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

[fonsie]

last warning, buy now, you have been warned, don't be a fiat bagholder, we will go up in the next 24 hours, if not I'll make a new post indicating it's 48 hours, after 2 weeks I'll perhaps come say 800$ any moment now or 12 hours. I'll see, anyhow I told you so.

I'm just going to quote my own post until we hit 800$.

[N12]

I can't even distinguish between fonzie and fonsie anymore.

[Brewins]

Yay, back to 550 again.

For real or just a trap?

[vuduchyld]

Keep in mind, I'm just trying to give an explanation on why I don't see the swing of the last days as driven by "panic selling". Sure, if your trading horizon is daily, then selling today at $530 was a miss probably. And if your assumptions about Bitcoin are such that, in a year from now, you think it'll be worthless anyway, you should have sold long ago.

But if you, like a number of speculators/semi-holders/traders/whatever in here, are mostly opportunistic, and don't subscribe to the mantra that any price below the ATH (or some uber-optimistic regression trendline) is "cheap", then what's so irrational about selling now, expecting that you'll be able to buy back cheaper in a week (or a month) from now, when and if the market turns around again.

Time will show if it was indeed "panic selling" or not. If price goes further down from here, it wasn't. If we recover and never touch the mid-500s again, it was.

I totally agree that most speculators/semi-holders/traders/whatever in here are mostly opportunistic.  I do think it's interesting that so many people let the price influence THEIR perception of value.  It is probably due to the lack of traditional fundamental underpinnings such as earnings or assets that one sees in other trading markets.  

I'd even agree that we didn't get any kind of panic-selling capitulation this morning.  Not nearly enough fear or volume, IMHO.  

Maybe I'm just not so in-tune with the mindset of the BTC opportunists.  Or maybe there is a (probably false) distinction in my brain between 1) profit-taking and 2) selling at a loss to buy back cheaper.  I could see the latter more easily than the former.  

[fonsie]

I can't even distinguish between fonzie and fonsie anymore.

ones with an s, the other with a z, depending on wich country it sounds different too.

[JayJuanGee]

the most fucked up at the moment are miners, an investor or a trader can close his position to cut his loses anytime, but miner will be stuck with a non profitable hardware that cant sell, above all of that he has to pay for mining costs (power, internet, maintenance, rent....)

Not true, depends where you are in the cycle. My miners have paid themselves off and continue mining at a cost of $190/BTC. So how am I "most fucked"?

Sometimes it helps if you know what you're talking about. You obviously don't!

I am always up for a little correction of the retardtroll...>>>>>> Mmitech.

[fonsie]

PRICE OF BTC GOES

[Dump3er]

last warning, buy now, you have been warned, don't be a fiat bagholder, we will go up in the next 24 hours, if not I'll make a new post indicating it's 48 hours, after 2 weeks I'll perhaps come say 800$ any moment now or 12 hours. I'll see, anyhow I told you so.

I'm just going to quote my own post until we hit 800$.

This would effect a stack overflow on bitcointalk in 2092.

[fonsie]

UP UP we go, buy now

https://www.youtube.com/watch?v=IcrbM1l_BoI

[BBmodBB]

https://bittrex.com/Market/Index?MarketName=BTC-BTI


BITCOIN INSTANT!!!!^^^^^^^^^^^      /\BTI the next big thing in bitcoin ? hmmmmm

[kireinaha]

Derp Derp Now we're only $20 lower than we were 24 hours ago! Bitcoin is going up! Who has the bottle of champagne? Deeeerp

This place cracks me up.

[Sandia]

If you guys would stop arguing with trolls and buy back in, we could see 600 tomorrow.

If the other exchanges don't start backing up Bitstamp, the arb bots are going to drive them back to 645.

[Dump3er]

Derp Derp Now we're only $20 lower than we were 24 hours ago! Bitcoin is going up! Who has the bottle of champagne? Deeeerp

This place cracks me up.

It's time to post rockets.



Next one will go up after we had gone down to 480. It will be the 500 rocket.

[wachtwoord]

Whatever is happening we seem to be having volume.

[Brewins]

Whatever is happening we seem to be having volume.

Good volume compared to the last few weeks, but still less than in the gold bubble times.

But it is a start anyway

[JimboToronto]

I can't even distinguish between fonzie and fonsie anymore.

Probably because they're off their meds.

I like it when they talk to themselves.

 

[kireinaha]

Of course we have volume now compared to the last few weeks; everyone is running for the exits! I don't think that's the type of volume most people here have been waiting for, no matter how the bulls try to twist it...

[hyphymikey]

ah, big players, whales and other mythical beings.

well, market does not give a fukk about them.

...until they paint the ticker. What if some big player in accumulation mode is buying directly from pools/OTC, maybe with the 'excuse' that is an ETF/institutional investors who wants just 'clean'/virgin coins. They would use an exchange price as reference so the accumulator would have a big incentive to sell some on the exchanges while buying more OTC to buy as low as possible.

+1 This is what I have been saying too.

I've thought about this theory for quite a while now. The only thing I can't figure out is how many coins they are buying from miners. The most they can buy from a large mining group that doesn't pay out its individual pool members is under 800 coins a day. So why dump so much to only get 800 coins for such a small discount?

There are 3,600 new coins mined every day..... so a accumulator could have multiple buying contracts... therefore theoretically get up to 3600 per day if they were slick about it and were able to accomplish such.  Where do you get 800 (which is only 22% of the total BTC mined per day)?

.

Sorry man, I went to bed shortly after this post. but... Take a look at the mining pool chart, all big miners are pools, that pay out individuals, so they would not be able to buy those coins. The biggest private pool mines less the 20% of the coins. That is the biggest chunk they can buy from one entity. I am a miner and I hoard my coins, so they aren't buying them off market. This goes for 80% of the coins mined

[justusranvier]

Sorry man, I went to bed shortly after this post. but... Take a look at the mining pool chart, all big miners are pools, that pay out individuals, so they would not be able to buy those coins. The biggest private pool mines less the 20% of the coins. That is the biggest chunk they can buy from one entity. I am a miner and I hoard my coins, so they aren't buying them off market. This goes for 80% of the coins mined

What percentage of miners actually withdraw their coins from the pool and hold them in their own wallets?

Any pool operator that ends up holding a substantial amount of other people's coins will be tempted to sell them now and deal with the consequences later.

[JimboToronto]

A lot of people here probably don't even trade and just hodl cold storage coins.

Probably the majority.

Some of are using Bitcoin as it was intended - as a way to secede from the USD.

When your income is delivered via btc, and your expenses can increasingly be paid directly in btc, you gain independence from fiat currencies.

Does a dip matter to traders? Maybe.

Does a dip matter to people with a steady income? Not really. Low prices just mean you can accumulate more coins.

Bitcoin's real value is independence - income independent of location, savings independent of imaginary lines on maps, financial autonomy.

Indeed. I think perhaps more holders than traders actually spend coins in places other than exchanges.

It's almost worth a poll.