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

[latoxine]

"That would certainly tie into the falling volume in bitcoin transactions. China currently makes up 7% of all bitcoin exchange volume. Exchange volume in China is apparently a little muddy, following allegations of faked volume figures by some Chinese exchanges." ( coindesk.com)

So...only 7% ?!

[niothor]

Think people are reading too much into that status. At best it's likely a formal announcement of these:

http://www.coindesk.com/bitpay-partners-hotel-software-provider-new-booking-tool/
http://techcrunch.com/2014/05/08/bitpay-index/

http://time.com/63376/amazon-bitcoin/

Amazon won't be accepting Bitcoin any time soon, there are no few benefits for them to do so. Have you ever used their one click checkout? It's easier and nicer to use than paying for anything with BTC.

They've already tweeted about the hotel booking :
https://twitter.com/BitPay/status/464100698913656833 so it might be something else.

But agree , no amazon.

[niothor]

Looking at both sides in the eternal dilemma: if the common sentiment is that we all are waiting for a drop on Chinese news, the drop might not happen at all.

OTOH: there is about one new r/bitcoin subscriber every half hour today, which is not good enough. Also Google Trends index for "bitcoin" is at the lowest in its 90 days and still trending down, with the two biggest countries being Cyprus (I assume because NeoBee fuckup) and Estonia (I assume because of rpietila's purchase in the local newspapers).

You can scratch out Estonia as a potential place for demand. At first, we have a strict stance with cryptos and income tax, so it's not a very friendly environment for bitcoin business. The only guy who publicly sold and bought bitcoins, shut it's business couple of months ago because of the threats from the financial police and from the tax and customs offices. The rpietilia purchase didn't even create minor waves in the news. Last media waves were during the Chinese rally, and even then most of the general public remained very sceptical and and ridiculed bitcoin as an pyramid scheme.

You're purposely forgetting about the overstock & co news .

[dreamspark]

Dont feed the troll 

[Mervyn_Pumpkinhead]

The rpietilia purchase didn't even create minor waves in the news. Last media waves were during the Chinese rally, and even then most of the general public remained very sceptical and and ridiculed bitcoin as an pyramid scheme.

Yes, if a full-page article in the country's leading newspaper counts as "minor" plus full page in the local paper. I would say a typical manor purchase gets less coverage (there are hundreds of manors in Estonia).

I wouldn't call it even a minor wave, when compared to the previous attempts to create waves here by delfi or other popular voices of the Ekspress Grupp. The article even messed up the county that the manor is situated in. The paper press is a dying breed in Estonia, and what you have to look at is digital publishing, especially when dealing with potential bitcoin customers. And the news about your purchase hardly collected any interest in the form of clicks or comments. And as little attention it got, most of it was also negative attention.
Estonians are skeptical and hard-working people by nature, and it's hard to sell them something with promising them shortcuts in becoming rich. The get-rich-quick schemes are publicly ridiculed here by a large majority.

[rpietila]

I wouldn't call it even a minor wave, when compared to the previous attempts to create waves here by delfi or other popular voices of the Ekspress Grupp. The article even messed up the county that the manor is situated in. The paper press is a dying breed in Estonia, and what you have to look at is digital publishing, especially when dealing with potential bitcoin customers. And the news about your purchase hardly collected any interest in the form of clicks or comments. And as little attention it got, most of it was also negative attention.
Estonians are skeptical and hard-working people by nature, and it's hard to sell them something with promising them shortcuts in becoming rich. The get-rich-quick schemes are publicly ridiculed here by a large majority.

What is the reason that you are belittling the publicity that the media voluntarily, without asking, decided to give? It is better than anything I have ever received in Finland. What in general is your problem?  

ADD: The county was quickly changed due to the comments. Otoh, some said that who cares about the distinction since historically Virumaa is 1 county.

[Mervyn_Pumpkinhead]

Looking at both sides in the eternal dilemma: if the common sentiment is that we all are waiting for a drop on Chinese news, the drop might not happen at all.

OTOH: there is about one new r/bitcoin subscriber every half hour today, which is not good enough. Also Google Trends index for "bitcoin" is at the lowest in its 90 days and still trending down, with the two biggest countries being Cyprus (I assume because NeoBee fuckup) and Estonia (I assume because of rpietila's purchase in the local newspapers).

You can scratch out Estonia as a potential place for demand. At first, we have a strict stance with cryptos and income tax, so it's not a very friendly environment for bitcoin business. The only guy who publicly sold and bought bitcoins, shut it's business couple of months ago because of the threats from the financial police and from the tax and customs offices. The rpietilia purchase didn't even create minor waves in the news. Last media waves were during the Chinese rally, and even then most of the general public remained very sceptical and and ridiculed bitcoin as an pyramid scheme.

You're purposely forgetting about the overstock & co news .

