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

[toknormal]

Lets hope the trend is allowed to grow back organically and Huobi doesn't vandalise it again on the way up.

[ft73]

Lets hope the trend is allowed to grow back and Huobi doesn't vandalise it again on the way up.

So far this upmove looks and feels like a simple bounce.

My opinion obviously.

I'd expect correction resuming between here ( 830$ )  and about 855$.
Not sure about its depth though.

[jbreher]

The big-blockers ...

Ahh those bloody idiots are back 

I don't know who you are referring to as 'idiots', but we 'big blockers' have been here the whole time, and don't plan on leaving. Deal with it.

How big will the blocks need to be to "handle an increase in 100 million+ users" 

Do you run a node? Do you ever stream video content? Are you aware that hypothetical 100MB blocks are no more resource intensive than SD video content?

yeah maths are hard.

Arithmetic ain't hard. It appears, however, that for some, thinking through the implications of the arithmetic calculations are out of their grasp.

[mymenace]

Bitcoin's gone up to $1080 in India. That might account for the little rise beyond $800 elsewhere.

https://cointelegraph.com/news/while-misleading-information-on-china-stalls-price-bitcoin-hits-1080-in-india

fantastic point we have here gentlemen.... how is that possible?? i just checked and 1 BTC = 67.570 INR    (do the math this is equal to 933.44 EURO)

can somebody explain this HUGE gap in price???

indians do not have access to cash and are limited to gold, so bitcoin is the next option. Indian Gold as well has a large difference to western markets

the 500 and 1000 rupee fiat dollars were removed from the economy about a month or 2 back

[osmotic]

Bitcoin's gone up to $1080 in India. That might account for the little rise beyond $800 elsewhere.

https://cointelegraph.com/news/while-misleading-information-on-china-stalls-price-bitcoin-hits-1080-in-india

fantastic point we have here gentlemen.... how is that possible?? i just checked and 1 BTC = 67.570 INR    (do the math this is equal to 933.44 EURO)

can somebody explain this HUGE gap in price???

indians do not have access to cash and are limited to gold, so bitcoin is the next option. Indian Gold as well has a large difference to western markets

the 500 and 1000 rupee fiat dollars were removed from the economy about a month or 2 back

The Indian government is also confiscating gold, which is making bitcoin more and more popular in India. Any gold that hasn't been taxed gets confiscated if their government can find it.

[jbreher]

The Indian government is also confiscating gold taxing holdings of black money, which is making bitcoin more and more popular in India. Any gold that hasn't been taxed gets confiscated taxed if their government can find it.

FTFY

[mymenace]

The Indian government is also confiscating gold taxing holdings of black money, which is making bitcoin more and more popular in India. Any gold that hasn't been taxed gets confiscated taxed if their government can find it.

FTFY

if the economy gets bad enough they will come hunting for gold owners, it has happened before

https://en.wikipedia.org/wiki/Executive_Order_6102

by President Franklin D. Roosevelt  1933

that same year the state of Judea declared war on Germany

https://archive.org/stream/JewsDeclareWarOnGermany1933/JewsDeclareWarOnGermany1933_djvu.txt

[Ibian]

Today has not been the best day for me. The guy I was gonna trade half a dozen bitcoins with suddenly dropped off the face of the earth, so now I'm stuck with useless fiat instead of cheap coins. Can't get it back on kraken until sometime next week because banks break on weekends (they really need to fix that bug).

[JayJuanGee]

Today has not been the best day for me. The guy I was gonna trade half a dozen bitcoins with suddenly dropped off the face of the earth, so now I'm stuck with useless fiat instead of cheap coins. Can't get it back on kraken until sometime next week because banks break on weekends (they really need to fix that bug).

Sounds as if you do not have a large enough float.. whether that is BTC or cash.

I don't usually conduct the trade on the exchange until after I have already locked in the profitable trade on Local Bitcoins or directly... and that is that I have actually either received the bitcoins from the guy or I have received the fiat from the guy.

