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

[adamstgBit]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

It already is. By definition.

Not by the widely used definition.

Why are we having this discussion? There are a whole lot of great things about Bitcoin. Price stability is not one of them. Except for a very select few zealots, nobody in his right mind would denominate the value of something he wants to sell or buy in Bitcoin primarily. It goes (and will do so for the foreseeable future) in the form of 'internal notion of value -> USD value -> XBT value'. And I don't see any problem with that.

maybe bits will be more stable.

Eventually, maybe. But it'll take a while. It'll take [period of initial clusterfuck speculation (you are HERE)], [approaching equilibrium], [period of price stability] and finally [monkey brains of young ones getting fully used to denominating value in Bitcoin]. Not something I count on happening in the next 5 or even 10 years.

(mildly drunk. bit more confrontative than usual. sorry)

+1

[adamstgBit]

for now the bits are not a gr8 unit of account because the moon is far away.

[manfred]

Bit of topic, but as far as i am aware Litecoin settled on this:

Amount	Code	Name
0.00000001 (10-8)		(litecent, lee, liteoshi or whatever the community calls it)
0.000001 (10-6)	XLT	lite
0.001 (10-3)	kXLT	klite
1	LTC	litecoin

[wachtwoord]

for now the bits are not a gr8 unit of account because the moon is far away.

Maybe bed time Adam?

[JorgeStolfi]

Have we already seen the full extent of the effect of the Willy Bot news? If it gets more substantiated in some way, would we face more negative sentiment? How did the story affect holders who may have bought based on that perceived buying pressure in the last bubble?

I personally didn't put much serious consideration into the Willy nonsense.

I won't call it nonsense, the analysis of the database is helpful, and one can see the effect of Markus/Willy on the MtGOX price very clearly.

However I don't agree with the author's theory that those traders/robots caused the 2013 bubbles; I believe that the robots merely copied them from elsewhere (China probably) to MtGOX, by doing arbitrage.

That makes some difference on the possible impact of the report.

If the bubbles were created by Markus/Willy, then, after the closure of MtGOX, the price has been holding itself up by its bootstraps,  and could collapse at any moment -- especially if the market reads that report and agreees with it.

On the other hand, if the bubbles were due to Chinese demand, then the price has been sustained by that demand, independently of MtGOX, and should stay up as long as that demand continues to exist, report or no report.

[nioc]

are we talking about classical bits or qubits?

[adamstgBit]

it would be really cool if the FB app used bits and i was able to send 1bit with no TX fee to all my friends.

[explorer]

Some of the other threads, on the other hand, would provide abundant material for several PdD theses in clinical psychiatry.  I don't like American football at all, but would rather hang out in a sports bar than in a lunatic asylum.  )

We don't all have your wide experience to fall back on 

[nioc]

I would like to thank the snake oil salesman.  The ones I encountered were before I even found this forum.  I bought some btc last year out of useful need, no not drugs, and then looked into btc further and bought some more.  Avg price $32.  Not that much as I am a poor boy.  I have sold enough to cover my purchase price 4x and have more btc than I started with.

I started coming to the speculation section and the observer threads in particular a couple of months ago to get some sense of what was happening with the falling/stagnating price.  I have learned a great deal as there are many good posters here.  

[adamstgBit]

new wall

500,000,000 bits high 

[ChrisML]

new wall

500,000,000 bits high 

Choo choo right through it. Chooew chooewenomnomnom NOM NOM NOM MOTHER FUC NOM NOM NOM

[ChrisML]

ABOUT FUCKING TIME $580.

EDIT.

OH NEVER MIND. lmfao

[adamstgBit]

[Erdogan]

Difficulty on bitcoinwisdom is wrong.

[ChartBuddy]

Explanation

[keithers]

Looks like we are still struggling to make it past $585 (on Stamp at least).   Didn't check prices much throughout the day, but it looks like we had a good little recovery from a little slide in the morning...

I think we could be at $600 by the weekend if people stop trying to take their profits of the table and hold a little while longer...

[keewee]

Difficulty on bitcoinwisdom is wrong.

It's correct on mine. Refresh?

[ChrisML]

BTC-E is SO far behind. Jesus, catch up boys. 

[Erdogan]

Difficulty on bitcoinwisdom is wrong.

It's correct on mine. Refresh?

Perfect. Thanks.

[adamstgBit]

bids are doing the tsunami, blast off looks imminent

cant wait to give all my friends 10bits with the new FB app coming out soon.