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

[Ahab_Hunter_of_BearWhale]

Anyone know where this gif is from? Couldn't find any leads on Google image search

Yeah it's a sweet one ^_^

[Denker]

Is it me, or does it feel like the train is trying to leave the station early?

Yeah it looks a bit like that right?!
Funny is that many people do not seem to recognize or do not really care that we made new ATHs again.
Maybe they all are waiting for $2000 or a final SEC decision, I don't know.

[gentlemand]

The launch of the first Gold ETF was hardly bullish. For the first year of its existence, the metal's price actually dropped. Eventually, it took off, but more as a result of the turmoil unleashed by the global financial crisis than on its own merits.

https://www.bloomberg.com/gadfly/articles/2017-02-27/winklevoss-bitcoin-etf-bet-is-a-countdown-to-zero-or-less

So bitcoin price drops after ETF aproval? 

The gold market has been fully developed for millennia. That's a deeply silly comparison.

GLD probably hasn't done gold any favours though. I wonder whether a Bitcoin ETF will do the same.

[kehtolo]

The launch of the first Gold ETF was hardly bullish. For the first year of its existence, the metal's price actually dropped. Eventually, it took off, but more as a result of the turmoil unleashed by the global financial crisis than on its own merits.

https://www.bloomberg.com/gadfly/articles/2017-02-27/winklevoss-bitcoin-etf-bet-is-a-countdown-to-zero-or-less

So bitcoin price drops after ETF aproval?  

The gold market has been fully developed for millennia. That's a deeply silly comparison.

GLD probably hasn't done gold any favours though. I wonder whether a Bitcoin ETF will do the same.

I read this article the other day.. my opinion of it? Its basically a big steaming pile of horseshit.
He reckons bitcoin is at a binary crossroads waiting for news of the ETF - Extrapolated further. the very survival of bitcoin depends on ETF approval?

And then he finishes by saying: "The digital currency's future has never been this binary. Unlike with programming code, though, one of the two alternatives isn't zero: It's a deeply negative number."

You can pay heed to this article if you like.. but my immediate thoughts after reading it were: idiot.

[Torque]

GLD probably hasn't done gold any favours though. I wonder whether a Bitcoin ETF will do the same.

Well, one big difference, and what would be absolutely critical for Bitcoin ETFs and Trusts moving forward, is 100% on-demand transparent auditing of holdings.  That has to be a thing, and it should be trivial and built-in.  If Bitcoin exchanges and brokers can expose it easily (well some have chosen to anyway), then COIN or any of the other ETFs should be able to make that happen on any given Sunday.

Otherwise it'll just become like Gold ETFs long term.... no transparency, no proof of holdings, fractional reserve trading, naked short-selling, etc.

[soullyG]

Yeah it's a sweet one ^_^

Never mind, I'm a dummy...was from Flight of the Navigator

[LFC_Bitcoin]

Just seen the price

[gentlemand]

Well, one big difference, and what would be absolutely critical for Bitcoin ETFs and Trusts moving forward, is 100% on-demand transparent auditing of holdings.  That has to be a thing, and it should be trivial and built-in.  If Bitcoin exchanges and brokers can expose it easily (well some have chosen to anyway), then COIN or any of the other ETFs should be able to make that happen on any given Sunday.

Otherwise it'll just become like Gold ETFs long term.... no transparency, no proof of holdings, fractional reserve trading, naked short-selling, etc.

It's eminently achievable but I'm not sure enough future newcomers will care about that. I can foresee them being offered Bitcoin or crypto trackers even when there are auditable alternatives.

All most people care about is a rising number. There are enough snake oil salespeople to lay that on while it lasts. The KNCminer ETN is backed by real coins but that's a purely voluntary action as far as I can tell. Future ones won't be.

[gembitz]

$1337 CLOSE!! BITCOIN ===> MOON & MARZZZ :-D WEEEEEEEEEEEEEEEE//^

[2017Bubble]

Double toppish?

[JimboToronto]

Well well well. An extra good morning ladies and gentlemen of Bitcoinland.

Glad I woke up early enough to see the tail end of this splendid little leg up we've all been waiting for.

It looks like everybody's having an ATH... currently $1210USD at Bitcoinaverage. We Canucks  solidly broke over $1600... currently $1611CAD.

Now we can set our sights on gold ounce parity. Yes, I know it's an arbitrary measure but it should catch a few eyes.

Go Bitcoin go.

[xanderbelly]

GLD probably hasn't done gold any favours though. I wonder whether a Bitcoin ETF will do the same.

Well, one big difference, and what would be absolutely critical for Bitcoin ETFs and Trusts moving forward, is 100% on-demand transparent auditing of holdings.  That has to be a thing, and it should be trivial and built-in.  If Bitcoin exchanges and brokers can expose it easily (well some have chosen to anyway), then COIN or any of the other ETFs should be able to make that happen on any given Sunday.

