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

[JayJuanGee]

Good morning Bitcoinland.

Still trying to digest the move up past $580 I see.



Couple more days of generally sideways before the next leg up, or do our Chinese friends speed things up?

There seems to be a lot of decent upwards BTC price pressures at the moment, and really I am gathering the whole dynamics, regarding to how the price is rising slowly and relatively on mediocre volume to be significantly bullish (and not manipulation).

 Surely, some bearwhales can come into this scene at any time to attempt to drive BTC prices down 10% or more, if they can get their hands on a sufficient number of coins for such attempt.  But in the end, the evidence of market performance seems to be adding up to bearwhales running out of coins and ongoing upwards price pressures, and in essence bearwhales may have to go into debt in order to continue to attempt to keep the price flat or even to attempt to push it down.

Hahahahahaha..   accordingly, maybe you are correct, Jimbo, that we are going to experience some sideways, but to me, there seems to be a bit too much tension in the air towards moving us up passed $600 sooner rather than later, which is also beginning to seem as inevitable... even though it hasn't happened, "yet."  

Also, since this upwards movement seems to be going better than anticipated, we may have enough legs to get into the upper $700s before a correction... and there may even be enough momentum to get us significantly into the $800s, and many of us recognize what that means........... BBBBBBBBAAAAAAAAAMMMMMMMM!!!!!!

So, we will see how it plays out.. nothing is ever certain, but currently, the whole situation seems to be coming along real nice.. almost text book nice... with all the baloney negative bitcoin propaganda and distractions towards some vapor coins such as ETH supporting the deadbitcoin theories, and considerably strong BTC fundamentals with ongoing developments including seg wit and the halvening of new supply.... oh my oh my....   by the time the news gets out that bitcoin is a buy, buy, buy, prices may well be in the $900s...

Peeeeee        Pare       yourselves...... folks....  

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[Assmaster2000]

Forget the all-time high. That was faked by Mt. Gox and willybot.

K, so this one will be remembered as The Great China Pump.

Years from now, you'll be telling me to forget this one too?

[JayJuanGee]

Forget the all-time high. That was faked by Mt. Gox and willybot.

Are you saying that we are not getting to another ATH above $1,200 and we should shoot for more modest numbers, such as $585?

 Or are you saying something else, such as this is the real deal, this time?

[JimboToronto]

Surely, some bearwhales can come into this scene at any time to attempt to drive BTC prices down 10% or more, if they can get their hands on a sufficient number of coins for such attempt.  But in the end, the evidence of market performance seems to be adding up to bearwhales running out of coins and ongoing upwards price pressures, and in essence bearwhales may have to go into debt in order to continue to attempt to keep the price flat or even to attempt to push it down.

It seems that when volume decreases, the price tends to creep slowly upward. Even multi-thousand dumps don't hold the price down for long.

As for the bearwhales having to go into debt, they probably are rich enough just to buy coins to dump at a loss, just to protect interests elsewhere if they view Bitcoin as a threat to them.

[dumbfbrankings]

Segwit RC soon to be deployed -

https://github.com/bitcoin/bitcoin/pull/8149

Get ready for a price boost when Segwit comes out of RC unscathed and miners start accepting it bring to an end one chapter of this drama and sending bitcoin in the right direction for scaling.

Thanks for the update

He purposefully ignored forgot a critical component of the mining pool vote to change Bitcoin's operation:



https://www.reddit.com/user/Jihan_Bitmain

Segwit will not be active on the network until Core releases binaries for the 2017 HF.

[Torque]

http://www.bloomberg.com/news/articles/2016-06-06/central-bankers-told-they-should-be-sprinting-toward-blockchain

So... with so many better experts/proponents of Blockchain and Bitcoin, then how the hell did this guy, Adam Ludwin, get an audience with Janet Yellen herself?

Isn't Chain just a small time bitcoin startup?

[Syke]

Or are you saying something else, such as this is the real deal, this time?

This. This rally seems far more natural.

[Elwar]

Sold my house this week. My mortgage was the last thing requiring me to have a bank account. Last mont my landlord started taking bitcoins for rent. He is happy.

Now to get all of that equity into bitcoins quickly.

[Assmaster2000]

Sold my house this week. My mortgage was the last thing requiring me to have a bank account. Last mont my landlord started taking bitcoins for rent. He is happy.

So all this time you've been telling us your landlord accepts BTC, you were just lying? And I trusted you...

[JimboToronto]

Sold my house this week. My mortgage was the last thing requiring me to have a bank account. Last mont my landlord started taking bitcoins for rent. He is happy.

Now to get all of that equity into bitcoins quickly.

Congratulations on being bank- and mortgage-free.

Just say no.

[JayJuanGee]

Surely, some bearwhales can come into this scene at any time to attempt to drive BTC prices down 10% or more, if they can get their hands on a sufficient number of coins for such attempt.  But in the end, the evidence of market performance seems to be adding up to bearwhales running out of coins and ongoing upwards price pressures, and in essence bearwhales may have to go into debt in order to continue to attempt to keep the price flat or even to attempt to push it down.

It seems that when volume decreases, the price tends to creep slowly upward. Even multi-thousand dumps don't hold the price down for long.

As for the bearwhales having to go into debt, they probably are rich enough just to buy coins to dump at a loss, just to protect interests elsewhere if they view Bitcoin as a threat to them.

EXACTLY!!!!!


I personally believe that vested status quo interests engage in a certain amount of "at a loss" dumping practices; however, at some point, their efforts no longer have an effect because they are no longer able to get their hands on a sufficient number of coins in order to negatively affect the price... and the upwards momentum becomes too great for their dumping to have a material effect.

I am not sure whether bitcoin has reached such a stage yet, in which vested interests are having difficulties acquiring coins.... but it sure is possible.

