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

[teddy5145]

That $350 is holding pretty damn strong.  Looks like it if breaks it's only going to $345 or $340 worst case.

Hopefully
At this point i think we all can say goodbye to the old $320 because we are rising up to $350
Can't imagine the price raise when halving happens

[r0ach]

It's interesting that BTC saw something like a 10% hash increase lately and $320 floor x 1.1 = $352

Price was holding $340 till that fake, scare news about the EU "cracking down" on BTC due to France.  Now that the information is out that they aren't regulating anything to do with BTC for years, that probably allows the upward momentum to continue.

$340 pre-france scare x 1.1 = $374, so it might have some more upward movement soon.

Yes, I realize this is "sunk cost fallacy" math, but assuming it's people mining with similar chips, stuff like this usually does work to some extent.


edit: nevermind, it saw a huge hash increase https://blockchain.info/charts/hash-rate

37% increase in like a week

[marcus_of_augustus]

as long as the bears are discounting a price rise in when the devs get together in Hong Kong and all objections are swept aside in a show of unity ... now the disruptive element have been shown the light.

[ChartBuddy]

Coin



Explanation

[Mervyn_Pumpkinhead]

Hope for a fast drop, because this smells like a slow bleed.
During these slow bleeds, the majority is frozen and unable to act until it's too late. That's why one should fear slow bleeds and welcome fast drops.

[suda123]

Hope for a fast drop, because this smells like a slow bleed.
During these slow bleeds, the majority is frozen and unable to act until it's too late. That's why one should fear slow bleeds and welcome fast drops.

Wait whats the correlation of stocks dropping and bitcoin going up all the time?

 Probably nothing but possible China happening Anonymous (ID: 7yYDr4qC)  11/27/15(Fri)16:13:11 No.56852198▶>>56852473 >>56852756
https://www.google.com/finance?cid=7521596
Down -4.30%

[r0ach]

Hope for a fast drop, because this smells like a slow bleed.
During these slow bleeds, the majority is frozen and unable to act until it's too late. That's why one should fear slow bleeds and welcome fast drops.

The price only went up $32 (10%), almost a rounding error.  It didn't double in price like last time and needs some kind of titanic crash to come to fix the market.

The fact that the hash rate increased 37% in something like 1 week is hugely bullish for keeping price up.

[marcus_of_augustus]

Hope for a fast drop, because this smells like a slow bleed.
During these slow bleeds, the majority is frozen and unable to act until it's too late. That's why one should fear slow bleeds and welcome fast drops.

...yeah, the bulls are bleeding so bad

[Morecoin Freeman]

I wish that I could buy Morecoin.
I'm already fully invested but I always want more.
Don't we all do?

[Mervyn_Pumpkinhead]

Wait whats the correlation of stocks dropping and bitcoin going up all the time?

 Probably nothing but possible China happening Anonymous (ID: 7yYDr4qC)  11/27/15(Fri)16:13:11 No.56852198▶>>56852473 >>56852756
https://www.google.com/finance?cid=7521596
Down -4.30%

Yeah, sometimes bitcoin's price is in sync with stock prices, but sometimes it's not. I wouldn't take it as a trustworthy indicator. It all depends on the current popular narrative that is explaining the rise.

The price only went up $32 (10%), almost a rounding error.  It didn't double in price like last time and needs some kind of titanic crash to come to fix the market.

The fact that the hash rate increased 37% in something like 1 week is hugely bullish for keeping price up.

In my theory, bitcoin will eventually fail because of that increasing hashrate. The overheating of bitcoin mining has risen the costs of the network so high, that the speculator market just can't hold it up. I actually think that these last pumps haven't been deliberate pumps and dumps, but just attempts to break through that huge backlog of coins, that are ready to be sold by the miners, who would be glad to exit while getting ROI.
In 2013 mining was still relatively cheap, meaning people could hold on to their mined coins more easily. Now the coin production cost is high and most of the mining business is built on debt, so selling pressure is getting higher every day.
The future of crypto is about making the monetary system as cost effective as possible. Bitcoin and it's pure PoW concept is just the first rough version of things to come.

[ChartBuddy]

Coin



Explanation

[r0ach]

In my theory, bitcoin will eventually fail because of that increasing hashrate. The overheating of bitcoin mining has risen the costs of the network so high, that the speculator market just can't hold it up. I actually think that these last pumps haven't been deliberate pumps and dumps, but just attempts to break through that huge backlog of coins, that are ready to be sold by the miners, who would be glad to exit while getting ROI.
In 2013 mining was still relatively cheap, meaning people could hold on to their mined coins more easily. Now the coin production cost is high and most of the mining business is built on debt, so selling pressure is getting higher every day.
The future of crypto is about making the monetary system as cost effective as possible. Bitcoin and it's pure PoW concept is just the first rough version of things to come.

Your theory is horribly wrong when things like the Candy Crush video game sold for more than Bitcoin, $5.9 billion dollars:

http://www.bloomberg.com/news/articles/2015-11-03/activision-to-buy-king-digital-in-5-9-billion-games-merger

Bitcoin could pass gold, which is far higher at 6 trillion.  Gold is only useful if society collapses and we go back to the dark ages with a barter society...

If Bitcoin took 1% of m2, I think it would be worth 1.5 trillion.

