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15.654 Posts
Pagina: «« 1 ... 63 64 65 66 67 ... 783 »» | Laatste | Omlaag ↓
  1. tampi 13 oktober 2017 15:12
    quote:

    starss schreef op 12 oktober 2017 10:34:

    [...]
    Ok in ieder geval bedankt, misschien wil Tampi dat uitleggen?
    Beste Starss,

    Eerlijk gezegd weet ik niet hoe de Ledger Nano precies werkt. Ik zal er eens eentje aanschaffen om het te onderzoeken.

    Je wallet = private key + eventuele wachtwoord
    En je wallet bestand heet wallet.dat

    De blockchain is het onderliggend systeem van Bitcoin. Jouw private key geeft je toegang tot de blockchain.

    Tijdens de fork van Bitcoin (BTC) en Bitcoin Gold (BTG) op 25 oktober ontstaan 2 nieuwe blockchains. Jouw BTC private key, aangemaakt voor de fork, geeft jou toegang tot beide blockchains.

    Nu maak jij gebruik van een Ledger Nano. Op deze Ledger Nano staat je private key. Wanneer je een manier vindt om deze eraf te halen, door bv:
    - de private key om te zetten naar een QR-code
    - de private key bestand, wallet.dat, te copieren naar bv je PC
    - mogelijk zit er een backup functie op je ledger nano

    De bovenstaande 3 mogelijkheden geven je de mogelijkheid om je private key bestand (naam van dit bestand: wallet.dat ) veilig te stellen.
    Wanneer je je wallet.dat bestand hebt kun je deze "restoren" naar de geforkte blockchain van BTG. De meeste desktop wallets en wallet apps bieden een restore functie.

    Technisch gezien is het enige wat je hoeft te doen na de 25 oktober fork: je wallet.dat bestand restoren/kopieren naar je nieuwe BTG app/wallet.
  2. [verwijderd] 13 oktober 2017 15:28
    Controversieel
    "Bitcoin en andere computermunten zijn controversieel. De waardebepaling is grillig: toen China beperkingen instelde, daalde de munt hard in waarde. 'De bitcoin is echt lucht. Het is windhandel', zei Han Dieperink, cio van de Rabobank, vorige maand in het FD.
    'Een van de eerste lessen bij beleggen is: weet waar je in belegt. Daarmee bedoel ik dat je de dynamiek moet kennen', zei Ralph Wessels, beleggingsstrateeg ABN Amro MeesPierson. 'Wat beweegt de prijs? Bij cryptovaluta’s weet je niet precies welke factoren van invloed zijn op prijsstijgingen en -dalingen...."(FD.nl)

    Bovenstaande 2 ex-corpsballen/hokkie-jongens halen het een en ander door elkaar.

    Het is geen belegging, het gaat om het betaalsysteem, de snelheid, het gemakt, het overzicht, particulieren beleggen toch ook niet in euros of dollars, het is een ruilmiddel.

    Het gebruik verdubbeld dus elk jaar begrijp ik uit dat onderzoek, gaat het volk eindelijk inzien dat.....
  3. forum rang 4 holenbeer 14 oktober 2017 08:21
    Het feit dat al die bankjongens tegen btc waarschuwen betekent alleen maar dat ze bang worden. Over een tijdje stoppen we al ons geld in de cloud en hebben we de banken niet meer nodig. Kan nog 10 jaar duren, maar het einde is in zicht.
    Zullen nog genoeg problemen met btc komen, maar die hebben we met banken ook genoeg, Lehman, icesave, libor en wat we nog niet weten
  4. forum rang 10 DeZwarteRidder 14 oktober 2017 09:26
    SegWit2x Futures Price Keeps Heading South as Bitcoin Shows Who’s King

    Posted on 2:00 pm October 13, 2017
    Author JP BuntinxCategories Bitcoin, Bitcoin News

    Rest assured there will be a lot of people effectively buying some cheap futures contracts right now too.
    The upcoming SegWit2x hard fork has gotten a lot of attention. Even though many people still oppose it, the “free coins” are of great interest for obvious reasons. Some platforms even provide SegWit2x futures trading. This should provide a baseline value for the new coins once they become available. Right now, that value is tanking quite hard, which isn’t a big surprise. It is unclear what this means for the altcoin’s future valuation, though.

