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Thread: Bitcoin and Poseidon.

  1. #101
    Senior Member noonar's Avatar
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    One market indicator with a great track record is sometimes all it takes:

    https://www.cnbc.com/2018/01/26/bofa...n-5-years.html

    Bear Bull Indicator.

  2. #102
    Senior Member Yelta's Avatar
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    The media love to paint the bleakest picture, check the chart below compared to the 10 year chart in post 93, what you see below is a short term chart for the month of Jan 2018, the very top RH corner of the 10 year chart, not all that significant.

    Offers a totally different perspective, guess if you went long in the week prior to Jan 26 you wouldn't be happy, my guess is that the smart traders were selling short.

  3. #103
    Senior Member Yelta's Avatar
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    Quote Originally Posted by noonar View Post
    One market indicator with a great track record is sometimes all it takes:

    https://www.cnbc.com/2018/01/26/bofa...n-5-years.html

    Bear Bull Indicator.
    Indicators are interesting Noonar, the very fact that a firm with the reputation of Merrill Lynch issued a sell signal would in its self have caused many to get out of the market, once a trend begins crowd psychology quickly takes over.

    The bulls will be waiting at the bottom looking for bargains and ready to move in once the current trend is exhausted and an up trend is once again in place.

  4. #104
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    Quote Originally Posted by Yelta View Post
    The media love to paint the bleakest picture, check the chart below compared to the 10 year chart in post 93, what you see below is a short term chart for the month of Jan 2018, the very top RH corner of the 10 year chart, not all that significant.

    Offers a totally different perspective, guess if you went long in the week prior to Jan 26 you wouldn't be happy, my guess is that the smart traders were selling short.

    This post made me laugh, the media bleakness is quite similar to Yelta's painting of Bitcoin. :-)

  5. #105
    Senior Member Yelta's Avatar
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    Quote Originally Posted by boblinder View Post
    This post made me laugh, the media bleakness is quite similar to Yelta's painting of Bitcoin. :-)
    I guess you either understand whats going on here or you don't, you cant draw parallels between the US stock market and Bitcoin.

    If you look at the two charts I posted of the Dow you will comprehend whats happening is simply a correction, they happen regularly.

    Bitcoin on the other hand has crashed dramatically, feel sorry for the people who bought in at $20,000.

  6. #106
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    Quote Originally Posted by Yelta View Post
    I guess you either understand whats going on here or you don't, you cant draw parallels between the US stock market and Bitcoin.

    If you look at the two charts I posted of the Dow you will comprehend whats happening is simply a correction, they happen regularly.

    Bitcoin on the other hand has crashed dramatically, feel sorry for the people who bought in at $20,000.
    .

    The parallels are to be drawn between the bleak reporting of the market crash and Yelta's bleak reporting of Bitcoin. :-)

    Such irony.
    Last edited by boblinder; 6th February 2018 at 10:23 PM. Reason: Booboo

  7. #107
    Senior Member Yelta's Avatar
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    Quote Originally Posted by boblinder View Post
    .

    The parallels are to be drawn between the bleak reporting of the market crash and Yelta's bleak reporting of Bitcoin. :-)

    Such irony.
    Editing and changing the syntax of a post after it has been responded to is a pretty devious action.

    My last exchange with you re this topic.

  8. #108
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    Well you may be happy as there is more bleakness in the media today.

    But

    If spelling errors are proof of deviousness then I am guilty as charged. This keyboard is need of replacement. :-)

  9. #109
    Senior Member Yelta's Avatar
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    Quote Originally Posted by boblinder View Post
    Well you may be happy as there is more bleakness in the media today.

    But

    If spelling errors are proof of deviousness then I am guilty as charged. This keyboard is need of replacement. :-)
    This is what you originally said.

    "This post made me laugh, the media bleakness is quite similar to Yelta's painting of Bitcoin."

    This is the post after your "spelling correction."

    "The parallels are to be drawn between the bleak reporting of the market crash and Yelta's bleak reporting of Bitcoin. :-)
    Such irony."

