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

[Denker]

The lack of fear here makes me think this has further to go down.  I am still operating under the assumption that we will see another upleg after this, but the sentiment is starting to make me doubt.  But maybe this forum is too "specialized" to get an accurate reading of the sentiment of the new money.

EDIT: ^ thanks ghandi for the above post giving me some hope 

Most of the guys here posting are legendary and hero accounts! Therefore this is not the first bigger correction for us. The longer you are in this space the more you know how this game is getting played by the whales. You get used to it and can deal with that situations much more relaxed.
Furthermore it's again another great opportunity to pick up moar corn for a nice discount. You don't need to catch the bottom, just layer in. Easy-peasy!

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[realr0ach]

That's a joke.  There is no "advanced tech" coin to switch to, they're all designed to centralize.  Your question is basically:  "hmm, should I use centralized bitcoin or even more centralized ethereum".  None of them solved any of the fundamental problems required.  Not even captcha coins work because you can always create a program to solve the captchas.  

Decentralization is not a solvable problem in cryptocurrency, hence no reason to use any of this stuff over silver.  All work done on so called "blockchains"will just be harvested by govts and corparations to use in their own personal enslavement tools (federated chains).

[leowonderful]

The mempool is absolutely blowing up right now: https://jochen-hoenicke.de/queue/#2h seems like there's still plenty more people trying to get out. Under $3000 is looking pretty likely right now. Nothing we can't handle, though.

[fabiorem]

Interesting how there is so little talk around here about how many Chinese BTC Western exchanges will be able to absorb in the first place.
Because rest assured: what cannot be sold in China will be sold in the West.

Another thing that is not being talked about: how will BTC survive after a large decline? Is this crypto's Dotcom bubble crash? Because in that case, only a few crypto currencies will survive, and only those with the strongest usecase. In my view, BTC is far from certain to be ensured survival in that case.  Bitcoin is not ensured - at all - to rise again. Past performance does not guarantee future performance, as the opposite would mean that Bitcoin would keep rising forever.

Lastly: what will happen if some major parties that are playing the market now decide to move over to some other crypto alternative, with more advanced tech and/or a different usecase? Because those parties aren't holding BTC for some damn ideological goal: they want to make money. If they start dumping Bitcoin like there is no tomorrow, we might easily find ourselves in a similar 2014/2015 decline.

I'm curious how people think about these questions, as there is way too little attention for such things here.

It will rise because of current development, like the lightning network, satellites and all those other things proposed in the Segwit papers. Also, there's card projects like TenX and Proof which wants to make crypto-currencies useful, turning some alt-coins into daily cash, like litecoin, dash, bcash and ethereum, and this would increase the importance of bitcoin as a reserve coin, like gold is to fiat, hence increasing the market cap. People would use bitcoin only to buy big things, holding it as a store of value mostly, and trade would focus more in those alt-coins next to it.

Since bitcoin would be used as a reserve, at some point development of bitcoin would halt, and then the alts would increase more than bitcoin. However, none of them would be near it in value, as gold still have more value than fiat. This will probably happen when bitcoin reaches 100k each and have a market cap similar to gold, and the alts combined will have four times this market cap, although divided between some 10-20 different alts (most of them will die over time due to ICO regulations).

[BlindMayorBitcorn]

This seems like doom to me. Say goodbye to your riches. 

Did you wet your wittle panties? Maybe you should sell for that comfy fiat nipple.

[Raja_MBZ]

China testing out the patience of bitcoin'ers.

They don't know that we're not going to sell our bitcoins, even if their worth decreases more.

We fully trust bitcoin.

[xhomerx10]

This seems like doom to me. Say goodbye to your riches. 

 Darn!  I gave away my pants and now I'm about to lose my shirt. Oh well, even if I wanted to panic, my stash is in cold storage 7750km away.

[Wexlike]

Finally a good dip to buy in.

[realr0ach]

Fabio, you need to stick to hair commercials because nobody is buying this "dash is silver to bitcoin's gold" shit.

[Asrael999]

Interesting how there is so little talk around here about how many Chinese BTC Western exchanges will be able to absorb in the first place.
Because rest assured: what cannot be sold in China will be sold in the West.

