BitCoin

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RoosterDonky
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BitCoin
« on: January 01, 2017, 04:55:56 PM »

Got interested in this as I noticed a couple resistance points getting getting passed starting at 775 ish.
anyone else following this?
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Offshore Insider
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Re: BitCoin
« Reply #1 on: January 02, 2017, 01:08:11 AM »

I've been aware of bitcoin since the price was roughly 50 cents per btc. Unfortunately I didn't have the know how to purchase any nor did I realize it's true potential at the time. I had a chance of getting in when they were trending for 5 dollars a pop and didn't pull the trigger... Fast forward to a couple years back it was trading at 200ish... I bought as many as I could and didn't look back.. I personally wouldn't buy at 1k as I see it dropping back to 800ish by march.. However, I must admit that bitcoin can one day soar to levels we can't even imagine... the possibilities for growth within the community are vast and we may be at it's beginning phases...
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RoosterDonky
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Re: BitCoin
« Reply #2 on: January 02, 2017, 05:32:58 AM »

That's a tough one to live with there.
Missed opportunities are a bitch.
I've been snagging it since $775 as it crossed a couple resistance lines to get there.
Last resistance is the all time high around $1150 ish.
I don't see it going back down to 800 as mainly Chinese trading seems to be moving the price.
I can see some profit taking (3-5% price dip) but I don't think back to 800 though.
The continued devaluing of Yuan and lowered banking reserve requirements have led to a flat year for stocks in China.
Usually this type of activity would be gasoline for your stock market but they don't seem to be having any of that which means trading volume and price has been on the rise for BTC.
Then you add in Authoritarian style govt's attack on paper money and India's action against gold, I think it's gonna go soar in 2017.

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ilovethisforum
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Re: BitCoin
« Reply #3 on: January 02, 2017, 09:35:56 AM »

Also it is excellent currency for black money. No government involved.
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gamblehappier
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Re: BitCoin
« Reply #4 on: January 02, 2017, 02:10:31 PM »

i checked the price of bitcoin before 2 months and i check it now and said wow what is happening..Maybe this coin costs a lot of money in a couple of years ::)
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Thordin
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Re: BitCoin
« Reply #5 on: January 02, 2017, 03:06:21 PM »

anyone thats interested to learn more, speeches from Andreas Antonopoulos on youtube are a good way to start.

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ilovethisforum
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Re: BitCoin
« Reply #6 on: January 02, 2017, 04:03:28 PM »

I was wondering this about bitcoin. There are hundreds of cryptocurrencies today and everyday a new one pop up.Why the bitcoin is different? Why this is the one and only cryptocurrency for the long-term? Ofcource i love the idea of cryptocurrency and i would like to kiss the hand of the man that start this idea, but i don't understand why the bitcoin specifically is the ultimate coin. With today technology i can create a new cryptocurrency for example porncoin and use it to transfer value for the purpose to buy porn staff. Maybe my question will be answer if i read some books about it or see the video of Andreas on youtube, or maybe someone here knows something about it.
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middler
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Re: BitCoin
« Reply #7 on: January 02, 2017, 04:28:18 PM »

I've also been checking the resistance points through this crazy bull trend on BTCUSD.

My goal was to short after reaching 1000 and creating bearish set up, thinking it would be a major resistance point, but this does not seem to be the case..

So many things going on globally, and so many really big fish involved in this that it is very hard to tell what's really happening, and to calculate the true value for BTC.

Check the volume and the range of this trend and tell me if it seems to you as regular trading..

By the way, no government involved? is that really what you think? Or do you mean not accepted as official currency by government? because those are 2 very different things.

I'm more into USDMXN parity anyways..
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Thordin
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Re: BitCoin
« Reply #8 on: January 02, 2017, 04:29:00 PM »

Andreas actually when he answers this question compares cryptocurrencies with languages.
We will have many, and choose which one to use depending on the context.

At some point he mentioned you can have automated wallets that convert crypto to one another automatically, and use BTC as a store of value.
Then if you want to tip a waiter you convert to Dogecoin and tip. If you want privacy you convert to Monero or Zcash do your bussiness and then convert back to BTC.
Of course we dont know how all this stuff will unfold
Its hard to grasp, i this is all new to the world
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Thordin
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Re: BitCoin
« Reply #9 on: January 02, 2017, 04:30:02 PM »


By the way, no government involved? is that really what you think? Or do you mean not accepted as official currency by government? because those are 2 very different things.


which government do you believe is involved in bitcoin?
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RoosterDonky
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Re: BitCoin
« Reply #10 on: January 02, 2017, 04:42:19 PM »

Ya Andreas puts some great stuff out there about it.
Be careful with shorting at 1k, the next resistance point im seeing is the all time 1150 ish.
Since its a bull market in BTC ive just been increasing my exposure in times of a 2% or more price dip.
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ilovethisforum
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Re: BitCoin
« Reply #11 on: January 02, 2017, 05:02:47 PM »

Andreas actually when he answers this question compares cryptocurrencies with languages.
We will have many, and choose which one to use depending on the context.

At some point he mentioned you can have automated wallets that convert crypto to one another automatically, and use BTC as a store of value.
Then if you want to tip a waiter you convert to Dogecoin and tip. If you want privacy you convert to Monero or Zcash do your bussiness and then convert back to BTC.
Of course we dont know how all this stuff will unfold
Its hard to grasp, i this is all new to the world

Thanks! Excellent idea indeed.I will check all the videos to understand a little bit what is going on.Also, i smell many arbitrage opportunities in this idea you descripted.
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middler
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Re: BitCoin
« Reply #12 on: January 02, 2017, 05:16:08 PM »

I haven't entered the trade, and won't be doing so during this run. If you check today's chart you can see already 1000 as a support..

Answering to governments involved in this run, I see China as the main influencer.
If you check the USDCNY parity, you will see a strong bullish trend of over a year already, which doesn't seem to be reversing any time soon.

India also seems to be into this, and the demonetization has forced many individuals and companies in that country to search for new ways to keep their money.
India and China combined have over 2.5 billion people.

On a smaller scale, Mexican peso's value went to almost half when paired to USD during the last couple years. You also have countries such as Argentina and Venezuela, who tried to create a fixed value for their local currencies and blocked the use of foreign currencies in their countries (Argentina has partially removed this about a year ago).

I'm sure I'm missing half of the examples, but my point is that BTC is not just a currency, but also a new form of commodity, and directly or indirectly, many governments are using it and forcing its use.

BTC's value does not depend on a given country's economical, political or financial situation, and it is one of many alternatives to keep wealth, with huge room for growth both in volume and in price, and probably still possible to manipulate for a few big countries.
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Bubbles
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Re: BitCoin
« Reply #13 on: January 02, 2017, 06:18:37 PM »

China's GDP is 9.24 trillion USD, its reserves, only in USD, 3.052 trillion. I'm not sure they (I mean the state, not private investors) can be bothered about something with total capitalisation of about 16 billion USD. Not their league..
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middler
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Re: BitCoin
« Reply #14 on: January 02, 2017, 07:17:53 PM »

I do agree to some extent with what you say.

But on the other hand, one thing is the total value of the market (which is changing very fast in the last weeks and has almost doubled), and another thing is the amount of money being traded.

It's like in betting, where i can have 1k bankroll and roll it over 5 times in a day, while someone else has 5k and rolls over 1k a day.

Both the volume being traded and the amount of trades per minute (intra day action) have increased significantly. You can also check the BTC exchanges where most of this volume is being traded, to analyze where money is coming from. Okcoin, Huobi and BTCchina hold almost 99% of volume.
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