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

[KS]

The idea is to decentralize even more by making the technology easier to use by a wider audience. A BTC blackbox, a BTC credit card etc (or rpietila's paper BTC IOUs - hmmm like Ripple ) are what's needed.

We need to take the geek side out of the Bitcoin use. Make it easy to use so people can simply ignore the technology behind it and use it as they would any other currency (and each device should be a miner, to process transactions and secure the network). That's when mass adoption can really start.

OTOH, I also think that Bitcoin will be superseded, eventually, and possibly even by a GOV-launched coin (best way to beat BTC is to make it irrelevant), unless we reach critical mass within a short period of time (less than 10 years from introduction).

I can't imagine people would happily adapt some coin created by governments.

Because everybody knows who Satoshi is? What if he/it really was/were, say, the IRA?

looking at facebook we saw many many other social networks pop up and disappear on the web before it was hugely adapted around the globe. (and that took 7-8 years!)

Looking at MySpace... they were big when FB wasn't even there (and who remembers friendster?).

i can't look in the future but also can't imagine some other cryptocurrency suddenly pop up and establish a market like btc has in last years.

Look at the MySpace/Facebook analogy. One is going nowhere and the other "to da moon".

The founders of a company are usually able to grow it to a certain size. The you need new people, "the suits", to grow it even bigger. It's like people are stuck within a certain 1-10 factor. If you want to reach 100, you need new people at 10.

Bitcoin is the founding coin, who's to say it'll grow enough before it runs out of steam? (maybe Bitcoin 2.0 will be the next Bitcoin, I'm not discounting the possibility)

but these new coins can partly be exchanged to each other already.
I'm sure coin market would transform and every btc holder could change it to the new rising cryptocurrency. you can't just leave btc market out and start from the beginning creating your own.
(except you are a big company with an already huge market share)
the comparison to social networks was a bit off by me because some user account is worth nothing for a market in itself than the potential for marketing, btc has an actual value to buy products and that can't be ignored.

I wasn't actually talking about setting a value but it was an example to show that, even though you're the first, you can be surpassed by a newcomer.

In this I mean that Bitcoin could be surpassed by a new coin (from a Gov or not) and simply fade away. I don't think you can kill it or take it over as such, but making it irrelevant is a possibility (and would have the same effect).

[1715593941]

1715593941

[1715593941]

1715593941

[1715593941]

1715593941

[1715593941]

1715593941

[1715593941]

1715593941

[1715593941]

1715593941

[ChartBuddy]

[rpietila]

Businesses want to make money. You said you are a capitalist, right. Well, if you could drop visa, mastercard, etc. and increase some of your sales profits by 2%-4%, why would you "snub" that?

There is some small ideas and big ideas to enforce BTC, though. We already gave Bitcointip in Haikko, and I am likely extending it to Punavuori (an area in the center part of Helsinki where about 5000-10000 people live). We will dole out free millibitcoins as bills, and inform all the restaurants there that if they serve their clients well, they will receive tips (because tips are already there in the hands of their clientele - we have give them out for free to all the inhabitants Then the restaurants can cash them in for euros, or redeem them for actual bitcoins. Or keep them in circulation as bitcoin-denominated change.

July 7th, the restaurants in central-southern Helsinki area would all be delivered a bulletin, concerning What is Bitcointip. They are small bills that soon will come to circulation and can at any time be exhanged for euros, or redeemed as physical bitcoins by bringing them to an exchange point (the area where this experiment is conducted is only about 100 acres (40 ha) and walkable. After a restaurateur sign, the tip is redeemable.

There are only about 5600 apartments below a certain line that classifies the area as South-Helsinki. These all can be delivered by mass mailing. Actually we believe that most of the salvos empty themselves in the trashcan, so the payload would be about 800 bitcoin-sheets which is 3,200 bitcointip notes. Free money can also be given on the streets to the ones who know. We need several Bitcoin-T-shirts for that (remember my earlier idea if the summit were oversold...)

There are about 300 restaurants in the area, I believe we have quite good ratios, if the number of actually usable tipnotes exceeds the restaurants by a factor of 10.

[rpietila]

Up, Up, Up ?

Based on this, I would say consolidation. We bulls need to be able to buy very many coins from the ones who think $.1 is the new $.005.

When bull market starts, it does so in a stealth way, so that everybody is bearish. I would say the sentiment has been brewing for some time already, but the real bull market starts when I go bearish (uuupps I just did, postponing the $300 to next year.. )

Read February and how quite_manybody was finally able to realize a profit of $.022 or $0.25 and all-time high seemed to be as far history as it was to the future. That is the stealth bull market.

[Its About Sharing]

+1.5kBTC panic buyed from $110.5 to $112. Who pulled the trigger in here?

I didn't, because....

i bought a part of it..   
I just needed to test myself to see that i was right..   

and i was ..

Right in what?

no support..
moneyflow is going down on daily charts..
price is going up..

will correct at some point..

