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

[Abandon]

Bitcoin Accumulation Sighted: http://news.goldseek.com/GoldSeek/1373983200.php

[1714967063]

1714967063

[derpinheimer]

Bitcoin Accumulation Sighted: http://news.goldseek.com/GoldSeek/1373983200.php

Bitcoin grows on reducing its use.. yeah, seems legit.

[Abandon]

Bitcoin Accumulation Sighted: http://news.goldseek.com/GoldSeek/1373983200.php

Bitcoin grows on reducing its use.. yeah, seems legit.

The more people horde, the more bitcoin goes up. This is a speculative market, so hording is a good thing, until adoption speeds up. (In which case we can expect another bubble, which may not be too far off.)

[ChartBuddy]

[derpinheimer]

Bitcoin Accumulation Sighted: http://news.goldseek.com/GoldSeek/1373983200.php

Bitcoin grows on reducing its use.. yeah, seems legit.

The more people horde, the more bitcoin goes up. This is a speculative market, so hording is a good thing, until adoption speeds up. (In which case we can expect another bubble, which may not be too far off.)

Or people will just buy altcoins and not pay exorbitant prices for the same thing? It isnt a good thing to have hording. Yes, $100 is $100, no matter if bitcoin is 1c or 10,000, but its room for growth is much different. Since all these coins are speculation & drugs, thats half of the battle.

And "weak hands" exiting the market are the people who might actually do economic activity with bitcoin, which is what will really cause growth.

Bitcoin Accumulation Sighted: http://news.goldseek.com/GoldSeek/1373983200.php

Bitcoin grows on reducing its use.. yeah, seems legit.

The more people horde, the more bitcoin goes up. This is a speculative market, so hording is a good thing, until adoption speeds up. (In which case we can expect another bubble.)

Bitcoin in the hands of more people is what will grow its ecosystem.

Truth.

[Abandon]

There's the adoption rate, and then there's the hoarding percentage.
The higher the percentage of hoarders, who are not weak hands, the more upward pressure there is, as we can see now. So even if the market looks bearish to the weak hands, it won't go down nearly as easily with the strong hand hoarders/investors, who look at the more long-term, or are not easily shaken.

Bitcoin can either go up from adoption, traders, or investors.

If there's an influx of adoption, there is increased demand

If the traders think the market will go up, there is increased demand

If the investors think the price will go up in the long-term, there is increased demand.

It's the weak hands that push the price down (and largely responsible for volatility). The strong hands hold the market up, and prevent it from going to the floor so easily.

[lucas.sev]

There's the adoption rate, and then there's the hoarding percentage.
The higher the percentage of hoarders, who are not weak hands, the more upward pressure there is, as we can see now. So even if the market looks bearish to the weak hands, it won't go down nearly as easily with the strong hand hoarders/investors, who look at the more long-term, or are not easily shaken.

Bitcoin can either go up from adoption, traders, or investors.

If there's an influx of adoption, there is increased demand

If the traders think the market will go up, there is increased demand

If the investors think the price will go up in the long-term, there is increased demand.

It's the weak hands that push the price down (and largely responsible for volatility). The strong hands hold the market up, and prevent it from going to the floor so easily.

The strong hands do nothing, its the big buyers who prevented the slide from continuing and going to the floor.

[Abandon]

There's the adoption rate, and then there's the hoarding percentage.
The higher the percentage of hoarders, who are not weak hands, the more upward pressure there is, as we can see now. So even if the market looks bearish to the weak hands, it won't go down nearly as easily with the strong hand hoarders/investors, who look at the more long-term, or are not easily shaken.

Bitcoin can either go up from adoption, traders, or investors.

If there's an influx of adoption, there is increased demand

If the traders think the market will go up, there is increased demand

If the investors think the price will go up in the long-term, there is increased demand.

It's the weak hands that push the price down (and largely responsible for volatility). The strong hands hold the market up, and prevent it from going to the floor so easily.

The strong hands do nothing, its the big buyers who prevented the slide from continuing and going to the floor.

