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

[blatchcorn]

Everyone tracking Bitcoin's progress by the price is grossly mistaken.  Read the news about adoption to monitor the real progress 

[Heartbit.io]

It seems that China has the highest volume right now

http://heartbit.io/app

Since last year, China always had the largest volume by far.  Your app ignores Huobi (had about 14000 BTC volume yesterday), OKCoin (26000 BTC), and other large Chinese exchanges.  It is about as useful as a stock market survey site that ignores NYSE, NASDAQ and FTSE.

Quoting Chinese exchanges in a volume comparison is meaningless, since 0 fee structure falsifies true volume.

BTCChina is meaningful. It never cheated with its volume. This is not the case for huobi or OKcoin.

BTCHINA is legit.

[empowering]

Everyone tracking Bitcoin's progress by the price is grossly mistaken.  Read the news about adoption to monitor the real progress 

[ChartBuddy]

Explanation

[Erdogan]

I think Ecuador’s central bank might be coming out with an altcoin soon, they legislated the monopolization of "electronic currency"

EcuadorCoin, A good pump and dump to watch for  

read all about it!

They plan to develop the thing by themselves - I predict a glorious IT project failure.

(If they can make the software and start the coin, I predict a failure of demand for the coin).

From what I uderstood of those news, they won't even think of competing with bitcoin or other cryptocoins.  And vice-versa, there will be no space for cryptos in Ecuador.  And unless they really botch it up, people will use their coin because it will be cheaper than other payment methods AND much faster than bitcoin payments.

The only purpose of the blockchain, miner network, and associated cryptocoin paraphernalia is to get rid of the bank as trusted intermediary and manager of the account ledger.  Since their coin will be managed and intermediated by their federal bank, the only part of the cryptocoin idea that is of any use to them is the public-key signing of the "digital checks", with offline generation of private and public keys.  

However it is quite possible that the Ecuador law was pushed by some company who expects to be the monopolistic manager of that coin.  That would be a move very much in the style of Brock Pierce.  

Indeed, since 2000 Ecuador's official currency is the US dollar.  So the "Ecuadorcoin" may well be a pilot implementation of Pierce's Realcoin...  

You mean they will compete, but in the competition they will used physical force in violence of human rights. You like that, it is your style. They will still lose in that competition.

[Erdogan]

Starting to look like 2014 will be the worst year for bitcoin ever...

Walls are getting pulled
from 2.5k coins to 590 to 200 coins...

Even if we stay at current levels for the rest of the year, it wouldn't be the worst year ever

bitcoin has never concluded a 12 month period at a lower price. if we reach Novemeber and are still at this price level, even I'm giving up on it. because it would be clear at that point that it's over: world changing innovations don't just stall for a year for no clear reason.

Whats so special with time intervals of 365 1/4 days?

[inca]

Good support on stamp an pretty thin back up to 620 based on the order book. A quick large buy here could leave sellers an egg positive face.

[ChartBuddy]

Explanation

[windjc]

Starting to look like 2014 will be the worst year for bitcoin ever...

Walls are getting pulled
from 2.5k coins to 590 to 200 coins...

Even if we stay at current levels for the rest of the year, it wouldn't be the worst year ever

bitcoin has never concluded a 12 month period at a lower price. if we reach Novemeber and are still at this price level, even I'm giving up on it. because it would be clear at that point that it's over: world changing innovations don't just stall for a year for no clear reason.

All I've got to say is lol

+1 LMAO. Definitely would be a strong buy signal at that point.

[JayJuanGee]

you won't buy bitcoin but you'll buy government issued Ecuadorcoin wouldn't you Jorge...

As I said, I will use bitcoin if I find that it is better (considering cost, speed, convenience, safety, etc.) for payments than other alternatives.  Ditto for an eventual "Brazilcoin" or any other method that may come up.

All things considered, bitcoin does not pass that test for me. 

Sounds like Jorge is warming up a little to BTC... NOT a lot, but a little.      

[empowering]

Bruce Fenton  http://youtu.be/Di7U3cyaIBA

[JayJuanGee]

Starting to look like 2014 will be the worst year for bitcoin ever...

Walls are getting pulled
from 2.5k coins to 590 to 200 coins...

Even if we stay at current levels for the rest of the year, it wouldn't be the worst year ever

bitcoin has never concluded a 12 month period at a lower price. if we reach Novemeber and are still at this price level, even I'm giving up on it. because it would be clear at that point that it's over: world changing innovations don't just stall for a year for no clear reason.

All I've got to say is lol

I don't understand why poster will sometimes get so caught up with strict formulaic numerology.. something like 12 month period or calendar year... .. who gives a fuck about these trivialities?  It is NOT the end of bitcoin and it is NOT the end of upward BTC price potentials.  Even if the BTC rocket is delayed a little bit and it does NOT shoot up 10x, that does NOT mean that bitcoin is failing.. Maybe we will NOT reach a new ATH until late 2015... that is o.k too.... but it seems doubtful that the BTC price rocket is going to be so delayed..

[JayJuanGee]

Starting to look like 2014 will be the worst year for bitcoin ever...

Walls are getting pulled
from 2.5k coins to 590 to 200 coins...

Even if we stay at current levels for the rest of the year, it wouldn't be the worst year ever

bitcoin has never concluded a 12 month period at a lower price. if we reach Novemeber and are still at this price level, even I'm giving up on it. because it would be clear at that point that it's over: world changing innovations don't just stall for a year for no clear reason.

i consider bitcoin a failure when it can't even get past $650
we need orders of magnitude more to be able to be called anything of value in a world where trillions mean nothing anymore.
lets talk about "stability" when/if it gets to $50,000.

Even Fallling is becoming kind of a bull, to be talking about getting to $50k... WOW!!!

[ChartBuddy]

Explanation

[blatchcorn]

Starting to look like 2014 will be the worst year for bitcoin ever...

Walls are getting pulled
from 2.5k coins to 590 to 200 coins...

Even if we stay at current levels for the rest of the year, it wouldn't be the worst year ever

bitcoin has never concluded a 12 month period at a lower price. if we reach Novemeber and are still at this price level, even I'm giving up on it. because it would be clear at that point that it's over: world changing innovations don't just stall for a year for no clear reason.

i consider bitcoin a failure when it can't even get past $650
we need orders of magnitude more to be able to be called anything of value in a world where trillions mean nothing anymore.
lets talk about "stability" when/if it gets to $50,000.

Even Fallling is becoming kind of a bull, to be talking about getting to $50k... WOW!!!

BREAKING: FONZIE SAYS $50K BITCOIN!    PANIC BUY NOW!!!!!!!!!!!!!!!

[Newbie1022]

This just in... Bitcoin (personified) has been listening to Bruce Springsteen, again. Somebody really needs to put him on to the boss's later works.
http://www.youtube.com/watch?v=3fdZWbIsrFk   (Bruce Springsteen -- "I'm Going Down")

[hd060053]

590 wall will fall soon.

[Newbie1022]

590 wall will fall soon.

Bruce Springsteen... damn you!!!!

[Newbie1022]

[inca]

590 wall will fall soon.

Lot more selling needed to munch through the order book. Doubtful we go much lower.