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

[Lauda]

Yeah, a company sell off should have the same thing as Bitcoin's market cap. The problem is Bitcoin is not a company but is supposed to be looked at as a currency. Most people look at the $16Billion market cap and think that is the real worth of all Bitcoin in circulation, when in reality it is probably half that value as shown by the little break down I just did.

Try selling off 1/4 Dollars into metal and other currencies and see what happens. This perspective is really weird and unnecessary IMO.

Grand total market cap with these numbers of sell off depreciation: $9.2Billion. About the cost of buying a small failing smartphone manufacturer [Nokia].

Why the market cap rush? It's obviously severely undervalued considering what it offers.

[_nur]

Keep in mind all these guys are mostly in for making money. I doubt that even one of them is a true Bitcoin lover.Also the Winklevoss bros are only business men, 100%.

my guess is that this bitcoin thing is - if it gets mainstream traction - their only chance to dwarf zuckerbergs social media empire. they have got 100k btc. (worth $100mio) one must have some sympathy for the coin to keep so many, imho.

zuckerberg is worth $56 billion. lol, bitcoin has to 560fold for them to catch up. hm... long shot. 

^This.

For all the people who talk about Bitcoin being a global economic force and so on, they really need to put things in perspective. Bitcoin's market cap is at about $16,000,000,000 which is by averaging all coins at $1000. Now we all know that even if a fraction [say 1/4] of those coins were all sold off; the price would drop drastically. But lets look at the glass half full and say Bitcoin is worth $16Billion.

• AOL Bought Time Warner for $186 Billion.
• Vodafone Airtouch acquires Mannesmann – $185.1 Billion
• Pfizer Acquires Warner-Lambert – $87.3 Billion
• SBC Acquires AT&T – $83.1 Billion
• Exxon Acquires Mobil - $80 Billion

Or Microsoft purchased Lumia for $7.6 Billion which they just wrote off as a failure.


Bitcoin is chump change in the grand scheme of things.

how about australia stock exchange daily trading volume as comparison in term of $

[GBattaglia]

Yeah, a company sell off should have the same thing as Bitcoin's market cap. The problem is Bitcoin is not a company but is supposed to be looked at as a currency. Most people look at the $16Billion market cap and think that is the real worth of all Bitcoin in circulation, when in reality it is probably half that value as shown by the little break down I just did.

Try selling off 1/4 Dollars into metal and other currencies and see what happens. This perspective is really weird and unnecessary IMO.

Grand total market cap with these numbers of sell off depreciation: $9.2Billion. About the cost of buying a small failing smartphone manufacturer [Nokia].

Why the market cap rush? It's obviously severely undervalued considering what it offers.

Is it really severely undervalued? Look at my post above with the transaction bandwidth edit. How is Bitcoin severely undervalued without diving into speculative growth? Bitcoin's primary draw is as an investment tool for speculation. How many of you here regularly use Bitcoin as a currency to buy and sell goods for?

[Lauda]

Is it really severely undervalued? Look at my post above with the transaction bandwidth edit. How is Bitcoin severely undervalued without diving into speculative growth? Bitcoin's primary draw is as an investment tool for speculation. How many of you here regularly use Bitcoin as a currency to buy and sell goods for?

Bitcoin isn't just a currency, and that's the whole point of it. If you think that this is all there is to it, then you don't truly understand where the underlying value stems from. How many people regularly use Gold in a similar fashion?

[GBattaglia]

Is it really severely undervalued? Look at my post above with the transaction bandwidth edit. How is Bitcoin severely undervalued without diving into speculative growth? Bitcoin's primary draw is as an investment tool for speculation. How many of you here regularly use Bitcoin as a currency to buy and sell goods for?

Bitcoin isn't just a currency, and that's the whole point of it. If you think that this is all there is to it, then you don't truly understand where the underlying value stems from. How many people regularly use Gold in a similar fashion?

