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

[TheKoziTwo]

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.

http://www.youtube.com/watch?v=OyabiLNfjQw&feature=youtu.be&t=12s

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[Vycid]

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.   

That's true. Smart contracts, autonomous agents... the potential is vast. And investors can't own shares of it, so they own bitcoins.

[TiagoTiago]

Is it train posting time again?
https://www.youtube.com/watch?v=sKX2mH4RhQ4

[justusranvier]

Bitcoin is a distributed timestamping and script processing engine.

Currency and payment processing is just the first program that we've decided to run on it.

[CEG5952]

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

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

doesnt really say anything. the dollar is ubiquitously recognized, why would people be googling it?

[Searing]

kinda a side note here on wire xfer us and why bitcoin will work
took my bank 1 hr 15min to do an international wire xfer for knc usa to sweden
they then called me back..and it took 2 bank managers and a teller just doing my
wire xfer 3 1/2 hrs to get it done ie learned lesson go with comercial bank regular
banks have not clue on wire xfer

but if it is this nuts in USA for a wire xfer how nuts is it in other countries with
less resources....jeez bitcoin has to work this was a farce

for what it is worth for those on the fence if bitcoin has a real purpose/need or not.

[Vycid]

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

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

doesnt really say anything. the dollar is ubiquitously recognized, why would people be googling it?

It's a benchmark for comparison. The dollar may be old news, but that ubiquity means there are lots of people that could search for it.

[dwdoc]

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

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

Count me a skeptic unless and until "bitcoin" passes "kardashian."

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

[CEG5952]

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.

nope, just too much buy pressure at the current juncture imo. nothing to do with "growing up".

[CEG5952]

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.

are you sure about that? any sources? i didnt get that impression.

[Vycid]

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

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

Count me a skeptic unless and until "bitcoin" passes "kardashian."

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

Looks like an easier milestone than "dollar". Similar volatility though  

We're lining up the putt... crystal ball says we're closing in on the ATH.

[MikeH]

What's the deal in Aus anyway?   How do they even know the money you recieve is Bitcoin related, or how long you've owned those coins (assuming the over one year - 50% cap gains applies)?

well you know we're all spied on these days, actually the bank could possibly notify the tax office if money comes from an exchange - the strange thing is we don't pay tax on winnings from lotteries or gambling, you'd think high risk investments would fit into that category.  

[spooderman]

This board has done exactly 900 pages in less than 1 month.

https://bitcointalk.org/index.php?topic=178336.38840

How do we rank that? Is this a posting bubble?

No doubt. The collapse of this thread is imminent. Any time now

EDIT: Maybe we'll just have a correction and be set back 325-375 pages imo

Stupid bear. This thread is set to go to teh m00n. I am bullish as ever.

[Vycid]

This board has done exactly 900 pages in less than 1 month.

https://bitcointalk.org/index.php?topic=178336.38840

How do we rank that? Is this a posting bubble?

No doubt. The collapse of this thread is imminent. Any time now

EDIT: Maybe we'll just have a correction and be set back 325-375 pages imo

Stupid bear. This thread is set to go to teh m00n. I am bullish as ever.

We should have a pagecount predictions market.

[explorer]

This board has done exactly 900 pages in less than 1 month.

https://bitcointalk.org/index.php?topic=178336.38840

How do we rank that? Is this a posting bubble?

No doubt. The collapse of this thread is imminent. Any time now

EDIT: Maybe we'll just have a correction and be set back 325-375 pages imo

Stupid bear. This thread is set to go to teh m00n. I am bullish as ever.

We should have a pagecount predictions market.

Guess the pagecount Goxbucks meeting point.

[I_bitcoin]

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

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

Count me a skeptic unless and until "bitcoin" passes "kardashian."

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

Looks like an easier milestone than "dollar". Similar volatility though  

We're lining up the putt... crystal ball says we're closing in on the ATH.

Hmmm, I think we already won based on that measure...

[solex]

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.

Exactly how much aggravation, eye-gouging fees, delays, noise, fuss, AML rubber-gloving would someone get from WU if they tried to send $147 million on a Sunday night, across the planet, person-to-person, and wanted it to arrive in seconds, irrevocably confirmed in an hour?

WU is Dead Man Walking right now.

[Vycid]

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.

Exactly how much aggravation, eye-gouging fees, delays, noise, fuss, AML rubber-gloving would someone get from WU if they tried to send $147 million on a Sunday night, across the planet, person-to-person, and wanted it to arrive in seconds, irrevocably confirmed in an hour?

WU is Dead Man Walking right now.

You're right, WU has lost 100% of the market share for wiring $147M at once. 

But, yes; Bitcoin has the short term potential to take the wire and remittance market, just as soon as we get some decent exchanges.

[dwdoc]

At 22:23:19 CST Gox Bitcoin (1237.889) passed the spot price of gold (1237.82) for the first time.

Next stop: Euro 1359. Platinum 1362.

[Vycid]

At 22:23:19 CST Gox Bitcoin (1237.889) passed the spot price of gold (1237.82) for the first time.

No, we did that already.