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

[ChartBuddy]

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[macsga]

it's understandable that the questioner would be concerned about a currency who's value changes radically at times, but when you look at the long term charts, it would seem that more and more businesses would gladly accept them once they understand the risk/return.

Imagine selling one computer to someone for 20 BTC (when bitcoin was $65 = $1300) earlier this year, and keeping them safe in a cold wallet. Meanwhile all the others you sold with USD. That one computer sale would now net you close to $8000 so far. That's not a bad profit from simply having a "buy with bitcoin!" button next to your product.

And remember, as more and more people accept and use it, it will be more like using a dollar, where things will be priced in such a manner that it won't matter the value of a dollar, it will be, "How much is it worth in bitcoin".  The hardest part about this whole thing is that it's going from the bottom up.  We, as consumers are trying to get merchants to accept it, and the merchants either need to convert, or get their vendors to accept it, and so forth.  If we could get a very large vendor to accept it as payment for something that many people purchase and resell, then we'd really have a decent grasp on the economy...

Patience my friend... all in the right order

[notthematrix]

I just don't see how bitcoin could become a major currency to buy and sell goods without the volatility issue being mitigated first. This is why I think the 400 billion market cap should come first, and afterwards the whole currency shabang.

well CCTV will explain it to you....
http://www.youtube.com/watch?v=BKEZQ4RFghE
China wants to dump the dollar , is just that simple ,, they want a currency beyond political control ,
a consensus currency more nutral as the red cross.

[600watt]

I just don't see how bitcoin could become a major currency to buy and sell goods without the volatility issue being mitigated first. This is why I think the 400 billion market cap should come first, and afterwards the whole currency shabang.

well CCTV will explain it to you....
http://www.youtube.com/watch?v=BKEZQ4RFghE
China wants to dump the dollar , is just that simple ,, they want a currency beyond political control ,
a consensus currency more nutral as the red cross.

yep, the chinese are behind satoshi nakamoto. they´ve choosen a japanese name, which is brilliant cover for a chinese incentive.

[haightst]

I just don't see how bitcoin could become a major currency to buy and sell goods without the volatility issue being mitigated first. This is why I think the 400 billion market cap should come first, and afterwards the whole currency shabang.

well CCTV will explain it to you....
http://www.youtube.com/watch?v=BKEZQ4RFghE
China wants to dump the dollar , is just that simple ,, they want a currency beyond political control ,
a consensus currency more nutral as the red cross.

bull$hit ..guess who holds most of the bonds? ...hmmm  

[proudhon]

I just don't see how bitcoin could become a major currency to buy and sell goods without the volatility issue being mitigated first. This is why I think the 400 billion market cap should come first, and afterwards the whole currency shabang.

I think this is right.  Bitcoin, as a decentralized currency, simply can't be brought into existence as a usable currency by the standards of what we're all used to right out of the gate.  Its design ensures that that cannot be the case.  Its design practically demands it be a speculative vehicle at the get go (for who knows how long).  What's really interesting is that it's attraction as a speculative vehicle during it's growth phase is, it appears, a necessary step to becoming a decentralized currency (in the useful sense we're all used to in terms of stability, etc.).  If it weren't for its speculative attraction, how would it ever reach a valuation capable of handling lots of transactions for lots of products (from homes to candy bars) on an international scale?

[the_sunship]

What come's next when Bank of America is promoting Bitcoin to it's bussines customers? A crash? 

Link

that is outstanding. Maybe they have plans to implement it somehow? I wonder how B of A can take advantage of bitcoin so that everyone wins....

by the way, that's my bank. They seem to be very up on technological advances, which is why I went to them. 

[notthematrix]

I just don't see how bitcoin could become a major currency to buy and sell goods without the volatility issue being mitigated first. This is why I think the 400 billion market cap should come first, and afterwards the whole currency shabang.

well CCTV will explain it to you....
http://www.youtube.com/watch?v=BKEZQ4RFghE
China wants to dump the dollar , is just that simple ,, they want a currency beyond political control ,
a consensus currency more nutral as the red cross.

bull$hit ..guess who holds most of the bonds? ...hmmm  

exactly! China does , so if the whole population has its savings etc in bitcoins they can savely dump them whitout
riots , of chineese population
and when done saveley switch to a BTC economy.

[proudhon]

I just don't see how bitcoin could become a major currency to buy and sell goods without the volatility issue being mitigated first. This is why I think the 400 billion market cap should come first, and afterwards the whole currency shabang.

I think this is right.  Bitcoin, as a decentralized currency, simply can't be brought into existence as a usable currency by the standards of what we're all used to right out of the gate.  Its design ensures that that cannot be the case.  Its design practically demands it be a speculative vehicle at the get go (for who knows how long).  What's really interesting is that it's attraction as a speculative vehicle during it's growth phase is, it appears, a necessary step to becoming a decentralized currency (in the useful sense we're all used to in terms of stability, etc.).  If it weren't for its speculative attraction, how would it ever reach a valuation capable of handling lots of transactions for lots of products (from homes to candy bars) on an international scale?

