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

[N12]

Of course miners are not the source of large sells. The idea is that they're providing regular and increasing selling pressure on the market, and thereby unlock selling power by people finally realizing profits.

I still think most mining is done through mining pools made up of small miners like myself. I'm currently mining about 0.1 BTC/day or about 3 BTC per month. My hardware and everything else has been paid off through earlier mining and now my only cost is electricity, which was around $570 last month. So it cost me about $190 per BTC. I don't sell them and will keep mining as long as it's profitable. It's also a hobby and it's good that I don't have to pay myself an hourly fee to keep things going. I have 3 bitcoin wallets. One where my mining coins go; one for my purchased investment coins; and one for my spending coins. My spending coins account for only about 2% of what I have and the remaining 98% I'm holding.

"Most mining", perhaps, but certainly less relative hashing power is in the hands of people similar to you than before, which is the point. That trend is still ongoing.

[Moria843]

I still think most mining is done through mining pools made up of small miners like myself. I'm currently mining about 0.1 BTC/day or about 3 BTC per month. My hardware and everything else has been paid off through earlier mining and now my only cost is electricity, which was around $570 last month. So it cost me about $190 per BTC. I don't sell them and will keep mining as long as it's profitable. It's also a hobby and it's good that I don't have to pay myself an hourly fee to keep things going. I have 3 bitcoin wallets. One where my mining coins go; one for my purchased investment coins; and one for my spending coins. My spending coins account for only about 2% of what I have and the remaining 98% I'm holding.

It shouldn't be too hard to tell assuming most new coins go mined->pool->miner (Though I know p2pool does straight mined->miner) and are held there for those accumulating. Anyone doing this analysis?

Others like Eligius go straight mined-> miner. When they enter my Armory wallet it shows the axes symbol and you have to wait for 120 confirmations to spend. The other pools I mine (slush, BTC Guild, GHash) hold them until confirmed and then distribute (only have to wait the 6 confirmations). I set up a watching-wallet for all the pools and it shows when they find a block (shows "mined" input) and it shows all outputs. You can do with an app called bitWallet on your phone. It allows me to keep track of how the different pools are doing in real time as the blockchain updates.

[Richy_T]

Of course miners are not the source of large sells. The idea is that they're providing regular and increasing selling pressure on the market, and thereby unlock selling power by people finally realizing profits.

[adamstgBit]

making a fiat profit is making no profit at all, in the long term...

why not be the change you want to see

buy a bitcoin

HodL!

[ChartBuddy]

Explanation

[roslinpl]

Explanation

What can I say ... people need to come back from their holidays and start trading again ...

We were all (90% of us) predicting a rally during the Summer.
Perhaps there is still a chance for a rally this month but at this point I think that the rally might be little after the Summer ...

[dropt]

Explanation

What can I say ... people need to come back from their holidays and start trading again ...

We were all (90% of us) predicting a rally during the Summer.
Perhaps there is still a chance for a rally this month but at this point I think that the rally might be little after the Summer ...

Or maybe there won't be a rally at all this year   

[adamstgBit]

Explanation

What can I say ... people need to come back from their holidays and start trading again ...

We were all (90% of us) predicting a rally during the Summer.
Perhaps there is still a chance for a rally this month but at this point I think that the rally might be little after the Summer ...

when school starts up again what you think all the cool kids gana be trading? magic the gathering playing cards???  

no silly potcoins!  Potcoins is the future.

[zimmah]

Explanation

What can I say ... people need to come back from their holidays and start trading again ...

We were all (90% of us) predicting a rally during the Summer.
Perhaps there is still a chance for a rally this month but at this point I think that the rally might be little after the Summer ...

Or maybe there won't be a rally at all this year   

I highly doubt that, we are later than most of us (including myself) expected, but i don't think the rally will be delayed by 5 months

[mooncake]

For over a week, selling pressure keeps piling up at the nearest asking prices. I would say they are placed strategically. The gap between them is mostly less than 0.1. At other times, a huge ask wall just appears out of nowhere. It seems someone does not want the price to rise. Why?

[roslinpl]

Explanation

What can I say ... people need to come back from their holidays and start trading again ...

We were all (90% of us) predicting a rally during the Summer.
Perhaps there is still a chance for a rally this month but at this point I think that the rally might be little after the Summer ...

