Change of behaviour


As I mentioned in my previous post, there has been a change of behaviour with the price smashing through the top of the previous channel. In the chaos that followed denial of service attacks occurred at Mt Gox, InstaWallet and probably the Bitcoins Charts site that I use too which was repeatedly down throughout the day. Price declined, bounced back, declined and bounced, people held their breath waiting to see what would happen when Mt Gox came back online.

There were different ways to interperet all of this, but now that the dust has settled a bit I think a few things have become clearer. The price is stabalising and looks like the new trendline providing support is even steeper. Bitcoins is doing the job of being a safe haven for cypriots and citizens of other southern euro nations aswell as other concerned citizens around the whole world. Traditionally gold and silver would perform this role, but as we know, gold and silver are not allowed to rise in corrupt futures markets with the price set by paper promises.

The change of behaviour could be a little bit more sinister too. Are these denial of service attacks coming from certain interested parties who don’t want monetary competition? Just putting it out there. Something smells bad.

Heres another example. From the guardian. Possibly the worst journalism I’ve ever read, and a sign of what mainstream picture we can expect?

It looks like bitcoins which has been tolerated up until now, can expect to be attacked by the media, by the governments and the bankers. If not the actually bitcoin technology which seems to be watertight, then the exchanges and the public perception. Hold your bitcoins securely in your own wallet. Think twice before leaving the majority with Mt Gox, Intersango or any other 3rd party. Hold your coins safe.

5 thoughts on “Change of behaviour

  1. That article read like some of the uninformed rants from the comments on ZH. Most of the commenters had more clues than she did.
    I pulled some of the fiat out of my Mtgox account today. Not wanting it to get over $10,000 and be an evil offshore account that must be reported to the guvvermint. Probably leave a little bit in to play with, …
    Do you think the trend will change, or will it stay on its upward trajectory? You said $500 a while back .. still think that?

  2. To me, it looks like the trend might be getting a bit steeper, still bullish.

    $500 would be comparable to the last mania, which I think was a roughly x40 increase in price. Although that doesn’t mean it has to be the same this time.

  3. Back on the bus at $137 now, with remaining cash.
    Now it’s something like 90/10 BTC/$ in my account (which is a bit smaller by withdrawing some $, as I said previously)

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