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

[Vycid]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

its funny i predicted this exact market behavior would happen, months ago.

i should dig up that post..

i call it " the dash for digital cash "


you have to understand that USD can still buy things and their are early adopts....

that's your explanation?

Can you do a better job of explaining why that SHOULD NOT have happened?

We just had a US Senate meeting that basically legitimized Bitcoin.

[pera]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

There lives 1 billion chinese my bear friend. consider 0.0001% knows and buy bitcoin just to get rich quick. There lies the explanation to this mania.

yeah well that still doesn't explain why we went from 3000 to 7000 in 26hs, and also seems like the only thing you can do now in China with bitcoin is paying some cloud service...

why bitcoin, why not for example wow gold?

[adamstgBit]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

There lives 1 billion chinese my bear friend. consider 0.0001% knows and buy bitcoin just to get rich quick. There lies the explanation to this mania.

yeah well that still doesn't explain why we went from 3000 to 7000 in 26hs, and also seems like the only thing you can do now in China with bitcoin is paying some cloud service...

why bitcoin, why not for example wow gold?

omg wow he just asked that.... keep buying boys its definitely not a bubble!

[tHash]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

There lives 1 billion chinese my bear friend. consider 0.0001% knows and buy bitcoin just to get rich quick. There lies the explanation to this mania.

yeah well that still doesn't explain why we went from 3000 to 7000 in 26hs, and also seems like the only thing you can do now in China with bitcoin is paying some cloud service...

why bitcoin, why not for example wow gold?

Why bitcoin?   Answer this, what is the max WoW gold that will ever be farmed?

[Davyd05]

It seems like the US market is overbought already and following China.  Any downturn there and gg... $200 coins...

tell that to the two nearly 150+ price drops that bounced so hard and recovered.. I play a game of indoor soccer.. and missed it all.. makes me less worried overall and I didn't have to sit there wanting to send of coins to the exchange.. I personally agree you can make coins ( i would've made 1.8 btc on selling on the 3pm cavirtex dip from 650 - 500 ) but in the end I avoided getting bear trapped on a bad call or timing.

I prefer to just have fiat waiting to buy cheap coins ...for when the bears.. who call for crashes daily finally hit the free lotto they play.

[pera]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

its funny i predicted this exact market behavior would happen, months ago.

i should dig up that post..

i call it " the dash for digital cash "


you have to understand that USD can still buy things and their are early adopts....

that's your explanation?

Can you do a better job of explaining why that SHOULD NOT have happened?

We just had a US Senate meeting that basically legitimized Bitcoin.

Yes I can: Bitmit went bankrupt, Silkroad seized, Wordpress silently stopped accepting bitcoin, some revelations about how nasty is part of the Bitcoin Foundation, BitInstant still and forever down, more banks freezing accounts

The US Senate didn't legitimize anything, what are you talking about??

[PirateHatForTea]

Does anyone know if it takes just as long to get goxbux out of gox/AUD?

is it only Us dollars which are the problem? or does that extend to Australian goxbucks too?

I have a friend who initiated his withdrawal about 7 weeks ago, AUD in his account to an Australian bank.

I told him to just buy back in 2 weeks ago but he really needs the cash.

Does anyone have any knowledge of how long swift transfers take from stamp to AU?

And in case anyone is thinking, my friend is not me, I am 100% in BTC.

This is the wrong thread for this but I wanted to answer.

If your friend paid the 5% service fee for 'manual withdrawal method', it will take a few weeks (it was 1-2 weeks when they first initiated this alternate method, it took 3 weeks for my AUD withdrawal w 5% fee about 2 months ago, and by now it may be over a month - and this is for the 'expedited' method with 5% fee.)

If your friend isn't paying 5% for the manual method, his withdrawal will have gone into the swift queue. Last I heard they were up to withdrawals from about July. They do 10 Swift withdrawals a day and I imagine they prioritise the largest ones if this is the case. So standard swift withdrawals without 5% fee are unlikely to be processed in under 6 months to a year, using reasonable assumptions about queue length. I believe this problem will only be fixed if and when Gox gets licensed as a banking entity, a process it has begun, but that could take 6-18 months. For this reason I don't use Gox anymore (FWIW I do believe they are solvent).

