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

[nioc]

ok here.  another slow day at work.

[ahpku]

...
It's a Bombardier. They swing both ways. Canadians.

oic. Always thought Bombardier = Can-Am dirtbike. Wrong again. Apparently made trains inspired by Dr. Dolittle

[ChartBuddy]

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Explanation

[soullyG]

Bitcointalk down, Bitcoin up

[JimboToronto]

Good morning Bitcoinland. Still going roughly sideways but with a slight edge upward.

I guess Bitcoin's not dead after all. 

Let's get past $420 and onward up.

[Karartma1]

Forum is up and running once more, it was not down much.
However if we are in this price range there is not much to say. My btc are getting old

[JayJuanGee]

Good morning Bitcoinland. Still going roughly sideways but with a slight edge upward.

I guess Bitcoin's not dead after all.  

Let's get past $420 and onward up.

I think that on our road to $500 plus and thereafter to $650-ish our next sticking point is around $425... and then the next sticking point maybe thereafter around $444 and then thereafter around $467....

I think that there is plenty ability to get passed each of these sticking point within the $400s within a week (best case scenario), or it could take 3-18 months to break through these sticking points... To me, it pretty likely to break through all of these in less than six months which should plow the way for breaking $500 and then into the $650-ish arena...

I know that the whiners want to break through all of these tomorrow (and they are complaining about a few things including blocksize blah, blah blah and other amorphously related scenarios to suggest that bitcoin is being outcompeted, which seems to be a hell-a-va lot more hype and FUCD spreading rather than reality), but we gotta understand that these upward price moving things sometimes can take time to play out.. maybe a lot longer than any of us (potentially weak hands, including myself) need to have sufficient patience to wait it out and keep buying more than we are selling, so long as we really believe in BTC as the best of the cryptos... which the evidence seems pretty strong in that respect.



LET'S MAKE BITCOIN GREAT AGAIN!!!!!!!!!!


 

[DeathAngel]

Good morning Bitcoinland. Still going roughly sideways but with a slight edge upward.

I guess Bitcoin's not dead after all. 

Let's get past $420 and onward up.

Bitcoin died for the 10,000th time & then came back to life. I guess you must have missed it in the news

[ChartBuddy]

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Explanation

[JimboToronto]

...these things sometimes can take time.. maybe a lot longer than any of us (potentially weak hands, including myself) have to have sufficient patience to wait it out and keep buying more than we sell if we really believe in BTC as the best of the cryptos.

I guess it depends on why a person buys Bitcoin. If one buys bitcoins to sell them, it's not surprising to see a certain amount of impatience. "We want the world and we want it now."

Those of us in slow-accumulation mode don't care. If the price goes down, it's a buying opportunity. If the price goes up too sharply, it means that if we absolutely must sell some coins, we'll make a larger fiat profit. Win-win.

[bargainbin]

... "We want the world and we want it now."
...

Today your love, tomorrow the world.
Patient bear is patient.

[JayJuanGee]

...these things sometimes can take time.. maybe a lot longer than any of us (potentially weak hands, including myself) have to have sufficient patience to wait it out and keep buying more than we sell if we really believe in BTC as the best of the cryptos.

I guess it depends on why a person buys Bitcoin. If one buys bitcoins to sell them, it's not surprising to see a certain amount of impatience. "We want the world and we want it now."

Those of us in slow-accumulation mode don't care. If the price goes down, it's a buying opportunity. If the price goes up too sharply, it means that if we absolutely must sell some coins, we'll make a larger fiat profit. Win-win.

I agree with what you are saying, and my thinking has somewhat evolved on this matter over the past nearly 2.5 years that I have been buying bitcoin.

I am not sure exactly my strategy if we were to have another 10x bubble in the near future because that kind of price movement, depending on whether it occurs quickly, would cause a lot of temptation to sell a lot of bitcoins; however, even with a 10x increase in the price, a person would not need to sell all of his/her bitcoins in order to take reasonable measures to protect the investment.

