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

[JayJuanGee]

On second thoughts, maybe that opening did not cause the drop.

Maybe this did:

http://www.coindesk.com/secondmarket-ceo-barry-silbert-resigns/

He's resigning to throw himself fully at BTC. A strange reason to panic.

Also, if you read the article, it appears that Silbert had too many balls in the air... accordingly, he likely needed to drop one of them.

[Newbie1022]

30 day chart is still up 6% yet everybody thinks the sky is falling...

A rational thought. However, that is misleading because there was a short-term price discount due to fears associated with the Silkroad auction. On the 60 day (actually, about 55 day) we are down about 10%. And on the one year we are doing just fine. It depends on what you use as your anchor.

[Newbie1022]

Im just tired of where I see BTC going.
Im selling all my ASICs and exchanging all my BTC locally.
Im calling it a day with BTC, its just not at all what I thought it would be.
Im tired of wasting all day on forums trying to not loose a ton of money being involved with bitcoin.
Too many scams.
Too many pointless panics.
Too many day traders dropping the price for the general public.
I bid this site adios.

I kind of feel sorry for you, bro. It's damn near impossible not to lose a ton of money, lately, due to shenanigans (even if you sat on and held). There is also a strange group psychology effect of this board that does make people do strange things. Still, overwhelmingly, the balance is between: (a) do you see bitcoin being successful long-term (as a theoretical matter, this would be an almost absolute, yes) v. (b) do you think the scammers, pumpers, manipulators, government, fud purveyors, uber-bulls and bears, trolls, etc. will find a way to destroy a beautiful thing because it suits their personal interest.

In some ways, that makes bitcoin so interesting -- the contrasts between the espoused libertarian individuality and merit that led this to rise and the fact that we need some collectivism, cooperation, and good faith for this thing to really blossom. Like anything revolutionary, there are some internal contradictions, but that doesn't mean it is greater than the whole. So, as I said before and as I've ranted on this page in the past, play the cards as you see them because you have your own bills to pay and life to live. Good luck on whatever you decide to do.

[ChartBuddy]

Explanation

[JayJuanGee]

my guess, is these plays are confirming bear whale manipulation. Trying to create panic out of thin air since we've been off the react to China tip for a while now.

Again I feel things like Coinsetter, Circle going live will bring more buyers who just weren't ready to buy, yet! And Barry going full-time exchange operator bodes well for the competitive atmosphere surrounding the race for an industry standard bitcoin exchange.

Coinsetter:  I have NOT used Coinsetter, but from the website, it appears as if it is already live.  I saw that there was a .25% trading fee, but I could NOT figure out the fee, if any to deposit fiat or to cash out to fiat.

Circle: About two months ago, I requested an invitation, and I have received a couple of acknowledgement e-mails from them.  I have NOT received any invitation.   I recall seeing a couple of pieces of information about Circle. First, it appears that there has been some use of Circle (but I cannot recall where I saw this information), and I do NOT know who has used Circle to make any transactions.  Second, I recall reading some article (also, I cannot recall the article) that Circle would be sending out a large number of invitations in late July or early August.  I am still waiting for such invitation, as I already mentioned. 

[Newbie1022]

Wow team, you all must really be depressed to refuse to write anything in the midst of a 2000 coin Chinese pump (which doesn't even get us close to where we were, yesterday, but still). Cheer up!!

[JayJuanGee]

So this week.....

AlienWare accepts bitcoin.
Baltic Air accepts bitcoin.
Dell accepts bitcoin.

Bitcoin drops around $30 for NO FUCKING REASON WHAT SO EVER.

Oh yah, there is a reason, all the idiot sheep lemming traders who trade BTC for no other
reason than its trendy.

I keep seeing articles about the biggest threat to bitcoin...

The biggest threat to bitcoin are this idiot sheep lemming traders who run down the price
on their own panics.

The general public is NEVER going to put large amounts of money into bitcoin
when they see articles about bitcoin dropping 10% overnight for no reason other
than the idiot sheep lemming traders panic or some moron hits the wrong button
and sells 2 million in bitcoin by mistake.

The idiots trading just to trade are going to run bitcoin into the ground and drive away
the general public who we need accepting it when they manage to drop the price 10%
overnight and cause panics.

Why you mad, bro? I got burnt this week because I bought back heavier on the good news only to get chopped down to size, but that's what happens in markets. Arguably, the news was priced in. More perniciously, there is market manipulation because this is a market largely unfettered by regulations (something that has tremendous benefits and setbacks). You win some, you lose some. Hopefully we get a kick back in the upward direction and your situation improves. But, you're an adult in an unregulated, wild west market by choice knowing that you are going to have fair weather investors and market manipulators. Think. Plan. Focus long-term (whether that be bullish... yay, you can buy more now... or bearish our of concern about investor irrationality). Play your (long-term) hand.

You go... Newb..... !!!!  Tell us how you really feel!   

[JayJuanGee]

Im just tired of where I see BTC going.
Im selling all my ASICs and exchanging all my BTC locally.
Im calling it a day with BTC, its just not at all what I thought it would be.
Im tired of wasting all day on forums trying to not loose a ton of money being involved with bitcoin.
Too many scams.
Too many pointless panics.
Too many day traders dropping the price for the general public.
I bid this site adios.

Good luck.  Could you take mmitech with you?   

