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

[SAQ]

[...] or leaves me with $220k funny money, and my remaining bitcoins valued at $300k/BTC in October, 2013.

Lol.  Go take an anti-delusion pill.

It should be obvious that anyone *really* believing the cruft you write wouldn't be selling, at any time, ever, for whatever reason.

Ergo, you don't believe this crap yourself.

I dunno, a ride up to 300k is gonna be a bumpy ride.

For 1btc to be worth $300k, it would mean that bitcoins has a market cap of 330 trillion dollars. That is, 330 trillion dollars would need to be spent in buying bitcoins. That is not going to happen. Not this year, not this decade, probably not even this century unless we get an American Zimbabwe.

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[JimiQ84]

[...] or leaves me with $220k funny money, and my remaining bitcoins valued at $300k/BTC in October, 2013.

Lol.  Go take an anti-delusion pill.

It should be obvious that anyone *really* believing the cruft you write wouldn't be selling, at any time, ever, for whatever reason.

Ergo, you don't believe this crap yourself.

I dunno, a ride up to 300k is gonna be a bumpy ride.

For 1btc to be worth $300k, it would mean that bitcoins has a market cap of 330 trillion dollars. That is, 330 trillion dollars would need to be spent in buying bitcoins. That is not going to happen. Not this year, not this decade, probably not even this century unless we get an American Zimbabwe.

Wrong. Only about 1,5 million of BTC is traded. Also, the price works differently.

[HerrDoktor]

[...] or leaves me with $220k funny money, and my remaining bitcoins valued at $300k/BTC in October, 2013.

Lol.  Go take an anti-delusion pill.

It should be obvious that anyone *really* believing the cruft you write wouldn't be selling, at any time, ever, for whatever reason.

Ergo, you don't believe this crap yourself.

I dunno, a ride up to 300k is gonna be a bumpy ride.

Not if its only in your mind
On the other side, looks like we gonna test the 125 now fingers crossed

[SAQ]

[...] or leaves me with $220k funny money, and my remaining bitcoins valued at $300k/BTC in October, 2013.

Lol.  Go take an anti-delusion pill.

It should be obvious that anyone *really* believing the cruft you write wouldn't be selling, at any time, ever, for whatever reason.

Ergo, you don't believe this crap yourself.

I dunno, a ride up to 300k is gonna be a bumpy ride.

For 1btc to be worth $300k, it would mean that bitcoins has a market cap of 330 trillion dollars. That is, 330 trillion dollars would need to be spent in buying bitcoins. That is not going to happen. Not this year, not this decade, probably not even this century unless we get an American Zimbabwe.

Wrong. Only about 1,5 million of BTC is traded. Also, the price works differently.

No one knows how many btc would be traded if 1 was worth 10k, 100k, or 300k. Anyone made a comparison with how many were traded when they were worth 3, 10, 30, 100 etc.

In any event, that would require an investment of half a trillion into bitcoins. In 5 - 10 years maybe. In 5 - 10 months? I don't think so. We need to get to 1k for a bitcoin first, then 2k, 5k, 10k, then 50k, then 100k, then 200k, then 400k. Give it a century.

[Rampion]

It appears to me that the capitulation pattern from $145 to $80 has ended. Three days to fall to $80, and three days to recover back to $124.

Question whether the price will surpass $145 or $160 this month - I believe not, based upon the notion that we are in a collapsing bubble.

So, you think the capitulation is over and we are on the way up?

Man, bulls turning bears and bears turning bulls, I'm really puzzled

[phoenix1]

For 1btc to be worth $300k, it would mean that bitcoins has a market cap of 330 trillion dollars.

I think you need to check your maths ...  Price at $300k * 11 million = $3.3 Trillion market capitalisation on my calculator
It's still a long way off though lol

[TsuyokuNaritai]

[...] or leaves me with $220k funny money, and my remaining bitcoins valued at $300k/BTC in October, 2013.

Lol.  Go take an anti-delusion pill.

It should be obvious that anyone *really* believing the cruft you write wouldn't be selling, at any time, ever, for whatever reason.

Ergo, you don't believe this crap yourself.

Doesn't follow. Speculating now could get him more of those $300k bitcoins later. He just wouldn't go all out, at any time, ever, for whatever reason.

[SAQ]

BTW, what does everyone think the top will be before we dive downwards again?

I say 180

[HerrDoktor]

BTW, what does everyone think the top will be before we dive downwards again?

I say 180

I would say 160 is possible, but then this is BTC. So it will do whatever it wants to do.

[Babylon]

Something feels off about that rally, reminds me of something similiar that happened april 28-30 from 125 to 145. I guess i have my tinfoil hat on, but it really does look manipulated.  

It was pretty clearly manipulated.  All those moving walls.

[elux]

Forget the Chinese news, Bitcoin on btcchina.com is already cheaper than on mtgox again.

