Bitcoin bottomed?

[KenJackson]

The bitcoin price in dollars (http://www.coindesk.com/price/) has been on a downhill trajectory since mid-November, but the slope has been decreasing. Right now it either hit a new local minima or bottomed and started rising.

I keep wondering when the Winklevoss Bitcoin Trust ETF (COIN) will be available. Not that I want to buy any, but I expect there will be a bunch of non-bitcoin-savvy investors that will jump in, which will drive the price up--at least for a while.

[madfranks]

I would like to say that it has bottomed, but honestly in this new world of crypto-currencies, I don't know what to expect. I've heard other people saying that even at the low $300's, buy support is exhausting. Long term I see bitcoin higher, but in the meantime I don't see why it couldn't fall more.

[1970 silver art]

I would like to say that it has bottomed, but honestly in this new world of crypto-currencies, I don't know what to expect. I've heard other people saying that even at the low $300's, buy support is exhausting. Long term I see bitcoin higher, but in the meantime I don't see why it couldn't fall more.

I do not think that Bitcoin has bottomed out yet. I think that a retest of the $275 support level will happen in the very near future. It has been slowly drifting downward with the trading ranges drifting lower and lower. Maybe a retest of $275 could happen within 3 weeks from now? If bitcoin retests $275 and buy support is exhausted, then look out below. That is my take on bitcoin.

[madfranks]

I do not think that Bitcoin has bottomed out yet. I think that a retest of the $275 support level will happen in the very near future. It has been slowly drifting downward with the trading ranges drifting lower and lower. Maybe a retest of $275 could happen within 3 weeks from now? If bitcoin retests $275 and buy support is exhausted, then look out below. That is my take on bitcoin.

Wow,where'd you show up from? Happy new year and glad to see you here. Where have you been spending your time lately?

[1970 silver art]

Wow,where'd you show up from? Happy new year and glad to see you here. Where have you been spending your time lately?

To be honest with you, between June and October, I have not posted anywhere because I was working a lot of overtime at my job and I either did not have the time to post or if I had the time, I was too tired from work to post anything. As a matter of fact, I have left work tonight at about 10PM (started work at 9:15 AM). From November to now, I have been posting on GIM2, Gold Silver Chat and a silver art bar-related forum whenever I had the time to do so. Basically nothing much has changed. I am still collecting '70's silver art bars and I have added to my bitcoin investment (up to 3 BTC now with an average cost basis of $325/BTC). Next year, it will be more of the same in that I will more than likely work a lot of hours and I will not have as much time to post anywhere but I will still lurk here to check out what is going on. Happy New Year Madfranks.

[1970 silver art]

I do not think that Bitcoin has bottomed out yet. I think that a retest of the $275 support level will happen in the very near future. It has been slowly drifting downward with the trading ranges drifting lower and lower. Maybe a retest of $275 could happen within 3 weeks from now? If bitcoin retests $275 and buy support is exhausted, then look out below. That is my take on bitcoin.


The lowest price (so far) is $287.45. I ended up "nibbling" on it at the $291.80 price by buying 0.1 BTC for a total of $29.47 (including fees) on Coinbase. It is a small purchase but I pulled the trigger just in case it rebounds from the $290 where it is currently at for the time being. If it goes down to the $275 intra-day low that was established on October 5, 2014, then another larger "nibble" is certainly possible. I still think that there is a chance for it to get down to $275 (or possibly lower). We will see.

[1970 silver art]

According to another person that also is watching the bitcoin $ price, it fell to $275.95. Based on that, the $275 support level seems to be holding for the moment but it is too soon to say if the $275 support level will hold or not. It is currently at $283.41 according to Bitstamp.net quote.

