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

[JorgeStolfi]

Picking a nit: the Chinese currency is called yuan, the Japanese one is yen.  (Although the words have the same origin, it would be like referring to GBP as "the British peso".)

Or the US Taler

Yes thanks, that seems a better comparison -- I see that "taler" and "dollar" have the samre origin.

[Kupsi]

Some more bullish news for you then TERA 

http://www.coindesk.com/indias-first-fully-open-bitcoin-exchange-launched/

I had read somewhere that bitcoin had been essentially banned in India (as in Russia).  Is that true?

No country have banned Bitcoin.

[BitchImightbe]

CHOO
CHOO
MOTHERFUCKER!

Let´s get this pile of junk up to USD 1K again 

[soullyG]

MFW I check the price for the second time today and it's still climbing slowly:

[Richy_T]

CHOO
CHOO
MOTHERFUCKER!

Let´s get this pile of junk up to USD 1K again 

Hey, it made the Kessel run in less than 12 parsecs.

[JorgeStolfi]

Rumors , rumors but whenever I hear about the importance of China I feel like puking.
It was a pump based on fake volume and assumptions.

And what is worse , right now people believe that without China we should go back to 100 and ignore every progress made from last autumn.

Actually it is only the koalas who say that.  Real grizzly bears believe that the jump of April 2013 was due to China too (specifically, to Bobby Lee taking over BTC-China), so this is what will happen when China withdraws:

(Actually that is still a rather timid Grizzly because it assumes that the exponential trend before April 2013 has not been affected by MtGOX, Neo&Bee, SilkRoad, etc.)
 

[romneymoney]

[ChartBuddy]

Explanation

[dreamspark]

I have a little chuckle to myself every time Jorge mentions silk road as having a negative effect on price.

You do realise Jorge that there are more listings on SR 2.0 than was on the original silk road at the time it was taken down. Thats not to mention the other market places such as Agora that are doing a lot of business. Thats the thing with decentralization and prohibition. Its unstoppable.

[KFR]

We been broken down
to the lowest turn
and being on the bottom line
sure ain't no fun
but if we should be evicted from our homes
we'll just move somewhere else
and still carry on...

Hodl on, Hodl on, Hodl on

The only way is up, baby
For you and me, baby
The only way is up
For you and me

http://youtu.be/K2wpvZ6Udno

[Erdogan]

Some more bullish news for you then TERA 

http://www.coindesk.com/indias-first-fully-open-bitcoin-exchange-launched/

I had read somewhere that bitcoin had been essentially banned in India (as in Russia).  Is that true?

No country have banned Bitcoin.

The new exchange there looked promising. See coindesk.

[UglyTroll]

Mt. Gox was the most promising exchange ever 

[p0peji]

We been broken down
to the lowest turn
and being on the bottom line
sure ain't no fun
but if we should be evicted from our homes
we'll just move somewhere else
and still carry on...

Hodl on, Hodl on, Hodl on

The only way is up, baby
For you and me, baby
The only way is up
For you and me

http://youtu.be/K2wpvZ6Udno

Thank god that I wasnt a teenager during that age, what a buch of musical diarrhea was made in that time.

[JorgeStolfi]

I have a little chuckle to myself every time Jorge mentions silk road as having a negative effect on price.

You do realise Jorge that there are more listings on SR 2.0 than was on the original silk road at the time it was taken down. Thats not to mention the other market places such as Agora that are doing a lot of business. Thats the thing with decentralization and prohibition. Its unstoppable.

Well, there are many FBI agents dreaming of promotion, and the original SilkRoad was not enough for all of them. 

Seriously, I haven't paid much attention, but wasn't there a big hack/scam on SilkRoad 2.0 ?
http://beta.slashdot.org/submission/3340235/silkroad-20-hacked-all-bitcoins-stolen
http://bitcorati.com/forum/topic/silkroad-2-0-finally/

While the advantages of bitcoin for buying illegal drugs and guns may make bitcoin more popular among drug users, gun crazies, and mobsters, it is a negative feature for most everyone else, including potential investors and entrepreneurs.  Like the "election" of Brock Pierce to the board of the Shrem Karpeles & Friends Foundation...

