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Offline johncitizen

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Here's what you need to do..
« on: August 29, 2014, 05:25:55 AM »

Chill out.

The peg is trading at a discount because that is what we think its worth. A new economy has birthed and we expect it to track perfectly? To me, that is the nature of our BitUSD to trade at a discount on open. Factoring risk etc it seems perfect.

Until the dollar (BitUSD) gains confidence, I don't expect it to reach parity. Its been a few days and we are unnecessary panicking. Let the economy discover itself.

The price is correcting naturally. After the tremendous gains investors are taking profits and celebrating. If you put down $50k and made 1/4 million under 2 weeks you sell. We see this in the alt market everyday. Its normal.

These runs don't continue forever, there is and always will be a correction. You cant stress over natural market forces, its a terrible way to live. The sell isn't due to or related to BitUSD peg, quite frankly no one gives a shit right now.

BM and all the devs are doing some of the worlds greatest work. I don't understand most of it, all I know is it can change the world and I need these BTSX. Its early days in the timeframe and were all lucky to be here!

Take a look at the chart below and identify key support, resistance and trend lines. Right now we are at one of significance. A strong green candle off that Fibonacci line is what your looking for. We are in a correction that has met a long term upwards trend, sitting nicely on solid resistance.  Any break out of that rectangular box will be of great interest be it up or down.

Looking out for that fat green candle..









Offline fuzzy

Re: Here's what you need to do..
« Reply #1 on: August 29, 2014, 05:29:24 AM »
 +5%
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Offline soniq

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Re: Here's what you need to do..
« Reply #2 on: August 29, 2014, 05:44:53 AM »
please post when it happens  ;D
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Offline bodenliu

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Re: Here's what you need to do..
« Reply #3 on: August 29, 2014, 05:52:43 AM »
I feel much better now seeing this post :-[

Offline speedy

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Re: Here's what you need to do..
« Reply #4 on: August 29, 2014, 05:56:27 AM »
Does bitcoinwisdom display BTSX yet? What is the url for that chart?

And where do you think this dump will bottom out? I feel annoyed that I got caught up in the hysteria again and didnt sell at the top.

Im personally holding off on using the BitUSD exchange until the bugs are worked out. That's probably holding back adoption for a lot of people. Then hopefully BTSX will recover.
« Last Edit: August 29, 2014, 06:34:01 AM by trader »

Offline lucky331

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Re: Here's what you need to do..
« Reply #5 on: August 29, 2014, 06:01:53 AM »
isn't this the pull back everyone was waiting for when it reached its highs? 

Offline tonyk

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Re: Here's what you need to do..
« Reply #6 on: August 29, 2014, 06:32:49 AM »
If this was the only graph and info, I base my hopes on, I would not be so happy.

Cause my reading of it shows, the thick blue candle not going in the most pleasant spot in me...
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline luckybit

Re: Here's what you need to do..
« Reply #7 on: August 29, 2014, 06:39:46 AM »


The price is correcting naturally. After the tremendous gains investors are taking profits and celebrating. If you put down $50k and made 1/4 million under 2 weeks you sell. We see this in the alt market everyday. Its normal.

It depends on how much you sell. Suppose you have $250,000 from $50,000 initial investment? Why would you sell now for fiat when you could have purchased BitUSD at the peak and then sold now at the bottom for more BTSX? Suppose you do get your $50,000 out? Where are you going to put it? Bitcoin?

I think the reason people don't hold BitUSD is because you can't yet easily spend it and also because no one typically wants to hold USD anyway or why would we all be into Bitcoin or altcoins?

Panic is good because it shows people actually care about the technology rather than just taking a quick profit.
« Last Edit: August 29, 2014, 06:42:32 AM by luckybit »
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Offline johncitizen

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Re: Here's what you need to do..
« Reply #8 on: August 29, 2014, 08:53:11 AM »
Does bitcoinwisdom display BTSX yet? What is the url for that chart?

And where do you think this dump will bottom out? I feel annoyed that I got caught up in the hysteria again and didnt sell at the top.

Im personally holding off on using the BitUSD exchange until the bugs are worked out. That's probably holding back adoption for a lot of people. Then hopefully BTSX will recover.

