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

[Wekkel]

And we reached $1000. My countdown is over with 2 days to spare.

Like clockwork I'm telling you.

Got to hand this to you.... 

[spazcoin]

Wow, someone has put $190k into a $950/BTC buy wall on CampBx.

[Rampion]

Wow, someone has put $190k into a $950/BTC buy wall on CampBx.

Get used to it. To sustain the current price we will need to see much more $$ on the bid side.

[jojo69]

Wow, someone has put $190k into a $950/BTC buy wall on CampBx.

Get used to it. To sustain the current price we will need to see much more $$ on the bid side.

and see it we will

[Syke]

You don't see too many posts gloating about they sold at the top and rebought at the bottom.

Trading fees really eat into your profits when taking advantage of small swings, so you gotta wait for the bigger swings. I sold at 1035 and rebought at 930. Btcchina's no-fee trading sure looks attractive.

[Rampion]

You don't see too many posts gloating about they sold at the top and rebought at the bottom.

Trading fees really eat into your profits when taking advantage of small swings, so you gotta wait for the bigger swings. I sold at 1035 and rebought at 930. Btcchina's no-fee trading sure looks attractive.

And what is BTCCHina's business model? How do they generate revenue?

[kurious]

The mBTC idea for exchanges does have some sense if we want more widespread adoption.

If they are 'coins' but one costs a thousand bucks - people can hardly imagine buying a coffee with one.

I had a friend around a while back and watched the charts a bit then he wanted in but said $500 (hah!) seemed a lot of cash, then he called me a week later and asked if he should buy a few Litecoins as Bitcoin were so expensive.  I suggested he shouldn't (I was probably wrong, looking back), but the point remains; at a thousand bucks it sounds like something for gold investors not for 'people like me'.

So - slap me down - but promoting mBTC / Satoshis / whatever...  seems to have a bit of sense behind it, who is going to say what a coffee costs in terms of 0.00000xx BTC?

Anyone got serious thoughts?

[Nemesis]

You don't see too many posts gloating about they sold at the top and rebought at the bottom.

Trading fees really eat into your profits when taking advantage of small swings, so you gotta wait for the bigger swings. I sold at 1035 and rebought at 930. Btcchina's no-fee trading sure looks attractive.

And what is BTCCHina's business model? How do they generate revenue?

I think they dont looking into profit right now. Its a smart move because they need to gain trust as well as testing their setup.

Mark did test his system while taking profits from us..... have you ever been goxxed? lol

[molecular]

You don't see too many posts gloating about they sold at the top and rebought at the bottom.

Trading fees really eat into your profits when taking advantage of small swings, so you gotta wait for the bigger swings. I sold at 1035 and rebought at 930. Btcchina's no-fee trading sure looks attractive.

And what is BTCCHina's business model? How do they generate revenue?

dunno, frontrunning?

[I_bitcoin]

chewing away at the 9k wall on stamp.   That sucker is huge!

[jojo69]

You don't see too many posts gloating about they sold at the top and rebought at the bottom.

Trading fees really eat into your profits when taking advantage of small swings, so you gotta wait for the bigger swings. I sold at 1035 and rebought at 930. Btcchina's no-fee trading sure looks attractive.

And what is BTCCHina's business model? How do they generate revenue?

dunno, frontrunning?

ding ding ding

[fluidjax]

You don't see too many posts gloating about they sold at the top and rebought at the bottom.

Trading fees really eat into your profits when taking advantage of small swings, so you gotta wait for the bigger swings. I sold at 1035 and rebought at 930. Btcchina's no-fee trading sure looks attractive.

And what is BTCCHina's business model? How do they generate revenue?

They spend a few weeks faking lots of trade gradually increasing the price and enticing western money in with their no-fee trading.....it all stops and they disappear in their G650......

[NamelessOne]

You don't see too many posts gloating about they sold at the top and rebought at the bottom.

Trading fees really eat into your profits when taking advantage of small swings, so you gotta wait for the bigger swings. I sold at 1035 and rebought at 930. Btcchina's no-fee trading sure looks attractive.

And what is BTCCHina's business model? How do they generate revenue?

I think they dont looking into profit right now. Its a smart move because they need to gain trust as well as testing their setup.