[Nightowlace]

Im just tired of where I see BTC going.
Im selling all my ASICs and exchanging all my BTC locally.
Im calling it a day with BTC, its just not at all what I thought it would be.
Im tired of wasting all day on forums trying to not loose a ton of money being involved with bitcoin.
Too many scams.
Too many pointless panics.
Too many day traders dropping the price for the general public.
I bid this site adios.

Where are you located?

[ChartBuddy]

Explanation

[BitChick]

Wow team, you all must really be depressed to refuse to write anything in the midst of a 2000 coin Chinese pump (which doesn't even get us close to where we were, yesterday, but still). Cheer up!!

I didn't notice until you said anything, hence why there wasn't much excitement. 

It looks like the other exchanges are starting to inch a little upwards now though. 

[Chalkbot]

my guess, is these plays are confirming bear whale manipulation. Trying to create panic out of thin air since we've been off the react to China tip for a while now.

Again I feel things like Coinsetter, Circle going live will bring more buyers who just weren't ready to buy, yet! And Barry going full-time exchange operator bodes well for the competitive atmosphere surrounding the race for an industry standard bitcoin exchange.

Coinsetter:  I have NOT used Coinsetter, but from the website, it appears as if it is already live.  I saw that there was a .25% trading fee, but I could NOT figure out the fee, if any to deposit fiat or to cash out to fiat.

Circle: About two months ago, I requested an invitation, and I have received a couple of acknowledgement e-mails from them.  I have NOT received any invitation.   I recall seeing a couple of pieces of information about Circle. First, it appears that there has been some use of Circle (but I cannot recall where I saw this information), and I do NOT know who has used Circle to make any transactions.  Second, I recall reading some article (also, I cannot recall the article) that Circle would be sending out a large number of invitations in late July or early August.  I am still waiting for such invitation, as I already mentioned. 

I have a Circle account. Got my invite yesterday.

[ChartBuddy]

Explanation

[hyphymikey]

Im just tired of where I see BTC going.
Im selling all my ASICs and exchanging all my BTC locally.
Im calling it a day with BTC, its just not at all what I thought it would be.
Im tired of wasting all day on forums trying to not loose a ton of money being involved with bitcoin.
Too many scams.
Too many pointless panics.
Too many day traders dropping the price for the general public.
I bid this site adios.

Leaving this site is somewhat understandable. But dude, don't sell ALL your coins. Put some on a paper wallet and just forget about it. Then come back to the forum and thank me in a year or two (more likely even sooner).

Ive had the worst luck with bitcoins, lost some margin trading, a lot of my physical coins were stolen, and I'm not about to just jump ship. Bitcoin (protocol) has not changed, so there is no reason to get out completely.

[Davyd05]

Ecuador banned bitcoin we're dooomed! 

[ChartBuddy]

Explanation

[keithers]

Made a slight recovery from the digger we took this morning. I still think we are going to have a big July/August

[raid_n]

The general public is NEVER going to put large amounts of money into bitcoin
when they see articles about bitcoin dropping 10% overnight for no reason other
than the idiot sheep lemming traders panic or some moron hits the wrong button
and sells 2 million in bitcoin by mistake.

You are right, however they will put large amounts of money into bitcoin when it magically recovers and soars to new highs.

Lets face it. Volatility is needed for bitcoin adoption at this point.
Anyone with even half a brain will try to buy when bitcoin is crashing and not when it is moving up.
In my opinion it is much more likely that a large dump will kick off the next strong upwards movement.

[wasserman99]

Wow team, you all must really be depressed to refuse to write anything in the midst of a 2000 coin Chinese pump (which doesn't even get us close to where we were, yesterday, but still). Cheer up!!

Unfortunately looks like the bounce may already be failing. Seems we may go back to retest the low from last night/this morning. I'd like to be bullish, as I am all in, but that drop yesterday caught me off guard.

[Muhammed Zakir]

“In any other time, in any part of 2013, and even before that, an event like Dell [taking bitcoin], would have shot the price up by 20-50%,” said Mark Lamb, chief executive of London-based exchange Coinfloor, which has been growing its daily trading volume of about 150 BTC since it launched in March.

In fact, the value of a bitcoin hadn’t closed below $600 over the last 30 days, according to the CoinDesk BPI, except for a blip today, which saw it dive briefly to a low of $591.

I thought that the price will increase after the adoption of BTC by DELL but now it the BTC price dropped in a way we didn't though.

The trough of disillusionment

Maybe bitcoin’s price needs more than good news.

After all, people need time to figure out world-changing, disruptive technologies like bitcoin. Positive newsflow in the interim isn’t going to help the world adapt to our bitcoin future, no matter how many computers Dell sells.

That’s what Joe Lee, a trader and founder of bitcoin derivatives exchange BTC.sx, thinks is going on.

“The price is stagnant because we’re going through a trough of technology adoption for crypto currencies, where the world is working how to take it,” he said, citing technology research firm Gartner’s theory of a technology adoption ‘hype cycle’.

Gartner’s hype cycle, which comes complete with interactive chart, is a fancier way of saying that all that positive news is going to take time to sink into people’s minds. In Gartner-speak, we went over the Peak of Inflated Expectations in January, when the price was soaring, and now we’re headed into the Trough of Disillusionment.

Gartner’s hype cycle


I think that's true though we don't think it is.

Kindly,
       MZ