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

[MAbtc]

The only thing that worries me is the possibility of a straight shot to the moon.

It is the most frightening thing that exists. It keeps 90% of my coins off the exchange.

I'm showing moderate growth in my exchange account, but not enough to merit the risk of being light on bitcoin when this thing erupts...

Admittedly, my risk threshold is currently extremely high. I accept that. No more than 25% cold, currently 21%. I entered this market in April 2013 with very little money to put in. I set firm goals for bitcoin accumulation and am well on my way there. If I can make it there..... it's pure hodling from there on out.

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[BitChick]

What is up with the sell off?  It is not like the FBI is auctioning off the coins tomorrow.  

Plus there is some really good news out there today too with a major sports team taking BTC.

Sometimes I just don't get it.  Actually, I NEVER get it.

Yes, but they announced it. So now the price will reflect post-sale.

Also new merchant is meh. They don't accept BTC as a currency. They only accept BTC as business. Yea it's good for BTC in general, but not good for the price.

Hmm.  I remember after the silk-road shut down announcement in Oct. there was a panic sell but then we proceeded to go on a run to the last ATH after that in November.  So maybe this little panic sell off is a good sign?

Well, I'm hoping for a huge panic sell off. :/ But looking at the new merchants accepting BTC, it looks like a mess dealing with refunds. Coinbase & Bitpay take no responsibility for BTC volatility and it's up to the merchant to figure it out themselves. I sense a lot of complaints in the future.

It's not complicated. It will be handled like this;
Do you agree to pay Overstock.com $100
You click yes you are agreeing to pay them $100 and your payment method is bitcoin
Your $100 will be refunded via bitcoin, whether that equals 1B or 0.1B
Bitcoin is not the currency but rather the method of transferring funds

I accidentally paid twice last week using some coin (0.067) from Gox.  I hit "confirm" twice and then the payment was sent twice.  Overstock.com sent me back 0.07 on Monday.  It took a couple days and because of the change in price I actually got a little more sent back.    It worked out well this time.  Of course, if the price had shot up I could have lost some too but that is the way it goes.

[adamstgBit]

What is up with the sell off?  It is not like the FBI is auctioning off the coins tomorrow.  

Plus there is some really good news out there today too with a major sports team taking BTC.

Sometimes I just don't get it.  Actually, I NEVER get it.

Yes, but they announced it. So now the price will reflect post-sale.

Also new merchant is meh. They don't accept BTC as a currency. They only accept BTC as business. Yea it's good for BTC in general, but not good for the price.

Hmm.  I remember after the silk-road shut down announcement in Oct. there was a panic sell but then we proceeded to go on a run to the last ATH after that in November.  So maybe this little panic sell off is a good sign?

Well, I'm hoping for a huge panic sell off. :/ But looking at the new merchants accepting BTC, it looks like a mess dealing with refunds. Coinbase & Bitpay take no responsibility for BTC volatility and it's up to the merchant to figure it out themselves. I sense a lot of complaints in the future.

It's not complicated. It will be handled like this;
Do you agree to pay Overstock.com $100
You click yes you are agreeing to pay them $100 and your payment method is bitcoin
Your $100 will be refunded via bitcoin, whether that equals 1B or 0.1B
Bitcoin is not the currency but rather the method of transferring funds

What if that's 10B and you only paid 1B? Do you see the problem now?

they can use the dollars they get to market buy and send you that wtv that maybe.

wats the problem?

or store credit

or no returns.

[notme]

Here is an obscenely bullish desktop wallpaper (for usage as pr0n substitute), concentrating at this multiple times a day for 2 minutes each time will release endorphins and convert every bear into a bull after long enough exposure. I have made it 1024*768 for old laptops, I can make higher resolutions too. 

this is cool, but can you make a negative of that? I prefer a dark background. Thanks.

Open in gimp (http://www.gimp.org), right click image, colors->invert.  Save image.  Thanks.

[virtualfaqs]

What is up with the sell off?  It is not like the FBI is auctioning off the coins tomorrow.  

