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

[TakeTheSkyRoad]

No, those are PRICE ratios. Can't help if you can't understand them.  And the price of bitcoin may be vaguely on-topic here, I suppose.

While bitcoin is being boring very little here is on topic.

Regarding those charts I see they are from this blog post :
http://www.ofnumbers.com/2014/12/19/are-there-changes-in-the-volume-of-retail-transactions-through-bitpay-this-past-year/

You should probably also include this paragraph from the same blog post which shows that this data is inferred and not definite or published by Bitpay.  The analysis is only as good as the data and data which can be questioned should be posted with a disclaimer and not claimed to be 100% reliable.

The data for these plots comes from these pages that are claimed to show all transactions into the BitPay receiving wallet since it was created. However, the addresses that make up that “wallet” were inferred from the blockchain by an undisclosed heuristic that is supposed to identify addresses belonging to the same owner.

Link to the wallerexplorer site showing the raw assumed Bitpay transactions
https://www.walletexplorer.com/wallet/BitPay.com

Edit :
Basically if you're going to claim to do "serious data analysis" at least point out the reliability of the raw data and give proper credit to the creator of the charts.

[ChartBuddy]

Coin
Explanation

[Elwar]

Basically if you're going to claim to do "serious data analysis" at least point out the reliability of the raw data and give proper credit to the creator of the charts.

Modern scientists do not use raw data, they use editorialised data that supports their conclusion.

Just look at the global warming myth.

[Norway]

http://www.bloomberg.com/research/markets/news/article.asp?docKey=600-201504290300HUGIN___EUPRX____HUG1916185-1

XBT Provider Launches World's First Bitcoin Exchange Traded Note on Nasdaq Stockholm

This is awsome. They launch may 18.th.

[JorgeStolfi]

You should probably also include this paragraph from the same blog post which shows that this data is inferred and not definite or published by Bitpay.  [ ... ] Basically if you're going to claim to do "serious data analysis" at least point out the reliability of the raw data and give proper credit to the creator of the charts.

If you read carefully that blog post, you will learn who was the creator of those plots and the author of most of the text in it.

I don't recall whether I posted those plots on reddit or here or on both places, but that full explanation was attached to the plots at the time.

[Fatman3001]

Basically if you're going to claim to do "serious data analysis" at least point out the reliability of the raw data and give proper credit to the creator of the charts.

Modern scientists do not use raw data, they use editorialised data that supports their conclusion.

Just look at the global warming myth.

[TakeTheSkyRoad]

Basically if you're going to claim to do "serious data analysis" at least point out the reliability of the raw data and give proper credit to the creator of the charts.

Modern scientists do not use raw data, they use editorialised data that supports their conclusion.

Just look at the global warming myth.

Haha.... I nearly referenced the issue with temperature data but decided to stay away from it.

Besides, that data was deliberately manipulated.

Regarding my personal opinion I do believe in global warming.

[Godzillafacepalm]

Basically if you're going to claim to do "serious data analysis" at least point out the reliability of the raw data and give proper credit to the creator of the charts.

Modern scientists do not use raw data, they use editorialised data that supports their conclusion.

Just look at the global warming myth.

http://www.xbhp.com/talkies/attachments/motorcycle-ownership-experiences/167310d1419471234-ktm-rc-200-experience-thread-3801066-2.jpg

http://img3.wikia.nocookie.net/__cb20120922215052/creepypasta/images/a/ab/Jesus_facepalm.jpg
http://img4.wikia.nocookie.net/__cb20141222232555/glee/images/1/11/Turbo_facepalm_by_specialvore-d69viv5.pnghttp://www.facepalm.su/wp-content/gallery/double-facepalm-1/quadruple_facepalm.jpg

http://cdn.funnyhub.com/2015/jan/facepalm/facepalm37.gif

[TakeTheSkyRoad]

You should probably also include this paragraph from the same blog post which shows that this data is inferred and not definite or published by Bitpay.  [ ... ] Basically if you're going to claim to do "serious data analysis" at least point out the reliability of the raw data and give proper credit to the creator of the charts.

If you read carefully that blog post, you will learn who was the creator of those plots and the author of most of the text in it.

I don't recall whether I posted those plots on reddit or here or on both places, but that full explanation was attached to the plots at the time.

At the bottom of the page is the text

This entry was posted in Bitcoin, Cryptocurrency, E-commerce, Economics by Tim Swanson. Bookmark the permalink.

However I didn't check reddit and I can see there that you were the reddit author so fair enough

The raw data is still "inferred from the blockchain by an undisclosed heuristic that is supposed to identify addresses belonging to the same owner" so isn't reliable enough for "serious data analysis" (in my opinion at least).

Edit :  Where's my facepalm ? I'm sure it's deserved in part lol

[ensurance982]

http://www.bloomberg.com/research/markets/news/article.asp?docKey=600-201504290300HUGIN___EUPRX____HUG1916185-1

XBT Provider Launches World's First Bitcoin Exchange Traded Note on Nasdaq Stockholm

This is awsome. They launch may 18.th.

