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

[icekiss]

there was just a single sell of 650BTC that obliterated the wall at 122  

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[ChartBuddy]

[Frozenlock]

Go home Chartbuddy, you're drunk!

[micalith]

If only there was some buying and selling to speculate about....

It looks to me that apart from the occasional big buy or sell, the volume in bitstamp has been about the same as mtgox for the last 8 hours or so. Probably all those BTC transferred out from mtgox to bitstamp getting nibbled away at are feeding back in again, or bank transfers are coming through there. Either way, bitstamp volume getting more interesting - game changing?

[Abandon]

It looks like the third/forth support point is in play now, it's looking bullish.

[wachtwoord]

I never felt this need with gold BTW.
As a store of value, some things are better seen as expensive.
Ie: "oh noes, gold is $1000+ an ounce ... better talk in grams!"

This makes no sense. Why not use Kilo then, since that is the standard unit?

Erm, no, gram is the SI unit. A kilogram is 1000 gram, a milligram is 1/1000th of a gram etcetera.

[hubbabubbabaker]

Smart. Money.

[Frozenlock]

No, kilogram is the SI unit.
https://en.wikipedia.org/wiki/Kilogram

(The only SI base unit with a prefix IIRC)

[Luis_GT]

This sucks... volume is really low as of late...

[sub0]

A friend in China mentioned today there's growing curiosity about BTC there after it was featured this weekend on CCTV.  It's made it to the daily hot topic on sina weibo.  Anyone want to speculate on whether/when this might be reflected in the exchanges?

We've discussed this quite a bit since the first CCTV news.  Word is that the latest news was neutral to somewhat positive. I think we are going to see adoption in China, both as a speculative investment but also because of the world economic situation. Something we have to consider also, is that people may start to get behind it as a big FU to the USD. That is probably why the government has been pretty open to it.

I imagine that over the next 6 months to a year that China will be the biggest holders of BTC. Just on population alone, it only takes a few thousand wealthy people to make that happen. Just a feeling of a guess.

As the price of BTC goes up, we either need to go to another term e.g. mBTC or do a split (if that is possible). With the latter no one loses holding power as with creating new shares. I just don't see people being as game to buy when the price is high. But, if it truly starts to grow and is seen as valuable, then mBTC will be the new term.

IAS

I agree.  It's psychological as much as anything.  When we start using mBTC as the standard, I would be surprised if the price didn't increase almost immediately.

If you're a nobody investor without much money, would you feel more comfortable bragging to your friends that that you bought into the BTC market for .1BTC or would you rather say I bought 10,000 mBTC?

I agree that mBTC is psychologically better. It doesn't matter if it seems silly to the scientifically minded among us. Several laymen I have spoken to have told me they feel Bitcoin is now too expensive for them to buy in.

We all know you can buy fractions, but laymen typically do not and those are the folks we are trying to bring onboard.

[Abandon]

A friend in China mentioned today there's growing curiosity about BTC there after it was featured this weekend on CCTV.  It's made it to the daily hot topic on sina weibo.  Anyone want to speculate on whether/when this might be reflected in the exchanges?

We've discussed this quite a bit since the first CCTV news.  Word is that the latest news was neutral to somewhat positive. I think we are going to see adoption in China, both as a speculative investment but also because of the world economic situation. Something we have to consider also, is that people may start to get behind it as a big FU to the USD. That is probably why the government has been pretty open to it.

I imagine that over the next 6 months to a year that China will be the biggest holders of BTC. Just on population alone, it only takes a few thousand wealthy people to make that happen. Just a feeling of a guess.

As the price of BTC goes up, we either need to go to another term e.g. mBTC or do a split (if that is possible). With the latter no one loses holding power as with creating new shares. I just don't see people being as game to buy when the price is high. But, if it truly starts to grow and is seen as valuable, then mBTC will be the new term.

IAS

I agree.  It's psychological as much as anything.  When we start using mBTC as the standard, I would be surprised if the price didn't increase almost immediately.

