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

[zby]

The train stopped moving. The auction gave it a small push up. Then it slightly crashed because oooommmg 1 winner. Now we're stuck. I might be wrong but i have the feeling people need a specific reason to buy more. Another deadline that turns out bullish. Obviously amazing news about big companies means nothing anymore.

I don't see anything bullish happening soon so my guess is we will go down again. A big dump followed by panic. Or a new round of hot steamy FUD. People soon will be looking hard for a reason to dump.
People are looking for a reason to sell. Not to buy. And that reason for selling can be almost anything. The reason for buying, almost nothing.
And i hate to sound like Tera so i hope i am completely wrong.

People don't want to sell because of the news - but most traders are probably full in BTC now after such a raw of good news - so no more buying before new money arrives. It probably will stagnate for a while.

But breaking down 638 (Stamp) and extend the correction a bit.

[blatchcorn]

The train stopped moving. The auction gave it a small push up. Then it slightly crashed because oooommmg 1 winner. Now we're stuck. I might be wrong but i have the feeling people need a specific reason to buy more. Another deadline that turns out bullish. Obviously amazing news about big companies means nothing anymore.

I don't see anything bullish happening soon so my guess is we will go down again. A big dump followed by panic. Or a new round of hot steamy FUD. People soon will be looking hard for a reason to dump.
People are looking for a reason to sell. Not to buy. And that reason for selling can be almost anything. The reason for buying, almost nothing.
And i hate to sound like Tera so i hope i am completely wrong.

Well that escalated quickly.  We can have a small period of stability - which is very likely in this $600 price range.

[rpietila]

People are looking for a reason to sell. Not to buy.

The people are of 2 kinds. Every sane bitcoiner is near all-in now, because of where we are in the cycle. Being all-in means all you can do is hold or sell. Buying button is greyed out.

The ones with no bitcoins cannot sell, only buy (or hold their dollars). To get the price to 10 times the current level, a lot of dollars need to be invested into bitcoin, and that is not coming from the current, maxxed-out people who hang around in this thread. Almost none of it. On the contrary: the people here will be the ones in the position to stop the rally when we finally decide to collectively sell so much that the buying pressure is absorbed and price plummets from the highs.

Whatever happens before that new money gets interested is of little significance. Except to those idiots that just cannot wait a few months (like me selling BTC2k last september...)

[lay785]

So today we had two major retailers announce that they're taking bitcoin and we're now lower value than we were 24 hours ago. This market is brutal.

As many people have pointed out already, those major retailers announced that they are taking dollars -- that will come from the sale of bitcoins, mostly by bitcoin enthusiasts.  So those news may give bitcoin more visibility, but it is questionable whether they will expand the number of bitcoin owners, and they imply more coins moving from hoards into the market.

And, anyway, those news are irrelevant to the Chinese traders -- who seem to be leading the current drop.

Merchant adoption is the next step towards global acceptance after the initial investment / speculation phase. It's the next logical step and it's a good sign.

They are not taking dollars, they are taking Bitcoins. And not all of the merchants are selling 100% of the Bitcoins back to dollars by the way.

When people start to realize how easy crazy is to buy things in locally and the internet without the need of giving credit card or bank information to anyone acceptance is going to increase. It's the next natural / logical step, credit cards are a thing of the past and obsolete.

Interesting points. However I still cannot understand why someone would pay with bitcoins if rewards credit cards offer bonus cashback + services and features.
eg. many companies add an extra year warranty + some have purchase protection if item gets stolen/breaks within 90 days + protection from sellers who dont send quality goods and refuse to make good on the purchase and many more features.

Some of these benefits coupled with extra cash back (eg. I have a card that gives 2% cashback on all purchases) wont exactly make people flock to bitcoin unless they have something to hide or are paranoid and want to be "anonymous" (as if the nsa cant track you anyway...).

P.S. Of course there is a use for someone who cant get their hands on a credit card with features like those mentioned above (most people probably can though).

Some merchant have something for sale for 0.98 BTC: I see no reason why you can not pay 1 BTC, and seconds after get 0.02 BTC back from the merchant, if this is an offer and you agree. But what would be the point? It is so fun receiving money?

My point was that retailers are offering an item for $100 or $100 worth of bitcoin. However you save 2% + get more benefits by using fiat on a credit card.

[Miz4r]

The train stopped moving. The auction gave it a small push up. Then it slightly crashed because oooommmg 1 winner. Now we're stuck. I might be wrong but i have the feeling people need a specific reason to buy more. Another deadline that turns out bullish. Obviously amazing news about big companies means nothing anymore.