Has someone a short summary of how this is different to an ETF or other fund? I understand that Nasdaq Stockholm is some sort of Swedish subsidiary of the Nasdaq!? What are the exact implications of this and why are they able to get this running so rather quickly?

[gentlemand]

http://www.bloomberg.com/research/markets/news/article.asp?docKey=600-201504290300HUGIN___EUPRX____HUG1916185-1

XBT Provider Launches World's First Bitcoin Exchange Traded Note on Nasdaq Stockholm

This is awsome. They launch may 18.th.

Has someone a short summary of how this is different to an ETF or other fund? I understand that Nasdaq Stockholm is some sort of Swedish subsidiary of the Nasdaq!? What are the exact implications of this and why are they able to get this running so rather quickly?

It's an Exchange Traded Note.

http://www.investopedia.com/terms/e/etn.asp

So I think value depends on the credibility of the body who issued it. You're buying the promise of a coin from a third party.

[coinableS]

http://www.bloomberg.com/research/markets/news/article.asp?docKey=600-201504290300HUGIN___EUPRX____HUG1916185-1

XBT Provider Launches World's First Bitcoin Exchange Traded Note on Nasdaq Stockholm

This is awsome. They launch may 18.th.

This is very exciting, go Stockholm!
A lot of good news lately, prepare for the price to crash!

[ChartBuddy]

Coin
Explanation

[Fatman3001]

Basically if you're going to claim to do "serious data analysis" at least point out the reliability of the raw data and give proper credit to the creator of the charts.

Modern scientists do not use raw data, they use editorialised data that supports their conclusion.

Just look at the global warming myth.

-snip-

Haha.... I nearly referenced the issue with temperature data but decided to stay away from it.

Besides, that data was deliberately manipulated.

Regarding my personal opinion I do believe in global warming.

I started writing something I realized I had written a thousand times before.

You can't fight confirmation bias.

[Spaceman_Spiff]

this plot



that shows that the number of deposits per day into BitPay's receiving wallet was quite flat through most of 2014, and increased by a factor of ~3 since mid-2013; whereas this plot



shows that the bitcoin volume of those deposits has been constant at ~1000 BTC/day since Jan/2013.  (Explaining these numbers is not trivial, but they definitely contradict the claims of "booming adoption", and are consistent with may other indications that usage for e-payments is stagnant at best.)

This sounds plausible to me.  I would say that a stagnant usage for e-payments is quite good given the >1 year bear market (with the resulting decrease of new blood). 

[empowering]

More shitty spam, because tyranny won't be tolerated why the fuck not?

Sounds about Reich........ Anne to be Frank, I did Nazi that coming.

[YourMother]

More shitty spam, because tyranny won't be tolerated why the fuck not?

Sounds about Reich........ Anne to be Frank, I did Nazi that coming.

[ensurance982]

http://www.bloomberg.com/research/markets/news/article.asp?docKey=600-201504290300HUGIN___EUPRX____HUG1916185-1

XBT Provider Launches World's First Bitcoin Exchange Traded Note on Nasdaq Stockholm

This is awsome. They launch may 18.th.

Has someone a short summary of how this is different to an ETF or other fund? I understand that Nasdaq Stockholm is some sort of Swedish subsidiary of the Nasdaq!? What are the exact implications of this and why are they able to get this running so rather quickly?

It's an Exchange Traded Note.

http://www.investopedia.com/terms/e/etn.asp

So I think value depends on the credibility of the body who issued it. You're buying the promise of a coin from a third party.

Ah, thanks! So basically nothing more than a fancy promise, right? What happens if they go bust? Will everyone lose their coins/FIAT? I don't really see any sense in investing in such a fund, apart from it being an investor-friendly vehicle, maybe.

[ensurance982]

this plot



that shows that the number of deposits per day into BitPay's receiving wallet was quite flat through most of 2014, and increased by a factor of ~3 since mid-2013; whereas this plot



shows that the bitcoin volume of those deposits has been constant at ~1000 BTC/day since Jan/2013.  (Explaining these numbers is not trivial, but they definitely contradict the claims of "booming adoption", and are consistent with may other indications that usage for e-payments is stagnant at best.)

This sounds plausible to me.  I would say that a stagnant usage for e-payments is quite good given the >1 year bear market (with the resulting decrease of new blood). 

Yep, sounds about right to me, as well. Using Bitcoin as a way to pay for things is a hobby-project, at best. I think focussing on that is a dead end, actually. A stagnating amount of payments is indeed good for a bear market that has resulted in the price going down over 75%!

[ensurance982]

... I would say that a stagnant usage for e-payments is quite good given the >1 year bear market (with the resulting decrease of new blood).  

What's the rational thing to do when the value of a currency is falling?
That's right, *spend it*. As fast as you can.
The fact that there isn't a spike in bitcoin payments only highlights the irrationality of bitcoiners

Not really. You could decide to short it, sure, that's what many people are doing. Or at least sell it for FIAT. But using BTC to buy merchandise doesn't make any sense at all, if the price is falling. If you're in this for the gains, I guess it's a much more reasonable thing to wait for the price to actually go up again!