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

[ChartBuddy]

Coin
Explanation

[Andre#]

I did  read  it.

Both the  account  and  guy were wrong if  they blindly  send  50k wires by email  instructions. 

Of course. Just as wrong as people who leave bitcoin and fiat on exchanges. But the point was to disprove NotLambchop's fabulous consumer protection that banks give according to him. They don't.

[NotLambchop]

...
Apparently not, because he tried (did you read the story?). So where is the fabulous consumer protection? Oh, right, there was no merchant paying for it. So, though luck!

Lol, you've got to be kidding me.  I didn't read past "I run an accelerator for Bitcoin startups" (eyeraping stylesheet, fuuuuk) to know the whole thing's a good story, bro.

A Bitcoin entrepreneur (yes, a euphemism. yes, safe to assume I'm laughing my ass off as I'm typing) ... wait for it... blaming banks.  Imagine?

Andre#, if you're trying to kill me by making me die from laughter, it ain't gonna work.  I read Bitcointalk, my tolerance is sky-high.

[picolo]

Price seems to be going down a bit now. But I don't think this is going to end in another flash crash. And even if we should go down as much as last night, it will only show the resilience Bitcoin has managed to gain over the past weeks!

to me it looks like a slow grind down.

I feel it could go up to get closer to 300$, the market is very volatile but we have been sub 250$ enough time

[billyjoeallen]

Price seems to be going down a bit now. But I don't think this is going to end in another flash crash. And even if we should go down as much as last night, it will only show the resilience Bitcoin has managed to gain over the past weeks!

to me it looks like a slow grind down.

We've been consolidating with higher highs since Feb Jan 30. Hardly a grind down.

FTFY

why would someone look at this chart and make this assumption on a less than a one month timeframe? Zoom out to one year and all I see is lower highs and lower lows with no indication for a turnaround. Even the downtrend has not been tested once...

It's not a grind down. It's flatter than I've seen it in years. This is a good thing. Our jobs as the decentral bankers is to eat volatility and for now we've eaten it.

[NotLambchop]

...This is a good thing. Our jobs as the decentral bankers is to eat volatility and for now we've eaten it.

Bitcoin's only selling point was its volatility--a socially acceptable & borderline legal form of gambling.
Thanks for ruining my Bitcoin

[itod]

Lets see how this translates 2,600 years ago...

Real wealth is houses, land, cars, food, services, etc.  Wealth gets created and destroyed, sometimes both in quick succession, as when a cook prepares a meal that gets eaten right away.  

Gold does not create any wealth. Its contribution to productivity, by (allegedly) being a more efficient payment instrument is tiny.  In fact, the contribution of gold to world's production of wealth, so far, has been humongously negative: 100 times (at least) more wealth has been destroyed by the gold system than has been created thanks to it.

Does not translate.  The replacement of barter by money transactions hugely improved the flow of goods and services, by breaking down complicated multi-party trasactions into independent two-party steps, that could be widely separated in time and space.

Bitcoin, on the other hand, has not yet brought any significant contributions to commerce.  The benefits of bitcoin are, at best, the saving of a few percent in the price of international payments. That is counted as a benefit, because otherwise the payment of those extra fees would have meant waste of work by bank staffers, for services that (allegedly) were not really necessary.  All those saved fees together may barely add up to 10 million dollars.

It is not entirely true that Bitcoin has not yet brought any significant contributions to commerce. Last time I've executed SWIFT international money transfer it was a pain in the ass. Spent half an hour in the bank and had to manually fill and sign a few forms on pieces of paper, bring the paper copy of the invoice to the bank employee, etc. Not to mention the fees, they were far from insignificant. I'm not saying Bitcoin is the similar contribution to civilization as invention of gold coins, but it is not without some practical advantage.

[samsonn25]

I did  read  it.

Both the  account  and  guy were wrong if  they blindly  send  50k wires by email  instructions.  

Of course. Just as wrong as people who leave bitcoin and fiat on exchanges. But the point was to disprove NotLambchop's fabulous consumer protection that banks give according to him. They don't.

Credit  card  would  have that protection. And  thats what bitcoin  doesn't  have fraud protection  and  reimbursememt.  Thats the few percentage  points  difference between them both for the transaction  fees.

[BrewCrewFan]

Lets see how this translates 2,600 years ago...

Real wealth is houses, land, cars, food, services, etc.  Wealth gets created and destroyed, sometimes both in quick succession, as when a cook prepares a meal that gets eaten right away.  

Gold does not create any wealth. Its contribution to productivity, by (allegedly) being a more efficient payment instrument is tiny.  In fact, the contribution of gold to world's production of wealth, so far, has been humongously negative: 100 times (at least) more wealth has been destroyed by the gold system than has been created thanks to it.

Does not translate.  The replacement of barter by money transactions hugely improved the flow of goods and services, by breaking down complicated multi-party trasactions into independent two-party steps, that could be widely separated in time and space.

Bitcoin, on the other hand, has not yet brought any significant contributions to commerce.  The benefits of bitcoin are, at best, the saving of a few percent in the price of international payments. That is counted as a benefit, because otherwise the payment of those extra fees would have meant waste of work by bank staffers, for services that (allegedly) were not really necessary.  All those saved fees together may barely add up to 10 million dollars.

It is not entirely true that Bitcoin has not yet brought any significant contributions to commerce. Last time I've executed SWIFT international money transfer it was a pain in the ass. Spent half an hour in the bank and had to manually fill and sign a few forms on pieces of paper, bring the paper copy of the invoice to the bank employee, etc. Not to mention the fees, they were far from insignificant. I'm not saying Bitcoin is the similar contribution to civilization as invention of gold coins, but it is not without some practical advantage.

