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

[JayJuanGee]

I have a problem with this price rise:

As many people know, I fix people's bitcoin miners for bitcoin payments. Thus I have to account for my time, skills, experience, and material costs (damn FPGAs are expensive when they blow up). I price my work in bitcoin because I want this currency to have a reason to exist other than as a speculation thingie.

Problem is the fluctuations: If I charge .3btc for a service and bitcoin drops from 600 to 300 I don't want to raise my bitcoin prices so I kept them constant. Likewise if it goes from 600-1200 I don't want to change my prices for the same basic reason (I'm doing work for a certain amount of bitcoin). But if it keeps going haywire, what do I do? What's fair? And at what point am I simply doing work for dollars instead of Bitcoin?

It's complex.

I don't think it is complex...


You peg it to dollar prices... and you still get bitcoins.

[soullyG]

On the move again, $1100 and counting..

[hd060053]

bfx over 1100 alrdy, and there are not much coins left on the sell side

[smracer]

bfx over 1100 alrdy, and there are not much coins left on the sell side

16K shorts still need to close!

[spooderman]

haha there's a big ask wall at 2890 on finex

[ImI]

bfx over 1100 alrdy, and there are not much coins left on the sell side

16K shorts still need to close!

i would love to meet with some of those shorters and have a beer or something. i mean, what drives them? what are the reasons to short btc in such a run? inexperience? gambling with money of other people?

[Elwar]

I have a problem with this price rise:

As many people know, I fix people's bitcoin miners for bitcoin payments. Thus I have to account for my time, skills, experience, and material costs (damn FPGAs are expensive when they blow up). I price my work in bitcoin because I want this currency to have a reason to exist other than as a speculation thingie.

Problem is the fluctuations: If I charge .3btc for a service and bitcoin drops from 600 to 300 I don't want to raise my bitcoin prices so I kept them constant. Likewise if it goes from 600-1200 I don't want to change my prices for the same basic reason (I'm doing work for a certain amount of bitcoin). But if it keeps going haywire, what do I do? What's fair? And at what point am I simply doing work for dollars instead of Bitcoin?

It's complex.

I get it. You're trying to be true to Bitcoin and lead instead of follow. That's good.

During the big swings you should be able to adjust your price. Bitcoin has a lot of time that is fairly stable but at times it has its growing pains to adjust to demand. During those times you'll need to adjust with Bitcoin as well.

I sold someone a pair of boots for $300 when the price was about $10/BTC. The boots took over a month to get to the buyer. By that time the price had climbed to over $20. The customer was not happy about it. I gave him half of the upward value back as a gesture of moving forward with Bitcoin and keeping commerce going even when the price moves a lot.

[Tzupy]

Hmm, this isn't looking as bearish as I'd like... Maybe the Chinese will pull an extension?

[Kramerc]

Hmm, this isn't looking as bearish as I'd like... Maybe the Chinese will pull an extension?

What about the BFX shorters' prisoner dilemma? There's 16k of them and only 6k in total asks.

[Elwar]

bfx over 1100 alrdy, and there are not much coins left on the sell side

16K shorts still need to close!

i would love to meet with some of those shorters and have a beer or something. i mean, what drives them? what are the reasons to short btc in such a run? inexperience? gambling with money of other people?

I thought about this a bit. I was thinking that perhaps the tax implications might be better to short than to sell.

Say you have 100 bitcoins that you bought for $100 each. Say you think $1100 is the top and you want to sell your 100 bitcoins. You now owe capital gains on $100,000. You still want bitcoins in the long run but you think the price will surely go down.

If you short at $1100 and the price drops to $550, you've just doubled your bitcoins. You now have 200 bitcoins and no taxes to pay. Had you sold and bought again at $550 you'd have 200 bitcoins and a tax bill for about $20,000.


(Of course, I may be wrong about most of that. I didn't consider it too long, I do much better when I just hold through these things, trying to time the market is not easy)

[Spaceman_Spiff]

Just charge in dollars and accept payment in BTC with a window of a few hrs after the job is complete.
That way you can always charge the same for the job and no one will feel like they over or underpaid.

I have a problem with this price rise:

As many people know, I fix people's bitcoin miners for bitcoin payments. Thus I have to account for my time, skills, experience, and material costs (damn FPGAs are expensive when they blow up). I price my work in bitcoin because I want this currency to have a reason to exist other than as a speculation thingie.

Problem is the fluctuations: If I charge .3btc for a service and bitcoin drops from 600 to 300 I don't want to raise my bitcoin prices so I kept them constant. Likewise if it goes from 600-1200 I don't want to change my prices for the same basic reason (I'm doing work for a certain amount of bitcoin). But if it keeps going haywire, what do I do? What's fair? And at what point am I simply doing work for dollars instead of Bitcoin?

It's complex.

As long as dollars are less volatile than bitcoins, this method makes a lot more sense ( perhaps with a yearly repricing to account for inflation or other market dynamics).

[2017Bubble]

8000 yuan


 

[Spaceman_Spiff]

Hmm, this isn't looking as bearish as I'd like... Maybe the Chinese will pull an extension?

What about the BFX shorters' prisoner dilemma? There's 16k of them and only 6k in total asks.

An order book can change quickly

Also 8012 yuan, new ATH in yuan.

[hd060053]

8000 cny/btc and soon its 9000 because all bots are programmed to buy at 8k because its the ath in china.

[Fakhoury]

DID WE JUST HAVE A NEW ATH IN CHINA ?!?!?!

[Torque]

Hmm, this isn't looking as bearish as I'd like... Maybe the Chinese will pull an extension?

You do realize that since this bull run started, buying bots on each exchange have been in control mostly buying on technicals?

The dumps you see are simply bots dumping into their own walls, taking profits from other margin longs and scooping up their cheap coins.  Any direct human interaction is cursory and benign.

[Chainsaw]

CHINA BREAKS 8000...

[Spaceman_Spiff]

Well that escalated quickly...

[Paashaas]

Here we go, 8100 Yuan  

Love to follow the 1 min chart.

[ErisDiscordia]

Huobi New ATH!

All that is left is USD ATH. After that...who knows? Correction to form Cup & Handle? Insane blast-off?