Bitcoin - Part 2

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MinnesotaBrant said:
Thought bubbles! I'm in a cartoon.:cool: I think I am going to invest in rent probably monday even though that will never be a good long term investment
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Hello! good sir! My name is Max Bialystock, and I have many good productions of many outstanding plays and musicals in the works. Maybe I could persuade a gentleman of your taste and discernment to invest in one, or maybe two. Returns guaranteed and as an added bonus you'll be adding to the cultural capital of our great society.
 
Could you front me the productions and have me pay you over time? Hopefully under a year? I will take the plays too if you don't mind.
 
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I am good for for it, just front me the productions for me with your name on them and without my name attached, and have me pay you over time. A little trust goes a long way. I will pay you on time.
 
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Belz... said:
Is it because there are few transactions ?
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Good question. I'll see what I can find.

This pie chart shows where most of the transactions are (China) in the last 30 days, but doesn't show total volume:

http://bitcoincharts.com/charts/volumepie/

You can see trading volumes over time on a chart here:

http://bitcoincharts.com/charts/bitstampUSD#rg730ztgSzm1g10zm2g25zv

Looks like less volume recently. I assume the volumes are measured in bitcoins not dollars. Wish I could see a moving average of the volume. But you can play with the settings to change the volume to measure it in dollars.

Chart to me looks like its dying a slow death since peaking in late '13, early '14. The Chinese seem to be more interested in it now than the rest of the world if judging by trading volume.

ETA: Same chart smoothed out a bit by making it a 10-day moving average and removing the other stuff so you can see the trend better:

http://bitcoincharts.com/charts/bitstampUSD#rg730za1gSMAzm1g10zm2g25zcv
 
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You're right, that graph does not look like that of something that is thriving. Unless it's just come off the bubble and will stabilize. I suppose that's possible.
 
Almo said:
You're right, that graph does not look like that of something that is thriving. Unless it's just come off the bubble and will stabilize. I suppose that's possible.
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Are you really going to make a prediction? Everybody who has tried to make a prediction about bitcoin's future has been wrong (including me). Even kevsta with his "technical analysis" had to admit that bitcoin defied anything his magic 8 ball could come up with..
 
Almo said:
You're right, that graph does not look like that of something that is thriving. Unless it's just come off the bubble and will stabilize. I suppose that's possible.
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I imagine that it will stabilize at some level, and become a niche product for those who want or need anonymity in their financial dealings. But the idea that BTC is the wave of the future is pretty well debunked.
 
Agreed, but the BTC fanboys will never stop believing that it will replace all those evil state supported currencies.
 
psionl0 said:
Are you really going to make a prediction? Everybody who has tried to make a prediction about bitcoin's future has been wrong (including me). Even kevsta with his "technical analysis" had to admit that bitcoin defied anything his magic 8 ball could come up with..
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I'm just saying what it looks like. Note the prominent weasle words in my statement. Having watched the trajectories of lots of ****coins, this doesn't look much different except that it's at a much higher level.

Like Reddcoin:

https://poloniex.com/exchange#btc_rdd
Now trading at 7 satoshis each.

Or the delisted Snowballs. I have no idea who thought THAT was a good idea.

Or YACCcoin:

https://poloniex.com/exchange#btc_yacc
Trading at 1 sat for much of its lifetime.

None of this proves anything, or makes solid predictions which is why I used the "looks like" kind of language.

Also, BTC isn't fully anonymized. Its transactions are traceable. Stuff like DASH do "mixing" I think they call it where it gloms multiple transactions together and spits out results in a way that makes it hard (or impossible) to tell which account which coins came from.
 
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Almo said:
None of this proves anything, or makes solid predictions which is why I used the "looks like" kind of language.
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:confused: So why bring up unknown "currencies" that were introduced in Feb 2014 (long after the BTC price peaked) if they are totally irrelevant to your not-a-prediction?

dudalb said:
Agreed, but the BTC fanboys will never stop believing that it will replace all those evil state supported currencies.
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Love that fresh smell of straw in the morning.
 
psionl0 said:
Are you really going to make a prediction? Everybody who has tried to make a prediction about bitcoin's future has been wrong (including me). Even kevsta with his "technical analysis" had to admit that bitcoin defied anything his magic 8 ball could come up with..
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There's the problem. You need to use the modern Emojic 8 Ball, not the outdated magic 8 ball.

(As always, XKCD has the answer. Have fun clicking on the "Ask" button for more results, or asking it different questions. Although, you might not be able to see the Emojic 8 Ball results properly if your computer doesn't have Emoji fonts available.)
 
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So are only the super rich trading in these bitcoins? if each costs $250, then to purchase several for a transaction you would need a good $5000 for anything.
 
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