niko



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There is more to Bitcoin than bitcoins.







Hero MemberActivity: 756Merit: 500There is more to Bitcoin than bitcoins. Here we go again, bitcoin exchange rates have been doing just fine September 05, 2011, 01:03:08 AM #1





There is no "major drop". Now you can all relax and do something useful for Bitcoin. Spread the good word.



P.S. I know some folks will get confused with the log scale. If you are interested in the exchange value, you are concerned with the relative change in value, right? For example, if you wish to invest $100 in Bitcoin, you do so - regardless of the price. You might end up buying 1000 or 0.003 coins, it doesn't matter. What matters is the relative change over time - has it doubled or tripled or halved? If the value, for example, has doubled over a year and now you decide to sell, you will have made exactly double the amount of dollars you invested - regardless of what the exchange rate was when you first invested. This is why log plot, and log plot only, is appropriate and accurate representation of the exchange rate. In cases where exchange rates remain within a narrow range, linear scale will distort the picture only slightly, so it can still be used if for some strange reason you are inclined to. Bitcoin exchange rates have been doing just fine, especially if we take into account series of attacks and scams. Here is a year-long picture:There is no "major drop". Now you can all relax and do something useful for Bitcoin. Spread the good word.P.S. I know some folks will get confused with the log scale. If you are interested in the exchange value, you are concerned with thechange in value, right? For example, if you wish to invest $100 in Bitcoin, you do so - regardless of the price. You might end up buying 1000 or 0.003 coins, it doesn't matter. What matters is the relative change over time - has it doubled or tripled or halved? If the value, for example, has doubled over a year and now you decide to sell, you will have made exactly double the amount of dollars you invested - regardless of what the exchange rate was when you first invested. This is why log plot, and log plot only, is appropriate and accurate representation of the exchange rate. In cases where exchange rates remain within a narrow range, linear scale will distort the picture only slightly, so it can still be used if for some strange reason you are inclined to. They're there , in their room.

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Full MemberActivity: 156Merit: 100 Re: Here we go again, bitcoin exchange rates have been doing just fine September 05, 2011, 01:27:09 AM #3 Agreed. A good buying strategy is the same for what most people should do with gold and silver. Buy some bitcoins every month, regardless of the price. In the long run, you will probably be ahead. The idea here is that, like gold and silver, bitcoins are money, and it is better money to save in gold, silver and bitcoins than fiat currencies. Don't treat it like an investment where you try to maximize your gain. Just treat it as savings, and that's why you buy some every month, just like you should be saving your money every month.

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Hero MemberActivity: 616Merit: 500Firstbits.com/1fg4i :) Re: Here we go again, bitcoin exchange rates have been doing just fine September 05, 2011, 01:59:44 AM #6 that's nothing new, unfortunatly too many people don't keep up with the facts; thanx for bringing more people up to speed



Wanna gimme some BTC/BCH for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX



The more you believe in Bitcoin, and the more you show you do to other people, the faster the real value will soar!



Do you like mmmBananas?! (I dont always get new reply notifications, pls send a pm when you think it has happened)Wanna gimme some BTC/BCH for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDXThe more you believe in Bitcoin, and the more you show you do to other people, the faster

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MemberActivity: 70Merit: 10 Re: Here we go again, bitcoin exchange rates have been doing just fine September 05, 2011, 03:21:36 AM #9 Quote from: JohnDoe on September 05, 2011, 02:47:28 AM Log scale? Jesus christ. The denial is strong in this thread.

Log scale makes a lot of sense for bitcoin. It is a currency that will eventually inevitably grow at an exponential rate. It is also - unlike fiat currencies - based in mathematics. Also, it makes the graphs easier to read and understand for those of us who might be otherwise bothered by trifling matters like excessive short-term volatility, allowing us instead to focus on the extraordinary long-term prospects of bitcoin. The very name "logarithmic" itself fits well with the elegant nature of bitcoin.



I challenge you to find a scale system better suited to plot bitcoin prices. Linear? Hah - that's as retarded as using the Euler method! Hypergolic? Violates the Kutta condition. Log scale makes a lot of sense for bitcoin. It is a currency that will eventually inevitably grow at an exponential rate. It is also - unlike fiat currencies - based in mathematics. Also, it makes the graphs easier to read and understand for those of us who might be otherwise bothered by trifling matters like excessive short-term volatility, allowing us instead to focus on the extraordinary long-term prospects of bitcoin. The very name "logarithmic" itself fits well with the elegant nature of bitcoin.I challenge you to find a scale system better suited to plot bitcoin prices. Linear? Hah - that's as retarded as using the Euler method! Hypergolic? Violates the Kutta condition.

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Full MemberActivity: 174Merit: 100Posts made Jan-March 2017 are not by me Re: Here we go again, bitcoin exchange rates have been doing just fine September 05, 2011, 03:28:16 AM #10 Quote from: bitconformist on September 05, 2011, 03:21:36 AM Quote from: JohnDoe on September 05, 2011, 02:47:28 AM Log scale? Jesus christ. The denial is strong in this thread.

Log scale makes a lot of sense for bitcoin. It is a currency that will eventually inevitably grow at an exponential rate. It is also - unlike fiat currencies - based in mathematics. Also, it makes the graphs easier to read and understand for those of us who might be otherwise bothered by trifling matters like excessive short-term volatility, allowing us instead to focus on the extraordinary long-term prospects of bitcoin. The very name "logarithmic" itself fits well with the elegant nature of bitcoin.



