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

[pariahbit]

^
>it looks uncomfortable
>didn't have any real selling conviction
>looked more like
>drive quite strongly back up
>looks like a breakout bull market to me

Bro, do you even pump?
"Global professional services firm Ernst & Young has announced it will auction off 24,518 BTC (worth $12.9m) originally confiscated by a user of defunct online dark market Silk Road." - http://www.coindesk.com/ernst-young-sell-12-million-bitcoin-auction/

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[AmazonStuff]

This looks like a breakout bull market to me ...

Average bitcoin exchange rate of all exchanges is already above yesterday levels, so I could agree.

[marcus_of_augustus]

"Global professional services firm Ernst & Young has announced it will auction off 24,518 BTC (worth $12.9m) originally confiscated by a user of defunct online dark market Silk Road." - http://www.coindesk.com/ernst-young-sell-12-million-bitcoin-auction/

shouldn't be replying to yet another of these scammy trolls but it needs to be pointed out that the last 'official' auction date represented an interim top around 500 in early Nov. 2015. ... wouldn't be at all surprised to see a run up to 680-730 region before this auction now it has broken out.

[pariahbit]

"Global professional services firm Ernst & Young has announced it will auction off 24,518 BTC (worth $12.9m) originally confiscated by a user of defunct online dark market Silk Road." - http://www.coindesk.com/ernst-young-sell-12-million-bitcoin-auction/

shouldn't be replying to yet another of these scammy trolls but it needs to be pointed out that the last 'official' auction date represented an interim top around 500 in early Nov. 2015. ... wouldn't be at all surprised to see a run up to 680-730 region before this auction now it has broken out.

US Government to Sell Over 44,000 Bitcoins Today
Stan Higgins | Published on November 5, 2015 at 15:02 BST http://www.coindesk.com/us-marshals-final-silk-road-bitcoin-auction/

Bitcoin Rally Slows as Price Drops Below $400
Yessi Bello Perez (@yessi_kbello) | Published on November 5, 2015 at 22:57 BST http://www.coindesk.com/us-marshals-final-silk-road-bitcoin-auction/

Welcome to bitcoin!

[marcus_of_augustus]

"Global professional services firm Ernst & Young has announced it will auction off 24,518 BTC (worth $12.9m) originally confiscated by a user of defunct online dark market Silk Road." - http://www.coindesk.com/ernst-young-sell-12-million-bitcoin-auction/

shouldn't be replying to yet another of these scammy trolls but it needs to be pointed out that the last 'official' auction date represented an interim top around 500 in early Nov. 2015. ... wouldn't be at all surprised to see a run up to 680-730 region before this auction now it has broken out.

US Government to Sell Over 44,000 Bitcoins Today
Stan Higgins | Published on November 5, 2015 at 15:02 BST http://www.coindesk.com/us-marshals-final-silk-road-bitcoin-auction/

http://bitcoincharts.com/charts/bitstampUSD#rg60zczsg2015-11-01zeg2015-11-08ztgSzm1g10zm2g25zv 

such losers these troll newbie account spawners ... what's wrong with them that they can't keep using just one account? Are they emotionally or mentally retarded?

[pariahbit]

http://bitcoincharts.com/charts/bitstampUSD#rg60zczsg2015-11-01zeg2015-11-08ztgSzm1g10zm2g25zv  

such losers these troll newbie account spawners ... what's wrong with them that they can't keep using just one account? Are they emotionally or mentally retarded?

Yup, from $500 before the auction to below $400 immediately after. I guess that's a win, afa BTC is concerned

[clopoterian]

Venezuelan Pastry Shop Accepts Bitcoin Despite Public Distrust
"Hernandez acknowledges there is distrust of cryptocurrency, which he thinks explains why he has yet to conduct a sale in cryptocurrency in the two years he has accepted it."

