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

[tk3609]

We are currently finishing accumulation phase and preparing for new bull market. Sideways should be over soon.

[sirazimuth]

Why is ripple of all shitcoins getting pumped??

Why the hell not? In present conditions my clinkers would get pumped if I could get them on there. Just goes to show we have rather a lengthy way to go before any actual rationality prevails.

as usual...thanx for the lol ...

clinkers  otherwise know as clingons

[CoinCube]

And someone didn't want to accept my statement that bitcoin is a currency and not money so I had to explain in greater detail why:

Bitcoin is a currency not money.  If you don't agree, YOU don't understand finance.  It's a Rube Goldberg machine and nothing more.  No random bullshit made up of completely arbitary variables created by humans is money.  Money represents goods and services or the ability to do work.  It's required to be connected to some type of commodity or energy resource if you're abstracting the system away from barter, otherwise the system is easily gamed and implodes as always.

Bitcoin is not a real commodity, it's a poor immitation like some type of tranny.  The sunk cost in so called "creating" a bitcoin in the past does not transfer into delivering anything tangible into the future.  It's more like a steady state system that can catastrophically fail and vaporize all imaginary "wealth" attached to it at any time - the glaring trait of all currencies past and future.  One of the main reasons the noble metals are valued as money (gold and silver) are the anti-corrosive properties to defeat time itself, which guarantees you the ability to transfer that unit of account from the past to future, UNLIKE bitcoin.

The distinction between money and currency is one that is blurry and arbitrary.

Many tend to think of money as something that is tied to a physical commodity and everything else as currency but that is not really accurate.

The reality is that all money/currency is an arbitrary construct created by man to facilitate trade and savings. Paper currencies have a long track record of failure. This failure is due to the inherent flaws of mankind rather then a fundamental problem with paper money.

We choose to embrace things like fractional reserve lending, defect spending, and unfounded entitlements all of which lead to fiscal instability and undermine the currency system leading to eventual failure.

Gold and Silver are simply attempts to take human weakness out of the picture by tying the concept of money to something that cannot be easily forged or mass produced. This works to a degree but it historically also ultimately fails to restrain us from eventually debasing and destroying the currency system. We see this in Rome and also in our recent past as we were not long ago on a gold standard.

Bitcoin is a new attempt to separate destructive human weakness from a money/currency system. The new mechanism is decentralization and computer algorithm to replace flawed human judgment. If it will succeed long term remains to be seen but we know paper currency consistently and repeatedly fails and we know precious metal currency repeatedly fails so now we will learn how well digital currency works.

How this scaling debate plays out will be important to watch. The 95% requirement for implementation as seen in some of the Bitcoin update proposals is a very wise threshold to use. If Bitcoin ever becomes a simple voting mechanism where 51% of hashing power is able to implement widely accepted changes to the protocol over the objections of the other 49% then human error has returned to the forefront. Bitcoin would then become the same system we already have.  A complex fiat voting system.

[JimboToronto]

Good morning Bitcoinland.

Still creeping up mostly sideways... currently $1089 (Bitcoinaverage).

Bitstamp's just hit a 24 hour high of $1095. Can it push above that $1100 barrier this time? Yesterday it made it all the way up to $1097, then retraced back down as an April fool's joke. Maybe this time it will push above that barrier, or maybe we stay range bound between $1060 and $1100.

As long as it keeps edging slowly upward I'll be happy.

It was only a week and a half ago that it was down around $900 and bears were clucking about $800.

Even if it takes a few days to conquer $1100, we're still doing fine.

[Arcteryx]

It looks like we will be passing $1100 price some time soon as it is just tickling at the $1099 price wall right now and it is just a matter of time that it does.
There is nothing in the news since it's a sunny Sunday afternoon and the markets for the fiats and precious metals are closed for trading for today. And not causing any pressure from those markets. A pretty relaxing day if you come to think about it really.

[HI-TEC99]

Good morning Bitcoinland.

Still creeping up mostly sideways... currently $1089 (Bitcoinaverage).

Bitstamp's just hit a 24 hour high of $1095. Can it push above that $1100 barrier this time? Yesterday it made it all the way up to $1097, then retraced back down as an April fool's joke. Maybe this time it will push above that barrier, or maybe we stay range bound between $1060 and $1100.

As long as it keeps edging slowly upward I'll be happy.

It was only a week and a half ago that it was down around $900 and bears were clucking about $800.

Even if it takes a few days to conquer $1100, we're still doing fine.

I know that in technical analysis terms the longer it goes sideways the higher the handle of the cup should pump. Contrarily, as a human I just want it to immediately pump sky high. Like you say "patience child".

[york780]

Nice to see that there is still some BU FUD  around here. Someone of you guys still have some Jihan Wu meme's?  

[manselr]

Bad news for gold holders, more gold supplies found in the latest hours, bitcoin going up in return.

Im going to be paying attention to the price this week as litecoin's segwit approaches activation, let's see if the grandpa altcoin actually makes bitcoin holders move some of their wealth there to enjoy the benefits of segwit.

[BlindMayorBitcorn]

Well...shorting cRipple again was a huge mistake.  

Throw your clinkers on there. Can't lose.

[york780]

Well...shorting cRipple again was a huge mistake.  

Throw your clinkers on there. Can't lose.

 

Why is it up with 100% again? WTF

[BlindMayorBitcorn]

Well...shorting cRipple again was a huge mistake.  

Throw your clinkers on there. Can't lose.

 

Why is it up with 100% again? WTF

I can only imagine. 

[chopstick]

Right now it's literally the alt-coin lotto. Pick an altcoin. Any altcoin. If you're lucky it will get pumped, summarily dumped and then you'll be rich.

[bitserve]

Right now it's literally the alt-coin lotto. Pick an altcoin. Any altcoin. If you're lucky it will get pumped, summarily dumped and then you'll be rich.

XRP WTF? It's going to be the mother of all dumps

[york780]

Right now it's literally the alt-coin lotto. Pick an altcoin. Any altcoin. If you're lucky it will get pumped, summarily dumped and then you'll be rich.

I was lucky with ZEC had his 80% increase, but my wallet couldt move the ZEC out lol. Problem was solved after the pump. Anyway seems just like some millionare game to me. They just decide which one to pump,  wait for the FOMO traders to kick in and than they are getting out, and on and on it goes. This almost makes it impossible to predict those prices. Just 1 small announcement and the price increases with 170%. They are just letting Dash bleed like they did to ripple. And after that they are going to pump dash again because of screw you FOMO traders. Patterns are clear to everyone here who have trading experience. Anyway i stay away from coins like Litecoin and Ripple. Far far away.

[julian071]

Speaking of altcoins, Poloniex seems to be down.

[york780]

Speaking al altcoins, Poloniex seems to be down.

Hmm at least you are not trapped in Ethereum. Such a nice day to lose money.

[boyshx]

I don't have the guts to invest money at any other crypto than bitcoin. You can loose everything

[york780]

I don't have the guts to invest money at any other crypto than bitcoin. You can loose everything

I made a lot of money with altcoins. But everytime I do i have bad luck. In 1 month the electricity went off, wallet crashed. And exchange error occured. Can you believe that?

[julian071]

I don't have the guts to invest money at any other crypto than bitcoin. You can loose everything

I made about half my stash trading altcoins. The trick for me was to be patient. Anything and everything will occuur, so you order will eventually get filled.

[Torque]

Speaking al altcoins, Poloniex seems to be down.

Time for the exchange owners to feign "hack" and run off with the money? Lol