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

[JimboToronto]

Another good morning Bitcoinland.

Tumblin' tumbleweeds. Still going sideways... currently $835USD (Bitcoinaverage).

I think by now everybody with a brain realizes that the fake dump (caused by the PBOC investigation) is done and we're ready to move on.

I feel sorry for people who sold but it's not too late for them to buy back. As usual, holders have been able to sit back and enjoy watching all the trader angst. Life's too short to inflict unnecessary stress on oneself.
 
Let's get this thing moving back up.

[bitebits]

[...]
Personally, I would rather the price rise so high that I can retire with my bitcoins. Instead of the price shooting up quickly and retiring by selling my bitcoins.

Yes, selling bitcoins for fiat feels like betrayal. Somehow unfortunately if Bitcoin lives up to it's expectations, it's growth can't be gradual. It is a hell of a dilemma I yet haven't found an answer for.


EDIT: In line with the above comment an interesting article including a response I did not really think about before:
https://medium.com/@mcasey0827/speculative-bitcoin-adoption-price-theory-2eed48ecf7da#.7l05e4gug

You missed an important point: *why* this cycle is able to occur in Bitcoin but not as much in other assets. Bitcoin (generally, cryptocurrency) has a unique quality that no other commodity has: its supply is perfectly inelastic. No matter how much or how little demand there is for bitcoins, they still get produced at the same rate. Every other commodity responds to prolonged, elevated demand with elevated production: higher prices lead to faster production, which suppresses prices. This can’t happen in Bitcoin: higher prices encourage more mining, but more mining doesn’t cause faster production. The utter lack of any suppressing counter-force on the Bitcoin price is what allows it to experience such huge bubbles.

[aztecminer]

u guys have really taken this to all new levels.. gratz.

[JimboToronto]

Yes, selling bitcoins for fiat feels like betrayal.  

Indeed. Sometimes it happens, though. The secret is to not think of it as selling your bitcoins for dollars, but rather as temporarily pawning them to get through an emergency.

It's like a beloved musical instrument. You'd never consider selling it, but you'd let the pawnbroker hold it until you can redeem the ticket. You never lose sight of the fact that you'll get it back some day.

[ssmc2]

Slow upwards grind until ETF decision. Then...

[bitebits]

^ Thanks for the wise words old man, I like the temporary pawning thought.

I thought the next top would be around $6k, but some of the Elliot Waves guys disagree:
https://medium.com/@coinscrum_75299/the-fractal-relationship-between-bitcoins-first-two-bubbles-and-what-they-might-tell-us-about-a-acd81d3b2b92#.qfe8ak8xg

I am getting convinced selling almost guaranteed makes you miserable: You sell too early or too late.
Greed is a bitch.

[ImI]

Slow upwards grind until ETF decision. Then...

...crash.




 

[Fakhoury]

Slow upwards grind until ETF decision. Then...

Nope, we will have some volatility on the 17th and 18th because of the the PBOC and OKCoin and then possible upward fast grinding on the 20th because of the Inauguration of the POTUS.

[GreekGeek]

Slow upwards grind until ETF decision. Then...

Nope, we will have some volatility on the 17th and 18th because of the the PBOC and OKCoin and then possible upward fast grinding on the 20th because of the Inauguration of the POTUS.

when is the next ETF decision ?

[bitebits]

Slow upwards grind until ETF decision. Then...

Nope, we will have some volatility on the 17th and 18th because of the the PBOC and OKCoin and then possible upward fast grinding on the 20th because of the Inauguration of the POTUS.

when is the next final ETF decision ?

March 11.

[rjclarke2000]

Slow upwards grind until ETF decision. Then...

Nope, we will have some volatility on the 17th and 18th because of the the PBOC and OKCoin and then possible upward fast grinding on the 20th because of the Inauguration of the POTUS.

when is the next final ETF decision ?

March 11.

Will they continue kicking the can down the road so to speak or could they even say NO.

[Fakhoury]

Slow upwards grind until ETF decision. Then...

Nope, we will have some volatility on the 17th and 18th because of the the PBOC and OKCoin and then possible upward fast grinding on the 20th because of the Inauguration of the POTUS.

when is the next final ETF decision ?

