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

[traderCJ]

Cross post, because: brilliant.

Immediately converting bitcoin through a payment processor is not "accepting bitcoin." It is accepting fiat, both functionally and literally.

Newegg and Overstock are irrelevant.

You idiots.

Correct they accept fiat and allow bitcoin users to ay with their bitcoin. I think it is pretty awesome that they would completely adjust their accepted payment methods to include the bitcoin community.

You are a stupid person and have missed the point.

Awe cute. Instead of positing an intelligent response you just resort to name calling. I never knew you were still in middle school and had limited intelligence. This explains a lot.

What would be the point of an intelligent response when the first statement I made was so easy to understand?

You idiot.

As I stated in the other thread, your point is incorrect.  People converting USD -> BTC, transferring to retailer, then retailer converting BTC -> USD will result in a price increase when spread across an ever-increasing user-base.  Use of a currency forces its price to increase.  Basic economics.

[notme]

Cross post, because: brilliant.

Immediately converting bitcoin through a payment processor is not "accepting bitcoin." It is accepting fiat, both functionally and literally.

Newegg and Overstock are irrelevant.

You idiots.

Correct they accept fiat and allow bitcoin users to ay with their bitcoin. I think it is pretty awesome that they would completely adjust their accepted payment methods to include the bitcoin community.

You are a stupid person and have missed the point.

Awe cute. Instead of positing an intelligent response you just resort to name calling. I never knew you were still in middle school and had limited intelligence. This explains a lot.

What would be the point of an intelligent response when the first statement I made was so easy to understand?

You idiot.

As I stated in the other thread, your point is incorrect.  People converting USD -> BTC, transferring to retailer, then retailer converting BTC -> USD will result in a price increase when spread across an ever-increasing user-base.  Use of a currency forces its price to increase.  Basic economics.

Unless there are early adopters sitting on millions in profits waiting for places to spend them.

[Nightowlace]

houbi just needs to go bi bi already

overstock taking us to the moon on monday as soon as funds arrive

Agreed.  If Huobi goes bi bi, what will the price stabilize at in the short term?

According to most experts: $10.

So thankful for the ignore button on this forum.

[JorgeStolfi]

More bad press from China. (Note at bottom says it was published in a Chinese newspaper, doesn't say when):
http://www.scmp.com/comment/insight-opinion/article/1404497/bitcoin-bubble-wont-last-without-beijings-approval

[traderCJ]

Cross post, because: brilliant.

Immediately converting bitcoin through a payment processor is not "accepting bitcoin." It is accepting fiat, both functionally and literally.

Newegg and Overstock are irrelevant.

You idiots.

Correct they accept fiat and allow bitcoin users to ay with their bitcoin. I think it is pretty awesome that they would completely adjust their accepted payment methods to include the bitcoin community.

You are a stupid person and have missed the point.

Awe cute. Instead of positing an intelligent response you just resort to name calling. I never knew you were still in middle school and had limited intelligence. This explains a lot.

What would be the point of an intelligent response when the first statement I made was so easy to understand?

You idiot.

As I stated in the other thread, your point is incorrect.  People converting USD -> BTC, transferring to retailer, then retailer converting BTC -> USD will result in a price increase when spread across an ever-increasing user-base.  Use of a currency forces its price to increase.  Basic economics.

Unless there are early adopters sitting on millions in profits waiting for places to spend them.

True.

[MAbtc]

More bad press from China. (Note at bottom says it was published in a Chinese newspaper, doesn't say when):
http://www.scmp.com/comment/insight-opinion/article/1404497/bitcoin-bubble-wont-last-without-beijings-approval

It was posted an hour ago. But this is just the word of an economist. We'll see how it plays out.

[traderCJ]

More bad press from China. (Note at bottom says it was published in a Chinese newspaper, doesn't say when):
http://www.scmp.com/comment/insight-opinion/article/1404497/bitcoin-bubble-wont-last-without-beijings-approval

A quote from TFA.  Actually the first line of his article:

Bitcoin is a Ponzi scheme masquerading as a futuristic currency.

If this guy turns out to be right about XBT collapsing, he was right for the wrong reasons.  It's not a goddamned Ponzi scheme.

[gentlemand]

like the several hundred articles we get from the western press every single week.

