I will elaborate on my view about the Dwolla>Gox shutoff. It is not clear that DHS is in any way specifically targeting the Bitcoin network, the only evidence is an automated e-mail circulating from Dwolla (referenced in the aforementioned article).
What is more likely (my opinion), is they are attempting to shut down an institution that does business in Bitcoin's access to US based funds, probably gambling...DHS seems to really really hates gambling for some reason, probably daddy issues?
While im sure this won't be too great for Bitcoin, reducing liquidity in the economy. I would be sweating more bullets if I was holding Satoshi Dice securities.
This is just the start, oddly it actually confirms its legitimacy in a way, from the fed. This incident just reeks more Mt.Gox incompetency, check the damn box Gox! They need some competent legal counsel ASAP.
Sorry for the lack of updates, was on vacation and incidentally locked myself out of my brokerage account shortly thereafter due to upgrading my hardware. Having your security precautions too convoluted can also be a bad thing .
Not to worry though, I went 100% cash before I left and will get my access back in another week, my only risk is opportunity missed, of which there hasn't been much so far. Low volatility and lowest volume in over a year, taking it as a sign to hit the books. I need to work on my edge--which is spotty at best.
I plan to get back into fiat trading in parallel, Bitcoin was meant to be a hobby more-or-less. I don't want my future as a trader to be determined by only that market, and I certainly want to keep the fan-boyism in check as to not affect my performance.
No chart updates, still getting my new comp set up. Market is still calm and waiting for new information. I don't believe it to last, but hopefully we'll have healthier swings on the next up or down trend. I do not currently have a technical bias.
About a year ago I was doing a lot of simming using volume profile, watched a lot of what FT71 had to say, fumbled through a good amount of Market Profile literature. At the time I felt the evidence based approach would be a good fit for me, I work in logistics by day. For whatever reason I never found a lot of success with it, perhaps I was biting off too much I could chew at the time.
A few months back I started looking into Al Brooks material, thinking PA would be a good introductory route, and it was until I started to really dig into Al's stuff where it got more and more convoluted and overly subjective for my taste. I'm sure if I keep at it, I can gain the confidence to trust in what I am seeing. But, when I am looking at a setup on a PA chart, I can't help but wonder how many people are participating? Are those bids getting absorbed? Where is value?
While you can arrive at similar conclusions using either methodology, I prefer to have the additional data point of volume, perhaps it's who I am. It might not matter to the market, but it matters to me, and understanding myself is the first step of trading.
Live well, trade well.
Last edited by Arkiteq; June 2nd, 2013 at 04:58 AM.
Reason: dun speak engrish so god