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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.
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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.
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Chris Pritchard

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I think I'll watch this one again in five years just for a good laugh :)
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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.
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Good call....and its the same top level gangsters.
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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 :)
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belangp
 
Yep, when taking price increases due to inflation into account the apparent paper profits will look larger (if paper is what you're into!).  Seems like if you plan to consume something with a long shelf life buying a lot of it all at once makes sense!
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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
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Chris Pritchard

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Overstock.com has decided to start taking Bitcoin as payment as of Q2 next year.
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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.
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belangp
 
Thanks Chris!
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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.
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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.
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Have him in circles
34 people
Tony Derscheid's profile photo
Sig Myers's profile photo
Francisco Lameiro's profile photo
Egar Ksatria's profile photo
Kevin Baker's profile photo
Josh Galt's profile photo
Ian Peters's profile photo
Jon Correll's profile photo
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  • TimeGears
    Co-founder, 2011 - present
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  • Southeast Missouri State University
    Computer Science, 1997 - 2001
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