    Unusual keyboard! must have a mind of its own.

    Guilty as charged.

  10. #110
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    What are you talking about, my post is still there with the post I edited which had spelling mistakes this keyboard is to be replaced Saturday.

    Courts in session. :-)

  11. #111
    Super Moderator Javaphile's Avatar
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    Yelta, The message you are quoting is post 104, not post 106.


    Java "Say what?" phile
    Toys! I must have new toys!!!

  12. #112
    Senior Member Yelta's Avatar
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    Quote Originally Posted by boblinder View Post
    What are you talking about, my post is still there with the post I edited which had spelling mistakes this keyboard is to be replaced Saturday.

    Courts in session. :-)
    Courts out, not guilty verdict, my error, I confused two posts.

    I apologise.

    I have sent Boblinder a PM offering an apology.
    noonar likes this.

  13. #113
    Senior Member Rocky's Avatar
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    We seem to have got to a situation in which the US stockmarket rules the Global financial world.
    Of course it is only a few influential financial entities that rule the Stockmarket.
    They would be the ones making the big killing out of events such as this.
    If you distill it to it's basic meaning, it's actually stealing, as they gain by precipitating a situation in which the masses lose.
    As we know from the GFC, the perpetrators will not do any jail time.
    They will drag their winnings off to their tax-free havens.
    Paolo and Jackster like this.

  14. #114
    Senior Member Yelta's Avatar
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    I see Bitcoin has just hit the US$10000 mark again, still technically in a down trend.

    Where to from here?
    https://www.worldcoinindex.com/coin/bitcoin

  15. #115
    Senior Member Yelta's Avatar
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    Interesting opinions by Allianz,
    "It's a matter of when, not if, the Bitcoin bubble will pop, according to Allianz Global Investors.
    The cryptocurrency is worthless, even if blockchain technology could bring significant benefits to investors, said the investment arm of Europe's biggest insurer, which manages almost €500 billion ($748 billion).
    trading volume has dropped more than 50 percent since March 9, possibly indicating a lack of confidence among traders in the sustainability of the corrective move higher."
    https://www.smh.com.au/business/inve...15-p4z4ez.html

    Bitcoin closed at $9109.90 overnight, enthusiasm certainly seems to have waned recently.

  16. #116
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    Last edited by pamount; 27th March 2018 at 10:05 PM.

  17. #117
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    Next time.
    If mums and dads are buying. Make sure you are selling

  18. #118
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    Their assertion that "To buy, sell, or trade bitcoin, every user must download a copy of the blockchain in its entirety,..." is complete bunk, a wallet is all you require to "buy, sell or trade bitcoin", and that is just a private cryptographic key, you do not require a copy of the blockchain.

    Granted copies of the blockchain need to exist, but unless by some miracle they manage to get every country in the world to make it illegal to posses it AND then successfully enforce that law this point is entirely moot.

  19. #119
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    Quote Originally Posted by jbrewster View Post
    Their assertion that "To buy, sell, or trade bitcoin, every user must download a copy of the blockchain in its entirety,..." is complete bunk, a wallet is all you require to "buy, sell or trade bitcoin", and that is just a private cryptographic key, you do not require a copy of the blockchain.

    Granted copies of the blockchain need to exist, but unless by some miracle they manage to get every country in the world to make it illegal to posses it AND then successfully enforce that law this point is entirely moot.
    I've never had anything to do with Bitcoin, so I don't really know what you need to download. But if it is true that some persons are using the blockchain to store illegal information then that can't be good.

  20. #120
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    As an ex finance / auditor / semi retired IT guy, most of this discussion is way off the mark in one or more of those fields.

    Bitcoin is merely one of a number of classes of a new concept / mathematical construct called "blockchain". Whether bitcoin is too high or low is as relevant as any discussion about the stock market / futures market of the day. FWIW, bitcoin to me it looks like a bubble, however I couldn't care less. Most new concepts create a few opportunities for the less scrupulous to fleece the "never ending supply of the gullible greedy". That predates the tulip bubble by millennia.

