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

[ChartBuddy]

Bitfinex

Bitstamp

Explanation

[JimboToronto]

Gotta be some piece of news...can't seem to find anything  

The only news is that Bitcoin was vastly under-priced and is correcting.

No big deal. It's still far too early to post trains and rockets.

Sinking ships, exploding rockets and derailing trains are equally silly.

[fonsie]

“People fear what they don't understand and hate what they can't conquer.”
― Andrew Smith

[MelMan2002]

Gotta be some piece of news...can't seem to find anything  

The only news is that Bitcoin was vastly under-priced and is correcting.

No big deal. It's still far too early to post trains and rockets.

Sinking ships, exploding rockets and derailing trains are equally silly.

What, so everyone suddenly realized at the same time that it is under-priced??  Brilliant deduction there..

[InvestorPerson]

Gotta be some piece of news...can't seem to find anything  

The only news is that Bitcoin was vastly under-priced and is correcting.

No big deal. It's still far too early to post trains and rockets.

Sinking ships, exploding rockets and derailing trains are equally silly.

What, so everyone suddenly realized at the same time that it is under-priced??  Brilliant deduction there..

just many sheeps running after a little pump 

[DaRude]

Gotta be some piece of news...can't seem to find anything  

The only news is that Bitcoin was vastly under-priced and is correcting.

No big deal. It's still far too early to post trains and rockets.

Sinking ships, exploding rockets and derailing trains are equally silly.

What, so everyone suddenly realized at the same time that it is under-priced??  Brilliant deduction there..

Probably not, but the reason is bitcoin. Just as the reason why it suddenly dropped.

[lyth0s]

Gotta be some piece of news...can't seem to find anything  

The only news is that Bitcoin was vastly under-priced and is correcting.

No big deal. It's still far too early to post trains and rockets.

Sinking ships, exploding rockets and derailing trains are equally silly.

What, so everyone suddenly realized at the same time that it is under-priced??  Brilliant deduction there..

Or just another short squeeze. Billyjoeljean figured the whole thing out. The 4 Punch something....

[solex]

Gotta be some piece of news...can't seem to find anything  

The only news is that Bitcoin was vastly under-priced and is correcting.

No big deal. It's still far too early to post trains and rockets.

Sinking ships, exploding rockets and derailing trains are equally silly.

What, so everyone suddenly realized at the same time that it is under-priced??  Brilliant deduction there..

It's called consensus. Bitcoin is a consensus protocol and so everyone just concluded btc was too cheap. Logical.

[podyx]

[Hfertig]

cant believe that there are still fools around willing to pay more than 200 usd for a bitcoin.

[hmmmstrange]

Most credit cards and banks cover for unauthorized losses, which BTC does not have this insurance.

But they pass this cost of fraud onto the consumer, effectively raising the price of everything you buy. BTC insurance could become a fairly large industry.

Citation please?  People here say that a lot but I've never seen any proof that fraud is a line in COGS

I assume the merchants are subsidising that in the fees they pay.

With the banks getting 29 trillion dollars in bailouts over the last 6 years, what is the cost per transaction taking that into account?

Mainly is the " interchange fee" the Visa and MC and AMex, Disc pays to the middle merchant banks to promote their cards,which includes interest 2-3% and per transaction fees.

Yes merchants pay a cc fee.  But any proof they pass this onto consumer?  I think they just eat it in their margin.  I know my business did

The intermediary bank and association pays for it.

But the "interchange" association will reimburse some of the loss to the final merchant if they used rules like i.d. verification  and physical swipe of transaction  them from the buyer, online sales are much higher risk than physical location, therefore the higher interest and swipe charges for online merchants.

Thank you.

I also think the claim that bitcoin is cheaper than CC is bogus.  Cost per transaction is all time low and it's still around $8-9.  A year ago it was almost $80 per transaction

https://blockchain.info/charts/cost-per-transaction

On top of that there's the 9% inflation from block rewards

With the banks getting 29 trillion dollars in bailouts in the last 6 years, what is their real cost per transaction?

[samsonn25]

exceprts from the Atlantic News article.

Without Drugs, What's the Point of Bitcoin?

The Atlantic By Matt Schiavenza

11 hours ago

"Bitcoin is insanely traceable," Nicholas Weaver, a researcher at UC Berkeley's International Computer Science Institute told the Verge.

As an unregulated currency, Bitcoin appeared to be a natural fit for the illicit drug market. But while Bitcoin is anonymous, it isn't untraceable. When users convert bitcoins to hard currency, their name becomes linked to a "public blockchain" that comprises the entire transactional history of the bitcoin. This would be equivalent to a $20 bill containing a comprehensive history of every person who has touched it since emerging from the printing press. These public blockchains make it very easy for law enforcement officials, once users' identities are compromised, to understand the full extent of their illicit activity.

[KFR]

cant believe that there are still fools around willing to pay more than 200 usd for a bitcoin.

And some of us can't believe that there are still fools around willing to sell a whole Bitcoin for as little as $200 US-printed IOU's.  

[lyth0s]

cant believe that there are still fools around willing to pay more than 200 usd for a bitcoin.

You mean "fools that buy when the price is low"? Or do you believe that some fundamental aspect of bitcoin has become worse and thus the price of $200/coin is somehow now too high?

I assume you are one of the guys that "buy high" during mania's and "sell low" as it drops? If so, I thank you, for without people like you my now daily coin purchases would cost me much more

[luckygenough56]

non-educated millionnaire noob is buyin

[Elwar]

Don't worry if you cannot understand this chart, those that do TA on a daily basis might be able to decipher it. Either way, it means something pretty big.

[Hfertig]

cant believe that there are still fools around willing to pay more than 200 usd for a bitcoin.

You mean "fools that buy when the price is low"? Or do you believe that some fundamental aspect of bitcoin has become worse and thus the price of $200/coin is somehow now too high?

I assume you are one of the guys that "buy high" during mania's and "sell low" as it drops? If so, I thank you, for without people like you my now daily coin purchases would cost me much more

wrong assumption. i never paid more than 14 USD for a coin...

[Elwar]

These public blockchains make it very easy for law enforcement officials, once users' identities are compromised, to understand the full extent of their illicit activity.

That part being the key here.

[JimboToronto]

non-educated millionnaire noob is buyin

Yep. Just one solitary noob.  

[Tzupy]

No short squeeze yet, at least on BFX. If the whales would have let the market slip for another 2 - 3 hours,
a downtrend would have gained momentum. On 1h charts price was hugging the lower BB and PSAR had just flipped to bearish.