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

[aminorex]

I don't recall seeing an answer to my point about ... why is the price 500 USD if it is very likely to be 1,000,000 USD "soon".  Or...

There is a war between factions who want to dominate the world.  Price is a battlefield.

In order to go from zero to 1mm, it must first pass through 500. 

In order to go from zero to 1mm, it must overcome much fear and doubt.

[aminorex]

I don't recall seeing an answer to my point about ...  how important is the Chinese market for the price of Bitcoin.

Since the markets are disconnected by the onshore/offshore RMB barrier, it should be completely unimportant to the free market price.  Any coupling is a result of either leakage through this barrier or sentiment impact.  When sentiment impact ceases to be important, it may do so suddenly.

[N12]

Rather: the reason price is still up is because those who hold thousands of coins need other people to invest so that the price will go up. So they pay for ads and positive reviews, to keep spreading lies and hiding the uncomfortable facts.   

If I were a paid troll, I would deny it, no? Silly question...

Tell me where I have "spread fear" without backing it up with argument.

Meanwhile I can tell you right away one of the lies that marketeers keep spreading: that "bitcoins will be extremely valuable because there can be only 21 million of them".  The truth is that there can be an infinte number of cryptocoins, any brand of them is just as good for commerce as any other, and there is no reason to believe that bitcoin will be among the ones that will succeed if they do succeed.

I agree with you, and it is disgusting. The Bitcoin cultists of course will accuse anyone who does not share their opinion but is vocal about it to be some evil external paid shill.

And oh look, at least one false accusation debunked: https://twitter.com/JorgeStolfi/status/450033671022444544

[JorgeStolfi]

Altcoins are exactly that alts, and not many people in their right mind will say that bitcoin will remain king, but based on the money flowing in on the btc start-ups that alone speaks for itself.

But many of the BTC startups (like investment funds) depend on bitcoin succeeding as currency, while by themselves they will not help that goal, and may even hinder it.  They of course are putting lots of money into marketing bitcoin to the unwary.

Why 500 or 493.99 because the market dictates it. Perhaps because less than 7 months we we're below 100. Perhaps the market is terrified of China dropping the coins, perhaps cause to many sheeple bought on the last rally not full understanding...took me two years to realize the ramification of this invention.

Right, the market still does not give much probability to the million-dollar bitcoin, or even to the 5000$-within-a-year bitcoin.   Are the traders all paid trolls?  Were they all scared because of what I have been posting here? 

[fotosonics]

Rather: the reason price is still up is because those who hold thousands of coins need other people to invest so that the price will go up. So they pay for ads and positive reviews, to keep spreading lies and hiding the uncomfortable facts.  

If I were a paid troll, I would deny it, no? Silly question...

Tell me where I have "spread fear" without backing it up with argument.

Meanwhile I can tell you right away one of the lies that marketeers keep spreading: that "bitcoins will be extremely valuable because there can be only 21 million of them".  The truth is that there can be an infinte number of cryptocoins, any brand of them is just as good for commerce as any other, and there is no reason to believe that bitcoin will be among the ones that will succeed if they do succeed.

I agree with you, and it is disgusting. The Bitcoin cultists of course will accuse anyone who does not share their opinion but is vocal about it to be some evil external paid shill.

And oh look, at least one false accusation debunked: https://twitter.com/JorgeStolfi/status/450033671022444544

It's all too dangerous to speculate on something with no clear evidence... wait...

[fonzie]

It´s gettin real paranoid we have the 9/11 discussion in rpetilias TA thread, and some people in here
really believe that Jorge is a paid "troll"(probably J.P.Morgan). Unbelievable.
I think a small bull run would cure you all  
I won´t imagine the discussions in here when we drop to 100$
NWO and Lizards all over the place  

[octaft]

Why so defensive?? If you are a paid troll, are you allowed to deny it? I guess you would be. But your defensiveness makes it seem like you're more guilty.

If I were a paid troll, I would deny it, no? Silly question...

Tell me where I have "spread fear" without backing it up with argument.

Meanwhile I can tell you right away one of the lies that marketeers keep spreading: that "bitcoins will be extremely valuable because there can be only 21 million of them".  The truth is that there can be an infinte number of cryptocoins, any brand of them is just as good for commerce as any other, and there is no reason to believe that bitcoin will be among the ones that will succeed if they do succeed.

what a waste of a brain.