Here is chart link http://www.sosobtc.com/kline/btsx/btc38.html you can also get to by clicking on advanced chart from BTC 38. Looking at the chart tells me the fibbo line of .15193 is the bottom. That looks like a a solid entry area but TA is not always right and is more of a guide.

The BitUSD exchange is very profitable if you are reading these swings but its not so liquid right now and larger movements afford the gains. Its so early in the game what more can we expect.


Offline fuzzy

Re: Here's what you need to do..
« Reply #9 on: August 29, 2014, 10:17:47 AM »
I honestly wasn't sure I'd get another chance at cheap btsx...looks like we are going to get the opportunity to get back in around 3000+ satoshis each--seems like a STEAL to me considering the pegs are holding up. 

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Offline GaltReport

Re: Here's what you need to do..
« Reply #10 on: August 29, 2014, 10:55:16 AM »


The price is correcting naturally. After the tremendous gains investors are taking profits and celebrating. If you put down $50k and made 1/4 million under 2 weeks you sell. We see this in the alt market everyday. Its normal.

It depends on how much you sell. Suppose you have $250,000 from $50,000 initial investment? Why would you sell now for fiat when you could have purchased BitUSD at the peak and then sold now at the bottom for more BTSX? Suppose you do get your $50,000 out? Where are you going to put it? Bitcoin?

I think the reason people don't hold BitUSD is because you can't yet easily spend it and also because no one typically wants to hold USD anyway or why would we all be into Bitcoin or altcoins?

Panic is good because it shows people actually care about the technology rather than just taking a quick profit.

Right!  Once you can easily turn BitUSD into Fiat in your bank account, it will pass GTV ("Galt's Test of Value") because I still have to pay for most things in Fiat USD.  Now, it's difficult. 

Try to do it in Bter through BTC and you will not be offered a good price.  Try to do it in Bter through USD and you can't get it out if you are in the U.S. (egopay doesn't accept u.s. accounts anymore) so you will end up Back to BitUSD->BTSX->BTC->CoinBase->Bank Account and then you think, well I should have just kept it in BTSX or BTC!!

So, the closer we can get to BitUSD->Bank Account the better it will hold it's value. 

Ironically, the easier you can move BitUSD into your bank account, the less people will feel the need to do it!!

If you can't spend it like USD or easily convert it to USD, it isn't USD.  It's a mindset.


« Last Edit: August 29, 2014, 10:57:38 AM by GaltReport »

Offline speedy

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Re: Here's what you need to do..
« Reply #11 on: August 29, 2014, 05:21:39 PM »
John, thanks for the graph and link.

But shouldnt a fibonacci retracement have 100% at the start of the movement, and 0% at the predicted end of it? 100% retracement means that the drop in this case has recovered back to its starting point and will continue with a new movement.

Your 100% retracement is at end of the movement, meaning its not a retracement. Thats how I interpret fibonaccis anyway.

Offline johncitizen

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Re: Here's what you need to do..
« Reply #12 on: August 29, 2014, 06:11:34 PM »
John, thanks for the graph and link.

But shouldnt a fibonacci retracement have 100% at the start of the movement, and 0% at the predicted end of it? 100% retracement means that the drop in this case has recovered back to its starting point and will continue with a new movement.

Your 100% retracement is at end of the movement, meaning its not a retracement. Thats how I interpret fibonaccis anyway.

Ah.. whoops. Yes it is inverted. Heres the update after we broke under, Im still long. I didnt think it would go so low but I think its about to break that downwards trend line..


Offline oldman

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Re: Here's what you need to do..
« Reply #13 on: August 29, 2014, 07:16:16 PM »

Chill out.


This.

Right now the price is down because:

1. Profit taking

2. Wallet issues

3. Liquidity

Note what is missing from the list? Tech failure. The peg works!

As an investor this is your primary concern: you are investing in a technology, not a market cap.

Anyone acquiring should be dollar cost averaging right now.

Offline oldman

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Re: Here's what you need to do..
« Reply #14 on: August 29, 2014, 07:18:17 PM »
The charting should be taken with a grain of salt.

This market is way, way too immature/illiquid for TA to be meaningful.

 

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