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

[bigdave]

The news that Dish Network is taking Bitcoin is getting some major press:  ABC News, Wall Street Journal, Time, Washington Post.

It is always great to get press like this and tends to cause more people to look into Bitcoin.  

You know what that means. Good news = dump.

Late last year, it could have been announced on reddit that some ma and pa cupcake store had decided to accept bitcoin and it would instantly rocket the price up $50. Now we have Dish Network -- which will be the largest single company to accept it -- and zero reaction. So it seems we've been a bit premature to assume that we've broken the bear market with last week's breakout. I agree with others that we're going to "consolidate" a bit more before going up again next month.

Because Dish Network sucks so everybody is like who cares...

[CoinHamster]

Hmm, looks to me that the foolish playing around 3500 on Houbi will soon be finished.
30min SAR will change.

4h and 30min RSI on stamp are ready.

fasten seatbelt
 

What?

That! - welcome aboard and make yourself comfortable...
 
 

only 10$/50CNY more to go for take off
 

Hmpfff  , engine splutters on the runway
 

[adamstgBit]

quickly someone say something bullish! FFS

[igorr]

quickly someone say something bullish! FFS

Willy bullish 

[bitcoinsrus]

quickly someone say something bullish! FFS

Walmart finally selling a BFL product. So it looks like BFL is finally shipping product  

[blatchcorn]

It is amazing for how long bitcoin continues to be under-valued

[oda.krell]

The news that Dish Network is taking Bitcoin is getting some major press:  ABC News, Wall Street Journal, Time, Washington Post.

It is always great to get press like this and tends to cause more people to look into Bitcoin.  

You know what that means. Good news = dump.

Late last year, it could have been announced on reddit that some ma and pa cupcake store had decided to accept bitcoin and it would instantly rocket the price up $50. Now we have Dish Network -- which will be the largest single company to accept it -- and zero reaction. So it seems we've been a bit premature to assume that we've broken the bear market with last week's breakout. I agree with others that we're going to "consolidate" a bit more before going up again next month.

Agreed. But maybe more people should have reminded themselves right from the start of the rally that 'leaving the bear market behind' doesn't automatically entail 'rocket to DA MOON'.

I'm mid term pretty bullish (and I'm not even completely ruling out that we can break through 600 now-ish), but going up to new heights in a straight line was never an option, and I'm not 100% sure if the bulls that were cheering all through last week really understood this.

(maybe they did, and were just inebriated by the first decent swing up in a while...)

[Miz4r]

The news that Dish Network is taking Bitcoin is getting some major press:  ABC News, Wall Street Journal, Time, Washington Post.

It is always great to get press like this and tends to cause more people to look into Bitcoin. 

You know what that means. Good news = dump.

Late last year, it could have been announced on reddit that some ma and pa cupcake store had decided to accept bitcoin and it would instantly rocket the price up $50. Now we have Dish Network -- which will be the largest single company to accept it -- and zero reaction. So it seems we've been a bit premature to assume that we've broken the bear market with last week's breakout. I agree with others that we're going to "consolidate" a bit more before going up again next month.

There's often a good amount of delay between good news and the price reaction. This place was full of posts about China's positive news coverage on Bitcoin back in May/June 2013 and how this would rocket the price, but the Chinese BTC market didn't actually took off until Sept/Oct 2013. It takes a while for people to absorb the news and learn about Bitcoin, I only bought my first bitcoin after 6 months or so first hearing or reading about it.

[KFR]

Few people were predicting a significant rise before July/August.  We're still in May and we're about $125 up from this time last month.  Patience and a steady hand is all that's required at this stage.

[dreamspark]

Yes that plus also when big news like this comes around the only reason price moves upwards is traders pre-empting so to speak the influx of potentially interested new users or people just hearing about it. It takes weeks from someone learning about Bitcoin to then going ahead and purchasing.

[JorgeStolfi]

I think its going back to 530-500 levels for some time, which will probably get some bears very excited about reaching single digits in no time and stuff.

Nothing but good news and nothing but people dumping.

My original technical analysis method predicts that at 14:17:02 on September 23, 2018 (UTC), Western traders will begin to suspect that any news that is irrelevant to the Chinese traders has no effect whatsoever on the price of Bitcoin.   

But my TA is often wildly optimistic, beware.

[RandomPedestrianN9]

Why would people risk losing a lot of money on BTC when they can pay for DISH via bank transfer or w/e. Dish sucks anyway, just like overstock - the drowning ones are trying to catch everything they can.