Speculation is necessary, and welcomed.

When you start with an idea as brilliant as Bitcoin, yet it's initially worth nothing, you are going to have a long and volatile price discovery period. Speculation, even though it may not seem so from a casual glance, provides liquidity and reduces volatility.

A decentralized, voluntary solution probably isn't going to reach it's maximum potential instantly. It's going to take time. We've barely cracked the surface here.

Completely agree.

[crazy_rabbit]

What come's next when Bank of America is promoting Bitcoin to it's bussines customers? A crash? 

Link

Interesting. Looks like a blog type post though, I doubt it had to go past the top brass before being published. Still however, someone must have seen it and though "yeah thats okay" so it's a good start.

[mccorvic]

What come's next when Bank of America is promoting Bitcoin to it's bussines customers? A crash?  

Link

Interesting. Looks like a blog type post though, I doubt it had to go past the top brass before being published. Still however, someone must have seen it and though "yeah thats okay" so it's a good start.

From the bottom of the page:

Note: Bank of America is not responsible for user posts and other user content appearing on this website and does not endorse or guarantee the perspectives, the advice, the users, the businesses, or the products or services offered by any users or businesses that appear on this website.

[haightst]

What come's next when Bank of America is promoting Bitcoin to it's bussines customers? A crash?  

Link

those clowns!~> the Herndon VA branch still owes me like $100 some bucks from when i tried to withdraw right before the Y2K run!!   *that experience is what made me give up on banks and switch to using credit unions~fwiw

[haightst]

What come's next when Bank of America is promoting Bitcoin to it's bussines customers? A crash? 

Link

Interesting. Looks like a blog type post though, I doubt it had to go past the top brass before being published. Still however, someone must have seen it and though "yeah thats okay" so it's a good start.

~anything goes in San Fran-psyco! LOL 

[Voodah]

Everyone please, stop the madness !

I don't wanna see any more posts (probably americans) with people saying saying China wants to see the USD go down.

This is outright wrong, you need to stop reading this Wall observer and go read the newspapers first.

China is the absolute #1 investor in USD. Get your facts straight.

[notme]

Everyone please, stop the madness !

I don't wanna see any more posts (probably americans) with people saying saying China wants to see the USD go down.

This is outright wrong, you need to stop reading this Wall observer and go read the newspapers first.

China is the absolute #1 investor in USD. Get your facts straight.

Well, since you apparently have your facts straight, please point me to a source that verifies you claim that "China is the absolute #1 investor in USD".

[bassclef]

Everyone please, stop the madness !

I don't wanna see any more posts (probably americans) with people saying saying China wants to see the USD go down.

This is outright wrong, you need to stop reading this Wall observer and go read the newspapers first.

China is the absolute #1 investor in USD. Get your facts straight.

Well, since you apparently have your facts straight, please point me to a source that verifies you claim that "China is the absolute #1 investor in USD".

They do own many billions worth of our bonds.

[seleme]

Slow volume, I've expected more things to happen today.

It's really interesting situation. My view is that 400 has to be broken soon or people might lose confidence and start selling.

[barbs]

Hey guys... I'm locked out of my gox account still, not trying to derail, but can anyone quickly point me to a way I can chat with a gox rep possibly, or is my only avenue to wait for them to answer my ticket? its been 10 hours, there's a bug where they're requesting OTP when i didnt have one enabled ever and now i'm stuck unable to access my account for 10 hours

If anyone can recommend what I can do to expedite or just tell me if i'm stuck and I gotta wait that would be great. Thanks.

[notthematrix]

Slow volume, I've expected more things to happen today.

It's really interesting situation. My view is that 400 has to be broken soon or people might lose confidence and start selling.

Confidence on what? the dollar or the btc

[Voodah]

Everyone please, stop the madness !

I don't wanna see any more posts (probably americans) with people saying saying China wants to see the USD go down.

This is outright wrong, you need to stop reading this Wall observer and go read the newspapers first.

China is the absolute #1 investor in USD. Get your facts straight.

Well, since you apparently have your facts straight, please point me to a source that verifies you claim that "China is the absolute #1 investor in USD".

They do own many billions worth of our bonds.

Yup, pretty much. It has been extremely conductive for their exporting strategy.

China is by far the largest foreign holder of U.S. Treasury securities.  At the end of July, the last month for which official statistics are available, it had stockpiled $1.2773 trillion in Treasuries.  The country is way in front of second-place Japan, whose portfolio was $141.9 billion smaller.  If you add in the Treasuries of autonomous Hong Kong, the hoard of the People’s Republic increases by $120.0 billion.

Source: http://www.forbes.com/sites/gordonchang/2013/10/06/what-if-china-stops-buying-u-s-government-debt/

FWIW though, in the last few weeks, this strategy appears to be shifting, but still, they hold most of the treasuries.