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

[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!

[tarmi]

you can always spend your coins to buy USD.

only early adopters have the incentive to spend coins for goods.

[ChartBuddy]

Coin
Explanation

[Norway]

The 5000 bitcoin bid at 350 USD/BTC is back on GBTC 

[Feri22]

you can always spend your coins to buy USD.

only early adopters have the incentive to spend coins for goods.

Most(99+%) big amount bitcoin early owners are criminals (hackers,drug dealers,scammer,pedophiles etc), do you want to make Mark Karpeles, Loaded, FBI etc.. even richer with your money? NO, then don't buy bitcoin!  

I know you are just some nobody, but for others reading your posts...there are many legit people in early adopters too...Roger Ver - one of the biggest BTC holder - i don't think he is criminal and he hold isnane amount of coins...and there are many others, now please get back the newbie jail mods!! these 1 post accounts spreading only lies and FUD are really insane! I wonder if these posts write 12 years children or adults with some idiotic syndrom

EDIT: and of course, welcome to my ignore list, one day, there will be probably the same amount of ignored accounts as transactions in blockchain

[JorgeStolfi]

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). 

It is true that the "wallet" log provided by walletexplorer is not official, and may be missing some addresses that belong to Bitpay but were never used together with the identified ones.  However, the data from that wallet is consistent with the little information that BitPay itself has released, and other indirect evidence.  For example,  the payment made by Josh Zerlan (of BFL fame) for his new home, which was announced in local newspapers and the bitcoin media, can be clearly identified there.  The shape of those plots also does not show any indication of missing data.

As I discuss in Tim Swanson's blogpost, the flatness of the second plot is quite surprising (but, again, consistent with BitPay's figures).  Not even the Nov/2013 bubble had any effect on the BTC daily volume (whereas it clearly affected the number of deposits per day).  Note that the price of bitcoin varied from ~13 to ~1200 and back to ~300 in that interval.  I had expected to see the payment volume in USD to change gradually, so there would be more BTC being processed when the price was low, and less when the price was high.  The only explanation that I can think of for that flatness (and for the lack of a weekly pattern) is that the bulk of the BTC volume is miners spending their coins, which were produced at a constant rate of 3600 BTC/day through that period.  But even that explanation has some problems. 

Anyway, the discrepancy between the first and second plots suggests that the number of deposits per day is dominated by e-payments with fairly small value, so that the bulk of those transactions account for 10% or less of the total BTC (or USD) volume processed.  BitPay's  own data says that, excluding mining, travel, precious metals, and gift cards, their e-payment volume in 2014 was about 500 USD per merchant in the whole year.  By the 80-20 rule of thumb, I would guess that half of their 50'000 merchants did not make a single bitcoin sale in 2014.

[ChartBuddy]

Coin
Explanation

[ChartBuddy]

Coin
Explanation

[tarmi]

"Ver pled guilty to selling explosives on eBay in 2002, and was sentenced to 10 months in Federal prison"--http://en.wikipedia.org/wiki/Roger_Ver
Also tax cheat, can't even get into US anymore.



Yeah, criminal.

hello, NLC!

I kinda miss you.

[LFC_Bitcoin]

"Ver pled guilty to selling explosives on eBay in 2002, and was sentenced to 10 months in Federal prison"--http://en.wikipedia.org/wiki/Roger_Ver
Also tax cheat, can't even get into US anymore.



Yeah, criminal.

hello, NLC!

I kinda miss you.

Like an axe to the head

[Fatman3001]

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.

XBT Provider is a KnC company, ie Ferengis, ie buyer beware.

[tarmi]

that's about right.

KnC miner & S(c)am are inventing completely new ways of selling freshly minted coins.

[damiano]

Ahh this place is returning to the norm.


Next phase fear

[ChartBuddy]

Coin
Explanation

[mavericklm]

btce still a bit over all markets

300?

<200?

 

[fonsie]

Can't help if you can't understand them.

A teacher that can't help you understand something?

You must be really good at your job.