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

[zimmah]

Bitcoin is disappointing us negatively this week.
The poll still seems rather bullish!

That's the problem, everybody is already loaded and have no spare FIAT to buy more.

We need new souls fiat to flow into the deepest chasms of ecosystem.

Well anyway I don't know why people are so blind that they can't see fiat is the Ponzi and bitcoin is the way out of the Ponzi.

[ChartBuddy]

Explanation

[Carra23]

Bitcoin is disappointing us negatively this week.
The poll still seems rather bullish!

That's the problem, everybody is already loaded and have no spare FIAT to buy more.

Actually I do have some spare, but I have spread them out from 450 - 550.

Always helps to keep a bit of fiat for the sharp drops.

[JayJuanGee]

Bitcoin is disappointing us negatively this week.
The poll still seems rather bullish!

That's the problem, everybody is already loaded and have no spare FIAT to buy more.

Actually I do have some spare, but I have spread them out from 450 - 550.

Always helps to keep a bit of fiat for the sharp drops.

As time passes, a large majority of people continue to acquire additional fiat, and then the question becomes how that person wishes to store the value of that fiat b/c the opportunity to buy BTC between $450 and $550 has passed and currently is NOT available. 

Accordingly, do we consider $650 to be a good value to store fiat in BTC, or do we believe storing fiat in some other investment vehicle or leaving it in fiat would be preferable? 

Each of us needs to decide for ourselves what is the best storage of that newly acquired fiat. 

Personally in the past several months, I have been putting my newly acquired fiat into BTC b/c currently, I consider BTC prices to be a good value as compared with other ways that I could store/invest that newly acquired fiat.  Keeping it in fiat does NOT seem to be a very prudent approach in my current thinking.

[ChartBuddy]

Explanation

[shmadz]

Bitcoin is disappointing us negatively this week.
The poll still seems rather bullish!

That's the problem, everybody is already loaded and have no spare FIAT to buy more.

Actually I do have some spare, but I have spread them out from 450 - 550.

Always helps to keep a bit of fiat for the sharp drops.

I always try to do the same thing, it's only when the price drops precipitously that I run out of fiat.

If the price takes off and goes up and up, I leave the fiat there, which allows me to sell bitcoin to friends without taking any volatility risk. (though none of my friends or family have asked for any yet)    

I used to wonder why they all still refuse to jump on the bandwagon even after watching the price rise year after year. Most say it's too risky, and yet they have their entire life savings sunk into mutual funds and RRSP's
- and then all at once, RUEHL's comment below made it clear to me.

I agree.  I had the opportunity to buy BTC at $11 back in 2011 BUT I wasn't ready and didn't know the fundamentals why it's so great.  I probably would've sold at the $18 or $30 peaks.

Years later I'm ready, I understand the fractional reserve system and how the central banks have their dirty hands in all recent major historical events.  Now I understand it's a long term hold and with any hope, there will be no need to convert to FIAT.

I seems to be quite useless to try to explain why bitcoin is a good thing to anyone who does not understand the current fiat system. And equally useless to try to explain the problems of the current system to those who depend on it for their livelihood.

[glendall]

Surprised how steady the price has been recently. Seems like it is rock stable right now.

I had the feeling that the price was about to dive yesterday.  But it usually goes in the opposite of what I expect.

[ihaveaquestion]

I seems to be quite useless to try to explain why bitcoin is a good thing to anyone who does not understand the current fiat system. And equally useless to try to explain the problems of the current system to those who depend on it for their livelihood.

It is not useless at all. Everybody has his learning curve and some will need more time than others to understand the same thing, which is particularly true in maths. But you insinuated the idea of the relevance of Bitcoin, which might flourish on the future. Maybe they will need less volatility and more killer apps though.

[badpeanut]

The only way to pump new FIAT into the bitcoin market is to promote bitcoin in 0.1 btc @$65 or 0.01 btc @$6.50 in all exchange sites and media.

The average Joe doesn't know they can buy 0.1 or 0.01 btc, so they will never touch it if the price is to high

[Raystonn]

We have been in a flat triangle since June 1st.  The trend was strongly bullish as we entered.  I expect us to leave this triangle within the next 6 hours or so.  We should break out to the upside and head up to at least the 750 area before taking a break or continuing up.

[Wolf Rainer]

A little correction and now we are going up again, this is healty grow.

[maok]

The only way to pump new FIAT into the bitcoin market is to promote bitcoin in 0.1 btc @$65 or 0.01 btc @$6.50 in all exchange sites and media.

The average Joe doesn't know they can buy 0.1 or 0.01 btc, so they will never touch it if the price is to high

+1

[ChartBuddy]

Explanation

[aminorex]

Price is just following the pattern of the past topping cycles:  quick foothills, plains of comparable length, then an accelerating ramp.  we're on the plains.  give it a couple, three weeks.  This period can involve a bear trap, again, as per usual.

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[CoolStoryBro]

Well anyway I don't know why people are so blind that they can't see fiat is the Ponzi and bitcoin is the way out of the Ponzi.

I herd you don't like Ponzi so we created a new Ponzi to get you out of Ponzi

[ChartBuddy]

Explanation

[samsonn25]

yes.  .  .

[JayJuanGee]

Well anyway I don't know why people are so blind that they can't see fiat is the Ponzi and bitcoin is the way out of the Ponzi.

I herd you don't like Ponzi so we created a new Ponzi to get you out of Ponzi

CoolStoryBro:  

hehehehehe......    

Even though you are being a little ridiculous with your comment, above, I believe that your comment highlights a decent point.

Accordingly, I would clarify that neither bitcoin nor fiat is a ponzi scheme...

To say that either bitcoin or fiat is a ponzi scheme is to overly simplify and to misapply the concept of ponzi scheme.  Neither fiat nor bitcoin is so simple an arrangement - there are too many factors influencing each.