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

[bitserve]

Can anyone (maybe BU supporters) explain me why would miners support an action (non unanimous hard fork) that will surely result in an inmediate drop of the price and also a long term lose of trust/value of Bitcoin?

Shouldn't miners act always in what is better for higher Bitcoin price (higher rewards for them)? Or is it that for some unexplained reason they think the price would react otherwise? Is there a hidden agenda that I am not aware of?

I really can't get it.

[Totscha]

Can anyone (maybe BU supporters) explain me why would miners support an action (non unanimous hard fork) that will surely result in an inmediate drop of the price and also a long term lose of trust/value of Bitcoin?

Shouldn't miners act always in what is better for higher Bitcoin price (higher rewards for them)? Or is it that for some unexplained reason they think the price would react otherwise? Is there a hidden agenda that I am not aware of?

I really can't get it.

Miners want the price to be low most of the time. They love the huge drops, because it keeps the little guys who might be competition out. They also love the pumps so they can sell, but they really don't want it to last too long.

If you are counting on the price to go up it's much easier and less risky to buy coins. If you are a miner you want the price low, so you don't have too much competition.

[bitcoinvest]

It has been a lot time that i not monitor this thing. we don't have a voting process on that? who makes the final decision ? hard fork could f@ck bitcoin price and trust of course... 

[bitserve]

Can anyone (maybe BU supporters) explain me why would miners support an action (non unanimous hard fork) that will surely result in an inmediate drop of the price and also a long term lose of trust/value of Bitcoin?

Shouldn't miners act always in what is better for higher Bitcoin price (higher rewards for them)? Or is it that for some unexplained reason they think the price would react otherwise? Is there a hidden agenda that I am not aware of?

I really can't get it.

Miners want the price to be low most of the time. They love the huge drops, because it keeps the little guys who might be competition out. They also love the pumps so they can sell, but they really don't want it to last too long.

If you are counting on the price to go up it's much easier and less risky to buy coins. If you are a miner you want the price low, so you don't have too much competition.

If that was the hidden agenda I could understand their motives. But I am not so sure that miners want the price low to avoid competition out from the little guys. I mean... What little guys are there still in mining? It's almost negligible. Even if it were a 20% of the mining market it would never compensate a much higher percentage in loss of price and maybe long term death of Bitcoin.

I would understand that reasoning for exchanges: They profit from volatility and big market shakes, exactly what a hard fork would precipitate. Maybe again long tearm death, but big profits in the short term.

But miners? It's always better a X% or XX% of market share of a huge market than a 100% share of a death market.

The arbitrary prices of bitcoin are based on trust and confidence, when if that trust and confidence is lost there would be no remaining value at all.

[spooderman]

*waits for morningly Jimbo post*

[gentlemand]

*waits for morningly Jimbo post*

Aye. It's very comforting. Rather like FDR's fireside chats. Long may they continue even though I hate coffee.

[york780]

FOMO time guys.

[Arcteryx]

Bought the dip. Lets go for 200% increase now already. Hurry up.

The bull took this bear on the horns   Destination moon?

 

Not exactly a bear but a girl.
http://www.reuters.com/article/us-womens-day-usa-idUSKBN16E2M8

Heard today that some wall street guy did something to this statue of this girl standing infront of the bull in NY.
Anybody know what he did? And was it water cooler worthy?

if you are asking, obviously you already know, so why are you asking?

No I do not. Hearing a headline on the news does not tell what happened because it was censored of what he did.
Defecate on it, hump it, I DO NOT KNOW!
On other news, a man in Russia is in court for playing pokemon go in the church where one of the last stars got killed. If convicted he is going to to serve 7 years in prison.
Now I know the details of this news headline cause it wasn't censored from my local news program on tv.
When you got to catch them all!

[savetherainforest]

*waits for morningly Jimbo post*

Let the man sleep!!!... I think its 6-7 am in his timezone now...



Anyway... meanwhile...    

[soullyG]

Stocks down, Bitcoin up 

http://www.reuters.com/article/us-usa-stocks-idUSKBN16L1B6?feedType=RSS&feedName=topNews&utm_source=twitter&utm_medium=Social

[Jumanji7]

Bitcoin needs another leg up in order to make alts bleed! Another significant upstream would move smart money from alts to BTC.

