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

[lyth0s]

...
Also when I tell people that I can get up to 20% discounts on amazon (using purse.io) people are ecstatic about bitcoin. ...

Lol, "get up to 20%."  I actually checked it out, feel Rickrolled now
Technically, you can get up to 100% off.  Your discount depends on how much of a premium people are willing to pay for your BTC over market.

How it works

Firstly, when someone – Alice, say – wants to use bitcoin to purchase items for a discount from Amazon, she deposits bitcoin in her Purse.io account. Then, using a 'share' URL, she imports her Amazon 'wish list' into Purse.io and indicates what level of discount she would like for the items.

--Coindesk

Much hilarity ensues.

15-20% off happens very often, not sure what is entertaining about that though?

I'm sure it does, my son, because Circle charges more than 20% when you buy BTC with credit cards there  

You're obviously new to the bitcoin scene. Try purse.io and get your 15-20% off before you try to knock it down.

You have to remember that services like coinbase/circle only work in certain countries/states. Countries that need bitcoin the most, like Argentina, usually can't use them and when they try to buy bitcoin off their local legal exchanges/services they pay the countries "official" USD rate, which is basically 20% more than what the bitcoin actually cost AND on top of that the services/ATM's take an extra 5-7% AND the country will later tax them (now their btc address is known) if their value of bitcoin rises against the countries currency.

Welcome newbie, you have a lot to learn.


Also guys please don't quote trollchop. Credit cards do charge a fee for their services, usually a base fee + percent, IE $0.25 + 2-3%. Sometimes the retailer actually doesn't consider having a "credit card fee" since they instead pay a middle man a set rate for their services which comes bundled as the CC machines + network + repair + support and then the middle man turns around and pays the CC visa/mastercard fees.

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[1714761856]

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[adamstgBit]

massive wall down on virtex.

[janos666]

^Bitcoiner logic:

>bitch about 3% credit card fees they neveractually have to pay
>pay 20% too much for Bitcoin AND buy it with credit card

Who pays it then?
I know a PC shop owner who directly charges the exact VISA/Mastercard fees over the cash ticker prices if you draw out your plastic instead of your paper. (No, he doesn't accept BTC or gold/silver, it's a different story.)

The merchant pays it (passing it on to the consumer by inflating the price).

Wait a minute...
Naturally, this was the obvious answer but ... weren't you supposed to be a troll and sh|t and thus deny this answer?
Ah! I guess you finally managed to troll me by reverse-trolling. Nice.

[podyx]

I've been surprised at the degree of correlation between XBTUSD and CL1.  Still and all,
Monkey is telling me to try buying oil again between Monday and Wednesday, but doesn't expect XBT up until late next week.

Mostly, Monkey just expects me to shut up and stay short SPUs until roughly Wednesday.

USDJPY unlikely to see any upside until mid-to-late next week.
EURNOK going *up* through Tuesday or Wednesday.

Monkey expects a lot of turning points next week.  First to turn might be US long bonds.  Monkey actually made me sell, because risk was picking up too much.

Monkey made you sell BTC or US long bonds??

[FatherBob]

You're obviously new to the bitcoin scene. Try purse.io and get your 15-20% off before you try to knock it down.

You have to remember that services like coinbase/circle only work in certain countries/states. Countries that need bitcoin the most, like Argentina, usually can't use them and when they try to buy bitcoin off their local legal exchanges/services they pay the countries "official" USD rate, which is ...

Right.  It's the Argentines that are paying +20% for your BTC with their Argentine CC.  You've fallen, my son, but He forgives.  When was your last confession?  

[kryptopojken]

Gentlemen fasten your seatbelts. Because down we go

[NotLambchop]

...
The merchant pays it (passing it on to the consumer by inflating the price).

Wait a minute...
Naturally, this was the obvious answer but ... weren't you supposed to be a troll and sh|t and thus deny this answer?
Ah! I guess you finally managed to troll me by reverse-trolling. Nice.

You missed a chunk

 This means that if you shop with cash or BTC without getting a discount, you're subsidizing my CC use.  
It also means that Bitcoiners buying coin through purse.io are paying 20% more because they hate paying 3%.