To do that, you have to have enough of a float that covers the full amount of bitcoins or fiat that you are trading and usually a bit more because of transfer times and other cushion issues that sometimes can get the money or the BTC in their proper locations and set up for the next trade.... that transferring money around can be a bit of a hassle and sometimes cause additional costs - that tend to be lessened, somewhat with having a decent float (and even then, it may be a bit cumbersome to manage with some unexpected costs, here and there)

[Killerpotleaf]

Today has not been the best day for me. The guy I was gonna trade half a dozen bitcoins with suddenly dropped off the face of the earth, so now I'm stuck with useless fiat instead of cheap coins. Can't get it back on kraken until sometime next week because banks break on weekends (they really need to fix that bug).

Sounds as if you do not have a large enough float.. whether that is BTC or cash.

I don't usually conduct the trade on the exchange until after I have already locked in the profitable trade on Local Bitcoins or directly... and that is that I have actually either received the bitcoins from the guy or I have received the fiat from the guy.

To do that, you have to have enough of a float that covers the full amount of bitcoins or fiat that you are trading and usually a bit more because of transfer times and other cushion issues that sometimes can get the money or the BTC in their proper locations and set up for the next trade.... that transferring money around can be a bit of a hassle and sometimes cause additional costs - that tend to be lessened, somewhat with having a decent float (and even then, it may be a bit cumbersome to manage with some unexpected costs, here and there)

he's not trying to service the local market, he's trying to buy bitcoins off of it.

it sounds to me like they agree on a price when stamps was bottomed, and then the seller failed to deliver, later today for unknown reasons.

[toknormal]

Well Huobi's having a wee go at puncturing that rally, but it's not quite got the "push-it-off-the-cliff-already" destructive gusto it had yesterday. Maybe wants to build up a bit more of a head of steam first.

[Ibian]

Today has not been the best day for me. The guy I was gonna trade half a dozen bitcoins with suddenly dropped off the face of the earth, so now I'm stuck with useless fiat instead of cheap coins. Can't get it back on kraken until sometime next week because banks break on weekends (they really need to fix that bug).

Sounds as if you do not have a large enough float.. whether that is BTC or cash.

I don't usually conduct the trade on the exchange until after I have already locked in the profitable trade on Local Bitcoins or directly... and that is that I have actually either received the bitcoins from the guy or I have received the fiat from the guy.

To do that, you have to have enough of a float that covers the full amount of bitcoins or fiat that you are trading and usually a bit more because of transfer times and other cushion issues that sometimes can get the money or the BTC in their proper locations and set up for the next trade.... that transferring money around can be a bit of a hassle and sometimes cause additional costs - that tend to be lessened, somewhat with having a decent float (and even then, it may be a bit cumbersome to manage with some unexpected costs, here and there)

Correct. It's a fixable problem and the loss today was not that much in the end, but still damn annoying that people just up and go radio silent like that.

[sugarbaby]

One reason price might follow difficulty is that mining should not be too profitable (because nothing should be too profitable, the world doesn't leave free money lying around). Therefore the price of Bitcoins can't rise too much above the cost of mining (counting equipment depreciation among the costs of course). The cost of mining is proportional to the difficulty (approximately). Therefore we might expect to see price proportional to difficulty.
...

Hal Finney, November 30, 2010, 09:46:21 AM

... Message from the future ...

[Killerpotleaf]

One reason price might follow difficulty is that mining should not be too profitable (because nothing should be too profitable, the world doesn't leave free money lying around). Therefore the price of Bitcoins can't rise too much above the cost of mining (counting equipment depreciation among the costs of course). The cost of mining is proportional to the difficulty (approximately). Therefore we might expect to see price proportional to difficulty.
...

Hal Finney, November 30, 2010, 09:46:21 AM

... Message from the future ...

dif has more than tripled in the past year, while price has doubled.

[Holliday]

Do you run a node? Do you ever stream video content? Are you aware that hypothetical 100MB blocks are no more resource intensive than SD video content?

I do. I uploaded over a terabyte of data to other nodes last month.

Obviously if blocks are bigger, the amount of data users need to share to keep the network running will increase.

I have very expensive, top tier internet from a major ISP that I recently purchased specifically for running a Bitcoin node. I had to gimp my maxconnections with more typical home user speeds or my internet was unusable for other tasks like surfing the web.

[spiderbrain]

The Indian government is also confiscating gold taxing holdings of black money, which is making bitcoin more and more popular in India. Any gold that hasn't been taxed gets confiscated taxed if their government can find it.

