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

[edwardspitz]

比特币 = bǐtè bì = "bitcoin"

I remain very skeptical of the Chinese language's long term success.

i lol´d hard.

They seem to be far behind also with eating technology. I once bought, made in china, a fork-sppon-knife set that was solidly grommeted together by the handles.

How would one hodl such a device?

:-) I guess you would use both hands and then realize you have been trapped. Then all you can do is hodl tightly and hope it will eventually break. While you wait you will have time to regret your purchase.

I'm sorry that was just plain silly.

[JayJuanGee]

Yes.  I understand humour. 

I'm sure you understand the concept, whether you have one...I'd say the jury's out given current evidence.

I'm getting the sense that you are quite insightful in your determinations about what is funny, how much so.... and other matters of such importance.

[roslinpl]

This is a chart from one of the polish exchanges.
According to this I am very optimistic to see what is going to be in next week or two. Because it looks like a bottom and it's near to bounce from it

[Richy_T]

The last two years, BitStamp have never fallen below 3 months low. I don't think that will happen in the next two years either. 2014 will be a great year for Bitcoin.

Bold added  

I made it lime green.

[Erdogan]

I've seen it mentioned, but perhaps it is the reason as to why some exchanges ie Kraken have started to supply proof of reserves, trying to calm the world down.

These are some real green shoots of recovery after you let big companies fail, instead of bailing them out as is the norm today. What is happening is that people, shocked, and sobered by this fiasco, start to demand things like proof of reserves and transparent exchanges. Companies trying to claim market share (there should be lots of it up for grabs with Gox gone) are stepping forward to meet the new demand. The whole Bitcoin ecosystem is growing more robust as a direct consequence.

I am happy with this development and feel like it validates my initial intuition I had after the final Goxing, when I felt that this is going to help Bitcoin in the long run a lot!

I totally agree. In stead of taking responsibility, and letting the market adapt, nowadays people just turn to the masters for relief, in turn forcing those who otherwise could manage themselves to do the same. What in economy is called "moral hazard".

Hopefully, this will show that over-regulation is counter-productive.

[Erdogan]

比特币 = bǐtè bì = "bitcoin"

I remain very skeptical of the Chinese language's long term success.

i lol´d hard.

They seem to be far behind also with eating technology. I once bought, made in china, a fork-sppon-knife set that was solidly grommeted together by the handles.

How would one hodl such a device?

:-) I guess you would use both hands and then realize you have been trapped. Then all you can do is hodl tightly and hope it will eventually break. While you wait you will have time to regret your purchase.

I'm sorry that was just plain silly.

I suppose one could eat in slow mode.

[ChartBuddy]

Explanation

[keithers]

I think that we are really starting to see adoption on a grand scale.   Obviously we have a long ways to go, but I don't think the price yet reflects this last large wave of companies starting to accept bitcoin.   Everyday you jump on the internet, you see a new company starting to accept bitcoin.   It is simple logic that as more companies accept it, the more people will need bitcoin.   

[bitgeek]

I think that we are really starting to see adoption on a grand scale.   Obviously we have a long ways to go, but I don't think the price yet reflects this last large wave of companies starting to accept bitcoin.   Everyday you jump on the internet, you see a new company starting to accept bitcoin.   It is simple logic that as more companies accept it, the more people will need bitcoin.  

These good news were mitigated by the whole gox crysis. People were waiting for the price to rebound after the December's correction and it briefly did in January, they started buying just to find themselves trapped by Gox.

[BRADLEYPLOOF]

I think that we are really starting to see adoption on a grand scale.   Obviously we have a long ways to go, but I don't think the price yet reflects this last large wave of companies starting to accept bitcoin.   Everyday you jump on the internet, you see a new company starting to accept bitcoin.   It is simple logic that as more companies accept it, the more people will need bitcoin.   

The problem we're having in reality is that we're working on a bottom up approach where consumers have the desire to spend BTC, but companies need to accept it.  Then those companies just turn it into fiat, rather then being able to use it to buy things like power, food, materials, etc.  There needs to be some startups that accept BTC and use BTC to pay for their needs as well.  If only we could get some power companies to accept it as payment, then have those companies pay their employees with it and buy upgrades and such.  Silly economic workings...

[barbs]

There's also the problem of the unknown effects of MTGOX's black hole.. I lost a lot of money which I can't put back into the real BTC system, and plenty of others did too... MTGox also lead a price increase at many points in the run up to 1000++... the price now is it real? It's beign supported by an order book with 12 million dollars assuming the next leading exchange is bitstamp? MTgox's Fake or Real orderbook showed a much higher bid sum.. now the leading exchange's bid sum is equivalent to a few houses in a nice neighborhood... for a worldwide currency

I don't know what's going to happen but the majority of me is convinced the markets have not yet adjusted to the MTGox demise and no one really knows what the price should be of BTC at this moment of time.  Crisis of confidence in exchanges is still prevalant.  BTC as a protocol is still sound but 10 -> 100$ was a big jump in 2013... 10$ -> 1240$... even down to 500$ levels I'm not sure we're at the real BTC price.