Bitcoin's intent was to be a digital form of cash. It is both a currency and a means of payment processing. This was pointed out right in the whitepaper. Even if Bitcoin now fills a different space, its outward intention was to function as both a currency and payment processor.

Now don't get me wrong, Bitcoin can scale [not to the level of Visa I don't think], but it is highly likely it will not in any substantial way. If a dynamic block size is implemented along with blockchain pruning then we could see many times more transactions processed per second, but just a basic increase [not even looking at pruning] has not made any meaningful progress towards consensus. And even if the network could handle it, how many of you actually use Bitcoin to buy and purchase goods and why not just use any other payment processing network?

[600watt]

fun fact:

all major exchanges listed on bitcoinwisdom show rarely seen close price levels. also € and russian ruble are within the same narrow range (current rates)  

Bitstamp 1002.8
BTC-e 994.432
Bitfinex 999
OKCoin 995.71/6847.9
Ruble 1008.0 (btce)
€  1007.7(kraken)


those are almost within 1% range.  i cannot recall seeing them within such a thin range.

edit: almost


editII: its coiling up. breakout within few hours. 

[European Central Bank]

And even if the network could handle it, how many of you actually use Bitcoin to buy and purchase goods and why not just use any other payment processing network?

i spend it relatively often but certainly less since fees went through the roof. after a price rise a lot of people will be inclined to spend some free cash but i guess that isn't really what it was originally intended for i'm sure. there's absolutely no reason for a non bitcoin user to obtain it to spend unless it's for something like a vpn or drugs.

[JimboToronto]

Good morning Bitcoinland.

The battle for a grand continues... exactly $1000USD (Bitcoinaverage).

My guess is sideways a while longer before continuing up.

OK is now at par with Stamp and Finex. This is a good thing.

Bitcoin isn't just a currency, and that's the whole point of it. If you think that this is all there is to it, then you don't truly understand where the underlying value stems from. How many people regularly use Gold in a similar fashion?

Exactly. Bitcoin has many uses.

What I see IRL is people, many of visible minorities, lined up to buy modest amounts of Bitcoins at local BTC ATMs.

Toronto is a city of many immigrants. I assume many of them are sending coins to family back home. It's the fastest and cheapest way to sent money abroad.

For me, it's a retirement savings plan with excellent growth. For others it's hedge against fiat devaluation.

Yes, it can also be used to purchase goods and services and to make donations, but that is still limited.

Hopefully that will expand.

[JayJuanGee]

[edited out]

how about australia stock exchange daily trading volume as comparison in term of $

Can you explain your point about the australia stock exchange?  Are you trying to say that bitcoin has more trade volume?  and what is the point about that, if any?

[JayJuanGee]

Is it really severely undervalued? Look at my post above with the transaction bandwidth edit. How is Bitcoin severely undervalued without diving into speculative growth? Bitcoin's primary draw is as an investment tool for speculation. How many of you here regularly use Bitcoin as a currency to buy and sell goods for?

Bitcoin isn't just a currency, and that's the whole point of it. If you think that this is all there is to it, then you don't truly understand where the underlying value stems from. How many people regularly use Gold in a similar fashion?

Bitcoin's intent was to be a digital form of cash. It is both a currency and a means of payment processing. This was pointed out right in the whitepaper. Even if Bitcoin now fills a different space, its outward intention was to function as both a currency and payment processor.

Now don't get me wrong, Bitcoin can scale [not to the level of Visa I don't think], but it is highly likely it will not in any substantial way. If a dynamic block size is implemented along with blockchain pruning then we could see many times more transactions processed per second, but just a basic increase [not even looking at pruning] has not made any meaningful progress towards consensus. And even if the network could handle it, how many of you actually use Bitcoin to buy and purchase goods and why not just use any other payment processing network?

GBattaglia.   You seem to be purposefully attempting to create a strawman argument with your emphasis on payment systems (which is only one part of bitcoin).  

[jbreher]

lol, bitcoin has to 560fold for them to catch up. hm... long shot.  

If bitcoin market cap were to equal that of gold's (today), that would be about the price.

