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

[tailor]

... but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

BTC? It is not that store. 

Look at how easily the value is "stolen" by bad news, or poorly managed exchanges collapsing, or arbitrary rules put in place by government, exchanges, banks, etc.  BTC needs a far more established and reliable support infrastructure before it's considered a safe store of value by the general public. For now BTC is known within a relatively small community, and is understood to be a gamble by most within it.

[1715403700]

1715403700

[JorgeStolfi]

Folks have probably noticed this, but at this moment the price seems to be back to the exponential trend that it was following from Jan/19 to Jan/31 and from Feb/07 to Mar/03:


(Huobi, 1d, log scale)

The bump from Jan/31 to Feb/07 corresponds exactyly to the Chinese New Year bank holidays.

I don't recall if a good explanation was found for the jump on Mar/03.  There was an "important announcement on Bloomberg" that may have triggered a big buy on Bitstamp. The "sheep" followed, and forgot to come down again when the announcement turned out to be a flop --  is that it?

[JorgeStolfi]

- And oddly enough, they end the article with "Even if the world is barren, there will still be those who are believer". Maybe a reference to bitcoin itself?

Saint Google to the rescue:
100 Most Attractive Male Characters in Chinese Internet Novels – Part 2
http://hui3r.wordpress.com/2013/08/04/100-most-attractive-male-characters-in-chinese-internet-novels-part-2/

EDIT: the relevant item is

46. Xǔ Zhì Jūn/Lín Yì Zhōu from novel: Stars in the Deep Sea (深海里的星星)
“Even if the world is barren, there will still be someone who believes in you.”

[Xell]

Also 50000 CNY is almost 6 grand in € which is not much to some of us western middle class spoiled people but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

It's not the Chinese working class who are buying BItcoin. Its the Chinese rich (maybe with questionable sources) who have much more money than the European middle class. Hence why the biggest property owners in cities like London are.... Chinese private investors. You're living in the dark ages. Chinese people have money and they want to burn it. Many have a LOT of money to burn.

See all the visa schemes aimed at Chinese, where they can buy a passport for places like Australia or Canada if they can spare maybe a few hundred thousand dollars? Yeh, they're over-run and Canada had to decline everyone because so many Chinese have that much cash sitting around. It's totally absurd to even mention the Chinese workers.

[GameStarter]

We are so close to Pump it

[boumalo]

Also 50000 CNY is almost 6 grand in € which is not much to some of us western middle class spoiled people but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

You are right there are A LOT of rich chinese people, there is more people in China living with the average european salary than in Europe but I think the chinese middle class is also buying btc, there are saving like they will not earn anything for the rest of their life : way more than 50% of their salary and some like btc
China is a nation that produces a lot and saves a lot, that makes me think of the usa before they became communist
It's not the Chinese working class who are buying BItcoin. Its the Chinese rich (maybe with questionable sources) who have much more money than the European middle class. Hence why the biggest property owners in cities like London are.... Chinese private investors. You're living in the dark ages. Chinese people have money and they want to burn it. Many have a LOT of money to burn.

See all the visa schemes aimed at Chinese, where they can buy a passport for places like Australia or Canada if they can spare maybe a few hundred thousand dollars? Yeh, they're over-run and Canada had to decline everyone because so many Chinese have that much cash sitting around. It's totally absurd to even mention the Chinese workers.

Also 50000 CNY is almost 6 grand in € which is not much to some of us western middle class spoiled people but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

It's not the Chinese working class who are buying BItcoin. Its the Chinese rich (maybe with questionable sources) who have much more money than the European middle class. Hence why the biggest property owners in cities like London are.... Chinese private investors. You're living in the dark ages. Chinese people have money and they want to burn it. Many have a LOT of money to burn.

See all the visa schemes aimed at Chinese, where they can buy a passport for places like Australia or Canada if they can spare maybe a few hundred thousand dollars? Yeh, they're over-run and Canada had to decline everyone because so many Chinese have that much cash sitting around. It's totally absurd to even mention the Chinese workers.

[hdbuck]

Bitcoin dumps make me feel this way:

https://www.youtube.com/watch?v=oavMtUWDBTM

 

[Walsoraj]

http://www.zerohedge.com/news/2014-03-31/market-rigged-michael-lewis-explains-how-hfts-screw-investors-every-day

Might be of interest to those of you monitoring activity on chinese exchanges.

[dreamspark]

Total bidsum just nudged 12 milion for the first time in weeks...

[vane91]

guys, remember that vircurex do not have fiat witdrawals and deposits for months, (aurumexchange went down along with LR) and people/bots still trade the pairs...   

