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

[PoolMinor]

Anyone going to order KNCMiner scrypt ASIC?

I think I might do one or two. 100 MH/s for 10k$ looks good.

Depends on the time frame of the release. I figured roughly 120 days from today LTC difficulty might be ~20,000, this gives around 150 LTC per month; ROI=120-150 days.

No exact time of delivery yet. Q2/Q3.

I doubt most of other scrypt ASICs will deliver on time, that rarely happens.

Not that Gridseed's devices compare in output, but I thought these were already available.

[Richy_T]

So LTC is just a pump and dump coin like every other alt coin as it looks like.

Wasn't the ASIC just released. Ironically that defeats one of the major things that was supposed to differentiate ltc from btc

how is this ironic, asics can be developed this is the stupiest argument I evere read about any crypto saying that ezo,gjprizgjnzrgzeg

What argument?

One of the major things about LTC was supposed to be that it could only be mined on GPUs and thus kept in the realm of the common man. ASICs mean it's more of a Bitcoin wannabe.

[FTWbitcoinFTW]

http://www.businessweek.com/news/2014-03-19/gambling-website-s-bitcoin-denominated-stock-draws-sec-inquiry

[Richy_T]

THIS is the proof I'm right and that you are all like people mocking bitcoin in 2011. This is really funny =D

[Richy_T]

https://yourlogicalfallacyis.com/bandwagon

Your logical fallacy is assuming we're trying to make some kind of logical argument.

[mah87]

https://yourlogicalfallacyis.com/bandwagon

Your logical fallacy is assuming we're trying to make some kind of logical argument.

are you suggesting that all those attacks against any opinion which moderates the importance of bitcoin may be worng ?

[seleme]

Anyone going to order KNCMiner scrypt ASIC?

I think I might do one or two. 100 MH/s for 10k$ looks good.

Depends on the time frame of the release. I figured roughly 120 days from today LTC difficulty might be ~20,000, this gives around 150 LTC per month; ROI=120-150 days.

No exact time of delivery yet. Q2/Q3.

I doubt most of other scrypt ASICs will deliver on time, that rarely happens.

Not that Gridseed's devices compare in output, but I thought these were already available.

I can't bother with those, need to buy truck of them

[billyjoeallen]

http://www.zerohedge.com/news/2014-03-19/chinese-yuan-collapsing

Two ways to look at this:

1) Broke Chinese aren't going to buy shit OR
2) with a crashing RMB, BTC could be a better store of value.

[chessnut]

http://www.zerohedge.com/news/2014-03-19/chinese-yuan-collapsing

Two ways to look at this:

1) Broke Chinese aren't going to buy shit OR
2) with a crashing RMB, BTC could be a better store of value.

is the yuan crashing or is the USD deflating?

this is consistent with the coming of the US stock market crash.

[KeyserSoze]

+9

+X

good call... we need to go to Roman numerals to conserve space.

[billyjoeallen]

http://www.wired.com/opinion/2014/02/silicon-valley-backlash/

Works for me.

So what if people stop providing free content to Youtube and Facebook? What does that have to do with Bitcoin? People use plastics and oil more than ever. The commoditization of Bitcoin is not a danger because it was designed as a commodity. Bitcoin adoption should be driven by utility more than fashion.

[JayJuanGee]

+9

+X

good call... we need to go to Roman numerals to conserve space.

Let's save more and go binary

I'll start.

0

1

[aminorex]

Total trade ... was ~179 kBTC.  ...China's slice ... is 90%.

Given the isolated nature of the on-shore RMB market, I would be inclined to simply drop it from volume numbers.  If you could measure the fiat in-/out- flows, it would be informative, at least as a measure of sentiment in China, but what actual informative value does a costless swap between traders in a captive arena convey?  Call me unimaginative in this case, if you will, but I see none.