[Lauda]

It has been a lot time that i not monitor this thing. we don't have a voting process on that? who makes the final decision ? hard fork could f@ck bitcoin price and trust of course... 

No. There is no "voting process" in a decentralized cryptocurrency. The whole ecosystem either comes to a decision by consensus or not. You technically give your "vote" by running or adopting a specific soft fork, hard fork, or implementation.

Stocks down, Bitcoin up  

http://www.reuters.com/article/us-usa-stocks-idUSKBN16L1B6?feedType=RSS&feedName=topNews&utm_source=twitter&utm_medium=Social

Fed raising interest rates -> bullish for Bitcoin? Would be nice if someone elaborated on that.

[Cassius]

Stocks down, Bitcoin up  

http://www.reuters.com/article/us-usa-stocks-idUSKBN16L1B6?feedType=RSS&feedName=topNews&utm_source=twitter&utm_medium=Social

Fed raising interest rates -> bullish for Bitcoin? Would be nice if someone elaborated on that.

I see no obvious reason. Barring other economic weird stuff going on (which doesn't seem to apply this time) it doesn't make a lot of sense. The only straw I could grasp at is if a minority of stock traders who see the market dipping because others are selling for the stronger USD decide to put money in BTC in the hope of seeing better returns. It makes sense to frontrun the stock market drop, but if you don't like the dollar, where are you going to go?
I doubt there's any meaningful correlation, anyway.

[kurious]

Normally, raising interest rates makes a currency stronger.

[Cassius]

Normally, raising interest rates makes a currency stronger.

Yes, hence pulling money out of other asset classes like stocks and arguably bitcoin, all things being equal. I doubt there's much of an effect for bitcoin, if any, but if there was it would be in that direction.

[kurious]

To add:

It can also mean invested money pays higher rates and borrowers pay more.   It is usually seen as an economic brake on a country if rates go up.

Raised rates incentivise saving rather than borrowing and spending is curtailed too (credit is not cheap).

Loosening interest rates, conversely acts as a spur to the economy.

In Trump's America - all of this may have a totally different outcome, of course.

[Cassius]

Best guess is that the rise is just continuation of trend, no fundamental change in overall bullish sentiment despite the COIN decision, and lower fresh supply from mining hitting the market. I suppose there may be other traders who believe SolidX stands a chance.

[kurious]

Normally, raising interest rates makes a currency stronger.

Yes, hence pulling money out of other asset classes like stocks and arguably bitcoin, all things being equal. I doubt there's much of an effect for bitcoin, if any, but if there was it would be in that direction.

If people's savings can keep pace with inflation (which is also usually held back by high rates) by normal deposit account savings, then why risk it in shares?

Stocks are more popular when money is cheap, but saving doesn't pay much as investors are desperate to get returns that low bank rates will not supply.

Low rates encourage higher risk savings to look more appealing, so higher rates (ordinarily) should discourage riskier investments - such as (arguably) Bitcoin.

This is of course classical economic theory - and often money markets, savers, investors and borrowers don't know enough about the theory to do what it says they should

[Cassius]

Normally, raising interest rates makes a currency stronger.

Yes, hence pulling money out of other asset classes like stocks and arguably bitcoin, all things being equal. I doubt there's much of an effect for bitcoin, if any, but if there was it would be in that direction.

If people's savings can keep pace with inflation (which is also usually held back by high rates) by normal deposit account savings, then why risk it in shares?

Stocks are more popular when money is cheap, but saving doesn't pay much as investors are desperate to get returns that low bank rates will not supply.

Low rates encourage higher risk savings to look more appealing, so higher rates (ordinarily) should discourage riskier investments - such as (arguably) Bitcoin.

This is of course classical economic theory - and often money markets, savers, investors and borrowers don't know enough about the theory to do what it says they should

I thought this was exactly my point! Falling stock prices would generally correlate with a fall in bitcoin, under this theory. In practice I doubt bitcoin traders are a large enough and homogenous enough group for that to hold true.

[blockcha1n]

What's going to happen when $1242 is past?
A Mt. gox is finally dead announcement and everybody and everything is at peace in the world?

The price hasn't changed from the beginning of the month until the middle of the month.
Not by very much.
Wasn't the Chinese exchanges going to give their verdict on what's going to happen next yesterday March the 13th?