[JorgeStolfi]

like the several hundred articles we get from the western press every single week.

The point is that the Chinese press is insisting on the Ponzi aspect.  If that is the government position, Bitcoin trading may become illegal in China.

(Bitcoin may have good intentions, but trading it is a zero-sum game, whether it blooms or collapses.  One man's proft is necessarily another man's loss.)

[notme]

like the several hundred articles we get from the western press every single week.

The point is that the Chinese press is insisting on the Ponzi aspect.  If that is the government position, Bitcoin trading may become illegal in China.

(Bitcoin may have good intentions, but trading it is a zero-sum game, whether it blooms or collapses.  One man's proft is necessarily another man's loss.)

Except bitcoin is not only useful for currency exchange, it can also be used to trade for goods and services.  For this use, it is faster and cheaper to transact in than credit/debit cards.

[Tyson95]

I wish these companies accepting bitcoin would give customers a percentage off when using bitcoin. They are saving fees from their regular payment processors and paypal etc, so why not pass some savings to the customer. Then there would not be this talk of these companies not having a positive impact on bitcoin. I know they are essentially spreading the word, but has anyone bought bitcoin for the first time just to buy from these companies that accept bitcoin?

This is a key reason to buy the rumor, sell the news. You never know how short the peak will be once news like this is out.

Pretty sure they are paying fees to bitpay or similar.

[hyphymikey]

I wish these companies accepting bitcoin would give customers a percentage off when using bitcoin. They are saving fees from their regular payment processors and paypal etc, so why not pass some savings to the customer. Then there would not be this talk of these companies not having a positive impact on bitcoin. I know they are essentially spreading the word, but has anyone bought bitcoin for the first time just to buy from these companies that accept bitcoin?

This is a key reason to buy the rumor, sell the news. You never know how short the peak will be once news like this is out, as we have seen.

[Richy_T]

Sorry for the off-topic, but does anyone know a good/cheap/safe way to transfer credit card money to regular bank account money (US)?  Or to bitcoins?  Trying to help out a friend.

Square or Paypal. They'll take a fee though.

[Starbound]

Has anyone figured out why the price goes up on Friday afternoons and Saturdays and goes down on Sundays?

[ChartBuddy]

Explanation

[Sitarow]

Has anyone figured out why the price goes up on Friday afternoons and Saturdays and goes down on Sundays?

Normal Markets close and those who are addicted to day trading have turned to bitcoin and crypto.

[virtualfaqs]

I wish these companies accepting bitcoin would give customers a percentage off when using bitcoin. They are saving fees from their regular payment processors and paypal etc, so why not pass some savings to the customer. Then there would not be this talk of these companies not having a positive impact on bitcoin. I know they are essentially spreading the word, but has anyone bought bitcoin for the first time just to buy from these companies that accept bitcoin?

This is a key reason to buy the rumor, sell the news. You never know how short the peak will be once news like this is out, as we have seen.

Price would have skyrocketed if there was a link on the homepage to accepting BTC with info about it. Then purchasing your first BTC at coinbase with commission to overstock for sales.

[TERA]

The orderbooks at gox and stamp have morphed drastically since the huobi incident. They look like the age of Karhu now.

[The Bitcoin Foundation]

BTC-E getting ddos'ed

[Richy_T]

velocity of money (number of times each unit turns over on average during the period in question)

Doesn't this equation assume that all payments are made by exchanging the actual currency (banknotes in the case of dollars, blockchain transaction for BTC)?

How does one define V when most dollar payments are made by moving numbers from one bank ledger to another?  Wouldn't the same issue arise with BTC?

(Sorry for the stupid question, but when BTC are traded at an exchange, is each transaction immediately realized on the blockchain, or are transactions tracked in internal accounts, to be combined and realized at a later time?)

V can be read from the blockchain.

Er, sorry again, what is V now for bitcoins? How is it expected to change as PQ increases?

It's important to remember that money is just tokens as a claim on resources. Though it is more rightly viewed as just a commodity.

Either way, the map is not the territory. It's very easy with economics to view one small part of economic activity and generalize it the the whole when that simply doesn't work well. Money doesn't just go from A to B, it has meaning and what goes from B to A and what A does with it is much more important. This is why government can't just spend a bunch of money and magic us out of a recession.