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

[molecular]

If BTC wants to reach out to the average middle class out there it needs to value itself at $30-50

Hm? What is this?

Would you say gold is too expensive, middle class should buy silver instead because it's cheaper?

A bit (or mBTC) is still only 12 cents. Cheap enough for the middle class to buy?

[1714059833]

1714059833

[1714059833]

1714059833

[1714059833]

1714059833

[1714059833]

1714059833

[1714059833]

1714059833

[1714059833]

1714059833

[Coinseeker]

It's not just the low volume that scares me.  This coincided with Gox restricting and/or disabling bots. It appears that not only do the bots move walls to control the price, but they are also responsible for most of the volume.

 link?

There are some reports earlier in the thread by users who had bots disabled/restricted.  I'll try to find.

Not surprising though. Gox has previously posted on facebook or twitter that they temporarily restricted the bots after a DDOS attack. I believe this was done shortly after the engine upgrade in April. Similar to the present situation, those restrictions also resulted in low volume and stagnant price.

*edit*

some reports around p 337.  https://bitcointalk.org/index.php?topic=178336.msg2087032#msg2087032

For this who missed it. ^

This will probably be the new trend following DDOS attacks. No more panic sells. Rather, Gox disables bots. Price and volume doesn't move until they are re-enabled. Then the pumping and dumping continues.

This is probably a very accurate statement. 

[DougTanner]

I really hope this upward breakout didn't come as a huge surprise to anybody. I understand that there is still a lot of - justified - reservation about the question if the post-bubble correction is really over, and users like evolve and slipperyslope certainly like to remind us of that reservation on a daily basis (no offense. I appreciate the posts of you guys), but any serious look at the recent order book totals, the money flow of the past 6 days, or the sentiment on this forum ("I'm gonna buy *so hard* once price hits 90") should have convinced you that, at least short term, the only way was up. What will happen in a longer time frame, next weeks/months, is another question.

I concur. The absolute deluge of good news over the past week didn't hurt either.

[Quantum_Negatum]

I really hope this upward breakout didn't come as a huge surprise to anybody. I understand that there is still a lot of - justified - reservation about the question if the post-bubble correction is really over, and users like evolve and slipperyslope certainly like to remind us of that reservation on a daily basis (no offense. I appreciate the posts of you guys), but any serious look at the recent order book totals, the money flow of the past 6 days, or the sentiment on this forum ("I'm gonna buy *so hard* once price hits 90") should have convinced you that, at least short term, the only way was up. What will happen in a longer time frame, next weeks/months, is another question.

I concur. The absolute deluge of good news over the past week didn't hurt either.

There is almost no correlation between good/bad news and up/down price. There is however a very strong correlation with volatility and an upward trend when Gox let's the bots do as they please.

[lebing]

If BTC wants to reach out to the average middle class out there it needs to value itself at $30-50

Hm? What is this?

Would you say gold is too expensive, middle class should buy silver instead because it's cheaper?

A bit (or mBTC) is still only 12 cents. Cheap enough for the middle class to buy?

I admire your patience.

[Richy_T]

Hey Bears! *knock knock*

Is it just me or does it look like rpietila flying through the door of the plush hotel ? 

Can't be... where's the limo?

[glendall]

Whew well that was an awesome frenzy morning to wake up to.

Had my sell orders in last night for 121.33 at Gox.  

Looks like that was the perfect place to be... high-fiving myself...

[Piper67]

If BTC wants to reach out to the average middle class out there it needs to value itself at $30-50

Hm? What is this?

Would you say gold is too expensive, middle class should buy silver instead because it's cheaper?

A bit (or mBTC) is still only 12 cents. Cheap enough for the middle class to buy?

I admire your patience.

Yeah, molecular, what's the point in ignoring the troll if you're going to quote him anyway... Nevertheless, your patience is admirable 

[Coinseeker]

I really hope this upward breakout didn't come as a huge surprise to anybody. I understand that there is still a lot of - justified - reservation about the question if the post-bubble correction is really over, and users like evolve and slipperyslope certainly like to remind us of that reservation on a daily basis (no offense. I appreciate the posts of you guys), but any serious look at the recent order book totals, the money flow of the past 6 days, or the sentiment on this forum ("I'm gonna buy *so hard* once price hits 90") should have convinced you that, at least short term, the only way was up. What will happen in a longer time frame, next weeks/months, is another question.

I concur. The absolute deluge of good news over the past week didn't hurt either.

I'm happy for you bulls who guessed right coming out of this "consolidation", if that's what it was.  But let's be real, we're talking a less than 10 point jump here.  Not exactly earth shattering and certainly not enough at this point to blindly believe it wont fall right back down.  I don't see anything fundamentally different other than the bots coming back online.

[Richy_T]

Here is the next triangle.

