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

[BitChick]

Interesting news today from Ebay's CEO.  From a shareholders meeting Q&A session:  "Carl Davis, Jr of the Silicon Valley Black Chamber of Commerce asked Donahoe what he thought of Bitcoin in regards to global trade. The CEO called it a new, exciting and emerging technology. "We think Bitcoin will play a very important role in the future. Exactly how that plays out, and how we can best take advantage of it and enable it with PayPal, that's something we're actively considering. It's on our radar screen."

Here is the article: http://www.ecommercebytes.com/cab/abn/y14/m05/i14/s01

[BitchicksHusband]

Interesting news today from Ebay's CEO.  From a shareholders meeting Q&A session:  "Carl Davis, Jr of the Silicon Valley Black Chamber of Commerce asked Donahoe what he thought of Bitcoin in regards to global trade. The CEO called it a new, exciting and emerging technology. "We think Bitcoin will play a very important role in the future. Exactly how that plays out, and how we can best take advantage of it and enable it with PayPal, that's something we're actively considering. It's on our radar screen."

Here is the article: http://www.ecommercebytes.com/cab/abn/y14/m05/i14/s01

The key word there is "actively".  That has a meaning in the business world and makes me wonder if the Bitpay/Ebay rumors are true.

[kireinaha]

Don't let Jedi Sam Jackson down.

[nioc]

Re ebay: This is no different than what he said 6 months ago.  Nothing happening anytime soon.  Put in the proper disclaimer here.

[aminorex]

Trying to understand these charts:

Total Output Volume
"The total value of all transaction outputs per day. This includes coins which were returned to the sender as change."
http://blockchain.info/charts/output-volume (Select 2 years, log maybe)

  Why is this number so constant from Jun/2013 to now, apart from the peak in Nov-Dec, when the value of 1 BTC
  has varied from 120$ to 800$ then 450$? In particular, there seems to be no change since late Jan/2014 to now.

You've been looking at bitcoin too long, Jorge.  Normal people don't consider variations in order of magnitude to be "no change".

"A chart showing miners revenue as percentage of the transaction volume."
http://blockchain.info/charts/cost-per-transaction-percent

  Does this chart mean that the "fee" for a bitcoin transaction is now about 5%?  (Presumably almost all of that is currently
  being paid indirectly by bitcoin users through mining "inflation"?  Like if the government printed more dollars to subsidize
  the credit card fees of US citizens?  )

No, it does not mean that.  That is an interpretation which you chose to apply.  It is a self-consistent interpretation, so it is not amenable to refutation, but it is also a whiggish one.

[JorgeStolfi]

Total Output Volume
"The total value of all transaction outputs per day. This includes coins which were returned to the sender as change."
http://blockchain.info/charts/output-volume (Select 2 years, log maybe)

  Why is this number so constant from Jun/2013 to now, apart from the peak in Nov-Dec, when the value of 1 BTC
  has varied from 120$ to 800$ then 450$? In particular, there seems to be no change since late Jan/2014 to now.

You've been looking at bitcoin too long, Jorge.  Normal people don't consider variations in order of magnitude to be "no change".

Are we looking at the same chart?  "Order of magnitude" should be 500'000 --> 5'000'000.  I see ~836'000 on ~Jan/20, ~840'000 on May/14.  Am I reading it wrong?

EDIT: using "7 days average".

[prophetx]

That is not a castle.


This is a castle:



Vlad the Impaler's 14th century castle in Romania. The inspiration for Count Dracula.

Currently up for sale. 

cool i'm down to organize a group buy lol

[prophetx]

Anybody have a clue on how to invest in bitpay?

1) take a bunch of money and put it in a big pile
2) call the number on their website, tell them how big is your pile
3) if the CEO makes lovey-dovey sounds, send money

then watch as they spend your money while you get squeezed down in another round while hoping that they go public some day but just get bought out by paypal

[ChartBuddy]

Explanation

[YipYip]

Get ready for the next pump and dump.

No more margin trading by our asian overlords ....

The last 24 hour chart is so tight & awesome I have never seem bitcoin behave so calm

Its textbook consolidation with a minor uptrend ..if we get 3 weeks of this watch out as it is building for a squeeze play IMHO

[Davyd05]

A little bit of action on Houbi, unlike the straight lines on Bitstamp and BTC-e

I don't mind flat, the market needed a small breather.

[ChrisML]

from http://bitcoinowl.com/speculation-about-likely-range-future-btc-price-based-history

2 da moon.

Such wow. In the meantime, we just wait. 

