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

[madmat]

http://cointelegraph.com/news/111911/china-there-is-space-for-bitcoin-pboc-deputy-secretary
time last week to buy  

Fixed.
It is last week under 600$, ever. After auction, price is going to skyrocket.

I will be very disappointed with you if you are not telling us the truth!

It is going to be interesting to see what happens during the auctions. Hell there's a relatively good chance that prices aren't affected at all

It depends on the leaks, and it depends if there are price manipulations. Bids are accepted during 12 hours.

[Richy_T]

Welcome to the "Global Slumber Method" where the Bitcoin price sends everyone to sleep.

[Richy_T]

It is going to be interesting to see what happens during the auctions. Hell there's a relatively good chance that prices aren't affected at all

I expect this to be the case. A poor outcome of the auction will likely have no effect. A mediocre outcome might give us a bit of a boost but nothing special. I don't believe we're going to see a spectacular outcome but I would be happy to be proven wrong.

However, I think the uncertainty of the auction is holding the price back so hopefully normal service will be resumed.

[ChartBuddy]

Explanation

[ShroomsKit]

http://cointelegraph.com/news/111911/china-there-is-space-for-bitcoin-pboc-deputy-secretary
time to buy  

Maybe you haven't noticed but nobody cares about good news.
When some obscure Chinese blog posts an unconfirmed story how a random Chinese bank will ban Bitcoin everybody totally freaks out and dumps everything they can.
If that same Chinese bank says Bitcoin is no problem the same people are like who cares. Hell, they'll even dump some more most likely.

Any news lately is reason to dump. It's a new thing in the Bitcoin world that started this year. And people are so used to doing this now that it's hard to change this again.
We would need months of non stop amazing news. But that's not gonna happen. Every 2 weeks there is something new that makes the price goes down. So all these idiot traders simply say "good news or bad news, i'm not gonna wait and see, i'll just dump right away".

[ShroomsKit]

http://cointelegraph.com/news/111911/china-there-is-space-for-bitcoin-pboc-deputy-secretary
time last week to buy  

Fixed.
It is last week under 600$, ever. After auction, price is going to skyrocket.

I wish. But i doubt it.
Just the mention of a small action caused huge panic. When the auction is finished and ended well/bullish noone will care. They'll be looking for the next reason to panic sell.
There are no events anymore that make the price go up. No amount of good news will make the price go up even 10 dollars. People aren't interested in good news.

[Torque]

http://cointelegraph.com/news/111911/china-there-is-space-for-bitcoin-pboc-deputy-secretary
time last week to buy  

Fixed.
It is last week under 600$, ever. After auction, price is going to skyrocket.

I wish. But i doubt it.
Just the mention of a small action caused huge panic. When the auction is finished and ended well/bullish noone will care. They'll be looking for the next reason to panic sell.
There are no events anymore that make the price go up. No amount of good news will make the price go up even 10 dollars. People aren't interested in good news.

Yep, the day the Expedia news came out, the price was at $630.  Price didn't budge at all.  Then the very next day, wham!  A fkn FUD storm about threats of 51% attack (again, every 4-6 months, for years now... ad nauseum), +Stamp FUD, + China FUD, +Bitfinex FUD, all on the same day.  And then a bunch of panic selling ensues all the way down to $530, for no good reason at all.  And you know what?  No one even remembers that now, or if those stupid fears were even warranted.  Here's a hint:  they weren't.

The bitcoin community is, and will continue to be, pathetic, until it puts on its big boy pants and grows the hell up.  Stop panic selling over nothing.  Otherwise, the bitcoin world hasn't even seen yet what the governments of the world can cook up in regard to media-created FUD, until they feel the need to.

[ShroomsKit]

http://cointelegraph.com/news/111911/china-there-is-space-for-bitcoin-pboc-deputy-secretary
time last week to buy  

Fixed.
It is last week under 600$, ever. After auction, price is going to skyrocket.

