlarge)
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Name: BTC RUB 20100907 daily.png
Size: 17 KB
 
 
  • Post #12
  • Quote
  • Nov 7, 2010 4:10pm Nov 7, 2010 4:10pm
  •  Eren10
  • | Joined Aug 2010 | Status: Member | 651 Posts
This can be our next religion
 
 
  • Post #13
  • Quote
  • Nov 7, 2010 5:39pm Nov 7, 2010 5:39pm
  •  StirlingFX
  • | Joined Nov 2006 | Status: Member | 9 Posts
Quoting Eren10
Disliked
This can be our next religion
Ignored
Well, I would certainly put more 'faith' in a non-inflationary currency not under the control of a bunch of politicians than in most of the fiat currencies flying off the printing presses these days!
 
 
  • Post #14
  • Quote
  • Nov 8, 2010 8:27am Nov 8, 2010 8:27am
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
Looks like a breakout from the consolidation pattern to the upside is the next move.
Attached Image (click to enlarge)
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Name: BTC USD 20100908 hourly.png
Size: 28 KB
 
 
  • Post #15
  • Quote
  • Nov 8, 2010 3:36pm Nov 8, 2010 3:36pm
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
Now the biggest Exchange is fully operational again.

http://www.bitcoin.org/smf/index.php...99.0;topicseen

http://mtgox.com


Adding funds is now possible not only with LibertyReserve but also wire transfers.

This may spark the next big rally, as many people could not add funds for at least 1 month.
 
 
  • Post #16
  • Quote
  • Nov 8, 2010 3:44pm Nov 8, 2010 3:44pm
  •  StirlingFX
  • | Joined Nov 2006 | Status: Member | 9 Posts
That's good news. I was starting to wonder what was going on over there.
 
 
  • Post #17
  • Quote
  • Nov 8, 2010 3:49pm Nov 8, 2010 3:49pm
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
A breakout of the triangle will clear the picture.
Attached Image (click to enlarge)
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Name: BTC USD 20100908 hourly2 copy.png
Size: 29 KB
 
 
  • Post #18
  • Quote
  • Nov 8, 2010 3:52pm Nov 8, 2010 3:52pm
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
Trying to make the trendline visible.
Attached File(s)
File Type: psd BTC USD 20100908 hourly2 copy.psd   290 KB | 394 downloads
 
 
  • Post #19
  • Quote
  • Nov 8, 2010 3:57pm Nov 8, 2010 3:57pm
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
Here is the triangle
Attached Image (click to enlarge)
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Name: BTC USD 20100908 hourly2 copy.png
Size: 32 KB
 
 
  • Post #20
  • Quote
  • Nov 8, 2010 4:14pm Nov 8, 2010 4:14pm
  •  S3052
  • | Joined Oct 2010 | Status: Member | 113 Posts
To be clear, prices can break out of the triangle in both directions.

If prices break 0.3 significantly to the downside, we enter a correction that has strong targets of 0.17, and then the channel trendline around 0.13 (as I highlighted in my previous updates)

To get a significant breakout, new buyers need to come in and spend approx. $50k.
 
 
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