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

[Nightowlace]

The US is not the center of the world.

I agree. However US citizens are the biggest consumers. Companies, manufacturers, etc. depend on the flow of the USD or future speaking US Bitcoin. Without it the growth or even existence is snuffed out.

Where would China be without the US need?
How are the markets in other countries effected when the US tanks?
How many countries will not make enemies with the US?
How many countries will allow their corporations, banks, etc. deal with US citizens aiding them in doing something illegal to US citizens.

Silk Road, and businesses like it will be the only use for Bitcoin at that point. It will be that "cool" thing that we all did, and made some money from but got scolded like children for doing it. And we will stop because our "Democratic Government" and the "Free" country we live in told us so, for our own protection of course.

Look at Gox, they can't even find a bank willing to help with the transfers to US banks. Nobody wants that kind of risk. Either that or they massively borrowed against the funds deposited on Gox and can not repay their traders fast enough and it's all a giant ponzi scheme.

Just saying keep your eyes wide open, be alert, and have an exit strategy if needed.

I love BTC and am currently creating some pretty cool items around it that I will be introducing next week. I am not slowing down, put I am paying close attention.

[01BTC10]

I agree that the US play an important part of the world economy.

[Nightowlace]

bitcoin don't care if US don't like bitcoin, bitcoin is still going to be worth more than your car, bitcoin doesn't give a shit


 

Drinking that juice I see

[ChartBuddy]

[Ares]

Online poker slowed down after UIGEA but didn't die... far from that. The US is not the center of the world. Europe, Canada, Russia and maybe Asia, central/south america is getting pretty big.

The UIGEA passed in 2006. They didn't shut down the poker sites until 2010. I'll never forget the day I went to pokerstars.com and there was the FBI badge staring me in the face saying the site had been seized. So ya, poker in the US is now effectively dead.

However, thanks to lobbying efforts by the Poker Players Alliance and others, some states now allow it and there is federal legislation allowing it pending.

I don't think the US gov shut down online poker because they are against it, but rather because it was a billion dollar industry and growing that was dominated by European companies. So what do they do? Ban it, then allow it back once the infrastructure for a US dominated industry in ready.

Bitcoin could put the US in a great spot if they play it correctly, so it's a bit of a different scenario.

[ChartBuddy]

[byronbb]

If the USA goes negative bitcoins then it gives countries like China/Russia a reason to promote it. The vacuum will fill. Bitcoin is as solid if not moreso than bittorrent, there is nothing that can be done to quash it. You can buy cocaine for $2000 in Colombia and sell it for 20k in America. Guess why.

[ChartBuddy]

[byronbb]

Always amused by canadianbitcoins.com's graphs. Can someone tell me what the yellow line is?

[Kupsi]

Always amused by canadianbitcoins.com's graphs. Can someone tell me what the yellow line is?

I guess weighted price.

[NamelessOne]

HAHA nice, big buy! 

[ChartBuddy]

[barbs]

anyone else unable to log into gox. goxxed. goddamnit.

[billington.mark]

anyone else unable to log into gox. goxxed. goddamnit.

can login fine

[ChartBuddy]

[ElectricMucus]

I know you will come up with a bunch of excuses instead of admitting you're wrong.
But whatever.
http://bitcoinmagazine.com/bitpay-processes-5-million-in-march-eclipses-silk-road/
Keep in mind this is just from one merchant!

There are no excuses needed, just look at the dates. We are talking about consistency here.
ASIC pre-order waves are hardly that.

[lucas.sev]

I know you will come up with a bunch of excuses instead of admitting you're wrong.
But whatever.
http://bitcoinmagazine.com/bitpay-processes-5-million-in-march-eclipses-silk-road/
Keep in mind this is just from one merchant!

There are no excuses needed, just look at the dates. We are talking about consistency here.
ASIC pre-order waves are hardly that.

And funny thing is bitcoin economy is silkroad and asics to generate more bitcoins.

[MAbtc]

http://video.foxnews.com/v/2609080779001/bitcoin-investigation-is-this-the-end-of-virtual-currency/?playlist_id=921261890001

Bullish or bearish?

Imagine every time someone mentions the dollar and then just has to say that it can be used to buy drugs and other illegal things.
I wish people would get over it. Yes you can buy drugs with Bitcoin. Just like you can with any other currency.
It's such a simple thing to understand. Why can't they?

Not all blacks hanging out for hours in public places are drug dealers either.
It's just that, SR is the vast majority of the market there is no point in denying that.

I highly doubt that.
Maybe a year ago. Now far from.

Far from? So who are all these big name merchants that we're talking about? Are okcupid and wordpress bloating the chain now?

It'll be a while before SR isn't the defining characteristic of the bitcoin "economy".

I know you will come up with a bunch of excuses instead of admitting you're wrong.
But whatever.
http://bitcoinmagazine.com/bitpay-processes-5-million-in-march-eclipses-silk-road/
Keep in mind this is just from one merchant!

Asics aside...
Bitpay is not a merchant. They process payments on behalf of merchants (dumping bitcoins on the market so merchants don't have to touch them). This is why Silk Road eclipses all "bitcoin merchants" who are just accepting USD through Bitpay. Regardless, again, what merchant or marketplace is in the same universe?

SR is really the primary organic source of consumers. For the same reason that no merchants want to touch bitcoins (volatility / exchange risk), holders are generally speculators. Who -- except those who are invested -- is going to jump through hoops to buy bitcoins for the sake of buying a gift card or a dating site subscription? Aside from SR, the entire "economy" is based on fiat currency -- hence the quotes. The article you posted actually proves the point -- everything is priced in dollars, as it should be -- that's all anyone cares about. Just the way "bitcoin merchants" want it. Bitpay simply maintains a flow of speculators taking profits via merchants who denominate their merchandise in USD.

[gandhibt]

Slowly but surely gox is dying with their incompetent approach to this business...



http://bitcoincharts.com/charts/volumepie/

[ChartBuddy]