Another thing that is not being talked about: how will BTC survive after a large decline? Is this crypto's Dotcom bubble crash? Because in that case, only a few crypto currencies will survive, and only those with the strongest usecase. In my view, BTC is far from certain to be ensured survival in that case.  Bitcoin is not ensured - at all - to rise again. Past performance does not guarantee future performance, as the opposite would mean that Bitcoin would keep rising forever.

Lastly: what will happen if some major parties that are playing the market now decide to move over to some other crypto alternative, with more advanced tech and/or a different usecase? Because those parties aren't holding BTC for some damn ideological goal: they want to make money. If they start dumping Bitcoin like there is no tomorrow, we might easily find ourselves in a similar 2014/2015 decline.

I'm curious how people think about these questions, as there is way too little attention for such things here.

At the moment Bitcoin is pretty much outperforming in % move terms just about every other crypto, so if I still have BTC I can buy more Altcoins now than I could this morning. It's all moving and the little caps are being hurt the most. Let's see where ETH is at if BTC goes back to $1000. Switching now is pointless - if necessary we can switch later.

[ImI]

Inb4 some asshole posting: "Who bought the dip?!"

[BlindMayorBitcorn]

Inb4 some asshole posting: "Who bought the dip?!"

Who sold the bottom thanks for the cheap coins only fools sell at $4k etc

[Meuh6879]

This seems like blatant stop loss hunting to me.

fees (mempool) and nodes are in rise this last hour ... my 0,000002 BTC transaction fee is stuck now.  

rollover is near ...

[Tmdz]

Inb4 some asshole posting: "Who bought the dip?!"

Who sold the bottom thanks for the cheap coins only fools sell at $4k etc

You're only a fool if you buy back at a loss 

[Torque]

Bobby Lee closing BTCC is not really earth shattering news. Everyone knows now that China's btc volume is much smaller compared to the West, and out of all the Chinese exchanges BTCC did the LEAST amount of btc volume.

Bobby is probably just shuttering the doors because 1) he doesn't want to go through PBoC regs again, and 2) his brother coblee finally convinced him to work on Litecoin stuff.

[JayJuanGee]

From what I have seen, it seems as though the skyward shots are directly preceded by two or more weekly red candles.  I think it's time to strap in again. HODLn'!

edit: sorry...cant attach an image since I'm on an old tablet with bad memory (both of ours)

Well you are NOT fucking going to get two or more preceding weekly red candles, because currently, under present facts, we only have one preceding red weekly candle and we are in the middle of a second weekly candle that happens to currently be red (and price needs to go above $4250 for this week's currently red candle to transform into green - and we are only about half way into this week's candle)...


Your point about returning up on a kind of rocket (from here), may or may not happen...  I would not be surprised either way, at this point.  It seems a bit unclear at this point whether the bears are exhausted and whether enough FUD has been effectively disseminated in order to cause regular folks to panic dump, after already going through an approximately 25% correction...  as we stand, currently.

 You speak as if I WANT 2 weekly red candles and I don't really care so much for the red as I prefer the green.  Also, what if my  chart is set up such that a week started on August 28th?  I am seeing red... More specifically, 2 red weekly candles and if those lead to a rocketing skyward if only by coincidence, I will still celebrate.
 

You don't select your own week.. we tend to use standards.. .such as bitstamp and bitcoinwisdom...   If you are using some other standard, then you should point that out in order that others understand what you are saying.  right?

[aesma]

That's a joke.  There is no "advanced tech" coin to switch to, they're all designed to centralize.  Your question is basically:  "hmm, should I use centralized bitcoin or even more centralized ethereum".  None of them solved any of the fundamental problems required.  Not even captcha coins work because you can always create a program to solve the captchas. 

Decentralization is not a solvable problem in cryptocurrency, hence no reason to use any of this stuff over silver.  All work done on so called "blockchains"will just be harvested by govts and corparations to use in their own personal enslavement tools (federated chains).

Do you own a silver mine or are those centralized ?

[Meuh6879]

This is not organic ... it's synth. = coordonned operation !

[ImI]

Inb4 some asshole posting: "Who bought the dip?!"

Who sold the bottom thanks for the cheap coins only fools sell at $4k etc

Usually that's Becoin's job. 

[ImI]

Btw BTCC is just about their involvement in ICOs.