Of course, the alleged 20% savings is actually a loss if you buy your coin through purse.io, amiright?

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[grappa_barricata]

[BlindMayorBitcorn]

In that case there's a good chance a vast number of current investors would leave for good, and price would deflate to level that seems laughably low right now... but then what? Others will pick it up from there, as long as there is the confidence that Bitcoin is useful for something after all. Cue the trolls: "It's about as useful as beanie babies or tulips". I don't need to tell you that's just noise. The usefulness of Bitcoin (or crypto in general) is undisputed. What is up for debate is the scale at which it will be used (and, as a consequence, what the valuation of the network should be).

Forgot to respond before, but Beanie Babies are actually more useful than Bitcoins IMO.

When I hold Bitcoin, I hide them in my cold wallet, too scared to even consider spending any because of the eternal public paper trail it leaves. It's already scary enough to securely handle cold storage considering all possible attack and data loss vectors, but at the same time, I have to be scared that they tremendously lose value again.

At least you can play with Beanie Babies, and some of them actually look nice. Plus, they're already worthless.

I just realized the moderator of this thread might be the most potent beartroll of them all

[JayJuanGee]

Wow, same old people looking at the same old (highly subjective) charts: the cultists interpret them as proof of "adoption", Jorge says the metric is flawed, cultists get all angry, noobs call Jorge names, price continues to go down.

The story of Bitcoin 2014.

Yeah... What an objective summary.....     


NOT   

[ChartBuddy]

Explanation

[Erdogan]

people are adopting bitcoin all the time ... i've adopted it at least 4 or 5 times already.

First you start off by adopting a few percent of your net worth into bitcoin, then you adopt a little more maybe up to 10-15% then before you know it you adopt at the 30-50% and when you realise how absolutely corrupt and broken the fiat socialists ponzi scheme tax-prison farm really is then you go wtf and go all-in 100% adopt bitcoin.

ergo "adoption" is a meaningless non-quantifiable term useless for any sensible analysis.

Right now there is a group of people (ranging between 2-40 million in number) who are willing to hold ~$5 billion worth of value in bitcoin is as much as you can say with confidence. If those same people decided to double their btc hodlings would the be same effect if the numbers of people 'adopting' bitcoin doubled.

Right. Higher value can come from any of these walks of bitcoin adaption. New users getting their first 0.2 BCT, or existing users digging in after self education.

[WeltMaster]

Looks like another test of new recent lows, if we catch this easily it's looking like a bullish triple bottom


I miss the days of watching clark moody with price swings 10x this.

It feels like we've been hovering around what's like 30-40 dollars for months now, with a very much grindingly slow market

[Erdogan]

I've been surprised at the degree of correlation between XBTUSD and CL1.  Still and all,
Monkey is telling me to try buying oil again between Monday and Wednesday, but doesn't expect XBT up until late next week.

Mostly, Monkey just expects me to shut up and stay short SPUs until roughly Wednesday.

USDJPY unlikely to see any upside until mid-to-late next week.
EURNOK going *up* through Tuesday or Wednesday.

Monkey expects a lot of turning points next week.  First to turn might be US long bonds.  Monkey actually made me sell, because risk was picking up too much.

Why do you fuck around with risky junk lie that? Haven't you heard about bitcoin?

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[JorgeStolfi]

Right now there is a group of people (ranging between 2-40 million in number) who are willing to hold ~$5 billion worth of value in bitcoin is as much as you can say with confidence.

As of September 10, there were only ~650'000 addresses in the blockchain with at least 0.1 BTC (~50 USD).  Assming that a bitcoin user must have at least one address with 0.1 BTC in it, that its an upper bound to the number of bitcoiners.

There may be bitcoiners who have their coins scattered into many addresses, all with less than 0.1 BTC.  Or bitcoiners who happened to be out of bitcoins on that date, but had more bitcoins at other times.  On the other hand, there must be many bitcoiners who own several addresses with more than 0.1 BTC.  Threfore, "650'000 bitcoiners" is more likely to be too high than too low.