[JayJuanGee]

Mt. Gox was the most promising exchange ever 

YES!!!!!    And, it is on its way back!!!!       

[ChartBuddy]

Explanation

[pandacoin]

I own more BTC than 99.9% of the world population combined. Of course I am feeling lucky!

Well, I am still doubling my BTC holdings every day since December.  Beat that! 

Trolls gonna troll.

[hyphymikey]

Rumors , rumors but whenever I hear about the importance of China I feel like puking.
It was a pump based on fake volume and assumptions.

And what is worse , right now people believe that without China we should go back to 100 and ignore every progress made from last autumn.

Actually it is only the koalas who say that.  Real grizzly bears believe that the jump of April 2013 was due to China too (specifically, to Bobby Lee taking over BTC-China), so this is what will happen when China withdraws:

(Actually that is still a rather timid Grizzly because it assumes that the exponential trend before April 2013 has not been affected by MtGOX, Neo&Bee, SilkRoad, etc.)
 

Whoever has the thought process behind this chart is just stupid. For this to happen, every coin that was bought since April '13 would have to be sold to bring it back down. Oh wait, we have more fiat on the bid side to keep it from going back that low. Oh, and what about all the people that bought since then and are hodling. So yeah, this is pretty much impossible (unless extremely bad news comes)

PS. Im all in now so CCMF

[Tzupy]

More fiat on the bid side, yes, but not a lot more.
Combined Bitstamp, BTC-E and Bitfinex have about 20M$. MtGox is dead and can't provide support.
The only thing keeping the price from dropping hard is limited seller pressure, compared with June 2013.
And back then Gox was still the leading exchange and had about 15M$ on the bids.
If there will be a serious Chinese fallout, not FUD and bad news, but coins coming from China en masse, bulls will become corned beef.

[dreamspark]

I have a little chuckle to myself every time Jorge mentions silk road as having a negative effect on price.

You do realise Jorge that there are more listings on SR 2.0 than was on the original silk road at the time it was taken down. Thats not to mention the other market places such as Agora that are doing a lot of business. Thats the thing with decentralization and prohibition. Its unstoppable.

Well, there are many FBI agents dreaming of promotion, and the original SilkRoad was not enough for all of them.  

Seriously, I haven't paid much attention, but wasn't there a big hack/scam on SilkRoad 2.0 ?
http://beta.slashdot.org/submission/3340235/silkroad-20-hacked-all-bitcoins-stolen
http://bitcorati.com/forum/topic/silkroad-2-0-finally/

While the advantages of bitcoin for buying illegal drugs and guns may make bitcoin more popular among drug users, gun crazies, and mobsters, it is a negative feature for most everyone else, including potential investors and entrepreneurs.  Like the "election" of Brock Pierce to the board of the Shrem Karpeles & Friends Foundation...

Yeah but like all businesses that take loses you move on. Im not saying that the theft was legit etc just thats what a business does. I don't get the relevance that has to your proclamation that SR bust had a lasting negative effect on price.

I don't disagree with you about the image but that doesn't directly relate to price. Drugs in general have a pretty bad image but they're darn expensive

You say that it a negative feature for most else but why don't they see that as a negative feature of fiat? Or are we being hypocritical?

The answer to your points every time though in regards to Bitcoin and drugs/crime is $$$$. Plain and simple. Plus not only because most crimes involving money use the $, £ etc but also what big time criminal, drug dealer or arms dealer would want to hold and transact in BTC for large amounts!!!!

Major criminals don't want to hold BTC for the same reason you claim no one should be investing in, volatility, pyramid scheme, can't gurantee value etc etc. Explain this to me as well then. Im fat Tony and I've just done a big arms deal for BTC Ive got people to pay who don't want BTC and I need to buy my wife some nice things. How do I go about liquidating say $5mm worth of Bitcoin or around 10,000 BTC ?

Not only would it be difficult to use an exchange due to KYC, AML, bank transfers but look at the volumes recently trying to liquidate that many coins is not easy in fact almost impossible if you agree a $ to BTC rate when you make the deal. You would end up loosing way more than the agreed deal due to not being able to liquidate that many coins at spot price. Do you see the issue here in an argument that many millions of dollars of criminal activity is done in BTC. Im talking actual criminals here not just someone selling a bit of weed.