Let's see, if adoption keeps growing at the current [dizzying] rate, in another 2 years he should have ...~pulls out pocket calculator, punches in some numbers, confirms~ ... exactly 0 (ZERO) sales
Pretty good.
The road to universal acceptance is jut around the corner.
To understand the China/West spread...
http://s33.postimg.org/3y5z5t7j3/shootup.png
"This will fix you right up.
Wen you want more, you'll have to buy more bitcoins"

[AlexGR]

Let's say you live in Venezuela. What do you dump for shopping? Local fiat that is being printed like no tomorrow, or BTC that will increase in value (compared to local fiat)?

At Venezuela btc has much higher store of value characteristics than a shopping currency.

[clopoterian]

Let's say you live in Venezuela. What do you dump for shopping? Local fiat that is being printed like no tomorrow, or BTC that will increase in value (compared to local fiat)?

At Venezuela btc has much higher store of value characteristics than a shopping currency.

I'm not sure I understand your objection.
Are you telling me that it's smart for Venezuela stores to accept bitcoin, because no one uses it, or that it's stupid for stores to accept bitcoin, because no one uses it?
Please be specific.

P.S. WTF is a "shopping currency"? Money you can actually use?
As opposed to money you don't use as money, like BTCeanies?

[AlexGR]

Let's say you live in Venezuela. What do you dump for shopping? Local fiat that is being printed like no tomorrow, or BTC that will increase in value (compared to local fiat)?

At Venezuela btc has much higher store of value characteristics than a shopping currency.

I'm not sure I understand your objection.
Are you telling me that it's smart for Venezuela stores to accept bitcoin, because no one uses it, or that it's stupid for stores to accept bitcoin, because no one uses it?
Please be specific.

You have a situation with rampant inflation in your local currency.

You can "spend" dollars as well (if you have them) for shopping, but that would not be wise (for you as a spender) but it would be very good for the shop. It's the same for BTC.

So a store can "accept" anything that is better than Venezuelan currency (let's say you have a shop and you put a sign on it "Now you can buy your groceries with gold, silver, USD and BTC") but the store owner can only wish a client would spend such, instead of using local currency.

The "non-use" of hard assets and currencies for buying stuff in an inflationary economy is simultaneously a use for storing value. You can't have both at the same time.

So to answer your question: If you are a store and you accept bitcoin its smart for you (since you will take the BTCs of the client) but dumb for the BTC-holder to spend it. He should spend local fiat that will go down in rates in like ...the next day or week. This is what must be dumped (the fastest the better).

[practicaldreamer]

Let's say you live in Venezuela. What do you dump for shopping? Local fiat that is being printed like no tomorrow, or BTC that will increase in value (compared to local fiat)?

At Venezuela btc has much higher store of value characteristics than a shopping currency.

I'm not sure I understand your objection.
Are you telling me that it's smart for Venezuela stores to accept bitcoin, because no one uses it, or that it's stupid for stores to accept bitcoin, because no one uses it?
Please be specific.

P.S. WTF is a "shopping currency"? Money you can actually use?
As opposed to money you don't use as money, like BTCeanies?

Hey, whored.

How much have you lost to BTC buttercup ? Not in time BTW, which you continue to haemorrhage, but in $'s. A couple of k ?

Tell the truth now - don't be a deceptive as well as an ineffectual troll.

[clopoterian]

Let's say you live in Venezuela. What do you dump for shopping? Local fiat that is being printed like no tomorrow, or BTC that will increase in value (compared to local fiat)?

At Venezuela btc has much higher store of value characteristics than a shopping currency.

I'm not sure I understand your objection.
Are you telling me that it's smart for Venezuela stores to accept bitcoin, because no one uses it, or that it's stupid for stores to accept bitcoin, because no one uses it?
Please be specific.

P.S. WTF is a "shopping currency"? Money you can actually use?
As opposed to money you don't use as money, like BTCeanies?

Hey, whored.

How much have you lost to BTC buttercup ? Not in time BTW, which you continue to haemorrhage, but in $'s. A couple of k ?

Tell the truth now - don't be a deceptive as well as an ineffectual troll.

