{quote} And further more: why do you feel the need to start this rather polemic discussion? Inquiring minds want to know......
cryptocurrency everytime
- #1,221
- Jan 9, 2014 2:53pm Jan 9, 2014 2:53pm
- Joined Jul 2011 | Status: good | 4,295 Posts
- #1,222
- Jan 9, 2014 3:01pm Jan 9, 2014 3:01pm
- Joined Jul 2011 | Status: good | 4,295 Posts
cryptocurrency everytime
- #1,224
- Jan 9, 2014 3:12pm Jan 9, 2014 3:12pm
- Joined Jul 2011 | Status: good | 4,295 Posts
cryptocurrency everytime
- #1,227
- Jan 9, 2014 3:28pm Jan 9, 2014 3:28pm
- Joined Jul 2011 | Status: good | 4,295 Posts
{quote} I'm actually not that kind of bitcoin optimist. And I don't care much for polemics. I was just pointing out how technology had change in the past 3 years and how it might change in the next 3. XX fold isn't that impossible, that's 3 1⁄2-inch floppy disks to CD. Looking into medical 3d-printers is definitely worth the time, first it's fascinating and then, the implications in relation with other tech' become simply mind blowing ! To me, 518btc " instant buy" can somewhat be relevant, the last time I've seen it in a one-sec transaction...
yeah, 518 Bitcoins in one transaction - that's about $400k and a rare sight.
I'm with you on the "intrinsic value" - we can debate and discuss the virtues and drawbacks of Bitcoin until dawn, but in the end it doesn't matter what the thing is or not. It's got a great chart with trading opportunities that suit my method. It's about to go parabolic in wide public adoption and corporate speculation, so as a trade instrument Bitcoin has better prospects for us here than does say Gold which may get JPMorgan'ed (or not) at tomorrows session open, or CHF which as a safe-haven, i mean Basket A currency (actually Basket B IF tapering accellerates - what am i trying say?) or EURUSD which does 20pips on a good day and in the opposite direction of what the market expects ( and always subject to ECB guidance hinted via surprise statements in the media while you're sleeping). So with Fiat in an existential crisis and at the lowest volatility since who knows when, and commodities kept stable by World Food Inc and the LME - I've got to find a way to make an income. Trading Bitcoin charts allows that and beats going to the office for lessons in conformity and being a walking battery pack
cryptocurrency everytime
- #1,229
- Jan 9, 2014 3:34pm Jan 9, 2014 3:34pm
- Joined Jul 2011 | Status: good | 4,295 Posts
{quote} trade in the way of buying low and waiting for selling really high missed the fist boats LOL
don't worry so did I - and I called the low of $450 (MtGox) a month before an still somehow pulled a Mr Bean on myself and my fellow traders here by not buying at that low... A week ago I noticed $1000 coming up on the chart window again and realized that Bitcoin is not the dream EW machine I thought it was!
It's tricksy for me because I've learnt to second guess every market move trading forex and Gold. But some n00bs show up here and they're like: "Can you guys help me learn to trade Bitcoin - I bought at that post-China $450 low, so now what?"
cryptocurrency everytime
- #1,231
- Jan 9, 2014 3:54pm Jan 9, 2014 3:54pm
{quote} the XX-fold thing is getting harder and harder to achieve. Some people at Intel are already claiming Moore's law death, because in many areas we do not see the old adage of doubling speed/capacity etc. all two years. Under this light, a 77-fold increase is a significant hurdle. But maybe they find another way to shorten the block-chain. 3D-printers are a very interesting topic lately. Yesterday I read, that some aeroplane manufactures are starting to print some parts. Look at a MtGox chart from today. Around 2pm GMT there was a heavy sell...
Regarding 3d printer, this http://www.3ders.org/articles/201311...arat-gold.html could be a transcendental change.
I mean, I'm not anti gold or pro btc, I'm just trying to weight as objectively as possible every angle.
As said in one of the article you quote, their is threat and issue for bitcoin to overcome, but btc as a commodity isn't the only one to be threaten by upcoming tech's.
And that's probably the reason why I'm not blindly BTC devoted, it will end somewhere and something better will take over.
On the bright side, mining btc was done with 2000kh/s last year, tomorrow with 10th/s. So gold, btc etc... what I see around them are wider innovations and changes, and that's what I'm optimistic about
- #1,232
- Jan 9, 2014 3:55pm Jan 9, 2014 3:55pm
- Joined Jul 2011 | Status: good | 4,295 Posts
{quote} the XX-fold thing is getting harder and harder to achieve. Some people at Intel are already claiming Moore's law death, because in many areas we do not see the old adage of doubling speed/capacity etc. all two years. Under this light, a 77-fold increase is a significant hurdle. But maybe they find another way to shorten the block-chain. 3D-printers are a very interesting topic lately. Yesterday I read, that some aeroplane manufactures are starting to print some parts. Look at a MtGox chart from today. Around 2pm GMT there was a heavy sell...
Look we don't need to press the issue about storage and Moore's Law. James Brown said: "Take some. Leave some. There's enough in the pantry for everyone." As I mentioned in a previous post I am using an Android wallet that has already solved the blockchain size problem - in fact, there never was a problem - journalists distort these things because they're honourless wormtongues.