For example, if a person has about 100BTC, then he knows that every dollar BTC goes up, he has $100 profits.  Therefore, he could sell some of those profits and maintain the principle... There are probably as many strategies as there are people; however, I am mostly similar to you in the sense that I am attempting to accumulate overall (even though at the moment, your average BTC buy price seems to be a whole hell-a-va lot lower than mine)

[ChartBuddy]

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Explanation

[JimboToronto]

I am not sure exactly my strategy if we were to have another 10x bubble in the near future because that kind of price movement, depending on whether it occurs quickly, would cause a lot of temptation to sell a lot of bitcoins; however, even with a 10x increase in the price, a person would not need to sell all of his/her bitcoins in order to take reasonable measures to protect the investment.

For example, if a person has about 100BTC, then he knows that every dollar BTC goes up, he has $100 profits.  Therefore, he could sell some of those profits and maintain the principle... There are probably as many strategies as there are people; however, I am mostly similar to you in the sense that I am attempting to accumulate overall (even though at the moment, your average BTC buy price seems to be a whole hell-a-va lot lower than mine)

When I first bought bitcoins (starting at $68) I figured I'd sell enough to recoup my original investment when the price had tripled in value.

By the peak of the spring 2013 bubble, my average price had risen to about $120 and the market price only reached $266, a hundred bucks shy. When the "dead cat" bounce took the price back up to $155 after the crash down to $50, I sold some coins and was feeling fairly smug after making a 30% profit after a crash.

It didn't take long to realize I wanted to buy more bitcoins though. Luckily I was able to buy back in for $97. Now I realize that if I sold any coins, I'd only end up buying them back again, probably at a higher price.

I happened to get lucky with my timing then but I can't count on being that lucky again. I'm not a gambler by nature (in fact I'm adamantly anti-gambling for myself) so I'll stick to the slow and safe.

[ButtLava]

I am not sure exactly my strategy if we were to have another 10x bubble in the near future because that kind of price movement, depending on whether it occurs quickly, would cause a lot of temptation to sell a lot of bitcoins; however, even with a 10x increase in the price, a person would not need to sell all of his/her bitcoins in order to take reasonable measures to protect the investment.

For example, if a person has about 100BTC, then he knows that every dollar BTC goes up, he has $100 profits.  Therefore, he could sell some of those profits and maintain the principle... There are probably as many strategies as there are people; however, I am mostly similar to you in the sense that I am attempting to accumulate overall (even though at the moment, your average BTC buy price seems to be a whole hell-a-va lot lower than mine)

When I first bought bitcoins (starting at $68) I figured I'd sell enough to recoup my original investment when the price had tripled in value.

By the peak of the spring 2013 bubble, my average price had risen to about $120 and the market price only reached $266, a hundred bucks shy. When the "dead cat" bounce took the price back up to $155 after the crash down to $50, I sold some coins and was feeling fairly smug after making a 30% profit after a crash.

It didn't take long to realize I wanted to buy more bitcoins though. Luckily I was able to buy back in for $97. Now I realize that If I sold any coins, I'd only end up buying them back again, probably at a higher price.

I happened to get lucky with my timing then but I can't count on being that lucky again. I'm not a gambler by nature (in fact I'm adamantly anti-gambling for myself) so I'll stick to the slow and safe.

I'm not a gambler either. Tried trading, wasn't for me. It's too much exhausting work to try and stay on top of things (at least as much as is needed to be competitive in trading), so I am just an accumulator as well. My time is better spent earning money elsewhere so I can use that money to keep buying more coins. I buy them assuming I'm throwing the money away, so if they are worth $0 or $300,000 in a year I won't sell. My average buy in price is something like $200 for my 210 coins, so I feel lucky. Although my buddy Jake told me about bitcoin when they were worth like 20 bucks and I dismissed him... darn!