Please forgive the OT post.

[Davyd05]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

There lives 1 billion chinese my bear friend. consider 0.0001% knows and buy bitcoin just to get rich quick. There lies the explanation to this mania.

yeah well that still doesn't explain why we went from 3000 to 7000 in 26hs, and also seems like the only thing you can do now in China with bitcoin is paying some cloud service...

why bitcoin, why not for example wow gold?

Why bitcoin?   Answer this, what is the max WoW gold that will ever be farmed?

wow gold would literally be the worst example for a similar currency but sure.. oh wait they can ban accounts, delete accounts, restore accounts that people claim the gold was stolen from.

[adamstgBit]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

its funny i predicted this exact market behavior would happen, months ago.

i should dig up that post..

i call it " the dash for digital cash "


you have to understand that USD can still buy things and their are early adopts....

that's your explanation?

Can you do a better job of explaining why that SHOULD NOT have happened?

We just had a US Senate meeting that basically legitimized Bitcoin.

Yes I can: Bitmit went bankrupt, Silkroad seized, Wordpress silently stopped accepting bitcoin, some revelations about how nasty is part of the Bitcoin Foundation, BitInstant still and forever down, more banks freezing accounts

The US Senate didn't legitimize anything, what are you talking about??

Wordpress stopped accepting bitcoin?

[nanobrain]

Looks like the tin foil has been broken out again

On another theme I love the UScentric attitude - "our politicians have got on board so everything is great" - someone posted yesterday abut how they can't get their head round wiring money to OTHER COUNTRIES, whihc just sums it up.

[Vycid]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

its funny i predicted this exact market behavior would happen, months ago.

i should dig up that post..

i call it " the dash for digital cash "


you have to understand that USD can still buy things and their are early adopts....

that's your explanation?

Can you do a better job of explaining why that SHOULD NOT have happened?

We just had a US Senate meeting that basically legitimized Bitcoin.

Yes I can: Bitmit went bankrupt, Silkroad seized, Wordpress silently stopped accepting bitcoin, some revelations about how nasty is part of the Bitcoin Foundation, BitInstant still and forever down, more banks freezing accounts

The US Senate didn't legitimize anything, what are you talking about??

Nobody really cares about Bitmit or Wordpress, Silkroad turned out to be a positive thing, the Bitcoin Foundation may be nasty but they know how to make Bitcoin more attractive to the average investor, and BitInstant is just an exchange.

Did you even watch the Senate meeting, or are you another uninformed bear?

[CryptStorm]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

its funny i predicted this exact market behavior would happen, months ago.

i should dig up that post..

i call it " the dash for digital cash "


you have to understand that USD can still buy things and their are early adopts....

that's your explanation?

Can you do a better job of explaining why that SHOULD NOT have happened?

We just had a US Senate meeting that basically legitimized Bitcoin.

Are you seeing a double top, or am I losing my mind? Still momentum in your opinion?

[Vycid]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

its funny i predicted this exact market behavior would happen, months ago.

i should dig up that post..

i call it " the dash for digital cash "


you have to understand that USD can still buy things and their are early adopts....

that's your explanation?

Can you do a better job of explaining why that SHOULD NOT have happened?

We just had a US Senate meeting that basically legitimized Bitcoin.

Are you seeing a double top, or am I losing my mind? Still momentum in your opinion?

No idea, but I certainly don't see 3000 CNY in the near future.

[rampantparanoia]

Wordpress stopped accepting bitcoin?

They accept it in the wordpress store now. Not for blogs though. http://en.support.wordpress.com/bitcoin/

[CryptStorm]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

its funny i predicted this exact market behavior would happen, months ago.

i should dig up that post..

i call it " the dash for digital cash "


you have to understand that USD can still buy things and their are early adopts....

that's your explanation?

Can you do a better job of explaining why that SHOULD NOT have happened?

We just had a US Senate meeting that basically legitimized Bitcoin.

Are you seeing a double top, or am I losing my mind? Still momentum in your opinion?

No idea, but I certainly don't see 3000 CNY in the near future.

Yeah, that's so... yesterday. 