[Taras]

I hope the Bitcoin bullet train doesn't leave without me. I can't buy until tomorrow! Fingers crossed four a low price

By the way, todays the anniversary of me finding out about and subsequently using Bitcoin

[EuroTrash]

Bit overexcited with hope, aren't we?



Just sayin'.
(and hodling)

[JorgeStolfi]

http://www.zerohedge.com/news/2014-03-31/market-rigged-michael-lewis-explains-how-hfts-screw-investors-every-day
Might be of interest to those of you monitoring activity on chinese exchanges.

Thanks! Yeah, that is what "trading" means today, it seems...

[rjp55]

We are getting to the point where I can't even feel bad for anyone greedy enough to wait for lower prices. I'm about 85% in, just about ready to go all in. We have seen mid 400s a few times now so anyone who doesn't capitalize deserves to be punished for opening boxes 3,4,5 rather than taking the beautiful prize that was presented to them.

[ChrisML]

CHOO CHOO

[ShroomsKit_Disgrace]

Chine loves Bitcoin one more time!  THOSE buys!

[JayJuanGee]

 If NOT $1500 by July, maybe $1500-ish at some point before the end of the calendar year?

I remember people "calling it" last November:

Anyone got any speculation for where we are headed in the short term?

Seem's like everyone's just so surprised we broke $1000 nobody planned any speculation for afterwards, and I need speculation.

Surprised ? Who ?

When it was crashing from 900 and we reached 550 USD I said : It will fall below 500 but 400 will hold. If 400 holds then we will hit 1000 USD within the next 10 days. And here we are 7 days later... All correct.

Expect more of the same, going up strong with some corrections/ crashes on the way. For exemple we maybe hit 1600 before crashing back to 1200, then resume rise.

I believe it can again double by the end of the year to 2000 USD. A more conservative estimation is 1500 USD by the end of the year.
In 2014 I believe we'll witness the bull through the 4 digits with the 5 digits in sight. When we reach 5 digits is anyone's guess but I personally see it happen within 12 months.

So ... people felt 2k to be a reasonable figure by the end of 2013.
Personally, I wonder IF we'll see $700-800/BTC this year. There are plenty of lines drawn on charts; $1500 by the end of July, Risto thought of $1M/coin and so on.
De facto: IF all Chinese investors cash out their coins at a loss right about now, we'll see a stable $150 for quite some time.

Not to mention the bankruptcy of some major Chinese exchanges; negative news coverage all over the world, the "Ponzi" word pulled way more than it should and so on.

Surely the scenarios that I projected could happen within the time-frames that i specified, and the scenarios that you described could happen, as well.  People invest based on a lot of this and take chances and none of it is guaranteed.  There are odds, and we project based on our information and intuition and logic and speculation regarding which outcome we expect or hope for.  In this regard, some outcomes are more likely than other to take place, and sometimes we may invest incorrectly or predict wrong b/c there are a variety of factors, as you mentioned.

Investors ? people with USD on the exchanges ?! Where ? I cannot see them anywhere.

Some of the infrastructure building and investment is occurring and projected.  It may take place and it may NOT. It may take place within the next year and it may be delayed or diverted or abandoned, and all of these factors affect future value and the time frame.  If we wait for all of this to be accomplished, then the price would have already adjusted for the occurrence.  That is why some early adopters of BTC realized price returns of more than 100 times their original investment.  There is NO guarantee any positive returns will continue or that all of the factors will align in order to allow for positive returns.

You can bet for BTC prices to go up, you can bet against it or you can stay out, and surely there are variations of such in terms of hedging bets, diversifying going all in balls to the wall or staying out completely or investing in some related industries based on whatever speculation you have.

[adsdas]

go huobi!!

[podyx]

huobi is only 454

what are u talking about??

[toxic0n]

Also 50000 CNY is almost 6 grand in € which is not much to some of us western middle class spoiled people but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

It's not the Chinese working class who are buying BItcoin. Its the Chinese rich (maybe with questionable sources) who have much more money than the European middle class. Hence why the biggest property owners in cities like London are.... Chinese private investors. You're living in the dark ages. Chinese people have money and they want to burn it. Many have a LOT of money to burn.

See all the visa schemes aimed at Chinese, where they can buy a passport for places like Australia or Canada if they can spare maybe a few hundred thousand dollars? Yeh, they're over-run and Canada had to decline everyone because so many Chinese have that much cash sitting around. It's totally absurd to even mention the Chinese workers.

I always thought it was the Russian mob that owned most of the expensive properties in London, not Chinese investors.

And Canada has now suspended the visa fast track program for rich investors. Thank god, maybe I'll actually be able to buy a place in Vancouver  soon. Most of the high end real estate here is owned by rich Chinese and HK investors that have bought them and keep holding.