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

[wachtwoord]

However, by that measure bitcoin has already achieved success. The bitcoin network currently mediates between 50 and 60 thousand transactions every day, transferring an estimated 70 million USD every day.
As far as bootstrapped nascent currency experiments go, bitcoin should certainly fulfill many criteria for "success" already.

Curioulsy the number of transactions per day and their total BTC volume have increased very little, or not at all, since September last year.  So, either commercial e-payments  are a small fraction of those numbers, or they are not increasing (and their USD volume is actually decreasing, since the BTC price has fallen considerably in that period).

The number of transactions increases in waves similar to the price function.  Also many transactions are now being done off the blockchain. I use coinbase app on my phone and when I go to the bar in my area they use coinbase merchant.  That transaction is never shown on the blockchain.

Plus the price has not decreased since September.

[igorr]

LOL,
Mining company and exchange working together.

http://www.coindesk.com/bot-named-willy-did-mt-goxs-automated-trading-pump-bitcoin-price/
http://willyreport.wordpress.com/

After willy,  
https://www.youtube.com/watch?v=ob9Ak1t09Ao

And topics:
https://bitcointalk.org/index.php?topic=476535.0;topicseen
https://bitcointalk.org/index.php?topic=179586.0;topicseen

[Cassius]

LOL,
http://www.coindesk.com/bot-named-willy-did-mt-goxs-automated-trading-pump-bitcoin-price/
http://willyreport.wordpress.com/

After willy,  https://www.youtube.com/watch?v=ob9Ak1t09Ao

I remember why I ignorred you.
This was discussed a while back on this thread. The consensus was, 'Meh'.

[wachtwoord]

However, by that measure bitcoin has already achieved success. The bitcoin network currently mediates between 50 and 60 thousand transactions every day, transferring an estimated 70 million USD every day.
As far as bootstrapped nascent currency experiments go, bitcoin should certainly fulfill many criteria for "success" already.

Curioulsy the number of transactions per day and their total BTC volume have increased very little, or not at all, since September last year.  So, either commercial e-payments  are a small fraction of those numbers, or they are not increasing (and their USD volume is actually decreasing, since the BTC price has fallen considerably in that period).

The number of transactions increases in waves similar to the price function.  Also many transactions are now being done off the blockchain. I use coinbase app on my phone and when I go to the bar in my area they use coinbase merchant.  That transaction is never shown on the blockchain.

Plus the price has not decreased since September.

Jorge, maybe check out this thread regarding transactions and distribution off balances correlated to price (the creation of zero balances implies transactions and spending). https://bitcointalk.org/index.php?topic=441336.0

[ShroomsKit]

LOL,
http://www.coindesk.com/bot-named-willy-did-mt-goxs-automated-trading-pump-bitcoin-price/
http://willyreport.wordpress.com/

After willy,  https://www.youtube.com/watch?v=ob9Ak1t09Ao

I remember why I ignorred you.
This was discussed a while back on this thread. The consensus was, 'Meh'.

If you ignored him then please stop quoting that idiot.

[bitfair]

However, by that measure bitcoin has already achieved success. The bitcoin network currently mediates between 50 and 60 thousand transactions every day, transferring an estimated 70 million USD every day.
As far as bootstrapped nascent currency experiments go, bitcoin should certainly fulfill many criteria for "success" already.

Curioulsy the number of transactions per day and their total BTC volume have increased very little, or not at all, since September last year.  So, either commercial e-payments  are a small fraction of those numbers, or they are not increasing (and their USD volume is actually decreasing, since the BTC price has fallen considerably in that period).

Has not grown since a date arbitrarily chosen by you? (Or perhaps deliberately chosen by you in order to make a point?) Well, I guess it's a failure, then...

Facts:
(1) Bitcoin is moving large sums around every day.
(2) It is very useful for "many" (tens of thousands/hundreds of thousands?) people.
(3) The usage has increased - maybe not steadily, but consistently.

I guess it's OK to be skeptical, and it's quite correct to be wary of speculating in the bitcoin price. But to claim it is anything other than a resounding success is disingenuous. It's already successful and is making life easier for a large number of people.

And since you are from Brazil, let me ask you: have you ever tried receiving payments from abroad? It is exceptionally expensive and time-consuming to send money to Brazil from a foreign country by regular banking channels. Bitcoin facilitates this tremendously, and is used by many. Is that not enough to be considered successful?

[dreamspark]

Seems the market still wants to go up so I'm thinking we'll see $620 at some point tomorrow.

[hdbuck]

Seems the market still wants to go up so I'm thinking we'll see $620 at some point tomorrow.

not the market.. willy 2

[igorr]

willy 2
willy 3
willy 4.....

[wachtwoord]

willy 2
willy 3
willy 4.....

Free willy!

[oda.krell]

However, by that measure bitcoin has already achieved success. The bitcoin network currently mediates between 50 and 60 thousand transactions every day, transferring an estimated 70 million USD every day.
As far as bootstrapped nascent currency experiments go, bitcoin should certainly fulfill many criteria for "success" already.

Curioulsy the number of transactions per day and their total BTC volume have increased very little, or not at all, since September last year.  So, either commercial e-payments  are a small fraction of those numbers, or they are not increasing (and their USD volume is actually decreasing, since the BTC price has fallen considerably in that period).