Gox really screwed this whole thing up

[JayJuanGee]

There's also the problem of the unknown effects of MTGOX's black hole.. I lost a lot of money which I can't put back into the real BTC system, and plenty of others did too... MTGox also lead a price increase at many points in the run up to 1000++... the price now is it real? It's beign supported by an order book with 12 million dollars assuming the next leading exchange is bitstamp? MTgox's Fake or Real orderbook showed a much higher bid sum.. now the leading exchange's bid sum is equivalent to a few houses in a nice neighborhood... for a worldwide currency

I don't know what's going to happen but the majority of me is convinced the markets have not yet adjusted to the MTGox demise and no one really knows what the price should be of BTC at this moment of time.  Crisis of confidence in exchanges is still prevalant.  BTC as a protocol is still sound but 10 -> 100$ was a big jump in 2013... 10$ -> 1240$... even down to 500$ levels I'm not sure we're at the real BTC price.

Gox really screwed this whole thing up

I thought that massive Chinese speculation and zero fees trading in China caused the quick movement up to $1240?  then uncertainties with the future of China's participation in BTC and also maybe Gox's failures deflated some of that speculation hype...

[JorgeStolfi]

I think that we are really starting to see adoption on a grand scale.   [ ... ] large wave of companies starting to accept bitcoin.   Everyday you jump on the internet, you see a new company starting to accept bitcoin.   It is simple logic that as more companies accept it, the more people will need bitcoin.   

People investing in something should try to have a realistic and accurate picture of its value, market etc.  Focusing only on positve side of news is not good for businesses.

I have seen a few anecdotes about companies starting to accepting payment in USD through BitPay, mostly from customers who already own bitcoins.  And BitPay's CEO said that they do not keep bitcoins themselves; they sell them as soon as they get them.

There seems to be no statistics on

   (a) how many stores really accept payment in Bitcoin, rather than USD through BitPay-like services.  (Many retailers work with rather tight
   profit margins; I don't see how they could post prices in BTC with the current volatility of the latter.)

  (b) how many people buy bitcoin for the purpose of paying for goods and services (as opposed to speculating, giving gifts, etc.), and how
  many dollars that amounts to.

  (c) how many stores have stopped accepting payment in bitcoins (directly or through BitPay-like services).

Overstock once or twice posted how much they sold through bitcoin.  Were there any updates?

I suppose that BitPay publishes some data regularly on their volume.

[Ivanhoe]

Good to see i'm not the only one starting to feel bullish when reading this thread. The sun is shining, summer is coming. Bitcoin u may rise now please.  

[smiley123]

I think that we are really starting to see adoption on a grand scale.   Obviously we have a long ways to go, but I don't think the price yet reflects this last large wave of companies starting to accept bitcoin.   Everyday you jump on the internet, you see a new company starting to accept bitcoin.   It is simple logic that as more companies accept it, the more people will need bitcoin.   

The problem we're having in reality is that we're working on a bottom up approach where consumers have the desire to spend BTC, but companies need to accept it.  Then those companies just turn it into fiat, rather then being able to use it to buy things like power, food, materials, etc.  There needs to be some startups that accept BTC and use BTC to pay for their needs as well.  If only we could get some power companies to accept it as payment, then have those companies pay their employees with it and buy upgrades and such.  Silly economic workings...

Ya, there's kind of a which came first, the chicken or the egg.  To get more adoption we need the price to go up, but for the price to go up we need more adoption.

[cbutters]

In other chinese news... huobi racing to break the long term trend line :O

http://pbrd.co/1dnkBrH

[droptable]

Ya, there's kind of a which came first, the chicken or the egg.  To get more adoption we need the price to go up, but for the price to go up we need more adoption.

The Chicken.
(always the chicken)

The mutation happened during the "reception" of the animal (the first "chicken"), a animal that happened to lay eggs.
not-chicken-DNS + not chicken-DNS + randomized mutation-> chicken  ---> first egg.

Please do not use "chicken and egg", because it can easily be answered.

[Tyson95]

Any predictions what will happen if this is true?
https://twitter.com/CanarslanEren/status/448418452701974528

[arepo]

Ya, there's kind of a which came first, the chicken or the egg.  To get more adoption we need the price to go up, but for the price to go up we need more adoption.

The Chicken.
(always the chicken)

The mutation happened during the "reception" of the animal (the first "chicken"), a animal that happened to lay eggs.
not-chicken-DNS + not chicken-DNS + randomized mutation-> chicken  ---> first egg.

Please do not use "chicken and egg", because it can easily be answered.

OT, but it's not that easy

the egg came first if we're talking any old egg. there were plenty of egg-laying creatures long before there were ever any birds at all! if we're discussing chicken vs chicken-egg, we still run into a problem: is a chicken-egg an egg laid by a chicken, or an egg that contains a chicken? many are familiar with the evolutionary story of something not-chicken laying an egg that contains a chicken. but you seem to take for granted that a chicken egg must be laid by a chicken. the egg that contained the chicken does not count as the egg that preceded the chicken?

also, don't tell people not to use idiomatic phrases because they're not scientifically accurate that's not how language works at all.

[cbutters]

Ya, there's kind of a which came first, the chicken or the egg.  To get more adoption we need the price to go up, but for the price to go up we need more adoption.

The Chicken.
(always the chicken)

The mutation happened during the "reception" of the animal (the first "chicken"), a animal that happened to lay eggs.
not-chicken-DNS + not chicken-DNS + randomized mutation-> chicken  ---> first egg.

Please do not use "chicken and egg", because it can easily be answered.

Can it be answered so easily?
You are using mutation as a the source for your claim, so you are talking evolution here. Are you saying that the ancestors of chickens (aka dinosaurs) did not lay eggs?
Obviously The mutation that produced what we now know as "chicken" got here in the form of a creater born inside an egg of a chicken precursor.