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

[JimboToronto]

I see we had our big correction... right back to where we were half a day ago.

Nice to correct as we go along. Better than being in a bubble.

We're still well up on the day.

[rjclarke2000]

Really though, for those of us who have been through perhaps 3 or more bubbles now and managed to hodl the entire time....it does start to get to the point where I think....am I ever going to sell? I know that if I ever do, a year after I would be spitting with rage.

Yep. It allowed me to hold from 2013. But, beginning to fear I'm treating bitcoin like an old spinster hoarding cats at some point you just have to say.    No more new cats.

I always had a figure in my head to sell but I am leaning more of being stubborn and not selling at all. I hoping to use my bitcoin for my future plans and not sell for £££.

[Master_dandosha]

I see we had our big correction... right back to where we were half a day ago.

Nice to correct as we go along. Better than being in a bubble.

We're still well up on the day.

I think it will go down to bit 1400 USD again then it will go to 2000 stage as anew milestone for BTC price

[arklan]

...so, boring, uneventful week, eh guys?

[JimboToronto]

I think it will go down to bit 1400 USD again then it will go to 2000 stage as anew milestone for BTC price

$1400 would be a nice buying opportunity but I wouldn't get my hopes up too high.

[ft73]

I think it will go down to bit 1400 USD again then it will go to 2000 stage as anew milestone for BTC price

$1400 would be a nice buying opportunity but I wouldn't get my hopes up too high.

It may slowly creep down to about 1490$ again within half to an hour.
Then drop hard again to 1360-1400$.

It's an option from what i can see ...

[DonQuijote]

First minute drops happen, panic ensues, "rip we're going back to 1000 boys!!" few minutes later back to around 1550. Funny how fast the mood changes in this thread.

On the other hand, always good to see a dip short term as we all knew we weren't getting any higher scot-free.

Yup! Exactly!

Some stupid people around here, specially in this thread, create too much panic on moments like that.

Stupid? Maybe they are smart, they sold and wanna buy cheap btc

[r0ach]

I think Elwar has lost his mind; made enough money to retire with BTC but instead of cashing out anything, attempts to use bitcoin as his savings account and spends as he goes until death...

What happens if bitcoin dies?  You can suddenly no longer retire and you're living on the streets? Lol?  I use bitcoin as my checking account and gold + silver (30% gold 70% silver split) as my savings account.  Both gold and silver are barely over cost of production, and platinum is even probably below cost of production now.  This means there's not a whole lot of danger using metals as your savings account, while god knows what will happen to bitcoin.

When the next financial implosion happens, gold tends to hold up better in deflation, and silver tends to do wayyy better than gold in inflation.  The powers that be have not actually let the economy have a real deflationary crash since the 1920s, but if they did, cryptocurrency would get absolutely slaughtered in deflation compared to metals.

You have to vary your financial assets some just to hedge against the possibilities of cascading deflationary collapse vs hyperinflation, and being all in on bitcoin would be absolute shit for deflation.  Cash would obviously be the best for deflation, but gold holds up well enough in deflation for me that I tend to just hold gold as a cash substitute and keep the other savings portion in silver for higher upside potential.

[ft73]

If it breaks 1480-1490$ will drop like a stone.
Otherwise it can resume from there.

We'll see.

[ft73]

[SvenBomvolen]

Really though, for those of us who have been through perhaps 3 or more bubbles now and managed to hodl the entire time....it does start to get to the point where I think....am I ever going to sell? I know that if I ever do, a year after I would be spitting with rage.

Yep. It allowed me to hold from 2013. But, beginning to fear I'm treating bitcoin like an old spinster hoarding cats at some point you just have to say.    No more new cats.

My starategy is to use the current price for bitcoin without expectation for some great future with huge prices. Yes it can happen and can not. It's like 50
\50. So, I am not holding my bitcoins, I cash it out monthly and I think this is such strategy that makes bitcoin to roll in the wholw world economy.

[Torque]

Lol, I had a feeling the drop was coming as soon as all the news media sites started printing ATH headlines again.

http://www.cnbc.com/2017/05/04/bitcoin-surges-above-1500-to-record-as-more-investors-bet-on-digital-gold.html
http://www.businessinsider.com/bitcoin-price-blows-through-1500-for-the-first-time-2017-5

So typical.  

[bitebits]

Saying "alts" is like saying "Europe".  There is a vast difference between Paris and Pristina, between Aalborg and Athens.  While swaths may crash, swards may take flight.  But then (without checking) you [podyx] are probably a maximalist, in which case this won't make any sense to you.

Really? And what is the difference between Paris and Pristina?

The cheese.

Now I know there are people around thinking cheddar = cheese, and for those indeed there is no difference between Paris and Pristina.

[rjclarke2000]

A 24 hour red dildo it is for today then.

[Coinnosaurus]

Will today finish on a green dildo or a red dildo?

will the week finish on a red or green phallus , this is the question  

[ft73]

... Drops like a stone ...

Wait for 1400$ and buy ETH in the meantime  

[oda.krell]

I use bitcoin as my checking account [snip]

But that's your checking account strictly containing currency, not any money, riiight?

[toknormal]

cryptocurrency would get absolutely slaughtered in deflation compared to metals.

I don't get the logic of this.

The reason metals do sh*t these days is because their market has split (into a liquid paper on the one hand and illiquid physical on the other) and they've lost their original monetary function as a bearer token. That would be the case whether inflation or deflation prevailed.

A deflationary shock would presumably be the result either of widespread recession or some kind of credit crunch/mass default scenario without the usual central bank printing spree in response. In that case cryptos would do well due the fact that they're not debt-backed and therefore represent a safe destination for fleeing capital.

By what mechanics do you see them getting 'slaughtered' ?

[JimboToronto]

Still hasn't dipped enough for me to buy yet.

Under $1400 and I'm out the door.

[Ibian]

...so, boring, uneventful week, eh guys?

Yes. Share a pint of bleach with me, won't you?