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

[SnokkomBTC]

And China doesn't give a shit about US

It did give actually, see OKCoin.

indeed, btcwisdom is most of the time dead ;p

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[bitebits]

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.

Did you sell your moon boots Elwar?!

[Ted E. Bare]

What an action lol. Happy that I'm a long term holder everything seems fun now.

[Ted E. Bare]

Who sold at the bottom?

[offliberty]

Who sold at the bottom?

All-in at the bottom, yolo

[brokedummy]

I'll follow you down, but not that far

[rjclarke2000]

Crazy that a dump like that can alter the price in a space of minutes.

So i guess it's a good thing right? There are limited coins and always will be. If someone holds a large number and dumps their coins or a large amount of them they will be bought up by a big number of people therefore spreading the coins around and preventing another dump of these particular coins in one go.

So, (if that makes sense) am I right in saying the more of those sudden dumps we have is a good thing long term as it spreads btc around?

Please feel free to tell me I am typing pure horse shit if that's the case.

[krizniq]

there will be always those big dumbs because it's part of the game.
It is happening with regular money as well, but there are national banks which are taking those dumps so price remain stable. Bitcoin is missing those (thankfully)

as always this is only to fear some weak hands and force them to sell so others can buy in cheaper.
Don't be scared, amplitudes are shortening but they are going to be there for sure still.

[Spaceman_Spiff]

I keep forgetting that I should set limit orders in times like this.  Would have loved to catch that spike on Finex but I was just taking a nap...  I guess events like these are why you tend to be glued to the screen 24/7 ...

[Tzupy]

Crazy that a dump like that can alter the price in a space of minutes.

So i guess it's a good thing right? There are limited coins and always will be. If someone holds a large number and dumps their coins or a large amount of them they will be bought up by a big number of people therefore spreading the coins around and preventing another dump of these particular coins in one go.

So, (if that makes sense) am I right in saying the more of those sudden dumps we have is a good thing long term as it spreads btc around?

Please feel free to tell me I am typing pure horse shit if that's the case.

Both the FOMO top and the big dump on OKCoin and Bitfinex were ridiculous IMO. If this is good or not for bitcoin...

[Cassius]

Crazy that a dump like that can alter the price in a space of minutes.

So i guess it's a good thing right? There are limited coins and always will be. If someone holds a large number and dumps their coins or a large amount of them they will be bought up by a big number of people therefore spreading the coins around and preventing another dump of these particular coins in one go.

So, (if that makes sense) am I right in saying the more of those sudden dumps we have is a good thing long term as it spreads btc around?

Please feel free to tell me I am typing pure horse shit if that's the case.

It's a truism that coins are accumulated when the price falls (by forward-thinking and wealthier investors) and distributed on a price rise (as those same investors reap the benefits of their risk-taking/foresight). So yes, likelihood is that the dump was caught by a bottom-fishing whale and the coins are now being sold on to multiple smaller traders.

[Globb0]

But the pumper and dumpers buy back at the new lower price, or sell the coins they brought at the new higher price.

So its not a one way trade that leaves them out of the game.

[Karartma1]

I keep forgetting that I should set limit orders in times like this.  Would have loved to catch that spike on Finex but I was just taking a nap...  I guess events like these are why you tend to be glued to the screen 24/7 ...

I only see green and red these days: I totally understand you! I should add black since on bitcoin wisdom those are the colors: black for background, green/red for the candles.
Anyway I should have set some stops as well but I have everything in cold storage at the moment. No trading for me until I see for real what is going on.

[savetherainforest]

Crazy that a dump like that can alter the price in a space of minutes.

So i guess it's a good thing right? There are limited coins and always will be. If someone holds a large number and dumps their coins or a large amount of them they will be bought up by a big number of people therefore spreading the coins around and preventing another dump of these particular coins in one go.

So, (if that makes sense) am I right in saying the more of those sudden dumps we have is a good thing long term as it spreads btc around?

Please feel free to tell me I am typing pure horse shit if that's the case.

Both the FOMO top and the big dump on OKCoin and Bitfinex were ridiculous IMO. If this is good or not for bitcoin...

There is too much stability. The market is weak and well balanced.

We are going to the moons!  

[molecular]

hmm... https://poloniex.com loads an empty page for me ;-(

[tavitavi]

hmm... https://poloniex loads an empty page for me ;-(

You should try adding .com to the end of it

[orpington]

Finally!

More cheap coins!

[Denker]

hmm... https://poloniex loads an empty page for me ;-(

You should try adding .com to the end of it

Nah that's not the problem.
Can't connect as well.Just plane white screen!
Other traders however have no problem accessing the site.
Maybe it's some local issue here in our region, don't know.

[WeltMaster]

I JUST WOKE UP

DO I PANIC SELL OR PANIC BUY??!?!?!?!   

[molecular]

hmm... https://poloniex loads an empty page for me ;-(

You should try adding .com to the end of it

fixed.

still empty page for me ;(