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

[oda.krell]

Lots of talk from bears who are also losing money on their leveraged positions every day. I say talk because you have already sold or shorted - all you can do is yap or buy the price higher if the market turns.

Waiting for someone else to sell the price lower for you because line on a chart points down. Worked in 2011, right Xiao?

But it's not just a "line on a chart that points down" though.

It's bid sum still being ridiculously low (and still decreasing, while at the end of the 2013 bear market bid sum went nuts, and price clearly followed for example), it's decreasing volume on all exchanges since January (again, after a real capitulation like in 2013, the recovery should be panic buying on progressively increasing volume), the fact that the actual volume on the $150 bottom wasn't all that amazing (on chinese exchanges they are almost a standard volume bar), the fact that overall volume measured in USD in lower than in the 300-400 area especially on chinese exchanges, EW analysis, value of daily mined coins, short term (and also long term) support trend lines broken, recent weak price action etc.

And these are just the technicals.

You seem to have a particular liking for the mythical bidsum without coming clean that the visible order books are a mirage..

I have asked you before but you ignored it.

How much fiat is sat on the exchanges or in hidden bid orders?

And yes technicals are simply 'line on a chart points down or up' however you want to dress it up!

Painting the dance between the longs and shorts as being won currently by shorts is a little silly, lots more money backing the long position, and only a little more and shorts will cover - retail is shorting bitcoin right now, whilst real whales accumulate.

Not necessarily disagreeing with your broader point, but by my experience bid/ask time series on, say, BS and BF is not entirely uninformative, at least as a short-to-mid term predictor.

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[Fatman3001]

leveraged long at 225. another dump unlikely.

Primarily the same definition as "lol", but simply for people who want to be different, and original.
Rowan: Hey, Douglas, Jack got run over today.

Douglas: lel

Rowan: Omg, Douglas, he's in a serious condition! He could die!

Douglas: lel

How douchebags say "lol"; similar to "lolz" or "lawl", but with a greater amount of douchebaggery.
Person 1: *says something funny*
Person 2: LOL
Person 3: LEL

Person 1: wtf o.O?
Person 2: Oh, don't mind him. He's just a douchebag.

http://www.urbandictionary.com/define.php?term=Lel

[uhoh]

what is the bad news?

Maybe one of these:

Bruce Fenton new Exec Director of the Shrem Karpelès & Friends Foundation:
https://blog.bitcoinfoundation.org/the-bitcoin-foundation-welcomes-bruce-fenton-as-executive-director/

Bitcoin Pie Baron arrested for hacking:
http://www.komu.com/news/man-who-claims-he-hacked-columbia-komu-websites-jailed-in-az/

 

[itod]

People dont like the BF because "power". But bitcoin wont survive without  some sort of intelligent benign leadership. But this leadership will have  "power", and people wont like that... Rinse, Repeat.

You either have cake, or you eat cake. Until people get that into their heads, bitcoin will have some tough times ahead..

You obviously haven't followed Bitcoin development on GitHub. There is a " intelligent benign leadership" very much in place, and it has nothing to do with BF. Developers with Gavin as head wouldn't listen to BF if they think something BF is pushing is not good for Bitcoin. All people who's influence on development is significant are employed by large Bitcoin startups, and are very much interested for Bitcoin to succeed so those startups get to successful IPOs when they would monetize their role as core developers. There are no better guardians of Bitcoins then these group of guys, and they can do very well without Bitcoin Foundation, thank you very much.

I'm still on the lists, so considered myself as informed as the next man, but I hope you can clarify things otherwise.

Can you explain this leadership structure that is in place, but has nothing to do with the Foundation?  I obviously missed that one.  

Are you just speculating ( thinking out loud) when you say  "Developers with Gavin as head wouldn't listen to BF if they think something BF is pushing is not good for Bitcoin", or do you have a particular exchange that typifies this view?  Something other than the usual discussions and different views that exist in a normal, healthy environment ( as opposed to this toxic thread).

Explain to me also how these successful startups are going to "monetize their role as core developers"?  That sounds ominous. Like they are just in it for the money, or something.  

There are no better guardians of Bitcoins then these group of guys, and they can do very well without Bitcoin Foundation, thank you very much

So, unelected developers with a purely commercial interest in bitcoin ( in 'owning' it) would, in your eyes, be a better, more transparent and democratic solution for the management of bitcoin than a democratically elected foundation, comprising of members drawn from both business and users.

Dont get me wrong, I am a developer, and developers have an important role to play in the shaping of a project of this nature. But developers are by their nature very narrow in their perspective, and a more broadly based leadership is needed, with business, technology and end user perspectives.

Leadership structure you've asked, although it's surprising you already don't know it if you follow the discussions on Github and on #bitcoin-dev IRC channel, where things are mostly discussed: Gavin Andresen delegated day-to-day code maintenance to Wladimir J. van der Laan, who is official code maintainer since last year. Gavin role is now more as chief scientist, doing new & long term code features not implemented in the current release. There are also a handful of guys like Pieter Wuille, Greg Maxwell & Jeff Garzik whose opinion is considered about every major issue if some code change is accepted or not. There's nothing Bitcoin Foundation can say or do which can make these five guys change their minds about some code change in Bitcoin. Their word is final, and yes I think that's much better then any other system based on what BF board thinks is good for Bitcoin.