    There is still a long way to go until SegWit2x happens. The hard fork won’t occur until a few weeks from now. People are already preparing to store their bitcoins in such a way they can get their hands on free tokens. It remains to be seen if the new token will detract value from the Bitcoin price, though. The same happened with Bitcoin Cash, although it only made Bitcoin stronger in the end. At the same time, BCH is losing value quite rapidly as well.

    SegWit2x Futures are Taking a Beating

    With the SegWit2x futures price dropping to 0.15 BTC and lower, things don’t look great. Them again, it is expected a lot of people will get rid of those coins quickly. The same will happen to Bitcoin Gold coins once they become available. Selling too soon may not be the best course of action for the time being. After all, BCH bounced back pretty quickly and quadrupled in value briefly.

    The futures price of S2X is a pretty interesting factor. While it is not necessarily the go-to reference right now, it does show there will be a lot of price volatility. Speculation is the name of the game when it comes to cryptocurrency airdrops. A lot of people consider this token to be a freebie. That is not necessarily the case, though. Only time will tell how this situation evolves. People need to prepare for a lot of selling pressure first and foremost. An interesting future awaits, that much no one can deny right now.

    Rest assured there will be a lot of people effectively buying some cheap futures contracts right now too. That is only normal, as such contracts can yield interest dividends. A lot of people will consider the current price to be a steal. Whether or not that is correct remains to be seen, though. These are very exciting times for the Bitcoin price and hard fork markets. For now, Bitcoin remains the clear king of the market. It sure seems good to be king.

  5. forum rang 4 Opstapelen 14 oktober 2017 10:00
    quote:

    ballie2 schreef op 13 oktober 2017 14:42:

    www.youtube.com/watch?v=MZtF3uOnjxQ

    Vanaf minuut 2.40 tot 11.00. een uitleg van Richard Heart over de koersontwikkeling voor de komende maanden.

    Gr, Ballie
    erg goede uitleg, die blik naar de hemel van hem vond ik wel kostelijk.Maar hij heeft gelijk, als de partijen die alle bubbels hebben laten ontstaan ook hier nog eens gaan instappen dan.......hemel
  6. forum rang 4 efreddy 14 oktober 2017 21:19
    quote:

    keesmx2 schreef op 15 september 2017 11:09:

    [...]

    Ik ken ook iemand die er relatief vroeg in zit, echter durft hij wel hardop toe te geven dat ie niet boven de 4K eruit is gesprongen.
    De grafiek liegt toch echt niet. De paniek is compleet.

    Er zal ongetwijfeld wel weer een stijging komen, maar waar de bodem ligt...???
    De 4000 zie je in elk geval niet meer terug, en als China en de bankiers even doorzetten helemaal nooit meer.

    De zekerheid die Bitcoin leek te bieden (in de ogen van velen) is in één klap verdwenen. Het is nu een speculatie-object geworden in de risicocategorie OTC/Pink Sheets.
    Amper 1 maand geleden maar in cryptoland lijkt dit een eeuwigheid.
    De 4000 is in elk geval ruim naar boven doorbroken.
    Elk geval niet meer terug blijkt zwaar overdreven en nooit meer is dus amper 1 maand ver.
    Een grafiek liegt inderdaad echt niet.
  7. forum rang 10 DeZwarteRidder 15 oktober 2017 11:06
    If Hard Fork Happens, Chain Backed By Majority of Miners Will Likely Win
    19537 Total views
    353 Total shares

    Opinion

    This is an opinion piece, and the views reflected in this article are not necessarily those of Cointelegraph.

    Bitcoin is rapidly approaching a fork in the road that will determine a great deal about its future. Recently, Cointelegraph published a piece highlighting the so-called forks of “Bitcoin Cash” and “Bitcoin Gold” and explaining that neither were a threat to the network.