[1970 silver art]

It appeared to be that Bitcoin was going back down to retest $275 again. It went down to the $277 range and it is now at $279.31 according to bitstamp.com quote. The Coindesk.com quote of $275.95 is still holding. I made a 2nd bitcoin purchase on Coinbase when the price was $278.29 but this time it was 0.21 BTC that I bought for a total of $59.02 (including fees). I bought a total of 0.31 BTC during the $275 retest. I feel confident that Bitcoin will hold $275 support and will not make any more purchases at this point. I achieved my goal of purchasing when it went under $300 and during the retest of $275. Back to the sidelines I go.

EDIT: If bitcoin broke $275 on the downside, then so be it. I am no worried about it and I am still earning bitcoin from the various bitcoin faucets on the Internet.

[1970 silver art]

I was wrong. $275 did not hold. Bitcoin failed the retest of $275 and went down to a low (so far) of $255.00 according to Bitstamp.net price quote. I do not know what the next support for bitcoin is but I suspect that it is a much lower number than where it is currently at which is $270.08 as I type this. I am not concerned about it at this time.

[EE_]

What would the Winklevoss fags do if their bitcoin boat is taking on water?

Why, keep rowing!

http://www.article-3.com/wp-content/uploads/2011/01/Winklevoss.jpeg

PS: there's no such thing as "support" when there's no company, assets, fundamentals, or intrinsic value.

[Shami-Amourae]

What would the Winklevoss fags do if their bitcoin boat is taking on water?

Why, keep rowing!

http://www.article-3.com/wp-content/uploads/2011/01/Winklevoss.jpeg

PS: there's no such thing as "support" when there's no company, assets, fundamentals, or intrinsic value.

Whats wrong with gay incest?
:confused:

[KenJackson]

PS: there's no such thing as "support" when there's no company, assets, fundamentals, or intrinsic value.

It puzzled me for a long time to see analysts draw their lines on stock charts and refer to support and resistance. That is, until I analyzed my own behavior and realize that I place limit orders based on how high and low they've been recently. I guess enough people do the same that it has the effect of making support and resistance lines work.

Bitcoin is a lot different, but many of the people trading them probably also trade stocks, so the same dynamic would be at play.

[1970 silver art]

What would the Winklevoss fags do if their bitcoin boat is taking on water?

Why, keep rowing!

http://www.article-3.com/wp-content/uploads/2011/01/Winklevoss.jpeg

PS: there's no such thing as "support" when there's no company, assets, fundamentals, or intrinsic value.

Pretty much the same for gold and silver in terms of there are support levels and there are resistance levels in this "rigged market". The gold and silver "boat" is taking on water too and has been doing so for over 3 years now but we keep rowing. :)

EDIT: I wanted to be clear here in that I am not against gold and silver since I have bitcoin and '70's silver art bars. :)

[EE_]

Pretty much the same for gold and silver. There are support levels and there are resistance levels. The gold and silver boat is taking on water too. :)

Gold and silver are subject to heavy manipulation. Do you think the same thing is happening with bitcoin?

Do you think you can rely on support and resistance levels when something is so manipulated?

[1970 silver art]

Gold and silver are subject to heavy manipulation. Do you think the same thing is happening with bitcoin?

Do you think you can rely on support and resistance levels when something is so manipulated?

Honestly, I do not know. It would not completely surprise me if there was manipulation with Bitcoin and it is very hard to know what are the support levels and resistance levels are with bitcoin. I just watch the Bitcoin prices everyday. My approach on Bitcoin is that IMO a speculative investment and I treat it as a speculative investment in that I reach a certain buying level where I am comfortable losing it all, if the worst case scenario happens (going to zero). I do not think that will happen and will go way up at this point and I am "making a bet" by buying bitcoin. I reached my max. buying point yesterday and I do not plan to buy any more BTC and will just watch to see what happens.

[1970 silver art]

Bitcoin recovered some to the $275 level. Currently at $275.20 (Bitstamp quote) as a type this. It may not mean anything or it might mean a lot depending on your point of view. In other words, it could be a dead cat bounce that might lead to a "'lower low" or it could be the beginning of a rally from the new low of $255. I do not know. Anything is possible. We will have to see in the next few days and weeks from now to get the answer.