Plus there is some really good news out there today too with a major sports team taking BTC.

Sometimes I just don't get it.  Actually, I NEVER get it.

Yes, but they announced it. So now the price will reflect post-sale.

Also new merchant is meh. They don't accept BTC as a currency. They only accept BTC as business. Yea it's good for BTC in general, but not good for the price.

Hmm.  I remember after the silk-road shut down announcement in Oct. there was a panic sell but then we proceeded to go on a run to the last ATH after that in November.  So maybe this little panic sell off is a good sign?

Well, I'm hoping for a huge panic sell off. :/ But looking at the new merchants accepting BTC, it looks like a mess dealing with refunds. Coinbase & Bitpay take no responsibility for BTC volatility and it's up to the merchant to figure it out themselves. I sense a lot of complaints in the future.

It's not complicated. It will be handled like this;
Do you agree to pay Overstock.com $100
You click yes you are agreeing to pay them $100 and your payment method is bitcoin
Your $100 will be refunded via bitcoin, whether that equals 1B or 0.1B
Bitcoin is not the currency but rather the method of transferring funds

I accidentally paid twice last week using some coin (0.067) from Gox.  I hit "confirm" twice and then the payment was sent twice.  Overstock.com sent me back 0.07 on Monday.  It took a couple days and because of the change in price I actually got a little more sent back.    It worked out well this time.  Of course, if the price had shot up I could have lost some too but that is the way it goes.

That's the point I'm trying to make. Overstock.com policy is 30 days. If BTC price goes down in 30 days, there are going to be people who will refund and rebuy. Will that be fraud or policy?

[adnanabbas]

When do you think we will see 800 at gox?

[deadfi$h]

Since all action is following Huobi, and Huobi is sitting on the 38.2% fib support, I think a small bounce would be in order before a retest and breakout, if downside breakout is coming.

How small of a bounce are you thinking? 4925ish?

5100 is the next fib resistance and ~ intersects with the post-ATH consolidation's moving support. So I wouldn't want to see that broken to the upside. 5000 was the top of the last push, maybe there.

You may be right. Staying below the previous support in the 4950s would be a much more bearish scenario though.

That would be my preference since I have a small short position open  

4950 is also the dead cat bounce fib 61% line from the smallish Huobi drop a couple hours ago. That's my target to exit if broken. Assuming Stamp follows suit on all this since that's where I'm trading.

[JorgeStolfi]

So that the Bears do not feel slighted by that extrapolation wallpaper:



(At its peak, WorldCom was worth over 100 billion USD. AFAIK it was the largest bankruptcy in US history.)

EDIT: bitcointalk seems to be truncating the image for some reason.  You may get it here:
http://www.ic.unicamp.br/~stolfi/temp/worldcomm-closing-price-log-extrap.png

[N12]

That's the point I'm trying to make. Overstock.com policy is 30 days. If BTC price goes down in 30 days, there are going to be people who will refund and rebuy. Will that be fraud or policy?

The price dropped, they aren't gaining any purchasing power. They can also just buy normally. Who the hell bothers for those amounts, and who will really want to return his product for that?

Don't see it being a problem.

[thms]

There will be a huge speculative sell soon... holders will sell their coins to buy later when the price drops

[notme]

There will be a huge speculative sell soon... holders will sell their coins to buy later when the price drops

You speak with such authority, clearly you have seen the future.  I have sold everything.  Tell me, at what price should I buy?

[shmadz]

Open in gimp (http://www.gimp.org), right click image, colors->invert.  Save image.  Thanks.

Thank you, but I can not seem to save the image as anything other than .xcf and I can't seem to make windows accept that as a background, any other options?

[deadfi$h]

The only thing that worries me is the possibility of a straight shot to the moon.

It is the most frightening thing that exists. It keeps 90% of my coins off the exchange.

I'm showing moderate growth in my exchange account, but not enough to merit the risk of being light on bitcoin when this thing erupts...

I don't understand this mentality. A jump to any sort of high level of price is going to take days and weeks and months. Why not ride it up when it's going up and down when it's going down? There's always time to jump back in.