    The upcoming Core vs. SegWit2x fork is an entirely different animal.

    Background

    Bitcoin’s scalability debate has been ongoing for over four years, and it reached such a rancorous level that some had taken to calling it an actual civil war. The debate began when many in the Bitcoin community realized that with increasing use of the network, capacity must be increased to prevent transaction backlogs.

    Many called for a doubling of the blocksize as a tentative fix until a longer-term solution can be worked out. Bitcoin’s Core development team opposed a blocksize increase, preferring a more long-term technical solution.

    Core came up with Segregated Witness (SegWit), which would increase the number of transactions that could be squeezed into a block, and would fix Bitcoin’s malleability bug. Fixing this bug would allow for deployment of the Lightning network, which would allow Bitcoin to scale exponentially.

    In February 2016, Representatives of Bitcoin Core met with a consortium of miners in Hong Kong and agreed to a compromise: SegWit would be adopted and the blocksize will be increased to 2 MB. Among the signatories was Adam Back, president of Blockstream, who provides much of the funding for Bitcoin’s development team.

    Gregory Maxwell, one of the Core developers and Back’s subordinate, immediately attacked the Hong Kong Consensus:

    “It's just that a couple of well meaning dipshits went to China a few months back to learn and educate about the issues, and managed to let themselves get locked in a room until 3-4 am until they would personally agree to propose some hardfork after SegWit.”

    Once the SegWit code was released, about 40 percent of miners began signalling their support, while roughly another 40 percent signalled their support for bigger blocks. There was an impasse, and things remained that way for about a year.

    In May 2017, Barry Silbert of the Digital Currency Group met with numerous miners and leaders of Bitcoin businesses, and from this meeting emerged the New York Agreement. The signatories agreed that SegWit would be activated before September this year, and that a 2 MB blocksize increase would occur by means of a hard fork this November. The agreement was signed.

    The group of signed companies represents a critical mass of the Bitcoin ecosystem. As of May 25, this group represents:

    58 companies located in 22 countries
    83.28 percent of hashing power
    5.1 bln USD monthly on chain transaction volume
    20.5 mln Bitcoin wallets

    Following that agreement, 95 percent of Bitcoin’s miners began signalling their support of the New York Agreement, also known as “SegWit2x.” Until a few days ago, support for SegWit2x remained at 95%. However, some of the Bitcoin businesses that signed, such as Bitwala, have reneged on their promise. More important, the major Bitcoin miner F2Pool has stopped signalling for SegWit2x, reducing the fork’s mining support to 85%.

    Some have suggested that those miners who supported only SegWit might withdraw their support for the blocksize increase portion of the agreement, as F2Pool has now done. This is a strong possibility, particularly with cracks rapidly appearing in the edifice. Only time will tell for sure.

    In the meantime, Bitcoin’s Core developers are adamantly opposed to the hard fork and apparently intend to continue supporting the non-2x chain. This creates the probability of a chain split, since not everybody will be upgrading their software to the new 2x code.
    What if they go through with it?

    It’s by no means certain that miners will continue to support the hard fork. Anything could happen in the next six or so weeks. However, given the uncertainty that the looming hard fork is generating in the market, it seems logical to assume that any miners who didn’t actually intend to go through with the fork would by now have publicly withdrawn their support. So far, that hasn’t happened.

    If the SegWit2x hard fork does occur this November, and if 85 percent of the miners begin running the new code, and if Bitcoin Core and their supporters decide not to upgrade to the new code, then a chain split will occur.
  8. forum rang 10 DeZwarteRidder 15 oktober 2017 11:07
    2)

    This chain split is complicated by the fact that the 2x code will apparently not include replay protection. Replay protection is important, because otherwise coins sent on one chain will be automatically sent on the other chain as well. That would likely be disastrous.

