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

[ChartBuddy]

Explanation

[podyx]

Huobi trying to break through resistance again

[ChartBuddy]

Explanation

[chessnut]

who said bitcoin is not a stable currency  Im gonna sleep well tonight.

[Hunyadi]

What happened to the ask volume? Or is this a bug?

11,997,743.39 USD
120,158.87 BTC
Whole bid volume
1 : 1.35
1 : 0.16 as BTC
Ratio
16,171,751.91 USD
19,586.08 BTC
Whole ask volume

http://www.cryptocoincharts.info/orderbook.php?pair=btc-usd&market=bitstamp

[ChartBuddy]

Explanation

[JayJuanGee]

Im not calling bitcoin itself a ponzi, but this mentality where you have to convince other speculators to "hold" resembles that of a ponzi. if its really that strong fundamentally, then there should be an elastic support so that sellers cannot drop the price that much until eventually all coins are bought by new buyers. you shouldn't be fearing that if 1% of an asset is sold, it will collapse. let's say you're trading GOOG - you don't give a crap about what other traders are doing and you know it doesn't matter.

I don't want to be accusing you of anything, but you seem much smarter than that, in terms of understanding what is going on with the market and with bitcoin and what is or is NOT a ponzi scheme.

Sure Posters yell out hodl hodl hodl and buy buy buy.. etc.. b/c they are bullish and that is their general strategy to build up their bitcoin reserves.   And, sure there may be some that are trying to convince others for the "good" of bitcoin; however, i think that a large majority are just shouting out hodl hodl hodl and buy buy buy out of courtesy... or out of what's in the self-interest of the investors. 

Yes, the more places there are to liquidate my bitcoin with ease, the more likely I will be to spend my bitcoin.. spend and replace.. but these days, there still tends to be some hassles in liquidation channels.. we are still in the early stages.... so the fact that a lot of the liquidation of bitcoin is taking place through trading and through exchanges, is more a product of the relative infancy stages of bitcoin rather than some kind of alleged fact that bitcoin is a ponzi scheme... as the years go on and more development and ease of use is going to help to make bitcoin much more practical with day to day transactions with more and more merchants.. we already see that, but ease of use is NOT very developed... .. yet NONE of that causes bitcoin or the behavior around bitcoin to be as ponzi scheme-ish as you seem to be attempting to force it into that kind of definition.. for some ulterior motive... who knows? 

Just b/c a lot of posters here are cheering for bitcoin and what bitcoin to succeed.. for a variety of reasons.. including.. to get rich (or richer) on speculation, also does not mean that their behavior is ponzi scheme-ish...   Bitcoin has a pretty good chance in succeeding  in a large number of ways.. and it is seems a lot of those success scenarios also translates in fairly high likelihood that demand for BTC and price will increase, as well.

[spooderman]

stamp down?

[600watt]

Ponzi is by definition a crime. telling people to hold is no crime. that is far fetched...

[JayJuanGee]

No one is buying and no one is selling.

while the price is dropping on average of $7-8 per day.   The scales are tipped only one way imho.

Dropping $7-8 per day since when? 

Are selectively picking a start date for this hypothetical and arbitrarily picked price drop?

sorry my mistake, it's $5-6 per day.

sorry my mistake, it's $5-6 per day.

I think you missed the point entirely

Jonoiv:  missed the point on purpose....... it seems... that is called avoiding the question...


The question is important, so i will repeat it, which I have asked you this same question before, and you also avoided it b/c to answer the question gets you the wrong results... it gets you to a spin place where you do NOT want to go.. and that is REALITY... the real world.


Can you please explain in more detail your theory about the price drop and the time period for such a supposed price drop trajectory that NOT only describes price history but such price drop is also supposed to have some kind of predictive value regarding the direction of bitcoin prices..

Explain it to us in plain English and in detail, por favor!!!  Lay it on us.  We are all ears.  We are all eyes.. go ahead, make our day. Enlighten us.

