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

[r0ach]

What do I mean? India was about 80% cash. Why would the people not just reply with 'fuck you - we'll just keep using these notes the same way we have been'. Nothing changes. 80% of all transactions continue being done in cash -- not recognized by the gubmint, but who the fuck gives a shit -- and Modi ( and his wall street financiers) get to stew over in the corner. I mean really -- for the people, what is the downside?

Because it fails in game theory exercise when you have an unorganized mass of people with no "Schelling point" of convergence.  In other words, the value of the fiat is derived solely from government "backing", yet the government just "unbacked" the currency to worthlessness.  This means you could never have more than a small, illogical minority group coming together with that as a solution.  Gold and silver on the other hand derive value irrespective of government, so the Schelling point in these types of situations is always going to be a mad dash to metals instead.

https://en.wikipedia.org/wiki/Focal_point_(game_theory)

[jbreher]

the value of the fiat is derived solely from government "backing",

The governmental backing is nothing but an empty promise. All functional money is based upon nothing but faith.

[JayJuanGee]

Just a Week ago i was active here and encountered that the btc was at 1065$ , and today i see tat it is again floating at 800$, Interesting.

What is so interesting about those two price snapshots?

A lot has gone on in regards to bitcoin's prices in the past few weeks, so those two price points seem a lot less interesting than other contextual matters. 

[chichidori]

The question is how low will it go down this year will it be under 200 usd or will it hold the in 500 USD spot until it reaches the 1000 USD again.

[Killerpotleaf]

The question is how low will it go down this year will it be under 200 usd or will it hold the in 500 USD spot until it reaches the 1000 USD again.

support at 770-750  was pretty strong, and now the panic is over.
bottom fishers taking there 5% is the only thing ( besides to PBOC ) thats holding us back from climbing troward 900
can't take profit if you dump price... so i won't expect big dumps and intense volume.
back to the slow grind.
maybe we'll see 798.5 one last time, but dont expect that to cause any kind of panic selling...

[JayJuanGee]

The question is how low will it go down this year will it be under 200 usd or will it hold the in 500 USD spot until it reaches the 1000 USD again.

support at 770-750  was pretty strong, and now the panic is over.
bottom fishers taking there 5% is the only thing ( besides to PBOC ) thats holding us back from climbing troward 900
can't take profit if you dump price... so i won't expect big dumps and intense volume.
back to the slow grind.
maybe we'll see 798.5 one last time, but dont expect that to cause any kind of panic selling...

That is b call koreck...      The killer pot is sounding a bit too sober this evening....   

[becoin]

the value of the fiat is derived solely from government "backing",

The governmental backing is nothing but an empty promise. All functional money is based upon nothing but faith.

Government backing is not nothing. You have to pay your taxes in 'functional' money. If you don't pay taxes you go to jail. Government backing = brute force and nothing else. Simple, isn't it?

[yonton]

.0001% get jail time for not paying taxes.

[K~Ehleyr]

.0001% get jail time for not paying taxes.

Source?

[Fatman3001]

Stop pretending that the present technology couldn't handle large blocks.

Stop pretending you know what you're talking about. There are hundreds of independent developers busy writing and testing code and weighing and discussing all the possible options. Out of that complicated process it was determined that Segwit is our best option right now and that large blocks (>4MB) are too risky for the stability and decentralized nature of the network at this point. After Segwit is deployed it will also be safer to increase the blocksize as Segwit also solves the quadratic scaling of hashed data. Hard forking now to larger blocks without first activating Segwit and solving quadratic hash scaling is just stupid and you'll also never get consensus for that. So why don't you stop complaining about Core and actually look and try to understand what it is they're doing? The divide in the community is purely based on ignorance and conspiracy thinking.

atm the divide between miners and devs are based on insults and broken promises. the code is out, but 3/4 of miners won't run it. what's the way forward?

[Cassius]

Stop pretending that the present technology couldn't handle large blocks.

Stop pretending you know what you're talking about. There are hundreds of independent developers busy writing and testing code and weighing and discussing all the possible options. Out of that complicated process it was determined that Segwit is our best option right now and that large blocks (>4MB) are too risky for the stability and decentralized nature of the network at this point. After Segwit is deployed it will also be safer to increase the blocksize as Segwit also solves the quadratic scaling of hashed data. Hard forking now to larger blocks without first activating Segwit and solving quadratic hash scaling is just stupid and you'll also never get consensus for that. So why don't you stop complaining about Core and actually look and try to understand what it is they're doing? The divide in the community is purely based on ignorance and conspiracy thinking.

atm the divide between miners and devs are based on insults and broken promises. the code is out, but 3/4 of miners won't run it. what's the way forward?

This discussion used to annoy me a lot. But I'm increasingly minded that the market will sort it out. Ultimately, bitcoin will fit into whatever niche the market deems it suits best. I don't think it will ever (for many years) be irrelevant, but it will settle into the place it deserves.
Big blocks, small blocks, the market doesn't care. If there's an application that is required and bitcoin doesn't suit that, something else will take its place for that sector. Bitcoin as it stands will become whatever it is best suited for. My best guess at the moment is that it will be a store of value and currency of settlement between other protocols that are more specialised, thanks to its network effect and proven security.
There's a saying you get the politicians you deserve. I feel it's much the same for bitcoin.

[Bitmore]

Stop pretending that the present technology couldn't handle large blocks.

