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

[BrewMaster]

At the 1st ETF btc fall 1350 to 850, 450$ lower.

So could we expect 1300$ this time ?

the first time a lot of idiots thought ETF is going to be approved and saw moon in their dreams so they FOMO bought bitcoin. when it was rejected they became sleepless.

this time nothing has changed about bitcoin and its regulation nor its volatility so everyone knows it is not going to be approved. even if there are some leftover idiots dreaming of moon time i don't think their numbers are that great

so we can expect a much smaller dip!

[JohnUser]

the first time a lot of idiots thought ETF is going to be approved and saw moon in their dreams so they FOMO bought bitcoin. when it was rejected they became sleepless.

In fact they were not so idiots if they sell their 1300$ FOMO invest at 1800$. Maybe lucky idiot ;)

[Meuh6879]

perhaps, we can short this to 1400 EUROS ... before the next month ?

[bartolo]

I don´t find an objective reason for this price decline except speculation, maybe sell for take profit, buy altcoins, sell, take profits and buy bitcoin again. The ETF issue I don´t think anyone had any hope for it. The other time it didn´t have as much impact, it is true that there was a drop but then almost instantly it had a rebound up again.

[dantanas]

Just crazy. Price due to the randsomaware attacks?

[Instamined]

the first time a lot of idiots thought ETF is going to be approved and saw moon in their dreams so they FOMO bought bitcoin. when it was rejected they became sleepless.

In fact they were not so idiots if they sell their 1300$ FOMO invest at 1800$. Maybe lucky idiot

Lucky idiot is how I imagine the majority of people who have gotten rich off of Bitcoin. Maybe I'm just jealous, but I think there's a bit of truth to it.  

[JimboToronto]

Good morning Bitcoinland.

I see we're still consolidating after the May 11-12 correction... currently $1719USD (Bitcoinaverage) and forming a nice pennant.

Will it be a couple of days before we start seriously moving up again?

I hope everybody bought when it was below $1700.

[tk3609]

China is dumping hard, but the west is still hodling. Couple months/years ago, west was blindly following China, now it looks like there is a western/chinese civil war. West is bullish, China is bearish.

[gentlemand]

I don´t find an objective reason for this price decline except speculation.

I couldn't much of an objective reason for the rise either. Sometimes things just happen because they feel like happening.

[Instamined]

China is dumping hard, but the west is still hodling.

This song sumarizes it well https://www.youtube.com/watch?v=A7TuFy0fcuw

Yes, seriously. It amazes me how people don't have the slightest care about the millions of btc and ltc frozen on chinese exchanges all bought at significantly reduced prices relative to the western markets.

Some say that's because it's uncertain whether or not they will have access to these coins again but I believe it's because they can get away with corruption easier and they have frozen the market to hedge a short against western markets which are essentially giving away free money to them. A large volume is frozen which means it will move in large chunks once it becomes available. It's not like if 2-3k btc were frozen. It's 2-3 million.

[tk3609]

China is dumping hard, but the west is still hodling.

This song sumarizes it well https://www.youtube.com/watch?v=A7TuFy0fcuw

Yes, seriously. It amazes me how people don't have the slightest care about the millions of btc and ltc frozen on chinese exchanges all bought at significantly reduced prices relative to the western markets.

Some say that's because it's uncertain whether or not they will have access to these coins again but I believe it's because they can get away with corruption easier and they have frozen the market to hedge a short against western markets which are essentially giving away free money to them. A large volume is frozen which means it will move in large chunks once it becomes available. It's not like if 2-3k btc were frozen. It's 2-3 million.

You could say the same thing about frozen assets on bitfinex. Who is going to break first?

[gentlemand]

It's 2-3 million.

Eh? I think the Chinese disease of fake volumes has infected this figure as well.

It will be a substantial amount of coins, probably in the low hundreds of thousands, but nowhere near that amount.

China will also now be the world's safest place to trade because the exchanges won't be able to get away with one single thing. There'll be fees as well which means the endless dump fests won't be viable. Its behaviour is going to be very different from now on.

[JimboToronto]

Lucky idiot is how I imagine the majority of people who have gotten rich off of Bitcoin. Maybe I'm just jealous, but I think there's a bit of truth to it.

What about the people who carefully researched Bitcoin when it was worth pennies or single or double digits of dollars, who saw its potential as a disruptive technology, invested their hard earned money in mining equipment, mined and bought Bitcoin and then steadfastly held on to their coins?

Do you think they're "lucky idiots"?

I think the lucky ones are those who bought coins because others had already made money on them and then made money despite gambling with them through trading.

[Spaceman_Spiff]

Lucky idiot is how I imagine the majority of people who have gotten rich off of Bitcoin. Maybe I'm just jealous, but I think there's a bit of truth to it.

What about the people who carefully researched Bitcoin when it was worth pennies or single or double digits of dollars, who saw its potential as a disruptive technology, invested their hard earned money in mining equipment, mined and bought Bitcoin and then steadfastly held on to their coins?

Do you think they're "lucky idiots"?

I think the lucky ones are those who bought coins because others had already made money on them and then made money despite gambling with them through trading.

I think there is a spectrum between people who thought long and hard about every possible angle of bitcoin and those that were convinced by a catchy phrase.  The latter could just as easily have fallen for a pennystock pump and dump, the former is a sophisticated and perhaps even visionary investor.  I guess most of us are somewhere in between. 

[JimboToronto]

Except for long-play markets such as real estate, 4 years may as well be 4 decades

Perhaps you should listen to a professional holder:

[metacoin]

Luck is an interesting concept.

Survivorship bias could account for the lot of "lucky idiots" who are almost certainly a very small minority of users. I would wager there are probably just as many cases of people who were close to obtaining this title yet due to a single decision lost significant amounts. For example, anyone trading 6 years ago who bought in at a peak and decided to sell everything on the dip to cut their losses, or the people who lost everything in one of the many defunct exchanges. You don't really hear about them because they don't exactly advertise the fact that they made a bad decision.

There is always a balance.

[grandpa86]

Are you still working on Monarchs. Mine seems to be ill.

[2017Bubble]

Everyone expecting a dump due ETF, would be funny if they denied it and pump it to

[Lauda]

Everyone expecting a dump due ETF, would be funny if they denied it and pump it to

Speaking of the ETF, does anyone know where I should be looking for the news?

[droizs]

Everyone expecting a dump due ETF, would be funny if they denied it and pump it to

Speaking of the ETF, does anyone know where I should be looking for the news?

Here: https://www.sec.gov/news/pressreleases