Or maybe there won't be a rally at all this year    

I highly doubt that, we are later than most of us (including myself) expected, but i don't think the rally will be delayed by 5 months

Zimmah I remember your quote That at the end of the current month price should be with three zeros :] I hope you were right.

when school starts up again what you think all the cool kids gana be trading? magic the gathering playing cards???  

no silly potcoins!  Potcoins is the future.

I will be very surprised if Potcoin will be "the future" :-]

[zimmah]

Lesson to be learnt:
Don't use that stinking shit they call "money".
They'll rip you off longterm.
Short fiat, long everything else.

Fiat is not meant to be hodled.. it's meant to be invested or consumed.

Hoarders who stall economic growth are punished for a reason.

It's not economic growth when just the numbers increase. And usually the prices increase much more than the wages.

Nice economic growth when the majority of the people gets ripped of, and only the stinking rich get even richer.

All this so called growth does is increase the gap between rich and poor.

Compared to now:

New house: $250000 or so (64 times increase, so about 3 times more expensive in terms of income) Also note that since everything is more expensive nowaday few people actually have income left after all their expenses, unlike in 1938, so the actual effect of inflation is much worse. You should adjust for 'disposable income', you'd be shocked how little disposable income many people have nowadays.
Average income after tax: $39588 (22 times increase)
New car $20000 (23 times increase)
Monthly Rent $1500 per month (56 times increase)
Movie ticket $12 (48 times increase)
Gasoline $3.63/gallon (36 times increase)


everything is much more expensive compared to the wages which increased much less.

Also, when you save up your money for later use you'll only have a fraction of what you saved.

[ShameOnYou]

For over a week, selling pressure keeps piling up at the nearest asking prices. I would say they are placed strategically. The gap between them is mostly less than 0.1. At other times, a huge ask wall just appears out of nowhere. It seems someone does not want the price to rise. Why?

Just following Huobi, IMO. These huge bid walls keep holding the price up, but that doesn't mean anyone is market buying. Price is staying sideways, so asks fill up on the Western exchanges.

[twiifm]

It's not economic growth when just the numbers increase. And usually the prices increase much more than the wages.

Nice economic growth when the majority of the people gets ripped of, and only the stinking rich get even richer.

All this so called growth does is increase the gap between rich and poor.

Thats the game.  Play by the rules or take your chances

[Tzupy]

Russia banning bitcoin again:
http://www.coindesk.com/russian-ministry-finance-drafts-bill-banning-bitcoin/

[zimmah]

It's not economic growth when just the numbers increase. And usually the prices increase much more than the wages.

Nice economic growth when the majority of the people gets ripped of, and only the stinking rich get even richer.

All this so called growth does is increase the gap between rich and poor.

Thats the game.  Play by the rules or take your chances

You should not treat life as a game that you can win or lose, because in the end, for every winner there will at least be one loser, while the earth has plenty of resources for everyone to enjoy life.

life should be about sharing and caring, not about hoarding for your own pleasure.

A corrupt financial system that is designed to gain more profit to those that invest and recklessly spent money (and even take loans to spent more, rather than saving up for later) is inherently wrong for that very reason. It promotes greed and irresponsible use of resources.

[mmitech]

when looking at the alt market: 2nd generation coins (ETH, NXT) and the privacy enhanced coins (darkcoin, cloak..) and the copycats and the shitcoins, I get really scared.... I think if it wasn't to these coins the price of Bitcoin would be really lower than we even think, an example of how people invest in alts is by firstly buying bitcoin and converting it to the alt, the alt owners (miners, pumpers, developers...) usually hold most of the profits in which are usually huge.

a look at ethereum: they already sold more than 31 million this makes for more than 15000BTC

[roslinpl]

Russia banning bitcoin again:
http://www.coindesk.com/russian-ministry-finance-drafts-bill-banning-bitcoin/

So ... Russia will became another China ? (in a meaning of Bitcoin )...

After 1209 China bans now Russia bans will became the same? FUD ?

[hmmkay]

when looking at the alt market: 2nd generation coins (ETH, NXT) and the privacy enhanced coins (darkcoin, cloak..) and the copycats and the shitcoins, I get really scared.... I think if it wasn't to these coins the price of Bitcoin would be really lower than we even think, an example of how people invest in alts is by firstly buying bitcoin and converting it to the alt, the alt owners (miners, pumpers, developers...) usually hold most of the profits in which are usually huge.

a look at ethereum: they already sold more than 31 million this makes for more than 15000BTC

Why you'd drop any coin for vaporware is beyond me.
And it's actually less than 15000, every day(?) the amount of ether per btc is dropped.

[ChartBuddy]

Explanation