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

[octaft]

You can buy cocaine for $2000 in Colombia and sell it for 20k in America. Guess why.

Cocaine is addictive; bitcoin is not.

[ChartBuddy]

[Nikolaj06]

You can buy cocaine for $2000 in Colombia and sell it for 20k in America. Guess why.

Cocaine is addictive; bitcoin is not.

Speak for your self. I personally would try my hardest getting some bitcoin if I suddenly found myself without any..

[ardana123]

simple question for you guys

I know you're all hoping for the bitcoin value to rise, but why would it go up since it's divisible up to 8 decimals (and way more apparently?)

[lucas.sev]

simple question for you guys

I know you're all hoping for the bitcoin value to rise, but why would it go up since it's divisible up to 8 decimals (and way more apparently?)

How is that related to price?

[wachtwoord]

simple question for you guys

I know you're all hoping for the bitcoin value to rise, but why would it go up since it's divisible up to 8 decimals (and way more apparently?)

Because there is only a limited  amount of them? Gold is quite divisible as well (theoretically to the AU atoms) but that hasn't stopped it in rising tremendously in the beginning. For the last 100-150 years or so the price is flat (inflation corrected of course) but Bitcoin isn't at that adoption level yet.

[ChartBuddy]

[ChartBuddy]

[stereotype]

Cant remember where it was, but someone mentioned a while ago how transactions should reverse a downtrend, and start rising.

30 days.....
http://blockchain.info/charts/n-transactions?timespan=30days&showDataPoints=true&daysAverageString=1&show_header=true&scale=0&address=


Can btc transaction data be used as a leading indicator?

[wachtwoord]

Cant remember where it was, but someone mentioned a while ago how transactions should reverse a downtrend, and start rising.

30 days.....
http://blockchain.info/charts/n-transactions?timespan=30days&showDataPoints=true&daysAverageString=1&show_header=true&scale=0&address=


Can btc transaction data be used as a leading indicator?

Well Bitcoin days destroyed is very low http://blockchain.info/charts/bitcoin-days-destroyed?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=  so it do it isn't the moving of old coins but recent ones. People who bought during the higher prices are dumping?

[ChartBuddy]

[wachtwoord]

simple question for you guys

I know you're all hoping for the bitcoin value to rise, but why would it go up since it's divisible up to 8 decimals (and way more apparently?)

Because there is only a limited  amount of them? Gold is quite divisible as well (theoretically to the AU atoms) but that hasn't stopped it in rising tremendously in the beginning. For the last 100-150 years or so the price is flat (inflation corrected of course) but Bitcoin isn't at that adoption level yet.

Gold does have a divisible limit, Bitcoin does not. You can theoretical have a google (100 zeros) or more behind decimal mark.
The bitcoin price can be anything as long as the majority agrees that it is the right price. If they not agree the market moves accordingly. The concept works perfectly well if it its 1000 or .0001 does not matter.
.

What you saying is completely true. I still answered the original question sufficiently and my example is accurate enough since the theoretical divisibility of gold makes it sufficient for this never to have been an issue (the value of AU smaller than a single atom is far too small).

[justusranvier]

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



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

Can someone please make a chart like this by total BTC volume exchanged, instead of splitting it into the various currency pairs?

[rebuilder]

In regards to the Fox news story;
When the US Government gets involved and starts regulating BTC to the point it is very hard to get, or it is easier to just use the USD Bitcoin will tank and fast. If the US government wants to shut down BTC they will do it just like they did with the poker sites and stop the flow of money.

What, exactly will they regulate out of existence?

Trade in:
-Bitcoin specifically? That's a nice game of whack-a-mole they'd be setting themselves up for.

-Virtual currencies in general? There are a lot of them, I'd rather not even try to figure out where the unintended consequences of such a move would lead. Say goodbye to your MMOs, for one, if this comes to pass.

The argument I'm trying to make was made much better here:
http://www.finextra.com/Community/fullblog.aspx?blogid=8019

Regulators can’t have it both ways. Bitcoin is either a currency or it isn’t. If it is, then the SEC can prosecute Shavers as operating a Ponzi scheme, but then trade in that currency is (by precedent) now legal, unless you want to write laws to specifically exclude Bitcoin from trade (or issue sanctions such as those imposed on Iranian Rial). If you outlaw Bitcoin explicitly by name, however, then if the name is changed or someone starts up Bitcoin v2 you have to outlaw the next virtual currency explicitly. Given the time it takes to change laws around this, that cycle could never be ‘won’. So then why not outlaw all virtual currencies?

