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

[gandhibt]

This strikes me as an odd discussion....if I want to buy a share of a stock, I don't go to the pit on wall street and start waving my arms, I just log onto TrowePrice or Vanguard or whatever and set an order, they buy it and I'm good to go.

As far as I can tell, Coinbase does the same thing- yes, it would be nice to set limit orders etc., and I'm sure that will come, but basically it's a financial service that takes care of all the details.

DieJohnny, why didn't you send him to Coinbase to buy a few coins? Yes, Coinbase could be hacked, etc. but so could a Vanguard account - it's all about the reliability of the company, and the methods they use to safeguard my investment.

Yes, I get the whole "setting up a digital wallet safe from any intrusion" aspect....but most folks like myself are going to buy and sell and move bitcoins like we move stocks and bonds, through a service that handles the technical mumbo-jumbo.

Is there something I'm not understanding here?

Yep that's a better way to put it. Bitcoin isn't some weird internet money, it's just like an stock which will go boom boom boom to the moon and now suddenly everybody wants a piece of it

But, wait a moment, it will be cheaper soon

Now I'm off to bed before all the bulls come to throw stones at me...

[nesevis]

https://encrypted-tbn1.gstatic.com/images?q=tbn:ANd9GcTOzSm_gA_PUoG4O2lOC9xKkQNhnULOkKXIKApOK6DPlRfbfDW4

*throws stone* at Gandhi! At least I'm not worse than the British

[Odalv]

This strikes me as an odd discussion....if I want to buy a share of a stock, I don't go to the pit on wall street and start waving my arms, I just log onto TrowePrice or Vanguard or whatever and set an order, they buy it and I'm good to go.

As far as I can tell, Coinbase does the same thing- yes, it would be nice to set limit orders etc., and I'm sure that will come, but basically it's a financial service that takes care of all the details.

DieJohnny, why didn't you send him to Coinbase to buy a few coins? Yes, Coinbase could be hacked, etc. but so could a Vanguard account - it's all about the reliability of the company, and the methods they use to safeguard my investment.

Yes, I get the whole "setting up a digital wallet safe from any intrusion" aspect....but most folks like myself are going to buy and sell and move bitcoins like we move stocks and bonds, through a service that handles the technical mumbo-jumbo.

Is there something I'm not understanding here?

Yep that's a better way to put it. Bitcoin isn't some weird internet money, it's just like an stock which will go boom boom boom to the moon and now suddenly everybody wants a piece of it

But, wait a moment, it will be cheaper soon

Now I'm off to bed before all the bulls come to throw stones at me...

hmm, we are not buying/selling at a loss. Simply: I do not understand your trading strategy.

[fognozz]

Ah, now I'm starting to get it....part of the appeal of bitcoin is the complexity, just like the early microprocessor hobbyists.....(which I was one of).

I guess navigating wallet creation, protocols, security methods, etc. is the fun part for lots of folks on the forum, but if it's going to be widely accepted and used, access to the bitcoin system is going to have to be a "point and click" application just like paypal.

Fortunately, just like the micro revolution, I suspect businessmen will move in and make it usable for "the rest of us". It'll be much more boring for the bitcoin hobbyists, but lots better for the general populace.

[wachtwoord]

Ah, now I'm starting to get it....part of the appeal of bitcoin is the complexity, just like the early microprocessor hobbyists.....(which I was one of).

I guess navigating wallet creation, protocols, security methods, etc. is the fun part for lots of folks on the forum, but if it's going to be widely accepted and used, access to the bitcoin system is going to have to be a "point and click" application just like paypal.

Fortunately, just like the micro revolution, I suspect businessmen will move in and make it usable for "the rest of us". It'll be much more boring for the bitcoin hobbyists, but lots better for the general populace.

It's really not that complex.

Still the things you're talking about are already happening. Just look at this example: http://www.bitcointrezor.com/

[DieJohnny]

This strikes me as an odd discussion....if I want to buy a share of a stock, I don't go to the pit on wall street and start waving my arms, I just log onto TrowePrice or Vanguard or whatever and set an order, they buy it and I'm good to go.

As far as I can tell, Coinbase does the same thing- yes, it would be nice to set limit orders etc., and I'm sure that will come, but basically it's a financial service that takes care of all the details.

DieJohnny, why didn't you send him to Coinbase to buy a few coins? Yes, Coinbase could be hacked, etc. but so could a Vanguard account - it's all about the reliability of the company, and the methods they use to safeguard my investment.

Yes, I get the whole "setting up a digital wallet safe from any intrusion" aspect....but most folks like myself are going to buy and sell and move bitcoins like we move stocks and bonds, through a service that handles the technical mumbo-jumbo.

Is there something I'm not understanding here?

First, everyone in the USA has heard of TRowePrice. The level of trust for them is 1000 times greater than Coinbase, which I guarantee you nobody outside of Bitcoin world has ever heard of.

Second, the mass market of investors out there do not EVER log onto any site and do any trading, they call their trusted broker and ask him advice. Why do you think these investment companies spend millions on ads that investing is about trust, nothing more. Its because that is what most people want to do. Trust a big company and a familiar face.

