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

[gembitz]

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.

^goholders haha ~ ya AU spiking ... will Trump start shaking up Wall Street next? :-D

[gembitz]

Speaking al altcoins, Poloniex seems to be down.

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

^bittrex = poof! going goinggggg ... wait for it! ;-D

[Denker]

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

Even "investing" in Bitcoin is still high risk.
Putting your money in shitcoins however would be just pure gamble!
When that alt bubble starts to burst the dump will be epic!!

And I'm sure hte lucky guys who then will have made a big and quick big will either take profits or put a nice portion of it into Bitcoin!
Just have patience and watch the show!

[yefi]

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.

I find the trick is not to get suckered in to believing. Playing them as if you're trading potato chips has worked well for me.

[silverfuture]

Why are bitstamp prices so much lower than everyone else's?

[Coinnosaurus]

Why are bitstamp prices so much lower than everyone else's?

because there are no bots pumping the price like on buttfinex

[HI-TEC99]

Looked at Bitcoin and Litecoin prices a few minutes ago....

Even bearstamp's hit $1099, and there's only 225 coins to go before it hits $1100. This is an unexpected pump as the banks aren't even open yet.

[JimboToronto]

Finally. $1100 at Stamp and Bitcoinaverage.

[Okurkabinladin]

Looked at Bitcoin and Litecoin prices a few minutes ago....

Even bearstamp's hit $1099, and there's only 225 coins to go before it hits $1100. This is an unexpected pump as the banks aren't even open yet.

Since we didnt see any retrace over the weekend, I wouldnt be suprised at all, if bull trap awaited us during tommorrow or day after that. It wouldnt be the first time we decide to take a plunge on monday... and we still havent really retested bottom, did we?

Ill stay on sidelines untill we either revisit bottom or reach 1250.

[conspirosphere.tk]

Since we didnt see any retrace over the weekend, I wouldnt be suprised at all, if bull trap awaited us during tommorrow or day after that. It wouldnt be the first time we decide to take a plunge on monday... and we still havent really retested bottom, did we?

That's quite likely, because I just finished now to buy back some of the coins that I had dumped at a lower price.

[BlindMayorBitcorn]

Alt-coiners just handing over their monies en masse.

[HI-TEC99]

Apparently a US federal judge recently ruled that Bitcoin is completely exempt from US regulation because it's in the same class as Monopoly money. Does his ruling mean the Bit License and other US regulations no longer apply? Is that one of the reasons why Bitcoin's pumping, or was it an April fool's day joke by cointelegraph?

Bitcoin = Monopoly money  



https://cointelegraph.com/news/bitcoin-completely-unregulated-in-the-us-as-obscure-nixon-era-law-came-to-light

A US federal judge ruled Friday that cryptocurrency is completely exempt from regulation due to a little-known law enacted over 40 years ago.

HB 1010, known as the Monopoly Act, exempts imitation money, such as novelty items or those used in board games, from falling under government jurisdiction for financial regulation. Under the new interpretation of the law, this has been expanded to include cryptocurrencies.

Obscure law meant for board games also exempts virtual currencies
The Monopoly Act was introduced with the intent of preventing the imitation money, used in board games such as Monopoly, from falling under government scrutiny.

Parker Brothers, the company behind Monopoly, lobbied heavily for the law to pass, as imitation bills from collector's editions of the game began to draw high value on the market.

After one collector was arrested for tax evasion after procuring employment in exchange for these collector's edition Monopoly notes, Parker Brothers feared their value would plummet, sinking sales.

Nixon turmoil
The Monopoly Act was passed and signed into law Aug. 5th of 1974, barely noticed during a time of political turmoil and a mere four days before Richard Nixon became the first American president to resign from office.

The wording of the bill, however, provides an unintended loophole for cryptocurrency:

"No token, bill, virtual currency, or counterfeit money, whose purpose it is to parody legal tender or otherwise serve as a novelty, and where such can be demonstrated beyond a reasonable doubt, shall be subject to taxation, regulation, or licensing by any branch of government, but shall instead enjoy free and unrestricted exchange. (emphasis added)”

On Friday, a federal judge ruled that cryptocurrencies are, by virtue of lack of a physical form and issuing bank, by definition virtual currency and as such current financial regulations do not apply

[explorer]

You don't need open banks for a pump, capital shift from alts is whats needed. Litecoin is not a bitcoin hedge, but they tend to go hand in hand. Expect a dump on alts and a new ath on digital gold (BTC) and silver (LTC).

Can someone explain this theory for me? I see it parroted everywhere.  Clearly I've missed something, but to me, selling alts for BTC should have zero effect on BTCfiat markets, unless liquidating, which would bring it down.  How would shifting crypto-crypto drive up the fiat price?

[JayJuanGee]

Looked at Bitcoin and Litecoin prices a few minutes ago....

Even bearstamp's hit $1099, and there's only 225 coins to go before it hits $1100. This is an unexpected pump as the banks aren't even open yet.