March 11.

Will they continue kicking the can down the road so to speak or could they even say NO.

I do feel that they will leave it to the auto-approve as I said here before.

[rjclarke2000]

Slow upwards grind until ETF decision. Then...

Nope, we will have some volatility on the 17th and 18th because of the the PBOC and OKCoin and then possible upward fast grinding on the 20th because of the Inauguration of the POTUS.

when is the next final ETF decision ?

March 11.

Will they continue kicking the can down the road so to speak or could they even say NO.

I do feel that they will leave it to the auto-approve as I said here before.

If approved, when would it be up and running and would it make any difference at all??

[ImI]

Slow upwards grind until ETF decision. Then...

Nope, we will have some volatility on the 17th and 18th because of the the PBOC and OKCoin and then possible upward fast grinding on the 20th because of the Inauguration of the POTUS.

when is the next final ETF decision ?

March 11.

Will they continue kicking the can down the road so to speak or could they even say NO.

I do feel that they will leave it to the auto-approve as I said here before.

If approved, when would it be up and running and would it make any difference at all??

are you kidding?

i think chance of approval is under 20%

[Fakhoury]

Slow upwards grind until ETF decision. Then...

Nope, we will have some volatility on the 17th and 18th because of the the PBOC and OKCoin and then possible upward fast grinding on the 20th because of the Inauguration of the POTUS.

when is the next final ETF decision ?

March 11.

Will they continue kicking the can down the road so to speak or could they even say NO.

I do feel that they will leave it to the auto-approve as I said here before.

If approved, when would it be up and running and would it make any difference at all??

It would be launched immediately I guess.

In the first week, we could see $300 million poured into the ETF.

It will give Bitcoin more legitimacy in the average Joe eye and it easily could double the price of Bitcoin.

[ImI]

ETF means Wallstreet can easily move hundreds of million USD into BTC without any legal, safety or accounting issues.

ETF would mean 5000$+

But imo it wont happen, at least not in 2017.

[bitcoinvest]

It would be launched immediately I guess.

In the first week, we could see $300 million poured into the ETF.

It will give Bitcoin more legitimacy in the average Joe eye and it easily could double the price of Bitcoin.

Sorry if there is something i'm missing here.
But how do you know first off all the we will have a yes? you know something ? because in the little time i spend on searching on that i nothing found.

And ok after that what you think can $300 million can do to a market of  $13,390,354,911 ...
You think they will have buy orders at market price open until they buy all?

[Fakhoury]

It would be launched immediately I guess.

In the first week, we could see $300 million poured into the ETF.

It will give Bitcoin more legitimacy in the average Joe eye and it easily could double the price of Bitcoin.

Sorry if there is something i'm missing here.
But how do you know first off all the we will have a yes? you know something ? because in the little time i spend on searching on that i nothing found.

And ok after that what you think can $300 million can do to a market of  $13,390,354,911 ...
You think they will have buy orders at market price open until they buy all?

Don't be sorry, you are not missing something

All your answers are found here.

https://www.scribd.com/document/336204627/Bitcoin-Investment-Trust-Spencer-Needham#from_embed?content=10079&ad_group=Online+Tracking+Link&campaign=Skimbit%2C+Ltd.&keyword=ft500noi&source=impactradius&medium=affiliate&irgwc=1

[valta4065]

-snip-

Hey guys, can someone give a link for the slow turtle I am?
You're all talking about "ETF" and I don't have a clue on what it is.
And your article isn't better Fakhoury, I bet it's fucking interesting but it only details the effect of ETF approval or refusal and how ETF could change bitcoin worlf and maybe even financial world in a more general way but without ever saying again what ETF means because xD

[the artful bodger]

ETF means Wallstreet can easily move hundreds of million USD into BTC without any legal, safety or accounting issues.

ETF would mean 5000$+

But imo it wont happen, at least not in 2017.

I don't think the ETF will happen in 2017, but I think bitcoin could go above $5000 in 2017. In 2013 bitcoin crashed then went above $1000 when the US announced it wasn't banning it. The same thing could happen this year if the PBOC announces it's not going to regulate bitcoin exchanges.