[Fatman3001]

Sold my house this week. My mortgage was the last thing requiring me to have a bank account. Last mont my landlord started taking bitcoins for rent. He is happy.

Now to get all of that equity into bitcoins quickly.

Elwar, you crazy!

[JayJuanGee]

Segwit RC soon to be deployed -

https://github.com/bitcoin/bitcoin/pull/8149

Get ready for a price boost when Segwit comes out of RC unscathed and miners start accepting it bring to an end one chapter of this drama and sending bitcoin in the right direction for scaling.

Thanks for the update

He purposefully ignored forgot a critical component of the mining pool vote to change Bitcoin's operation:



https://www.reddit.com/user/Jihan_Bitmain

Segwit will not be active on the network until Core releases binaries for the 2017 HF.

Yeah...


Good luck with that retarded and destructive approach...


DUMB


 

[JayJuanGee]

Or are you saying something else, such as this is the real deal, this time?

This. This rally seems far more natural.

In some sense, it just seems like price is just going to retrace to it's previous high.. and then the fireworks start thereafter.


Who knows how long such retracing is going to take?  The fastest would be a few more weeks, maybe?  And, maybe a slower scenario would take a couple of years...

More realistically if we retrace over a couple of months, that would be pretty solid, and such a scenario still seems a bit too optimistic at the moment since BTC seems to have tendencies for both overshooting and unexpected moments of irrational exuberance, no?  Difficult to contain such a beast.

[JimboToronto]

I personally believe that vested status quo interests engage in a certain amount of "at a loss" dumping practices; however, at some point, their efforts no longer have an effect because they are no longer able to get their hands on a sufficient number of coins in order to negatively affect the price... and the upwards momentum becomes too great for their dumping to have a material effect.

I am not sure whether bitcoin has reached such a stage yet, in which vested interests are having difficulties acquiring coins.... but it sure is possible.

Indeed. The supply of coins is limited.

While they can print more fiat any time to buy coins to sell at a loss, they're ultimately just adding more demand to the market while supply remains the same or decreases.

This is bound to push the price even higher. For them, this may be an expedient way to try to slow the price increase short-term, but in the long term, it's folly.

[Assmaster2000]

Sold my house this week. My mortgage was the last thing requiring me to have a bank account. Last mont my landlord started taking bitcoins for rent. He is happy.

Now to get all of that equity into bitcoins quickly.

Elwar, you crazy!

Elwar's finally off the grid, living the dream.

[JayJuanGee]

I personally believe that vested status quo interests engage in a certain amount of "at a loss" dumping practices; however, at some point, their efforts no longer have an effect because they are no longer able to get their hands on a sufficient number of coins in order to negatively affect the price... and the upwards momentum becomes too great for their dumping to have a material effect.

I am not sure whether bitcoin has reached such a stage yet, in which vested interests are having difficulties acquiring coins.... but it sure is possible.

Indeed. The supply of coins is limited.

While they can print more fiat any time to buy coins to sell at a loss, they're ultimately just adding more demand to the market while supply remains the same or decreases.

This is bound to push the price even higher. For them, this may be an expedient way to try to slow the price increase, but in the long term, it's folly.

Probably we agree overall about the likelihood of such a practice and maybe even a certain level of futility in attempting to keep it up, yet my theory regarding the best logistics for such is to work out off exchange deals to get coins (either regularly or acquiring through various off exchange sources), and then to dump such coins on the exchanges to bring down the price.

In such a practice, they are attempting to push downward more than upwards, but such a practice becomes more difficult if they are having more difficulties getting sufficiently large quantities of coins off of exchanges... and then even those off exchanges coins become more and more expensive which then indirectly drives up the prices on exchanges (even though that was not the original intent). 

One way around this whole matter happens to be if some exchanges end up being corrupt and reflecting books of more coins than they actually hold - but maybe even that practice becomes more and more difficult because some users may figure it out that they don't really have the coins (or at least not a sufficient quantity of coins to satisfy all account holders). 

Another attempt could be to engage in a kind of leverage to attempt to push the price down by buying coins that you do not have, and that could be both expensive and even lose effectiveness if the price pressure remains upwards, despite dumpings.

[Elwar]

Sold my house this week. My mortgage was the last thing requiring me to have a bank account. Last mont my landlord started taking bitcoins for rent. He is happy.

So all this time you've been telling us your landlord accepts BTC, you were just lying? And I trusted you...

I paid my rent in bitcoin. Bitwa.la allows you to send a SEPA transfer. He was ok with that. Now it's direct.

[RotterdamBitcoinCapital]

Price will go up to 600 USD in a matter of hours. At this moment the price finds itself inside a converging triangle with a floor that is going up and horizontal ceiling of 585,5 USD. This will be a new break out.

It could be even a matter of minutes.

[StraightAArdvark]

Sold my house this week. My mortgage was the last thing requiring me to have a bank account. Last mont my landlord started taking bitcoins for rent. He is happy.

So all this time you've been telling us your landlord accepts BTC, you were just lying? And I trusted you...

I paid my rent in bitcoin. Bitwa.la allows you to send a SEPA transfer. He was ok with that. Now it's direct.

Let me understand this. You convert your paycheck from the US army into bitcoins via BitWage, and then you use Bitwa.la to pay your landlord via a SEPA transfer. BitWage charges you a fee, Bitwa.la charges you a fee, and the SEPA itself is a bank service. So you've added 3 middlemen, fees, and ridiculous complications for what us Luddites do via a seamless p2p cash-in-hand, 0-fee exchange

Why do I feel you're playing me? Other than you never mentioning that you were paying off the filthy fiat loan you got from bankster j00z to buy a house?