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

[haightst]

So much for the maturing infrastructure, all exchanges are plagued by glitches not worthy of a multi billion currency .

The exchanges are incurable. Do I really need to do this?  

you are about to be flagged and reported ! ..take a moment to check your e:mail inbox or respond here bro!   *many thanks & blessed!

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[dasein]

Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.

How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount...

I suppose comparing to gold or oil would be the answer.

maybe water?

Bitcoin is a protocol and a technology; it's just a layer, not necessarily the layer that directly touches the end-user. It's the many bitcoin businesses that emerge that will leverage the bitcoin technology directly and provide a consumer friendly service to deliver a wide variety of financial products and services, and compete with each other to solve all problems relating to transaction time, security, etc.

[macsga]

Has anyone here thought that BTC is the way to deflate the inflated fiat $ and the Banks get away with it? Why are they're so "pros" to it? Is there a possibility that it's a Bank (or institutional) "child"? 

[Carlor]

Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.

How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount...

I suppose comparing to gold or oil would be the answer.

maybe water?

Bitcoin is a protocol and a technology; it's just a layer, not necessarily the layer that directly touches the end-user. It's the many bitcoin businesses that emerge that will leverage the bitcoin technology directly and provide a consumer friendly service to deliver a wide variety of financial products and services, and compete with each other to solve all problems relating to transaction time, security, etc.

I'm sorry but this is complete bullshit.

The first goal of bitcoin should be to be able to handle the same amount of transactions as visa.
And it is 1700 visa transactions vs 7 possible bitcoin transactions.
I don't understand why so many don't want to see that problem. Still high from the last ath?
Bitcoin is not gold.

[haightst]

Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.

How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount...

sea shells, and food stamps.

no more actual food stamps anymore, now you have wait in line for your "Obama card"! LOL  

[dasein]

Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.

How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount...

I suppose comparing to gold or oil would be the answer.

maybe water?

Bitcoin is a protocol and a technology; it's just a layer, not necessarily the layer that directly touches the end-user. It's the many bitcoin businesses that emerge that will leverage the bitcoin technology directly and provide a consumer friendly service to deliver a wide variety of financial products and services, and compete with each other to solve all problems relating to transaction time, security, etc.

I'm sorry but this is complete bullshit.

The first goal of bitcoin should be to be able to handle the same amount of transactions as visa.
And it is 1700 visa transactions vs 7 possible bitcoin transactions.
I don't understand why so many don't want to see that problem. Still high from the last ath?
Bitcoin is not gold.

No need to apologize, you refuted yourself by not providing any reasoning.

[Richy_T]

So much for the maturing infrastructure, all exchanges are plagued by glitches not worthy of a multi billion currency .

See, when I read that, I hear the word "opportunity". Not one I will choose to take but somebody will before too long.

[solex]

Despite the bubble poppage, there is massive bid depth building across the exchanges. Bitstamp now has 10m USD (up from 700k in the summer and 6m just the other day). BT China now has 55m CNY (up from 5m at the beginning of the rally). I don't know what to make of it. My instinct from April, looking at the asks, and the h4 emas, is to sell because its probably capitulating into 300. But then I look at these new bids and I just don't think its safe. What do you think?

This November bubble rally is nothing like the April one. In April it went up 20x. The post-April level was about $120 when the oscillations finally dampened out. The recent rise is about 5x, and may well be in keeping with all the recent long-term investment and ecosystem expansion.

I have sold a couple of percent of my holding at $585 but am now thinking that the cheap coins from the recent correction are already scooped up.

[jojo69]

The highly secure blockchain is the right medium for small transfers. You will have to have the possibility to buy every day stuff with your smartphone with bitcoin, or it will die. Period. Off-the-chain is the most stupid shit I heard the last weeks.

all I needed to hear, please stop quoting him guys, it makes my head hurt

[tHash]

I'm sorry but this is complete bullshit.

