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

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Coin
Explanation

[NotLambchop]

...
Why the hell are you posting a pic of BTC-E? Does that answer any of these questions?
...

You know the people who think radio static is coded messages from Ramulon and keep sticking their grimy AM radio in your face, as if you should instantly get what they mean?  Me neither, but Sitarow prob'ly does that sort of shit too.

[Sitarow]

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Because that was my point, people buying bitcoin to use it for its supposed utility as a currency.

@NotHatinJustTrollin.

Knowledge, Understanding & Wisdom is a lost art on you it seems.

Why the hell are you posting a pic of BTC-E? Does that answer any of these questions (especially the last one)?
Nope.

it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Unfortunately your lack of wisdom is evidently shown publicly. Your incompetence in exercising understanding is imponderable.
http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/
As of May 2014,
"Today BitPay has processed over $100 Million in total and is currently processing $1 million in transactions a day."

[Sitarow]

...
Why the hell are you posting a pic of BTC-E? Does that answer any of these questions?
...

You know the people who think radio static is coded messages from Ramulon and keep sticking their grimy AM radio in your face, as if you should instantly get what they mean?  Me neither, but Sitarow prob'ly does that sort of shit too.

Here I thought you were the little dog in the troupe.

[NotLambchop]

^Don't you see?

[JorgeStolfi]

The distribution of bitcoins is pretty bad, but I have no idea how it is evolving.  There are many processes going on, some concentrate the coins (for instance, "professional" robot-driving traders collecting coins from many small traders) and others distribute them (for instance, large holders cashing profits by selling at exchanges, directly or through Bitpay). Who knows which kind predominates.

Fiat tends to have poor distribution as well. I've wondered if politics allows newly created money to be concentrated to a few at a faster pace than can trickle down to everyone else. They never see the "trickle down effect". With bitcoin, eventually the new coins stop and has no choice but to slowly become more distributed.

There are at least a couple of threads discussing the distribution of coins by owner:
Distribution of bitcoin wealth by owner (by @rpietila)
How many coins is a lot? (by @joe200)

Those analyses suggest that the distribution of bitcoins is a bit more unequal than the distribution of wealth in the world.

[NotHatinJustTrollin]

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Because that was my point, people buying bitcoin to use it for its supposed utility as a currency.

@NotHatinJustTrollin.

Knowledge, Understanding & Wisdom is a lost art on you it seems.

Why the hell are you posting a pic of BTC-E? Does that answer any of these questions (especially the last one)?
Nope.

it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Unfortunately your lack of wisdom is evidently shown publicly. Your incompetence in exercising understanding is imponderable.
http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/

What about the last question? In a 3-10 billion marketcap currency there are some whales that can dump spend coins, what a surprise.
Who is actually using those bitcoin as a currency?
"people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?"?

[Sitarow]

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Because that was my point, people buying bitcoin to use it for its supposed utility as a currency.

@NotHatinJustTrollin.

Knowledge, Understanding & Wisdom is a lost art on you it seems.

Why the hell are you posting a pic of BTC-E? Does that answer any of these questions (especially the last one)?
Nope.

it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Unfortunately your lack of wisdom is evidently shown publicly. Your incompetence in exercising understanding is imponderable.
http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/

What about the last question? In a 3-10 billion marketcap currency there are some whales that can dump spend coins, what a surprise.
Who is actually using those bitcoin as a currency?
"people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?"?

One is one to many for free advice

However know that the Value of BTC is outside your present perspective.

[NotHatinJustTrollin]

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Because that was my point, people buying bitcoin to use it for its supposed utility as a currency.

@NotHatinJustTrollin.

Knowledge, Understanding & Wisdom is a lost art on you it seems.

Why the hell are you posting a pic of BTC-E? Does that answer any of these questions (especially the last one)?
Nope.

it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Unfortunately your lack of wisdom is evidently shown publicly. Your incompetence in exercising understanding is imponderable.
http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/

What about the last question? In a 3-10 billion marketcap currency there are some whales that can dump spend coins, what a surprise.
Who is actually using those bitcoin as a currency?
"people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?"?

One is one to many for free advise

However know that the Value of BTC is outside your present perspective.

I take it as "I can't answer that shit".