[exocytosis]

I'm selling my coins today. Will buy them back when we hit sub-400 prices in a couple of weeks or so.

[cech4204a]

I'm selling my coins today. Will buy them back when we hit sub-400 prices in a couple of weeks or so.

Good luck, you will need it

[exocytosis]

I'm selling my coins today. Will buy them back when we hit sub-400 prices in a couple of weeks or so.

Good luck, you will need it

Thanks. We'll see ... 

[ErisDiscordia]

[snip]

Other things that you apparently consider merits I see as flaws, possibly fatal.  Like the impossibility of seizing stolen coins and returning them to their rightful owners, or correcting mistakes like sending coins to the wrong address.  (Those who do not see that as a problem obviously never did any real accounting.)  Or the dangerously misleading pretense of anonymity.  Or the intentional inefficiency of mining.  Or the impossibility of proving that you do NOT own an account. Or the fixed supply.

[snip]

Fortunately for you, if these things bother you and you'd rather have a malleable money supply managed by unelected officials who can seize funds and reverse transactions at will: you are well served with the current monetary paradigm - be it Keynesian, monetarist or neocon - the differences are of cosmetic character, really.

Those of us with the (obviously wrong!) view that a monetary system should be predictable and not prone to manipulation by individuals have been longing for the chance to try out something like that. It will quite obviously fail, because centralized systems run by experts are naturally superior to decentralized systems run by no one but some people just need to convince themselves on their own, deferring to the wise opinions of experts is not enough for them. And who knows - if by some freak accident such a monetary system turns out to be better than what we have now, you will benefit as well

[ranlo]

I'm selling my coins today. Will buy them back when we hit sub-400 prices in a couple of weeks or so.

I don't see this being the likely event. If anything, we'll drop back down to 500. Going to even 450 is unlikely, but lower than 400? That's a stretch. There's just too much positive news now.

[ChartBuddy]

Explanation

[JorgeStolfi]

Fortunately for you, if these things bother you and you'd rather have a malleable money supply managed by unelected officials who can seize funds and reverse transactions at will: you are well served with the current monetary paradigm - be it Keynesian, monetarist or neocon - the differences are of cosmetic character, really.

Those of us with the (obviously wrong!) view that a monetary system should be predictable and not prone to manipulation by individuals have been longing for the chance to try out something like that. It will quite obviously fail, because centralized systems run by experts are naturally superior to decentralized systems run by no one but some people just need to convince themselves on their own, deferring to the wise opinions of experts is not enough for them. And who knows - if by some freak accident such a monetary system turns out to be better than what we have now, you will benefit as well

My preferences are not important.  The point is that a system that does not allow the forcible return of stolen property will not be acceptable to society, except for thieves and other criminals.  In the end, it will be rejected even by the libertarians who now think that irreversibility is a good thing.

[exocytosis]

I'm selling my coins today. Will buy them back when we hit sub-400 prices in a couple of weeks or so.

I don't see this being the likely event. If anything, we'll drop back down to 500. Going to even 450 is unlikely, but lower than 400? That's a stretch. There's just too much positive news now.

I'm flexible. I might buy them back even if we "just" go below 500 or whatever. It depends. And even if we won't get there in a "couple of weeks or so", we will eventually, soon enough. There will be plenty of crashes/corrections still.

Interestingly, Bitstamp seems unwilling to let a third party do an audit of its fiat reserves (if there are any left). So far, Mike Hearn has supposedly seen "proof" that they still have around 180k BTC in reserves. (But there's no way of knowing whether this number corresponds to what customers actually have deposited in the exchange.) They didn't show him any fiat reserves though. I wonder why? Maybe because they used (a lot of) their customer's deposited fiat to buy up huge amounts of BTC shortly before Hearn's audit, to cover losses after an undisclosed theft?

This would help explain the price spike we've experienced recently.

I think we're in a general downtrend still, and I suspect this will be accelerated when more and more people report their inability to withdraw fiat from Stamp. All it takes for BTC to go (temporarily) back to the 300-range is another large exchange failing, or another "China ban". It's fragile. There are still plenty of exchange owners who haven't stolen their customer's money, but they will, eventually. So there's a lot of downside potential, while not much potential for upside, since adoption basically has ground to a halt, and the general public is becoming increasingly sceptic towards Bitcoin.

We're still far away from anything resembling mainstream adoption. If it ever comes, we won't start seeing it until 2017, at the very earliest.