How To Use Bitcoin – The Most Important Creation In The History Of Man

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psionl0 said:
Not another epitaph. :boggled:
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What epitaph? It's just what happened to people that kept holding on in denial that a or b wasn't going to happen. In each case it did and those that held lost money. Those that sold got a new lower entry point for the next bounce or could wait until the bottom.

psionl0 said:
And to think that some people would be dumb enough to believe that it is world events that influence bitcoin prices.
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No, it's actually bitcoin prices and right now, they are still too high.

The 200dma is being approached by the 50dma and if bitcoin is still bullish, then this is where the last ditch attempt at the rally needs to occur. You need to see a bounce of the 50dma off the 200dma as the price rises back over the 50dma and stays there. In a bullish market the price spends most of the time over the 50dma. In a correction, it spends most of the time under that level. If the 50dma crosses below the 200dma, that is considered bearish. Yesterday was the first close for bitcoin below the 200dma in a long time. There were two other times when it bounced off the 200dma and stayed above it. One was prior to October, when the price took off. The correction from that run began when I pointed out that bitcoin was at parity with an ounce of gold. That was at 1242. Bitcoin is way less than half that now. This is the longest time it's taken to rebound from a big drop. In fact, it has dropped below 500 three different times in the last three months only to return again.

Bitcoin needs to get it's head back above the 200dma because if it can''t, the inevitable negative cross will be painted. That is a bearish signal.

On the other hand, even though bitcoin closed below the 200dma yesterday, it held on the uptrend line formed by the lows since October. That line is the lowest trend line left that hasn't been broken. Of course bitcoin could make a new low here and create a new less aggressive trend line. However, if it does that, the negative cross will most likely occur and signal the end of the bull move. Sideways action could delay the decision so I think that is likely until April 15 and if nothing happens in China, it may take off. For sure the price needs to get back over the 200dma though to keep the bullish hopes alive.
 

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wrs said:
.....................There were two other times when it bounced off the 200dma and stayed above it. One was prior to October, when the price took off. The correction from that run began when I pointed out that bitcoin was at parity with an ounce of gold. That was at 1242. Bitcoin is way less than half that now. This is the longest time it's taken to rebound from a big drop...................
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Actually the longest time it took for bitcoin to rebound was after June 2011 when the price fell steadily for fully 5 months before starting to rise again. It would take another 15 months before prices reached their June 2011 level again and it might have taken a lot longer had the Cyprus banking crisis not happened.
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Belz... said:
Probably on its way to 150, right ?
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Interestingly, I wonder what'll happen when it approaches the approximate price needed to mine a single Bitcoin? It's difficult to say precisely how much that is right now on account of the many ways mining is split up, but it should be possible to benchmark hardware against "ok, this chunk of hardware will mine a bitcoin in X hours/minutes, it cost $Y" and then do some math for the rough "current" cost-to-mine one.

At that point you have to wonder -- will the cost-to-mine become the floor or the ceiling for what BTC is worth?
 
psionl0 said:
:sdl: After all this time you still don't know how the mining difficulty (cost) works.
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I certainly don't understand the laughing dog. The capital cost of the equipment to mine Bitcoins isn't free. The electricity to run the equipment isn't free.
I have a friend who is seriously supporting SETI, more or less as a hobby. His electric bills are far higher than mine.
There is certainly some real cost, not just computational cost involved in mining Bitcoins. The exact value, I don't know, but there must be one.
 
TjW said:
I certainly don't understand the laughing dog. The capital cost of the equipment to mine Bitcoins isn't free. The electricity to run the equipment isn't free.
I have a friend who is seriously supporting SETI, more or less as a hobby. His electric bills are far higher than mine.
There is certainly some real cost, not just computational cost involved in mining Bitcoins. The exact value, I don't know, but there must be one.
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He implied that this has been explained in detail in this thread several times. Remirol should be well aware of how it works, but apparently still does not. Hence the laughing dog.

You'd think it would take far less time to just read through the thread again or directly look up how it works via google than to post stuff every so often over the course of who knows how long at this point, but then again I suspect a lot of forum posting is more about ego and entertainment than about genuine interest in knowledge or intelligent discussion.
 
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TeapotCavalry said:
That was actually pretty funny. That text adventure after burning down my house was surprisingly detailed. And insanely enough, I managed to win. ;)
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TacoX closed with $480 of my money. I bought my first coin for $8 and I got so interested in buying and selling that I totally didn't see that coming.
 
TeapotCavalry said:
That was actually pretty funny. That text adventure after burning down my house was surprisingly detailed.
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Yeah, I bet the author was/is a big text adventure fan -- that's clearly some webvariant of Inform, since it has all the Infocom-style defaults ("kill" produces the stock response, etc) embedded into it.

(It probably says so somewhere on the webpage, I'm just not gonna wade through it again to find that :) )
 
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