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

[JimboToronto]

He's probably too bored to post here. He'll start posting here if there is a major event like an exchange hack, or Bitcoin doubling in price.

A flat market never stopped him in the past. In fact, his off-the-wall posts were often the only thing worth reading here during the doldrums.

I also wish he'd change the poll. 

[JayJuanGee]

Good AM BTCland. Slept in a little today. Normally I'm up by the crack of noon.

Still no change... $612 on Bitcoinaverage.

Not a lot to talk about in this thread (except the ongoing block size debate, in which I refuse to become involved) until we see some real movement.
___________

In the meantime Adam is conspicuous by his absence. He seems to be around the other forum (the one with Chartbuddy) so I gather he's avoiding/boycotting this one.

Anyone know why, except for his obvious disagreement in the aforementioned block size issue? He came back quickly after his mini-ban a few months ago. Any reason why it's different this time?

I have had a bit of a discussion with him, and in essence, his account was hacked several weeks ago, and he has not yet gotten it back. 

I was trying to convince him to go through the motions of getting his account back....

He should understand that a lot of folks like seeing his posts in this thread, even when they are sometimes quite off the wall or even controversial...      (maybe I should not be calling the kettle black?)

[JayJuanGee]

...

The actual fees attached to bitcoin are all connected to the legacy and centralized systems (fiat conversions, exchanges, etc).

If you do enough transactions, fees become an issue:

https://youtu.be/1-z-zTBHOO8?t=14m14s

and this is called a SPAM protection.

No issue with using small fees to prevent spam attacks.

But $10, $10, $50?

That's international bank wire fees.

So, high fees = why bother going through the hassle of changing up fiat to Bitcoin, then being charged as much as a bank wire; before the other end have to convert Bitcoin to fiat.

Does spam protection mean: Lets put up a barrier to users, that way we can keep small blocks? That's just bollocks.

The fee the market would settle on should be minimal.

https://bitcointalk.org/index.php?topic=1391350.0

You are smarter than that, no?

You are coming off as a stupid-ass troll with your various strawman exaggerations.

You should realize that Bitcoin transaction fees are no way near any bank wire fee price territories, and there is no real threat that bitcoin fees are reaching those kinds of levels at any time in the near future.

Yeah, sure there is some ambiguity regarding fees, and there is some uncertainties regarding how much they are going to be in the future, but the reality of the matter remains that a person can send $$$ thousands for fees of less than a dollar and have those transactions as "high priority"  You can also send transactions with hardly any fees at all, and still have those transactions go through within less than 24 hours. 

There is no competing system that allows for secure decentralized immutable value transaction/storage.  Name one?  Accordingly, we are getting a considerable value out of bitcoin at the moment and in the foreseeable future, because also maybe in the end, it is worth more than the going fee rate of bank wires etc to be able to have a system (namely bitcoin) with such secure decentralized value transaction/storage?

[Elwar]

Bitcoin can easily do the same as this ad.

Send bitcoins for Free!*







* Small transaction fee may apply

[JimboToronto]

I have had a bit of a discussion with him, and in essence, his account was hacked several weeks ago, and he has not yet gotten it back. 

I was trying to convince him to go through the motions of getting his account back....

Thanks for the info.

He should understand that a lot of folks like seeing his posts in this thread, even especially when they are sometimes quite off the wall.

ftfy 

[AlexGR]

...

The actual fees attached to bitcoin are all connected to the legacy and centralized systems (fiat conversions, exchanges, etc).

If you do enough transactions, fees become an issue:

https://youtu.be/1-z-zTBHOO8?t=14m14s

23$ and 50$ fees per tx? What is he talking about?

Come on, let's get serious.

Last block was

https://blockchain.info/block/00000000000000000028070c4eff21147cc6efbd656498cc0ecd12c892f32bac

Number Of Transactions   2665
Output Total   9,069.87804225 BTC
Estimated Transaction Volume   1,363.92519973 BTC
Transaction Fees   0.62605074 BTC

381$ were paid for 2665 txs, for an estimated transaction value of 832k USD.

