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

[Torque]

Altcoins market cap now more than 6billion$. It has almost doubled in... a week? In the meantime, bitcoin price being rock solid.

Let's see what happens when the altcoin bubble explodes...

'Cause things like this totally makes sense, right? Lol

https://coinmarketcap.com/currencies/shadowcash/#charts

[bitserve]

Altcoins market cap now more than 6billion$. It has almost doubled in... a week? In the meantime, bitcoin price being rock solid.

Let's see what happens when the altcoin bubble explodes...

Dash will tank but only probably 30%, ETH is just getting started and everything else is pretty stable. In 10 years this won't be remembered just as the age of bitcoin. It will be the birth of several coins that will have multiple billion market caps. Each with uniquely different reasons to own each. Bitcoin is clearly positioning itself very narrowly. ETH incredibly broadly. Dash and XMR as fungible anonymous money. I own them all except Dash... i am a dash hater not sure why.

I don't understand what you mean by this statement:

Bitcoin is clearly positioning itself very narrowly. ETH incredibly broadly.

(Not sure if it is because english is my second language or because the meaning is not clear)

I agree with all the rest... except that dash will probably tank much more as soon as masternodes try to sell their stash and force a cascading dump.

[jbreher]

I'm expected to trust these people with the Bitcoin network?

This is Bitcoin. If we need to trust anyone with it, it has already failed.

[blockcha1n]

I'm expected to trust these people with the Bitcoin network?

This is Bitcoin. If we need to trust anyone with it, it has already failed.

Amen to that brother.....
Amen to that.

[d5000]

Will there be a double top at ~$1300 and a trend reversal or will the uptrend continue?

In the last days, I thought trend reversal was more probable, because there are few fundamentals that support a further price increase, and the people who speculated on the ETF and are still not out could be a problem if there is a small correction that could then be magnified and become a real crash. But the price increase in the last days looks very solid. So at the moment I'm unable to do any predictions - it looks 50/50 for continuing uptrend or trend reversal.

A problem could be the current Dash bubble. When it bursts (and I'm almost sure it will), then I think people could return to fiat instead to Bitcoin, taking Bitcoin's price respect to the USD/EUR/CNY down with them - there's a large amount of money inside this instamined s*itcoin.

[Holliday]

I'm expected to trust these people with the Bitcoin network?

This is Bitcoin. If we need to trust anyone with it, it has already failed.

[bitserve]

A problem could be the current Dash bubble. When it bursts (and I'm almost sure it will), then I think people could return to fiat instead to Bitcoin, taking Bitcoin's price respect to the USD/EUR/CNY down with them - there's a large amount of money inside this instamined s*itcoin.

I don't see the problem there: When Dash bursts, even if all of it went to fiat it should not affect bitcoin price... and if some percentage of it goes to Bitcoin that means up, not down for bitcoin.

But there's not that much amount of money inside Dash: Take into account that 80% of the coins are currently locked in masternodes, if you add some individuals with big stashs, it leaves a very small amount of free-float. That's why the price has been so fast to increase... and it will be even faster to drop once the panic starts and masternodes start withdrawing in hordes.

[d5000]

When Dash bursts, even if all of it went to fiat it should not affect bitcoin price... and if some percentage of it goes to Bitcoin that means up, not down for bitcoin.

I guess most people would trade Dash -> BTC -> Fiat. By far, Dash/BTC is the largest market, Dash/USD is tiny compared to it. I don't think there will be a relevant impact of a massive Dash -> BTC movement into the BTC/USD price, but a large "Dash bank run" into fiat via BTC could affect the price to the downside.

Volume of Dash was 25-75 million per day in the last week, so there is some money in there. Maybe not sufficient for a large crash, but it could cause a correction, above all if - as you speculate - there were massively masternodes withdrawing from the Dash ecosystem.

[bitserve]

When Dash bursts, even if all of it went to fiat it should not affect bitcoin price... and if some percentage of it goes to Bitcoin that means up, not down for bitcoin.

I guess most people would trade Dash -> BTC -> Fiat. By far, Dash/BTC is the largest market, Dash/USD is tiny compared to it. I don't think there will be a relevant impact of a massive Dash -> BTC movement into the BTC/USD price, but a large "Dash bank run" into fiat via BTC could affect the price to the downside.

Volume of Dash was 25-75 million per day in the last week, so there is some money in there. Maybe not sufficient for a large crash, but it could cause a correction, above all if - as you speculate - there were massively masternodes withdrawing from the Dash ecosystem.

But I think you are not taking into account that if they go from dash to btc and then into fiat that's a zero sum. I mean, if during a week ALL of dash went to btc and then into fiat, the end result would be no change in BTC price (not for the usage of BTC as a way out to fiat).

Also, I am sure that a good chunk of it would end into BTC so that would mean positive impact on the price.

[r0ach]

I have infiltrated the Chinese trading market:

<fuq> chinese ppl hang pork in the air to dry to make bacon
<fuq> they hang bacon next to their clothes
<fuq> lol
<Ren-CN> lol
<Ren-CN> yes

[silverfuture]

Walls seem to be falling with increasing volume.

[r0ach]

Are alt coins taking over? What the fuck is going on?

This don't look too good for bitcoin

Nah, the writing was on the wall that with the ETF being rejected, "they" (as MatTheMat refers to) couldn't keep raising it higher and higher and find people to dump their expensive coins on.  What you just discovered is how small and manipulated this entire market really is.  It looks like to me that Digital Currency Group transferred out of BTC and over to Bologniex to pump scamcoins (to find idiots to dump expensive Eth on) and this single entity (including their media outlet mouthpiece Scamdesk) can control the price of all alts at once or if BTC goes up or not.  The bitcoin market is not that big, it's all an illusion.

[jbreher]

I'm expected to trust these people with the Bitcoin network?

This is Bitcoin. If we need to trust anyone with it, it has already failed.

http://static5.businessinsider.com/image/52efcb506bb3f71d0f3e1f63-1130-847/groundhog-day-bill-murray-6.jpg

Hmm... Bill Murray, I know... Google Image Search tells me 'Groundhog Day' - a movie I've never seen (despite my finding Andie MacDowell (she was in that, right?) a room-filling brilliance). Relevance? You and I have been kicking around these parts publicly since mid-2011 (somewhat longer as an unregistered lurker for me). The movie is something about the same events playing over & over?

[jbreher]

ETH has good fundamentals,

Fundamentals?

ETH fundamentals?

OK, help me out here... fundamentally, what is ETH good for?

[gembitz]

ETH has good fundamentals,

Fundamentals?

ETH fundamentals?

OK, help me out here... fundamentally, what is ETH good for?

^eth the slower dash meh~ :-D

[edgar]

btc - nooooooooooooooooooooooooooooooooooooooooooo



not really, lets see some mf triple digit coins for meeeeeeee!!

[xinzark]

And there she goes........

Any idea what just caused the crash ? Doesn't looked like a correction to me

[Killerpotleaf]

And there she goes........

Any idea what just caused the crash ? Doesn't looked like a correction to me

what crash?
oh i see down -1.5%

seems like blind selling.

pretty sure random blind selling will break support at these high levels
then at -5% people will get nervous
at -15% there gana panic
and then i can finally buy back, before the forking.

[xinzark]

And there she goes........

Any idea what just caused the crash ? Doesn't looked like a correction to me

what crash?

Just see the bitfinex movement buddy. Price dropped down by $40

[Hunyadi]

And there she goes........

Any idea what just caused the crash ? Doesn't looked like a correction to me

Crash?! Are you serious? -30 USD is not that bad when we are sitting on four digits.