Thing is, its obvious that he is not as stupid as his points. Which is another big red flashing signal of why I think he might have ulterior motives for being here. Like payments.

So you bait him, antagonize him, call him names, then ask him why he gets so defensive? I have no idea if he is a paid troll, but I'm pretty sure you're an unpaid one.

[Pruden]

How sad that people that most probably, this being a Bitcoin forum, have their individuality in high regard, engage in groupthink, feeding back feelings of contempt for Jorge ending in the preposterous certainty that he is a paid troll.

[octaft]

How sad that people that most probably, this being a Bitcoin forum, have their individuality in high regard, engage in groupthink, feeding back feelings of contempt for Jorge ending in the preposterous certainty that he is a paid troll.

Fear.

[chessnut]

It´s gettin real paranoid we have the 9/11 discussion in rpetilias TA thread, and some people in here
really believe that Jorge is a paid "troll"(probably J.P.Morgan). Unbelievable.
I think a small bull run would cure you all  
I won´t imagine the discussions in here when we drop to 100$
NWO and Lizards all over the place  

LOL fonzie you are spot on. everyone is getting grumpy that bitcoin hasnt transformed their lives into a wonderland. I dont know what number the bottom is at, but I think it's close at hand.

[magicmexican]

stamp on the dump

[chessnut]

stamp on the dump

Have you let go mexican? I have.

this wedge is very risky.

[bitgeek]

How sad that people that most probably, this being a Bitcoin forum, have their individuality in high regard, engage in groupthink, feeding back feelings of contempt for Jorge ending in the preposterous certainty that he is a paid troll.

Fear.

[seleme]

stamp on the dump

Have you let go mexican? I have.

this wedge is very risky.

Cough, cough  

I've said you you'll change your mind in a day yesterday, that's what TA daily trading does to you  

[chessnut]

stamp on the dump

Have you let go mexican? I have.

this wedge is very risky.

Cough, cough  

oh seleme you joker.

 

im a day trader and it's been days since I opened long.

not to mention that i made a healthy profit.

[seleme]

stamp on the dump

Have you let go mexican? I have.

this wedge is very risky.

Cough, cough 

oh seleme you joker.

 

im a day trader and it's been days since I opened long.

It's been hours when you were seeing bears putting their pants down soon though 

[JorgeStolfi]

Since the markets are disconnected by the onshore/offshore RMB barrier, it should be completely unimportant to the free market price.

I posted once a simplified example of how arbitrage can work smoothly between the Chinese and Western markets without ever exchanging CNY x USD.  One needs  accounts on both exchanges (which any businessman with a foot on each country could get), or a society of two who agree to share the profits.

And it is a fact that all the markets are well-connected so that the prices are closely matched, except briefly when the price is swinging too fast, and with adjustment factors presumably due to fees or other reasons  I beieve that it is arbitrage, in fact, that eliminated the "free fall" crashes that used to be common months ago, and has turned them into slower "viscous" falls.

The unity of all the markets became notable when MtGOX severed both the money and the bitcoin channels with the rest of the world.  That is the sort of divergence we should see if China and the West were really disconnected.

[arepo]

stamp on the dump

Have you let go mexican? I have.

this wedge is very risky.

Cough, cough  

oh seleme you joker.

 

im a day trader and it's been days since I opened long.

not to mention that i made a healthy profit.

all he said is that you'd change your mind 

I am expecting a snap back none the less. the market hit a natural bottom after panic selling. this must take days to consolidate or reverse, and shorts are very vulnerable.

[magicmexican]

the whole weekend could probably go sideways


edit: green dildos on stamp

[aminorex]

Since the markets are disconnected by the onshore/offshore RMB barrier, it should be completely unimportant to the free market price.

And it is a fact that all the markets are well-connected so that the prices are closely matched, except briefly when the price is swinging too fast, and with adjustment factors presumably due to fees or other reasons  I beieve that it is arbitrage, in fact, that eliminated the "free fall" crashes that used to be common months ago, and has turned them into slower "viscous" falls.

The unity of all the markets became notable when MtGOX severed both the money and the bitcoin channels with the rest of the world.  That is the sort of divergence we should see if China and the West were really disconnected.

I agree with you entirely, in fact.  My "should" was "should, in theory, according to the stated policies of the PRC government."  If their stated policies are not effective, I wonder how much impact their banking directives will have.