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

[Ted E. Bare]

I'm buying here.

[Elwar]

What did I miss?  I wasn't done dumping yet.

I did a Localbitcoin's buy of nearly 5 bitcoins, and then I was going to sell back right away with nearly a $30 spread - however, I had another urgent matter in the real world that I needed to deal with, so I thought that I should take care of the real world matter first, and prices have been pretty stable for a couple of weeks.. so no big deal, and then I would sell the coins that I had bought after I finished up the real world matter.  Next thing you know, I turn my head, and my $30 spread turned into a $15 spread... and therefore, I just locked in the $15 spread.. and a bit irritated by my having had diddle daddled around in my distraction. 

Had stuff happen to me a few times. Sometimes I would break even and wonder if it was worth the time and gas.

But every good trade builds your reputation so it's good in the long term.

[beastmodeBiscuitGravy]

What did I miss?  I wasn't done dumping yet.

I did a Localbitcoin's buy of nearly 5 bitcoins, and then I was going to sell back right away with nearly a $30 spread - however, I had another urgent matter in the real world that I needed to deal with, so I thought that I should take care of the real world matter first, and prices have been pretty stable for a couple of weeks.. so no big deal, and then I would sell the coins that I had bought after I finished up the real world matter.  Next thing you know, I turn my head, and my $30 spread turned into a $15 spread... and therefore, I just locked in the $15 spread.. and a bit irritated by my having had diddle daddled around in my distraction.  

Had stuff happen to me a few times. Sometimes I would break even and wonder if it was worth the time and gas.

But every good trade builds your reputation so it's good in the long term.

Played German money transmitter a few times... the clientele was rather lacking in hygiene standards and punctuality, sometimes... both.  

But every good trade builds your case file reputation, so it's good in the long term. Just ask BurtW.    

[Elwar]

Played German money transmitter a few times... the clientele was rather lacking in hygiene standards and punctuality, sometimes... both.  

But every good trade builds your case file reputation, so it's good in the long term. Just ask BurtW.    

Most the guys I traded with were the typical middle aged german males.

Fortunately Germany treats bitcoin as "private money" so it's legal for private individual to individual sales. But since it's a currency you can't set up an exchange without going through the legal requirements of a currency exchange. That's why localbitcoins is not able to run in Germany (unless they want to go through all of the legal red tape).

I stopped when I started getting Eastern European customers that were shady. Like I said, I wasted my time and gas with a lot of transactions.

[wachtwoord]

i guess this btc thing will stay at 6xx for decades before some new development (and/or) mass adoption happen... 

Are you prone to exaggerations, or what?

What makes you think that bitcoin is going to stay in the $600s "for decades"?  Sure it is possible, but you seem to be lacking any kind of insight based on reality or assessment.. or maybe you need a bit of patience?   

Sure, BTC prices have been in the $600s for 2-4 months, depending on how you look at the matter, but does this translate into decades.. .hardly. ... maybe you could argue or complain that we could be here for many more months, or even a year or two, ... but "decades?"  get real.

If we keep the 1MB blocksize limit we might also stay on $600 for decades.

But if we do increase the blocksize and the amount of transactions the blockchain can handle per second we should see more adoption and therefore higher prices as well.

On the contrary. We should decrease blocksize if we want to stimulate innovation. Only expensive transactions will speed up development of projects like LN and sidechains.

Larger block size means lower security and therefore lower price. So no, if you want the price to go down you should increase block size.

[XCASH]

i guess this btc thing will stay at 6xx for decades before some new development (and/or) mass adoption happen... 

Are you prone to exaggerations, or what?

What makes you think that bitcoin is going to stay in the $600s "for decades"?  Sure it is possible, but you seem to be lacking any kind of insight based on reality or assessment.. or maybe you need a bit of patience?   

Sure, BTC prices have been in the $600s for 2-4 months, depending on how you look at the matter, but does this translate into decades.. .hardly. ... maybe you could argue or complain that we could be here for many more months, or even a year or two, ... but "decades?"  get real.

If we keep the 1MB blocksize limit we might also stay on $600 for decades.

But if we do increase the blocksize and the amount of transactions the blockchain can handle per second we should see more adoption and therefore higher prices as well.

