[Chugalug] PS3 Bitcoin Mining

Lynn Dixon boodaddy at gmail.com
Thu Apr 11 05:54:57 UTC 2013


I think that article is a bit misleading. the "crash" was caused by a
massive DDoS attack on MtGox and a few other exchanges, causing a panic
sell.
I just checked MtGox and the Bitcoin is selling for about $178 bucks right
now.  So, its recovering quickly.

The author of the article sounded like he likes to toot his own horn, and
published the article in an hurry to try solidify his prediction without
first getting the facts or letting the markets settle.

Bitcoin will survive. they have Survived a few crashes before.  You can do
your own research here:
http://bitcoincharts.com/markets/mtgoxUSD.html

Look towards the end....thats barely a "crash".  His claims of "volatility"
are a bit stretched as you can see for yourself by looking at any of the
market charts.

Here is a good market chart showing the Buy/Ask bids:
http://s2.bitcoinity.org/markets/
We currently have another wall around the $174 mark.  Its a pretty steep
wall, so that will jump the price a bit. Looking at the Ask bids (the red
bar on the bottom chart), we do see a little increase in the amount of Ask
bids, which is increasing the supply on the market, and the price has
currently stablized around this mark, but you can see there are a few more
walls developing just slighly beyond at the $176 mark so there is a small
gap in those prices.  That to me indicates some stability ahead.  This is
also confirmed by the decreasing number of Buy bids as the price approaches
the wall.  The sellers are currently selling at a level that's near
equilibrium to what the buyers want to pay. Since the supply of bitcoin is
controlled at 6 blocks (25 btc) per hour, the only other supplier to the
market are the folks in the market holding.

Most market watchers (Stocks, Forex, Bitcoin, etc) know there are 5 phases
to a  "bubble" and we are clearly in the 3rd - 4th stages right now.

My prediction?  The markets will settle out to somewhere between $180 -
$200 for a while. Once BFL releases their ASICs, I have no clue what will
happen. There is currently a Market Cap of around 1.9 billion
dollars....Billion with a B.  Thats alot of investment. It's not going
anywhere.

Mr. Mark Adams bases his "predictions" on the rumours he reads on the
Bitcointalk.org forums, and other chit-chat forums instead of watching the
actual market data.

Thats just my .02 (which at todays rates, is a pretty fair amount of USD)
 :-)


On Thu, Apr 11, 2013 at 1:28 AM, Dean Warren <deawar at gmail.com> wrote:

> Alright guy and gals what do you make of this?
> http://www.naturalnews.com/039865_bitcoin_crash_prediction_Mike_Adams.html
>
> Will Bitcoins survive?
>
> Dean
>
> Hope you have a great day,
> Dean Warren
>
>
> On Sat, Apr 6, 2013 at 12:57 AM, Sean Brewer <seabre986 at gmail.com> wrote:
>
>> Anyone heard of this?: https://github.com/verement/cellminer
>>
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