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

[cmacwiz]

just waking up... goddamn I thought 3000CNY was gonna  go sideways for at least 12 hours, ha. 600 by lunchtime in LA?

[Tzupy]

Only minutes left until a triangle should break either way, my money is on down.

[jbreher]

when can we start with the 666 memes?  Monday?

2014 Jun 01 (on the way down):

[BitUsher]

coinbase has 2.7 million KYC verified clients and 4.2 million accounts and they fall outside the jurisdiction of the largest bitcoin userbase. A conservative estimate would be 4-5 million minimum.

https://www.coinbase.com/about

Those are *registered* not *active* users.  Coinbase (and others like them) are always ambiguous when they quote those numbers.  A user may register just out of curiosity, perhaps make one or two small transactions and then give up on bitcoin.  

If Coinbase's active users were really growing, they would not need to run referral campaigns that paid $25 ($75 at some point) for referral of a new user who made a $100 payment through them (which would have generated $2 of revenue).

Moreover, that count must include (as you say) people who use only "off-chain bitcoin" -- deposit dollars at Coinbase, buy some bitcoin, only to spend them at a Coinbase-affiliated merchant who gets dollars from Coinbase.  Sorry, but those are not at all "bitcoin users".  Bitcoin was about replacing dollars and getting rid of trusted intermediaries, remeber? If youdon't issue transactions for the blockchain, you are not using bitcoin.

Bitcoin is to "Coinbase bitcoin" like steak is to steak-flavored corn chips.

If you consider a "bitcoiner" as actively using it almost daily than I will take half a million users and suggest that is really healthy. All those passive users who I gifted 30-50 dollars through coinbase , now have hundreds of dollars worth btc , will soon become active again.

No , this is unhealthy and violent rise... I would be happier with 1-2% steady gains a day for the next year

The rapid rise in 2013 was unhealthy and violent as well. Look how that turned out for the most of us.

Many people that purchased near the peak were and are still disappointing and sold at a loss because they didn't follow advice from people like me which discourage speculation and focus on short term utility and insist if they do speculate that they are in it for the longterm and do their research first. Thousands sold at a loss, and turned their back on bitcoin and won't be returning for many years.

[Richy_T]

OK, this wasn't exactly a huge success... The quality is atrocious from all the transforms and video compression, andy Richy_T could do this much better from the raw data with whatever he's making Chartbuddy's snapshots with anyway. Nevertheless, a run down the canyons on nov. 20, 2013 (16 hours of it only!):

http://vid.me/rGpC

Not bad. Shame there is no changetip on this site. And I do mean a shame. As in Theymos should be ashamed of the neglect he shows this site. It's surprising enough when it actually stays up.

[inca]

Only minutes left until a triangle should break either way, my money is on down.

For a change..  

[Elwar]

Go ahead, party... You think you've already won, but you haven't



Get back is gonna be sweet...

Pathetic. Hopefully no one listened to you in the last year.

Thankfully the price continues to march higher.

Any wagers on the eventual top? Thoughts on the impact of the USMS auction tomorrow?

What's it like to not give a flying f8ck about the millions who were turned to smoke at Auschwitz, just to keep you farting through silk (You Monster!)?
You don't belong in this world!

What kind of monetary policy was used to afford such a horrible war?

Were they borrowing and printing money or did they use a fixed commodity?

[Asrael999]

when can we start with the 666 memes?  Monday?

2014 Jun 01 (on the way down):

sorry I should have said restart

[barbs]

My money is on 2000$\coin

[Richy_T]

alien spotted.






murica eh.

It's pretty bad.

[JimboToronto]

A splendid morning Bitcoinland.

Nice to see that another leg up and a decent correction/profit-taking occurred while I was sleeping.

Any beartards still clinging to their delusion of a continuing downtrend? LOL

We had almost a year in which to accumulate bitcoins at <$300. If you didn't fill your offline wallets, you have only yourself to blame.

[Chainsaw]

Bitcoin is to "Coinbase bitcoin" like steak is to steak-flavored corn chips.

[SnokkomBTC]

A splendid morning Bitcoinland.

Nice to see that another leg up and a decent correction/profit-taking occurred while I was sleeping.

Any beartards still clinging to their delusion of a continuing downtrend? LOL

We had almost a year in which to accumulate bitcoins at <$300. If you didn't fill your offline wallets, you have only yourself to blame.

Goodmorning JimboToronto

[luigi1111]

No , this is unhealthy and violent rise... I would be happier with 1-2% steady gains a day for the next year

Do you know how "unhealthy and violent" 1-2% per day is/would be?

Let's take the square root of 2 for fun as the average: ~1.414%

(1 + ~1.414/100)^365 = ~16,800%

Starting from a (made up) base of $250, BTC would be ~$42,000 by this time next year.

[ImI]

the dip hasn't even started yet.

I sold for 258, then rebought, then sold again. yes. but I didn't short till 305+. I don't want to be an inca one day. fast longs, and slow shorts. winning strategy for me.

 

[adamstgBit]

No , this is unhealthy and violent rise... I would be happier with 1-2% steady gains a day for the next year

Do you know how "unhealthy and violent" 1-2% per day is/would be?

Let's take the square root of 2 for fun as the average: ~1.414%

(1 + ~1.414/100)^365 = ~16,800%

Starting from a (made up) base of $250, BTC would be ~$42,000 by this time next year.

sounds about right

>32,000$ in <2 years

 

[ChartBuddy]

Coin

Explanation

[BitUsher]

So its current price is entirely speculative.

The price of any stock, currency, or commodity is entirely "speculative." That is how markets work. Intrinsic value is dynamic and found within anything of value/utility. Bitcoin has tremendous utility and value and its assets can be considered both the collective IP, userbase, and hardware that supports our ecosystem.

[Sitarow]

[blunderer]

-snip-
APPL isn't looking to replace gold's speculative value , bitcoin is, this is 1 small reason why bitcoin has more potential.

the market(s) bitcoin is after is much much bigger than what APPL is after.

99% of the savvy bit-coin investors are looking to replace Bill Gates as the world's richest man. Percentage of them likely to succeed is a somewhat smaller number. Otherwise, solid logic.