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

[ChartBuddy]

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[Vycid]

http://www.google.com/trends/explore#q=bitcoin%2C%20dollar&cmpt=q

Yup. Only twice as many searches for "dollar" as "Bitcoin".

[Spaceman_Spiff]

Does this rally not look tired to anyone here?

We are just slowing down in this altitude. There is no real upward momentum.

Wednesday is almost over and we have retraced most of the highs. But what happens now? We just shoot up into the stratosphere?

I still have my doubts. Becoming a more modest bull at the moment.

Emotionally, I am feeling quite similar to you.  But just looking at the technicals, it's doing a pretty standard thing I believe.  Of course past patterns don't have to be repeated in the future, but often after a correction, we would go up slowly again, plateau for a while at the previous ATH (for like the next day, maybe 2), and then shoot up rapidly.

It's natural to get nervous/paranoid when the price goes up so quickly, even if you're confident in the underlying asset/currency.  Realize what is rational though given context, news, momentum, etc.

Oh, and change in perception (media angles, finance world, public comments....).

I am not nervous.  I am tired and somewhat in doubt of my judgement at the moment.  Perhaps lack of sleep due to a non-bitcoin-related matter plays a role in this.

[Gordonium]

This is The Great Crash!

I WAS RIGHT!!!

[pdawg]

I figure, some entity or entities who were looking to sell into the breakout got impatient, set a tight stop below the consolidation, and boom,  stops were hit, but as usual people had buy stop orders sitting several points lower....  and so it goes with BTC.  2,000 coins in 15 min. is decent volume.

[SheHadMANHands]

Everything is getting close to ready to "click".  We are at the stage of Facebook hitting one million members.  That's cool, but it's nothing.  

[wopwop]

bUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUy

[CMMPro]

This is The Great Crash!

I WAS RIGHT!!!

I thought it was pretty great...congrats.

[TiagoTiago]

LOL, "All Time High" would be a great name for a Bitcoin-focused marijuana store! xD

[JimboToronto]

This is The Great Crash!

I WAS RIGHT!!!

Yep, crashed right back up to 1230+  LOL

[Gordonium]

This is The Great Crash!

I WAS RIGHT!!!

I thought it was pretty great...congrats.

[BitChick]

This is The Great Crash!

I WAS RIGHT!!!

Yep, crashed right back up to 1230+  LOL

Someone (or a few people) dumped over 1000 coins and we are almost back to where we started on GOX.  That seems impressive to me.  I don't know.  I think in the past a dump like that would have caused more panic.

[ElectricMucus]

The price of Bitcoins is crashing SELL SELL SELL!

[JimboToronto]

This is The Great Crash!

I WAS RIGHT!!!

Yep, crashed right back up to 1230+  LOL

Someone (or a few people) dumped over 1000 coins and we are almost back to where we started on GOX.  That seems impressive to me.  I don't know.  I think in the past a dump like that would have caused more panic.

Absolutely. I think the market is starting to grow up.

[CMMPro]

This is The Great Crash!

I WAS RIGHT!!!

Yep, crashed right back up to 1230+  LOL

Someone (or a few people) dumped over 1000 coins and we are almost back to where we started on GOX.  That seems impressive to me.  I don't know.  I think in the past a dump like that would have caused more panic.

I agree BitChick....that was awesome. If that happened in April I would just curl up in the fetal position and cry myself to sleep.

[Vycid]

This is The Great Crash!

I WAS RIGHT!!!

Yep, crashed right back up to 1230+  LOL

Someone (or a few people) dumped over 1000 coins and we are almost back to where we started on GOX.  That seems impressive to me.  I don't know.  I think in the past a dump like that would have caused more panic.

Absolutely. I think the market is starting to grow up.

I think it has serious implications for Bitcoin as a currency. The size of the market seems to be reducing volatility.

If it's large enough to demonstrate a resistance to manipulation and crashes, that makes big holders less likely to dump. That further stabilizes the currency.

At some point that positive feedback makes things stable enough that the general public feels good about sticking a couple toes in the water to try this thing out as a medium of exchange... and from there who knows where we go.

The only problem is that the ecosystem has to finish the massive deflation before anyone will want to spend in any quantity. (This "problem" is of course making us all very wealthy.)

[Adrian-x]

This is The Great Crash!

I WAS RIGHT!!!

Yep, crashed right back up to 1230+  LOL

wait that's the price of Gold, oh how I love a good crash.

[windjc]

This is The Great Crash!

I WAS RIGHT!!!

Yep, crashed right back up to 1230+  LOL

Someone (or a few people) dumped over 1000 coins and we are almost back to where we started on GOX.  That seems impressive to me.  I don't know.  I think in the past a dump like that would have caused more panic.

Absolutely. I think the market is starting to grow up.

I think it has serious implications for Bitcoin as a currency. The size of the market seems to be reducing volatility.

If it's large enough to demonstrate a resistance to manipulation and crashes, that makes big holders less likely to dump. That further stabilizes the currency.

At some point that positive feedback makes things stable enough that the general public feels good about sticking a couple toes in the water to try this thing out as a medium of exchange... and from there who knows where we go.

Ummm, I'm not sure but it seems like 100s if not 1000s of businesses are signing up daily to accept bitcoin. I think more than a few are braving more than a few toes.

[Vycid]

This is The Great Crash!

I WAS RIGHT!!!

Yep, crashed right back up to 1230+  LOL

Someone (or a few people) dumped over 1000 coins and we are almost back to where we started on GOX.  That seems impressive to me.  I don't know.  I think in the past a dump like that would have caused more panic.

Absolutely. I think the market is starting to grow up.

I think it has serious implications for Bitcoin as a currency. The size of the market seems to be reducing volatility.

If it's large enough to demonstrate a resistance to manipulation and crashes, that makes big holders less likely to dump. That further stabilizes the currency.

At some point that positive feedback makes things stable enough that the general public feels good about sticking a couple toes in the water to try this thing out as a medium of exchange... and from there who knows where we go.

Ummm, I'm not sure but it seems like 100s if not 1000s of businesses are signing up daily to accept bitcoin. I think more than a few are braving more than a few toes.

Honestly it's mostly hype, Bitcoin isn't a serious transaction medium yet. I remember seeing an article proclaiming 6000 or 7000 sales through Bitpay on Bitcoin Black Friday as proof that we're a real ecosystem.

No, a couple sales per minute on a special day does NOT make a payment system worth $12-13B. That's like a fucking Girl Scout cookie stand.

We've passed Western Union at ~$9B market cap, and they process 28 transactions per second, every day.

Right now Bitcoin is a store of value. The value comes from Bitcoin's future potential as a currency and payment system. Lots of businesses will sign up because it's free and it saves them money; the hard part is convincing people to buy and spend bitcoins if:
A) it's going up constantly and they'll have more money if they wait, and
B) if the currency is extremely volatile.

We know A) will eventually resolve itself if the system grows to maturity. There is a limit to all growth.

The doubt was about B), and my doubts are disappearing.

[I_bitcoin]

No, a couple sales per minute on a special day does NOT make a payment system worth $12-13B. That's like a fucking Girl Scout cookie stand.

Only thing you might want to add is that this is not just a payment network.   We are in the midst of a land grab for real estate in a protocol that creates more opportunities than we can possibly fathom.   

I swear to all that is holy I am not a fan boy.