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

[aztecminer]

So if Greece makes a deal with the EU is that good or bad for bitcoin?

A meeting is supposed to take place today in Greece on that topic.

I guess it's somewhat irrelevant. It only matters if the Greeks want bitcoin.
But the Euro declining does help people buy bitcoin. And Greece exiting the EU would help the Euro decline.

yeah they are going to convince the greeks that debt slavery is in their's and "all of us" best interest. cant blame me us for the failing debt slavery system, for one thing i wasnt even born into the world when they started down that path. if have intelligence should be able to figure out that system was doomed to failure from the start. ridiculous that one mans debt slavery is another mans investment .. i'm vocal about it because they are stealing from me with their #abusivehightaxes and other schemes .. u not going to get the cooperation u want from people who know you are stealing from them .

[aztecminer]

precipitous dump

with china out the way is easier to smash down .. probably not 284, more likely 250 - 255 tomorrow morning . i'm HODL through the smash again .

What did I miss about China ?

your missing the 'great chinese lockout' from your formula calculations. the chinese are panicing and have made new levels of panic mode.

[xxxxxzzzzz]

And in the mean time idiot dumpers keeps dumping.

Hello idiot dumpers buying back above.

Can you believe there are still people dumping?

precipitous dump

There will be ongoing "fuck you market" dumps from now until the end of time, roughly on the hour every hour, between 100 and 5000 coins (they're clever though, and split their dumps into multiple quick succession orders so as to make it not quite so obvious to anyone new to the market) and resulting in $1-10 in 1-5 minute losses in global bitcoin price.

It's not early adopters who "need fiat money" in a "hurry". They already have more fiat than they know what to do with and don't dump in a non-stop systematic fashion (they'd long ago have been out of coins) nevermind that they'd be able to get more fiat money if they sold 500 coins over the course of 2 hours than in 2 minutes. And it's not the big industrial miners, most of them have private off market contract buyers. Clearly it's the shorters market makers market manipulators market fuckers take your pick. These people have a deranged obsessive need (and financial motive) to desperately always and repeatedly try to force the price ever lower regardless of what the current price is. Crush the market with 1000 coins (most often borrowed coins) in 1 minute, wiping out everything from current price and down $3 or $4, re-buy at the price you just forced the market to go down by, or more, if you successfully cause a downward cascade from other parties, still have 1000 coins plus an extra couple thousand dollars, repeat perpetually until bitcoin dies.

*oh lookie one just happened as I was typing, about an hour after the last one, and an hour after the previous one, and ...

[Blazin8888]

Is this double spending issue a bad thing? What's going on regarding this? I have been gone all weekend and just found out.  That sounds super fucked up but I'm not technical enough to fully understand these implications.  


Besides that looks like we are on the upside...


http://www.coindesk.com/double-spending-risk-bitcoin-network-fork/

[ChartBuddy]

Coin
Explanation

[cmacwiz]

Bitcoin is not here to compete with visa. It's not here to make banking better, it's not about buying coffee or micro payments or any of that crap. It's not about mass adoption.

 It's about monetary freedom.

If three transactions per second is not enough, then there will grow an ecosystem of alt coins to pick up the slack. We will see exchanges grow that allow for easy transfer of value from one coin to the next and through this multi-coin environment, we can scale without limit.

There is no solution for one chain to hold all the transactions. Any proposal that suggests compromising the security, integrity, or distributed nature of bitcoin in order to gain some kind of imaginary "adoption" is an attack and should be treated as such.

Can someone please explain this to Gavin and the other "Scientists"?

I have a sense that Gavin and some of the other like minded scientist are attempting to discuss bitcoin by use of less disruptive terms in order that BTC seems less threatening to the status quo.

Not the monetary freedom part but they have to realize that every cup of coffee and micro transaction on the planet can't possibly and shouldn't be kept in the blockchain.

What about all other types of transactions and apps to be built on the blockchain? It can be used in many other ways; security and validity of transactions is a function of the network size. It would be better to have a larger consensus. At the other end of the spectrum, we could have a million different blockchains, each so weak that they could be subverted by a planned attack. Eventually there is a sweet spot we will find, but in the mean time scaling to accommodate higher TPS at an early stage helps.

[rolling]

Bitcoin is not here to compete with visa. It's not here to make banking better, it's not about buying coffee or micro payments or any of that crap. It's not about mass adoption.

 It's about monetary freedom.

If three transactions per second is not enough, then there will grow an ecosystem of alt coins to pick up the slack. We will see exchanges grow that allow for easy transfer of value from one coin to the next and through this multi-coin environment, we can scale without limit.

There is no solution for one chain to hold all the transactions. Any proposal that suggests compromising the security, integrity, or distributed nature of bitcoin in order to gain some kind of imaginary "adoption" is an attack and should be treated as such.

Can someone please explain this to Gavin and the other "Scientists"?

I have a sense that Gavin and some of the other like minded scientist are attempting to discuss bitcoin by use of less disruptive terms in order that BTC seems less threatening to the status quo.

Not the monetary freedom part but they have to realize that every cup of coffee and micro transaction on the planet can't possibly and shouldn't be kept in the blockchain.

What about all other types of transactions and apps to be built on the blockchain? It can be used in many other ways; security and validity of transactions is a function of the network size. It would be better to have a larger consensus. At the other end of the spectrum, we could have a million different blockchains, each so weak that they could be subverted by a planned attack. Eventually there is a sweet spot we will find, but in the mean time scaling to accommodate higher TPS at an early stage helps.

