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

[ChartBuddy]

Coin
Explanation

[damiano]

Somethings going on on okcoin futures

I guess the shorts are loading up

bids in 220's are really starting to stack up as well

[BlindMayorBitcorn]

[tarmi]

so much tension now but the real resistance is sitting at ~255.

lel

[YourMother]

[aminorex]

The volatility preference is not correct, for reserve applications.  What most people dislike is value depreciation.  Very few if any object to upside movements.  For denominating obligations, howev er, the point is valid.  That concern is readily addressed without reference to depreciating fiat, by denominating in a less volatile numeraire, whether crypto or some other commodity, converting according to a transparent rule.  Contract in gold. Transact in crypto.

[Coinshot]

The volatility preference is not correct, for reserve applications.  What most people dislike is value depreciation.  Very few if any object to upside movements.  For denominating obligations, howev er, the point is valid.  That concern is readily addressed without reference to depreciating fiat, by denominating in a less volatile numeraire, whether crypto or some other commodity, converting according to a transparent rule.  Contract in gold. Transact in crypto.

The main problem is that merchants are unable to hold the BTCs and have to sell them The can not be having their holdings to keep changing wildly.
Imagine if volatility was reduced. Then some merchants might actually be tempted to hold BTCs, which relieves some of the selling pressure and helps prices.

[tarmi]

The volatility preference is not correct, for reserve applications.  What most people dislike is value depreciation.  Very few if any object to upside movements.  For denominating obligations, howev er, the point is valid.  That concern is readily addressed without reference to depreciating fiat, by denominating in a less volatile numeraire, whether crypto or some other commodity, converting according to a transparent rule.  Contract in gold. Transact in crypto.

The main problem is that merchants are unable to hold the BTCs and have to sell them The can not be having their holdings to keep changing wildly.
Imagine if volatility was reduced. Then some merchants might actually be tempted to hold BTCs, which relieves some of the selling pressure and helps prices.

the main problem is that there is no incentive to use bitcoin to actually buy stuff, drugs and other illicit things aside.

[Coinshot]

The volatility preference is not correct, for reserve applications.  What most people dislike is value depreciation.  Very few if any object to upside movements.  For denominating obligations, howev er, the point is valid.  That concern is readily addressed without reference to depreciating fiat, by denominating in a less volatile numeraire, whether crypto or some other commodity, converting according to a transparent rule.  Contract in gold. Transact in crypto.

The main problem is that merchants are unable to hold the BTCs and have to sell them The can not be having their holdings to keep changing wildly.
Imagine if volatility was reduced. Then some merchants might actually be tempted to hold BTCs, which relieves some of the selling pressure and helps prices.

the main problem is that there is no incentive to use bitcoin to actually buy stuff, drugs and other illicit things aside.

There will never be. I never saw BTC as a way to buy stuff, but more as a holding.

[tarmi]

The volatility preference is not correct, for reserve applications.  What most people dislike is value depreciation.  Very few if any object to upside movements.  For denominating obligations, howev er, the point is valid.  That concern is readily addressed without reference to depreciating fiat, by denominating in a less volatile numeraire, whether crypto or some other commodity, converting according to a transparent rule.  Contract in gold. Transact in crypto.

The main problem is that merchants are unable to hold the BTCs and have to sell them The can not be having their holdings to keep changing wildly.
Imagine if volatility was reduced. Then some merchants might actually be tempted to hold BTCs, which relieves some of the selling pressure and helps prices.

the main problem is that there is no incentive to use bitcoin to actually buy stuff, drugs and other illicit things aside.

There will never be. I never saw BTC as a way to buy stuff, but more as a holding.

agreed.

now, all you have to do is convince other 5 billion of people that it makes sense to hold it.

and then you can have your "mass adoption" bitcoiners.

good luck with that!

[ChartBuddy]

Coin
Explanation

[JimboToronto]

I never saw BTC as a way to buy stuff, but more as a holding.

I see it currently more as a transfer tool.

My observation supports this. When I go to use the BTC ATM at Decentral, I see mainly 30-something white male stereotypical Bitcoiners sitting at their laptops contrasted with a mishmash of visible minorities waiting to use the ATM, many of them with heavy accents, some seeking help from the receptionist as they seem new to Bitcoin.

My guess is that many are buying bitcoins to send home to their families in their native countries.

If Paypal accepted Bitcoin as a method of deposit, I'd use it regularly. Waiting a week to transfer funds from my bank to my Paypal account has been a deal-breaker on many Ebay bargains for me. Waiting about an hour for a half dozen confirmations of a Bitcoin deposit is no big thing.

Some day Bitcoin may become a currency of everyday commerce but it's already useful as a cheap and fast way to send money (especially smaller amounts) internationally.

[Torque]

Just woke up to troll central it looks like. Price spike imminent...  

Yeah. Just checking in after a couple of days' absence myself and this place is a mess.

It used to  take at least a $2 price dip to send the trolls into a frenzy. Today the price is actually up and yet they're still foaming at the mouth.

Meanwhile in the real world, we're where we've been for about a week, mostly in the $245-$250 range. Sideways, ho hum.

Lol.  Since end of January, I keep waiting for this epic dump that the trolls continue to blather on about.

And waiting... and waiting... and waiting.... now we're moving into April.

Seems they like to continue blathering on and on since then, but simply don't have the coins to massively dump any more?

/bearmarket

#beartrendover

[ChartBuddy]

Coin
Explanation

[Ask Ken About Love]

... a mishmash of visible minorities waiting to use the ATM, many of them with heavy accents, some seeking help from the receptionist as they seem new to Bitcoin.

My guess is that many are buying bitcoins to send home to their families in their native countries...

That's where you're wrong tho.  Most of them just want to #BuyChildPornWithBitcoin on the illegal dark markets.
Some may also be planning to spice up their disgusting perversions with #IllicitDrugsForBitcoin.

There's a minor minority of minorities who wish to send Bitcoin "home to their families in their native countries," but by "family," those minorities mean "brutal, murderous terror organisations like #supportISISwithBitcoin."

@Torque:  Thanks for the hashtag idea

[PeterB]

ETA to next major rally? 

[marcus_of_augustus]

trolls are probably crooked federal agents on crack ... the only dump they'll be getting is laundered cash in their cayman accounts.

[aminorex]

ETA to next major rally? 

It started in mid-January.

[Cconvert2G36]

Accept no substitutes. (Especially ones that pass through bank wires from beanie exchanges.)

[Chef Ramsay]

I never saw BTC as a way to buy stuff, but more as a holding.

I see it currently more as a transfer tool.

My observation supports this. When I go to use the BTC ATM at Decentral, I see mainly 30-something white male stereotypical Bitcoiners sitting at their laptops contrasted with a mishmash of visible minorities waiting to use the ATM, many of them with heavy accents, some seeking help from the receptionist as they seem new to Bitcoin.

My guess is that many are buying bitcoins to send home to their families in their native countries.

If Paypal accepted Bitcoin as a method of deposit, I'd use it regularly. Waiting a week to transfer funds from my bank to my Paypal account has been a deal-breaker on many Ebay bargains for me. Waiting about an hour for a half dozen confirmations of a Bitcoin deposit is no big thing.

Some day Bitcoin may become a currency of everyday commerce but it's already useful as a cheap and fast way to send money (especially smaller amounts) internationally.

My guess is that the people you're talking about are Asians sending money back home if, in fact, that's their motive. I've only been to Toronto once and that was to see the Phantom of the Opera back in '94 when I was a dumpling. Anything else we need to know?