I wish. But i doubt it.
Just the mention of a small action caused huge panic. When the auction is finished and ended well/bullish noone will care. They'll be looking for the next reason to panic sell.
There are no events anymore that make the price go up. No amount of good news will make the price go up even 10 dollars. People aren't interested in good news.

Yep, the day the Expedia news came out, the price was at $630.  Price didn't budge at all.  Then the very next day, wham!  A fkn FUD storm about threats of 51% attack (again, every 6 months, for years now... ad nauseum), +Stamp FUD, + China FUD, +Bitfinex FUD, all on the same day.  And then a bunch of panic selling ensues all the way down to $530, for no good reason at all.  And you know what?  No one even remembers that now, or if those stupid fears were even warranted.  Here's a hint:  they weren't.

The bitcoin community is, and will continue to be, pathetic, until it puts on its big boy pants and grows the hell up.  Stop panic selling over nothing.  Otherwise, the bitcoin world hasn't even seen what the governments of the world can cook up in regard to FUD, until they need to.

Exactly, it's just pathetic.

[dropt]

Yep, the day the Expedia news came out, the price was at $630.  Price didn't budge at all.  Then the very next day, wham!  A fkn FUD storm about threats of 51% attack (again, every 4-6 months, for years now... ad nauseum), +Stamp FUD, + China FUD, +Bitfinex FUD, all on the same day.  And then a bunch of panic selling ensues all the way down to $530, for no good reason at all.  And you know what?  No one even remembers that now, or if those stupid fears were even warranted.  Here's a hint:  they weren't.

The bitcoin community is, and will continue to be, pathetic, until it puts on its big boy pants and grows the hell up.  Stop panic selling over nothing.  Otherwise, the bitcoin world hasn't even seen what the governments of the world can cook up in regard to media-created FUD, until they feel the need to.

IMO it's mostly just amateur knob day-traders (hello Speculation forum participants!) following the Mantra "he who dumps first, dumps best". 

And, if it's not that, it's all of the new corporate mines that have popped up.  Generally, IMO, they're not interested in Bitcoin other than to load up on fiat, and since these operations are huge they're taking most of the newly mined coins and dumping them on the market for fiat.  In years past, the mining base was much more spread out and mining participants, on average, were more intereseted in building BTC reserves than the fiat equivalent.  This concept coupled with the fact that at low prices the daily volume was much greater meant that any new coins mined that did make it to market had little effect on the exchange rate.  Now, with higher price, lower volume, and corporate mines with no interest in holding BTC you get an ever increasing supply of fresh coins comparative to historical time frames.

[JorgeStolfi]

http://cointelegraph.com/news/111911/china-there-is-space-for-bitcoin-pboc-deputy-secretary
time to buy 

The full speech by that Deputy Secretary of the People's Bank of China's Survey and Statistics Department is found here: http://www.reddit.com/r/BitcoinMarkets/comments/28rwu9/chinese_central_bank_official_there_is/
It mentions Bitcoin in the third of a list of ten predictions on the impact of internet in the future of money and finance:

三、冲击货币金融主权的概念。在未来，货币金融的主权概念是大大突破的，比特币是有存在空间的。
Third is the impact on the concept of monetary and financial sovereignty. In the future, there will be large breakthroughs in the concept of monetary and financial sovereignty and there is space for Bitcoin to exist.

The guy's titlte became "General Secretary of PBoC" in the bitcoin press.  Of course. 

I don't think that the Chinese traders were much impressed by that.

[adamstgBit]

http://cointelegraph.com/news/111911/china-there-is-space-for-bitcoin-pboc-deputy-secretary
time to buy 

The full speech by that Deputy Secretary of the People's Bank of China's Survey and Statistics Department is found here: http://www.reddit.com/r/BitcoinMarkets/comments/28rwu9/chinese_central_bank_official_there_is/
It mentions Bitcoin in the third of a list of ten predictions on the impact of internet in the future of money and finance:

三、冲击货币金融主权的概念。在未来，货币金融的主权概念是大大突破的，比特币是有存在空间的。
Third is the impact on the concept of monetary and financial sovereignty. In the future, there will be large breakthroughs in the concept of monetary and financial sovereignty and there is space for Bitcoin to exist.

good stuff

really cool

i can see the moon! but it is FAR away...

