Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[aminorex]

What are the 5 last things you paid for with BTC (without converting it to USD before the deal was done) and how long ago were these purchases made?

You're going to get deafening silence, if anybody has an ounce of sense in them.

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[r34tr783tr78]

I'm also bearish, pessimist on china and surprised by this calm.
The volume continues to drop on Huobi and that was to be expected, since they have no deposits by wire transfer or third party systems, the leverage ended on the 10th May and it seems they already have the flat fee active for certain levels of trade (the translation is obscure: http://www.huobi.com/news/index.php?a=show_notice&id=356), but has dropped also on western exchanges (http://www.bitcoinity.org/markets/list?currency=ALL&span=24h).
Movement might be returning soon and I'm expecting it to be down, even if we can still go up to 2872, an important horizontal resistance.

[JorgeStolfi]

The volume [ ... ]  has dropped also on western exchanges

Part of the volume on the Western exchanges has always been arbitrage with the Chinese ones.  Arbitrage moves equivalent amounts of BTC or money on both sides, so, as percentage, it is is more significant on the smaller ones.

[ChartBuddy]

Explanation

[JayJuanGee]

There are 5000+ BTC for sale on Huobi for 2900 CNY or less, 120 CNY (20$) above the spread.

On the other hand, the bid side below 2760 is hidden, apparently because there are zillions of tiny bids between 2770 and 2775 CNY (and only in that range).  Could it be on purpose?  If truth is being hidden, it must be ugly...

Jorge your fear mongering is cute.

Some call it "cute," and others call it "whacky."  

I was pretty much okay with the content, till the bolded area. Where he goes all X-Files on us.

That is to say it could be just as easily argued that someone could be hiding support bids in case of a flash crash on the low volume at Huobi...we can bicker all we want and speculate...but when we start sounding like late night radio hosts it just becomes cheap and ugly.

I know it would be argued that Jorge is voicing this opinion to perhaps save someone from making bad investments but it seem more like fear mongering to scare some noobs to being afraid of China that they sell at or near a bottom.

What you call "fear mongering" Jorge calls "prudence mongering" and I call "wacky mongering."

In the end, Dave05, I agree with you, and both of us may be giving too much dignity to Jorge by responding to what seems to be his disingenuous "contributions" that really serve to misinform and emphasize tangential and speculative issues.  Yes, this is a speculative thread, but his investment seems questionable, at best - to supposedly save us from ourselves.  In other words, buy a bitcoin, Jorge, to bring some credibility to your participation.   

[JayJuanGee]

What are the 5 last things you paid for with BTC (without converting it to USD before the deal was done) and how long ago were these purchases made?

You're going to get deafening silence, if anybody has an ounce of sense in them.

Why's that?  We are just sharing informal information.  I have NOT made substantial purchases with bitcoin, yet hopefully, the recent legislation will change bitcoin, in the usa from its current treatment as a commodity to the status of a foreign currency, for the purposes of taxes....

[JorgeStolfi]

I know it would be argued that Jorge is voicing this opinion to perhaps save someone from making bad investments but it seem more like fear mongering to scare some noobs to being afraid of China that they sell at or near a bottom.

his investment seems questionable, at best - to supposedly save us from ourselves.

I don't want to save anyone on this thread. I assume you all are adults and know the game you are gambling in.  I feel that I have an obligation to warn people who may be lured into investing in bitcoin with false promises, but they are unlikely to be reading here.

[Davyd05]

I know it would be argued that Jorge is voicing this opinion to perhaps save someone from making bad investments but it seem more like fear mongering to scare some noobs to being afraid of China that they sell at or near a bottom.

his investment seems questionable, at best - to supposedly save us from ourselves.

I don't want to save anyone on this thread. I assume you all are adults and know the game you are gambling in.  I feel that I have an obligation to warn people who may be lured into investing in bitcoin with false promises, but they are unlikely to be reading here.

