Bitcoin Price Defies Expectations says Cryptocoins News article by Jonathan Saewitz

In a recent Cryptocoins News article,  Jonathan Saewitz says that Bitcoin Price Defies Expectations.  

 

A more useful article might simply state that Bitcoin has gone up about 10,000% per year over the past 5 years.

Bitcoin Lady

Bitcoin Lady

I agree with the peanut gallery. Saewitz’s Cryptocoins article is not that helpful. It would be more helpful to point out that Bitcoin has had a simple pattern and nearly reliable pattern to note. Over the past 5 years, Bitcoin has had an approximately 3000% run-up about every 6-months. Each run-up been immediately followed by an approximately 50% correction.

We must also account for a long-term stabilization of Bitcoin, which means that the huge return on investment will be slightly less huge of a return per Bitcoin. The return will still be huge, as will the corresponding risk.

In a future post on the Bitcoin Blogs, we will see two secret words that will tell us when to buy and when to sell Bitcoin.

Corey Chambers, The Bitcoin Blogs

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Satoshi Nakamoto Identity

Satoshi Nakamoto Idenity

The creator of Bitcoin has been identified, found and interviewed.

Satoshi Nakamoto Identity

Satoshi Nakamoto Identity

Newsweek’s Leah McGrath Goodman has written the most important Bitcoin article to date.  It is unfortunate that Newsweek decided to show a photograph of Nakamoto’s house, an disrespectful slap in the face to Nakamoto.  Why was the residence photo necessary for this article?  The only reason someone should be outed in this manner is if it is an openly public figure who is accused of some kind of

Newsweek and Goodman do appear to be right on the money regarding Prentice S. Nakamoto’s identity as the Bitcoin creator.  Everything that Nakamoto says seems to be a match to what Bitcoin creator Satoshi Nakamoto has communicated in his previous communications.  Also Dorian S.  Nakamoto’s entire persona seems to match exactly that of the Libertarian computer scientist who would create Bitcoin.  If he really said “I’m no longer involved.” then that would also be an exact match, and an admission that he is Bitcoin’s creator.

Corey Chambers, The Bitcoin Blogs

Mt. Gox is Dead. Amateur Hour is Over. Time to Get Professional.

Mt. Gox is dead, and my last comments were overly optimistic and incomplete.

I have changed my mind about Mt. Gox now that there is evidence that Mt. Gox may have mishandled and possibly lost hundreds of millions of dollars of Bitcoin. I should have also mentioned earlier that I only trusted Mt. Gox with a small percentage of my own Bitcoin. While it was still being touted as the largest and most trusted exchange, Mt Gox seemed clunky and was having issues for months before I put a comparatively small amount of money into the exchange.

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Bitcoin enthusiasts meet at The Grand Park Downtown Los Angeles

Coinbase, on the other hand, was implementing all of the best practices of banks and Paypal, only better.  With top advisors of Andreessen Horowitz, Coinbase was obviously more professional, easy to use, and had integration with U.S. banks and credit cards.  It was obvious to me that any individual wallet was subject to fraud and attack.  Along with Coinbase, I stuck money in many other wallets.  That proved to make all of the difference.

MtGox has never been worth recommending to U.S. residents as long as I’ve been buying Bitcoin over the past 11 months.  The best places to buy Bitcoin in the U.S. are localbitcoins.com (for a more private purchase of Bitcoin) and coinbase.com (for a more U.S. Government-approved purchase of Bitcoin).  Buyers, sellers, developers and enthusiasts also get together by way of Meetup.com.

Coinbase and Localbitcoins come with their own reliable wallets.  Other so far reliable wallets include: Bitcoin QT (Android phone – back it up, and do not lose your phone), Bitcoin QT (Macbook took me a month to install and update for some reason.  Maybe it is good that it is fully in sync), Blockchain.info My Wallet, Bitminter (for Bitcoin mining), easywallet.org (no login required, but theoretically less secure),  cloudhashing.com (for mining using remote hosting).  Coinbase has a simple tool to move Bitcoin to paper.

The main lesson is to keep your Bitcoin spread out in many wallets. The old adage holds true with Bitcoin: “Don’t keep all of your eggs in one basket.”  Don’t keep all of your Bitcoin in one wallet.

Corey Chambers, The Bitcoin Blogs

The Bitcoin Blogs

The Bitcoin Blogs – Bitcoin Mining, Buy and Sell Bitcoin

I’m a Downtown Los Angeles real estate professional, entrepreneur, Libertarian and economics buff. I have been investing in Bitcoin, and recently started mining. I’ve seen exciting results, and want to help others get started with Bitcoin.

Besides being a superior currency based on today’s digital technologies, Bitcoin is also an exciting new investment opportunity, and the future of payments and currencies.

I first hear about Bitcoin on CNBC television in 2008.  They mentioned it for just a few seconds, and I did not even hear or remember the name Bitcoin.  When they discussed it again nearly 4 years later, I heard, remembered and bought some Bitcoin.

I have had the opportunity to meet others who are interested in Bitcoin, economics and investments.  I’ve met some very impressive people such as Andreas M. Antonopoulos and other Bitcoin innovators.

Today as I write this blog, Bitcoin exchange Mt. Gox is scaring everyone with their Bitcoin lockdown.

Mt Gox will probably never again be able to regain its title as top Bitcoin exchange, but it will survive and and swim out of its current drowning state.  Mt Gox’s whirlpool of death started a long time ago. Other Bitcoin exchanges and merchants are doing better than ever. Take every opportunity to buy low now and then start to sell high after Bitcoin begins to be mature. There is one simple word to watch for to determine when to sell. I will mention that one important word soon in my blogs.

Corey Chambers, The Bitcoin Blogs

The Bitcoin Blogs Presents The Bitcoin Books – Coming Soon

We already know that the Bitcoin Blogs are the best information resources about making money from Bitcoin.  Could there be a “get rich quick” book that really works?  If there were such a thing, it would definately need to be based on something that has actually made people rich recently.  For it to be real, it would  need to be based on something that involves hard work, or risk, probably both.  For the get-rich scheme to be believeable, it needs to involve a new technology of some kind.  It should be a disruptive, black swan technology — a truely unique once-in-a-lifetime thing that changes some important things as we know them.   Previous black swans in history, for example, would have been:  fire, the wheel, the arrowhead, bronze, steam engine, electricity, telephone, nuclear power, the internet, email etc.   Bitcoin has created more millionaires in the past 3 years than nearly any other industry.

bitcoins

Bitcoins

The trick to remember about Black swans (new, disruptive technologies) is that they are never accepted until they are accepted.  They are always ignored, rejected, rideculed and attacked until society as a whole has finally adopted them.

Today’s Black Swan is Bitcoin.

Look for the new Bitcoin book in Summer 2014.  It will tell you three different ways to get rich from Bitcoin, and will have the most up-to-date information on Bitcoin, the technology and it’s many uses.  The book will dispell the myths, tell you what are the real inherent values of Bitcoin, and what are the real pitfalls of Bitcoin.  It will tell you when to mine, when to buy and when to sell.

Bitcoin vs Other Investments – If you have $1,000 to spend, what would you buy?

The Bitcoin Blogs presents:

CNBC.com recently asked this question:

If you have $1,000 to spend, what would you buy?

Here are the poll answers:
5.5 shares of the S&P 500 ETF
51%
1.2 bitcoin
12%
8/10ths of ounce of gold
24%
1 bottle of wine at $1,000
13%
Total Votes: 1259

Not a Scientific Survey. Results may not total 100% due to rounding.