    Jeff Garzik, who maintains the SegWit2x code, has declined to include replay protection. He insists that SegWit2x, with its overwhelming miner support, is the “real” Bitcoin, and that his code is merely a much-needed (and already agreed-upon) upgrade. Meanwhile, Bitcoin Core developers refuse to add replay protection to their code, since they see “their” version of Bitcoin as being the real thing, despite a lack of mining support.
    Probable outcomes

    If everything continues the way it is today, in November a chain split will occur. The legacy chain will continue to exist, but will only be supported by about 15 percent of Bitcoin’s miners. The upgraded chain will be supported by 85 percent of Bitcoin’s miners. Bitcoin Core’s development team and many Bitcoin users will support the legacy chain.

    Bitcoin exchanges are in the difficult position of deciding whether to list both chains, and which one to call “Bitcoin.” Bitfinex, the largest Bitcoin exchange by USD volume, recently announced that the legacy chain will maintain the BTC ticker, although they will also trade the new chain as well.

    If there are indeed two Bitcoins, one backed by the developers and the other backed by the miners, mass confusion and chaos are likely to ensue, as would-be investors won’t know which Bitcoin is the “real” Bitcoin. In order to solve this potentially devastating problem, it’s likely that the majority chain will attack and destroy the minority chain.

    The way that would work is simple: since 2x will have 85 percent of the miners, a small portion of miners can begin mining the legacy chain. At some point, they will launch a 51 percent attack against the minority chain, causing double-spends, Blockchain reorgs, and generally making the legacy network unusable.

    Bitcoin Core has said that in the event of a 51 percent attack, they will change their mining algorithm to prevent further attacks. Thus you have the group who claims to be the “real and original Bitcoin” changing it’s consensus mechanism and launching a very dangerous hard fork of their own.

    In the event of a chain split where 85 percent of the miners support the 2x chain, and Bitcoin Core continues to run the old legacy chain, Core’s chain will almost certainly die.

    Many will argue that what matters most is the exchanges. If the exchanges refuse to trade the Bitcoin 2x token, it will die off. All they have to do is support the legacy chain, Bitcoin Core’s version of reality, and 2x miners won’t be able to get any money for the coins they mine, and they’ll switch back to the legacy chain.

    The problem is that exchanges will almost certainly not do that. No exchange in their right mind is going to exclusively support a token that only 15 percent of the miners are backing. The Blockchain simply won’t be secure enough. When Bitcoin Cash was first released, exchanges took several days before fully supporting it, because the low number of miners meant that an attack on the network would have been trivial.
    What is a Blockchain reorg?

    A Blockchain reorg is probably the most dangerous outcome of a 51 percent attack. Suppose an attacker has twice the mining power as the legitimate network. The legitimate miners are doing their thing, publishing their blocks as they are created, and all is well. In the meantime, the attacker is secretly mining their own blocks, but not publishing them. Suddenly the attacker releases 15 new blocks in the same period of time as the legitimate miners have produced only 10.

    Since the longest chain is always seen as the legitimate one, the attacker’s 15 blocks will replace the legitimate miners’ 10 blocks, and the attacker’s version of reality is accepted by the network.

    What if an exchange accepted a 1000 BTC deposit during this time. The trader who made the deposit sold the Bitcoins to somebody else and withdrew cash. Then suppose a Blockchain reorg took place which orphaned the block in which the deposit was made. Now the original owner still has his 1000 BTC and also has its dollar value as well. The exchange has neither the dollars nor the Bitcoins, because the network says the deposit never happened.
    Wait until the dust settles

    Now is not the time to panic. It’s entirely possible that some of the miners supporting the 2x hard fork may back out, and that the fork might not happen. It’s also possible that Core may back down at the last minute, and agree to accept the 2x upgrade without causing a chain split. Even if neither of these happens, it’s possible that the majority chain will have killed off the minority chain within a few days of the fork.

    Ordinary users will be best served if they put their Bitcoins into cold storage and wait until the dust settles. It may take awhile, but one chain should be the clear winner at some point. Until then, be careful.

