FreedomPhilosophy Posted January 6, 2014 Posted January 6, 2014 Here are my thoughts about what some have suspected might be a "bubble" in the Bitcoin markets, with of course, the benefit of hindsight.
philosoperson Posted January 6, 2014 Posted January 6, 2014 Thanks for your video, I thought it was very interesting. I agree that it is reasonable to assume that there is a Bitcoin bottom at around 500USD (at least). But notably, Chinese government regulation has kept BTC artificially low in China (which is BTC's biggest market) over the last few weeks. Now that the government has come out and said that they won't stop the trading of BTC, but just company's 3rd party transactions with banks, it is beginning to rise in price as a result of the CNY. If you don't believe me, watch it happening live! http://fiatleak.com/ So I think what you described as the top for BTC, will be, by April/May 2014, the bottom! Interestingly, Robocoin, the company which sells Bitcoin ATMS, has received 50,000 orders in the last month! And I would say the biggest difficult for Bitcoin right now, is the idea that people have to go and download software etc. to use it. I'm a professional UX (user experience, usability and human factors design) guy, and I can say, if it is easy... People will do it! This is becoming a big thing, and I agree with Max Keiser that we're going to see the value of BTC hitting something like... $35,000. Or depending on the advancement of crypto-technology where another currency takes over, we're going to see BTC hit $1,000,000. Would be interested to know your thoughts on the subject of China, and what has happened over the last few days means. Thanks, Al
FreedomPhilosophy Posted January 6, 2014 Author Posted January 6, 2014 Fundamental analysis isn't my thing, the belief in technical analysis is that sentiment is reflected in the price action. I think it's very reasonable to conclude that Bitcoin needs both the presence of ATMs and a significant increase in audience to reach the kind of higher prices that you suggest. These steps make the market susceptible to more government interference, while I do not think this will kill the coin, it may hinder it from becoming popular. The recent double top/double bottom is unparalleled and to me suggests that a new regime is present.
FreedomPhilosophy Posted January 6, 2014 Author Posted January 6, 2014 Taiwan Welcomes New Year with Bitcoin Warning The Financial Supervisory Commission of the Republic of China and the Central Bank of the ROC have issued a joint statement warning against the use of bitcoin in Taiwan. The regulators said bitcoin remains volatile, that it does not have any legal protection, and that it is not issued by a monetary authority. http://www.coindesk.com/taiwan-welcomes-new-year-bitcoin-warning/
ribuck Posted January 6, 2014 Posted January 6, 2014 The regulators said bitcoin ... does not have any legal protection, and that it is not issued by a monetary authority. They say that as if it's a bad thing...
LanceD Posted January 7, 2014 Posted January 7, 2014 So in the opinions of this threads regulars how should a bitcoin virgin start on the path towards investing?
Wesley Posted January 7, 2014 Posted January 7, 2014 So in the opinions of this threads regulars how should a bitcoin virgin start on the path towards investing? I have a thread in my signature called Bitcoin: Getting Started that has had positive feedback. If you have any further questions, you can post them in the thread or message me and I would be happy to answer.
immax Posted January 7, 2014 Posted January 7, 2014 Fundamental analysis isn't my thing, the belief in technical analysis is that sentiment is reflected in the price action. I think it's very reasonable to conclude that Bitcoin needs both the presence of ATMs and a significant increase in audience to reach the kind of higher prices that you suggest. These steps make the market susceptible to more government interference, while I do not think this will kill the coin, it may hinder it from becoming popular.The recent double top/double bottom is unparalleled and to me suggests that a new regime is present.I don't know much about charts, but can you really tell that much from price fluctuations over a one month period ? I mean it seems like a lot.
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