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

[DougTanner]

SOON

Please speculate, what's soon ?

Normally I would guess up, but because of the bank holiday the bid sum has actually been dropping. So it might actually do nothing until later tonight? And if it does nothing for an hour or so someone might decide to dump.

Let's wait and see, shall we?

[1713919022]

1713919022

[1713919022]

1713919022

[1713919022]

1713919022

[cedivad]

The breakout that will happen will not most probably be indicative...

[Frozenlock]

laymans analysis:



trend continuation: UP. soon.

EDIT: soon = max 2 hours

[seleme]

Bulls, could you kindly shut up please? Each time you say rally is starting it goes back for dollar or two 

[Kazu]

Bulls, could you kindly shut up please? Each time you say rally is starting it goes back for dollar or two 

Its been at almost exactly the same price for the last like 2 hours.

[molecular]

Bulls, could you kindly shut up please? Each time you say rally is starting it goes back for dollar or two 

I think we go down to $120 again now.

[seleme]

Bulls, could you kindly shut up please? Each time you say rally is starting it goes back for dollar or two 

I think we go down to $120 again now.

that's the spirit 

[Rampion]

Bulls, could you kindly shut up please? Each time you say rally is starting it goes back for dollar or two 

I think we go down to $120 again now.

That would be a nice point to buy some more. Exchanges will improve, news is still positive ATM, everything looks stronger in mid term

[fitty]

Bulls, could you kindly shut up please? Each time you say rally is starting it goes back for dollar or two 

I think we go down to $120 again now.

I just loaded some rocket fuel, we're about to blast off to the moon!

[elux]

I just loaded some rocket fuel, we're about to blast off to the moon!

Paul Buchheit: "Bitcoin may be the TCP/IP of money."

Paul Buchheit is an American computer programmer and entrepreneur. He was the creator and lead developer of Gmail.
He developed the original prototype of Google AdSense as part of his work on Gmail.
He also suggested the company's now-famous motto "Don't be evil" in a 2000 meeting on company values.

[Frozenlock]

It seems Bitcoin received nothing but very good news these last few days.

Count me as hyped.

[TheKoziTwo]

Worth listening to:
http://youtu.be/59uTUpO8Dzw?t=19m14s

(starts at 19m14s)

[elux]

Worth listening to: http://youtu.be/59uTUpO8Dzw?t=19m14s (starts at 19m14s)

I personally own Bitcoin in my hedge fund, I own Bitcoin in my fund, I own Bitcoin in my private account. It is a huge deal. It’s a huge, huge, huge deal. Because what you’re talking about right now is, for the next three to five years, an unbelievably better stored value. It is gold 2.0. Right? The value of gold that hedges the world economy, about $9 trillion, right? Thirteen hundred an ounce, of which only a hundred to a hundred and fifty dollars is the actual production value. So all the rest is imputed….

Well, guess what? I can do the same thing with Bitcoin only I can do it outside the purview of every single government. It’s being used everywhere you would think it would be used. Russia, Iran, Iraq, Egypt, Venezuela, Argenina. Everywhere you have currency pressure. Everywhere you want to basically shield your assets. And then, after that, it will probably become a payment mechanism.

Chamath Palihapitiya is the Founder and Managing Partner of The Social+Capital Partnership (Social Capital) – a venture capital fund based in Palo Alto, CA that incubates and invests in breakthrough companies in healthcare, education, financial services, mobile and enterprise software.

Preceding his focus as an investor, Chamath was the longest tenured member of Facebook’s senior executive team and helped drive its ascension to one of the most important companies in the world.
Prior to Facebook, Chamath had leading roles at The Mayfield Fund, AIM and ICQ, and Winamp. In addition to his focus at the fund, Chamath is Owner and Director of the NBA’s Golden State Warriors.

http://www.crunchbase.com/person/chamath-palihapitiya

Check out this guy's portfolio. That fund he's talking about...

In March 2013, Palihapitiya confirmed that his venture fund had raised over $275 million in its second round of fundraising.[8][9]

[Frozenlock]

Worth listening to:
http://youtu.be/59uTUpO8Dzw?t=19m14s

(starts at 19m14s)

Ok, now count me as very hyped. 

[wonkytonky]

and it's go!

[wachtwoord]

People can't help but get enthusiastic and energized when they learn about Bitcoin. It is that amazing. But of course we all knew that already

[fitty]

I just loaded some rocket fuel, we're about to blast off to the moon!

Paul Buchheit: "Bitcoin may be the TCP/IP of money."

Paul Buchheit is an American computer programmer and entrepreneur. He was the creator and lead developer of Gmail.
He developed the original prototype of Google AdSense as part of his work on Gmail.
He also suggested the company's now-famous motto "Don't be evil" in a 2000 meeting on company values.

The main problem I see is that Bitcoin is so dependant on the banking system. The exchanges fall apart without bank accounts, without wires, without ach deposits. Bitcoin works great as a "secondary" or "transaction" currency. Which means you use it when you want the privacy (buying bongs/dildos) or to avoid fees (sending to people in different countries). So you still use USD, you're paid in USD, you just use Bitcoin when the situation warrants it (and the advantages it brings).