If you're a nobody investor without much money, would you feel more comfortable bragging to your friends that that you bought into the BTC market for .1BTC or would you rather say I bought 10,000 mBTC?

I agree that mBTC is psychologically better. It doesn't matter if it seems silly to the scientifically minded among us. Several laymen I have spoken to have told me they feel Bitcoin is now too expensive for them to buy in.

We all know you can buy fractions, but laymen typically do not and those are the folks we are trying to bring onboard.

There is something to be had for buying when something is very cheap. The more expensive something gets, the more difficult it is to move anywhere. . I doubt we'll ever see something like $10 get to $260 again in such a short time frame, at our scale. Even with mBTC. This is why penny stocks can be so lucrative, there has to be far more money than there is supply, and people are only so rich and so willing.

[Ivanhoe]

A friend in China mentioned today there's growing curiosity about BTC there after it was featured this weekend on CCTV.  It's made it to the daily hot topic on sina weibo.  Anyone want to speculate on whether/when this might be reflected in the exchanges?

We've discussed this quite a bit since the first CCTV news.  Word is that the latest news was neutral to somewhat positive. I think we are going to see adoption in China, both as a speculative investment but also because of the world economic situation. Something we have to consider also, is that people may start to get behind it as a big FU to the USD. That is probably why the government has been pretty open to it.

I imagine that over the next 6 months to a year that China will be the biggest holders of BTC. Just on population alone, it only takes a few thousand wealthy people to make that happen. Just a feeling of a guess.

As the price of BTC goes up, we either need to go to another term e.g. mBTC or do a split (if that is possible). With the latter no one loses holding power as with creating new shares. I just don't see people being as game to buy when the price is high. But, if it truly starts to grow and is seen as valuable, then mBTC will be the new term.

IAS

I agree.  It's psychological as much as anything.  When we start using mBTC as the standard, I would be surprised if the price didn't increase almost immediately.

If you're a nobody investor without much money, would you feel more comfortable bragging to your friends that that you bought into the BTC market for .1BTC or would you rather say I bought 10,000 mBTC?

I agree that mBTC is psychologically better. It doesn't matter if it seems silly to the scientifically minded among us. Several laymen I have spoken to have told me they feel Bitcoin is now too expensive for them to buy in.

We all know you can buy fractions, but laymen typically do not and those are the folks we are trying to bring onboard.

Yes, i experience the same issue in my social circle. A lot of people are interested in buying but they think it's to expensive. I get requests from friends to tell them when the price is low to buy back in. They do not seem to understand that Bitcoin requires an other mindset than fiat money. For example 1k bitcoins is a high amount to own, although for them i doesn't sound that much because they are used to high numbers when it comes to fiat. mBTC is the solution to this is my opinion.

[Frozenlock]

You know you sound like scammers, right? (If looked from the outside at least.)

"Let's get moar people to buy!" 

[Ivanhoe]

You know you sound like scammers, right? (If looked from the outside at least.)

"Let's get moar people to buy!" 

Idealists sounds better to me.

"Let's share this wonderfull thing called Bitcoin with the world!"

Ps: And yes, earn a little money on it

[ChartBuddy]

[ShroomsKit]

there was just a single sell of 650BTC that obliterated the wall at 122  

Why would anybody sell such an amount now? It doesn't make sense to me.

[wachtwoord]

No, kilogram is the SI unit.
https://en.wikipedia.org/wiki/Kilogram

(The only SI base unit with a prefix IIRC)

I stand corrected.    Appologies for making such a conclusive statement without checking my facts. I thought it was another silly American who didnt understand the prefixes. I actually should have known this even without looking it up.

Btw: Does anyone know did SI chose this?

[MickeyT2008]

Bitcoinity is down, and MtGox is behaving a bit strangely too.  Maybe someone's ddossing them out of boredom

[icekiss]

bitcoinity is working fine here.

[Sitarow]

there was just a single sell of 650BTC that obliterated the wall at 122  

Why would anybody sell such an amount now? It doesn't make sense to me.

This reminds me of the time when the price jumped between $4.8 and $6.4 for some time after we hit the $2 low.