Friend, there's no need to be upset, I'm quite open about my bitcoin gambling, which is to say I haven't gambled meaningful sums for almost three years, after cashing out in mid-600s, on the way up.
How about yourself, Honey Bunny, you leveraged long?

[clopoterian]

Let's say you live in Venezuela. What do you dump for shopping? Local fiat that is being printed like no tomorrow, or BTC that will increase in value (compared to local fiat)?

At Venezuela btc has much higher store of value characteristics than a shopping currency.

I'm not sure I understand your objection.
Are you telling me that it's smart for Venezuela stores to accept bitcoin, because no one uses it, or that it's stupid for stores to accept bitcoin, because no one uses it?
Please be specific.

You have a situation with rampant inflation in your local currency.

You can "spend" dollars as well (if you have them) for shopping, but that would not be wise (for you as a spender) but it would be very good for the shop. It's the same for BTC.

So a store can "accept" anything that is better than Venezuelan currency (let's say you have a shop and you put a sign on it "Now you can buy your groceries with gold, silver, USD and BTC") but the store owner can only wish a client would spend such, instead of using local currency.

So much I can teach you about economics The store owner can do much more than "only wish a client would spend such, instead of using local currency." He can give discounts for the currency he wishes to be paid in. That's not even econ. 101, that's kindergarten 101. Duh.

The "non-use" of hard assets and currencies for buying stuff in an inflationary economy is simultaneously a use for storing value. You can't have both at the same time.

Thanks for that bit on insight, Professor Gresham.

So to answer your question: If you are a store and you accept bitcoin its smart for you (since you will take the BTCs of the client) but dumb for the BTC-holder to spend it. He should spend local fiat that will go down in rates in like ...the next day or week. This is what must be dumped (the fastest the better).

And logic fails you once again. It is *NOT* smart for me to accept BTC if no one uses it, just like it's not smart for me to price my goods like this:
"$1.99, but you can pay me $2.99 if you want. Or you can give me an ounce of gold, but you probably won't want to, but no harm in asking, amirite?"
P.S. @practicaldreamer: Come, Pumpkin, how's about sum #? I'm waiting.

[Fatman3001]

^
My guess is sideways today, plunge tonight/Tuesday. I've been hilariously wrong before tho, so there's that.

Hi there Beelzebub! Just wondering: how much have you stacked up by now? 10s? 100s? 1000s?

[r0ach]

Nice, the jew shills are claiming an auction where people typically have to pay higher than market rate is going to cause a dump on June 21st - because that's what people obviously do right?  Buy something and then sell it cheaper for no reason?  Nice try jew shills!  Better work on your propaganda.

Oriental dog does not approve of dishonorable behavior of anti-bitcoin, jew shills in Bitcoin speculation thread

[finkelsteinMonster]

^^You're not fooling anyone, yid
http://img.ifcdn.com/images/c70f141ded201c620a12df152479d8a6159168bf65037871d8a92b1c1ed71863_1.jpg

Oriental dog does not approve of dishonorable behavior of anti-bitcoin jew shills in Bitcoin speculation thread

https://s-media-cache-ak0.pinimg.com/736x/d0/d6/9a/d0d69ae2f94e5ca7823dd5e7c1b8c7e0.jpg

Oh, BTW, that's totally not me in the picture. I just posted my selfie by accident that so you'd know what a Jew looks like.

Zionist buttcoin infiltrator uses false flagery. It's not very effective. Try again, Jew?

[Fakhoury]

"Global professional services firm Ernst & Young has announced it will auction off 24,518 BTC (worth $12.9m) originally confiscated by a user of defunct online dark market Silk Road." - http://www.coindesk.com/ernst-young-sell-12-million-bitcoin-auction/

shouldn't be replying to yet another of these scammy trolls but it needs to be pointed out that the last 'official' auction date represented an interim top around 500 in early Nov. 2015. ... wouldn't be at all surprised to see a run up to 680-730 region before this auction now it has broken out.