[madfranks]

Dayam Josie I miss reading your analyses. You have a style all your own, no doubt.

[1970 silver art]

Dayam Josie I miss reading your analyses. You have a style all your own, no doubt.

I have to be honest with you in that I am not a TA expert by any stretch of the imagination. I just watch the bitcoin $ piece on a daily basis and remember certain times where bitcoin hits a certain mark and times where resistance points and support levels get formed. Based on my own observations, $275 was the support level that got taken out and, hopefully, the new "support level" of $255.00 holds and bitcoin rallies from that point. At the moment, Bitcoin is ~$30 above the $255.00 "support" at $285.03 (Coinbase quote). We will see what happens in the near future.

[1970 silver art]

Bitcoin just broke the $255 low. The new low (for now) is at $250.45 (Coindesk.com quote). Currently at $253.76.

[KenJackson]

Bitcoin just broke the $255 low. The new low (for now) is at $250.45 (Coindesk.com quote). Currently at $253.76.
Very alarming.

I would be happy if it just found a level and stayed there. That would make it easier to work with when using it as an actual currency.

[1970 silver art]

Very alarming.

I would be happy if it just found a level and stayed there. That would make it easier to work with when using it as an actual currency.

Yeah it appears that it is still trying to find a bottom. Hopefully it will find one soon and hopefully it will be at $250.

[optionT]

I don't know where the bottom will be but it feels like it will still drop further. Maybe $200 will be the bottom? If not, maybe in the $100s. Nonetheless, I'll still be holding my bitcoins and looking to add to my core holdings.

[1970 silver art]

I don't know where the bottom will be but it feels like it will still drop further. Maybe $200 will be the bottom? If not, maybe in the $100s. Nonetheless, I'll still be holding my bitcoins and looking to add to my core holdings.

That is certainly a possibility. I made my last BTC purchases when the price was between $278 and $294 and I have not bought since then because I bought enough at the moment. I am just now watching what it will do. Hopefully $250 will hold. If not..........................

[1970 silver art]

$250 got took out on the downside. It is now at a low of $246.10 (Coindesk quote).

[1970 silver art]

$250 got took out on the downside. It is now at a low of $246.10 (Coindesk quote).

Now down to a low of $244.99 (Coindesk quote).

[1970 silver art]

Down to another new 2015 low this time the low is at $240.43 (Coindesk.com quote). At the rate that it is going down, I might wake up tomorrow morning to a sub-$200 bitcoin price.

[Sparky]

Here's a big problem with bitcoin as a currency:

If you go spend your bitcoin at a store that accepts it, there's no way the store is going to hold that as bitcoin because they can't risk the fluctuations. They've simply offered to accept it from you to get the revenue. So I have to assume that as soon as they get it, they convert it to dollars.

Since price is the intersection of supply and demand, what happens to the pricing of a commodity (bitcoin) that is under such a constant stream of sell pressure, continuously being converted to dollars? The answer is not "up".

[KenJackson]

If you go spend your bitcoin at a store that accepts it, there's no way the store is going to hold that as bitcoin because they can't risk the fluctuations. They've simply offered to accept it from you to get the revenue. So I have to assume that as soon as they get it, they convert it to dollars.

There's the potential for a positive way to look at that, at least for bitcoin.

Once the dollar starts its hyper-inflated plunge in value, everyone will be looking for something (anything!) to jump into. If bitcoin is dropping slower, dollars will gush into bitcoin. The result is it will go up, maybe even in real terms.

[Sparky]

I don't like bitcoin because it's an artificial competitor to precious metals, which have stood for thousands of years. The supply of precious metals is determined by nature, and their extraction from the earth is the direct result of investment and labor. Bitcoin is the results of some vaporous algorithm that can be mimicked a thousand times over. I hope that it will have died an inglorious death by the time that the dollar faces its demise.

