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

[chessnut]

https://www.youtube.com/watch?v=OCHCf8qY4so

 

the things people say.......

[EuroTrash]

Resistance around 480? Seems that we are a bit stagnating again in the last few hours.

[surfer43]

Resistance around 480? Seems that we are a bit stagnating again in the last few hours.

+1

[JayJuanGee]

Guys did you read what Pieter Wuille  Bitcoin dev wrote ?  I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC....
https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.

To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.

Details

As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:

    int64_t nSubsidy = 50 * COIN;
    // Subsidy is cut in half every 210,000 blocks
    // which will occur approximately every 4 years.
    nSubsidy >>= (nHeight / 210000);
is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.

The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.

Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride

ya and the Y2K bug will crash the planet.

Yeah..... let's worry about what could happen 140 years from now...   as if it were the most pressing issue and as if it would be the end of the world if there were some unexpected glitch.  I also heard that social security could go bankrupt in 30 years if NO one were to pay into it.

[EuroTrash]

I also heard that social security could go bankrupt in 30 years if NO one were to pay into it.

She should try asking kindly.

[JayJuanGee]

Guess you saw this one:

http://finance.sina.com.cn/roll/20140402/012118683625.shtml

Needs translation + proudhon confirmation.

http://translate.google.com/translate?sl=zh-CN&tl=en&js=n&prev=_t&hl=hr&ie=UTF-8&u=http%3A%2F%2Ffinance.sina.com.cn%2Froll%2F20140402%2F012118683625.shtml

This part is the best  

December 5 last year, including the central bank and other five ministries jointly issued "on guard against the risk of Bitcoin notice" (Yin Fa [2013] No. 289, hereinafter referred to as "Notice"). "Notice" clearly the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property, not money in the true sense.

This made me spit coca-cola all over my laptop.  

You shouldnt be drinking that shit, anyhow.

[chessnut]

Resistance around 480? Seems that we are a bit stagnating again in the last few hours.

I dont see how the rally through the 500s could follow through without some base in the 400s. 450-600 isn't gonna happen in a day. similar to last time, the base formed in the 520s.

[Hen0xyd]

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

Indeed, I loled hard. That "redactor" is really epic ; can't even plead incompetence, he's really doing it on purpose... or maybe :
- he just took a random range : 3 months (yeah 3 is good),
- from hmm let's say since the ATH and oh surprise after an ATH we got a correction. Ok so it's "a crash", -38% value OMG worst investissement ever ! (So why not the title, really shinny)
- let's not check the 4 years before with around +10000%/year instead of -38%.

I guess some of the words in his Twitter description needs to be switched : "I write about finance, markets and economics for Quartz. Decent guitarist. Terrible banjo player." !

[ChartBuddy]

Explanation

[Adrian-x]

Don't forget http://www.professorbitcorn.com

When he sounds like a fool on TV (in the eyes of a clueless reporter)  and or you never hear from him again, it's time to start selling.

[surfer43]

Bitstamp buy support is slowly mounting.

You shouldnt be drinking that shit, anyhow.

I agree. I don't drink it very often.

[spooderman]

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

Don't forget http://www.professorbitcorn.com

1 share = 1 satoshi? wow he's bullish!

[JayJuanGee]

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

Indeed, I loled hard. That "redactor" is really epic ; can't even plead incompetence, he's really doing it on purpose... or maybe :
- he just took a random range : 3 months (yeah 3 is good),
- from hmm let's say since the ATH and oh surprise after an ATH we got a correction. Ok so it's "a crash", -38% value OMG worst investissement ever ! (So why not the title, really shinny)
- let's not check the 4 years before with around +10000%/year instead of -38%.

I guess some of the words in his Twitter description needs to be switched : "I write about finance, markets and economics for Quartz. Decent guitarist. Terrible banjo player." !

We could also measure BTC from late November 2013 to its present price, and achieve more than 60% loss in value. 

Funny thing also, is currently, when I look up the November 2013 time-frame on bitcoincharts.com.  Regarding Bitstamp, I find a BTC price high of about $1150; however, I bought my first BTC on 11/29 through Localbitcoins for $1200 per BTC.  We already know that Localbitcoins can have a very wide range of prices, and frequently the sellers thereon are able to sell at much beyond the price in other venues.   I recall that I did NOT buy from the highest vender or on the highest day. And I recall between November 29 and December 5 -ish seeing that there were advertisements on localbitcoins for nearly $1600 per BTC.  I do NOT know whether many BTC were transacted at prices between $1200 and $1600, yet with all the hype at the time, I would imagine that there would have been quite a few BTCs transacted in that price range.