    Be very careful.
  9. forum rang 10 DeZwarteRidder 15 oktober 2017 11:16
    Julian Assange Thanks US Government, Senators, For Forced Bitcoin Investment
    14714 Total views
    402 Total shares

    Sometimes you have a comeback so good you have to wait until the perfect time to use it. Apparently, for Julian Assange, that time was when Bitcoin hit $5,746.51. The Wikileaks founder posted his comment on Twitter, after a stunning week of price jumps in the cryptocurrency’s value. The tweet was accompanied by a chart of the value of Bitcoin.

    Wikileaks was forced to invest in Bitcoin in 2010 after the release of sensitive government documents related to wars in Afghanistan and Iraq. The bipartisan attempt to cut Assange of from funding backfired, as he was forced to accept Bitcoin rather than dollars.Talk about a massive boon for Assange--he’s up 50,000%.

    Bitcoin’s foundational principles?

    Wikileaks has been on the forefront of revealing government corruption, and Assange has lived as a fugitive in the Ecuadorian Embassy in London since 2012. With all the antigovernment rhetoric, it’s no wonder Assange is not friendly with pro-government fiat currencies. Wikileaks and its founder represent the sort of non-governmental control that Bitcoin is founded upon.
  10. forum rang 10 DeZwarteRidder 15 oktober 2017 11:29
    Bitcoin Has Barely Reached 1% of its Potential: Expert Blog
    23821 Total views
    668 Total shares

    Expert Blog

    *Expert Blog is Cointelegraph new series of articles by the crypto industry leaders. It covers everything from Blockchain technology and cryptocurrencies to ICO regulation and investment analysis from industry leaders. Want to become our guest author and get published on Cointelegraph, please contact Mike via mike@cointelegraph.com.

    “- I will have one Big Mac, large French fries and a Diet Coke please

    - Sure, 12 Satoshis please”

    Will there ever be such an exchange or is this just science fiction? In this hypothetical world, 1 Bitcoin is worth $1,000,000 and 1 Satoshi (1 millionth of a Bitcoin) is worth $1.00. There is no consensus on what the value of one Bitcoin is or should be. The spectrum of opinions ranges from Jamie Dimon, CEO of JP Morgan, who thinks it is a fraud and therefore worthless, (although he seems to have recently changed his mind about cryptocurrencies) to Bitcoin maximalists who believe that the sky's the limit. Somewhere in the middle of that, Mohamed El-Erian recently said that “The current prices [of Bitcoin] assume massive adoption, which is not going to happen." He went on to say that Bitcoin should only be worth “a third” of its value at the time - $4,000. Mohamed El-Erian is a smart guy, he is the former billionaire CEO of PIMCO and former IMF economist, could he be right? Has Bitcoin already peaked?
    Bitcoin is still tiny

    Unlike other cryptocurrencies that may have more sophisticated uses, like smart contracts for Ethereum, Bitcoin’s main uses are being a store of value and a medium of exchange. Its competitors are therefore the established main fiat currencies (US Dollar, Euro, Yen) and Gold. If the Bitcoin price already assumed massive adoption, the market capitalization of all Bitcoins should be close to that of the US Dollar and Gold, right? It turns out that nothing could be further from reality. While the market capitalization of Bitcoin is currently $90 bln, the money supply of the US Dollar, i.e. M2, cash, deposits and money market funds, is $12,500 bln while the value of all the gold ever mined is close to $8,000 bln. This means that Bitcoin is only worth around 1% of the value of its two main competitors. I am not sure this would qualify as “massive adoption”, so I guess I have to respectfully disagree with Mr El-Erian on this one.

    Race to the trillion, race to the million

    For the Bitcoin price to assume massive adoption, its price should increase... a lot! The following charts illustrates what it would mean for Bitcoin to reach a market capitalization of $1 trillion ($1,000 bln) and for the price of a single Bitcoin to reach $1,000,000.