[EE_]

I don't like bitcoin because it's an artificial competitor to precious metals, which have stood for thousands of years. The supply of precious metals is determined by nature, and their extraction from the earth is the direct result of investment and labor. Bitcoin is the results of some vaporous algorithm that can be mimicked a thousand times over. I hope that it will have died an inglorious death by the time that the dollar faces its demise.

Death to Bitcoin!

Oh, just so ya know, the bottom of bitcoin is -0-

[KenJackson]

Oh, just so ya know, the bottom of bitcoin is -0-

2 Chronicles 9:20
silver was not considered valuable in the days of Solomon.

Bitcoin, just like silver, has whatever value people are willing to pay for it.

[optionT]

The supply of bitcoin is capped at 21million. Its possible to fork it, but I highly doubt others would go along with it (meaning near zero possibility).

[Sparky]

The supply of bitcoin is capped at 21million. Its possible to fork it, but I highly doubt others would go along with it (meaning near zero possibility).

What about the supply of LiteCoin? Auroracoin? BlackCoin? Darkcoin? Dogecoin? Gridcoin? Mastercoin? Mazacoin? Namecoin? Peercoin? PotCoin? Primecoin? Zerocoin? Nxt? Coinye? Ripple?

[KenJackson]

What about the supply of LiteCoin? Auroracoin? BlackCoin? Darkcoin? Dogecoin? Gridcoin? Mastercoin? Mazacoin? Namecoin? Peercoin? PotCoin? Primecoin? Zerocoin? Nxt? Coinye? Ripple?

You may not have meant it, but this question very neatly makes a statement: There's bitcoin and there's all the rest.

[KenJackson]

Hey, we're not losing interest here, are we?

Did you notice? Bitcoin bottomed out at $173 and skyrocketed up to $199!

[madfranks]

One thing this massive sell off has done is increase interest immensely. The last two days trading volumes have been the highest recorded.

[1970 silver art]

One thing this massive sell off has done is increase interest immensely. The last two days trading volumes have been the highest recorded.

The $162.68 price appeared to be the low for Bitcoin (for now) at the moment and it is currently rallying off of that. It is at $215.49 as I type this. In an earlier thread, I mentioned that I was done buying Bitcoin when it hit $275 and was thinking that it would rally off of that low but I was wrong and it kept going way down. When I was the price under $200, I decided to buy some bitcoin. I bought 0.31 BTC on coinbase when the price was $191 (total was $59.90 including fees) and will make another purchase if/when it gets below $150.

BTW I think that this is the 5th or 6th time that bitcoin has "died" and came back.

[1970 silver art]

Hey, we're not losing interest here, are we?

Did you notice? Bitcoin bottomed out at $173 and skyrocketed up to $199!

The current low is $162.68 based on what another poster posted in another thread and it has rallied, so far, to $216.27 where is currently is as I type this. I am certainly not losing interest here. I did make a 0.31 BTC purchase at $191. I have been keeping up with bitcoin and certain alt cryptos (Whitecoin, Bitshares, Dogecoin) that I am currently invested in.

[Horn]

At what point do those high cost mining operations close their doors, Or has that already happened?

Difficulty isn't near as flexible as i had imagined, if they all were purchased then held it may not be able to transact anymore.

https://blockchain.info/charts/difficulty

[1970 silver art]

Just when Bitcoin appeared to get past $300..........BOOOM!!!!!! Right back down to $218 (and going lower). That's what happens when Coinbase tells a fib that they have a licence from CA and NY to set up business there. A retest of $162 is in the cards IMO and if bitcoin gets under $150, then I am "nibbling" on it.

[KenJackson]

JA retest of $162 is in the cards IMO and if bitcoin gets under $150, then I am "nibbling" on it.

Me too. Maybe even before that.

I just watched a Mike Maloney video (https://www.youtube.com/watch?v=8j_J0lbXkcA) in which he said he's now buying bitcoin. "If there is a currency crisis, alternatives will most likely be going astronomical." I've been pondering whether people will see bitcoin as safe haven to flee to from their local fiat currencies, and here's a suggestion that they will.