I see this is the most appealing scenario that will happen, whales will refuse and decline anyone to buy those bitcoins at any cheap price

[Fakhoury]

[JayJuanGee]

Looks like we've lost the price point. This will be a roller coaster until we reach $666 or $450/$420.

Hopefully we just hit $666 long enough for some rocket fueling stability.

Your above assertions make little sense to me. 

Really, we cannot know for sure what is happening in bitcoinlandia, and there can be a variety of explanations regarding experiencing relatively low trade volume and the direction of the price, and some of them are more convincing than others.

Over the past couple of months, when we generally went up from $403 to $470 on relatively low volume, and then had several price correction attempts to $435, that continued to be on relatively low volume. During that price movement process of relatively low trade volume from $403 to $470, the theory is either that: 1) the bears (sellers) are running out of coins to sell (and no one else really wants to sell when the price goes lower than $440), or that 2) the price is being manipulated by whales (large holders of coins).

After we witnessed the last 72-hour period of fairly decent trade volume appreciation and also based on the extent of the upwards price movement from $450 to $470 and then additional movement nearly to $500 and getting stuck there and then volume going up a bit more to break through $500, the second theory about BTC prices being manipulated becomes less convincing (although the manipulation theory still has a low chance of being true, and no matter what, with such a small market cap, there is always some manipulation that is going to be occurring in the BTC space…   From here, we need at least a 100x price/market cap appreciation to considerably lessen the ease of price manipulations).

Anyhow, so initially when the volume picked up at around $450 in order to push the price up, it appears that the volume had to pick up in order to successfully get through the seller resistance (there were a lot of for sale coins stacked in the $450s and $460s). It would not have been possible to push the price up from $450 on low volume, and that got us into the $470s.. so anyhow that volume pick up was a bit of a sign of a price battle… and I think that the bears would have been tolerant of staying in the $470s price range for a while, however, the bulls had different ideas to push us into the $490s… which is no problem with me (and any other BTC holders).   Yet, thereafter we were in the $490s on relatively low volume, and we experienced an additional boost in volume in order to get BTC prices to move into the lower $500s and largely stay in the lower $500s.

It’s not uncommon to have lessening trade volume coming after a major price movement, and many of us recognize that phenomenon as a price consolidation period. Accordingly in a consolidation period there will tend to be some incremental lessening of trade volume while each side tests the consolidation range and attempts to figure out what to do next (it may not last long, but there may be some volume fluctuations based on some consolidation and disagreement about what price range bitcoin should be). In that regard, each side is considering whether they should attempt to push the price up or attempt to push it down.

Even though currently trade volume is going down a little bit, and it is really kind of soon to call it, and I doubt that we are going to continue to experience low trade volume in the near future. Yeah, I don’t know for sure, but like I suggested above, I think that the bears would have been quite a bit more content with a price range in the $470s, because the various anti-bitcoin propagandists and corporate shills could have continued to relatively convincingly spew out their bullshit propaganda that bitcoin is dead, failing and gonna crash, blah, blah blah etc.

The ability to spew that kind of baloney negative information about BTC becomes quite a bit less convincing the higher and the longer that the BTC price remains above $470 and worse if BTC prices remain a significant number of dollars above $470 (like we are now approaching the mid $530s and higher on a variety of exchanges. Accordingly, if the price stays up, it becomes almost a self-fulfilling prophecy that people buy because they believe BTC prices are going up.. and maybe even people stop selling their BTC because they think the price is going up.. which also creates additional upwards price pressures.

So, in the end, my above description and assessment does not mean for sure that BTC prices are going up, but it pretty much means that bitcoin is not currently in a stable price position, so either there is going to be a price battle that brings BTC prices back down or we will be going up, and at the moment, there seems to be a bit more of an inclination towards upwards price movement, unless some bears can come up with a large number of coins to drive BTC prices below $470 or lower… NOT an impossible occurrence, but I am inclined to think we are going a bit up from here… and prices going up could be on either low volume or high volume.

[ssmc2]

If you're selling now you're doing it wrong