Has the recent rally stalled? If Sanlmar is correct and bitcoin is linked to a Fed interst rate hike, now that the economic news is poor, and a hike soon unlikely, will bitcoin tumble a bit soon? Is it time to take a short term profit if you bought/held from a few weeks ago?
And if Druff is correct about strong resistance reaching $600, is now the time to exit before others see this rally has lost steam?
Chartists and other prognisticators, weigh in.
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Originally Posted by Dan Druff
Yeah I might be unloading my 22 BTC pretty shortly
621 wow highest in a long time, congrats druff
micon stays winning
lol at young icon being worth more than sonatines rent a job life
While I find a lot of his reported-here shenanighans reprehensible, he seems to have been right about bitcoin. At least since now, albeit not necessarily for the right reason. And his haters here who aren't bitcoin fans prolly wish it would go "donkdown" with Micon holding most of his wealth in it as karmic payback for being an utter dick to Druff over their business partnership.
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BTC at $698.
Fuck I wish I'd held on to those 160 or so I won on SWC, before spunking them.
FML
BALLIN'!!
Forget about it. You have the rest of your life ahead to hate on crypto-currencies.
Druff, you gotta be loving proscrastination this time, eh?
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Haven't followed in a few days wow..
Erp!!! Is this *the* break in the rally?
Let's get more granular...
And even more...
And what about over in prime BTC trading land...
Is this a *temporary* pause before more mania/SR 2.0/Chinese diversification buying pushes BTC even higher? Or a sign that Druff should sell all (or most) of his bitcoin to avoid (reduce) the risk of tilting about it during the WSOP?
What say you, sir? Are you going to cash out in light of this development? Or let it ride?
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I'm letting it ride.
It has had these small hiccups at other times during this run-up, and it inevitably has returned to push forward even higher.
every archive i seem to listen to, i usually find you downing BTC. now you're a speculator. I have to ask: what made you change your tune on BTC? you were a staunch opponent
"Winning is the most important thing in my life, after breathing. Breathing first, winning next."
George Steinbrenner
I became an accidental speculator because I received a $9500 cashout from Bovada in BTC, and right away BTC shot up.
Given that it was the Chinese pushing it up, and it seemed to me that this wasn't just a temporary bump, I decided to sit on them until I saw indication that the frenzy was over.
So far that was a smart move.
I did sell off about 41 BTC from previous cashouts. Of course, now I wish I didn't.
One can speculate/profit off BTC without losing track of the fact that its beanie baby money used almost exclusively by Chinese seeking to shelter wealth and cyber criminals.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
Agreed. And in just a week or so, the CCP is going to come around to seeing the wisdom and morality of firmly upholding the rule of law, as well as well-enforced laws against punitive persecutions of domestic political enemies, a free-floating currency, and Western-style neoliberal cross-border capital investment rights.
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I liked this. I especially liked the comparison to Russia just for the schadenfreude.
You got some nice support. Yellen is BTC's best friend right now too.
China cracking down on the exchanges would relight this threads fuse. Still kinda puzzles me why the delay.
Here's How China's Coming Renminbi Devaluation Will Play Out
When a currency devalues, it's a bit like a car crash. It's abrupt and violent, it hurts people, and it can take a while to clear up.
China's currency, the renminbi, will likely be involved in the forex equivalent of a highway pileup at some point. That is, it's going to decline in value vs. other currencies, maybe dramatically.
Since August, the renminbi has fallen 5.7% against the dollar. That doesn't qualify as particularly dramatic, although the global stock market tremors at the beginning of 2016, which were sparked in part because of concerns over the stability of the renminbi, certainly were.
Money doesn't like uncertainty. Concern about a slowing Chinese economy, a growing debt load and even Chinese investors avoiding the country loom over the renminbi. Bloomberg estimated that in 2015, China had capital outflows of $1 trillion. The amount of money leaving has slowed, but in the first quarter of 2016, the Institute of International Finance estimates that $175 billion in net capital left China.
To stem the tide of money leaving the country, China's central bank has tried to further restrict capital outflows. The government has also been using up its massive foreign exchange reserves to help stabilize the currency.
The renminbi has stabilized, for now. But the problems and challenges that plagued the economy and spooked investors in January haven't gone away. And as the government tries to address a slower rate of growth, the currency will be under added pressure.
It may not experience a sudden crash, but it could end up being a more gradual devaluation. And regulators will most likely -- eventually -- learn that, no matter what, markets always win. Chinese officials can try and fight it, but they're probably delaying the inevitable when it comes to the renminbi.
Every car crash, and currency crash, is unique. But there are plenty of parallels between what's happening now and what happened in Russia in 1998.
In 1998, oil prices had collapsed much the same way they have in recent months. Russia, which relies heavily on oil, saw its currency, the ruble, go from 7 rubles per dollar to 12 per dollar in less than a month. The banking system imploded as the currency depreciated, which meant many Russians could only watch helplessly as their savings withered away. Finding an ATM that had cash was a major accomplishment.
Fast-thinking savers who were lucky enough to get their hands on cash used it to buy hard goods -- cars, refrigerators, washing machines and anything else that wouldn't decline in value as quickly as rubles. When a currency is collapsing, it makes sense to spend money buying things that are likely to hold value, and that you can sell later (or at least use).
Currency depreciation also makes imported goods a lot more expensive, while locally made goods and assets decline in real terms. In other words, in 1998 if you walked into a Russian supermarket with greenbacks in hand, you were looking at a potential enormous discount on literally everything being sold in rubles (until the prices were changed, at least).
So if, or when, China faces a currency crisis, it will destroy value in some places, but present other opportunities. For the attentive investor, there's a silver lining regardless of how dark the clouds get.
Still a science project? Todd, please admit Micon was right on the btc thing.
Guess we forgot to list the halving that will occur next month.
There is a confluence of stuff that is pretty damn interesting.
On July 18th of this year bitcoin undergoes a major event that only happens every four years called a “halving”.
Bitcoins are developed through the process of mining. Only 21 million bitcoins can be in existence at any one time. The value of mining is regulated in order to maintain this number. To prevent miners from surpassing this limit, the currency is designed to cut the value of mining in half every four years. It is as if the Federal Reserve slashed the amount of money-printing it does by half.
This could have a major impact on the overall value of the currency. If demand for bitcoin continues to grow while the number of coins that can be mined is drastically decreased, the value should naturally surge. That’s just the law of supply and demand.
No one knows how this will affect bitcoin because the last time it happened was in 2012, when bitcoin was near $12 and the currency was in its infancy. So, we can’t use the past to make predictions on the future.
But, the halving does have the potential, all on its own, to create a massive rise in the value of bitcoin.
Last edited by Sanlmar; 06-15-2016 at 09:25 PM.
The beauty about this bubble is the limited supply and global participation. I remember the baseball card bubble of the 90's and Upper Deck was printing cards as fast as possible and flooded the market with worthless cards, especially the 1991 Todd Van Poppel baseball card. The fact that bitcoin is not being "printed" to flood the market could send it to unimaginable levels. If it breaks all time highs, watch out folks. I recall that Druff sold one of his coins at the exact bottom near $200. I did say that it would go up from there because he threw in the towel. Happens the same way with stocks.
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