Uh, no.

[molecular]

Whew well that was an awesome frenzy morning to wake up to.

Had my sell orders in last night for 121.33 at Gox.  

Looks like that was the perfect place to be... high-fiving myself...

that might be a little premature.

[molecular]

If BTC wants to reach out to the average middle class out there it needs to value itself at $30-50

Hm? What is this?

Would you say gold is too expensive, middle class should buy silver instead because it's cheaper?

A bit (or mBTC) is still only 12 cents. Cheap enough for the middle class to buy?

I admire your patience.

Yeah, molecular, what's the point in ignoring the troll if you're going to quote him anyway... Nevertheless, your patience is admirable 

oops. well, I'm at work and I can't read the whole thread (it's become quite impossible anyway, wanted to lower my time-wasting). Only clicking on last 1 or 2 pages (skipping 20-30 at a time) recently.

Didn't notice he was trolling us.

[phoenix1]

Here is the next triangle.

Uh, no.

[Richy_T]

I wonder if bitcoin is at the "too big to fail" stage yet....or how far away are we. Guess depends on your definition of fail maybe..

There is no "too big to fail". There is "corporate welfare" which Bitcoin isn't in line for.

[byronbb]

I really hope this upward breakout didn't come as a huge surprise to anybody. I understand that there is still a lot of - justified - reservation about the question if the post-bubble correction is really over, and users like evolve and slipperyslope certainly like to remind us of that reservation on a daily basis (no offense. I appreciate the posts of you guys), but any serious look at the recent order book totals, the money flow of the past 6 days, or the sentiment on this forum ("I'm gonna buy *so hard* once price hits 90") should have convinced you that, at least short term, the only way was up. What will happen in a longer time frame, next weeks/months, is another question.

This. The market can absorb HUGE volume sells and pops on 10k buys.

[zachcope]

Only way Bitcoin fails is if governments seriously saboteur it by preventing banks from processing fiat transactions in relation to it, but the gamble is that once the establishment tries to assault Bitcoin, the counter force and backlash will serve to propel Bitcoin to the level of a household name and away we go.

This didn't work out to well for online poker.  If major government intervention happens as you describe...SELL, SELL, SELL. 

Au contraire, I first found Bitcoin as a result of the poker 'black friday'. The weak point in online poker was the bank funding re third parties. That got me thinking about how governments can (and do) influence the banks to effectively shut down undesirable industries. The beauty of bitcoin is that it can't be shut down that way. Although exchanges can be attacked or outlawed in individual countries, it is impossible to shut down face to face currency exchange or bitcoin sales. There is no central authority to control, unlike the poker companies.

I use bitcoins to play poker, even though I don't need to (live in Europe) just because I can.

BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC

[Coinseeker]

Here is the next triangle.

Uh, no.

Like I said before, waiting until we break 25 before I loose all hope of getting cheap coin.

Don't give up hope.  This is starting to just look like a little pent up demand to me and possibly nothing more.  This stall in the 120ish range is worth noting. Of course as soon as I say that, it will shoot to 160.  

[Richy_T]

If BTC wants to reach out to the average middle class out there it needs to value itself at $30-50

That assertion has no basis in anything. All Bitcoin needs is infrastructure, wide adoption and stability. The price is actually irrelevant.

[StarenseN]

If BTC wants to reach out to the average middle class out there it needs to value itself at $30-50

Yeah, it's a real shame that bitcoins can not be divided.

I lol'd IRL

[Coinseeker]

Only way Bitcoin fails is if governments seriously saboteur it by preventing banks from processing fiat transactions in relation to it, but the gamble is that once the establishment tries to assault Bitcoin, the counter force and backlash will serve to propel Bitcoin to the level of a household name and away we go.

This didn't work out to well for online poker.  If major government intervention happens as you describe...SELL, SELL, SELL.  

Au contraire, I first found Bitcoin as a result of the poker 'black friday'. The weak point in online poker was the bank funding re third parties. That got me thinking about how governments can (and do) influence the banks to effectively shut down undesirable industries. The beauty of bitcoin is that it can't be shut down that way. Although exchanges can be attacked or outlawed in individual countries, it is impossible to shut down face to face currency exchange or bitcoin sales. There is no central authority to control, unlike the poker companies.

I use bitcoins to play poker, even though I don't need to (live in Europe) just because I can.

BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC

I know man, I was there.  I felt like a part of me had died.     My thoughts are they can absolutely cripple Bitcoins growth via the banks.  Not to mention pushing away all hope of legitamate US business getting on board which will just stagnant Bitcoin altogether.  It would continue in the black markets and underground poker sites, etc. sure....but they can do major damage.  But hey that's negative talk...its' too early for that.   Let's celebrate the rise and hope for the best.  

EDIT:  I stand by my sell order should something major come along.