Since we didnt see any retrace over the weekend, I wouldnt be suprised at all, if bull trap awaited us during tommorrow or day after that. It wouldnt be the first time we decide to take a plunge on monday... and we still havent really retested bottom, did we?

Ill stay on sidelines untill we either revisit bottom or reach 1250.

I think that there is a pretty decent chance of a significant retrace in the coming days like you are saying, yet I would also not be surprised to see prices continue to creep up into the mid-to-upper $1,100s  before this possible significant retrace is encountered.

On the other hand, I think that at this point, $1,250 is bit much of a threshold regarding our continued movement upwards.  

To me, it seems as if we were to go above $1,200 at any time in the next couple of weeks - then going above $1,200 in that time would be pretty bullish and cause me to think that there is a decent chance of retesting ATH levels.

Sure, in the end, each of us are merely making our best prognostications based on a variety of likelihoods within a moving target and incomplete information.

[Meuh6879]

Back to the standard (safe) zone.

[JayJuanGee]

You don't need open banks for a pump, capital shift from alts is whats needed. Litecoin is not a bitcoin hedge, but they tend to go hand in hand. Expect a dump on alts and a new ath on digital gold (BTC) and silver (LTC).

Can someone explain this theory for me? I see it parroted everywhere.  Clearly I've missed something, but to me, selling alts for BTC should have zero effect on BTCfiat markets, unless liquidating, which would bring it down.  How would shifting crypto-crypto drive up the fiat price?

Maybe either I do not understand your question, or I do not really understand the various market pressures dynamic either...

Nonetheless, I am going to give this a shot and assert that there are going to be all kinds of market dynamics when you have massive amounts of money that is either going into bitcoin or going into some other cryptos.  If bitcoin's market cap stays relatively stable, for example, then movement of bitcoins in and out of other cryptos is going to create buying and selling pressures on bitcoin, depending on how much is moved in or out.

If Ethereum's market cap goes up from 1 billion to 4 billion, then a large amount of that is going through bitcoin, yet the relationship may not be direct or even inverse because there is a lot more going on rather than a pure trade-off - but the increased volume could also signify a total amount of additional capital that ends up being in the crypto-space as a whole - and both market caps could rise simultaneously.


Even in the case that you mentioned, selling Alts for BTC... If a billion dollars moves out of Ethereum and into BTC, for example, sure the trade is between the Ethereum and BTC pairs, but still creates buying pressure on the USD price because those BTC are being bid up (demanded) by the Ethereum space and creating a shortage of bitcoins that are available for trade in the BTC/USD pairings. 

Further you could have a countervailing pressures going on simultaneously - but in the end, if there ends up being a simultaneous dump in the various alts, then those dumps still create upwards price pressures on BTC in terms of fiat - even though they are being traded for shit coins.... hahahahaha.. had to get in my little dig.   

[marcus_of_augustus]

As long as the banksters can keep a lid on bitcoin price via shorting, stimulating infighting and division (BU support) and meanwhile pump up Ripple and Ethereum they are winning.

The useful idiots over at BU have convinced themselves they are 'fighting the good fight' by blocking progress and encouraging bitcoiners to defect to etheruem to express their 'disapproval' at some unspecified bogeymen like 1MB4EVA. Bankster supporters are luvving it and jump on to fuel the fires of hate, suspicion, FUD and division at every opportunity, giving the useful idiots the moral and 'popular' support through a sock-puppetry crusade. See adam's cartoons for example, these are modern political satire masquerading as comic fun memes but add exactly zero to technical solutions for bitcoin tx capacity increases.

[GGALINff]

more than a negligible chance that BTC pumps very soon

crazy stuff going on in the alts and folks are going to look at BTC dominance near 50% vs historical 80% plus and boom

[European Central Bank]

crazy stuff going on in the alts and folks are going to look at BTC dominance near 50% vs historical 80% plus and boom

they didn't do a very long lasting job of convincing us that alts were gonna usurp bitcoin. i wonder when people are gonna finally stop swallowing that narrative. i guess the pumpers will need a few tens of millions more in play money so they can try again.

[marcus_of_augustus]

crazy stuff going on in the alts and folks are going to look at BTC dominance near 50% vs historical 80% plus and boom

they didn't do a very long lasting job of convincing us that alts were gonna usurp bitcoin. i wonder when people are gonna finally stop swallowing that narrative. i guess the pumpers will need a few tens of millions more in play money so they can try again.

their 'spam-the-blockchain' effort is running short of funding so may have to be putting in for a new grant application, also the FUD sock-puppet 'free-shit-army' rabble rousing aka astroturfing public relations efforts is needing new money to keep the keyboard warriors funded.

Meanwhile their shorts are getting #r3kt. Keeping bitcoin down is an expensive proposition ... now if those BU idiot supporters could just pull their heads out of their backsides and see which way is up for a few minutes, we'd be able to expand capacity and get back to working on a long term fix for algoritmically-controlled blocksize and free market fee operations for the only remaining planned bitcoin HF.