[dreamspark]

Ponzi is by definition a crime. telling people to hold is no crime. that is far fetched...

Exactly and its not like bitcoin will collapse never to rise again if the people on this forum didnt hodl. Bitcoin is bigger than this thread 

[JayJuanGee]

Ponzi is by definition a crime. telling people to hold is no crime. that is far fetched...

Yeah... I probably should NOT allow myself to get drawn into discussion regarding such silly assertions... we hear them so much about bitcoin being a ponzi scheme.. and surely people in this thread would NOT be easily be mislead about such exaggerations regarding what is going on around bitcoin.... even though we see these kinds of misleading assertions frequently in the mainstream press.  I am sure tht various false assertions remain confusing for regular people who are NOT very familiar with bitcoin or get distracted by some of these kinds of goose chasing misinformation campaigns. 

[tarmi]

Ponzi is by definition a crime. telling people to hold is no crime. that is far fetched...

well, when you think about it...until the last coin is mined, btc needs constant inflow of cash to remain stable.

or people holding.

[ChartBuddy]

Explanation

[roslinpl]

Explanation

Good price! I am pretty sure that it will go only up right from now :-)

[chessnut]

well, when you think about it...until the last coin is mined, btc needs constant inflow of cash to remain stable.

or people holding.

thats how the US dollar works lol. but really? I think professionals would manage liquidity for profit and we would have no problem keeping a turnover of bitcoins.

the US dollar is partly stable because most oil reserves are denominated in USD. if you want to buy and sell oil, you need to buy and sell USD. This is the buffer.

I wish that was true for bitcoin....... maybe bitcoin will take on a massive commodity market, like alpaca socks.

[600watt]

Ponzi is by definition a crime. telling people to hold is no crime. that is far fetched...

well, when you think about it...until the last coin is mined, btc needs constant inflow of cash to remain stable.

or people holding.

but it is still no crime. i told my landlord about bitcoin as an investment because i believed it was a good investment. she invested 12.5 k € in may 2013 and sold above 1000 beginning of december, profiting € 100 k .  boy, i feel so guilty.

[mladen00]

Explanation

Good price! I am pretty sure that it will go only up right from now :-)

I think this is bottom, ground value for Bitcoin

next week will be a stagnation week and then up

slow till summer and then catapulting in July

[JayJuanGee]

Ponzi is by definition a crime. telling people to hold is no crime. that is far fetched...

well, when you think about it...until the last coin is mined, btc needs constant inflow of cash to remain stable.

or people holding.

More crazy talk... to try to attempt to justify non-sense.. and probably I should NOT bite.. but o.k.... a nibble.. ok.. . 

I think that there is a built in expectation with bitcoin that as time passes, more and more people will be using bitcoin and more and more developments will create demands for bitcoin... .. in that sense demand for bitcoin is likely to far outpace the increased supply.  Otherwise if bitcoin were to stay stagnant in its number of users.. then it would NOT increase in value or price...   I would NOT call that something that bitcoin "needs." B/c bitcoin could give a fuck about whether it is $2 per BTC or $2 million per BTC.. so yes, if it is only being used among 1,000 "criminals" in the underground, then who knows, the price may be a bit lower than if it expands into widespread adoptions.

[dreamspark]

well, when you think about it...until the last coin is mined, btc needs constant inflow of cash to remain stable.

or people holding.

thats how the US dollar works lol. but really? I think professionals would manage liquidity for profit and we would have no problem keeping a turnover of bitcoins.

the US dollar is partly stable because most oil reserves are denominated in USD. if you want to buy and sell oil, you need to buy and sell USD. This is the buffer.

I wish that was true for bitcoin....... maybe bitcoin will take on a massive commodity market, like alpaca socks.

The difference is that Bitcoin itself is useful and unique and in all fairness is taking on a more comodity like being than a currency at the moment anyway.