    Race to the trillion

    This illustration assumes that 16.5 million Bitcoins, the number of Bitcoins mined to date, are available. In reality, the pool of Bitcoins available is most likely much smaller. Hundreds of thousands or even millions of Bitcoins may have been lost in the early years, at a time when Bitcoins were basically worthless. Satoshi Nakamoto - Bitcoin’s enigmatic founder - never moved any of his one million Bitcoins (now worth more than $5 bln). So either he is the greatest hodler ever, or he disappeared and his private keys are gone with him.

    The head of the IMF said two weeks ago to a room full of Central Bankers that they should not “dismiss” cryptocurrencies as they may very well give Central Banks “a run for their money”. If this is indeed the case, then forget the price of one Bitcoin, the number that everyone will be quoting very soon will be the price of one Satoshi.
  11. forum rang 10 DeZwarteRidder 15 oktober 2017 13:32
    Bitcoin Makes New Highs But Ethereum Is The Real Opportunity
    By Tom LuongoCryptocurrency6 hours ago (Oct 15, 2017 01:16AM ET)

    Tom Luongo

    Bitcoin's surge above $5000 had thin coattails.
    Hard fork fears dogged Ethereum for the past few weeks.
    Ethereum-like cryptocurrencies are a unique investment opportunity.

    On Friday, Bitcoin (Bitcoin Investment Trust (OTC:GBTC)) pushed through its previous high near $5000 like there was no resistance. The digital currency spent a couple of days pushing up against that limit until a number of minor news items brought in a massive wave of buyers.

    What was interesting was watching most of the rest of the crypto-market not respond alongside Bitcoin. Unlike in rallies past, where Bitcoin’s success was a rising tide lifting all boats, Yesterday saw continued selling in many coins/tokens with bright futures.

    In effect, we saw liquidity drain out of coins like NEO, Waves, Monero and STEEM and back into the big three, Bitcoin, Litecoin and Ethereum. This makes the argument pretty clear that some of these coins were way ahead of themselves.

    They were the recipients of profit-taking out of the big three. Most of the money that moves into the crypto-space isn’t coming back out again because of uncertainty surrounding taxes. This is part of the reason why the ICO – Initial Coin Offering – market exploded this year.

    All of these profits can’t be brought back to the ‘real world’ lest these newly-minted ‘Crypto-Millionaires’ get rapped with massive capital gains taxes, especially here in the U.S.

    The I.R.S. classifies Bitcoin as ‘property’ and hence is taxed at the capital gains rate. If your cost basis is next to nothing, pulling that money out for any purchase bigger than your mortgage or car payment makes little sense if you think the correction in Bitcoin is a temporary one.

    Hence, using that new capital to fund new projects as a form of tax shelter makes sense. So does booking profits in the ‘under-valued’ coins. And it doesn’t take a lot of this rotation to send some of these coins up by factors of five or ten.

    But, once Bitcoin cleared the next technical hurdle, those profits can then be rolled back out of these ‘alt-coins’ and back into Bitcoin to chase the momentum.

    And that’s what happened yesterday.
  12. forum rang 10 DeZwarteRidder 15 oktober 2017 14:56
    Sellers of a Notting Hill Mansion in West London Only Accept Bitcoin as Payment
    4358 Total views
    312 Total shares

    Property investment firm London Wall is selling its six-story stucco-fronted mansion near Portobello Road in Notting Hill, London, England for £17 million. The catch is that the company’s owners will only accept the digital currency Bitcoin as a form of payment, The Standard reports:

    According to London Wall co-founder Lev Loginov, their aim in accepting only Bitcoin as payment is to pioneer Bitcoin transactions in Great Britain.

    “We want to shift all the perceptions on cryptocurrency. We think in future it is going to eliminate the need for solicitors and property title and is really going to change how real estate transactions are conducted. We would like to be the first company to transact in Bitcoin. It can be done quicker, more efficiently and it is much easier to deal with than using banks, which are putting in unnecessary over-regulation.”

    At the current exchange rate for Bitcoin, the price equivalent of the mansion is around 5,050 Bitcoins.