Yes, bitcoin volumes are very low relative to the recent manic and crash periods.  This is clearly good information.  It means that liquidity is poor on the exchanges.  This should not be surprising.  After the collapse of what was once the flagship exchange, hoi polloi are cautious and hesitant about using exchanges.  Much volume has moved off-exchange. New adopters with whom I have spoken recently purchased their coins via local transactions.  Certainly BIT has systematically sought to secure off-exchange supplies.  Hedge funds are purchasing subscriptions with miners now -- I have personal knowledge of such cases -- in part, in order to avoid exchanges.

To capture actual volumes of exchange one must go off-exchange, at this point.  Those numbers are more difficult to collect, but they remain transparent in the blockchain, if you can identify the corresponding transactions.

[byronbb]

+9

+X

good call... we need to go to Roman numerals to conserve space.

Let's save more and go binary

I'll start.

0

1

How the hell does binary save space?

[billyjoeallen]

http://www.zerohedge.com/news/2014-03-19/chinese-yuan-collapsing

Two ways to look at this:

1) Broke Chinese aren't going to buy shit OR
2) with a crashing RMB, BTC could be a better store of value.

is the yuan crashing or is the USD deflating?

this is consistent with the coming of the US stock market crash.

It all depends on your perspective. Do you mean monetary contraction due to loans being paid off/written off? The answer is...compared to what? http://www.zerohedge.com/news/2014-03-19/beef-prices-surge-most-decade-food-inflation-soars

The Fed may be tapering, but they are still at zero interest rates and quantitatively easing. It would be more accurate to say that the dollar is losing value at a slower rate than the Yuan.

[aminorex]

http://www.zerohedge.com/news/2014-03-19/chinese-yuan-collapsing

Two ways to look at this:

1) Broke Chinese aren't going to buy shit OR
2) with a crashing RMB, BTC could be a better store of value.

Hypothetically, if RMB drops faster than BTC, then BTC is going up, from the PRC perspective -- a bullish situation.

Actually RMB drops excruciatingly slowly, so no "wealth effect" is bandwagon-ing BTCCNY just yet.  However, in the longer term it is likely to occur.

[aminorex]

One of the major things about LTC was supposed to be that it could only be mined on GPUs and thus kept in the realm of the common man. ASICs mean it's more of a Bitcoin wannabe.

I daresay most scrypt miners are switch-mining and banking in BTC.   That devalues all other coins relative to BTC.  I will not sing sad songs over this.  It is just one more source of persistent, continual demand for BTC.

[Remember remember the 5th of November]

Yay...err, no. I can see we're heading for under 600. FML, I bought at 670.

[Peter R]

http://www.wired.com/opinion/2014/02/silicon-valley-backlash/

Works for me.

Interesting article, and more evidence of a trend I've noticed: the media is beginning to paint a picture of a bipolar aristocracy:bankers vs tech innovators.  The bankers are a known quantify while tech innovators may be disruptive to the powers that be.    

I think the "opt-out" meme promoted by Balaji Srinivasan is very powerful and has ruffled some feathers.  It forces a rethinking of our shared mythology: do we need state-controlled money (why not bitcoin)?, how much meaning do those imaginary lines only visible on a map have (Crimea)?

[billyjoeallen]

http://www.zerohedge.com/news/2014-03-19/chinese-yuan-collapsing

Two ways to look at this:

1) Broke Chinese aren't going to buy shit OR
2) with a crashing RMB, BTC could be a better store of value.

Hypothetically, if RMB drops faster than BTC, then BTC is going up, from the PRC perspective -- a bullish situation.

Actually RMB drops excruciatingly slowly, so no "wealth effect" is bandwagon-ing BTCCNY just yet.  However, in the longer term it is likely to occur.

The PRC has an interest as a net exporter to maintain a weak currency. It will play hell with the Chinese importers of natural resources, however. We are possibly witnessing a collapse of their shadow banking industry which is leading to a scramble for liquidity. http://www.zerohedge.com/news/2014-03-19/music-just-ended-wealthy-chinese-are-liquidating-offshore-luxury-homes-scramble-cashThis could trigger a BTC sell off.

Longer term, if the ChiComs take a page out of the Bernanke playbook when we had the Lehman Brothers collapse in the U.S., it could lead to  the next great bull market as the world engages in yet another round of competitive currency debasement.