The first goal of bitcoin should be to be able to handle the same amount of transactions as visa.
And it is 1700 visa transactions vs 7 possible bitcoin transactions.
I don't understand why so many don't want to see that problem. Still high from the last ath?
Bitcoin is not gold.

I promise you, bitcoin will not be what you think it should within the next few months.   That is not a guess, that is a promise.   Please do us all a favor and sell your bitcoins now, and leave as quickly as you came.   I can't believe that you are so new and think you know anything . . .   If you want to actually learn, spend some time listening, and asking questions.   Spend less time spouting nonsense.   There is a lot of great insight to be gleaned here, if you are wise.

[adamstgBit]

Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.

How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount...

I suppose comparing to gold or oil would be the answer.

maybe water?

Bitcoin is a protocol and a technology; it's just a layer, not necessarily the layer that directly touches the end-user. It's the many bitcoin businesses that emerge that will leverage the bitcoin technology directly and provide a consumer friendly service to deliver a wide variety of financial products and services, and compete with each other to solve all problems relating to transaction time, security, etc.

I'm sorry but this is complete bullshit.

The first goal of bitcoin should be to be able to handle the same amount of transactions as visa.
And it is 1700 visa transactions vs 7 possible bitcoin transactions.
I don't understand why so many don't want to see that problem. Still high from the last ath?
Bitcoin is not gold.

7/sec is enough for now

their are many solutions, we are actively looking at the solutions and trying to figure out which is best.

this is what software is all about really...

[TheKoziTwo]

The first goal of bitcoin should be to be able to handle the same amount of transactions as visa.
And it is 1700 visa transactions vs 7 possible bitcoin transactions.
I don't understand why so many don't want to see that problem. Still high from the last ath?
Bitcoin is not gold.

Bitcoin is not gold, it's gold 2.0. The whole point of bitcoin is to have money that are decentralized so that government cannot control it. By increasing the blocksize limit too much you will lose that decentralization as the blockchain becomes hosted at few, centralized servers. We don't want such control point, therefore the limit must be increased in accordance to the technological development. We have plenty of time before we need bitcoin to do anything near the volume of VISA. And it certainly isn't the first goal. Bitcoin is first and foremost gold 2.0, and we can use it as a debt settlement mechanism.

[PrymeTyme]

as of now we got  a well balanced book ..  seems the the 580-600 price range is considered fair .. as of now ..

[Richy_T]

Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.

How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount...

I suppose comparing to gold or oil would be the answer.

maybe water?

A basket of water perhaps?

A basket of valuable fluids? Oil, water, bull's semen?

[Sword Smith]

Do anyone know why Bitstamp is more expensive than mtgox atm?

[PrymeTyme]

as of now we got  a well balanced book ..  seems the the 580-600 price range is considered fair .. as of now ..

That was so 80 seconds ago, bitcoins changed a lot since those days

lol.... yup it shifted in athe favour of the ASK .. but as this is a Market like any else ( yea i said that!) as the market is on the lookout for trades
and as of know it wil find those trades at the ASK .. we willl see 600 testet before the low 500 s

[adamstgBit]

as of now we got  a well balanced book ..  seems the the 580-600 price range is considered fair .. as of now ..

yes the dust is clearing.
but will their be another bear? I'm counting on it....

[Richy_T]

I'm sorry but this is complete bullshit.

The first goal of bitcoin should be to be able to handle the same amount of transactions as visa.
And it is 1700 visa transactions vs 7 possible bitcoin transactions.
I don't understand why so many don't want to see that problem. Still high from the last ath?
Bitcoin is not gold.

I don't know enough about the problem to be able to comment with authority but I do know that with the computational power of the Bitcoin network, there's no reason a solution can't be found.

[BldSwtTrs]

What is happening to BTC-e?

Why they are stuck to 512$ whereas the other are way higher

[TheKoziTwo]

Do anyone know why Bitstamp is more expensive than mtgox atm?

I believe there was some issue with fiat deposit that recently got solved. Could be a lot of money hitting the exchange all wanting to get in at once.