Yeah. "Nothing to see here people, move along..."

Here is yet another news article on Bitcoin, today from xinhuanet - a news media in China directly controlled by the party.
There are clearly pushing Bitcoin to the public

http://big5.xinhuanet.com/gate/big5/news.xinhuanet.com/info/2013-05/06/c_132361304.htm

There's no way the Chinese populace would be interested in a disinflationary virtual currency, right! Right?  

Hint hint: http://brontecapital.blogspot.co.uk/2012/06/macroeconomics-of-chinese-kleptocracy.html

Especially not when the friggin state news agency goes and instructs them to pay attention.

But... Why? It makes absolutely no sense, right! Or does it?


Could mass adoption of disinflationary money-supply digital currency be the (missing) key to continued depreciation of the yuan?

--> [Read. This. Now.]

In general:

• Could a government ensure sustained competitiveness of industry and exports by embracing mass adoption of cryptocurrency?
• Could a government promote cryptocurrency as a giant, real-life Gold sink?


Per Wikipedia, The Chinese government banned using virtual currency to buy real-world items in 2009 but, crucially, not the reverse.


Currency War.

[SlipperySlope]

So, you think the capitulation is over and we are on the way up?

Man, bulls turning bears and bears turning bulls, I'm really puzzled

As everyone here probably knows, I am a long term bull attempting to multiply my bitcoins by trading this bubble, which compels me to adopt bearish tactics as the opportunity presents.

[Rampion]

So, you think the capitulation is over and we are on the way up?

Man, bulls turning bears and bears turning bulls, I'm really puzzled

As everyone here probably knows, I am a long term bull attempting to multiply my bitcoins by trading this bubble, which compels me to adopt bearish tactics as the opportunity presents.

Then we have the same strategy. I'm also trying to multiply my BTC trading this bubble, but not selling any BTC, only buying (last time I tried to sell I sold at $80.5 hoping to buy back at $70ish just a few days ago, you know how that worked out )

I really expect a bigger correction during this week, selling pressure is quite high, and obviously new money stopped pouring in (or it just slowed down when compared to the times we were in parabolic growth).

[SlipperySlope]

I really expect a bigger correction during this week, selling pressure is quite high, and obviously new money stopped pouring in (or it just slowed down when compared to the times we were in parabolic growth).

When traders say that bitcoin has passed from weak hands to strong ones, they are describing a mechanism that prolongs a bubble collapse.

Certain traders holding losing positions (the weak hands) stop-loss sell to new buyers who can withstand a bit of a drop (the strong hands), until the latter in turn sell as they become the weak hands - right?

I believe that the bubble collapse will take the approximately the same duration as the bubble expansion phase - approximately three months. Plenty of time for more capitulations before the final bottom of this bubble - I think.

[Rampion]

I really expect a bigger correction during this week, selling pressure is quite high, and obviously new money stopped pouring in (or it just slowed down when compared to the times we were in parabolic growth).

When traders say that bitcoin has passed from weak hands to strong ones, they are describing a mechanism that prolongs a bubble collapse.

Certain traders holding losing positions (the weak hands) stop-loss sell to new buyers who can withstand a bit of a drop (the strong hands), until the latter in turn sell as they become the weak hands - right?

I believe that the bubble collapse will take the approximately the same duration as the bubble expansion phase - approximately three months. Plenty of time for more capitulations before the final bottom of this bubble - I think.

I have bids all the way down, from $115 to $32. I really don't think they will be all filled (that would be too good to be true, I would be really surprised and pleased if we go below $50), but during the last crash I learned that I have to follow my own lessons. That means that is important not to let greed to take over - I thought I could sell my hard earned BTC during the crash to buy them later cheaper - and I failed miserably selling them at the very bottom, and had to buy back at a considerable loss. I promise this won't happen again. I will just hold on the mofos, and I will take the chance to buy at every dip.

[Rampion]

Ask sum slowly creeping down

[Richy_T]

Stamp is date and time in unix time with with microsecond precision of the last change.

Oh, I figured the unix time thing. I just wasn't sure what it signifies.

[DougTanner]

Slow and steady rise for the past 3 days.

[el_rlee]

For 1btc to be worth $300k, it would mean that bitcoins has a market cap of 330 trillion dollars. That is, 330 trillion dollars would need to be spent in buying bitcoins. That is not going to happen. Not this year, not this decade, probably not even this century unless we get an American Zimbabwe.

An American Zimbabwe? That's a mathematical Certainty. Questionable however is the time frame.

[SAQ]

Bit boring watching the price right now.

There hardly seems to be any selling. The 124 is relentlessly being pursued. Quite a bit of resistance around 122. Little resistance around 124 - 125, just bears sitting there waiting to be eaten.

I think not much is going to change until late afternoon.