No problem with the other types of transactions. Let the fees determine which make it on to the blockchain. If the fee for a transaction is $10 then you might use it for a 1 satoshi smart contract but not for a $3 cup of coffee.

[bassclef]

precipitous dump

Or a low volume dump. Of course you'll get a pullback after a big price rise, every time. There's overarching supply to be worked out of the market because of profit taking. Once it's all absorbed, whoosh back up we go. Look at the volume compared to similar moves to the left and it will give you an idea of how much gasoline is behind it.

bc, your commentary I find is the most impressive and worthwhile content on this entire forum. Keep it up and wish we could get more of it. You're either really smart or really cool by default.

Thank you Chef. I'm not much of a poster here lately, but feel free to pm me anytime if you have questions or want to take a trade. I almost always have a position open.

FYI not sure how much more pulling back the market will do as volume is trailing off and candle spreads narrowing/overlapping as the mini selloff grinds to a halt. Enough people are waiting for $260 that it may not happen.

[cyclotronmajesty]

precipitous dump

with china out the way is easier to smash down .. probably not 284, more likely 250 - 255 tomorrow morning . i'm HODL through the smash again .

What is this about China "out of the way"?

Could someone provide a link?

[Morecoin Freeman]

Will go down for multiple days imo.
I've been around long enough to recognise the patterns.

[cyclotronmajesty]

How the fuck do you keep the entire nation of China from buying Bitcoin?

Y'all spreading B.S.?

[lyth0s]

Will go down for multiple days imo.
I've been around long enough to recognise the patterns.

A couple of months? You haven't even seen a bull market for Bitcoin

[Morecoin Freeman]

This account is not nearly as old as I am. I bought my first bitcoins in 2013 at $500-something.

[ChartBuddy]

Coin
Explanation

[JayJuanGee]

Will go down for multiple days imo.
I've been around long enough to recognise the patterns.

There is NO real pattern, here.   

BTC price movements are reflective of a variety of factors, including sentiment and up and down pressures.  This moment is NOT really a product of any specific pattern because we have NOT been to this moment in history previously.

[neuronics]

precipitous dump

Or a low volume dump. Of course you'll get a pullback after a big price rise, every time. There's overarching supply to be worked out of the market because of profit taking. Once it's all absorbed, whoosh back up we go. Look at the volume compared to similar moves to the left and it will give you an idea of how much gasoline is behind it.

BC, your posts are appreciated, sometimes important to readjust sea clutter. 

[jeezy]

This account is not nearly as old as I am. I bought my first bitcoins in 2013 at $500-something.

Legendary Trader(tm)

[gizmoh]

Will go down for multiple days imo.
I've been around long enough to recognise the patterns.

+1
You had spot on forecast lately , gonna follow you on that 

[freebit13]

And in the mean time idiot dumpers keeps dumping.

Hello idiot dumpers buying back above.

Can you believe there are still people dumping?

precipitous dump

There will be ongoing "fuck you market" dumps from now until the end of time, roughly on the hour every hour, between 100 and 5000 coins (they're clever though, and split their dumps into multiple quick succession orders so as to make it not quite so obvious to anyone new to the market) and resulting in $1-10 in 1-5 minute losses in global bitcoin price.

It's not early adopters who "need fiat money" in a "hurry". They already have more fiat than they know what to do with and don't dump in a non-stop systematic fashion (they'd long ago have been out of coins) nevermind that they'd be able to get more fiat money if they sold 500 coins over the course of 2 hours than in 2 minutes. And it's not the big industrial miners, most of them have private off market contract buyers. Clearly it's the shorters market makers market manipulators market fuckers take your pick. These people have a deranged obsessive need (and financial motive) to desperately always and repeatedly try to force the price ever lower regardless of what the current price is. Crush the market with 1000 coins (most often borrowed coins) in 1 minute, wiping out everything from current price and down $3 or $4, re-buy at the price you just forced the market to go down by, or more, if you successfully cause a downward cascade from other parties, still have 1000 coins plus an extra couple thousand dollars, repeat perpetually until bitcoin dies.

*oh lookie one just happened as I was typing, about an hour after the last one, and an hour after the previous one, and ...

After seeing the heights bitcoin can reach after the last ATH, I'm pretty sure there is a concerted effort to keep the price down as long as possible to amass as many coins as possible. I think this behaviour might change after the halving.

[spooderman]

I will leave this place soon. Bitcoin is dead, it's only down from here and i sold everything i got quite a while ago so there is nothing for me here anymore.
I tried to help the few delusional bulls who just won't give up but they don't appreciate my warnings very much. Ah well, your money. I don't care really.
I'll come back every 50 dollar drop for some entertainment. So long and thanks for buying my coins at 400. Poor schmucks.

Good luck with your pump and dump coin.

I feel sorry for all the idiots who sold at these ridiculous prices and i will laugh at all the bears who will get caught in trap after trap the coming weeks.

The only winners are the holders (like me) and the people who pick up the last cheap coins while they can.

We're going up and it's confirmed!

None at the moment. Not sure if i will buy back again.  I invest in other things now.

I feel honoured that something I said was his signature. He was pissed as fuck when we were in the 300s. Good thing he ain't around now!