[marcus_of_augustus]

In my theory, bitcoin will eventually fail because of that increasing hashrate. The overheating of bitcoin mining has risen the costs of the network so high, that the speculator market just can't hold it up. I actually think that these last pumps haven't been deliberate pumps and dumps, but just attempts to break through, that huge backlog of coins that are ready to be sold by the miners, who would be glad to exit while getting ROI.
In 2013 mining was still relatively cheap, meaning people could hold on to their mined coins more easily. Now the coin production cost is high and most of the mining business is built on debt, so selling pressure is getting higher every day.
The future of crypto is about making the monetary system as cost effective as possible. Bitcoin and it's pure PoW concept is just the first rough version of things to come.

thank you very much, you just showed your hand.

You are out of your depth if your understandings of the hashing costings and monetary incentives run this deep. Suffice to say you will lose a lot of money if you are betting on price movements based on these shallow 'theories'.

[Mervyn_Pumpkinhead]

Your theory is horribly wrong when things like the Candy Crush video game sold for more than Bitcoin, $5.9 billion dollars:

http://www.bloomberg.com/news/articles/2015-11-03/activision-to-buy-king-digital-in-5-9-billion-games-merger

If think that success conditions for children's video games and monetary systems are comparable, then you're gonna have a bad time.

[r0ach]

This guy figured out how to win:

Ok guys. Welcome to new bubble 2. We are goin high this time. Its goinna up to maybe 4000 this time.

Everybody take  a loan on the bank, deposit to bitfinex.com. Leverage to 100%. Ready to play.

We are back in full bubble mode guys. To win, you got to be in the game.

[noobtrader]

Wait whats the correlation of stocks dropping and bitcoin going up all the time?

 Probably nothing but possible China happening Anonymous (ID: 7yYDr4qC)  11/27/15(Fri)16:13:11 No.56852198▶>>56852473 >>56852756
https://www.google.com/finance?cid=7521596
Down -4.30%

Yeah, sometimes bitcoin's price is in sync with stock prices, but sometimes it's not. I wouldn't take it as a trustworthy indicator. It all depends on the current popular narrative that is explaining the rise.

The price only went up $32 (10%), almost a rounding error.  It didn't double in price like last time and needs some kind of titanic crash to come to fix the market.

The fact that the hash rate increased 37% in something like 1 week is hugely bullish for keeping price up.

In my theory, bitcoin will eventually fail because of that increasing hashrate. The overheating of bitcoin mining has risen the costs of the network so high, that the speculator market just can't hold it up. I actually think that these last pumps haven't been deliberate pumps and dumps, but just attempts to break through that huge backlog of coins, that are ready to be sold by the miners, who would be glad to exit while getting ROI.
In 2013 mining was still relatively cheap, meaning people could hold on to their mined coins more easily. Now the coin production cost is high and most of the mining business is built on debt, so selling pressure is getting higher every day.
The future of crypto is about making the monetary system as cost effective as possible. Bitcoin and it's pure PoW concept is just the first rough version of things to come.

yor theory is wrong...

the latest miner is very efficient that it almost 3 times cheaper to mine btc with it, only 100+ usd to mine 1 btc  atm with those newest miner.  if price can keep  up or at least stay then difficulty should rises to 2x-3x of todays difficulty as old miner upgrading their miner.

[mixan]

When do you guys want me to stop pumping?  Around $550-$600 so as to not form a double top?

yes that would be the optimum level to stop the pump
I need it around $600 so I can sell the coins that I have  
thanks for the continued support on this and I am sure the community appreciates this.

[r0ach]

the latest miner is very efficient that it almost 3 times cheaper to mine btc with it

Except everyone upgrades their miners....meaning nothing changes and nobody is getting cheaper coins o_O.  If everyone is still using similar efficiency 28nm and hash rate drastically increases, then miners are suddenly making no money and have to HODL unless they want to sell at a loss.  Hash rate just increased 37% in a couple weeks.

[mixan]

Hope for a fast drop, because this smells like a slow bleed.
During these slow bleeds, the majority is frozen and unable to act until it's too late. That's why one should fear slow bleeds and welcome fast drops.

The price only went up $32 (10%), almost a rounding error.  It didn't double in price like last time and needs some kind of titanic crash to come to fix the market.

The fact that the hash rate increased 37% in something like 1 week is hugely bullish for keeping price up.

NO PANIC ON TITANIC!

Its already at the bottom. Now the question is who and when gone put the funds to bring it up.

r0ach says he's got it covered.
Don't you r0ach? You got us all covered so when we wake from our turkey induced comas tomorrow night it will all be alright to sell to our full intent?

[Mervyn_Pumpkinhead]

yor theory is wrong...

the latest miner is very efficient that it almost 3 times cheaper to mine btc with it, only 100+ usd to mine 1 btc  atm with those newest miner.  if price can keep  up or at least stay then difficulty should rises to 2x-3x of todays difficulty as old miner upgrading their miner.

Every new generation of miners have been cheap during their release period. And everyone of them have quickly become expensive and many of them are already obsolete, only adding to the needless costs.
The entire concept was built on the idea of CPU mining, that the network would be spread out and ran by computers that are already in everyones homes. That is how PoW would have worked better, because there would have been a lot less needless costs and this arms race of stupidity wouldn't have gotten so out of hand.