[JimboToronto]

I'm not a gambler either. Tried trading, wasn't for me. It's too much exhausting work to try and stay on top of things (at least as much as is needed to be competitive in trading), so I am just an accumulator as well. My time is better spent earning money elsewhere so I can use that money to keep buying more coins. I buy them assuming I'm throwing the money away, so if they are worth $0 or $300,000 in a year I won't sell. My average buy in price is something like $200 for my 210 coins, so I feel lucky. Although my buddy Jake told me about bitcoin when they were worth like 20 bucks and I dismissed him... darn!

I know what you mean. I first heard about Bitcoin when it was $12-$15. By the time I figured it wasn't a scam it was already over $30. By the time I was actually able to buy some it had doubled again. Snooze you lose.

[ChartBuddy]

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Explanation

[tomothy]

So, I'm liking the uptrend. A bit sad we didn't recover as quickly as I would have liked but I would assume that's due to unresolved and long standing philosophical differences. Still, up is up.

Bank Cryptocoins

#1 RSCOIN

https://github.com/gdanezis/rscoin

In other news, so, I see Bank of England wants to use a central bank cryptocoin, RSCoin. Those jerks. I read some of the white paper and it's a bit above me. Anyone bored enough to take a run at it to explain to us in laymens terms? I understood a bit more about their scaling, 2000 tps for 30 minettes and scalable by simply adding more minettes (expanding the decentralized network to propogate transactions of the centralized distributor). It takes a lot of the good things and bends them to the will of central banks. I guess the central bank has the encryption key to simply make more 'coins' and are sent however they feel like sending them.

I get concerned that btc is losing first mover status. At the same time I realize that such feelings could have been created as an attempt to undermine market confidence to allowe for parties to accumulate. All this 'blockchain' crap is different than 2013/2014 when it was  XYZ Corp invests in "BITCOIN". Is this the despair phase just at a 'higher' price? lol. /shrug just my $0.02 (less than the fee cost of a btc transaction these days, right?)


https://thestack.com/cloud/2016/03/10/bank-of-england-looks-into-centralised-bitcoin-alternative-rscoin/
http://arxiv.org/abs/1505.06895
http://arxiv.org/pdf/1505.06895v2.pdf


#2 Juno

https://github.com/buckie/juno
https://github.com/buckie/juno/blob/master/README.md (Watch the demo... I don't know whats going on, but its cool...)

(So I think they took what they liked from Bitcoin, combined it with what they liked in Ethereum, and they made Juno. Which is funny, get it, like the movie... "juno," about a baby. I won't lie, i'm sitting here laughing about the name. If I'm write, it's a heckuva swipe, like a mic drop. This is some dangerous stuff, in terms of, imho, mainstream adoption of non bank controlled cryptocoins, ie. btc/ltc/eth/etcetcetcf. I don't even mean bitcoin, just in general. Institutions recognize there is merit to a cryptographic currency and distributed ledger and they are running with this stuff. I'm a little bit less certain that we are going to eat their lunch. It looks like they're pulling out all the stops.

JpMorgan - https://bitcoinmagazine.com/articles/jpmorgan-unveils-juno-prototype-at-hyperledger-meeting-1457629074

Considering the debate over blockchain capacity in the Bitcoin network, scalability is, of course, the elephant in the room. With an un-optimized instance running on a MacBook Pro, Juno managed throughput of consensus of 500 per second, and 2ms latency of consensus. This is very big news. Due to restrictions in its block size, Bitcoin can process only up to seven transactions per second. In comparison, Visa’s network processes on average around 2,000 transactions per second. Juno doesn’t require anonymous participation, this has been explicitly disabled. Use of Tangaroa also removes the need for mining.
The team has identified issues that would require human input to fix, including differences in incremental hashes among Followers in the network.

#3 - BTC - I'd still argue more secure than the above. But scalability seems like it is more and more a critical issue and will be a bigger one in the future.   

[coinzat]

the market looks like there will not be any big movements this week as the price is moving between 410 to 415 for the last three days.
hope that next week will bring more active movements to the btc market

[abercrombie]

not too late, seats still available on the train.  

don't be this guy!!

Don't run into an oncoming train, even when chased by vicious Grizzly.

good catch... lol.  touché.