I challenge you to find a scale system better suited to plot bitcoin prices. Linear? Hah - that's as retarded as using the Euler method! Hypergolic? Violates the Kutta condition.

Log scale makes a lot of sense for bitcoin. It is a currency that will eventually inevitably grow at an exponential rate. It is also - unlike fiat currencies - based in mathematics. Also, it makes the graphs easier to read and understand for those of us who might be otherwise bothered by trifling matters like excessive short-term volatility, allowing us instead to focus on the extraordinary long-term prospects of bitcoin. The very name "logarithmic" itself fits well with the elegant nature of bitcoin.I challenge you to find a scale system better suited to plot bitcoin prices. Linear? Hah - that's as retarded as using the Euler method! Hypergolic? Violates the Kutta condition.

Pretty funny, I have to admit. Pretty funny, I have to admit.

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There is more to Bitcoin than bitcoins.







Hero MemberActivity: 756Merit: 500There is more to Bitcoin than bitcoins. Re: Here we go again, bitcoin exchange rates have been doing just fine September 05, 2011, 04:02:43 AM #11 Quote from: JohnDoe on September 05, 2011, 02:47:28 AM Log scale? Jesus christ. The denial is strong in this thread.



I wish you actually made a logical argument instead of resorting to Jesus christ. It's quite simple, I'll try and explain it better. If you represent the data in linear scale, doubling the price from 1 to 2 is represented by say one inch on y axis, whereas doubling the price from 10 to 20 is represented by ten inches. Both cases are actually identical as far as your fiat investment is concerned (it has doubled), but linear scale misrepresents them as fundamentally different. That is, you would be in denial that someone could have doubled their investment going from 1 to 2 just as someone else got it going from 10 to 20. In logarithmic scale these two identical cases are also visually identical. Linear scale is distorted, log scale is not. This is nothing exclusive to Bitcoin. It is nothing exclusive to exponential trends either. Log scale is appropriate whenever you want to represent relative change without distortion.

I wish you actually made a logical argument instead of resorting to Jesus christ. It's quite simple, I'll try and explain it better. If you represent the data in linear scale, doubling the price from 1 to 2 is represented by sayon y axis, whereas doubling the price from 10 to 20 is represented by. Both cases are actually identical as far as your fiat investment is concerned (it has doubled), but linear scale misrepresents them as fundamentally different. That is, you would be in denial that someone could have doubled their investment going from 1 to 2 just as someone else got it going from 10 to 20. In logarithmic scale these two identical cases are also visually identical. Linear scale is distorted, log scale is not. This is nothing exclusive to Bitcoin. It is nothing exclusive to exponential trends either. Log scale is appropriate whenever you want to representwithout distortion. They're there , in their room.

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Sr. MemberActivity: 392Merit: 250 Re: Here we go again, bitcoin exchange rates have been doing just fine September 05, 2011, 04:54:38 AM #14 Quote from: niko on September 05, 2011, 04:02:43 AM I wish you actually made a logical argument instead of resorting to Jesus christ. It's quite simple, I'll try and explain it better. If you represent the data in linear scale, doubling the price from 1 to 2 is represented by say one inch on y axis, whereas doubling the price from 10 to 20 is represented by ten inches. Both cases are actually identical as far as your fiat investment is concerned (it has doubled), but linear scale misrepresents them as fundamentally different. That is, you would be in denial that someone could have doubled their investment going from 1 to 2 just as someone else got it going from 10 to 20. In logarithmic scale these two identical cases are also visually identical. Linear scale is distorted, log scale is not. This is nothing exclusive to Bitcoin. It is nothing exclusive to exponential trends either. Log scale is appropriate whenever you want to represent relative change without distortion.



That's all fine and dandy except that you made a one year graph to make it look like nothing has been going on recently when it actually has been on a downtrend for a while and still looking bearish. Something clearly is up and it would serve Bitcoin's interest better if we actually discussed what's wrong and how to correct it instead of pretending that the future looks as bright as the sun.



This is what the 3-month trend looks like:





That's all fine and dandy except that you made a one year graph to make it look like nothing has been going on recently when it actually has been on a downtrend for a while and still looking bearish. Something clearly is up and it would serve Bitcoin's interest better if we actually discussed what's wrong and how to correct it instead of pretending that the future looks as bright as the sun.This is what the 3-month trend looks like:

niko



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Hero MemberActivity: 756Merit: 500There is more to Bitcoin than bitcoins. Re: Here we go again, bitcoin exchange rates have been doing just fine September 05, 2011, 04:58:16 AM #15 Quote from: viperjbm on September 05, 2011, 04:37:39 AM Wow it's down almost 50% in just 2 short months.... that's not good!



Thank you - this is another great example of distorted thinking, and is of educational value for Bitcoin users: making a statement based on two arbitrary data points that are chosen to fit the statement. Falling for this kind of circular logic requires ability to ignore all other combinations of data points that would prove exactly opposite. Thank you - this is another great example of distorted thinking, and is of educational value for Bitcoin users: making a statement based on two arbitrary data points that are chosen to fit the statement. Falling for this kind of circular logic requires ability to ignore all other combinations of data points that would prove exactly opposite. They're there , in their room.

Your mining rig is on fire, yet you're very calm.