And of course there's the prospect of the COIN ETF giving it a boost (as I pondered in post #1).

I still see a lot of buzz about bitcoin. There are still startups finding novel ways to use it. That's not an indicator associated with death.

[Neuro]

At what point do those high cost mining operations close their doors, Or has that already happened?

Difficulty isn't near as flexible as i had imagined, if they all were purchased then held it may not be able to transact anymore.

https://blockchain.info/charts/difficulty
I think I read at BTC-e and their chat/trollbox that electricity to mine a bitcoin was either $230 or $270 at current difficulty, I assumed that was in the states somewhere, so it can obviously vary according to location, but it doesn't really matter if the miner person has decided bitcoins will go to heaven, he'll be prepared to go to hell to get them... Electric bill is payed for afterwards, while if you buy one you pay immediatelly, but I'll bet if prices dip for long, they'll, the diehards eventually die off...

[Horn]

I think I read at BTC-e and their chat/trollbox that electricity to mine a bitcoin was either $230 or $270 at current difficulty, I assumed that was in the states somewhere, so it can obviously vary according to location, but it doesn't really matter if the miner person has decided bitcoins will go to heaven, he'll be prepared to go to hell to get them... Electric bill is payed for afterwards, while if you buy one you pay immediatelly, but I'll bet if prices dip for long, they'll, the diehards eventually die off...

An individual trying to squeeze one out like a tough turd, yes. But enttire outfits were setup as operations that ran off of it.. if those go under the difficulty also should flex more.

[Neuro]

An individual trying to squeeze one out like a tough turd, yes. But enttire outfits were setup as operations that ran off of it.. if those go under the difficulty also should flex more.
Maybe I could mine entire block chains with my iPod touch then! But maybe those outfits should reconsider borrowing out their hardmined bitcoins to shorters at an interest rate... Chewing off your own ass may fill you up, but really in the long run you lose more than you gain!

[Horn]

Maybe I could mine entire block chains with my iPod touch then! But maybe those outfits should reconsider borrowing out their hardmined bitcoins to shorters at an interest rate... Chewing off your own ass may fill you up, but really in the long run you lose more than you gain!

Reminds me of the american farmer in the 30s, yes that would be like allowing youf mother inlaw to choose how much money u should spend on her daughters engagement ring.

[KenJackson]

Maybe I could mine ...., but really in the long run you lose more than you gain!

You guys are talking about mining. I ignore mining. I wish I had done it when I first heard of bitcoin, which was back when you could make some progress with just a PC. But I didn't. Now you can't. So now mining is boring.

Today my main interest is in seeing if it will retain value when the world's fiat currencies are all in freefall.

My secondary interest is in the novelty and possible convenience of having an alternative electronic method of payment that's used all around the world.

[Neuro]

Interesting way you have of chopping up a quote so it means something entirely different than intended by the poster you have there KJ... ;D

Mining entire blockchains of bitcoins with an iPod touch was a ridiculous overstatement, intended to be humerous... if someone didn't get that.

[KenJackson]

Mining ...
I doesn't matter what you say about mining. You were talking about mining. That's the point I was referencing, not humor.

[Neuro]

I doesn't matter what you say about mining. You were talking about mining. That's the point I was referencing, not humor.
And I was talking about how you misquoted me. Obviously it will be difficult to discuss in a traditional way with you...

[Horn]

If there were no gold mines there wouldn't be a market for gold as currency, it would held only as an invaluable work of art.

Point being, Bitcoin obviously never produced enough of a viable transit and real market as currency to be divided into its base satoshi units. Yet its mining operation could be placed into stasis by difficulty.

Unless you like turning shale into oil back in 1902 to power automobiles, your endeavor would be fruitless, or you called a fruitloop.

Which I will do so now, eloquently,

by not trying to paint your forehead over with Bitcoin ocre, and call it an original an authenticated specimen.

Not funny! :)