Interesting...I too would hope no one is lured in to buying bitcoin prematurely. It should be a lengthy process...took me roughly two years to mull it over. When I finally did decide to speculate I found my first wallet, MalwareBytes scanner kept my small mined btc safe after a false detection sent the wallet.dat to a quarantine folder, found my .10 of a bitcon safe and sound.

[xulescu]

I know it would be argued that Jorge is voicing this opinion to perhaps save someone from making bad investments but it seem more like fear mongering to scare some noobs to being afraid of China that they sell at or near a bottom.

his investment seems questionable, at best - to supposedly save us from ourselves.

I don't want to save anyone on this thread. I assume you all are adults and know the game you are gambling in.  I feel that I have an obligation to warn people who may be lured into investing in bitcoin with false promises, but they are unlikely to be reading here.

A very lucid argument for playing devil's advocate. I believe Jorge is a troll of much underestimated skill. My respect for you grows again, sir.

[ChartBuddy]

Explanation

[KFR]

I know it would be argued that Jorge is voicing this opinion to perhaps save someone from making bad investments but it seem more like fear mongering to scare some noobs to being afraid of China that they sell at or near a bottom.

his investment seems questionable, at best - to supposedly save us from ourselves.

I don't want to save anyone on this thread. I assume you all are adults and know the game you are gambling in.  I feel that I have an obligation to warn people who may be lured into investing in bitcoin with false promises, but they are unlikely to be reading here.

Yet you're still here with the speculators, appearing to only give a damn about the price of a bitcoin rather than Bitcon itself.  Your noble self-righteous crusade is either completely misdirected or, as you appear to be implying, pure bullshit as many of us have suspected since soon after you showed up here.

Ergo you're simply a disingenuous troll with tenure and nothing better to do than pursue vindication for your own misguided assumptions. 

I guess "I feel that I have an obligation to warn people" that sometimes smart people give deeply flawed advice for what they think are entirely righteous reasons, purely as a result of their own dogmatic, self-serving and unfounded convictions.

As I've said before, you're allegedly a computer scientist; if you think Bitcoin has problems, trying doing some computer science.  You could start by challenging your assumptions, kinda like a real scientist would.

Otherwise, the term "priest" and/or "cultist" appears to be much more suited to you than any of the people you usually try to hang it on. 

With all due respect etc. 

[Walsoraj]

I know it would be argued that Jorge is voicing this opinion to perhaps save someone from making bad investments but it seem more like fear mongering to scare some noobs to being afraid of China that they sell at or near a bottom.

his investment seems questionable, at best - to supposedly save us from ourselves.

I don't want to save anyone on this thread. I assume you all are adults and know the game you are gambling in.  I feel that I have an obligation to warn people who may be lured into investing in bitcoin with false promises, but they are unlikely to be reading here.

Yet you're still here with the speculators, appearing to only give a damn about the price of a bitcoin rather than Bitcon itself.  Your noble self-righteous crusade is either completely misdirected or, as you appear to be implying, pure bullshit as many of us have suspected since soon after you showed up here.

Ergo you're simply a disingenuous troll with tenure and nothing better to do than pursue vindication for your own misguided assumptions. 

I guess "I feel that I have an obligation to warn people" that sometimes smart people give deeply flawed advice for what they think are entirely righteous reasons, purely as a result of their own dogmatic, self-serving and unfounded convictions.

As I've said before, you're allegedly a computer scientist; if you think Bitcoin has problems, trying doing some computer science.  You could start by challenging your assumptions, kinda like a real scientist would.

Otherwise, the term "priest" and/or "cultist" appears to be much more suited to you than any of the people you usually try to hang it on. 

With all due respect etc. 

/disagree, and imo we should replace that Brock guy on the Bitcoin Foundation Board with Jorge.

Anyone know if it's possible to nominate and elect someone against their will?

[KFR]

I think Bitcoin might ultimately fail, but is much more likely to succeed - as a result the value of a Bitcoin would almost certainly increase significantly due to the way the protocol has been designed e.g. finite supply etc.  

Some people think Bitcoin might ultimately succeed, but is much more likely to fail - at some point.  In the meantime its value will fluctuate wildly.  

