I was just joking about Russians fleeing to Bitcoin. They still lost.Originally Posted by DirtyB
Ok. But if it's not enough to impact the overall price, then who cares?
It's just interesting. It's like the Cyprus crisis.
Obviously, somebody was happy to sell more than enough Bitcoin at these prices. That's part of why I feel $300 might be a trap.
Just watching.
Fuck. Looks like I will have to make up my mind sooner than later.
Big red volume. 4 red daily candles are begging for a little recovery/retracement. If it hits $300 now I am in cause it is too extended to downside and is ripe to bounce.
I don't think we will see it though.
But I am the same guy who thought Amaya was a good idea.
Last edited by Sanlmar; 12-17-2014 at 08:33 PM.
fyi the chinese exchanges are fucking everything once through the heart and twice in the back of the head.
"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
Whatcha got?
Something feels wrong... But I love my charts and hate reading the news. I come to the same conclusions everyone else does & as I said, the crowd always loses.
Edit: You talking about the scammers at OK? We've posted about this before.
Last edited by Sanlmar; 12-17-2014 at 08:49 PM.
nope, there is an absolutely massive amount of dumping taking place on the chinese exchanges, is word on the street, and its trashing the market.
you know, more than usual.
"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
Im really wondering if this was related to the Sony breach...
At first I assumed it was taking place because of that 'bitcoins are the worst investment ever' article but now I wonder.
"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
Ha! Koreans, Mongol hordes and other angry Asians.
Im really wondering if this was related to the Sony breach...
At first I assumed it was taking place because of that 'bitcoins are the worst investment ever' article but now I wonder.
I think some component involves the proposed Virtual Currenty (sometimes referred to as BitLicense) legislation in NY.
Please note the location of the nearest exits ...
Last edited by Sanlmar; 12-24-2014 at 06:51 PM.
I think this is a clip from Joe Rogan.
Leah McGrath Goodman's Bitcoin creator thanks people for donating to him with Bitcoin. Guess he got what was at one time Bitcoins valued at $23k.
Prolly worth a lot less now and if we drill $310 it'll be closer to worthless as next stop prolly $250 sooner than later.
He's together with the block chain guy who looks like he knows it's all but over.
Setting aside schadenfreude, it must truly be horrible to have looked at ones pile of gold during the peak days and said "I've done it, I'm a millionaire..", then a few short months later ... poof. Back to the alarm clock, the cube, the fluorescent lights.
"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
I'm a huge critic of bitcoin but unlikely anyone is in this situation yet. the guys who made a million at the peak still made hundreds of thousands which is a nice vacation. I can only imagine how much Micon has made not only through bitcoins but his other bitcoin companies.
Until bitcoin hits double digits we won't really see many sob stories. The worst is still far away and won't happen until the speculators flee. Even at 300 early adopters have received a 30x return from a few years ago. Anyone who was stupid enough to buy above 500 didn't deserve their money anyways (unless they were in short term in which case they got out anyways).
Micon always claimed he was never selling them. Someone else either claimed or speculated his wife must have forced him to sell some at the peak however.
When faced with a difficult decision, ask yourself "What would Micon do?", then do the opposite.
PFA Rookie of the Year Awards
2012: The Templar (unknown)
2013: Jasep $5000+
2015: Micon's gofundme legal defense $3k begging for 100k:
2018: 4Dragons
2019: Dutch Boyd: Mike Postle
2020: Covid19
2021: SMIFlorida and some sort of shit coins for $50k
2023: 22nd Feb 4th Dec Youtube channels removed
2024: Dustin Morgan wins Chrissy's $1000 contest: May 3rd another channel gone.
Circling the Drain
Dec 26th
NC State Holds off UCF 34-27
I don't know how we missed this gem. According to the news, the two schools elected to take their money in cash. LOL. ESPN immediately converted to fiat avoiding a $20-40,000 loss as Bitcoin fell.
Even the Bowl game participant don't believe!!!
Apparently it's the 6 year anniversary to the day of the creation of the Genesis Block.. Today would be a good day for Bitcoin to die.
Well, it's happening. I mean right now bungholes are puckering. Been watching this for weeks. Too many relevant charts to post. Technically, it needs to fall to $250-260 That would put the gamble back for healthy speculation. We all know $300 is a pretty important level here. Some of the charts fail to show but $287 was quickly tested last October and really needs to be retested.
I am watching for a breach of $290 then maybe a quick short. Lotta folks are already short and it could bounce here and rip there faces off. It's a coin flip.
Personally, I have a hunch about the NY virtual currency legislation - but the news doesn't matter - the chart still sucks.
Sanlmar: What was that chart pattern you mentioned that was a very good short indicator? Double-top with the second top being lower than the first? You said something about having learned this pattern through hard experience..
Also, do you have any other favorite chart patterns that work well for you?
Dealing with a domestic disturbance... Lol
Got my iPhone here - no pc paint or charting
Quick answer.. Currently, I see a reverse cup & handle.
Cup = Start Nov 1 - Dec 19
Handle = Dec 19 - now
This will last a while at $300 so we have time. I will post some stuff later.
Ah, that's cool, look forward to reading more details whenever you're ready, thanks!
Here's a question that just occurred to me.
In light of the IRS rulings - I think you have to realize your capital gain or loss when you make a transaction (spend the Bitcoin). Your purchase price of BTC vs the value of BTC when you spent it.
Same is true for the business stupid enough to embrace this book keeping nightmare.
What could I do if I was Zappos or Overstock or Seals with Clubs?
Would I short $100,000 of BtC at start of year (just to have a big clean cost basis) and every purchase that year is a buy to cover?
What tax game might be in play right now?
Just found out by an older gentleman who works on the street. That j.p. morgan has had a patent on a digital currency since the late 90.s..he suggested that j.p. Morgan will unviel it as a world currency or an american currency when the dollar implodes beyond repair..he also said that in the short term it is possible to earn money on bitcoin but its a fraud and has no sustainability..JUST REPEATING WHAT HE SAID...I HAVE NOT DONE RESEARCH....YOUR!! WELCOME!!! Y,ALL!! You can stop picking on my spelling now.
This sounds like a rich opportunity for an entrepreneur to come up with a simple app that records the current dollar-denominated value of each transaction as they occur (gathering info from Coinbase, etc.).
As for the charting patterns I am not personally into Bitcoin, but other things....and your observation about the lower 2nd top on a double-top formation has been a strong short signal from my own experience as well. My interest is purely from a general technical analysis standpoint for any stock/commodity/currency trade.
Inverse cup & handle worked.
$294.50
If by some miracle we get swept down to $287 or so I'll buy for a trade. $300 could become mega resistance
The pain should be kicking in now
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