I may be wrong on this but i think that if you buy and sell stocks and bonds yourself, then you don't represent the bulk of investors in the world.

You can wish trust upon the Bitcoin ecosystem but I assure you it is not there yet. Trust takes time OR requires names people already know.

I didn't recommend Coinbase because frankly I don't trust it or any exchange enough to recommend them as a safe haven for any of their investment dollars. Not a single exchange approaches the level of trust that you get by using a Federally backed entity that they are familiar with. I put my own money in these exchanges because I am built to not care, it is who I am-- I like rolling the dice. I am the outlier, not the masses.

Using a paper wallet was the only recommendation I felt safe enough and easy enough to offer to my family, maybe you would be different, this was my experience.

You are right though, if TRowePrice offered a Bitcoin fund, there would be a lot of takers.

[fognozz]

Thanks DieJohnny, for the thoughtful response.

You make a good point about trust and access....and yeah, if TrowePrice offers a bitcoin fund, folks will flock to it, and if BankAmerica offers a Bitcoin VISA folks might be willing to try it.

Which will probably happen, sooner or later the big boys are going to want a piece of the action.

I have noticed that Coinbase will let you print out a paper wallet - I understand the possibility of them hanging on to the keys, but it seems like a more "seamless" way to buy bitcoins for the newcomer.

But yes, if I could get that kind of service through one of my current brokers, I'd use them.

Thanks!

[aminorex]

Fidelity offers BIT.

[ChartBuddy]

[iarsenaux]

Panic sell everyone!! Btc will crash!! Let's buy back at 400 or when the funds that i deposited is already available on my account on monday!!

[adamstgBit]

Panic sell everyone!! Btc will crash!! Let's buy back at 400 or when the funds that i deposited is already available on my account on monday!! )))))))))))))

i approve this message

[iarsenaux]

Panic sell everyone!! Btc will crash!! Let's buy back at 400 or when the funds that i deposited is already available on my account on monday!! )))))))))))))

i approve this message

Too bad that i missed the 682. We are sleeping while the westerns are awake.

[N12]

I could be totally wrong but in the Bitcoin world no one that has held longer than 6 months has lost any value.

It goes to show how few you "hodlers" are actually familiar with Bitcoin's history. Not only is your perception of the future warped, but also the past.

Your statement is false, it would have to be altered to about 20 months. Remember June 2011?

[adamstgBit]

I could be totally wrong but in the Bitcoin world no one that has held longer than 6 months has lost any value.

It goes to show how few you "hodlers" are actually familiar with Bitcoin's history. Not only is your perception of the future warped, but also the past.

Your statement is false, it would have to be altered to about 20 months. Remember June 2011?

thats cuz poeple didnt know how to HODL back then  

[adamstgBit]

its going to crash soon, if for no other reason then, no one is buying at these high prices

[gandhibt]

Odalv, have you read Goomboo's Journal? That was my first eye opener, highly recommended. Simply put: it's good that most of your trades ends up with a loss if the winning ones are BIG. You need patience and good nerves and you come out as a winner. Trend is your friend.

[dgarcia]

China starting to drop?

(...and Gox in a meaningless fight for nowhere..)

[wachtwoord]

I could be totally wrong but in the Bitcoin world no one that has held longer than 6 months has lost any value.

It goes to show how few you "hodlers" are actually familiar with Bitcoin's history. Not only is your perception of the future warped, but also the past.

Your statement is false, it would have to be altered to about 20 months. Remember June 2011?

I remember June 2011

I was hodling then, and I'm hodling now!

I only held a handful in June 2011. I'm glad the low prices lasted more than 6 months, otherwise I would not be where I am today (and I wish I would have been greedier).

[windjc]

I could be totally wrong but in the Bitcoin world no one that has held longer than 6 months has lost any value.

It goes to show how few you "hodlers" are actually familiar with Bitcoin's history. Not only is your perception of the future warped, but also the past.

Your statement is false, it would have to be altered to about 20 months. Remember June 2011?

Its pretty laughable that this argument is still being used. Let's see, the high in 2011 was $32. Would you buy for that price today? Exactly.

Scoreboard. End of discussion.

[Vigil]

The reason people don't understand Bitcoin is that we get too caught-up in the details instead of just saying "its a currency and payment system that gets rid of all those fees you pay with Paypal and credit cards. Here, you set it up like this (download Electrum wallet, then send them some coin and have them send it back to you). There, thats all there is to it. If you want to buy coins setup an account on Coinbase (or other). If you want to accept Bitcoins for your business, setup an account on BitPay and they will instantly be converted to USD. Later."

How we explain it: "Bitcoin is a decentralized, P2P, crypto-currency which allows near anonymous world-wide exchange of value between any two parties. For the first time ever, two people don't need a bank account or a middle-man to transact. Bitcoin is secured by cryptography and miners that crunch numbers to verify the blockchain. The blockchain is a decentralized public ledger which records all transactions. Everytime a transaction is made various nodes confirm the transactions, which eventually get validated once and for all once the miners find the proper cryptographic hash... Bitcoin is going to change the world forever and end the banking monopoly on money and credit and much like email ransacked the post office. etc. etc. "