On the contrary. We should decrease blocksize if we want to stimulate innovation. Only expensive transactions will speed up development of projects like LN and sidechains.

Larger block size means lower security and therefore lower price. So no, if you want the price to go down you should increase block size.

Events make more of an impact on the price than all the block size stuff. Last November when China "unbanned" Bitcoin again the price shot up, and nobody gave a crap about the block size.

[chopstick]

Larger block size means lower security and therefore lower price. So no, if you want the price to go down you should increase block size.

No. You are just lacking brain cells.

Solving the scaling debate with a simple blocksize increase would be bullish beyond belief. Price would skyrocket as people's faith in BTC and in Core slowly becomes restored.

[JayJuanGee]

so crossing under 600 / could this next fall trigger the next rise,. ? / the pump must come,.

Could be but not quite guaranteed however there seems no any strong reason behind this dump today so may be whales are just trying to grab few at cheaper price.

Well, this is likely a work in progress.

The bears could also be testing and trying to see if anyone else will follow.  They dump a bunch of coins, but are only willing to dump so many their own coins, and maybe plan to dump more of their own coins if others will follow, but if others do not follow then price may likely begin to trickle back up.  On the other hand, there is no real resolution from the perspective of non-whales because we cannot know for sure how many coins they are continued prepared to dump or on the other hand if there is some whale on the other side who has a large stash that they are willing to place towards pumping under circumstances that they believe are favorable to themselves.

[JayJuanGee]

What did I miss?  I wasn't done dumping yet.

I did a Localbitcoin's buy of nearly 5 bitcoins, and then I was going to sell back right away with nearly a $30 spread - however, I had another urgent matter in the real world that I needed to deal with, so I thought that I should take care of the real world matter first, and prices have been pretty stable for a couple of weeks.. so no big deal, and then I would sell the coins that I had bought after I finished up the real world matter.  Next thing you know, I turn my head, and my $30 spread turned into a $15 spread... and therefore, I just locked in the $15 spread.. and a bit irritated by my having had diddle daddled around in my distraction. 

Had stuff happen to me a few times. Sometimes I would break even and wonder if it was worth the time and gas.

But every good trade builds your reputation so it's good in the long term.

When I started trading through Localbitcoins, almost everyone was buying coins from me.. .I had almost no situations in which I was buying coins.  Strange, that in recent times, I have contacts in which I buy coins, and the ones buying from me have disappeared ( I don't know if they have gone somewhere else, but they had been my regulars). 

No matter what with those local bitcoin trades, I lock them in fairly soon after conducting the trade.  So if I buy through local bitcoins, I sell right away somewhere else, and if I sell, I buy right away.

Like you said, sometimes, I do not mind jumping through a few hurdles in order to keep the relationship, because it allows me to continue to stack my bets on both sides and then to immediately fold profits into my total BTC trading portfolio allocation.   Frequently with my trades on exchanges, the amounts are very small back and forth, but with Localbitcoin's there seems to be a tendency for the amounts to be larger, and that is why I prefer to lock in soon after the trade.

I have gotten screwed over a couple of times, and there is a pretty large number of non-serious folks that contact me, either to buy or to sell and they want to "work out a deal."  These days I tell them that as long as they do the first transaction in accordance with the terms of my advertisement in Localbitcoins, and I meet them, I may be willing to work out deals for the future.. but I am not going to "work out deals" or negotiate with them about my terms until after they at least perform one transaction in accordance with the terms of my ad, which I believe is more than fair.  Probably less than half of my new contacts comply and the majority disappear (In the end, I think that they are looking to scam someone). 

So, generally, once I have some regular traders that I like, it seems to be good to hang on to them and to be fair with them in order to have continued direct trading relations.

[becoin]

Stolen Bitfinex bitcoins are being sold out on major exchanges and market is absorbing them with healthy appetite.

[JimboToronto]

Good morning Bitcoinland.

Down a dime overnight I see... $598 according to Bitcoinaverage. Small potatoes.

The way some trolls posted weeping faces and talk of gloom and doom, you'd think we'd had a significant dip.

Are we that hypnotized by a week or two of flat sideways that $10 seems like a big thing?  

[peonminer]

Feds raise rate.


Goblin town.





