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

[N12]

If your Bitcoins drop too much in value, you will have no purchasing power left to even buy bitcrack. If you can no longer get high on bitcrack, inevitably you will be forced to sell. Think about it.

Thus, as an emergency measure, I recommend selling your Bitcoins off for the "To The Moon" game on Humble Bundle.

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[oda.krell]

That almost makes me a little more bearish.

Contrary to your assumptions, I am flexible on these matters too.

I don't know, just surprised because of your recent post that made me think you would wait for years if necessary.

I applaud anyone who doesn't succumb to the highs from bitcrack.

By the way, Emptygox is now the world's third largest exchange if we exclude the fake/0% volume Huobi, and this is even including all their non-USD currencies http://bitcoinity.org/markets/list?currency=ALL&span=7d

Blitz, you're a smart guy, stop with the '0% fee exchange volume is fake volume' canard. Discount the volume by some, sure. But it's not as if 0% trading is without any risk, and therefore done at a whim. It's just, well, cheaper, so volume is relatively higher and needs to be normalized to be compared to non-0% fee exchanges.

[N12]

Scalping bots can inflate volumes ridiculously high at a 0% fee. You saw the effect when BTCChina introduced a fee. Furthermore, I would not be surprised if at least in part, Huobi's volume was made up by the exchange operators. OKCoin is precedence enough as to the shadiness of Chinese exchanges.

Last but not least, even if we assume that the 0% fee is not that big a factor, Huobi will likely be no more within the next 3 weeks.

So, that is why I decide to disregard them entirely. Or anything else that is Chinese, really.

[oda.krell]

Don't like the looks of it, and I don't see that changing very soon. Ergo: (relatively small) re-arrangement of my position complete. Just to let you know, arepo

the outcome is still fuzzy short-term, but it doesn't look good for the coming week, that's for sure. i'm still expecting a bearish formation up to $875 +/- $10 on stamp before we break under the short-term bottom, but good call on the most recent move down. it's hard to make intraday calls better than chance, and so my focus is usually on risk management, and while i did take a small loss i quickly recouped it and more with a slight re-arrangement of my position as well

--arepo

Haha, we don't talk about the same thing, I guess. I don't consider the low-900s to high-800s shift to be the short term drop I expected yet. Below 850, into the 700s maybe, is what I am (tentatively) expecting for the coming 24h to 48h. I can't trade the smaller swings or slippage eats my profits.

[Walsoraj]

More about overstock! Going to make an account there... just in case 

http://www.wired.com/business/2014/01/overstock-bitcoin-live/

Major retailers intend to convert to fiat on the fly. Purchasing items is equivalent to selling on an exchange. The price will drop without sufficient new fiat flowing into the exchanges.

[niothor]

That almost makes me a little more bearish.

Contrary to your assumptions, I am flexible on these matters too.

I don't know, just surprised because of your recent post that made me think you would wait for years if necessary.

I applaud anyone who doesn't succumb to the highs from bitcrack.

By the way, Emptygox is now the world's third largest exchange if we exclude the fake/0% volume Huobi, and this is even including all their non-USD currencies http://bitcoinity.org/markets/list?currency=ALL&span=7d

Blitz, you're a smart guy, stop with the '0% fee exchange volume is fake volume' canard. Discount the volume by some, sure. But it's not as if 0% trading is without any risk, and therefore done at a whim. It's just, well, cheaper, so volume is relatively higher and needs to be normalized to be compared to non-0% fee exchanges.

The first time I looked at houbi , I saw they had only 400 BTC on the order book and they were doing more volume than gox , that's when I started to think that everything from China might be fake.

[N12]

More about overstock! Going to make an account there... just in case 

http://www.wired.com/business/2014/01/overstock-bitcoin-live/

Major retailers intend to convert to fiat on the fly. Purchasing items is equivalent to selling on an exchange. The price will drop without sufficient new fiat flowing into the exchanges.

Pretty much. DeathAndTaxes has made a convincing case as to how an increase in Bitcoin's velocity would reduce its value (ceteris paribus). I agree with him.

Bitcoin liquidity, and people actually using it as a currency is really a bad thing for inflated values. Consider what happened after the largest Bitcoin commerce activity to date, Silk Road, was taken out of the picture.

If we want to go to da moon, we need to be useless like Gold, not useful like PayPal.

[Nightowlace]

Bitcoin payments are live on Overstock.com

[RandyMagnum]

And as of this moment, you can buy on Overstock with Bitcoin.

[joburgtaxi]

Was going to trade a down movement but have pulled my order, the support is too strong.