The problem with that is if you want to outlaw all virtual currencies you have to make the laws broad enough to encompass any new configuration of a virtual currency that might arise. If you make it broad enough to accomplish that goal then you could very well end up inadvertently outlawing all non-local currencies, because at a broad level Bitcoin is indistinguishable from a real-world currency (as Judge Mazzant rightly pointed out). However, you would also make illegal more ‘legitimate’ virtual currencies such as Mint Chip, which is being incubated by the Canadian Mint currently. You’d probably end up making airline miles, zynga coins, and other such variations on the currency theme also illegal.  The upshot is that Bitcoin and all other virtual currencies or pseudo currencies cannot be made broadly illegal simply by virtue of the fact they are virtual, and current laws that define currency as a physical commodity or a financial instrument as written are hopelessly out of date and are essentially aiding the proliferation of Bitcoin.

[ElectricMucus]

simple question for you guys

I know you're all hoping for the bitcoin value to rise, but why would it go up since it's divisible up to 8 decimals (and way more apparently?)

Because there is only a limited  amount of them? Gold is quite divisible as well (theoretically to the AU atoms) but that hasn't stopped it in rising tremendously in the beginning. For the last 100-150 years or so the price is flat (inflation corrected of course) but Bitcoin isn't at that adoption level yet.

Gold does have a divisible limit, Bitcoin does not. You can theoretical have a google (100 zeros) or more behind decimal mark.
The bitcoin price can be anything as long as the majority agrees that it is the right price. If they not agree the market moves accordingly. The concept works perfectly well if it its 1000 or .0001 does not matter.
.

What you saying is completely true. I still answered the original question sufficiently and my example is accurate enough since the theoretical divisibility of gold makes it sufficient for this never to have been an issue (the value of AU smaller than a single atom is far too small).

Not without a major hard-fork, which would also require conversion of the prior blockchain or some fancy hacks. It's about as difficult as changing the total number of Bitcoins or any other fundamental operational variable. Doable but not quite as convenient as you think it is.

[Richy_T]

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.

How to get bitcoin if the USD is cut off? Perhaps exchange goods and services for it? Lookee, it's a currency. This was the endgame anyway. All it can do is slow things down. Or maybe speed it up.

[Richy_T]

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.

I still think that we just need to wait until all those merchants of cheap $1/$2 electronics on ebay work out they can sell stuff without ebay and paypal taking a huge cut. When that dam breaks, things will get interesting.

[ElectricMucus]

I still think that we just need to wait until all those merchants of cheap $1/$2 electronics on ebay work out they can sell stuff without ebay and paypal taking a huge cut. When that dam breaks, things will get interesting.

Commercial fees on eBay/Paypal on high volume are way lower than the ones you know. You might look somewhere else... alibaba.. those guys actually want to spare the conversion fees. They hardly accept paypal and mostly looking for western union/TT

[wachtwoord]

simple question for you guys

I know you're all hoping for the bitcoin value to rise, but why would it go up since it's divisible up to 8 decimals (and way more apparently?)

Because there is only a limited  amount of them? Gold is quite divisible as well (theoretically to the AU atoms) but that hasn't stopped it in rising tremendously in the beginning. For the last 100-150 years or so the price is flat (inflation corrected of course) but Bitcoin isn't at that adoption level yet.

Gold does have a divisible limit, Bitcoin does not. You can theoretical have a google (100 zeros) or more behind decimal mark.
The bitcoin price can be anything as long as the majority agrees that it is the right price. If they not agree the market moves accordingly. The concept works perfectly well if it its 1000 or .0001 does not matter.
.

What you saying is completely true. I still answered the original question sufficiently and my example is accurate enough since the theoretical divisibility of gold makes it sufficient for this never to have been an issue (the value of AU smaller than a single atom is far too small).

Not without a major hard-fork, which would also require conversion of the prior blockchain or some fancy hacks. It's about as difficult as changing the total number of Bitcoins or any other fundamental operational variable. Doable but not quite as convenient as you think it is.

^^I disagree with this statement. It is far harder to change the total number of Bitcoins, no miner will accept the new rules. I'm uncertain whether the existing Blockchain will need alteration but I really doubt that is a necessity.

[Richy_T]

You can buy cocaine for $2000 in Colombia and sell it for 20k in America. Guess why.

Cocaine is addictive; bitcoin is not.

Yeah, I can quit anytime.

Anytime.

ANYTIME!!!