    Possible issues and other details

    According to Loginov, there will be issues that they need to resolve in consummating a sale, such as the question of how to pay commission to the estate agents and the stamp duty to the Her Majesty's Revenue and Customs (HMRC). The property is expected to trigger a £1.95 million stamp duty bill.

    Loginov, however, said that he is confident that all issues will be successfully resolved based on his previous experiences.

    ”I grew up in Siberia [after] the Soviet Union collapse in the Nineties. We had no money, and barter was a common thing. We were exchanging potato bags for TV sets and cars. I’m sure leading London agents can figure out how to take commissions for a £17 million property in cryptocurrency and I have full faith in HRMC to figure out how to tax it.”

    Such a move is part of the growing trend where cryptocurrency is the preferred form of payment for real estate deals. As the value of Bitcoin increases, we’ll continue seeing more and more real estate owners supporting Bitcoin payments instead of traditional payment methods.
  13. forum rang 10 DeZwarteRidder 18 oktober 2017 17:53
    Ultra-Rich Investor Trace Mayer Predicts Bitcoin Price Will Reach $27,395 in Just Four Months
    139273 Total views
    3341 Total shares

    Trace Mayer tweeted that he believes Bitcoin is currently undervalued, and that his target price for this coming February (only four months away) is $27,395 per Bitcoin. He bases this prediction on the steady increase of Bitcoin’s 200 day moving average. Mayer is extrapolating the rise of the 200 day moving average, assuming it will reach $5,767 by February. If this is the case, he asserts that a per-coin value of 4.75 times the moving average, or $27,395, would be a “fair” price.
    Who is he?

    Trace Mayer, J.D., was one of the “first popular bloggers to publicly recommend Blockchain technology” according to his website. At the time, Mayer recommended that his followers purchase Bitcoin, the price per coin was just $0.25.

    Like most Bitcoin early adopters, Mayer is extremely wealthy, having recently challenged Roger Ver to a 25,000 BTC wager. There are very few people in the world with enough juice to make $121 mln bets. In addition to his early adoption and recommendation of Bitcoin, Mayer provided seed money for Kraken, BitPay, and Armory.

    On his website, Mayer describes himself as:

    “An entrepreneur, investor, journalist, monetary scientist and ardent defender of the freedom of speech. Trace Mayer holds degrees in accounting and law. He studied Austrian economics focusing on Murray Rothbard and Ludwig von Mises.”

    Mayer has long been concerned with privacy and regulation, fearing that IRS action and AML/KYC laws could hamper growth and incentivize bad behavior.

    Moving averages

    Technical analysis is the art of trying to determine the future price movement of an asset based on its history. While many derisively claim that it’s merely a pseudoscience, others believe that technical analysis has its roots in human psychology. Analysts are clear to point out that their work is based on probability, thus it’s possible to say that the price will likely go up or down, but the unpredictability of the markets keeps it from being a certainty.

    According to Investopedia, a moving average is:

    “A simple technical analysis tool that smooths out price data by creating a constantly updated average price...A moving average can help cut down the amount of ‘noise’ on a price chart...or act as support or resistance.”

    The 200 day moving average that Mayer cites is simply the average price of Bitcoin over the last 200 days. Every day, the oldest day’s data is removed, the most recent day’s closing price is added, and the metric is recalculated. Because the 200 day moving average is weighted with such old price data, in a bull market it lags significantly behind the current price. The measure’s purpose is to show the general trend of price movement.

    In Bitcoin’s case, the 200 day moving average continues to rise, indicating that we remain in a bull market (momentum is on the side of the bulls). Should the moving average falter, that would be a sign of weakness and possible reversal. The current price should remain within a certain range of the moving average. If the price goes too far above it, the gains are likely unsustainable.

    Mayer is predicting that the 200 day moving average will continue to rise, and that Bitcoin will remain a reasonable level above the measure. Only time will tell if Mayer is right or wrong, but history certainly seems to be on his side. After all, I wouldn’t want to bet against a guy who has made at least $120 mln off Bitcoin’s growth.
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