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Chris Pritchard
Works at TimeGears
Attended Southeast Missouri State University
Lives in Monterey, CA
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Chris Pritchard

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The last time Bitcoin had a big run up to ~$250, it did the same thing, and people said what a bubble it was in, etc.  If you look at a logarithmic chart of BTC, you will see that the two moves are essentially the same.  

Both times, they crashed to nearly the 200 day moving average, bounced, hit the 200 day moving average, bounced again, to hit the 200 day moving average, and it was off to the races again.  In the current move, it has not hit the 200 day moving average yet.  If this move remains similar to the last, the low will be somewhere near that moving average.

It will take some more time, but it will probably make another small bounce to hit it again before making another move back up.

Historically, new currencies have always had a lot of volatility.

Chris Pritchard

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That Chinese guy might be their version of Bart Chilton.  Every group in power needs a number of apologists to make everyone thing that someone is the good guy in the system.

Chris Pritchard

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I think I'll watch this one again in five years just for a good laugh :)

Chris Pritchard

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Hey Stefan, that's a good dissection of all the pros and cons.  You mentioned the Soviet Union falling and being replaced by gangster capitalism.  That made me wonder if it is fair to say that the US failed in 2008 and was replaced by the same.  It's important to point out that the gangsters have been around the whole time.

Chris Pritchard

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I did the same thing with a product a year ago.  My initial outlay for a long term supply was about $250.  About a year later buying that same amount of product is $350.  I didn't compare the smaller unit prices between now and then, but I can imagine that as a percent, they likely went up even more.

Good video.  We like Costco :)

Chris Pritchard

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Meanwhile, Bitcoin was just bought for $401 on Mt Gox.  There's solid demand in China.  I have to admit it's nice to see something get some price action based on demand and world events.
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Chris Pritchard

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The 55 Water Street thing is very interesting.  Alan Greenspan has said in the past that "clearing" has many issues and need to be resolved.  This what they do at that location.  The CEO of Overstock.com has spoken on this topic.  He mentioned the issues with "clearing" and my first thought was 55 Water Street and the flooding.  Watch this: /watch?v=aGyPQ_cO6l8

Chris Pritchard

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Overstock.com has decided to start taking Bitcoin as payment as of Q2 next year.

Chris Pritchard

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All the good responses are already taken, so I'll just say this was a great video and I enjoyed it very much.

Chris Pritchard

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When all the Bitcoin have been produced, the transaction fees will cover the costs of maintaining the transaction processing network.  The idea is that the volume of transactions will increase the incentive to those processing the blockchain rather than awarding new coin.  This process is covered in the original protocol.

Chris Pritchard

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Offline wallets can fix this.  Treat any online wallet service like a bank; hold no more than you need to make transactions.  Due diligence when selecting services will help, but like anything, there are no guarantees.

Chris Pritchard

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He made a very good point about government confiscation in general.  I agree that it does not matter what form you hold your wealth in, at least some portion of it will be harvested by the government.
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Have him in circles
51 people
Home Energy Saver's profile photo
belangp's profile photo
Love Energy Savings's profile photo
Don Pritchard's profile photo
Jim Goldstein's profile photo
Catherine Walters's profile photo
Brian Hays's profile photo
Matthew Valancy's profile photo
Francisco Lameiro's profile photo
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  • TimeGears
    Co-founder, 2011 - present
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Monterey, CA
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Education
  • Southeast Missouri State University
    Computer Science, 1997 - 2001
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