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

[JorgeStolfi]

Therefore, those businesses are likely to increase supply in the market (by moving coins out of hoards to the market), rather than demand.  Basically, they induce holders to sell, and make it convenient to do so.  Are they also inducing non-bitcoiners to buy bitcoin? It is not obvious: if you had dollars and no bitcoins, why would you choose to pay with bitcoin?

I did not expect the "using bitcoin kills bitcoin" argument from you, I thought you were a little better than that.

And I did not expect to have that observation (which is not mine, many bitcoiners have been saying so) replaced by a completely different statement in order to dismiss it.
 
I will give you an example. Suppose @JorgeStolfi is in the US and decides to buy a fancy 3000$ laptop. He can send 3000$ to the merchant; or he can send 3000$ to Bitstamp to buy 5 BTC, then send the BTC to BitPay and have them send the 3000$ to the merchant.  Which one will he choose?

Now suppose it is @Aminorex who decides to buy that laptop.  He can send 3000$ to the merchant, or he can get 5 BTC from his holding, that he mined for pennies in 2010, and send them to Bitpay, who would send 3000$ to the merchant.  Which one would he choose?

(And Bitpay then would sell @Aminorex's 5 BTC on the market, where they would be bought by @SroomsKit with his 3000$ which cost him many baked potato dinners. So, simplifying the equations, @ShroomsKit would pay for @Aminorex's  laptop; but maybe one day he will get his money back, and more, from some other optimistic investor...)

[1714643612]

1714643612

[1714643612]

1714643612

[MoreFun]

Newegg just ran an ad in Diggs daily email - 10% anything (up to $100) on Newegg if you use bitcoin!

http://promotions.newegg.com/nepro/14-3631/index.html?cm_mmc=BAC-Digg-Bitcoin-Promotion-_-NA-_-NA-_-NA&nm_mc=ExtBanner

Even if I hated bitcoin or didn't know anything about it, 10% off would get me motivated to use it. Anyone selling right now is crazy.

Fantastic. I was waiting for 1000 for a new laptop but they have a discount on the one I want right now and now this. It's like Bitcoin being at 700. May have to bite.

FYI this is $10 discount for $500 - $1k notebook. 10% to max $100. Overal 1-2%.

[Richy_T]

Bearish

[adamstgBit]

Newegg just ran an ad in Diggs daily email - 10% anything (up to $100) on Newegg if you use bitcoin!

http://promotions.newegg.com/nepro/14-3631/index.html?cm_mmc=BAC-Digg-Bitcoin-Promotion-_-NA-_-NA-_-NA&nm_mc=ExtBanner

Even if I hated bitcoin or didn't know anything about it, 10% off would get me motivated to use it. Anyone selling right now is crazy.

Fantastic. I was waiting for 1000 for a new laptop but they have a discount on the one I want right now and now this. It's like Bitcoin being at 700. May have to bite.

now if only newegg.ca could get a clue that would be gr8.

pretty sure i read they would soon get around to adding bitcoin to newegg.ca, i imagine ill buy a few things when they do... maybe i should pick up a few bits now... hmmm

[Richy_T]

Newegg just ran an ad in Diggs daily email - 10% anything (up to $100) on Newegg if you use bitcoin!

http://promotions.newegg.com/nepro/14-3631/index.html?cm_mmc=BAC-Digg-Bitcoin-Promotion-_-NA-_-NA-_-NA&nm_mc=ExtBanner

Even if I hated bitcoin or didn't know anything about it, 10% off would get me motivated to use it. Anyone selling right now is crazy.

Fantastic. I was waiting for 1000 for a new laptop but they have a discount on the one I want right now and now this. It's like Bitcoin being at 700. May have to bite.

FYI this is $10 discount for $500 - $1k notebook. 10% to max $100. Overal 1-2%.

Nuh-uh, max discount is 100 so 50 off 500. The one I'm actually looking at is around 700 so I should get 70 off.

[wingsfan23]

Bearish

Overflow of people wanting to buy bitcoin to use on newegg. Very bullish.

[roslinpl]

Estimated USD transaction volume is recovering slowly and price seems to be about to take off and land @$630 in few hours.

What do you think about it?