   

[elebit]

That would imply exchanges trusting each other's IOUs. Can't happen, and rightly so (otherwise one single scam could cause a chain reaction). 

That's trivial to solve. How do you think other institutions in society do it?

The easiest way is that everyone desposits a sum with a trusted third party, which forms the top limit for IOUs. You could also distribute the third party role on several participants (where several needs to collude to cheat the system), if the trust is otherwise hard to build.

But even the easiest notary system would be a giant step up for today's exchanges.

[Torque]

That would imply exchanges trusting each other's IOUs. Can't happen, and rightly so (otherwise one single scam could cause a chain reaction). 

That's trivial to solve. How do you think other institutions in society do it?

The easiest way is that everyone desposits a sum with a trusted third party, which forms the top limit for IOUs. You could also distribute the third party role on several participants (where several needs to collude to cheat the system), if the trust is otherwise hard to build.

But even the easiest notary system would be a giant step up for today's exchanges.

Yes, but don't you realize that extending IOUs is exactly how the current, broken fractional reserve banking system works?  And is pretty much why Mt Gox. went bankrupt?

[ChartBuddy]

Explanation

[MoreFun]

http://cointelegraph.com/news/111911/china-there-is-space-for-bitcoin-pboc-deputy-secretary
time to buy  

The full speech by that Deputy Secretary of the People's Bank of China's Survey and Statistics Department is found here: http://www.reddit.com/r/BitcoinMarkets/comments/28rwu9/chinese_central_bank_official_there_is/
It mentions Bitcoin in the third of a list of ten predictions on the impact of internet in the future of money and finance:

三、冲击货币金融主权的概念。在未来，货币金融的主权概念是大大突破的，比特币是有存在空间的。
Third is the impact on the concept of monetary and financial sovereignty. In the future, there will be large breakthroughs in the concept of monetary and financial sovereignty and there is space for Bitcoin to exist.

good stuff

really cool

i can see the moon! but it is FAR away...

  

$299.400 away, no more no less  

[oda.krell]

Yep, the day the Expedia news came out, the price was at $630.  Price didn't budge at all.  Then the very next day, wham!  A fkn FUD storm about threats of 51% attack (again, every 4-6 months, for years now... ad nauseum), +Stamp FUD, + China FUD, +Bitfinex FUD, all on the same day.  And then a bunch of panic selling ensues all the way down to $530, for no good reason at all.  And you know what?  No one even remembers that now, or if those stupid fears were even warranted.  Here's a hint:  they weren't.

The bitcoin community is, and will continue to be, pathetic, until it puts on its big boy pants and grows the hell up.  Stop panic selling over nothing.  Otherwise, the bitcoin world hasn't even seen what the governments of the world can cook up in regard to media-created FUD, until they feel the need to.

IMO it's mostly just amateur knob day-traders (hello Speculation forum participants!) following the Mantra "he who dumps first, dumps best".  

[...]

[...]

The bitcoin community is, and will continue to be, pathetic, until it puts on its big boy pants and grows the hell up.  Stop panic selling over nothing.  Otherwise, the bitcoin world hasn't even seen what the governments of the world can cook up in regard to FUD, until they need to.

Exactly, it's just pathetic.

I'm still seriously puzzled by this "only sheep and weak hands are selling" mentality...

I mean, obviously, panic selling personally doesn't affect you, right? In the sense that "panic selling" somehow forces you, Strong Hand McHolder, to sell as well. So why do you care?

Or is it, just by any chance, because you don't like seeing price drop? The promised moon trip, being on hold. Again.


So how exactly would trading work, if everyone is a good, strong hand and just holds indefinitely?

Har har, all those poor late arrivals... they will have to wait 'til price hits $300k before I will sell my coins to them.

