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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21328953 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (104 posts by 20 users deleted.)
ChartBuddy
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June 05, 2013, 09:02:29 PM
 #13461

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June 05, 2013, 09:06:18 PM
 #13462

What would be the point of that wall at 124 exactly?

It doesn't make much sense, most of the orders won't get filled unless the wall is broken through, and why would anyone want to sell at the beginning of a breakout?

Perhaps it's not the beginning of a breakout.....

If it did break $124, it would likely be a breakout. Otherwise it won't likely ever touch $124. Putting a sell order there is moot.
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June 05, 2013, 09:12:18 PM
 #13463

If it did break $124, it would likely be a breakout. Otherwise it won't likely ever touch $124. Putting a sell order there is moot.
Big "if", considering we didn't near touching 124, and yes, because that is the resistance of the current wedge. There was never the buy volume to break up to begin with.

Wedge is indeed nearing breaking point, but I think we break out downward if it breaks.

~ Something like:
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June 05, 2013, 09:12:53 PM
 #13464

Actually you're explaining why the markets go up on speculation. I was talking intrinsically. Owning a business is owning income generation which is automatically hedged for inflation as the prices of produce increase with inflation.

Until your customers can't afford your prices because their income has been devalued.

I'm not saying any business is a good investment.

It's not about the business being a good investment. It's about debasement of the currency.
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June 05, 2013, 09:13:09 PM
 #13465

What would be the point of that wall at 124 exactly?

It doesn't make much sense, most of the orders won't get filled unless the wall is broken through, and why would anyone want to sell at the beginning of a breakout?

Perhaps it's not the beginning of a breakout.....

If it did break $124, it would likely be a breakout. Otherwise it won't likely ever touch $124. Putting a sell order there is moot.

What are you all talking about ? There are 1000 coins sitting at $124 ... big deal ... and another 3000 to get there
Look at the order book ... there is no 'wall' ... there are a bunch of orders above and below current price that seem to balance quite nicely

Edit ... there are about 300 at $124 and about 800 at $123.9999 ...

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June 05, 2013, 09:14:08 PM
 #13466

What would be the point of that wall at 124 exactly?

It doesn't make much sense, most of the orders won't get filled unless the wall is broken through, and why would anyone want to sell at the beginning of a breakout?

Perhaps it's not the beginning of a breakout.....

If it did break $124, it would likely be a breakout. Otherwise it won't likely ever touch $124. Putting a sell order there is moot.

look at 2013-05-23(did break $124) then 2013-06-02
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June 05, 2013, 09:14:28 PM
 #13467



Wrong way, Bitcoin Sad

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June 05, 2013, 09:38:52 PM
 #13468

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June 05, 2013, 09:40:43 PM
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If you owned all of them they probably wouldn't be worth anything
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June 05, 2013, 09:40:48 PM
 #13470

Buy all the Bitcoins

You drunk again Adam ?  Shocked

BTW  I love that Argentina Bitcoin movie theme you posted ... soooo chill

For those that missed it ...

https://www.youtube.com/watch?v=E-OHvyMYX5o
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June 05, 2013, 09:56:14 PM
 #13471

In other news, markets are down.

http://finance.yahoo.com/

Nikkei down 4%. Man, is that like down over 20% or so in two weeks?

http://www.bloomberg.com/markets/stocks/world-indexes/

Yup. Europeans market have been in the red for quite a few days also... and now the Americans (as in the true definition of the word).

Fun times.

Thanks, I didn't know about the European info (odd considering I'm in Germany).
I have heard from a few different sources (reliable with other stock market top calls) that the DOW will hit 16000 or so max and then POP goes the weasel. That will also coincide with a fall of the dollar.
Not saying I believe that, but I am watching for that...

Devaluation of the Dollar is actually what drives the market up Smiley

I understand that quite well. I prefer to just call it inflation, soon to be hyperinflation if they keep doing what they are doing. They are printing 85 billion new dollars every month. The banks that receive this are investing some of those $$$ in the stock market. The Fed I believe has as much as said that they are involved in asset (stock market) allocation. People who have money in the bank, hurt by artificially low interest rates are also putting money in the stock market. So, we have a sideways to falling economy, decreasing productivity, very high unemployment rates, people working 2 or more jobs and often being completely overqualified for what they are doing = A rising stock market. I guess most folks believe CNN, FOX, etc.

Anyway, the thing that is keeping things going is that people believe in the money. Money is essentially faith, we are seeing that with BTC. Intriniscally it has value for a few reasons, most notably its cryptographic security imo. Once people stop believing in the dollar, once they can't keep printing dollars to make the stock market go up (e.g. - worsening economy, rates that need to rise) = POP goes the weasel.

My point with the 16,000 level in the DOW was that, that is around when their game ends, regardless of printing more money or not.

No, we're not seeing "essentially faith" with bitcoin. It's more. I have to agree finally with Max Keiser: bitcoin does have intrinsic value (I used to argue it was all pure faith). The intrinsic value of bitcoin is it's scarcity combined with the fact that you can send it through the internet anonymously. That's intrinsic value right there.

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June 05, 2013, 09:58:48 PM
 #13472

The intrinsic value of bitcoin is it's scarcity combined with the fact that you can send it through the internet anonymously. That's intrinsic value right there.

How about: bitcoins give you the ability to use the blockchain.
(Because fees are paid in bitcoins)
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June 05, 2013, 09:58:53 PM
 #13473

Actually you're explaining why the markets go up on speculation. I was talking intrinsically. Owning a business is owning income generation which is automatically hedged for inflation as the prices of produce increase with inflation.