Logically, I say yes, we correct at some point. But there are unknowns here. For starters the weekend hits but the last was met with a 15k buy that was a bad business decision in that whoever bought them didn't have to do it the way they did.

We don'T know if forces want it going up, down, or sideways. This is a small market, easily manipulated and when you think it is involved, or is, monetary reform... oh boy...

[Rampion]

May this be.... A false breakout?

[Its About Sharing]

May this be.... A false breakout?

We are also sitting on "support" to an extent from April 18 and May 4.

But rising up slightly on lower and lower volume (3 days) is alarming.

The catch is, what if that buyer that supported us on the weekend comes back?

I'm at a conflict, is this a bear trap, bull trap, or a bit of both...

[adamstgBit]

180 in less than 13 days 

[ChartBuddy]

[Miz4r]

I don't believe we're in a real bubble deflation phase anymore. The higher lows trend has actually not been broken yet. If you look carefully at the charts the only real 'lows' post-crash are 50, 79 and 88 (the most recent one). To falsify the 'we're only in a correction' hypothesis we need to break below 88 again and then 79.

[FCTaiChi]

Do you have the information on the bills hidden and sealed, so people know if it has been redeemed?

[Richy_T]

I assume crashing would mean dumping a lot of coins. So they'd buy all they can get, which drives the price higher and then they dump. But selling coins needs two parties - a seller and a buyer. The after-crash price is determined by demand. What I want to say: I don't think they could ever bring it down to 1/10000 or something, because people will buy in and I assume the ratio between high and low of the after crash (i.e. 1/5, 1/16 you mentioned above) will shrink proportional to the gain before the crash.

Government currency manipulation... You may want to ask this guy about that...

[stereotype]

I assume crashing would mean dumping a lot of coins. So they'd buy all they can get, which drives the price higher and then they dump. But selling coins needs two parties - a seller and a buyer. The after-crash price is determined by demand. What I want to say: I don't think they could ever bring it down to 1/10000 or something, because people will buy in and I assume the ratio between high and low of the after crash (i.e. 1/5, 1/16 you mentioned above) will shrink proportional to the gain before the crash.

Government currency manipulation... You may want to ask this guy about that...

And Mr Soros

[Dalib]

I don't believe we're in a real bubble deflation phase anymore. The higher lows trend has actually not been broken yet. If you look carefully at the charts the only real 'lows' post-crash are 50, 79 and 88 (the most recent one). To falsify the 'we're only in a correction' hypothesis we need to break below 88 again and then 79.

Or they could repeat lows (around 88, 79 or 55) and the price bounce. Then we know that we have probably stagnate behind.

[lucas.sev]

180 in less than 13 days 

Do you want to bet on it?

[adamstgBit]

180 in less than 13 days 

Do you want to bet on it?

do you accept Abstract Coin 

[lucas.sev]

180 in less than 13 days  

Do you want to bet on it?

do you accept Abstract Coin  

I accept BTC and Paypal. So?

EDIT: LTC is fine too.

[Rampion]

Ops

[rpietila]

We don'T know if forces want it going up, down, or sideways. This is a small market, easily manipulated and when you think it is involved, or is, monetary reform... oh boy...

It is possible to manipulate the market down 20% by showing only 6,000,000mBTC. Done that.

[KS]

Businesses want to make money. You said you are a capitalist, right. Well, if you could drop visa, mastercard, etc. and increase some of your sales profits by 2%-4%, why would you "snub" that?

There is some small ideas and big ideas to enforce BTC, though. We already gave Bitcointip in Haikko, and I am likely extending it to Punavuori (an area in the center part of Helsinki where about 5000-10000 people live). We will dole out free millibitcoins as bills, and inform all the restaurants there that if they serve their clients well, they will receive tips (because tips are already there in the hands of their clientele - we have give them out for free to all the inhabitants Then the restaurants can cash them in for euros, or redeem them for actual bitcoins. Or keep them in circulation as bitcoin-denominated change.

July 7th, the restaurants in central-southern Helsinki area would all be delivered a bulletin, concerning What is Bitcointip. They are small bills that soon will come to circulation and can at any time be exhanged for euros, or redeemed as physical bitcoins by bringing them to an exchange point (the area where this experiment is conducted is only about 100 acres (40 ha) and walkable. After a restaurateur sign, the tip is redeemable.

There are only about 5600 apartments below a certain line that classifies the area as South-Helsinki. These all can be delivered by mass mailing. Actually we believe that most of the salvos empty themselves in the trashcan, so the payload would be about 800 bitcoin-sheets which is 3,200 bitcointip notes. Free money can also be given on the streets to the ones who know. We need several Bitcoin-T-shirts for that (remember my earlier idea if the summit were oversold...)

There are about 300 restaurants in the area, I believe we have quite good ratios, if the number of actually usable tipnotes exceeds the restaurants by a factor of 10.

I thought the restaurant approach might work in Brussels as well (many restaurants in a tight area), but then, do you want to attract the attention of the EU?