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

[adamstgBit]

sell more!

[inca]

sell more!

Sorry, buying!

[fonzie]

Moving around that bid and ask walls all the time + selling into his own bids must be one hell of a job. Sooner or later that Bitstamp guy is going to be raped by China!

[ensurance982]

Soon:
Torero = Shorters /// Bull = BTC Bulls?









Naahh just kidding I don't know what will happen  

That looks like Fonzie getting the bullhorn.

Nah, Fonzie ain't a bear anymore! I still need some time to actually accept this fact myself, though... Fonzie a bull... In bitcoin land everything's possible, I guess...

[ensurance982]

Got your bids filled, Adam?  We backed the train up just so you could hop on.  It's not a fun trip without free beer the whole way.

What would the train ride to the moon be without our favourite Wall Observer Bull? No fun! But who the heck sold that many coins? Must be some miners again.

[Marbit]

In all seriousness, Tradingview is 99% bearish, and those guys are now falling over themselves talking about flash crashes to $50.... and to $2.

These guys are gonna get squeezed hard (and then tell everyone they saw the rally coming). My two cents.

[Torque]

In all seriousness, Tradingview is 99% bearish, and those guys are now falling over themselves talking about flash crashes to $50.... and to $2.

These guys are gonna get squeezed hard (and then tell everyone they saw the rally coming). My two cents.

Tradingview's supposed TAs are full of shit.  Whenever the market doesn't do what they expect (which is 95% of the time), and/or just goes sideways, they draw new arbitrary lines and graphs and come up with a new string of predictions.  The truth is that none of them know what the fk is going on or what the market will do.

On a related note, go have a look at reddit/r/BitcoinMarkets lately.  3 months ago, it was chock full or bullish or bearish TA's who just KNEW exactly what was coming next in the bitcoin market based on their magical TA.  Now that the market has just gone sideways and befuddled all of them for the past couple of months, BitcoinMarkets is now a complete ghost town.  You can almost hear the tumbleweeds rolling by.  All the Traders/TAs just lost interest and left (because the market continuously proved them wrong).

[hyphymikey]

In all seriousness, Tradingview is 99% bearish, and those guys are now falling over themselves talking about flash crashes to $50.... and to $2.

These guys are gonna get squeezed hard (and then tell everyone they saw the rally coming). My two cents.

I haven't noticed one good trader on tradingview, in fact I haven't seen one good trader anywhere. But those guys on Tradingview are just silly with their predictions.

[fonzie]

BTC-E will soon trade higher than Bitstamp!

[ChartBuddy]

Explanation

[Nightowlace]

While i won't buy too much, I think ill be buying a little here and there. I use my coin on coinbase for spending purposes, then i buy back what I just spent. I think everyone should do that. Use expedia for hotels (that will be expanding) and overstock, and all others that take bitcoin. If you don't want to part with your coin, do what Im doing. Just replace it, coinbase has an automated feature for this.. quite cool.

Do they offer any discounts for using BTC? Just wondering. I can get cash back rewards for using my credit card to pay for that type of thing. Not that I don't want to support BTC (though I'm not sure spending via Coinbase supports BTC or not)....

I agree we should be using bitcoin as much as possible and auto buying back. That also helps stabilize the price of bitcoin as well if everyone is buying back what they spend.

As far as specifically asking for discounts because we are using bitcoin is a little unfair if you ask me. We want more mainstream use of bitcoin and asking retailers for discounts (at least in the states) is a little off putting. If they choose to offer great, however we should no expect it.
Just my two cents.

[Marbit]

While i won't buy too much, I think ill be buying a little here and there. I use my coin on coinbase for spending purposes, then i buy back what I just spent. I think everyone should do that. Use expedia for hotels (that will be expanding) and overstock, and all others that take bitcoin. If you don't want to part with your coin, do what Im doing. Just replace it, coinbase has an automated feature for this.. quite cool.

Do they offer any discounts for using BTC? Just wondering. I can get cash back rewards for using my credit card to pay for that type of thing. Not that I don't want to support BTC (though I'm not sure spending via Coinbase supports BTC or not)....

I agree we should be using bitcoin as much as possible and auto buying back. That also helps stabilize the price of bitcoin as well if everyone is buying back what they spend.

As far as specifically asking for discounts because we are using bitcoin is a little unfair if you ask me. We want more mainstream use of bitcoin and asking retailers for discounts (at least in the states) is a little off putting. If they choose to offer great, however we should no expect it.
Just my two cents.