I'm not sure about what you say on two levels:


1 - IF stocks go up intrinsically, why don't we see the same level of inflation with goods and services in general?
2 - And what is speculative about the Fed buying stocks with printed money? (I can see people buying stocks as being speculative but when their bank deposit interest rate is 1%, they are just moving money but yes that is speculation). What the Fed is doing seems to be funneling the "inflation".
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June 05, 2013, 10:02:09 PM
 #13474

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June 05, 2013, 10:08:45 PM
 #13475

In other news, markets are down.

http://finance.yahoo.com/

Nikkei down 4%. Man, is that like down over 20% or so in two weeks?

http://www.bloomberg.com/markets/stocks/world-indexes/

Yup. Europeans market have been in the red for quite a few days also... and now the Americans (as in the true definition of the word).

Fun times.

Thanks, I didn't know about the European info (odd considering I'm in Germany).
I have heard from a few different sources (reliable with other stock market top calls) that the DOW will hit 16000 or so max and then POP goes the weasel. That will also coincide with a fall of the dollar.
Not saying I believe that, but I am watching for that...

Devaluation of the Dollar is actually what drives the market up Smiley

I understand that quite well. I prefer to just call it inflation, soon to be hyperinflation if they keep doing what they are doing. They are printing 85 billion new dollars every month. The banks that receive this are investing some of those $$$ in the stock market. The Fed I believe has as much as said that they are involved in asset (stock market) allocation. People who have money in the bank, hurt by artificially low interest rates are also putting money in the stock market. So, we have a sideways to falling economy, decreasing productivity, very high unemployment rates, people working 2 or more jobs and often being completely overqualified for what they are doing = A rising stock market. I guess most folks believe CNN, FOX, etc.

Anyway, the thing that is keeping things going is that people believe in the money. Money is essentially faith, we are seeing that with BTC. Intriniscally it has value for a few reasons, most notably its cryptographic security imo. Once people stop believing in the dollar, once they can't keep printing dollars to make the stock market go up (e.g. - worsening economy, rates that need to rise) = POP goes the weasel.

My point with the 16,000 level in the DOW was that, that is around when their game ends, regardless of printing more money or not.

No, we're not seeing "essentially faith" with bitcoin. It's more. I have to agree finally with Max Keiser: bitcoin does have intrinsic value (I used to argue it was all pure faith). The intrinsic value of bitcoin is it's scarcity combined with the fact that you can send it through the internet anonymously. That's intrinsic value right there.


I did say it has value intrinsically and I did say for a few reasons (and I am VERY familiar with Keisser and like the guy). I am saying, you still need faith for a money to work. Whether or not you see it as primary or secondary is just semantics.
If BTC was scarce but not secure (cryptographically), it wouldn't matter much, now would it? Bitcoin isn't anonymous. I would say it is pseudoanonymous (experts seem to agree here). You really have to know what you are doing to make it anonymous. I can imagine that if BTC follows money regulations, they will probably go after those trying to be completely anonymous. Not saying I like that, but can't imagine them not at least trying, just like they have been with torrent for years (and failing of course).

And by faith, that is not a bad thing. That is the center of money, that is what keeps it going. We all know BTC is valuable intrinsically, but the number of people I have to explain to what money is (that have lots of it, use it, etc.) just shows you people have faith in it. They don't understand it. They really have no idea on basic things like fractional reserve banking and such.
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June 05, 2013, 10:10:00 PM
 #13476

No, we're not seeing "essentially faith" with bitcoin. It's more. I have to agree finally with Max Keiser: bitcoin does have intrinsic value (I used to argue it was all pure faith). The intrinsic value of bitcoin is it's scarcity combined with the fact that you can send it through the internet anonymously. That's intrinsic value right there.

I can do this with a slew of scammy altcoins. "Onecoin" is a much more scarce crypto-currency than bitcoin. So much for intrinsic value.

The scarcity point is completely irrelevant right now -- the only way to know that future demand will be sufficient is to crystal ball that shit.

This is indeed "essentially faith". But, I think, that is the way of most burgeoning ideas -- early adopters need to have faith. Rome doesn't get built in a day.
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June 05, 2013, 10:18:45 PM
 #13477


No, we're not seeing "essentially faith" with bitcoin. It's more. I have to agree finally with Max Keiser: bitcoin does have intrinsic value (I used to argue it was all pure faith). The intrinsic value of bitcoin is it's scarcity combined with the fact that you can send it through the internet anonymously. That's intrinsic value right there.

Unless you somehow enjoy sending coins back & forth, and don't care if they buy you any goodies, i think we're talking "instrumental value."
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June 05, 2013, 10:55:56 PM
 #13478


No, we're not seeing "essentially faith" with bitcoin. It's more. I have to agree finally with Max Keiser: bitcoin does have intrinsic value (I used to argue it was all pure faith). The intrinsic value of bitcoin is it's scarcity combined with the fact that you can send it through the internet anonymously. That's intrinsic value right there.

Unless you somehow enjoy sending coins back & forth, and don't care if they buy you any goodies, i think we're talking "instrumental value."

Frozenlock just gave the answer that ends this discussion. The blockchain has the potential to become so much more than a ledger that stores bitcoin transactions. Bitcoins however are what gives you access to it. Intrinsic value, right there.
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June 05, 2013, 10:57:26 PM
 #13479

Frozenlock just gave the answer that ends this discussion. The blockchain has the potential to become so much more than a ledger that stores bitcoin transactions. Bitcoins however are what gives you access to it. Intrinsic value, right there.

Could you give some examples?
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June 05, 2013, 11:02:13 PM
 #13480

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