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

[fonzie]

http://www.forbes.com/sites/erikamorphy/2014/09/03/bitcoin-yawn-cheapair-is-now-taking-litecoin-and-dogecoin/

WOW

[grappa_barricata]

Dang! interest rates on USD at bitfinex are getting lower and lower... they weren't that low from the start of May.

[fonzie]

Dang! interest rates on USD at bitfinex are getting lower and lower... they weren't that low from the start of May.

I already reserved myself a nice amount ~0.0415% for 30d. Most of the lower offers only have a time range from 2-7 days.

[grappa_barricata]

Dang! interest rates on USD at bitfinex are getting lower and lower... they weren't that low from the start of May.

I already reserved myself a nice amount ~0.0415 for 30d. Most of the lower offers only have a time range from 2-7 days.

Indeed, that's a nice strategy. I always want to do that, but then i end up switching positions fast and furious 

[mmitech]

http://www.forbes.com/sites/erikamorphy/2014/09/03/bitcoin-yawn-cheapair-is-now-taking-litecoin-and-dogecoin/

WOW

yes, I was just testing it to buy a ticket and it works like a charm, today there is plenty of places where to spend Litecoin, more than what Bitcoin had last year, beside I think that Litecoin's price will grow bigger and faster than Bitcoin's price, it is more likely that we see LTC @ $50 than BTC at $5000

[manfred]

Why Litecoin is rising and bitcoin still stable? Stamp's wall has only 160 bitcoin. Hash rate and difficulty increased, why are we still 477. So booooring :/

Because its every traders dream coin. High volume, liquidity, lots of movement and technically sound. Up or down does not matter a quality trader makes equal money bear or bull market.

[tarmi]

this is getting obvious: after ltc pump comes btc pump.

but I dont think it will go far away.

[ubercool]

http://www.forbes.com/sites/erikamorphy/2014/09/03/bitcoin-yawn-cheapair-is-now-taking-litecoin-and-dogecoin/

WOW

It's good now, merchants start accepting other coins too beside Bitcoin.

[fonzie]

this is getting obvious: after ltc pump comes btc pump.

but I dont think it will go far away.

Well LTC has the most trading volume among all cryptos, i guess it makes sense that BTC follows it for now.

[tarmi]

this is getting obvious: after ltc pump comes btc pump.

but I dont think it will go far away.

Well LTC has the most trading volume among all cryptos, i guess it makes sense that BTC follows it for now.

it makes exactly 0 sense.

[ChartBuddy]

Explanation

[dakota neat]

Doesnt look too bad for today.

[grappa_barricata]

As BTC price goes up, new relatively big asks pop out, in all markets...

[Newbie1022]

this is getting obvious: after ltc pump comes btc pump.

but I dont think it will go far away.

Well LTC has the most trading volume among all cryptos, i guess it makes sense that BTC follows it for now.

it makes exactly 0 sense.

This. I should have just trusted my intuition and experience about this. LTC pop before BTC pop doesn't mean LTC is out of whack and should be sold... it means LTC rises then BTC rises. The prices will stay close though. LTC to about 5.5 or 6, BTC to 490 to 520. Then we start the game all over again.

[wachtwoord]

As BTC price goes up, new relatively big asks pop out, in all markets...

I think some people don't think it's time yet

[grappa_barricata]

[mooncake]

Interesting thought: Would the CEOs of the exchanges know the reason for the low price? I mean, they obviously know who are dumping and putting up huge ask walls. If the account belongs to payment processing companies, obviously they are cashing out highly likely due to the coins from merchants. If the account belongs to institutional funds, obviously they are trying to control the price. If the account belongs to miners, obviously they are cashing out mined coins.

As many people have noted, in spite of all the talk about adoption there is still comparatively little demand for use as e-currency (and what is bought for that use is usually sold back on the exchanges very soon, since most merchants prefer to get the cash).  Therefore the price is still sustained entirely by demand from speculators and investors.

I would further claim that the price is sustained entirely by short-term speculation, and mostly in the Chinese exchanges.  I believe that the price generally fell from ~800$ to ~400$  from February to April because their interest in bitcoin was wearing out fast. The cause of that may have been the perceived hostile attitude of the PBoC, the MtGOX debacle, or ordinary clients losing money to a few high-frequency or leveraged traders.

By my reading, after the final tough stance by the government in late April or early May, the exchanges made the field more level and reassured their clients through their joint announcement.  That got the price stabilized at 450$.

In my view the late May mini-bubble was due to a surge in demand in Chine, too.  I still don't knwo what caused that demand, but anyway it seems to have all but collapsed, so the price is almost back to the pre-bubble level.

But even the 450--475$ price is still held up by the Chinese short-term speculators.  If it weren't for them, the price would be less than 350$, perhaps as low as 150$.  

If there is manipulation by a few "whales", it is to keep the price up rather than down.  I see hints of that since late May and even now.  However I don't see how that could be profitable; it seems that it would take a lot of money to just fight a natural downwards trend.  Perhaps those whales were just speculating, only with some insider knowledge that made them more optimistic than the average client.

I know that you are very skeptical of bitcoin's longterm success. If you have the time, you may want to watch the video by Ted Nelson. He coined the term "hypertext" and "hypermedia" in 1963. http://en.wikipedia.org/wiki/Ted_Nelson
Video link: https://www.youtube.com/watch?v=3CMucDjJQ4E

I like and respect him because 1. He is a pioneer in IT 2. He presents his case objectively, without bias.

[Newbie1022]

If you short LTC in the short 5's range, after seeing what happened to people after the last crash when they did that... then God save you. Wait until you at least get a 6 handle. Then have fun.

[grappa_barricata]

If you short LTC in the short 5's range, after seeing what happened to people after the last crash when they did that... then God save you. Wait until you at least get a 6 handle. Then have fun.

Nevermind, I've taken my small profit already (it was toy money). I do not trust the LTC market when i am not in front of the screen. Movements are too big %-wise, it's crazy!

BTW, all hail to Monica.

[ChartBuddy]

Explanation