sábado, 19 de octubre de 2013

Bitcoin revisited.

Six months have elapsed since the Bitcoin/Cyprus fever hit the wires and stoked interest in the currency called Bitcoin. Since then it has had a random walk all over from 266 to 70 and at 160-190 as of this writing it atands at the mean of extremes having moved somewhat dramatically since congress ended the kabuki theater of resisting Bernanke's Dollar Printer divisions from hell. Here's the graph in compressed form:

And it's link below to see in all it's 

If you erase the outlier mania from the month of april we are now again entering record territory. -"But why should we ignore that peak?" would be a legitimate question. -Just because... it was an event that has not yet found a good explanation although i have the conviction that it was price manipulation by a syndicate of deep bitcoin pockets. The price behaviour starting in october seems more organic and justified in the fact that we have at least 3 times more "wallets"; the other 'tell' would be the lack of hostility from national governments in Europe towards transactions in btc and its slow but natural growth in Germany. And finally, that the debt debate in congress has a naturally more difficult solution every time it comes to the floor of congress and that the outcome this time guarantees more turmoil in February... Add to all of the above the fact that the Chinese have kept a good pace of capitalization in btc and the recipe is complete for a nice run into early 2014 into the $500 range.  
For the time being, i'm thinking that the DEFCON chart that i drew in my last post might have to be modified in light of the USGOV's active hostility towards all matter BTC... they might be working on a compressed schedule where DEFCON 1 for them hovers around the 350,000 btc daily volume in transactions... i will work out the basic math that might justify their panic.

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