#justsayin

[Torque]

Three years ago, Bitcoin stabilizing around the $1K mark seemed like a dream.

Now look at it.

Where could we be three years from now??

Onward and upward to $5K!  

[V1saya]

Three years ago, Bitcoin stabilizing around the $1K mark seemed like a dream.

Now look at it.

Where could we be three years from now??

Onward and upward to $5K!  

Lol. I like this. Now $5k is only a dream. But I do heard dreams sometimes do happen. 

[sirazimuth]

Good morning Bitcoinland.

The battle for a grand continues... exactly $1000USD (Bitcoinaverage).

My guess is sideways a while longer before continuing up.

OK is now at par with Stamp and Finex. This is a good thing.

Bitcoin isn't just a currency, and that's the whole point of it. If you think that this is all there is to it, then you don't truly understand where the underlying value stems from. How many people regularly use Gold in a similar fashion?

Exactly. Bitcoin has many uses.

What I see IRL is people, many of visible minorities, lined up to buy modest amounts of Bitcoins at local BTC ATMs.

Toronto is a city of many immigrants. I assume many of them are sending coins to family back home. It's the fastest and cheapest way to sent money abroad.

For me, it's a retirement savings plan with excellent growth. For others it's hedge against fiat devaluation.

Yes, it can also be used to purchase goods and services and to make donations, but that is still limited.

Hopefully that will expand.

When attempting to educate eye rolling skeptics who question bitcoins viability, the 1st attribute I would describe to them
is cost and relative speed of of sending funds securely anywhere in world.
When compared to bank wire transfers its a no brainer.
But as for the ease of said transactions?...maybe not so much, in that sender and receiver must obviously have appropriate
supporting software and accounts and more importantly "pc literacy"... which unfortunately to my mind, likely rules out 99% of
population... but we the crypto community are diligently working on it!

[jackjack]

Three years ago, Bitcoin stabilizing around the $1K mark seemed like a dream.

Now look at it.

Where could we be three years from now??

Onward and upward to $5K!  

With that kind of logic, Bitcoin will go to infinity

[jbreher]

https://coin-etf.com

...

...

So is that the official site to purchase etf on or is it just an information site about it?

Probably the latter. If the ETF is approved, I would expect the official websites for purchase to be:
schwab.com
fidelity.com
vanguard.com
etrade.com
scotttrade.com
...
etc.

Which, of course, is why ETF approval would likely be bullish.

[swogerino]

https://coin-etf.com

...

...

So is that the official site to purchase etf on or is it just an information site about it?

Probably the latter. If the ETF is approved, I would expect the official websites for purchase to be:
schwab.com
fidelity.com
vanguard.com
etrade.com
scotttrade.com
...
etc.

Which, of course, is why ETF approval would likely be bullish.

It being bullish is not in question here.
That is the point of it. To downcast any kind of market manipulation from going on.
It is a security as most have defined it as in recent threads.

[swogerino]

lol, bitcoin has to 560fold for them to catch up. hm... long shot.  

If bitcoin market cap were to equal that of gold's (today), that would be about the price.

#justsayin

But gold can not be manipulated so easily in the market as bitcoin can and is being done currently.
Until it can get a good backing like gold has in the federal reserves it will never be even close as stable as the gold prices are changing in the form of $2-20~ a per day.

[European Central Bank]

But gold can not be manipulated so easily in the market as bitcoin can and is being done currently.
Until it can get a good backing like gold has in the federal reserves it will never be even close as stable as the gold prices are changing in the form of $2-20~ a per day.

i was kind of under the impression that gold is one of the world's most rigged markets. even if it isn't formally manipulated, the paper gold factor destroys price credibility.

[gembitz]

Three years ago, Bitcoin stabilizing around the $1K mark seemed like a dream.

Now look at it.

Where could we be three years from now??

Onward and upward to $5K!  

With that kind of logic, Bitcoin will go to infinity

$200,000 fair value per bitcoin :-D *hodl & watch!*