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

[Millionero]

I might have to (shudder) use my credit card if I needed to buy something. Using credit cards always makes me feel like such a sucker. Cash rules.

I'll give you an example of when it's a good idea to use credit cards.
It was early 2015.  I was unemployed and down to about $20k in assets and about the same amount in debt of various kinds.  
Insolvent or getting there quickly.
I had a gut feeling that, rather than tap my assets for living expenses, I should preserve my capital.  So I started living off my credit cards.
My second gut feeling was that we were at a market bottom.
So put my $20k in bitcoin, and lived off my credit cards.
As bitcoin went up through 2016, I started incrementally liquidating my long position until the credit cards were paid off.  I'm still hodling.

I'm not totally against using credit cards.

You can't sell tickets on Stubhub and it's hard to rent hotel rooms or automobiles without one.

If I find myself short on cash for a day or two, I'll take a cash advance of a couple of grand to tide myself over and pay it off ASAP.

I just hate making retail purchases with credit cards and I really hate paying interest compounded daily.

Our philosophies are aligned.  Neither of us seeks immediate gratification.

[Millionero]

I just woke up. Has there been some good news or some agreement in China? Or what is happening? Just a natural rebound?

News largely irrelevant.
Rebound because weekly MA20.

[Icygreen]

3K range hasn't had more than a day or so of air time on the charts so far, what are the chances we'd be firing straight through it again?  I'd like to think this is reasonable but it doesn't lay any support work. Maybe a week or 2 inside 3k range would be a good thing. 

[jojo69]

vol-a-til-i-ty

strong and warm and wild and free

[Icygreen]

I might have to (shudder) use my credit card if I needed to buy something. Using credit cards always makes me feel like such a sucker. Cash rules.

I'll give you an example of when it's a good idea to use credit cards.
It was early 2015.  I was unemployed and down to about $20k in assets and about the same amount in debt of various kinds.  
Insolvent or getting there quickly.
I had a gut feeling that, rather than tap my assets for living expenses, I should preserve my capital.  So I started living off my credit cards.
My second gut feeling was that we were at a market bottom.
So put my $20k in bitcoin, and lived off my credit cards.
As bitcoin went up through 2016, I started incrementally liquidating my long position until the credit cards were paid off.  I'm still hodling.

I'm not totally against using credit cards.

You can't sell tickets on Stubhub and it's hard to rent hotel rooms or automobiles without one.

If I find myself short on cash for a day or two, I'll take a cash advance of a couple of grand to tide myself over and pay it off ASAP.

I just hate making retail purchases with credit cards and I really hate paying interest compounded daily.

I confess, I did use my CC for the last 4 buys although I do have the funds to wipe it clean again. Just couldn't bear the thought of trying to get a wire out during the fall. My bank uses Western Union and they have been asking a lot of questions and delaying transfers to Bitcoin exchanges.   Stupidly I used the last of my exchange funds to FOMO buy at 4800. LeArNinG curve.

[d_eddie]

(SNIP)
Then there's the issue of mining consortiums: how are they going to foot the bill? They will need to pay for their electricity in RMB, and China's capital controls aren't helping here. At this point, I consider it likely that one or more mining consortiums will stop operations as well, sending further shockwaves. Again: I consider it likely, there is no reason to be sure about this at all.

This might not be a problem for the miners. The government - or the local goverments under the thumb of Beijing - kept subsidizing cheap electricity for them all along. I suspect there are deals in place to allow bills and live costs to be paid via YuanTether. Don't think the government wants to throw the whole mining thing to the dogs. It's a strategic sector where China has world leadership, at least for the moment. It would be quite a dumb move. They must have thought this over. YuanTether will likely play a key role, as someone else - empowering if I'm not mistaken - said a little above. Maybe some state-sponsored ICO or cryptocurrency too. We'll see.