On the militancy of my fellow Bitcoin thread members... we talk tough because we take a lot of flack here - Bitcoin is an innovation that is somehow drawing a lot of venom and anger to us - and when we talk amongst ourselves we admit to not actually having strong feelings for Bitcoin. But over and above that - lady_luck is a trader that has to maintain in this FF environment albeit you misapprehended lady_luck's tone - i did not pick up on any polemic there. Honest. reread if you must
A question for you, infinitus: What is your motivation for taking the other side of the argument as it were? You know: this Bitcoin is potentially going to crash... there are "issues"... it comes across as a bit negative and I'm not used to you being in that mode of conversation. I was also surprised that, as an expert Elliottician, you bring articles that are clearly based on asumptions that are proven irrelevant by the Wave Principle - such as bellshaped "start-end" charts. I mean comparing perishable Tulip prices during a Dutch middleclass fad to the adoption and initial speculative phases of cryptocurrency is not the same. This innovation has central banks reeling. Away from comparisons with Tamagotshi and Tulips, does a commodity not have a succession of higher degree bull runs interspersed with obligatory corrections? We all know and accept that right? So it's good for trading - and we can put our heads together and time our trades with fair accuracy.
Why don't we?
cryptocurrency everytime
- #1,233
- Jan 9, 2014 4:10pm Jan 9, 2014 4:10pm
- Joined Jul 2011 | Status: good | 4,295 Posts
cryptocurrency everytime
- #1,234
- Jan 9, 2014 4:17pm Jan 9, 2014 4:17pm
- Joined Jul 2011 | Status: good | 4,295 Posts
cryptocurrency everytime
- #1,236
- Jan 9, 2014 4:53pm Jan 9, 2014 4:53pm
- Joined Jun 2010 | Status: zero | 20,603 Posts
{quote} Look we don't need to press the issue about storage and Moore's Law. James Brown said: "Take some. Leave some. There's enough in the pantry for everyone." As I mentioned in a previous post I am using an Android wallet that has already solved the blockchain size problem - in fact, there never was a problem - journalists distort these things because they're honourless wormtongues. On the militancy of my fellow Bitcoin thread members... we talk tough because we take a lot of flack here - Bitcoin is an innovation that is somehow drawing a lot...
Yep, I certainly got lady-luck's tone in the wrong throat. All is fine here
As an Elliottican I have got enough fire and shit here in FF, so sometimes the nerves are a bit "blank"
I am not clearly taking the Bitcoin-Doom side here. I see the potential, but also the dangers. Look, even so some respected Elliotticans have Bitcoin already in the wave 1 is finished camp, I see potential for a final small wave 5 up to come.
I think the articles I have linked here over the past weeks do not only show the bearish side.
On the other side, I have seen a lot of maniac-moves in the past 25 years, and each of this moves had the same footprint. E.g., people talking about, that this time is not comparable to the last time etc. LOL Now you make the argument, that the tulip-mania is not comparable to BTC-mania. Well, tulips and BTC are just a completly different thing, but the underlying psychology is always the same. People do not change.
And yes, the BTC has already crashed: it fell from 1200 heaven (with people dreaming of 2000 or already 10000) to sub 500 hell. When that is not a crash, what else? What do you think, how many people bought BTC above 1000 and burned their fingers, when it fell to sub 500?
Maybe, just maybe, I am a bit biased at the moment, because I missed the boat and like to see prices lower. But this is just part of the whole game, too.
Regarding the bellshaped charts:
I do not know, what you mean here, because I can not remember, that I have presented such alike for bitcoin. I often show bellshaped volume-profiles. But that is just a completely different aspect (market profile, mean reverting procedures etc.)
Elliott Wave is only one part of the spectrum of my analysis methods. I look at different methods I try to see, where they confirm each other.
Yes, BTC in its movements (maybe on another scale) is not different than any other asset - a play of alternating impulses and corrections - which are tradable.
But for my kind of trading the movements are far to volatile and far to vicious to trade with reasonable risk-management.
The fact, that I am interested in BTC nevertheless, is, because it is fascinating from an socio-economic and -psychologic aspect.
Of course, we can put our heads together
- #1,237
- Jan 9, 2014 4:58pm Jan 9, 2014 4:58pm
- | Commercial User | Joined Sep 2013 | 2,500 Posts
As I see it. But then I am not a Ew expert by any means..
Money Makes Money
- #1,238
- Jan 9, 2014 5:11pm Jan 9, 2014 5:11pm
- | Commercial User | Joined Sep 2013 | 2,500 Posts
Just a thought..... IF Bitcoin is to go to the moon...Over 3000. Then it is possible wave 3 is underway & we are now starting wave 3 of 3 of 5.
Just remember I am no EW etition....
Just remember I am no EW etition....
Money Makes Money
- #1,239
- Jan 9, 2014 5:21pm Jan 9, 2014 5:21pm
- Joined Jun 2010 | Status: zero | 20,603 Posts
Just a thought..... IF Bitcoin is to go to the moon...Over 3000. Then it is possible wave 3 is underway & we are now starting wave 3 of 3 of 5. Just remember I am no EW etition....
how long did it take BTC to travel from 1 cent to 1200 USD?
Maybe we need more time for consolidating here, especially when wave 1 up is already finished......
- #1,240
- Edited 5:57pm Jan 9, 2014 5:34pm | Edited 5:57pm
Just a thought..... IF Bitcoin is to go to the moon...Over 3000. Then it is possible wave 3 is underway & we are now starting wave 3 of 3 of 5. Just remember I am no EW etition....
It definitely appears as the most optimistic outcome, I find your method very fascinating, I don't quiet understand it, but your results speaks for it.
I might consider an other triangle within the purple line of your first chart before a sharp move.
Good night/day trading everyone
@Infinitus, my original reaction was toward the article you quote, sorry If it sounded like I was trying to defend my position, my intention was only to bring a bit of relativity toward some opinions we constantly find in article (ponzis, tulips, .com, supercycle and other clichés...)