I do NOT mind flash crashes, but hovering and lingering in the $480 range for too long causes me to begin to believe that it is going to take a while for BTC prices to return to ATH... and maybe, just maybe we will NOT see another ATH this calendar year.  A lot of us were banking on another BTC ATH this calendar year..  but maybe that new ATH will be put off until 2015?  If I were a betting man, I would need to be given fairly decent odds before I would take the new ATH in 2014 bet.

in other words... currently, blood is beginning to seep into the streets... and if BTC prices were to go to the $300s and then linger in the $300s... that would increase perceptions of BTC doom and gloom... though ATM, I would place the odds of reaching $390 in the next month to be greater than the odds of reaching a new ATH before August 2014... that is my current thinking... but I am talking out of my ass somewhat b/c I am like a cave dweller in plato's allegory of the cave... with very much incomplete information and I realize that if some big ass investor (anything of 100 million or greater) were to come into BTC at any minute.. that new entrance into BTC could cause a real high demand for BTC and a rippling effect beyond any lines on any charts.. and suddenly considerable volume would materialize where, at the moment, LITTLE volume seems to be in sight.

[JayJuanGee]

https://www.youtube.com/watch?v=OCHCf8qY4so

 

the things people say.......

Omfg, its a laugh a minute today

Joking aside, potential alternatives to fiat have been under attack for a long time and public perception of things like PM's as a store of value has changed considerably, it sounds like a conspiracy nut job story but its become blatant with Bitcoin. PM market manipulation sounds like a nut job story too but its worth looking in to and if there's any truth in it then the bitcoin markets are also a prime target, I'm probably preaching to the choir with that but just in case... know your enemy.

I'M lost with the acronym "PM" =    

I thought PM was personal messages. 

Are you talking about sending bitcoins via PM?  - like M-Pesa in Kenya? 

I know that they have this texting value (minutes) Kenya and it may be very applicable to bitcoin..

[spooderman]

We do have enemies, we really need to HODL and support the ever living fuck out of any business that takes bitcoin. And that means you should BUY back any btc you spend IMMEDIATELY, or wait if it's on a downtrend. This is the only kind of speculation I normally do, and it means you never stop HODLING.

[JayJuanGee]

Bitstamp buy support is slowly mounting.

You shouldnt be drinking that shit, anyhow.

I agree. I don't drink it very often.

We'll maybe when you drink it, you become more cheerful and easily humored... ?  At least when you get the buzz from it before it kills you?      

I am joking a little bit bc I could give a ratt's ass what people do or choose to do.  Personally, I stopped drinking most sugary beverages (including sodas and a lot of the other crap) nearly three years ago.    And, diet versions are probably as bad, if NOT worse, then some of the non-diet versions.  Actually, it took quite some time to ween myself completely, b/c they are fairly addictive, believe it or NOT.  My current vice, if you would call it that, is buying young coconuts and drinking the juice from there.  A little more expensive than sodas... but likely to be pretty good nutrition with a pretty decent taste, once you extract yourself from sugar cravings.

[gentlemand]

https://www.youtube.com/watch?v=OCHCf8qY4so

 

the things people say.......

Omfg, its a laugh a minute today

Joking aside, potential alternatives to fiat have been under attack for a long time and public perception of things like PM's as a store of value has changed considerably, it sounds like a conspiracy nut job story but its become blatant with Bitcoin. PM market manipulation sounds like a nut job story too but its worth looking in to and if there's any truth in it then the bitcoin markets are also a prime target, I'm probably preaching to the choir with that but just in case... know your enemy.

I'M lost with the acronym "PM" =    

I thought PM was personal messages. 

Are you talking about sending bitcoins via PM?  - like M-Pesa in Kenya? 

I know that they have this texting value (minutes) Kenya and it may be very applicable to bitcoin..

Precious Metals.

[chessnut]

I do NOT mind flash crashes, but hovering and lingering in the $480 range for too long causes me to begin to believe that it is going to take a while for BTC prices to return to ATH... and maybe, just maybe we will NOT see another ATH this calendar year.  A lot of us were banking on another BTC ATH this calendar year..  but maybe that new ATH will be put off until 2015?  If I were a betting man, I would need to be given fairly decent odds before I would take the new ATH in 2014 bet.

It's playing out just as the last bubbles. we have been here before, in this pit of doom and gloom 5 times.

Bitcoin cannot stay idle for years, it will rocket or fall.

The fundamentals have not changed, I think you will see your ATH this year and some.

[surfer43]

Well, soon we will either explode or start falling... depends how the next whale feels

[JayJuanGee]

https://www.youtube.com/watch?v=OCHCf8qY4so

 

the things people say.......

Omfg, its a laugh a minute today

Joking aside, potential alternatives to fiat have been under attack for a long time and public perception of things like PM's as a store of value has changed considerably, it sounds like a conspiracy nut job story but its become blatant with Bitcoin. PM market manipulation sounds like a nut job story too but its worth looking in to and if there's any truth in it then the bitcoin markets are also a prime target, I'm probably preaching to the choir with that but just in case... know your enemy.

I'M lost with the acronym "PM" =    

I thought PM was personal messages. 

Are you talking about sending bitcoins via PM?  - like M-Pesa in Kenya? 

I know that they have this texting value (minutes) Kenya and it may be very applicable to bitcoin..

Precious Metals.

Thanks Gentlemand - you certainly are living up to your name.    I must have been having a brain fart.  The post makes much more sense with that explanation.