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

[fonzie]

[1714624188]

1714624188

[1714624188]

1714624188

[macsga]

Hate to bring up the bad news but there's an announcement today from one of my favorite mining pools out there, BTCGuild.

BTC Guild Shutting Down Likely Being Sold
Earlier today, a news post was made identifying that BTC Guild would be shutting down on January 31, 2015. This post is still available in its entirety on the Bitcointalk forum (https://bitcointalk.org/index.php?topic=49417.msg9395478#msg9395478).


Just hours after making this post, multiple parties have expressed strong interest in purchasing BTC Guild and keeping it running. As a result, the previously announced timeline for closure of operations has been cancelled, and the site will likely continue without interruption.
October 31, 2014

Well; this is sad. I really hope they manage to sell it (as the latest news is) and keep it going. I hate to repeat myself, but I see no reason for the price to go down apart from this:

https://bitcointalk.org/index.php?topic=178336.msg9076376#msg9076376

   
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
2014-10-04, 11:22:52
Reply with quote  Edit message  Delete message  #180527
Hmm... I doubt that early adopters are selling at the moment (why would they anyway)? If it was so this chart would definitely be different.
https://blockchain.info/charts/bitcoin-days-destroyed

On the other hand an interesting thing to do is observe the hashrate chart during the time of the last "dump".
https://blockchain.info/charts/hash-rate

Interesting stuff. Maybe a great pool is "helping" to make this happen?

[arieq]

It's gonna bounce extremely hard when we find our low, till then expect crashes to continue. A week or little more if it continues like this btc will be below 200. I guess the first miners are switching off now.

[inca]

It's gonna bounce extremely hard when we find our low, till then expect crashes to continue. A week or little more if it continues like this btc will be below 200. I guess the first miners are switching off now.

So you are predicting a 40% drop in the next week or so, after a 70% decline from the ATH? Good luck!

[finlon]

It's gonna bounce extremely hard when we find our low, till then expect crashes to continue. A week or little more if it continues like this btc will be below 200. I guess the first miners are switching off now.

Its actually pretty hard to predict what will happen. But hopefull we should see a bounce back from this low.

[BlindMayorBitcorn]

It's gonna bounce extremely hard when we find our low, till then expect crashes to continue. A week or little more if it continues like this btc will be below 200. I guess the first miners are switching off now.

So you are predicting a 40% drop in the next week or so, after a 70% decline from the ATH? Good luck!

It could happen

[spooderman]

how much longer until we are not in a period of time considered critical?

[ChartBuddy]

Explanation

[podyx]

Steady, she goes. This is gonna end up fucking nasty if we don't see any upside soon

[ShroomsKit]

Yes I already took some profit of my short. I will probably reshort on any rally.

BTC is looking really week. I don't want to go long since it went down all of 2014.

It looks weak because of traders scum like you who destroy the market and dump on every person who dares to buy 2 coins.

[spooderman]

shrooms "trader scum" who sell also bought once. You seem to forget this.

Some people buy to hodl, some buy to sell. I advise you to make peace with this reality.

I guess I should also make peace with your general hate spewing.

[ShroomsKit]

The average trader on Bitcointalk:

"The market looks really weak, i have no idea what's goin...oh shit hold on, the price went up, need to dump my coins asap!"

[ShroomsKit]

shrooms "trader scum" who sell also bought once. You seem to forget this.

Some people buy to hodl, some buy to sell. I advise you to make peace with this reality.

I guess I should also make peace with your general hate spewing.

Sure, but don't give me that shit about the market looking weak. Yes of course it fucking looks weak. Everyone is afraid to buy because of these fucking traders just dumping on everyone all day long.
Pretty ironic don't you think? "The market looks weak so i dumped".

"Almost all the cookies are gone from the jar, better take one. Hey that's weird, now there are even less cookies".

Bitcoin traders aren't exactly the smartest people around, are they?

[davidorentol]

Steady, she goes. This is gonna end up fucking nasty if we don't see any upside soon

https://www.youtube.com/watch?v=1tm9FL8AaJA#t=31

[BitAddict]

how much longer until we are not in a period of time considered critical?

When bitcoin breaks ATH and enters into another big bubble.

[Searing]

Yes I already took some profit of my short. I will probably reshort on any rally.

BTC is looking really week. I don't want to go long since it went down all of 2014.

It looks weak because of traders scum like you who destroy the market and dump on every person who dares to buy 2 coins.

well the classic bubble started at 150 usd last oct ...if btc is truly in a boom/bust cycle it is now cycling back to the mean of say about 150 usd

so the catch is ...is btc in a boom/bust cycle (ie it will act irrational in two different directions up and down) in other word will we have another

irrational boom cycle for no particular reason us mortals can figure out (typical market no idea wtf is going on)

or

is bitcoin in the old 'dead cat' spiral downward without a way up ...all the 'wags' on here claim

me I'm getting a refund likely in btc of around 6.3k ....it it hits my wallet I will likely not spend it.....simply let it ride

but yeah pucker factor is definitely in play here

my own thoughts are it will bounce off at around 200 to 150 upward ...because the minons (us) will think it is a great buy

whether it has 'legs' to stablize after all the FUD the gov't and press and such after that point ..i'm clueless

'take your bets gentleman'  in the black or red please...and spin the frigging wheel

[Room101]

number of transactions just hit an all time high, first time we have been above last Decembers bubble peak....only this time is has got there from steady growth. Number of wallets used daily has been at an all time high for some time.....bitcoin continues to grow slowly and steadily.

[fonzie]

http://www.coindesk.com/australian-government-soon-hold-9-million-bitcoin-auction/

24518BTC for sale. Will Tim Draper take this chance to average down?

[ChartBuddy]

Explanation

[oda.krell]

number of transactions just hit an all time high, first time we have been above last Decembers bubble peak....only this time is has got there from steady growth. Number of wallets used daily has been at an all time high for some time.....bitcoin continues to grow slowly and steadily.

Not sure were you're getting the new all time high from... the 7 day smoothed view on blockchain.info (no. of tx excluding popular addresses) still shows the current value slightly below the previous peak...



No. of unique addresses is already at a new high though:




Anyway, I agree with your observation.

I don't usually look for reasons for market states, but if I had to, I'd probably say the 2nd growth spurt of 2013 (i.e. the rally to 1200 USD) vastly outgrew the network size based price, which led to the protracted bear market we're in now.

Since May this year, on the other hand, network growth is picking up nicely, judging by the commonly used metrics, while price is in constant decline, i.e. the reverse of what happened in late 2013. Eventually, there's a good chance the gap between network size motivated price and actual price will be substantial enough to cause the next growth spurt, but I don't claim to know when that is going to happen exactly.