[pera]

Wordpress stopped accepting bitcoin?

They accept it in the wordpress store now. Not for blogs though. http://en.support.wordpress.com/bitcoin/

That's old and for some reason they still didn't delete that page, but they removed bitcoin as payment method :-/

[tHash]

I suppose they didn't delete this page either . . .   sigh

http://en.support.wordpress.com/payment/

Wordpress did NOT stop accepting bitcoin.   Just FUD.

[BitThink]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

its funny i predicted this exact market behavior would happen, months ago.

i should dig up that post..

i call it " the dash for digital cash "


you have to understand that USD can still buy things and their are early adopts....

that's your explanation?

Can you do a better job of explaining why that SHOULD NOT have happened?

We just had a US Senate meeting that basically legitimized Bitcoin.

Are you seeing a double top, or am I losing my mind? Still momentum in your opinion?

It all depends on how far you look forward. It's possible a double top and there's no momentum already, but it is just for today, or this week at most. I think most people here believe the price will exceeds $1000 eventually this year. So in this long term (BTC world meaning) perspective, it  does not matter whether there's a double top or triple top. That's for day traders.

[CryptoMinter]

Everything I read is literally bullshit, still nobody can explain why we went from 3000 to 7000 in 26hs

I'll add some more just for fun.

Each time a run-up happens the weak hands engage in profit taking. If I started with 40k btc from early adopting or mining I might sell 30K on bubble 1 and take in 300k of profit, 5K on bubble 2 and take in 150k and hate myself for selling before, ... and the people buying during the run-up are not necessarily dumpers. The coins shift ideology with each upswing and downswing from a plaything to a more viable financial instrument. I speculate for no good reason that the bitcoins flowing through CNY/BTC are going to an ideology that is somewhat different from the typical bitcointalk speculator. A much more long haul ideology. The straightforward fact is that people are not willing to part with their coins for 3000 CNY at this time. No sellers are able to satiate the demand, because the demand is somewhat increased, but also because the holders are less willing to depart.

There have been several "flash crash" "bear trap" whatevers on the way up to 3000 and thus 7000 but the flinching is much more reduced, the growth is much stronger than before. Bitcoin is not an investment in the traditional sense, it is more like a commodity on a futures market that has no expiration date but with a fixed supply. The price is set wholly on suspicion of future demand for the strong hands, while weak hands try to do TA and day trade on some market whims.

The fundamental reason for the 3000 to 7000 in 26hr is because some powerful policy people have begun to endorse the currency in one form or the other. The counter balance to future value increase is future value worthlessness which I view can be brought about by large scale government actions to maintain the status quo (fiat), really what are the threats to the vitality of bitcoin. Of particular concern to interested parties is the taint that comes with involving a criminal-infested currency. The start of the rally was around the time of the fall of the Silk Road and subsequent lack of backlash on the bitcoin community. It also provided a marker for the relative size of bitcoin's abuse vs benefit. The hearings today and tomorrow (I guess yesterday and today) involve(d) law enforcement expressing policy concerns, if any, to the US Congress. What came of this was general support for bitcoin, support in the form of advice for improved guidelines and making current laws easier to follow. This amounts to reduced fear that investors use to make decisions, but also speculators of investors to make decisions (why the price increased so rapidly). The run-up today is speculator-driven primarily with the hopes of handing the bag off rather than changing the world in some way. The real growth will come when a few key businesses services come online with that goal.

[whatovit]

Does anyone know if it takes just as long to get goxbux out of gox/AUD?

is it only Us dollars which are the problem? or does that extend to Australian goxbucks too?

I have a friend who initiated his withdrawal about 7 weeks ago, AUD in his account to an Australian bank.

I told him to just buy back in 2 weeks ago but he really needs the cash.

Does anyone have any knowledge of how long swift transfers take from stamp to AU?

And in case anyone is thinking, my friend is not me, I am 100% in BTC.

Why not sell the coins on Localbitcoins. That's what I've been doing.
Sell them when you want on Gox, have funds ready. And once someone wants to buy them of Localbitcoins, rebuy them and transfer them to him. I've been selling most at about a 1% loss from gox fees. But at least I've been getting cash.