[windjc]

Don't like the looks of it, and I don't see that changing very soon. Ergo: (relatively small) re-arrangement of my position complete. Just to let you know, arepo

the outcome is still fuzzy short-term, but it doesn't look good for the coming week, that's for sure. i'm still expecting a bearish formation up to $875 +/- $10 on stamp before we break under the short-term bottom, but good call on the most recent move down. it's hard to make intraday calls better than chance, and so my focus is usually on risk management, and while i did take a small loss i quickly recouped it and more with a slight re-arrangement of my position as well

--arepo

Haha, we don't talk about the same thing, I guess. I don't consider the low-900s to high-800s shift to be the short term drop I expected yet. Below 850, into the 700s maybe, is what I am (tentatively) expecting for the coming 24h to 48h. I can't trade the smaller swings or slippage eats my profits.

There is some support in these levels that is fighting back, but this is as bearish as the 12hr charts have looked since the last capitulation. The markets are hanging onto a thread with Friday and Saturday looming. The support would have to hold out for at least 48 hours before I might reconsider the charts.

[N12]

Indeed. Weekend is coming.

[seldon]

Don't like the looks of it, and I don't see that changing very soon. Ergo: (relatively small) re-arrangement of my position complete. Just to let you know, arepo

the outcome is still fuzzy short-term, but it doesn't look good for the coming week, that's for sure. i'm still expecting a bearish formation up to $875 +/- $10 on stamp before we break under the short-term bottom, but good call on the most recent move down. it's hard to make intraday calls better than chance, and so my focus is usually on risk management, and while i did take a small loss i quickly recouped it and more with a slight re-arrangement of my position as well

--arepo

Haha, we don't talk about the same thing, I guess. I don't consider the low-900s to high-800s shift to be the short term drop I expected yet. Below 850, into the 700s maybe, is what I am (tentatively) expecting for the coming 24h to 48h. I can't trade the smaller swings or slippage eats my profits.

There is some support in these levels that is fighting back, but this is as bearish as the 12hr charts have looked since the last capitulation. The markets are hanging onto a thread with Friday and Saturday looming. The support would have to hold out for at least 48 hours before I might reconsider the charts.

Friday and Saturday have been good last weekend.. let's see how much the Overstock-news will affect price

[Mythul]

CHOOOOO-CHOOOOO: OVERSTOCK WENT LIVE !

[N12]

Choo choo, all the overstock coins will soon hit the market.

An overstock of coins.

[Adrian-x]

If your Bitcoins drop too much in value, you will have no purchasing power left to even buy bitcrack. If you can no longer get high on bitcrack, inevitably you will be forced to sell. Think about it.

Thus, as an emergency measure, I recommend selling your Bitcoins off for the "To The Moon" game on Humble Bundle.

I thought reading bitcointalk.org was bitcrack.

Just remember everyone only invested what they were prepared to lose, so a crash to single digits still allows one to get value out of the system. I am all bull for any value above $8 at the moment (would like some notice if we dip below $780 though)

[windjc]

More about overstock! Going to make an account there... just in case 

http://www.wired.com/business/2014/01/overstock-bitcoin-live/

Major retailers intend to convert to fiat on the fly. Purchasing items is equivalent to selling on an exchange. The price will drop without sufficient new fiat flowing into the exchanges.

Pretty much. DeathAndTaxes has made a convincing case as to how an increase in Bitcoin's velocity would reduce its value (ceteris paribus). I agree with him.

Bitcoin liquidity, and people actually using it as a currency is really a bad thing for inflated values. Consider what happened after the largest Bitcoin commerce activity to date, Silk Road, was taken out of the picture.

If we want to go to da moon, we need to be useless like Gold, not useful like PayPal.

Eventually the limited amount of bitcoin will supersede all these things. All the institutions that will want to hoard it. We'll be lucky enough to have enough to buy anything with. That last sentence was not exactly serious.

[adamstgBit]

CHOOOOO-CHOOOOO: OVERSTOCK WENT LIVE !

good now theres no need to sell bitcoin for fiat, you can buy the things you need directly  

[Richard Branson]

CHOOOOO-CHOOOOO: OVERSTOCK WENT LIVE !

That is not bullish. Overstock has nothing to do with bitcoin.
They simply use bitpay and accept fiat  

Bitpay sells the coins asap -» Selling pressure

[N12]

good now theres no need to sell bitcoin for fiat, you can buy the things you need directly  

You mean directly via a middleman (Bitpay) for another middleman (Bitcoin exchanges) for yet another middleman (banks)?