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

[samurai1200]

Shit that $115 wall getting eaten up like crazy

edit: $116. So much for my weekend short position for monday madness...

[seleme]

Shit that $115 wall getting eaten up like crazy

edit: $116. So much for my weekend short position for monday madness...

It was mental day, you could those that would expect this on fingers on your right hand.

But those 80 and 90 coins had to be sold somewhere

[needmorecoins]

action time!

[NamelessOne]

118 so far! 

[samurai1200]

$117 with many big buys. its 10AM sunday in hong kong. are we sure this action is from the CCTV news piece?

[KillaMarci]

What the crap is going on now...  

Hours of nothing-ness and then a sudden surge upwards. Sounds like suicide to me.

[samson]

$117 with many big buys. its 10AM sunday in hong kong. are we sure this action is from the CCTV news piece?

News will backfire. Btcchina sucks, it's a small exchange for pocket change. Withdraw from there is limited to 10 BTC per day.

[Awhut]

$117 with many big buys. its 10AM sunday in hong kong. are we sure this action is from the CCTV news piece?

News will backfire. Btcchina sucks, it's a small exchange for pocket change. Withdraw from there is limited to 10 BTC per day.

Chinese can trade BTC now. What's stopping other exchanges from outperforming BTCCHINA? I don't see why limit should stay at 10 BTC with many wealthy Chinese wanting in on the action.

[samson]

$117 with many big buys. its 10AM sunday in hong kong. are we sure this action is from the CCTV news piece?

News will backfire. Btcchina sucks, it's a small exchange for pocket change. Withdraw from there is limited to 10 BTC per day.

Chinese can trade BTC now. What's stopping other exchanges from outperforming BTCCHINA? I don't see why limit should stay at 10 BTC with many wealthy Chinese wanting in on the action.

It will change but I suspect it's going to take weeks or months.

Speculative trading on the Chinese news is happening now which in my opinion is way too early.

[Frozenlock]

Again, I want to re-emphasize that we were already in an upward trend
before the China event. It might have nothing to do with it.

[SAQ]

Finally some movement, but not now, I need to go to sleep!

Go back, go hang around 112 and tomorrow leg up to 125

[rpietila]

This is definitely the last one today, if you don't believe NOR know math you can go home If you do either, and buy bitcoins, you will be very rich  



I used a cocktail party example today, regarding bitcoin's utility and adoption:

When 1 person in the ball of 1000 (0.1%) uses bitcoin, it means zero utility and 1 evangelist vs. 999 crowd. It takes 999 one-on-one conversations to tell everybody about a thing that is completely useless, so it is very slow.

This must grow by 100% to reach

When 2 people in 1000 (0.2%) use bitcoin, it means 1 utility (utility is defined by number of connections between bitcoin users, expressed as a factorial (k-1)!) and 2/998. It takes 499 conversations to tell about a practically useless thing.

This must grow by 100% to reach

4 people in 1000 (0.4%) -> 6 utility (4-1)!, 4/996. It takes 249 conversations to tell about a thing that is slowly getting useful, and the group pressure begins to form, as the same conversation may have 2 bitcoin users.

This must grow by 100% to reach

8 people in 1000 (0.8%) -> 5040 utility (8-1)!, 8/992. It takes only 124 conversations (8 times faster spread than when bitcoin had 1 user and no utility, and the utility is growing very fast)

This must grow by 100% to reach

16 people in 1000 (1.6%) -> 1.3*10^12 utility (16-1)!, 16/984.

SINGULARITY

When this is reached, the utility tends to infinity.

Notice that it took exactly as much time to reach 2 from 1 as it takes to reach 7 billion from 2.

In this example, we are now half way between 1 and 2 people, and bitcoin is slowly exhibiting any utility whatsoever. If the utility does not correlate with spread, we will reach $300k anyway, but it will be 3 years from now. If it does correlate, bitcoin adoption can and will happen in 3-6 months.

- The utility will grow factorially (factorial growth >> exponential growth(!))
- The spread rate is inversely correlated with the number of current users

The number of possible connections between two users out of N is actually N choose 2, which is quadratic...

Oops, i was too tired. 

 Did not change the outcome, though, since (quadratic > exponential)

not >> but matters little since currently the exchanges are the bottleneck

or how about multisig connections... 

 

[Richy_T]

We definitely need another exchange. I know there may be those out there with the skills to create a fantastic exchange but who are lacking the resources. In the spirit of supporting Bitcoin, I have some Pokemon cards I would be willing to lend out to help someone get started.

[hlynur]

$117 with many big buys. its 10AM sunday in hong kong. are we sure this action is from the CCTV news piece?

News will backfire. Btcchina sucks, it's a small exchange for pocket change. Withdraw from there is limited to 10 BTC per day.

Chinese can trade BTC now. What's stopping other exchanges from outperforming BTCCHINA? I don't see why limit should stay at 10 BTC with many wealthy Chinese wanting in on the action.

It's definitively a good sign for more bitcoin adaptation in china.
in connection with cheap energy cost, world's biggest exporter / world's biggest producer of mining hardware and so many potential buyers (the educated social class represents nearly whole population of USA) the market there could grow real big in longterm.
Although nobody can predict how the government will react to such developement, the political system in china enables a ban more easily than in western countries.
The CCTV report will be used for some marketgambling and typical pumpdump-action in shortterm as usual with any new media coverage or rumor but for the long run this is a very bullish sign imo.

[foo]

BTCChina is down. DDoS?

Edit: Just as I was about to post, a CloudFlare page appeared...

[Geist]

http://www.reddit.com/r/Bitcoin/comments/1dltvr/krakencom_us_exchange_opens_beta/

It's not up yet, but Kraken seems promising as a new Exchange. Coinlab sounded interesting as well, but I'm not entirely sure how that's going.

[keewee]

[adamstgBit]

montreal meetup was fucking AWESOME! not too many people, but tons of fun!

buy tons of bitcoin 

[Geist]

montreal meetup was fucking AWESOME! not too many people, but tons of fun! .. buy tons of bitcoin!

I wished I lived near a bitcoin meetup. But sadly I live in the middle of nowhere. 

[Frozenlock]

montreal meetup was fucking AWESOME! not too many people, but tons of fun!

buy tons of bitcoin 

There was a Montréal meetup?! 
Nobody told meeeee!