[YourMother]

This is how a Bitcoin Baron looks like



I'd totally smash him

[Shatoshi]

Wow, glad I closed my long this morning and opened a short.  Time to make back what I lost on my dumb long.

[fonsie]

Does anybody know if there is/was a forum where you could go 24/7 to tell pre-ipo facebook investors that their investment is a fad, because nobody would be using it, because they could meet their friends in real life or sms/call them, and tell those investors every second of the the day that somebody did not update their facebook status so it was probably dying?

I wonder... or does somebody have some other nice ideas where I could go waste my entire day telling people that whatever they are doing is a fad because I like to tell them that just for my entertainment.

Perhaps 99% of the trolls around here, or the 1 troll, don't know anymore, is actually one of those people that even makes a facebook post when he went to the bathroom to do peepee.  

[fonsie]

I'm bored already, worst dump eva.

Good evening fellow bitcoiners and lovely trolls.

[_javi_]

nonsense dump.
maybe stolen coins.

[Fatman3001]

What do you do to get this guy airborn?
Is there some kind of light signal?



        Super Draper

[12345mm]

with bitcoins you get to stare at some numbers on your computer screen as you lose your money ...

the cool thing about dollars is if you light them on fire and burn them , you get heat as you lose your money ...

they can also be used for paper machet , toilet paper , or as something to write on ...

and if you're the creative type you can make origami or a paper airplane ...

plus you can roll them into a straw for doing coke off of hookers ...

there's literally hundreds of uses for them !

also ... yknow ... they're accepted as legal tender everywhere in the u.s. and most other countries , can be sent anywhere on earth with relative ease and minimal expense , don't fluctuate wildly in value , can't be hacked out of your federally insured bank account or out of your safe welded into the floor of your garage , and haven't lost 82% of their value in a little over a year ...

fuck this fucking pyramid ...

[sAt0sHiFanClub]

Leadership structure you've asked, although it's surprising you already don't know it if you follow the discussions on Github and on #bitcoin-dev IRC channel, where things are mostly discussed: Gavin Andresen delegated day-to-day code maintenance to Wladimir J. van der Laan, who is official code maintainer since last year. Gavin role is now more as chief scientist, doing new & long term code features not implemented in the current release. There are also a handful of guys like Pieter Wuille, Greg Maxwell & Jeff Garzik whose opinion is considered about every major issue if some code change is accepted or not. . Their word is final, and yes I think that's much better then any other system based on what BF board thinks is good for Bitcoin.

This is just maintaining/development of code base. Bitcoin is a lot more than code. I'm CTO of a firm that produces nothing but software, yet only 25% of employees and 20% of the board are developers. The rest are from accounting, sales, legal and marketing backgrounds. Thats what makes a business succeed.

There's nothing Bitcoin Foundation can say or do which can make these five guys change their minds about some code change in Bitcoin

Thankfully for the future of Bitcoin, i believe this to be untrue. Gavin and Greg, et al. are nothing if not pragmatic in their approach to policy. Its why things work at all.

[serpicodk]

I'm bored already, worst dump eva.

Good evening fellow bitcoiners and lovely trolls.

It is so funny to see when after each dump which takes the price down even more, you guys pretend that it is just a small and unimportant market move. 

[Dump3er]

I'm bored already, worst dump eva.

Good evening fellow bitcoiners and lovely trolls.

It is so funny to see when after each dump which takes the price down even more, you guys pretend that it is just a small and unimportant market move.  

Dont be rude with them, they have a hard time.

Better post some hug-gifs...

[hyphymikey]

Instead of stacking all those coins on the ask side to $300, why don't you just dump them and bring us to single digits?

Oh wait, those asks aren't real, I forgot. Sorry.

Edit: If they are in fact real, oh please mighty bear whale, bring us single digit coins. I will gladly buy more than I've ever bought before.

[AlexGR]

I honestly think bitcoin is going to be done within 2-3 years.
These price slumps just aren't sustainable.
Who is going to be interested in an asset that's constantly losing value.

I'm a HODLER but I fear for bitcoin.

You think that most national currencies, outside of EUR, GBP, USD, CHF etc, are "sustainable"? Some countries experience severe currency devaluation like 10-20-30% or more per year. Gold, silver, bitcoins, even mechanic or electronic equipment can be a "parachute" to inflation and devaluation.

The price also doesn't matter in transactions that have to do with individuals outside the banking system. For example if a kid wants to sell his game account or a game item to an online friend of him, he can use bitcoin to the equivalent price-target. Say the kid asks 1000$ for the game account in bitcoins... whether it's 1 BTC = 1000$, or 4 BTC = 1000$ (BTC = 250$), it doesn't matter.

Then the kid can spend this 1000$ (in Bitcoins) through the online retailers, or make it fiat or gold/silver through retailers that accept BTC if he is fearful that the price might slide. But the transaction will be at the appropriate value.

[RWeItc]

I'm bored already, worst dump eva.

Good evening fellow bitcoiners and lovely trolls.

It is so funny to see when after each dump which takes the price down even more, you guys pretend that it is just a small and unimportant market move. 

That's what bulltards have to act until the final capitulation at $0, they need to cheat more average joes and sell bags before it's too late too

[Dump3er]

When price breaks below 210 things will accelarate and terminate this slow blooding...

[lemmyK]

Sorry for the inconvenience.

- Normal service should be resumed in a moment. -

http://www.coindesk.com/price/

[Dump3er]

He deserves respect! Let us praise our Trading-Guru...