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

[OldGeek]

Ya.  Just spent some fiat.  We'll see.

[Vigil]

Ya.  Just spent some fiat.  We'll see.

My $1010 prediction was perfect.

[Nightowlace]

My 5 year old son says "Daddy, how many bitcoins do you have?" I answered. He said "Daddy that's not enough, you should buy some more Bitcoins"

I have one very smart 5 year old  

So how many bitcoins does a 5 year old think is "enough?"  

Well he saw the physical ones that I got from Casascius today. The halves and the singles. So more than that!

*Edit Selling them as well. Link in signature.

[BitThink]

Maybe a little bit obsolete already, but anyway here's something I read from Chinese media:

In China, bitcoin enterprises all think the notice of government published yesterday were very positive news to them. Bitcoin is not recognized as currency means they don't need to get currency related license, which is almost impossible for them to apply. In other words, if bitcoin was recognized as currency, then all the exchanges would have to close immediately because then don't have and will have no way to get currency exchange license. In China, currency exchange is strictly restricted and only some state banks can provide limited service.

Since the government officially announced the bitcoin is a 'virtual commodity', so there's much less policy risks now. More mainstream enterprises are considering bitcoin related business more seriously now.

[Macno]

What about merchants? Can they still accept bitcoin without any problems?

[seleme]

Maybe a little bit obsolete already, but anyway here's something I read from Chinese media:

In China, bitcoin enterprises all think the notice of government published yesterday were very positive news to them. Bitcoin is not recognized as currency means they don't need to get currency related license, which is almost impossible for them to apply. In other words, if bitcoin was recognized as currency, then all the exchanges would have to close immediately because then don't have and will have no way to get currency exchange license. In China, currency exchange is strictly restricted and only some state banks can provide limited service.

Since the government officially announced the bitcoin is a 'virtual commodity', so there's much less policy risks now. More mainstream enterprises are considering bitcoin related business more seriously now.

Excellent.

Anyway, some people are extremely stupid. Any Bitcoin legislation except ban, is very bullish. Legislation means acceptance and that's all Bitcoin needs - safety from governments. Taxes were always on the road, millions and millions are traded daily, if someone thought that won't be taxed soon he is deluded.

[Nightowlace]

What about merchants? Can they still accept bitcoin without any problems?

Yes that's what this all means.

[OldGeek]

My $1010 prediction was perfect.

+1

[Coinseeker]

What about merchants? Can they still accept bitcoin without any problems?

From the nature point of view, Bitcoin is a specific virtual goods, does not have legal status and monetary equivalent, can not and should not be used as currency in circulation in the market.　

　
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153950799182785/20131205153950799182785_.html

[dwdoc]

If you want to know what is happening just look at the chart on Dec. 2 - we are going through a replay of that algorithm pattern after the big sell-off. I am guessing it will hit close to $1010 over the next three hours. Maybe lower.

Nice call. What happens after we hit 1200?

[BitThink]

What about merchants? Can they still accept bitcoin without any problems?

They can only accept them as a commodity, which are not so convenient in accounting and taxing. Therefore, there will be not so many merchants will considering bitcoin as a direct payment currently. There're, however, always work around.

According to the same report I mentioned, some merchants are considering using third-part services. I think Bitpay-like services will emerge in China soon. If Merchants only receive fiats from the Bitpay-like services, then they don't have anything to worry about. Bitpay-like services themselves are just doing something like buying 'commodities' and giving back fiats, which is totally legal too.

[Vigil]

If you want to know what is happening just look at the chart on Dec. 2 - we are going through a replay of that algorithm pattern after the big sell-off. I am guessing it will hit close to $1010 over the next three hours. Maybe lower.

Nice call. What happens after we hit 1200?

It will probably be the ATH or close, so $1240 or so. Uhhh... I have no idea. He could continue running the bot, which would mean a sell-off again; he could switch up to a new algo; natural buying pressure could push us higher; he may have so much leverage he can crash the entire thing... But that doesn't really narrow it down. If we have a period of steady price for about a day or so, there will probably be another massive sell-off. I will probably sell around the $1230 mark to be safe. Just have to wait and see what happens.

[adamstgBit]

my prediction for the next few days


 

[ChartBuddy]

[OldGeek]

my prediction for the next few days

Until the Sunday bitpay hits the market?

[adamstgBit]

my prediction for the next few days

Until the Sunday bitpay hits the market?

huh?

[BitChick]

Am I the only one completely unfazed by this drop?  Perhaps it is a sign that I have been involved with BTC long enough to understand that what goes up must come down but will eventually go up again?  As a newbie I pretty much panicked in April and was depressed when the price dropped after that epic rise but now it just feels normal and almost welcomed to have some drops.  Corrections have to happen in the growth process I believe.  The great thing I am seeing is that the drops are getting smaller percentage wise.  Perhaps due to the larger number of holders and less whales that can manipulate prices?  

[Vigil]

Am I the only one completely unfazed by this drop?  Perhaps it is a sign that I have been involved with BTC long enough to understand that what goes up must come down but will eventually go up again?  As a newbie I pretty much panicked in April and was depressed when the price dropped after that epic rise but now it just feels normal and almost welcomed to have some drops.  Corrections have to happen in the growth process I believe.  The great thing I am seeing is that the drops are getting smaller percentage wise.  Perhaps due to the larger number of holders and less whales that can manipulate prices?  

No. Everyone else is completely unfazed as well.

[OldGeek]

my prediction for the next few days

Until the Sunday bitpay hits the market?

huh?

There was some discussion about causes for the last two Sunday drops.  Someone suggested it was bitpay converting to cash for the weekend sales by their merchants.  ::shrug::

[windjc]

What about merchants? Can they still accept bitcoin without any problems?

From the nature point of view, Bitcoin is a specific virtual goods, does not have legal status and monetary equivalent, can not and should not be used as currency in circulation in the market.　

　
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153950799182785/20131205153950799182785_.html

That doesnt necessarily mean what you think it does. Show me documented proof that businesses can't accept something (like a commodity) other than CYN as long as they pay taxes on the profit they received in CYN.

I bet you can't. Thanks for playing.