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

[dnaleor]

I have a feeling that this move will break the downtrend triangle in the next week. Go bitcoin!

[aminorex]

I have a feeling that this move will break the downtrend triangle in the next week. Go bitcoin!

that's one certainty about triangles and pennants:  they always break

[podyx]

I have a feeling that this move will break the downtrend triangle in the next week. Go bitcoin!

that's one certainty about triangles and pennants:  they always break

always??

[aminorex]

March 24 (Bloomberg) -- Tera Group Inc. created a framework for buying and selling swaps linked to Bitcoin that would let investors hedge risk from trading the digital currency.
The firm announced today that it drafted a bilateral agreement that provides a legal template for trading Bitcoin swaps. Tera Group, based in Summit, New Jersey, is seeking clearance from the U.S. Commodity Futures Trading Commission so it can begin trading Bitcoin contracts on its swap-execution facility. Tera Group also said it’s handling a multimillion-dollar swap between two American institutions.
“We as a company are trying to bring some structure and some protocol to help the Bitcoin community,” Leonard Nuara, the president of Tera, said during a phone interview today. “It provides a tool for a natural hedge to get relief from the price changes in Bitcoin.”

...

The CFTC is looking into whether Bitcoin and other virtual currencies meet the definition of a commodity under CFTC rules against manipulation, Mark Wetjen, acting CFTC chairman, said March 11 at a news conference in Boca Raton, Florida, after a speech at a Futures Industry Association meeting.
“The analysis hasn’t concluded, but I think people believe there is a pretty good argument that it would fit that definition, or there are at least arguments that it would,” he said. The agency is also looking at platforms that are seeking to offer derivatives tied to virtual currencies, he said.

[manfred]

Have the bears a terrible hangover?

[octaft]

yes but bears exist everywhere else, gloating in the MSM everytime bitcoin has a bad day. We are the ones on the fringe who are trying to change the status quo. This is our domain. The bitcoin forum. People here who like to see bitcoin fail (in so much as the price falling) are truly bringing any criticism/gloating upon themselves.

Why do you equate bitcoin price with it failing in any way? The idea and technology are amazing even if bitcoin is only worth $50.

[aminorex]

I have a feeling that this move will break the downtrend triangle in the next week. Go bitcoin!

that's one certainty about triangles and pennants:  they always break

always??

I suppose at some point the universe will dissolve in fire, and there may be some triangles and pennants outstanding which don't get a chance to break.  

[podyx]

Have the bears a terrible hangover?

 

[GameStarter]

should not feelling good to be out now.

[ejinte]

should not feelling good to be out now.

damn good point.

[JorgeStolfi]

Well, we are finally getting our bounce.

My impression is that this recovery is driven by the non-Chinese exchanges (did that robot seller stop dumping on Bitstamp?).  It is being taken to China by arbitrage, with no resistance since it is 2am there.  If that is correct, the price may contuinue rising for another 3-4 hours; then we'll see...

[GaliX]

I guess several people going to join Kraken now.
It was about time.

[KFR]

I guess several people going to join Kraken now.
It was about time.

Quite so.  Great service IMHO.

[tarmi]

dat bounce.

[KeyserSoze]

I just rubbed it in my local grocer's face that I no longer consider myself a lifetime Gold member of their establishment because Walmart gift cards are now available at Gyft.com. OK, it wasn't exactly the local grocer's face but rather to the unread contact form responses which go to some minimum wage corporate kid, but I still feel better after they ignored my request to add Bitcoin. So, now! Up your nose with a rubber hose!

[ChartBuddy]

Explanation

[Peter R]

Interesting discovery we just made in Risto's thread: price action seems to grow with (proxies for) the square of the number of users, as per Metcalfe's law.

Here is the square of the number of TXs per day (excluding popular addresses) overlaying the price history and shown on a log scale.  I've shifted the N²_TX curve for easier comparisons.  Indeed, Metcalfe's law appears to hold (the two curves tend to have the same slope on the log curve at any given point in time).    

[Walsoraj]

Interesting discovery we just made in Risto's thread: price action seems to grow with (proxies for) the square of the number of users, as per Metcalfe's law.

Here is the square of the number of TXs per day (excluding popular addresses) overlaying the price history and shown on a log scale.  I've shifted the N²_TX curve for easier comparisons.  Indeed, Metcalfe's law appears to hold (the two curves tend to have the same slope on the log curve at any given point in time).    

Useless chart without dinosaurs. I'm not sold yet.

[ChrisML]

>>>> $600 train, ALL ABOARD!

[KeyserSoze]

....as per Metcalfe's law.

Useless chart without dinosaurs. I'm not sold yet.

Metcalfe was born in 1946. He *is* a dinosaur. Note that I am a dinosaur as well, so I have nothing against them except we smell a bit swampy.