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

[Elwar]

So much for the halfing raising price. Small miners quitting. Hate to see the next one.

Price was under $300 in January. I'd say the halving raised the price significantly.

Unless there was some other news that doubled the price in the past 7 months?

No, you're right, the price rise was due to the halvening pump. Now price is coming back down, as always.

Estimated Next Difficulty:   201,904,118,316 (-5.43%)
https://bitcoinwisdom.com/bitcoin/difficulty

Prophesies gettin' fulfilled

Price was $635 at halving. Price now is $655. That is the opposite of down.

[GratisBitcoin]

...
Oh yeah, and this arrived today - https://www.gsx.gi/article/8292/gibraltar-stock-exchange-welcomes-bitcoineti

http://www.theedgemarkets.com/en/article/europes-first-regulated-bitcoin-product-launches-gibraltar

The new BitcoinETI begins trading this week on the Gibraltar Stock Exchange and Germany's Deutsche Boerse and will be available through regulated brokerages across Europe.

I'd say this is pretty big news. Or isn't it?

[JayJuanGee]

So much for the halfing raising price. Small miners quitting. Hate to see the next one.

First:  Where is your proof of your factual statement about small miners quitting?  Do you have anything more than anecdotal evidence of such a supposed phenomenon?

Second:  If above is true, you are implying that there is some kind negative effect of smaller miners quitting?  less decentralized, is that negative effect?  

Third:  regarding raising prices, why would there be an immediate raising, except for pumping and dumping.  It will take several months for the smaller supply of bitcoin to actually be felt, no?


Fourth:  Are you suggesting a drop in hashing power too, or not?   I don't see that, so far.

[ssmc2]

http://www.miamiherald.com/news/local/crime/article91682102.html

But Miami-Dade Circuit Judge Teresa Mary Pooler ruled that Bitcoin was not backed by any government or bank, and was not “tangible wealth” and “cannot be hidden under a mattress like cash and gold bars.”

“The court is not an expert in economics, however, it is very clear, even to someone with limited knowledge in the area, the Bitcoin has a long way to go before it the equivalent of money,” Pooler wrote in an eight-page order.

 

[nioc]

Fourth:  Are you suggesting a drop in hashing power too, or not?   I don't see that, so far.

Yes the HR is down, how can you not see this?  

Hash Rate:   1,363,094,377 GH/s right now

It was ~ 1,550,000 GH/s at halving, had been inching up until halving, held steady for a short while after halving and has recently declined.

That is ~ 12%

[European Central Bank]

well, if there's one thing bitcoin has to burn it's hashrate. what's the biggest ever single drop that was recorded and what was the cause?

[JimboToronto]

Good morning Bitcoinland.

Still going nowhere I see.



No much to talk about price-wise.

[podyx]

http://www.miamiherald.com/news/local/crime/article91682102.html

But Miami-Dade Circuit Judge Teresa Mary Pooler ruled that Bitcoin was not backed by any government or bank, and was not “tangible wealth” and “cannot be hidden under a mattress like cash and gold bars.”

“The court is not an expert in economics, however, it is very clear, even to someone with limited knowledge in the area, the Bitcoin has a long way to go before it the equivalent of money,” Pooler wrote in an eight-page order.

 

[respawn2]

So much for the halfing raising price. Small miners quitting. Hate to see the next one.

Price was under $300 in January. I'd say the halving raised the price significantly.

Unless there was some other news that doubled the price in the past 7 months?

No, you're right, the price rise was due to the halvening pump. Now price is coming back down, as always.

Estimated Next Difficulty:   201,904,118,316 (-5.43%)
https://bitcoinwisdom.com/bitcoin/difficulty

Prophesies gettin' fulfilled

Price was $635 at halving. Price now is $655. That is the opposite of down.

Right. And $680 a few minutes before the halvening, but why quibble? Dropping hashrate is dropping, as the fees escalate. As prophesied

[AlexGR]

Fourth:  Are you suggesting a drop in hashing power too, or not?   I don't see that, so far.

Yes the HR is down, how can you not see this?  

Hash Rate:   1,363,094,377 GH/s right now

It was ~ 1,550,000 GH/s at halving, had been inching up until halving, held steady for a short while after halving and has recently declined.

That is ~ 12%

Hashrate isn't steady - it fluctuates. It fluctuated pre-halving too: https://bitcoinwisdom.com/bitcoin/difficulty

[Elwar]

So much for the halfing raising price. Small miners quitting. Hate to see the next one.

Price was under $300 in January. I'd say the halving raised the price significantly.

Unless there was some other news that doubled the price in the past 7 months?

No, you're right, the price rise was due to the halvening pump. Now price is coming back down, as always.

Estimated Next Difficulty:   201,904,118,316 (-5.43%)
https://bitcoinwisdom.com/bitcoin/difficulty

Prophesies gettin' fulfilled

Price was $635 at halving. Price now is $655. That is the opposite of down.

Right. And $680 a few minutes before the halvening, but why quibble? Dropping hashrate is dropping, as the fees escalate. As prophesied

The price was $660 most of the day then dropped 3 blocks before the halving.

Of course, the long year trend showed that the price would be $660 the day of the halving (as predicted over 2 years ago).