When an exchange can be crippled because one american bank account gets closed, that sorta points to the fact this "de-centralized" currency really needs the "centralized" banks to operate. Bitcoin is doing well because Govts/Banks are letting it exist. Sure they can't destroy it, but they sure could make it a lot harder to use. Most sellers wouldn't want BTC if they couldn't convert it to their native currency. But Banks are greedy, they launder money for drug cartels, so I doubt they care about Bitcoin as long as they get a share (which they do, wires are expensive).

[ElectricMucus]

I just loaded some rocket fuel, we're about to blast off to the moon!

Paul Buchheit: "Bitcoin may be the TCP/IP of money."

Paul Buchheit is an American computer programmer and entrepreneur. He was the creator and lead developer of Gmail.
He developed the original prototype of Google AdSense as part of his work on Gmail.
He also suggested the company's now-famous motto "Don't be evil" in a 2000 meeting on company values.

The main problem I see is that Bitcoin is so dependant on the banking system. The exchanges fall apart without bank accounts, without wires, without ach deposits. Bitcoin works great as a "secondary" or "transaction" currency. Which means you use it when you want the privacy (buying bongs/dildos) or to avoid fees (sending to people in different countries). So you still use USD, you're paid in USD, you just use Bitcoin when the situation warrants it (and the advantages it brings).

When an exchange can be crippled because one american bank account gets closed, that sorta points to the fact this "de-centralized" currency really needs the "centralized" banks to operate. Bitcoin is doing well because Govts/Banks are letting it exist. Sure they can't destroy it, but they sure could make it a lot harder to use. Most sellers wouldn't want BTC if they couldn't convert it to their native currency. But Banks are greedy, they launder money for drug cartels, so I doubt they care about Bitcoin as long as they get a share (which they do, wires are expensive).

Yeah, we "Bears" have been preaching this all along, yet we were pointed at by the "true believers" and accused of "FUD".

[notme]

I just loaded some rocket fuel, we're about to blast off to the moon!

Paul Buchheit: "Bitcoin may be the TCP/IP of money."

Paul Buchheit is an American computer programmer and entrepreneur. He was the creator and lead developer of Gmail.
He developed the original prototype of Google AdSense as part of his work on Gmail.
He also suggested the company's now-famous motto "Don't be evil" in a 2000 meeting on company values.

The main problem I see is that Bitcoin is so dependant on the banking system. The exchanges fall apart without bank accounts, without wires, without ach deposits. Bitcoin works great as a "secondary" or "transaction" currency. Which means you use it when you want the privacy (buying bongs/dildos) or to avoid fees (sending to people in different countries). So you still use USD, you're paid in USD, you just use Bitcoin when the situation warrants it (and the advantages it brings).

When an exchange can be crippled because one american bank account gets closed, that sorta points to the fact this "de-centralized" currency really needs the "centralized" banks to operate. Bitcoin is doing well because Govts/Banks are letting it exist. Sure they can't destroy it, but they sure could make it a lot harder to use. Most sellers wouldn't want BTC if they couldn't convert it to their native currency. But Banks are greedy, they launder money for drug cartels, so I doubt they care about Bitcoin as long as they get a share (which they do, wires are expensive).

Yeah, we "Bears" have been preaching this all along, yet we were pointed at by the "true believers" and accused of "FUD".

I do most of my trades for cash.  I run a bot, but I only ever deposit and withdraw bitcoin.

[rpietila]

I made two infamous BTC700-BTC799 trades last week. One was at gox, the other was OTC. Let's split the banking system effect:

- I sell at the casino -> receive internal gox money -> banking system not affected (practically impossible to withdraw already but we've got used to it, no big deal if it is cut altogether)

- I buy at the casino -> receive btc -> problem solved, bitcoin transfer not affected

- I sell OTC to my local friend -> he pays cash, gold, silver -> banking system not affected (he is still short EUR 7k from the deal and will need to deposit it physically this week as he has some issue with the bank)

- I buy OTC from goat -> now this is a tricky one since he needs to be paid in the local currency -> I spend several hours trying to pay in multiple installments to minimize the risk of bank default. The staff in the bank make it so difficult that I end up deciding to pay all at once, without escrow; too difficult, not worth my time, I trust goat, he trusts me, I don't trust bank and I really have a problem if the banks fail on this. But so do they, it will be their last fail to screw both of us in front of the bitcoinworld. Nobody can trust the banks any more if they fail in this one. (This does not mean that they won't, however, but I never play with more than I can afford to lose to prove a point...)

So, my conclusion:

To me it seems that the banking system has already played itself out of this game. In only one of the 4 transactions was it involved at all, and even there they acted like jerks who had been doing it for too long and wanted to be out. If it was convenient to have .999 metric gold in Thailand (which it isn't; they have both different purity and different unit) I would have probably sent it over by Fedex rather than bothering to call the bank.

Not that it was not difficult to send gold. You run into all kinds of trouble.. but after bitcoin, all the trouble that the world system heaps on you, will act to their own detriment, not yours. By playing nice or ignoring you, they make themselves unimportant, since bitcoin works better. By fighting you, they can eat up hours of your precious time and make themselves sound like jerks, and everyone will read about it in Bitcointalk and wise up.

Banks, according to my observation, you have a precious little share in bitcoin transactions right now, and about to lose it all. Bitcoin user won't even notice when the last cord is cut. Bears better buy in. It's gonna be a ride from now as people are understanding this (read it all, just recently pruned with a steady hand!).