The crypto market is tough. It owes us nothing. It punishes our mistakes. Others have more money, more power, more connections. We are underdogs. We keep learning. We innovate. Every day is a new fight. Technology is our weapon. We make millions of small trades. We cut losses. We identify opportunities. We focus. The market can be beaten. We love the game.

[JayJuanGee]

Good morning Bitcoinland.

Down a dime overnight I see... $598 according to Bitcoinaverage. Small potatoes.

The way some trolls posted weeping faces and talk of gloom and doom, you'd think we'd had a significant dip.

Are we that hypnotized by a week or two of flat sideways that $10 seems like a big thing?  

Sure it is nice to type about price movements and to speculate - that's one of the purposes of this thread...  but really the price movements are not very significant in terms of arguing one way or another until we break out of the current price channel, which really seems to be between about $560 and $630 (give or take a dime, in your words..    )

[peonminer]

https://www.federalreserve.gov/mediacenter/live-broadcast.htm

[peonminer]

https://www.federalreserve.gov/newsevents/press/monetary/20160921a.htm

Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent.

[mymenace]

lets see those walls


Based on the feds decision to hold rates

1) Confirms asset bubble to continue

2) No confidence in the US dollar

3) Gold, Silver and Bitcoin expected to rise

4) US dollar in free fall, base currency for trading countries down from 75% of world trade now at 45%

5) Yuan backed gold tipped to overtake US dollar as reserve currency for most nations and hasten US economic collapse

6) US debt $21 trillion dollars, 3.5 x larger than the GFC debt of 6 trillion dollars


not a pretty picture

[Bitmore]

lets see those walls


Based on the feds decision to hold rates

1) Confirms asset bubble to continue

2) No confidence in the US dollar

3) Gold, Silver and Bitcoin expected to rise

4) US dollar in free fall, base currency for trading countries down from 75% of world trade now at 45%

5) Yuan backed gold tipped to overtake US dollar as reserve currency for most nations and hasten US economic collapse

6) US debt $21 trillion dollars, 3.5 x larger than the GFC debt of 6 trillion dollars


not a pretty picture

Wouldn't this cause Bitcoin to fall?  An INCREASE in interest rates would cause the stock market to fall, and Bitcoin would be a lifeboat, wouldn't it?

[mymenace]

lets see those walls


Based on the feds decision to hold rates

1) Confirms asset bubble to continue

2) No confidence in the US dollar

3) Gold, Silver and Bitcoin expected to rise

4) US dollar in free fall, base currency for trading countries down from 75% of world trade now at 45%

5) Yuan backed gold tipped to overtake US dollar as reserve currency for most nations and hasten US economic collapse

6) US debt $21 trillion dollars, 3.5 x larger than the GFC debt of 6 trillion dollars


not a pretty picture

Wouldn't this cause Bitcoin to fall?  An INCREASE in interest rates would cause the stock market to fall, and Bitcoin would be a lifeboat, wouldn't it?

interest rates are not being decreased and the feds say they heavily favour an interest rate rise in December

this is all real news but remember it is only speculation on where the price will go, check the walls

[Hyperjacked]

Yeah, it's overpriced - deal with it.

We deal wit it by not buyin...gotta lotta butts wit no seats imho

9.5 billion market cap...insanity IMO

Btc right now is just a way to move fiat that hardly anybody trusts. So yeah, it's market cap is too high.

I have a different view...crypto can be trusted IMO ! Math does not lie only propaganda does...market cap is way high on on Bitcoin IMO

Disclaimer:depends on hyperinflation

Crypto can be trusted - please elaborate on this mythical concept...
The dregs of society own this shit. The mainstream views it as a joke.

"crypto can be trusted" in the sense that "it's all mathmatics!" And you can't argue that 2+2=4!

Unlike the death spiral financing toilet bowl stock market...

Do you think I care about the mainstream talking heads that spoon feed us whatever the highest bidder tells them...?

"Dregs of society"...? This is the future of currency...mythical concept? Wake up dude

[Hyperjacked]

Yeah, it's overpriced - deal with it.

We deal wit it by not buyin...gotta lotta butts wit no seats imho

9.5 billion market cap...insanity IMO

Btc right now is just a way to move fiat that hardly anybody trusts. So yeah, it's market cap is too high.

Wasn't trying to be rude with my last comment...I'm just a little rough around the edges !

Enjoy your day