FTFY

By "black money" do you mean money tainted by contact with our evil banking overlords?

[JayJuanGee]

Today has not been the best day for me. The guy I was gonna trade half a dozen bitcoins with suddenly dropped off the face of the earth, so now I'm stuck with useless fiat instead of cheap coins. Can't get it back on kraken until sometime next week because banks break on weekends (they really need to fix that bug).

Sounds as if you do not have a large enough float.. whether that is BTC or cash.

I don't usually conduct the trade on the exchange until after I have already locked in the profitable trade on Local Bitcoins or directly... and that is that I have actually either received the bitcoins from the guy or I have received the fiat from the guy.

To do that, you have to have enough of a float that covers the full amount of bitcoins or fiat that you are trading and usually a bit more because of transfer times and other cushion issues that sometimes can get the money or the BTC in their proper locations and set up for the next trade.... that transferring money around can be a bit of a hassle and sometimes cause additional costs - that tend to be lessened, somewhat with having a decent float (and even then, it may be a bit cumbersome to manage with some unexpected costs, here and there)

Correct. It's a fixable problem and the loss today was not that much in the end, but still damn annoying that people just up and go radio silent like that.

It's highly expected that a certain percentage of people are going to flake, and maybe even folks that you have already developed a decent relationship (or a pattern of good business), so having the expectation that a certain number are going to flake would be why you have to wait until you either have the bitcoin's or the fiat in your grubby little hands before taking the next step... on the other hand, sometimes you could take certain preparations or hedge a bit regarding the expectation of an occurrence - but that hedge should not reasonably be 100%.. maybe 20% or some other comfortable amount, which would likely vary from situation to situation.

[edited out}

he's not trying to service the local market, he's trying to buy bitcoins off of it.

it sounds to me like they agree on a price when stamps was bottomed, and then the seller failed to deliver, later today for unknown reasons.

I was still referring to maintaining a personal float in order that he (Ibian) does not have to do the transaction on his end before getting confirmation (and the actual transaction) from folks who have a certain likelihood of flaking. If you do not have enough of a floating amount, then you are running the flake risk - and likely gambling with your own capital - unless you were going to cash out of BTC anyhow, which is not likely when the price has just been correcting downwards for several days and appears to be on the rebound.

[osmotic]

The Indian government is also confiscating gold taxing holdings of black money, which is making bitcoin more and more popular in India. Any gold that hasn't been taxed gets confiscated taxed if their government can find it.

FTFY

By "black money" do you mean money tainted by contact with our evil banking overlords?

Probably gold that's had no tax paid on it. If they have an inheritance tax in India I doubt anyone admits they inherited a shit load of gold to the government. They probably also use it to buy and sell things and don't bother declaring the transactions for tax.

[DaRude]

The big-blockers ...

Ahh those bloody idiots are back 

I don't know who you are referring to as 'idiots', but we 'big blockers' have been here the whole time, and don't plan on leaving. Deal with it.

How big will the blocks need to be to "handle an increase in 100 million+ users" 

Do you run a node? Do you ever stream video content? Are you aware that hypothetical 100MB blocks are no more resource intensive than SD video content?

yeah maths are hard.

Arithmetic ain't hard. It appears, however, that for some, thinking through the implications of the arithmetic calculations are out of their grasp.

Are you seriously trying to imply that 100MB are sustainable? Or just randomly stating propagation bandwidth of one 100MB block while ignoring all other effects on the network for no apparent reason and not trying to sway anyone?

[Killerpotleaf]

Do you run a node? Do you ever stream video content? Are you aware that hypothetical 100MB blocks are no more resource intensive than SD video content?

I do. I uploaded over a terabyte of data to other nodes last month.

Obviously if blocks are bigger, the amount of data users need to share to keep the network running will increase.

I have very expensive, top tier internet from a major ISP that I recently purchased specifically for running a Bitcoin node. I had to gimp my maxconnections with more typical home user speeds or my internet was unusable for other tasks like surfing the web.

do you have 200 peers?

do you feel its cool that some peers come online download 1440blocks do 1 TX and go offline for 10 days , is that what you mean by decentralization?