[windjc]

Is it not obvious that without FRESH FIAT (I think I am going to change my user name to this) that these markets cannot go up? And there is no way for fresh fiat to reach the Chinese exchanges.

And if the markets don't go up (and we all should be fully prepared for the market to meander right on past the cross point of this multi-month wedge that everyone's talking about) then the markets are all SITTING DUCKS to bad news coming out of China - like an exchange(s) closing, etc.

Buying here is ridiculous. Shorting isn't a great idea either - although you can often borrow it for almost free, just in case.

[ChartBuddy]

Explanation

[YipYip]

Is it not obvious that without FRESH FIAT (I think I am going to change my user name to this) that these markets cannot go up? And there is no way for fresh fiat to reach the Chinese exchanges.

And if the markets don't go up (and we all should be fully prepared for the market to meander right on past the cross point of this multi-month wedge that everyone's talking about) then the markets are all SITTING DUCKS to bad news coming out of China - like an exchange(s) closing, etc.

Buying here is ridiculous. Shorting isn't a great idea either - although you can often borrow it for almost free, just in case.

NEWSFLASH

CHina = Irrelevant

[mooncake]

Is it not obvious that without FRESH FIAT (I think I am going to change my user name to this) that these markets cannot go up? And there is no way for fresh fiat to reach the Chinese exchanges.

And if the markets don't go up (and we all should be fully prepared for the market to meander right on past the cross point of this multi-month wedge that everyone's talking about) then the markets are all SITTING DUCKS to bad news coming out of China - like an exchange(s) closing, etc.

Buying here is ridiculous. Shorting isn't a great idea either - although you can often borrow it for almost free, just in case.

The China bad news had been priced in. No more CNY into exchanges through bank deposit. Minor exchanges had closed. I can't think of any more China news worse than what we already knew, can you? If no more bad news, where will the price go?

[OldGeek]

Is it not obvious that without FRESH FIAT (I think I am going to change my user name to this) that these markets cannot go up? And there is no way for fresh fiat to reach the Chinese exchanges.

And if the markets don't go up (and we all should be fully prepared for the market to meander right on past the cross point of this multi-month wedge that everyone's talking about) then the markets are all SITTING DUCKS to bad news coming out of China - like an exchange(s) closing, etc.

Buying here is ridiculous. Shorting isn't a great idea either - although you can often borrow it for almost free, just in case.

The China bad news had been priced in. No more CNY into exchanges through bank deposit. Minor exchanges had closed. I can't think of any more China news worse than what we already knew, can you? If no more bad news, where will the price go?

If the bots on Stamp and BTC-e are still programmed to follow Huobi, the price can certainly go down.

[edwardspitz]

Is it not obvious that without FRESH FIAT (I think I am going to change my user name to this) that these markets cannot go up? And there is no way for fresh fiat to reach the Chinese exchanges.

And if the markets don't go up (and we all should be fully prepared for the market to meander right on past the cross point of this multi-month wedge that everyone's talking about) then the markets are all SITTING DUCKS to bad news coming out of China - like an exchange(s) closing, etc.

Buying here is ridiculous. Shorting isn't a great idea either - although you can often borrow it for almost free, just in case.

I agree with you. But the price could go up if the Chinese realize that they can't get their fiat out of the exchanges (I don't know if this is the case or how likely this is). But in that scenario prices should go up as they buy b/c. I think we will still follow China (even though they should be irrelevant imo).

[T.Stuart]

Is it not obvious that without FRESH FIAT (I think I am going to change my user name to this) that these markets cannot go up? And there is no way for fresh fiat to reach the Chinese exchanges.

And if the markets don't go up (and we all should be fully prepared for the market to meander right on past the cross point of this multi-month wedge that everyone's talking about) then the markets are all SITTING DUCKS to bad news coming out of China - like an exchange(s) closing, etc.

Buying here is ridiculous. Shorting isn't a great idea either - although you can often borrow it for almost free, just in case.

I agree with you. But the price could go up if the Chinese realize that they can't get their fiat out of the exchanges (I don't know if this is the case or how likely this is). But in that scenario prices should go up as they buy b/c. I think we will still follow China (even though they should be irrelevant imo).

I think the point is, how are they going to buy BTC (or keep buying it anyway) if they can't get money into the exchanges?

[cAPSLOCK]

I think the point is, how are they going to buy BTC (or keep buying it anyway) if they can't get money into the exchanges?

Well therein lies, imo, the secret.  They will buy it with goods and services.  There are just too may bitcoins under the control of Chinese people.  They might just start using it like money.