[Sitarow]

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Because that was my point, people buying bitcoin to use it for its supposed utility as a currency.

@NotHatinJustTrollin.

Knowledge, Understanding & Wisdom is a lost art on you it seems.

Why the hell are you posting a pic of BTC-E? Does that answer any of these questions (especially the last one)?
Nope.

it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Unfortunately your lack of wisdom is evidently shown publicly. Your incompetence in exercising understanding is imponderable.
http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/

What about the last question? In a 3-10 billion marketcap currency there are some whales that can dump spend coins, what a surprise.
Who is actually using those bitcoin as a currency?
"people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?"?

One is one to many for free advise

However know that the Value of BTC is outside your present perspective.

I take it as "I can't answer that shit".

Know that your inability or lack of desire to seek out your own understanding has been made clear in our brief exchange of perspectives.


https://twitter.com/GaltsGirl/status/564137655827316737/photo/1

All pleasantries aside...

7:22PM EST

[Spaceman_Spiff]

When you said "purchase everyday things," I didn't realize you meant meth and child porn.  I stand corrected
As far as less shady stuff?  Those merchants accept dollars, not BTC.  That's why the BTC price is calculated for you at the moment of purchase from the real price.

I did mean everyday things. You said illegal items. I asked for proof. Non provided. Whatever, I'm off to do other things. Have a good day!

When was the last time you bought milk, butter or gas with bitcoin?  And I don't mean through a payment processor.

I know those coins get converted to fiat, but how is using a payment processor not 'using bitcoin to purchase things' ?  
Pretty weak comeback NLC, I expect higher quality trolling from you.

[Sitarow]

When you said "purchase everyday things," I didn't realize you meant meth and child porn.  I stand corrected
As far as less shady stuff?  Those merchants accept dollars, not BTC.  That's why the BTC price is calculated for you at the moment of purchase from the real price.

I did mean everyday things. You said illegal items. I asked for proof. Non provided. Whatever, I'm off to do other things. Have a good day!

When was the last time you bought milk, butter or gas with bitcoin?  And I don't mean through a payment processor.

I know those coins get converted to fiat, but how is using a payment processor not 'using bitcoin to purchase things' ?  
Pretty weak comeback NLC, I expect higher quality trolling from you.

[JorgeStolfi]

-The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.

-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

That infographic is a masterpiece of misinformation.  Casual readers will think that the "23 billion USD (57% increase)" is usage for e-payments, but it is either the blockchain traffic or the trading volume at the exchanges.  BitPay has not released any meaningful numbers about the usage for e-payments through them.  Analysis of what seems to be their incoming wallet shows about 1000-2000 BTC per day, constant since mid 2013 at least, which may be miners paying their bills.  Excluding that component, BitPay's traffic seems to be a few hundred BTC per day, which would be perhaps 50 million (not billion) USD in 2014.  So, their unwillingness to post actual numbers is not surprising.

Also, needless to say, all of the companies that they list as "accepting bitcoin" infact do not accept bitcoins, only dollars.

[Spaceman_Spiff]

-The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.

-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

That infographic is a masterpiece of misinformation.  Casual readers will think that the "23 billion USD (57% increase)" is usage for e-payments, but it is either the blockchain traffic or the trading volume at the exchanges.  BitPay has not released any meaningful numbers about the usage for e-payments through them.  Analysis of what seems to be their incoming wallet shows about 1000-2000 BTC per day, constant since mid 2013 at least, which may be miners paying their bills.  Excluding that component, BitPay's traffic seems to be a few hundred BTC per day, which would be perhaps 50 million (not billion) USD in 2014.  So, their unwillingness to post actual numbers is not surprising.

Also, needless to say, all of the companies that they list as "accepting bitcoin" infact do not accept bitcoins, only dollars.

Wow, so you mean that the part that says " bitcoin trading volume" might be about the bitcoin trading volume instead of e-payments.   Shocker !  What a masterpiece of misinformation....

Also, companies that "accept bitcoins" do in fact accept bitcoin. They might not hold the bitcoins, and convert them to fiat, but they do accept them.

[criptix]

-The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.