Oh. Wait...

If nobody sells, ever, how exactly is price going to go to $300k?

Hm... maybe we can sell the occasional satoshi, just so that price can still rise, ostensibly.

Deal? Deal!

[aminorex]

Hot on the heels of bitcoin are about 200 other global online currencies such as litecoin, darkcoin, maxcoin, peercoin, ripple and hundreds of other coins

I like how ripple is just thrown in there and called a coin, and apparently every alternative payment technology is a "coin".

Yes, unfortunately these folks don't have a lot of time to keep up with the cryptocurrency developments and what is exactly a coin and what isn't... they have been suing all the major banks here in SA for about 2 years and have been trying to get an independent political party off the ground to close down the central bank, so they have a lot on their hands...

Semantics.  In the current colloquial parlance, a coin is a transferable share of a bounded accounting sum.  Doesn't matter much if you like the language.  It is what it is.

[aminorex]

If you can some sort of agreement on swapping IOUs between exchanges than smooth arbitrage could prove possible and profitable for investors.

A federated inter-exchange arbitrage would have the added benefit as an early warning system for gox:ings.

If an exchange started having trouble honoring its IOUs on time, that would be a signal to move your funds out. No panacea of course and it would still cause a bank run, but at least it would be better than the slow 12 month Gox fiasco where no one knew they were illiquid (except for the ones who got away with it..).

That would imply exchanges trusting each other's IOUs. Can't happen, and rightly so (otherwise one single scam could cause a chain reaction). 

Amen.  Sound money please (as much as is feasible at least).  No crypto-GFC please.  Do not want.

[gentlemand]

http://cointelegraph.com/news/111911/china-there-is-space-for-bitcoin-pboc-deputy-secretary
time last week to buy  

Fixed.
It is last week under 600$, ever. After auction, price is going to skyrocket.

I wish. But i doubt it.
Just the mention of a small action caused huge panic. When the auction is finished and ended well/bullish noone will care. They'll be looking for the next reason to panic sell.
There are no events anymore that make the price go up. No amount of good news will make the price go up even 10 dollars. People aren't interested in good news.

Yep, the day the Expedia news came out, the price was at $630.  Price didn't budge at all.  Then the very next day, wham!  A fkn FUD storm about threats of 51% attack (again, every 4-6 months, for years now... ad nauseum), +Stamp FUD, + China FUD, +Bitfinex FUD, all on the same day.  And then a bunch of panic selling ensues all the way down to $530, for no good reason at all.  And you know what?  No one even remembers that now, or if those stupid fears were even warranted.  Here's a hint:  they weren't.

The bitcoin community is, and will continue to be, pathetic, until it puts on its big boy pants and grows the hell up.  Stop panic selling over nothing.  Otherwise, the bitcoin world hasn't even seen yet what the governments of the world can cook up in regard to media-created FUD, until they feel the need to.

All the 'good' news is long term stuff. It'll all add up in the end but it's mainly top down. All of these VCs and investors will have to sell it to the regular public over time. It's a slow burn.

The 'bad' news is the type of shit that immediately affects (or they think it affects) people who hold coins right now.  

Eventually the sheer weight of infrastructure and investment will win out. Until then it's panic on.

[aminorex]

That would imply exchanges trusting each other's IOUs. Can't happen, and rightly so (otherwise one single scam could cause a chain reaction).  

That's trivial to solve. How do you think other institutions in society do it?

The easiest way is that everyone desposits a sum with a trusted third party, which forms the top limit for IOUs. You could also distribute the third party role on several participants (where several needs to collude to cheat the system), if the trust is otherwise hard to build.

But even the easiest notary system would be a giant step up for today's exchanges.

Then there is no advantage over independent arbitrage.  Anyone can do it any time, simply by preplacing funds on multiple exchanges.  If an alternative does not offer an efficiency gain over independent arbitrage, then it is a worthless rentier scheme.

EDIT: oops.  misunderstood.  reading posting too fast.  nevermind.