[Richy_T]

Bearish

Overflow of people wanting to buy bitcoin to use on newegg. Very bullish.

Good point.

[MoreFun]

Richy_T yea, you are right.

[empowering]

and hello Gordon  
*snip*

Hey look, if I ignore you, I can probably continue reading at work without a visit from HR. After being on this site for 20 months or so, welcome to being the first and only person in my ignore list.

Those who quote him repeatedly likely to join him (at least add a width=200 to the image if you do so. Thumbnails not so bad)

Okey-dokey.. you rock on : ) whatever feels good to you, you go with that : )



 

[ChartBuddy]

Explanation

[Asrael999]

Therefore, those businesses are likely to increase supply in the market (by moving coins out of hoards to the market), rather than demand.  Basically, they induce holders to sell, and make it convenient to do so.  Are they also inducing non-bitcoiners to buy bitcoin? It is not obvious: if you had dollars and no bitcoins, why would you choose to pay with bitcoin?

I did not expect the "using bitcoin kills bitcoin" argument from you, I thought you were a little better than that.

And I did not expect to have that observation (which is not mine, many bitcoiners have been saying so) replaced by a completely different statement in order to dismiss it.
 
I will give you an example. Suppose @JorgeStolfi is in the US and decides to buy a fancy 3000$ laptop. He can send 3000$ to the merchant; or he can send 3000$ to Bitstamp to buy 5 BTC, then send the BTC to BitPay and have them send the 3000$ to the merchant.  Which one will he choose?

Now suppose it is @Aminorex who decides to buy that laptop.  He can send 3000$ to the merchant, or he can get 5 BTC from his holding, that he mined for pennies in 2010, and send them to Bitpay, who would send 3000$ to the merchant.  Which one would he choose?

(And Bitpay then would sell @Aminorex's 5 BTC on the market, where they would be bought by @SroomsKit with his 3000$ which cost him many baked potato dinners. So, simplifying the equations, @ShroomsKit would pay for @Aminorex's  laptop; but maybe one day he will get his money back, and more, from some other optimistic investor...)

and Aminorex could also immediately buy back his coin at market, the net impact to himself is the same. He is down $3000 in savings but now holding more fiat than in BTC. If he wishes to maintain his BTC holding he will simultaneously buy the bitcoin, - in fact coinbase have enabled this functionality. Bitcoin is an enabling function on the internet, a method of transferring value from one place to another without the necessity for expensive middlemen - banks or even Bitpay/Coinbase. Bitpay is only necessary until bitcoin is adopted as more than a commodity after all.

[Richy_T]

Richy_T yea, you are right.

Still down. Bet it's red-hot in their IT dept right now. Wonder if the bitcoin-only discount code broke something.

[Richy_T]

Bitpay is only necessary until bitcoin is adopted as more than a commodity after all.

Yep, though hopefully they will adapt and find a niche in the new economy. Perhaps as an escrow or temporary credit broker.

[edwardspitz]

I wonder if we are we headed for a retest of the descending wedge? It is going to take a lot more than a 400 BTC dump to get to $605... The breakout we had from the wedge is not exactly looking strong either.

I'm thinking we might play the same pattern again and form a new descending wedge.

[wobber]

I wonder if we are we headed for a retest of the descending wedge? It is going to take a lot more than a 400 BTC dump to get to $605... The breakout we had from the wedge is not exactly looking strong either.

I'm thinking we might play the same pattern again and form a new descending wedge.

Like this? https://www.tradingview.com/v/vfJQwL48/

[dropt]

Like this? https://www.tradingview.com/v/vfJQwL48/

Down to $281?  DanV's a crackhead.

[Torque]

Like this? https://www.tradingview.com/v/vfJQwL48/

Down to $281?  DanV's a crackhead.

Yep.  And he also just follows the crowd of other wannabe TA newbs.  I can't WAIT for the short squeeze.  

[kodtycoon]

https://twitter.com/winklevoss/status/489060649838714881

etf just around the corner?

[Dalmar]

Yep.  And he also just follows the crowd of other wannabe TA newbs.  I can't WAIT for the short squeeze.  

There are barely any shorts out there, a long squeeze is far more probable at the moment.