Stop pretending you know what you're talking about. There are hundreds of independent developers busy writing and testing code and weighing and discussing all the possible options. Out of that complicated process it was determined that Segwit is our best option right now and that large blocks (>4MB) are too risky for the stability and decentralized nature of the network at this point. After Segwit is deployed it will also be safer to increase the blocksize as Segwit also solves the quadratic scaling of hashed data. Hard forking now to larger blocks without first activating Segwit and solving quadratic hash scaling is just stupid and you'll also never get consensus for that. So why don't you stop complaining about Core and actually look and try to understand what it is they're doing? The divide in the community is purely based on ignorance and conspiracy thinking.

atm the divide between miners and devs are based on insults and broken promises. the code is out, but 3/4 of miners won't run it. what's the way forward?

This discussion used to annoy me a lot. But I'm increasingly minded that the market will sort it out. Ultimately, bitcoin will fit into whatever niche the market deems it suits best. I don't think it will ever (for many years) be irrelevant, but it will settle into the place it deserves.
Big blocks, small blocks, the market doesn't care. If there's an application that is required and bitcoin doesn't suit that, something else will take its place for that sector. Bitcoin as it stands will become whatever it is best suited for. My best guess at the moment is that it will be a store of value and currency of settlement between other protocols that are more specialised, thanks to its network effect and proven security.
There's a saying you get the politicians you deserve. I feel it's much the same for bitcoin.

I agree.  Bitcoin will have a market, the question is what?  A currency?  A commodity?  A store of wealth?  I think the latter two for now until the tax issues are dealt with;  Spending bitcoin today like a currency, in the US, requires you pay capital gains on the price you spent it -vs- bought it.  And that gets very complicated, unless our tax laws are changed.
So for now I see the main market for Bitcoin as a safety net, life boat, storage of wealth, especially in an inflationary environment.

[Killerpotleaf]

if you care about bitcoin miners continuing to provide a high level of power to mine and secure bitcoin...
then give them the means to control blocksize
with some control over blocksize miners can balance the fee pressure to maximize fees.

[K~Ehleyr]

Looks like these minor fluctuations are getting much tighter now, breakout must be soon.

But which way will it break??

I call UP!!!! 

[Killerpotleaf]

if you care about bitcoin miners continuing to provide a high level of power to mine and secure bitcoin...
then give them the means to control blocksize
with some control over blocksize miners can balance the fee pressure to maximize fees.

And if we don't? If we think of them as a tool, sort of like hiring people and asking half of them to dig holes and the other half to cover those holes up just to prove some work was done. If too many line up willing to do that you reduce their compensation, if not enough show up you raise the salary. But now these people keep showing up and asking that they control how many holes they dig. And then hire shills to run ads and try to influence your decision  

if you dont care about maximum fee revenue for miner, which in turn provides a greater incentive to secure bitcoin.
...
another blockchain will.

[DaRude]

if you care about bitcoin miners continuing to provide a high level of power to mine and secure bitcoin...
then give them the means to control blocksize
with some control over blocksize miners can balance the fee pressure to maximize fees.

And if we don't? If we think of them as a tool, sort of like hiring people and asking half of them to dig holes and the other half to cover those holes up just to prove some work was done. If too many line up willing to do that you reduce their compensation, if not enough show up you raise the salary. But now these people keep showing up and asking that they control how many holes they dig. And then hire shills to run ads and try to influence your decision  

if you dont care about maximum fee revenue for miner, which in turn provides a greater incentive to secure bitcoin.
...
another blockchain will.

Yes finally!! We are fine with that. Please start another blockchain as soon as you wish, let us know if you need any help in the alt section of this forum.

[Cassius]

Looks like these minor fluctuations are getting much tighter now, breakout must be soon.

But which way will it break??

I call UP!!!! 

I do not like the falling volume.

[bitcoinvest]

by looking sell order on Kraken at this time we need theoriticaly about 1050 BTC to go to 850euro / BTC.

But if you take a closer look to the buy orders with the same BTC we go to 750 euro / BTC.

It's nothing more than my feeling but only by considering that i feel we are at a stable phase and because of weekend i not expect nothing important to happen or UP or Down.

I believe we will play at + 10 -10 EURO if nothing crazy happens. But general the trend is up, slow but up.

[JayJuanGee]

Looks like these minor fluctuations are getting much tighter now, breakout must be soon.

But which way will it break??

I call UP!!!! 

I do not like the falling volume.

You gotta consider this trade volume matter in context, which means zooming out a bit to either weekly or 3 days.. you cannot really look only at daily volume or time intervals shorter than a few days in order to get a decent grasp of the situation... that's my thinking.

The mere fact that trade volume may decrease for a few days is not indicative that the price battle is over or that there is some kind of manipulation that is about to take place or major change in direction. 

A temporary drop in trade volume for a few days is merely an indication that some of the parties are regrouping.. which could take a few days and even trickle down for nearly a week before they resume the battle (in a more voluminous way).

[Killerpotleaf]

Looks like these minor fluctuations are getting much tighter now, breakout must be soon.

But which way will it break??

I call UP!!!! 

I do not like the falling volume.

You gotta consider this trade volume matter in context, which means zooming out a bit to either weekly or 3 days.. you cannot really look only at daily volume or time intervals shorter than a few days in order to get a decent grasp of the situation... that's my thinking.

The mere fact that trade volume may decrease for a few days is not indicative that the price battle is over or that there is some kind of manipulation that is about to take place or major change in direction. 

A temporary drop in trade volume for a few days is merely an indication that some of the parties are regrouping.. which could take a few days and even trickle down for nearly a week before they resume the battle (in a more voluminous way).

I like falling volume, tells me a move is coming.

a bunch of longs appeared to have covered at 820-830
shorts seem unwilling to short at this level.

i'm thinking tonight we move above 830.