Actually, the number is almost twice as high. (use "exclude popular addresses" because: dust from gambling sites)





Does the increase in transactions perfectly motivate price increase? Maybe not. Or at least, it's an open question (see gbianchi's model, for example)

Does the no. of transactions rise very obviously in an exponential fashion? You'd have to be pretty biased to deny that.

And there it is, one of the "fundamental reasons" for price growth you keep looking for.

[wachtwoord]

Does the increase in transactions perfectly motivate price increase? Maybe not. Or at least, it's an open question (see gbianchi's model, for example)

Does the no. of transactions rise very obviously in an exponential fashion? You'd have to be pretty biased to deny that.

And there it is, one of the "fundamental reasons" for price growth you keep looking for.

I think you have to be pretty blind to deny that

[oda.krell]

Does the increase in transactions perfectly motivate price increase? Maybe not. Or at least, it's an open question (see gbianchi's model, for example)

Does the no. of transactions rise very obviously in an exponential fashion? You'd have to be pretty biased to deny that.

And there it is, one of the "fundamental reasons" for price growth you keep looking for.

I think you have to be pretty blind to deny that ;)

Well, for fairness sake, you can find growth functions that model the price increase that aren't exponential (cue Jorge: exponential "spurts", purely motivated by outside news), and you can always question whether the (EDIT fundamental) growth function so far continues to hold.

I'm just saying, looking at this chart (or many similar ones graphing the network fundamentals) and concluding we're not undergoing exponential growth requires some serious mental acrobatics... :D

And that's your keyword, Jorge :P

[igorr]

willy 2
willy 3
willy 4.....

Free willy!

today's popular business,

1.open exchange
2.0% fees
3.cooperate with mining company
4.spread speculation
5.buy willy boot


And Grow Rich

[dreamspark]

Been a while since I've seen the ignore box, must be some fresh bear news around

[ChartBuddy]

Explanation

[Threebits]

Have you ever tried receiving payments from abroad? It is exceptionally expensive and time-consuming to send money to Brazil from a foreign country by regular banking channels. Bitcoin facilitates this tremendously, and is used by many. Is that not enough to be considered successful?
-----------------------------------

How many people in this thread using bitcoin moving money abroad?  if one uses, indeed he will find bitcoin fantastic. One thing I tend to be sure is that the payment technology behind bitcoin will be successful.

Still, the success of payment technology does not necessarily mean success of bitcoin, I think.

It is quite a headache for me to imagine: if Switzerland decides to stop Swiss Francs and turn them all into a crypto swisscoin, what will happen to bitcoin?

[dreamspark]

Have you ever tried receiving payments from abroad? It is exceptionally expensive and time-consuming to send money to Brazil from a foreign country by regular banking channels. Bitcoin facilitates this tremendously, and is used by many. Is that not enough to be considered successful?
-----------------------------------

How many people in this thread using bitcoin moving money abroad?  if one uses, indeed he will find bitcoin fantastic. One thing I tend to be sure is that the payment technology behind bitcoin will be successful.

Still, the success of payment technology does not necessarily mean success of bitcoin, I think.

It is quite a headache for me to imagine: if Switzerland decides to stop Swiss Francs and turn them all into a crypto swisscoin, what will happen to bitcoin?

Well technically anytime you do any trading of alts ,payments for e goods from member, donations etc you are sending money abroad that you wouldn't already be able to do easily

[igorr]

Have you ever tried receiving payments from abroad? It is exceptionally expensive and time-consuming to send money to Brazil from a foreign country by regular banking channels. Bitcoin facilitates this tremendously, and is used by many. Is that not enough to be considered successful?
-----------------------------------

How many people in this thread using bitcoin moving money abroad?  if one uses, indeed he will find bitcoin fantastic. One thing I tend to be sure is that the payment technology behind bitcoin will be successful.

Still, the success of payment technology does not necessarily mean success of bitcoin, I think.

It is quite a headache for me to imagine: if Switzerland decides to stop Swiss Francs and turn them all into a crypto swisscoin, what will happen to bitcoin?

Yes, Skrill , Paypal , Payoneer , VISA , Master card .........

[aminorex]

Litecoin seems to be firmly uncoupled from bitcoin now (if that's not an oxymoron). Doge also falling. Dark days ahead for both?

It was the same in the last BTC runup. First, LTC was falling and falling, LTC doomsday prophecies were filling the air.
"LTC is dead!!!" and so on. Then, the LTC/BTC ratio suddenly jumped from 0.0075 to 0.05 in a matter of 1 week !!!
Same with many of the other alts.

I would never call the end of some alt too early, those little suckers are full of nasty surprises!  

Once upon a time, the majority of crypto investors had not experienced the burning side of a p&d.  Not true now.  Today, to have staying power, at a leading tier marketcap, a coin has to have compelling features.  LTC does not.  I expect DRK to fail on its snake-oil promises, eventually, but I expect it to outperform LTC by a nautical mile for a long while, perhaps forever.

Yes, LTC has historically lagged BTC and overshot its spikes.  I expect most of that positive beta will be embodied by other alts with better distinctives this time.  NXT and MRO are obvious candidates (leaving DRK aside for the moment).