If you don't have the time or desire to pay close attention to the markets, then buy and hodl can be a decent strategy. I don't know, it just makes me nervous going to sleep with a trade open.

[Adrian-x]

That's the point I'm trying to make. Overstock.com policy is 30 days. If BTC price goes down in 30 days, there are going to be people who will refund and rebuy. Will that be fraud or policy?

Good point, the solution store credit or refund in XBT after you pay a restocking fee.

[JorgeStolfi]

Thank you, but I can not seem to save the image as anything other than .xcf and I can't seem to make windows accept that as a background, any other options?

use "Export" rather than "Save" to save in a format other than .xcf

[Adrian-x]

The only thing that worries me is the possibility of a straight shot to the moon.

It is the most frightening thing that exists. It keeps 90% of my coins off the exchange.

I'm showing moderate growth in my exchange account, but not enough to merit the risk of being light on bitcoin when this thing erupts...

I don't understand this mentality. A jump to any sort of high level of price is going to take days and weeks and months. Why not ride it up when it's going up and down when it's going down? There's always time to jump back in.

If you don't have the time or desire to pay close attention to the markets, then buy and hodl can be a decent strategy. I don't know, it just makes me nervous going to sleep with a trade open.

I thought like you once, and waiting to buy back in after Bitcoin went north of $10, I knew I was going to nail this market.

[shmadz]

The only thing that worries me is the possibility of a straight shot to the moon.

It is the most frightening thing that exists. It keeps 90% of my coins off the exchange.

I'm showing moderate growth in my exchange account, but not enough to merit the risk of being light on bitcoin when this thing erupts...

I don't understand this mentality. A jump to any sort of high level of price is going to take days and weeks and months. Why not ride it up when it's going up and down when it's going down? There's always time to jump back in.

If you don't have the time or desire to pay close attention to the markets, then buy and hodl can be a decent strategy. I don't know, it just makes me nervous going to sleep with a trade open.

I'll try to explain.

I'm in a bit of an awkward position. I live in Canada. I'm a miner. The only reliable withdrawl method I've found is cavirtex. They charge me 1.5% per trade, so if I try to trade too close to the edge, I will get burned.

However, the fiat withdrawls are fast (1 or 2 days) and directly into my bank account; the withdrawls also incur only a flat 6 dollar fee. So, I guess I'm trading as more of a hedge than an opportunity.

A miners life for me  

[deadfi$h]

The only thing that worries me is the possibility of a straight shot to the moon.

It is the most frightening thing that exists. It keeps 90% of my coins off the exchange.

I'm showing moderate growth in my exchange account, but not enough to merit the risk of being light on bitcoin when this thing erupts...

I don't understand this mentality. A jump to any sort of high level of price is going to take days and weeks and months. Why not ride it up when it's going up and down when it's going down? There's always time to jump back in.

If you don't have the time or desire to pay close attention to the markets, then buy and hodl can be a decent strategy. I don't know, it just makes me nervous going to sleep with a trade open.

I thought like you once, and waiting to buy back in after Bitcoin went north of $10, I knew I was going to nail this market.

But do you think your problem was selling in the first place or that you misjudged the market and should have bought back in sooner? You would have had some great opportunities to buy back in after that rise and crash.

There are some pretty awesome benefits of trading vs hodling though. Like for instance in that bloody day after the BTC-China news, I increased my account 60%. Hodlers did not. I'm all for hodling in a raging bull market  

[notme]

Open in gimp (http://www.gimp.org), right click image, colors->invert.  Save image.  Thanks.

Thank you, but I can not seem to save the image as anything other than .xcf and I can't seem to make windows accept that as a background, any other options?

File->export or file->Overwrite previous.filename

Gimp supports jpg, PNG, gif, BMP, and about 100 other formats, so you should be able to save it however you'd like.  Also, http://lmgtfy.com/?q=gimp+save+as+png&l=1

The technology and information to empower you is out there if you will only look.

[ChartBuddy]

Explanation