Last but not least: this is 2017, not 2013/2014. There is newer tech out there, and real competition as well. The crypto funds that invested in BTC are not guaranteed to keep BTC in their baskets, or at least in the same ratio. There will be funds out there that are re-evaluating what they really have in their hands right now - and they will start weighing the value of recent changes in China.

The derivatives that will debut this fall will need real BTC for clearinghouse reserve collateral. There will be futures - and maybe options too, I'm not sure on the details. They applied, they got approved. They can't fuck up by not setting up proper financial backing. I am confident they will be last call buyers. Even more: I believe they just filled their pockets on this sale and are ready to get more at a discount if/when it happens.

[conspirosphere.tk]

Yep! Some people expect to buy 10 bitcoin's & become rich within 6 months. It simply does not work like that.

If you cannot withstand the stress of being a millionaire one day and a piece of shit on the day after you better stay out of crypto.

[jojo69]

hmmmm, is everybody seeing sigs disabled right now...or just me?

[u9y42]

hmmmm, is everybody seeing sigs disabled right now...or just me?

In this thread? Yeah, they have been for quite some time (for me, at least - I don't know if it's some option I accidentally changed, or if it's a forum thing (I'm guessing the latter)).

[jbreher]

I invested a huge amount at ~4100€

I think BTC has an intrinsic value of around $1000.

^^^I sense some inner turmoil...

[Lauda]

I did not expect that sudden upswing.

vol-a-til-i-ty

strong and warm and wild and free

Back to the old days.

If you cannot withstand the stress of being a millionaire one day and a piece of shit on the day after you better stay out of crypto.

That will not happen in the future. Volatility will continue to downtrend as it has been doing so far.

[gembitz]

I just woke up. Has there been some good news or some agreement in China? Or what is happening? Just a natural rebound?

fake news !    ~china now officially rubberstamps all coins and icos weeee

[jojo69]

I invested a huge amount at ~4100€

I think BTC has an intrinsic value of around $1000.

^^^I sense some inner turmoil...

ROFL!!

right?

[Lopumbo]

I invested a huge amount at ~4100€

I think BTC has an intrinsic value of around $1000.

^^^I sense some inner turmoil...

To be honest I didn't thought about that "investment". I sold everything with a small loss and buyed myself back in going from 3200€ to 2550€.
Was just about right I guess

[conspirosphere.tk]

Profits are profits and I prefer to take my profits in Bitcoin.

and still you're hodling that altcash thing. True BTCers dumped that shit on day 1.

[moneymaker11]

As always, what people say on this forum is very far from reality and everyone is only speaking out of self interest. People screaming "HODL" from the bottom of their lungs and newbies listen. I held through the 2014 disaster and I have been beating myself up for it ever since.

This time I sodl and thank fuck for that. Rebought again at 3,4k which netted me 5 bitcoins. Had I held my coins and bought 5 coins it would have cost me $17,5k.

I don't think we are done though and I'm a little afraid of a bear market like 2015 so this time the coins will be hanging very loose.

[Wekkel]

Profits are profits and I prefer to take my profits in Bitcoin.

and still you're hodling that altcash thing. True BTCers dumped that shit on day 1.

No, a day close to $900 

After Gox, everything seems like a smooth ride.

[Last of the V8s]

Was that the bottom?

[d_eddie]

AltcoinCash still slipping at $409USD/$497CAD (Coinmarketcap).

And, what matters more in my opinion, the peg to bitcoin is loosening. Kraken's day range is ฿0.10114-฿0.12720, actually trending towards the minimum (฿0.11400 right now). Someone up there is getting low on cash/BTC?

[JimboToronto]

Profits are profits and I prefer to take my profits in Bitcoin.

and still you're hodling that altcash thing. True BTCers dumped that shit on day 1.

Most of my coins are anonymous. I haven't used an exchange since 2013.

As soon as I can sell my AltcoinCash anonymously OTC or through an ATM, I'll continue to hold them to protect the anonymity of my precious bitcoins.