[mymenace]

Not much movement on walls as everyone knows, approx. buy/sell walls on bitstamp - buy side stacked to 300, sell side stacked to 850

fundamentals clearly point to market collapse and everyone in position for the fall

bitcoin following gold price now for over 18 months,

recent article explains whats happening and what to buy

https://www.rt.com/business/361575-central-banks-vegas-casino/

buy side a little thinner, sell side alot thinner, green shaded band has met yellow line

check em https://bitcoinity.org/markets

previously

bitstamp



what happens when the green shaded peaks meet back down to the yellow line, seems to be occurring again

[Torque]

[JayJuanGee]

There's nothing really new here, because we frequently get stuck at a certain price point for what seems like an extended period of time, but then the resolution is not clearly one direction or another.  Accordingly, even though there does seem to be a decent amount of upwards price pressures, I do not expect this matter to resolve for sure to the upside.

Our range for a couple of months now seems to be between $560 and $630, so currently, we are not exactly in the middle of the range, and we are floating kind of in the upper part of the most recent price range.

[Paashaas]

The Chinese are not so interested in Bitcoin these days, they are so busy moving there Yuan's into real-estate.

https://www.youtube.com/watch?v=3CPCtlxOgUY

[savetherainforest]

The Chinese are not so interested in Bitcoin these days, they are so busy moving there Yuan's into real-estate.

https://www.youtube.com/watch?v=3CPCtlxOgUY

Those guards at the door... They are doing a bad HODLING job...  

[Hunyadi]

Is it time to leave this range, hopefully 

[savetherainforest]

Well... the feeling is like this... 






Well played lambs! 

[DaRude]

So there are only BTC1.8k new BTC mined daily. Volume wise we got about:
BTC4k @ Bitfinex USD/BTC
BTC4k @ Btc-e USD/BTC
BTC3k @ Stamp USD/BTC
BTC3k @ Coinbase USD/BTC
BTC3k @ Kraken EUR/BTC
BTC1.8k daily Gemini auction
BTC1k @ LocalBTC USD/BTC

or about BTC20k/day volume from somewhat believable sources

+BTC21MM CNY/BTC

and that's with a stable price in last 3months. Where is the volume coming from?  can't be same people selling to themselves just to pay exchange fees 

[UngratefulTony]

...
and that's with a stable price in last 3months. Where is the volume coming from?  can't be same people selling to themselves just to pay exchange fees 

The Ransomware and Shitcoin Trading sectors seem to be banging on all cylinders, transactional usage is flat for some reason.   

[r0ach]

and that's with a stable price in last 3months. Where is the volume coming from?   can't be same people selling to themselves just to pay exchange fees  

The price was like $645 in India yesterday.

[UngratefulTony]

and that's with a stable price in last 3months. Where is the volume coming from?   can't be same people selling to themselves just to pay exchange fees  

India pumping Bitcoin to Uranus.

Du u have a related steem article I may reference?

[r0ach]

Du u have a related steem article I may reference?

No, but you may read this:

The sequence of events of WWII without US, Russian, or Jewish propaganda, and why history repeats with the rise of the alt-right being unstoppable: http://www.youtube.com/watch?v=Vnu5uW9No8g

[Karartma1]

So there are only BTC1.8k new BTC mined daily. Volume wise we got about:
BTC4k @ Bitfinex USD/BTC
BTC4k @ Btc-e USD/BTC
BTC3k @ Stamp USD/BTC
BTC3k @ Coinbase USD/BTC
BTC3k @ Kraken EUR/BTC
BTC1.8k daily Gemini auction
BTC1k @ LocalBTC USD/BTC

or about BTC20k/day volume from somewhat believable sources

+BTC21MM CNY/BTC

and that's with a stable price in last 3months. Where is the volume coming from?  can't be same people selling to themselves just to pay exchange fees 

I think it is one thing only: fractional-reserve
https://bitcointalk.org/index.php?topic=945881.0

Read that thread and most of your questions will be answered. At first I would not believe that was happening but it is.

[DaRude]

So there are only BTC1.8k new BTC mined daily. Volume wise we got about:
BTC4k @ Bitfinex USD/BTC
BTC4k @ Btc-e USD/BTC
BTC3k @ Stamp USD/BTC
BTC3k @ Coinbase USD/BTC
BTC3k @ Kraken EUR/BTC
BTC1.8k daily Gemini auction
BTC1k @ LocalBTC USD/BTC

or about BTC20k/day volume from somewhat believable sources

+BTC21MM CNY/BTC

and that's with a stable price in last 3months. Where is the volume coming from?  can't be same people selling to themselves just to pay exchange fees 

I think it is one thing only: fractional-reserve
https://bitcointalk.org/index.php?topic=945881.0

Read that thread and most of your questions will be answered. At first I would not believe that was happening but it is.

But that's exactly why Finex implemented the the multisig with BitGo for easy auditing.. right?  RIGHT??