My problem is with people that are absolutely determined to convince everyone - particularly themselves - that the ultimate failure of Bitcoin is a pre-determined absolute and, at no point on its trajectory, should anyone ever risk any money on it as a result.

I often think of all the people who regularly, and in my opinion quite foolishly, spend a significant amount of their very meagre income on lottery tickets - not to mention more direct gambling like online poker, sports bets etc.

By "protecting them" from investing in Bitcoin and ignoring where these people are likely to otherwise spend that money Jorge's really missing a trick.

People can't sell losing lottery tickets for any value at all.  If you keep one eye on a ticker then you can sell your bitcoin if and when you think it has become a losing bet.  One's a pure gamble and one's a (debatably) relatively high risk and potentially very high reward investment.

[ChartBuddy]

Explanation

[shmadz]

Houbi going for another dip, anyone else planning on cashing in on some cheap coins? 

[ChrisML]

Houbi going for another dip, anyone else planning on cashing in on some cheap coins? 

Been there, done that. Somewhere in the beginning of March if I am correct.

Just waiting and hodling.

[xulescu]

I know it would be argued that Jorge is voicing this opinion to perhaps save someone from making bad investments but it seem more like fear mongering to scare some noobs to being afraid of China that they sell at or near a bottom.

his investment seems questionable, at best - to supposedly save us from ourselves.

I don't want to save anyone on this thread. I assume you all are adults and know the game you are gambling in.  I feel that I have an obligation to warn people who may be lured into investing in bitcoin with false promises, but they are unlikely to be reading here.

Yet you're still here with the speculators, appearing to only give a damn about the price of a bitcoin rather than Bitcon itself.  Your noble self-righteous crusade is either completely misdirected or, as you appear to be implying, pure bullshit as many of us have suspected since soon after you showed up here.

Ergo you're simply a disingenuous troll with tenure and nothing better to do than pursue vindication for your own misguided assumptions. 

I guess "I feel that I have an obligation to warn people" that sometimes smart people give deeply flawed advice for what they think are entirely righteous reasons, purely as a result of their own dogmatic, self-serving and unfounded convictions.

As I've said before, you're allegedly a computer scientist; if you think Bitcoin has problems, trying doing some computer science.  You could start by challenging your assumptions, kinda like a real scientist would.

Otherwise, the term "priest" and/or "cultist" appears to be much more suited to you than any of the people you usually try to hang it on. 

With all due respect etc. 

Man, relax. All the negativity is shortening your life and all this energy is better spent elsewhere.

Allow me to correct you on a matter of semantics. A troll, by definition, is entirely conscious of the facade they play. It is the name of the game to make it as outrageous as possible but realistic enough that it is not dismissed out of hand. So everyone should know the troll is full of shit, but everyone should believe others might fall for it. This is when you get an echo chamber of warnings about the troll, of other trolls recognising the act of trollery and joining the act. The ultimate troll is a Chaos Master. I strongly believe now that Jorge is an expert troll. Look at how smoothly he argued that he's playing the devil's advocate. Then he admitted he knows the audience is not the target of his obligation.

And all we do now is sit in the middle of the echo chamber and keep feeding the troll. Jorge is likely on cloud nine.

[ChartBuddy]

Explanation

[rpietila]

So I am puzzled by this calm, I can't understand what those Chinese sellers are waiting for.  

The nature of Bitcoin - once you sell it, you can't sell it again.

After 6 months of selling, no more coins in the sellers' hands.

Volume down.

Next: UP. No other way is even possible.

When: Don't know exactly, but 650 by the end of June is a possibility. Top could be in August-September.

[sidhujag]

So I am puzzled by this calm, I can't understand what those Chinese sellers are waiting for.  

The nature of Bitcoin - once you sell it, you can't sell it again.

After 6 months of selling, no more coins in the sellers' hands.

Volume down.

Next: UP. No other way is even possible.

When: Don't know exactly, but 650 by the end of June is a possibility. Top could be in August-September.

Maybe.. but usually No Demand is a sign of a top. I'd like to see a monthly high volume up thrust.