WU is another one too. Takes forever to not only fill forms out to send, but to receive also.
Then we are not even going to touch how much it cost to send money via WU.

With BTC, its only a matter of a few pennies to send money anywhere.

The only thing really making it perfect is having instant access to be able to cash out like WU, and the ATMs for BTC are popping up every day. I guess if I had the time I could drive to a bigger uban area to get to an ATM, but ATM, still can be a pain.

[BrewCrewFan]

I did  read  it.

Both the  account  and  guy were wrong if  they blindly  send  50k wires by email  instructions. 

Of course. Just as wrong as people who leave bitcoin and fiat on exchanges. But the point was to disprove NotLambchop's fabulous consumer protection that banks give according to him. They don't.

Credit  card  would  have that protection.

You know , people pay though the nose for that "protection" in a form called interest rates. Plus you assume that everyone has a credit card, which is hardly the case.

[NotLambchop]

...
Apparently not, because he tried (did you read the story?). So where is the fabulous consumer protection? Oh, right, there was no merchant paying for it. So, though luck!

Lol, you've got to be kidding me.  I didn't read past "I run an accelerator for Bitcoin startups" (eyeraping stylesheet, fuuuuk) to know the whole thing's a good story, bro.

A Bitcoin entrepreneur (yes, a euphemism. yes, safe to assume I'm laughing my ass off as I'm typing) ... wait for it... blaming banks.  Imagine?

Andre#, if you're trying to kill me by making me die from laughter, it ain't gonna work.  I read Bitcointalk, my tolerance is sky-high.

Hilarity intensifies--this guy Adam Draper, who allegedly accidentally $50k, is the son of Bitcoin-famous Tim Draper.  This is just

[billyjoeallen]

Lets see how this translates 2,600 years ago...

Real wealth is houses, land, cars, food, services, etc.  Wealth gets created and destroyed, sometimes both in quick succession, as when a cook prepares a meal that gets eaten right away.  

Gold does not create any wealth. Its contribution to productivity, by (allegedly) being a more efficient payment instrument is tiny.  In fact, the contribution of gold to world's production of wealth, so far, has been humongously negative: 100 times (at least) more wealth has been destroyed by the gold system than has been created thanks to it.

Does not translate.  The replacement of barter by money transactions hugely improved the flow of goods and services, by breaking down complicated multi-party trasactions into independent two-party steps, that could be widely separated in time and space.

Bitcoin, on the other hand, has not yet brought any significant contributions to commerce.  The benefits of bitcoin are, at best, the saving of a few percent in the price of international payments. That is counted as a benefit, because otherwise the payment of those extra fees would have meant waste of work by bank staffers, for services that (allegedly) were not really necessary.  All those saved fees together may barely add up to 10 million dollars.

It is not entirely true that Bitcoin has not yet brought any significant contributions to commerce. Last time I've executed SWIFT international money transfer it was a pain in the ass. Spent half an hour in the bank and had to manually fill and sign a few forms on pieces of paper, bring the paper copy of the invoice to the bank employee, etc. Not to mention the fees, they were far from insignificant. I'm not saying Bitcoin is the similar contribution to civilization as invention of gold coins, but it is not without some practical advantage.

Is everybody forgetting about micropayments?

[NotLambchop]

...
You know , people pay though the nose for that "protection" in a form called interest rates. Plus you assume that everyone has a credit card, which is hardly the case.

You, for one, clearly do not have a credit card.  If you did, you'd know that CCs don't charge interest unless you fail to pay on time.

[N12]

NotLambchop, WTF are you doing with your life? You average ~20 posts per day on bitcointalk over nearly a year's time.

[Fatman3001]

NotLambchop, WTF are you doing with your life? You average ~20 posts per day on bitcointalk over nearly a year's time.

You're the moderator

Edit: just looked at your Shroomie quote. One of the most bullish signs we've had since the super-crash is his absence.

[NotLambchop]

NotLambchop, WTF are you doing with your life? You average ~20 posts per day on bitcointalk over nearly a year's time.

Enjoying the fruits of my labor

[samsonn25]

I did  read  it.

Both the  account  and  guy were wrong if  they blindly  send  50k wires by email  instructions. 

Of course. Just as wrong as people who leave bitcoin and fiat on exchanges. But the point was to disprove NotLambchop's fabulous consumer protection that banks give according to him. They don't.

Credit  card  would  have that protection.

You know , people pay though the nose for that "protection" in a form called interest rates. Plus you assume that everyone has a credit card, which is hardly the case.

Credit  is a privilege  not a right.  If someone hacked into  your bitcoin  wallet amd stole 50k from it you wish it would  have  been a credit card instead that you  could  report stolen.   The interest  and wouldnt mind paying interest to use it, only if you  dont pay it in full in a month.

[Mervyn_Pumpkinhead]

Why is BTC price so limp lately?  Not saying Bitcoin's dying, but it's like an abandoned casino lately.  Is this what you call singularity, or is this the tipping point?
Whatever it is, make it stop, I can't gamble like this.

Bitcoin is an abandoned casino...
Accumulated coins mined at 2014 with high production costs, upcoming auctions of confiscated coins, unknown whereabouts of 600k gox stolen coins and the planned distribution of 200k coins that were "found" etc.
All of this is driving away serious players. Mostly only bagholders from the 500$+ region and the hardcore fanatics of becoming rich without work are left in the game.

There is a lot of gambling magic happening with other cryptos. Classical fun with high risk/high reward games, like it was with bitcoin, before it became the hope of success for all the cab drivers and bartenders around the globe.
Just step out of the bitcoin comfort zone and you can also have some fun.

[ChartBuddy]

Coin
Explanation

[Fatman3001]

I'm going to bed now. Don't destroy Bitcoin while I'm sleeping.