-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

That infographic is a masterpiece of misinformation.  Casual readers will think that the "23 billion USD (57% increase)" is usage for e-payments, but it is either the blockchain traffic or the trading volume at the exchanges.  BitPay has not released any meaningful numbers about the usage for e-payments through them.  Analysis of what seems to be their incoming wallet shows about 1000-2000 BTC per day, constant since mid 2013 at least, which may be miners paying their bills.  Excluding that component, BitPay's traffic seems to be a few hundred BTC per day, which would be perhaps 50 million (not billion) USD in 2014.  So, their unwillingness to post actual numbers is not surprising.

Also, needless to say, all of the companies that they list as "accepting bitcoin" infact do not accept bitcoins, only dollars.

so everyone accepting paypal is actually not accepting $, € or any other fiat currency?
what happens when paypal will integrate btc this year? still nobody accepting bitcoin?

they do accept bitcoin as payment, the just dont hold it.

[NotHatinJustTrollin]

Analysis of what seems to be their incoming wallet

Very interesting article  

[Sitarow]

-The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.

-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

That infographic is a masterpiece of misinformation.  Casual readers will think that the "23 billion USD (57% increase)" is usage for e-payments, but it is either the blockchain traffic or the trading volume at the exchanges.  BitPay has not released any meaningful numbers about the usage for e-payments through them.  Analysis of what seems to be their incoming wallet shows about 1000-2000 BTC per day, constant since mid 2013 at least, which may be miners paying their bills.  Excluding that component, BitPay's traffic seems to be a few hundred BTC per day, which would be perhaps 50 million (not billion) USD in 2014.  So, their unwillingness to post actual numbers is not surprising.

Also, needless to say, all of the companies that they list as "accepting bitcoin" infact do not accept bitcoins, only dollars.

I use Bitpay as an example however indeed their banner would hold more weight if backed but figures. Understandably this is a competitive market. It is but one service payment option doing business today. More are entering the market including Paypal themselves. Much like the internet As adoption continue in time these numbers will only grow.

Note that this article makes note that they extrapolate the numbers bassed on the fact bitpay has been reusing address.

Analysis of what seems to be their incoming wallet
"A couple days ago I noted that because Bitpay reuses its addresses, it is possible to monitor them and that there hasn’t been much of a growth since May (the last time they announced numbers)."

They refer to this May announcement.
http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/
As of May 2014,
"Today BitPay has processed over $100 Million in total and is currently processing $1 million in transactions a day."

[Spaceman_Spiff]

Analysis of what seems to be their incoming wallet

Very interesting article  

Interesting link indeed.  Always nice to have some numbers to put things in perspective.

[JorgeStolfi]

http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/
As of May 2014,
"Today BitPay has processed over $100 Million in total and is currently processing $1 million in transactions a day."

In May the price was ~450 USD/BTC, and on a good day BiTPay's presumed input wallet received over 2000 BTC.  So, indeed, in May they were processing 1 million USD/day ... tops.

They haven t updated that number since then, though.  Analysis of that wallet suggests that the USD volume that they have been processing has been decreasing with the BTC price.

AND a large fraction of that volume, as noted before, appears to be miners paying their bills, not Joe Public using bitcoins to buy stuff and services.

[NotLambchop]

When you said "purchase everyday things," I didn't realize you meant meth and child porn.  I stand corrected
As far as less shady stuff?  Those merchants accept dollars, not BTC.  That's why the BTC price is calculated for you at the moment of purchase from the real price.

I did mean everyday things. You said illegal items. I asked for proof. Non provided. Whatever, I'm off to do other things. Have a good day!

When was the last time you bought milk, butter or gas with bitcoin?  And I don't mean through a payment processor.

I know those coins get converted to fiat, but how is using a payment processor not 'using bitcoin to purchase things' ?  
Pretty weak comeback NLC, I expect higher quality trolling from you.

Because you're using dollar or pound  or euro  to buy things.  That's why those things are priced in dollar  or euro  or pound, and BTC price is calculated at the exact moment you initiate the transaction.
If you enjoy the game of buying BTC with your money (paying a fee for the privilege), handing that BTC to a payment processor (which also profits from the deal because not charity), which, in turn, converts BTC to real money & pays the merchant you transact with, so that you can risk your money yet again on some shady exchange while BTC price pogoes around like it does ...breathe... you be my guest, but don't expect me to take your game seriously