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

[Erdogan]

1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy.

+1

The price is decided from reserve demand, which includes speculation about its future value. Therefore it is neither to high, nor too low, nor correct. It just is what it is.

[simmo77]

volume is crazy low. everyone on holiday smoking weed or something?

Yes, and yes, and other distractions.  https://bitcoinwisdom.com/markets/mintpal/drkbtc

[zimmah]

Why on Earth would i pay for food and drinks with BTC. Maybe in big american and western world cities you pay for everything with smartphone chips and cards but that doesnt work so well in the rest of the world. Say, there is vending machine in Kenya (Africa), its hot and you are thirsty, with what do you pay for the Cola inside of the locked vending machine? (no electricity, vending machine is operated by 2m tall black gorilla with a key)

Actually, Mpesa is very popular in Africa and not in the western world. So paying with phones is not at all a problem in Africa.

[dreamspark]

Not even the chance to make $1 in the last 3 days. Don't even mind if it goes down a bit but please do something!

[ChartBuddy]

Explanation

[JayJuanGee]

I know it would be argued that Jorge is voicing this opinion to perhaps save someone from making bad investments but it seem more like fear mongering to scare some noobs to being afraid of China that they sell at or near a bottom.

his investment seems questionable, at best - to supposedly save us from ourselves.

I don't want to save anyone on this thread. I assume you all are adults and know the game you are gambling in.  I feel that I have an obligation to warn people who may be lured into investing in bitcoin with false promises, but they are unlikely to be reading here.

A very lucid argument for playing devil's advocate. I believe Jorge is a troll of much underestimated skill. My respect for you grows again, sir.

I have respect for his communication skills, too.  He can engage in fairly sophisticated rhetoric to lure us into a false sense of security regarding his FUD spreading motives.  In actuality, he is like an oily lil piggie, you think that you have him caught and he slips away - out of your grasps.  No disrespect to either Jorge or lil piggies.   

[JayJuanGee]

So I am puzzled by this calm, I can't understand what those Chinese sellers are waiting for.  

The nature of Bitcoin - once you sell it, you can't sell it again.

After 6 months of selling, no more coins in the sellers' hands.

Volume down.

Next: UP. No other way is even possible.

When: Don't know exactly, but 650 by the end of June is a possibility. Top could be in August-September.

Maybe.. but usually No Demand is a sign of a top. I'd like to see a monthly high volume up thrust.

I tend to agree with Rpietila, here.  The markets seem to be running out of people willing to sell BTC at the current price.  A very large majority of those who wanted to sell have already sold at prices - higher than the current price point.

To suggest that there is a lack of demand based on an overall lack of volume seems to be a misreading of the current state of affairs.

[JayJuanGee]

So I am puzzled by this calm, I can't understand what those Chinese sellers are waiting for.  

The nature of Bitcoin - once you sell it, you can't sell it again.

After 6 months of selling, no more coins in the sellers' hands.

Volume down.

Next: UP. No other way is even possible.

When: Don't know exactly, but 650 by the end of June is a possibility. Top could be in August-September.

like the way you think .....I mine in the USA I hope the only problems I have is how to pay IRS their 25% share of 'gross mining profits"

did not have to pay any taxes last year cause they had 50% off equip depreciation in 2013 (likely will be same in 2014) then standard depreciation according to my CPA

the IRS Guidelines 2013 of bitcoin as property ie/land (crap i'm a farmer)  thus the equipment option..

and before people jump on me why I'm reporting ..did as a newbie KNC wire xfers (no btc)

bank screwed up 6x and did a total of 4 to knc refunded 3...and kept 1 (titan) ...so each time in USA you sign a paper over 10k wire xfer you are not xfering money

for criminal activities..with that much paper floating about decided to fess up after the guidelines came up (had like 20 days gee thanks) do my btc taxes legit

via amending my taxes for 2013...so you guessed it

anwyay bank did come after me threatened to tell feds...went down with 'legit' taxe forms done on bitcon 2013...showed it was their 6 missfires on getting the wire

xfers out ...and avoided a LOT of pain with the IRS ..(sometimes it is good to be paranoid!!!)

so anyway if what you say is correct I likely need to buy MORE  equipment.....sigh...hopefully the rules will change back next year

anyway..if BTC even stays at 500 bucks should work out for me...if it hits 1000 bucks btc....equip buying again here I come....

FML

Searing

Searing:   Either you are confusing me, or I am confused about the reporting obligation for miners.  I thought that you, as a miner, did NOT have to report until you realize your gain.... meaning that you do NOT have to report until you sell your BTC.  Even though the value (or the basis) of the BTC would be calculated from the time that you mined the coin.     So my point is that you would NOT have to report your gain until you sell... Am I incorrect?  On the other hand , if you are taking depreciation, then you need to be able to take that depreciation against some value.

[herzmeister]

looks like some bot action going on to simulate some trading volume

[ChartBuddy]

Explanation

[TERA]

1718btc volume. good lord

[RandomPedestrianN9]

1718btc volume. good lord

Is that good or bad?

[r34tr783tr78]

1) If an alleged troll is very good at what he is doing, probably he isn't a troll, he only has a different opinion and has the right to voice it. And, actually, he can be right (or not, this isn't my point).

2) Is really necessary to start insulting other members with different opinions or using ad hominem arguments? Lets play the ball, not the player. If someone is indeed a troll, just ignore him. Don't feed him by giving him attention.

3) All trolls (or anyone) are eluded if they think they really can influence the price. Since it's Huobi that is determining the price that all western and chinese exchanges follow, the price now is being decided basically by some hundred chinese large bitcoin owners, most of them can't read english or don't care for what we write here.

[ChartBuddy]

Explanation

[NotLambchop]

[RandomPedestrianN9]

[ChartBuddy]

Explanation

[conspirosphere.tk]

1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.

speculation is not the only reason to hodl btc.
crazy as it may sound, I hodl btc more for asset protection than anything else.
I will 'sell as I go' when needed at any price worth the candle.

[spooderman]

all bears had bitcoins at one point. they will want them again. They won't want to pay more than they have to.

[Cassius]

1718btc volume. good lord

Is that good or bad?

1556 now. It's unheard-ofly low in recent times (anyone care to dig up the last time?)
I guess a part of it is that more people are buying off-exchange. And a part is that people don't know what to do and whether up or down is next. And a part is probably that a lot of people have sold in disgust and walked away from bitcoin after getting burned.