I don't see anything bullish happening soon so my guess is we will go down again. A big dump followed by panic. Or a new round of hot steamy FUD. People soon will be looking hard for a reason to dump.
People are looking for a reason to sell. Not to buy. And that reason for selling can be almost anything. The reason for buying, almost nothing.
And i hate to sound like Tera so i hope i am completely wrong.

Well that escalated quickly.  We can have a small period of stability - which is very likely in this $600 price range.

Really, price moves up 10% in 1-2 days and people are already getting impatient and antsy when the price stops moving up for one day or omg panic it moves down a whole 20 bucks! Another bubble with a seemingly endless parabolic rise is not going to happen at this point with the exchanges we have right now. Fundamentals and technicals are looking good but it's not just going to rocket up in a few days, the ride up will continue to be bumpy and takes time. People are spoiled and have no patience in the Bitcoin world, it almost makes me wish professor bitcorn was right. But not really, because the naysayers and pessimists are even worse.

[FNG]

The train stopped moving. The auction gave it a small push up. Then it slightly crashed because oooommmg 1 winner. Now we're stuck. I might be wrong but i have the feeling people need a specific reason to buy more. Another deadline that turns out bullish. Obviously amazing news about big companies means nothing anymore.

I don't see anything bullish happening soon so my guess is we will go down again. A big dump followed by panic. Or a new round of hot steamy FUD. People soon will be looking hard for a reason to dump.
People are looking for a reason to sell. Not to buy. And that reason for selling can be almost anything. The reason for buying, almost nothing.
And i hate to sound like Tera so i hope i am completely wrong.

Well that escalated quickly.  We can have a small period of stability - which is very likely in this $600 price range.

Really, price moves up 10% in 1-2 days and people are already getting impatient and antsy when the price stops moving up for one day or omg panic it moves down a whole 20 bucks! Another bubble with a seemingly endless parabolic rise is not going to happen at this point with the exchanges we have right now. Fundamentals and technicals are looking good but it's not just going to rocket up in a few days, the ride up will continue to be bumpy and takes time. People are spoiled and have no patience in the Bitcoin world, it almost makes me wish professor bitcorn was right. But not really, because the naysayers and pessimists are even worse.

I'm sure New Egg purchases put a bit of downward pressure on the price. A lot of money attempted to buy bitcoin but got outbid. The question is..are they willing to pay market rates or will they pile in once bitcoin starts running upwards again?

Rally is far from over.

[seleme]

There will be a day.. when the price has stagnated for too long, and a hacker who stole the mtgox coins (or some other hacker/scammer/drug dealer from the past, for that matter), feels that this is as good as it gets, and then he starts to dump his coins. And this in turn will invite all the other past criminals to dump their coins because they don't want to lose their promised wealth.

Most of the bitcoin cultists don't understand the psychology of criminals. They usually don't think long-term and they go after quick fixes. I highly doubt it that many of them are as fanatical about bitcoin as the people here are. The only reason why they haven't dumped their coins yet, is that there is hope that the price will rise more. This has made bitcoin into an asset, that's value has to be constantly rising or else it will face doom.

Much desperate dickhead? 

[wachtwoord]

Stop quoting Mervyn_Pumpkinhead please

it was better when people with many ignored had a bright orange ignore button. It was an indicator to show: "don't quote this person!"

[ChartBuddy]

Explanation

[dreamspark]

Stop quoting Mervyn_Pumpkinhead please

it was better when people with many ignored had a bright orange ignore button. It was an indicator to show: "don't quote this person!"

aint that the truth. Puzzles me why they removed that, when I first joined the glowing ignores really helped me not take advice from trolls and also to not quote them either. Now it seems I spend half my time reading quotes from people I have on ignore for a reason.

[empowering]

Total jibberish

You are talking shyte.

[ImI]

is there any date/timeline when the FBI plans to public the auction results???

[dreamspark]

is there any date/timeline when the FBI plans to public the auction results???

I thought the situation was that bidders would be notified and then anyone is free to make an FOI request and there aren't many exemptions that I can see that would stop at least the sale price being revealed.

[Asrael999]

is there any date/timeline when the FBI plans to public the auction results???

I thought the situation was that bidders would be notified and then anyone is free to make an FOI request and there aren't many exemptions that I can see that would stop at least the sale price being revealed.

The US Marshall's office will not make any comment about the price at which anything is or was sold.
You can make a request under FOI act and wait a few years while it is processed - or hope the winner goes public - dont hodl your breath on that though.

[wachtwoord]

is there any date/timeline when the FBI plans to public the auction results???