    Most of the current froth and bubble in the media seems to totally misunderstand what a currency is, and how (and more importantly, by whom) it is generated. They also seem to miss the fact that a blockchain is merely a "write once, read many" type of recordkeeping with implications far beyond currencies.

    What I do know is that some classes of blockchain are going to go the distance and become entrenched. Why? Because they cannot be altered AND they provide a complete transaction record - as an auditor, that is literally like finding gold. Some form of blockchain (possibly using existing real world currencies) will eventually win out in portions of the financial world as banks (merchant, wholesale and retail) can use it to protect their assets. As a tool to track environmental issues (including naming / shaming polluters) it is literally groundbreaking. Ditto power generation.

    Potentially a blockchain can be used by a government to track its disbursement of assets - for better or worse. Corrupt governments will hate that as their dirty linen will be fully exposed. Totalitarian wannabees will also hate it as it will expose them to unwanted scrutiny. "Wonderful examples of human endeavour" like CIA black ops or IS will hate it for shining a torch on the acts. In that arena I suspect the Scandinavian countries will be early adopters... middle east, our northern neighbours and the USA are not so likely to move quickly.

    To me the thing that will be most interesting to watch is whether it can spread like a cancer and remove corruption in the global supply chain. I am 90% certain it will start to be used to track the movement of goods... The much mooted concept of "cradle to grave" tracking would be simple to implement.

    "May you live in interesting times". We certainly are.

    TampIt
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  21. #121
    Senior Member Yelta's Avatar
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    Latest close around US$ 7000, where are the bulls now?

    https://www.smh.com.au/business/inve...30-p4z71t.html

  22. #122
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    Guy here at work (true story too), tried to get his super out to put into bitcoin. Didnt make it so only lost 10s of thousands.
    Now he says a overseas government (not african) is giving him 1.3 mill. He has paid the lawyers fees, now just has to pay the taxes and it will be transferred.

    This guy doesnt even strike me as crazy...

  23. #123
    Senior Member Yelta's Avatar
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    Quote Originally Posted by Jackster View Post
    Guy here at work (true story too), tried to get his super out to put into bitcoin. Didnt make it so only lost 10s of thousands.
    Now he says a overseas government (not african) is giving him 1.3 mill. He has paid the lawyers fees, now just has to pay the taxes and it will be transferred.

    This guy doesnt even strike me as crazy...
    Some people have all the luck.
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  24. #124
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    Quote Originally Posted by Yelta View Post
    I guess you either understand whats going on here or you don't, you cant draw parallels between the US stock market and Bitcoin.

    If you look at the two charts I posted of the Dow you will comprehend whats happening is simply a correction, they happen regularly.

    Bitcoin on the other hand has crashed dramatically, feel sorry for the people who bought in at $20,000.
    i think those that purchased at 20k will be delighted that they can now purchase WAY more at 6k.

  25. #125
    Senior Member Yelta's Avatar
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    The horror! where are the Bitcoin bulls now.

    Bitcoin bloodbath nears historic levels

    https://www.smh.com.au/business/mark...02-p4zox4.html

  26. #126
    CoffeeSnobs Owner Andy's Avatar
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    Well...
    Bitcoin is worth twice what it cost this time last year, unlike Telstra shares which have halved in the same time period. ;-)

    The hype, climb and pop was mostly media and greed induced, crypto has it's place and needs something to anchor it (like Bitcoin). The blockchain is a great way of protecting data securely and many future applications will rely on the technology to provide a historical "paper trail" of transactions.

    What I find interesting is the base level of US$6000 that it has trouble getting under, even after a few attempts. It could double or halve and everything appears to depend on what happens at this resistance level.
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  27. #127
    Senior Member Yelta's Avatar
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    My horror comment was with reference to people who had speculated at $20000 and are still holding, must be some terrible stories of people losing their life savings or retirement funds, somehow the media doesn't have much to say about this.

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