Mark did test his system while taking profits from us..... have you ever been goxxed? lol

Yes exactly, they gain trust and help grow a massive market for themselves when they eventually introduce trading fees.

[600watt]

yes, mbtc is the answer. it has to happen, otherwise we are screwed. people are afraid anyway since they are investing in some abstract digital "protocol". now if this in what they invest is so abstract and on top of it below 1, a fraction of 1, not even 1 - then they will not buy it. psychological barrier...


edit: typos

[Aido]

The mBTC idea for exchanges does have some sense if we want more widespread adoption.

If we use mBTC in general conversation it will become the norm and exchanges will then be more inclined to adopt it also.

[NamelessOne]

yes, mbtc is the answer. it has to happen, otherwise we are screwed. people are afraid anyway since they are investing in something abstract digital "protocol". now if this in what they invest is so abstract and on top of it below 1, a fration of 1, not even 1 - then they will not buy it. psychological barrier...

I read on reddit yesterday that Bitcoinity is apparently going to change over to mBTC. He said he would make the switch after 1000 was passed. mBTC would be the default with the option to turn it onto BTC. Hopefully Bitcoinity can help start the trend.

[Rampion]

You don't see too many posts gloating about they sold at the top and rebought at the bottom.

Trading fees really eat into your profits when taking advantage of small swings, so you gotta wait for the bigger swings. I sold at 1035 and rebought at 930. Btcchina's no-fee trading sure looks attractive.

And what is BTCCHina's business model? How do they generate revenue?

I think they dont looking into profit right now. Its a smart move because they need to gain trust as well as testing their setup.

Mark did test his system while taking profits from us..... have you ever been goxxed? lol

I'd be quite uncomfortable with an exchange charging 0 fees if there isn't a clear plan/alternative revenue stream. I think everybody should work for profit, and a company managing millions of $$$ per day doing it for free seems fishy to me. Especially considering that there is not much choice for Chinese, its not like the market is super mature and bloated with reliable options and you need to work for free to gain user base.

You may be right, but I prefer to trust my hard earned money to companies with a clear business model, and that have a big incentive in NOT scamming customers.

[alexeft]

I already switched bitcoin-qt to mBTC.

Much better!

[600watt]

Did someone try to create a dip by selling hard at Gox an hour ago? Welllll sure didn't work, we're back on the uphill slope! Private jet, here I come...

Some noobs panic sold and loaded and their kind bought a lot of cheap coins from their shaky hands.

In any case their mission is accomplished. You won't believe how many tards bought just above $1k to then panic sell at $950. People that is investing more than they can afford to lose; people that does not understand that given BTC 's potential holding is superior to day trading; wishful thinkers that believe that they will be able to do a1% daily profit by buying and selling Bitcoin every day. Summing up: the bulls make money, the bears make money, the exchanges make money... and pigs are slaughtered.

it ´s not only that. a lot of people heard about btc more often, didn´t move in, but considered it. now, a few days ago they finally decided to do it. but how?

ok, open an account with gox/stamp whatever. now send funds via intl. wire towards tokio or slovenia. that shit takes f o r e v e r.  uups, got your account verified yet ? hell, it takes forever again. price is rising all the time. finally they can trade (today?), so they do it. first thing that happens is that price goes down. first moment of panic, first taste of the bitter sheit that trying to beat the chart could mean. so what they do is selling 100 cheaper than they bought.

[kurious]

yes, mbtc is the answer. it has to happen, otherwise we are screwed. people are afraid anyway since they are investing in something abstract digital "protocol". now if this in what they invest is so abstract and on top of it below 1, a fration of 1, not even 1 - then they will not buy it. psychological barrier...

Glad someone agrees - I am in now, but when I first got some BTC around 50 bucks - it did not feel like a huge risk - a 'punt' - if it dived to ten, well - I would survive.

We appear to have a 1000 dollar entry point for one 'coin'.

But at a dollar a pop, everyone might at least try things out.  Exchanges (and even us) might hate all the minnows coming in, but we are (psychologically) barring people from entry.

It looks like a big boys game at a grand.....

Worth pushing the mBTC as a unit.  

Or we are helping Litecoin etc.  Really!