Otherwise it'll just become like Gold ETFs long term.... no transparency, no proof of holdings, fractional reserve trading, naked short-selling, etc.

The COIN ETF has an ongoing financial auditor and will publish "proof of control" of the cold storage coins by a message signed with the private keys, on a monthly basis. This proof of control will be published on their website.  Their cold storage system was designed to make it simple to provide this "proof of control" without compromising security, and monthly auditing of such was included in the latest S1 amended filing.

[gembitz]

Well well well. An extra good morning ladies and gentlemen of Bitcoinland.

Glad I woke up early enough to see the tail end of this splendid little leg up we've all been waiting for.

It looks like everybody's having an ATH... currently $1210USD at Bitcoinaverage. We Canucks  solidly broke over $1600... currently $1611CAD.

Now we can set our sights on gold ounce parity. Yes, I know it's an arbitrary measure but it should catch a few eyes.

Go Bitcoin go.

$1500 NOW ON GENTLEMEN STREET PRICE INDEX WOW LOOK AT IT GO!!! :-D lol

[JimboToronto]

I come back after putting on some clothes and a pot of coffee to see the inevitable profit-taking/correction happening.

That's what I love about this nice steady bull run. It keeps correcting itself as it goes, never running away with itself into a bubble.

Slow and steady wins the race.

February was an excellent month. Let's see what March brings. It certainly is off to a good start.

[Torque]

It looks like Snapchat's IPO tomorrow will be valued between $18.5 billion to $25 billion. Bitcoin can easily go up 50x in the next couple of years.

I know, right??  What a complete joke. HTF are they going to monetize that??  Putting ads? That will turn people away from using the service.

Just like Twitter, you can't make any money because you can't monetize it.  Look at Twitter's stock drop from IPO...

[Ted E. Bare]

Morning to you too Jimbo and all the other people in bitcoinland!!

[JimboToronto]

Morning to you too Jimbo and all the other people in bitcoinland!!

Top o' the mornin' to you too Ted.

It's days like this that confirm the wisdom of being a long-term Bitcoin permabull and bagholder.

It's also nice to see the FUDsters and trolls crawl back under their rocks. How are those $200 coins doing Kwuk? Hey Ask, enjoying your shorts?

At least Poolminor had the balls to man up and admit he was wrong. I'm glad I didn't put him on ignore.

We both know this won't last forever and eventually some bit of news will precipitate another steep panic dump and ensuing FUD storm, so let's just enjoy this while it's happening.

I'm trying to free up some fiat for whatever happens on or before the 11th. If the ETF is rejected, we should have a lovely buying opportunity, maybe even as extreme as triple digits one last time. If it's approved, I want to be ready to buy the predictable correction dip, possibly back down under $2000 one last time.

[silverfuture]

Double toppish?

Depends, the next 6 hours are critical! Seriously though, we did achieve a higher high and it's going up again. Whew...

[Ted E. Bare]

If the community is willing to come over to Amsterdam, I can host a big bitcoin party once we reach $2000.

[jbreher]

The launch of the first Gold ETF was hardly bullish. For the first year of its existence, the metal's price actually dropped. Eventually, it took off, but more as a result of the turmoil unleashed by the global financial crisis than on its own merits.

https://www.bloomberg.com/gadfly/articles/2017-02-27/winklevoss-bitcoin-etf-bet-is-a-countdown-to-zero-or-less

So bitcoin price drops after ETF aproval? 

The gold market has been fully developed for millennia. That's a deeply silly comparison.

GLD probably hasn't done gold any favours though. I wonder whether a Bitcoin ETF will do the same.

While the price of gold dropped subsequent to the creation of GLD, there may be significantly different pressures with COIN. While I don't know, I rather suspect that GLD was allowed to hold 'paper gold' to back all incoming investment. After all, 'paper gold' has a long and infamous history in world finance, with each ounce of physical gold supposedly 'backing' dozens of ounces of paper gold (I'll leave it an exercise to the reader as to what might happen if a significant fraction of holders suddenly want to convert their paper gold to physical gold). Paper gold being created essentially limitlessly (i.e., fractional reserve) led to no upward pressure on (physical) gold price from investments into GLD.

OTOH, my impression is that all the potential Bitcoin ETFs in play will be required to back deposits with actual Bitcoin. If new money flows into COIN, actual Bitcoin will need to be purchased to back the deposits (at least once the Winklevii's personal stash is depleted). This would lead to significant upward pressure on Bitcoin price.

The sudden availability for Suzy Creamcheese to direct her 401(k) to Bitcoin, coupled with time-proximate popular press coverage of ATH & 1BTC/1ozXAU parity, and the general malaise in traditional interest-bearing investments, could easily lead to FOMO in the public at large.