It's because they did nothing that the buyers were able to prevent it from sliding to the floor. They would be weak hands if they sold.

[ChartBuddy]

[Ultraviolet]

It's been like 4 attempts at 100/100+ that have failed. Unless price begins to move up, sells will come.

[Ultraviolet]

And they will be met with buys.

After it reaches the bottom.

[Abandon]

And they will be met with buys.

After it reaches the bottom.

97 is acting very similar to 100 right now. It can be broken temporarily once in a while, but then it's pushed back.

[capsqrl]

What's going on with volume? Seems like only about 30 BTC has changed hands in the last 30 minutes.

[Rampion]

What's going on with volume? Seems like only about 30 BTC has changed hands in the last 30 minutes.

BTC8.83 in the last 25 minutes to be exact.

That explains how "the traditional banking system is unable to keep up with the demands of a growing Bitcoin economy", poor Gox whose load is crashing the Mizuho bank, which has a yearly revenue of +1 billion

[Frozenlock]

What's going on with volume? Seems like only about 30 BTC has changed hands in the last 30 minutes.

Calm before the storm.

[Rampion]

[molecular]

Gox 98 and Bitstamp hit 89  

People cashing out from Gox and selling on Bitstamp? Must be painful...

Well, it looks like that is what is happening.

Plus, the fact that Roger Ver uploads today an utterly stupid youtube video in which he repeats like a muppet that the delays are caused by "the traditional banking system inability to keep up with the demands of the growing Bitcoin economy" (literally) just makes it FUCKING WORSE.

WTF? Who they want to fool? I don't fear MtGox going broke because of fractional reserve and whatnot, but "the demands of the growing Bitcoin economy" its obviously NOT the problem, WTF are they hiding? That their banks won't deal with Bitcoin businesses anymore and they are struggling to find any bank that do want to work with them? That some of their funds are being freezed and investigated by their banks? What the hell is going on with these guys?

yes

the other explanations (gox illiquid, banks can't handle load) are obvious BS.

[N12]

What's going on with volume? Seems like only about 30 BTC has changed hands in the last 30 minutes.

BTC8.83 in the last 25 minutes to be exact.

That explains how "the traditional banking system is unable to keep up with the demands of a growing Bitcoin economy", poor Gox whose load is crashing the Mizuho bank, which has a yearly revenue of +1 billion

Can't believe how bearish this is. No big money is going to flow in under these conditions, so impulsive upward moves are pretty much guaranteed to not occur.

I do wonder whether all major banks have started to treat MtGox like Wikileaks, and whether that could extend to other exchanges as well.

I'm sure they will find some way for people to withdraw eventually, though, but I have no idea how long it can take.

[Ultraviolet]

Nope. There is a steady buyer that will relish the opportunity to turn up his volume without slippage.

If the market was as bullish as you describe we wouldn't be languishing with our heads below $100 for the last four days.

[Rampion]

What's going on with volume? Seems like only about 30 BTC has changed hands in the last 30 minutes.

BTC8.83 in the last 25 minutes to be exact.

That explains how "the traditional banking system is unable to keep up with the demands of a growing Bitcoin economy", poor Gox whose load is crashing the Mizuho bank, which has a yearly revenue of +1 billion

Can't believe how bearish this is. No big money is going to flow in under these conditions, so impulsive upward moves are pretty much guaranteed to not occur.

I do wonder whether all major banks have started to treat MtGox like Wikileaks, and whether that could extend to other exchanges as well.

I'm sure they will find some way for people to withdraw eventually, though, but I have no idea how long it can take.

I have mixed feelings, from one side I'm 99% sure of Gox's honesty, but I'm also sure they are just a bunch of amateurs... And the fact they either keep silent or spread bullshit makes me think the situation is much worse than it seems.

I'm very tempted to buy BTC at the current price with all my Gox fiat, send them to a paper wallet and come back in September. If Gox is having problems to find banks to work with, probably the other exchanges will follow soon.

BTW, do you know if Bitstamp worked with LR at some point? It seems that Citibank is using that excuse to bounce Gox's wires.