Haha, there were no news about overstock in Estonia. If you read my post with full attention, then you'll find that I was talking about news in Estonia.

And anyway, the hype about overstock in US cryptonews didn't matter much either. Overstock adaptation creates more conversion from BTC to USD then the opposite.

[aminorex]

Amazon won't be accepting Bitcoin any time soon, there are no few benefits for them to do so. Have you ever used their one click checkout? It's easier and nicer to use than paying for anything with BTC.

i used to spend about 30k/an on amzn - i am on prime - but now i go to ostk first, and i am questioning the value of prime.  i am not a typical user however.

[Mervyn_Pumpkinhead]

I wouldn't call it even a minor wave, when compared to the previous attempts to create waves here by delfi or other popular voices of the Ekspress Grupp. The article even messed up the county that the manor is situated in. The paper press is a dying breed in Estonia, and what you have to look at is digital publishing, especially when dealing with potential bitcoin customers. And the news about your purchase hardly collected any interest in the form of clicks or comments. And as little attention it got, most of it was also negative attention.
Estonians are skeptical and hard-working people by nature, and it's hard to sell them something with promising them shortcuts in becoming rich. The get-rich-quick schemes are publicly ridiculed here by a large majority.

What is the reason that you are belittling the publicity that the media voluntarily, without asking, decided to give? It is better than anything I have ever received in Finland. What in general is your problem?  

ADD: The county was quickly changed due to the comments. Otoh, some said that who cares about the distinction since historically Virumaa is 1 county.

With your reputation, I'm not very surprised that this is the best attention that you have ever received.
I'm just busting the myth that there is any potential growth for bitcoin in Estonia.  If I would create an exchange or any other bitcoin service, then I would create it abroad, not in Estonia. And I'm a born Estonian, who has plenty of connections in the local environment.

[ChartBuddy]

Explanation

[rpietila]

With your reputation, I'm not very surprised that this is the best attention that you have ever received.

Can you now understand why your reading yellow press hurts you, not me?

[Mervyn_Pumpkinhead]

With your reputation, I'm not very surprised that this is the best attention that you have ever received.

Can you now understand why your reading yellow press hurts you, not me?

Heh, your reputation doesn't only include the yellow press, but also the educated people from Helsinki and Tallinn, who know about your little adventures.
Do you really want to bring up this subject again?

[ErisDiscordia]

saying that religion causes wars is like saying chemicals cause cancer.  i have yet to see any living thing that did without chemicals, or any conscious mind that did without beliefs which cannot be concluded by evidence and logic alone.

it is difficult to take seriously anyone who attempts to preclude argument by declaring that disagreement is in itself disqualifying evidence  - and probably not worth the effort to do so.

I disagree slightly. Yes, everyone has beliefs about all sorts of things. That's no big deal and does no harm. It is the faith in the infallibility/100% correctness of ones beliefs which causes all the trouble.

Never believe 100% in any one BS (Belief System)
Never believe 100% in your own BS.

[JorgeStolfi]

http://tech.sina.com.cn/i/2014-05-12/07139373191.shtml
china has a cooler floating already

IMHO the most interesting part of rhis article is at the end, where they describe how the Chinese exchanges make money with 0% trading fees.  If I understood correctly the Google Translate gibberish, it includes (1) high interest rates in leveraged trading, (2) insider trading on their own exchanges, exploiting advance knowledge of good and bad news about regulations, and (3) doing most or all the HFT trading at their own exchanges.

[Torque]

http://tech.sina.com.cn/i/2014-05-12/07139373191.shtml
china has a cooler floating already

IMHO the most interesting part of rhis article is at the end, where they describe how the Chinese exchanges make money with 0% trading fees.  If I understood correctly the Google Translate gibberish, it includes (1) high interest rates in leveraged trading, (2) insider trading on their own exchanges, exploiting advance knowledge of good and bad news about regulations, and (3) doing most or all the HFT trading at their own exchanges.

Yeah, well tell this to zhangweiwu.  Maybe he can share this with his Chinese bitcoin friends and break them out of their stubborn denial.

[ChartBuddy]

Explanation

[dreamspark]

If everything in China has been leveraged to the hill, when it all settles we could easily see insolvent exchanges.

[xulescu]

If everything in China has been leveraged to the hill, when it all settles we could easily see insolvent exchanges.

Sounds like Huobi is in full zero-reserve-mode.

[dreamspark]

If everything in China has been leveraged to the hill, when it all settles we could easily see insolvent exchanges.

Sounds like Huobi is in full zero-reserve-mode.

Do you have a source for this ?

[niothor]

If everything in China has been leveraged to the hill, when it all settles we could easily see insolvent exchanges.

Sounds like Huobi is in full zero-reserve-mode.

Do you have a source for this ?

I will open a champagne bottle when I'll read that houbi and okcoin are out of business.