Not really leveling expectations as much as commenting on it from a consumer standpoint. Why spend BTC and buy it back, when I can get cash back for using my credit card?

[johnwest]

BTC-E will soon trade higher than Bitstamp!

It's happened many times, so I do not think it's big issue.
Just focus on Bitstamp, today people refer Bitstamp price for trade.

[Marbit]

BTC-E will soon trade higher than Bitstamp!

It's happened many times, so I do not think it's big issue.
Just focus on Bitstamp, today people refer Bitstamp price for trade.

IMO, focus on OKcoin and Huobi.... everyone else is just following them. That's why Stamp, etc look bullish on the way down and bearish on the way up IMO -- they are totally reactive at this point.

[adamstgBit]

push it down more!

[JorgeStolfi]

Not really leveling expectations as much as commenting on it from a consumer standpoint. Why spend BTC and buy it back, when I can get cash back for using my credit card?

You don't ask such questions on this forum 

[justusranvier]

http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/

One of the most annoying things about Bitcoin is that it’s so convenient to make payments with it that sometimes it is extremely tempting to spend it and avoid the hassle of using dollars. One of the ways to help deal with the temptation to spend is to demand a Bitcoin discount at any store that accepts Bitcoin. This is perfectly reasonable because not only is the store lowering its own costs by using Bitcoin, but it is asking me to give up an inherently superior commodity.

Hoarders are more important than merchants. If a restaurant downtown starts accepting bitcoins, this does not necessarily create an incentive for anybody to buy more bitcoins. Why would anyone bother if they can still just use a credit card? If you can convince a merchant to accept bitcoins and stop accepting dollars, then I’ll be impressed.

Unless a merchant is offering something that cannot be bought for dollars, or at least offering a discount, he is only benefiting Bitcoin to the extent that he encourages more hoarding. If he immediately converts the bitcoins he receives as payment into dollars, and if his customers only buy bitcoins so as to spend them at his shop shortly thereafter, then neither has much direct effect on Bitcoin’s demand. The real hero is the hoarder behind the scenes who buys from the merchant and enables him to convert his payments into dollars.

[Ivanhoe]

http://finance.yahoo.com/news/apple-may-collaborate-visa-mobile-173454485.html + http://www.coindesk.com/visa-exec-network-support-bitcoin-payments/ + http://www.wired.com/2014/07/blockchain-back/ = ?

[ChartBuddy]

Explanation

[samsonn25]

http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/

One of the most annoying things about Bitcoin is that it’s so convenient to make payments with it that sometimes it is extremely tempting to spend it and avoid the hassle of using dollars. One of the ways to help deal with the temptation to spend is to demand a Bitcoin discount at any store that accepts Bitcoin. This is perfectly reasonable because not only is the store lowering its own costs by using Bitcoin, but it is asking me to give up an inherently superior commodity.

Hoarders are more important than merchants. If a restaurant downtown starts accepting bitcoins, this does not necessarily create an incentive for anybody to buy more bitcoins. Why would anyone bother if they can still just use a credit card? If you can convince a merchant to accept bitcoins and stop accepting dollars, then I’ll be impressed.

Unless a merchant is offering something that cannot be bought for dollars, or at least offering a discount, he is only benefiting Bitcoin to the extent that he encourages more hoarding. If he immediately converts the bitcoins he receives as payment into dollars, and if his customers only buy bitcoins so as to spend them at his shop shortly thereafter, then neither has much direct effect on Bitcoin’s demand. The real hero is the hoarder behind the scenes who buys from the merchant and enables him to convert his payments into dollars.

Not to change the topic of the post.

But I think the main problem with bitcoin mass adoption is there are no guarantees against the owner in cases of theft and mis use.

The reason why credit costs more for merchants is because the interbanks get paid most of the interchange fees (interest and transaction fees) and the credit procesors Visa, amex, mc get paid the association fees.  But the banks cover most of the costs in case of fraud and stolen cards and accounts and most customers are not liable if the transactions are abided by the rules of the credit card companies.  They know this happens alot and to keep commerce moving with more sales this is a built in "expense".

With btc if consumers have their wallets hacked or stolen easily the btc is pretty much gone and it will detract from mass adoption because there is no recourse for refunds.   And this will mean less people use it, and less incentive for merchants to adopt it, even though it is good saving for them versus credit card transaction costs.