The formula would be close to this:
P = 13.5t + 12
where t = months since November 2012

Before the halving the rate was closer to:
P = .3t + 1
t being months from February 2010

With the formula after the next halving:
P = 20.25t + 660
t being months from July 2016

Price should be bouncing around $680 mid August (though more likely it will be pulled into the $666 hole until there's big enough breakout).

[nioc]

Fourth:  Are you suggesting a drop in hashing power too, or not?   I don't see that, so far.

Yes the HR is down, how can you not see this?  

Hash Rate:   1,363,094,377 GH/s right now

It was ~ 1,550,000 GH/s at halving, had been inching up until halving, held steady for a short while after halving and has recently declined.

That is ~ 12%

Hashrate isn't steady - it fluctuates. It fluctuated pre-halving too: https://bitcoinwisdom.com/bitcoin/difficulty

Yes, I follow the green line as it is the smoothest.  That chart is only 2 months but the recent decline looks different.  There are many things that contribute to fluctuating hashrate and it would seem that the halving is a significant thing.  Yes it's a bit early to tell.

[respawn2]

Of course, the long year trend showed that the price would be $660 the day of the halving (as predicted over 2 years ago).

https://foundersgrid.com/bitcoin-price/

Looks like your tomfoolery is coming to an end, Elwar...

http://bitlegal.io/2016/07/24/eu-commission-to-propose-central-database-of-virtual-currency-users/
EU Commission to propose Central Database of Virtual Currency Users
July 24, 2016
520

The EU Commission in its latest proposal to regulate virtual currency exchanges and custodian wallets (Proposal) suggests a further amendment to the 4th Anti-Money Laundering Directive (4AMLD) which may result in the creation of a central database of virtual currency users (Central VC User Database).

[Moria843]

I hope you're all right. I was a small miner who can no longer afford to mine based on local electricity cost. Just believe there are a lot of others in the same boat who will stay shut down unless the BTC price raises significantly. Don't see lower difficulty having as much of an impact.

[gentlemand]

The new BitcoinETI begins trading this week on the Gibraltar Stock Exchange and Germany's Deutsche Boerse and will be available through regulated brokerages across Europe.

I'd say this is pretty big news. Or isn't it?

No idea. We've already got GBTC and the KNCminer ETN. It's hard to say whether they've done a great deal for Bitcoin as a market entity. It's positive stuff all the same and slowly adds up to some sexiness.

[Elwar]

Of course, the long year trend showed that the price would be $660 the day of the halving (as predicted over 2 years ago).

https://foundersgrid.com/bitcoin-price/

Looks like your tomfoolery is coming to an end, Elwar...

http://bitlegal.io/2016/07/24/eu-commission-to-propose-central-database-of-virtual-currency-users/
EU Commission to propose Central Database of Virtual Currency Users
July 24, 2016
520

The EU Commission in its latest proposal to regulate virtual currency exchanges and custodian wallets (Proposal) suggests a further amendment to the 4th Anti-Money Laundering Directive (4AMLD) which may result in the creation of a central database of virtual currency users (Central VC User Database).

Tomfoolery? I am very open about my use of bitcoins and whom I am. As part of my clearance I never do anything illegal outside of a few traffic violations. The EU is free to watch how I spend my bitcoins, maybe they will learn something and adopt it themselves.

[AlexGR]

Of course, the long year trend showed that the price would be $660 the day of the halving (as predicted over 2 years ago).

https://foundersgrid.com/bitcoin-price/

Looks like your tomfoolery is coming to an end, Elwar...

http://bitlegal.io/2016/07/24/eu-commission-to-propose-central-database-of-virtual-currency-users/
EU Commission to propose Central Database of Virtual Currency Users
July 24, 2016
520

The EU Commission in its latest proposal to regulate virtual currency exchanges and custodian wallets (Proposal) suggests a further amendment to the 4th Anti-Money Laundering Directive (4AMLD) which may result in the creation of a central database of virtual currency users (Central VC User Database).

That's why the EU needs disintegration.

We need more BRexits.

[respawn2]

Tomfoolery?

Yes, your mischief and foolishness. Monkey business, if you will.
EU authorities had just about enough of your crypto shenanigans, Elwar

[Elwar]

Tomfoolery?

Yes, your mischief and foolishness. Monkey business, if you will.
EU authorities had just about enough of your crypto shenanigans, Elwar

I'll be around a lot longer than the EU. No worries.

[adamstgBit]

Of course, the long year trend showed that the price would be $660 the day of the halving (as predicted over 2 years ago).

https://foundersgrid.com/bitcoin-price/

Looks like your tomfoolery is coming to an end, Elwar...

http://bitlegal.io/2016/07/24/eu-commission-to-propose-central-database-of-virtual-currency-users/
EU Commission to propose Central Database of Virtual Currency Users
July 24, 2016
520

The EU Commission in its latest proposal to regulate virtual currency exchanges and custodian wallets (Proposal) suggests a further amendment to the 4th Anti-Money Laundering Directive (4AMLD) which may result in the creation of a central database of virtual currency users (Central VC User Database).

Tomfoolery? I am very open about my use of bitcoins and whom I am. As part of my clearance I never do anything illegal outside of a few traffic violations. The EU is free to watch how I spend my bitcoins, maybe they will learn something and adopt it themselves.

lol right, and so the only names that will ever appear there will be legit users using bitcoin for legal things.

what do they hope to accomplish?