I thought the situation was that bidders would be notified and then anyone is free to make an FOI request and there aren't many exemptions that I can see that would stop at least the sale price being revealed.

The US Marshall's office will not make any comment about the price at which anything is or was sold.
You can make a request under FOI act and wait a few years while it is processed - or hope the winner goes public - dont hodl your breath on that though.

If FOI request is completed, will the result be public or only for the person making the FOI? Do you need to be a US citizen to make a FOI request?

[KaTXi]

Tim Draper is our man??

https://medium.com/@vaurum/88f04a1d8598

[Erdogan]

The train stopped moving. The auction gave it a small push up. Then it slightly crashed because oooommmg 1 winner. Now we're stuck. I might be wrong but i have the feeling people need a specific reason to buy more. Another deadline that turns out bullish. Obviously amazing news about big companies means nothing anymore.

I don't see anything bullish happening soon so my guess is we will go down again. A big dump followed by panic. Or a new round of hot steamy FUD. People soon will be looking hard for a reason to dump.
People are looking for a reason to sell. Not to buy. And that reason for selling can be almost anything. The reason for buying, almost nothing.
And i hate to sound like Tera so i hope i am completely wrong.

Down again - only if a dump is connected to bad news. Perceived in the market as bad news. I perceive all news as good news. A bourse going titsup - bullish. A government disallowing all bitcoin trade and ownership - bullish. Argentina bankrupt - bullish. Famine - bullish. A new black death - bullish. The ultimate war - bullish. Second coming of Jesus - bullish.

[KaTXi]

Tim Draper is our man??

https://medium.com/@vaurum/88f04a1d8598

Interesting, seems legit:
http://www.bizjournals.com/sanjose/news/2014/05/07/steve-case-tim-draper-back-bitcoin-startup-vaurum.html

If true: 30000 FRESH bitcoins (previously blocked) are going to be offered to institutions through a new exchange. The bull in me is running to the hills. After selling.

[Cassius]

Tim Draper is our man??

https://medium.com/@vaurum/88f04a1d8598

Interesting, seems legit:
http://www.bizjournals.com/sanjose/news/2014/05/07/steve-case-tim-draper-back-bitcoin-startup-vaurum.html

"Vaurum's software helps financial institutions host their own bitcoin exchanges."

[Erdogan]

So today we had two major retailers announce that they're taking bitcoin and we're now lower value than we were 24 hours ago. This market is brutal.

As many people have pointed out already, those major retailers announced that they are taking dollars -- that will come from the sale of bitcoins, mostly by bitcoin enthusiasts.  So those news may give bitcoin more visibility, but it is questionable whether they will expand the number of bitcoin owners, and they imply more coins moving from hoards into the market.

And, anyway, those news are irrelevant to the Chinese traders -- who seem to be leading the current drop.

Merchant adoption is the next step towards global acceptance after the initial investment / speculation phase. It's the next logical step and it's a good sign.

They are not taking dollars, they are taking Bitcoins. And not all of the merchants are selling 100% of the Bitcoins back to dollars by the way.

When people start to realize how easy crazy is to buy things in locally and the internet without the need of giving credit card or bank information to anyone acceptance is going to increase. It's the next natural / logical step, credit cards are a thing of the past and obsolete.

Interesting points. However I still cannot understand why someone would pay with bitcoins if rewards credit cards offer bonus cashback + services and features.
eg. many companies add an extra year warranty + some have purchase protection if item gets stolen/breaks within 90 days + protection from sellers who dont send quality goods and refuse to make good on the purchase and many more features.

Some of these benefits coupled with extra cash back (eg. I have a card that gives 2% cashback on all purchases) wont exactly make people flock to bitcoin unless they have something to hide or are paranoid and want to be "anonymous" (as if the nsa cant track you anyway...).

P.S. Of course there is a use for someone who cant get their hands on a credit card with features like those mentioned above (most people probably can though).

Some merchant have something for sale for 0.98 BTC: I see no reason why you can not pay 1 BTC, and seconds after get 0.02 BTC back from the merchant, if this is an offer and you agree. But what would be the point? It is so fun receiving money?

My point was that retailers are offering an item for $100 or $100 worth of bitcoin. However you save 2% + get more benefits by using fiat on a credit card.

It's a market. Multiple merchants. Every fucking person is a consumer. Everyone can sometimes be confused in the moment, buying on impulse. But do you really think that generally people are so stupid they can not see that payment cost is a cost on the trade, both buyer and seller? Both parties are interested in minimizing that cost. Show some respect, man.