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

[spooderman]

We n33d some ridiculous news it seems to break this trend. But that's not going to happen.

Acceptance from merchants doesn't cut it anymore.

What is needed is use by consumers

And this is not binary like merchant acceptance, it's steady and gradual. All that matters is that it happens at an increasing rate, which I understand is the case.

Hopefully in the not too distant future, travel correspondents will understand that a big element of choosing a holiday location is how widely adopted bitcoin is in the destination.

[ChartBuddy]

Explanation

[grappa_barricata]

What is needed is some systemic buyer... not more systemic sellers!

You Maniacs! You blew it up! Ah, damn you! God damn you all to hell!

[JorgeStolfi]

The fees in this example are completely ridiculous. It is clear Jorge never bought Bitcoin. $5 to buy a Bitcoin? Get real.

Sigh. The values don't matter.  Can't you really see that there are MORE bank transfers when going through bitcoin? 

Only if you make a bank transfer and buy bitcoin for every single bitcoin purchase you make. Which would be insane. Most people buy their BTC in bulk, then use them as currency or hold them with the idea of being a store of value.

Thank you.  So you agree that paying with bitcoin is attractive only to people who already believe in bitcoin and own a sizable pile of bitcoin; and increased "bitcoin adoption" by merchants only gives those bitcoin holders more incentive to sell their bitcoins.

Fee usually include a % of the amount involved, so you don't save that part by doing bulk transactions.

"Hey, I see that Dell now allows payment by Mongolian Virtual Vouchers!  Cool! I think I will buy some 10'000$ worth of Mongolian Virtual Vouchers and wait for an interesting offer to come up, just to learn how they work."

[fonsie]

The fees in this example are completely ridiculous. It is clear Jorge never bought Bitcoin. $5 to buy a Bitcoin? Get real.

Sigh. The values don't matter.  Can't you really see that there are MORE bank transfers when going through bitcoin? 

Only if you make a bank transfer and buy bitcoin for every single bitcoin purchase you make. Which would be insane. Most people buy their BTC in bulk, then use them as currency or hold them with the idea of being a store of value.

Thank you.  So you agree that paying with bitcoin is attractive only to people who already believe in bitcoin and own a sizable pile of bitcoin; and increased "bitcoin adoption" by merchants only gives those bitcoin holders more incentive to sell their bitcoins.

Fee usually include a % of the amount involved, so you don't save that part by doing bulk transactions.

"Hey, I see that Dell now allows payment by Mongolian Virtual Vouchers!  Cool! I think I will buy some 10'000$ worth of Mongolian Virtual Vouchers and wait for an interesting offer to come up, just to learn how they work."

Are you the guy that likes playing with his little balls?

[JorgeStolfi]

sell your house for BTC Jorge, you'll avoid the fees

The VP of a certain insectonymous mining manufacturer recently bought a fancy car and a house worth half a million $, and paid with bitcoins (through Bitpay or some such).  More precisely, he paid with bitcoins that he "test mined" over many months with equipment that he built or bought with preorder money from thousands of clients who only got their equipment when it has become uneconomical.

So, he did not put any money of his own in the deal.  Guess who actually paid for his 0.5 M$ house?

[adamstgBit]

sell your house for BTC Jorge, you'll avoid the fees

The VP of a certain insectonymous mining manufacturer recently bought a fancy car and a house worth half a million $, and paid with bitcoins (through Bitpay or some such).  More precisely, he paid with bitcoins that he "test mined" over many months with equipment that he built or bought with preorder money from thousands of clients who only got their equipment when it has become uneconomical.

So, he did not put any money of his own in the deal.  Guess who actually paid for his 0.5 M$ house?

this is amazing how do you know so many bitcoin related events and not own one?

*amazed*

[paul2000]

The path to $100,000 BTC

-> Apple launch own payments system

-> PayPal sign posts to the market it is doing something to counter with BTC

-> More traders take notice of BTC

-> Samsung, thinks it needs to enter the game with BTC.

-> Sony has to keep up and launches BTC for gamers

-> Every trader takes a stake in BTC

-> Pension funds buy as much BIT and COIN as they can get their hands on

-> Warren Buffett changes his mind on BTC

-> Retail investors buy as much BTC, BIT and COIN as they can

-> Microsoft thinks about buying all the BTC, but decides to create MSN Coin

-> We all live happily ever after

I've read it 10 times. Although I'm sceptic with the last point... 

[Munz77]

sell your house for BTC Jorge, you'll avoid the fees

The VP of a certain insectonymous mining manufacturer recently bought a fancy car and a house worth half a million $, and paid with bitcoins (through Bitpay or some such).  More precisely, he paid with bitcoins that he "test mined" over many months with equipment that he built or bought with preorder money from thousands of clients who only got their equipment when it has become uneconomical.

So, he did not put any money of his own in the deal.  Guess who actually paid for his 0.5 M$ house?

Nice. insectonymous only results in 3 google results.

[Xiaoxiao]

[jeezy]

Back to start then... BUY BUY BUY!

[mmitech]

someone would expect the price to go up after the Paypal news, or was it priced in already ?

I think paypal is already priced in, but not the way people would expect: smart money already shorted in anticipation of this news.

What I understand, when big merchants add Bitcoin as payment, it's not good news for short term.
Because Merchants just take payment in Bitcoin and convert into fiat on same time by using coinbase.
That is why price dropping even people think these news are very big for Bitcoin community.

although, now that Paypal will be implementing Bitcoin , the story could change, because the biggest excuses for merchant are:  a) volatility b) usability, as they cant pay forward with Bitcoin, now the usability problem could be fixed with Paypal, the only remaining issue is the volatility. and that will be fixed with mass adoption. 

[JorgeStolfi]

Nice. insectonymous only results in 3 google results.

'When I use a word,' Humpty Dumpty said in rather a scornful tone, 'it means just what I choose it to mean—neither more nor less.'

[adamstgBit]

i really thought it would bounce back after dipping to 700

but then china banned it, mtgox imploded and then, china banned it again and then china banned again....

but honey badger don't care, much...

shit happens... HODL!

[NotLambchop]

...
BTC is still here... and the future is even brighter and BTC is even stronger... (only a blind man cannot see this)

So therefore, for me , now is not the time to sell....
...

Horribly faulty logic.  BTC may be "even stronger," but its exchange rate is lower than it once was.  If the exchange rate continues on its downward trend, it's smart to sell, regardless of Bitcoin's eventual success.

Right... ok if that works for you, it works for you.

I am very happy with my decision, and it has worked very well for me... I am perfectly happy, the only thing I have done wrong is not buy more in the $75 region...

"If the exchange rate continues"  there is only one thing the exchange rate will continue to do.... and that is go up, and go down, and sideways and down and up etc etc

That's what most of us are here to cash in on--volatility.  Some of us make good calls, some bad.  Some, like you, claiming they don't make any calls, are indifferent to price volatility, and simply hodl no matter what.  For me, this begs the question:  What are they doing here?  Trolling?  Propagandizing?
 

If you are playing this long term, as I am, and do not really care for spending the time or the stress or the risk, playing games to increase your BTC stash, then there is nothing wrong with my "horrible logic"  it might not fit into your way of thinking, or your plan, risk tolerance, long term goals, views , financial situation/needs, lifestyle, etc but that is fine, that is why you are one individual and I another.

I'm glad that you are happy with your choice.  It's the logic you used to back up your decision that's flawed.  If, like many of us, your goal is to make BTC, you're doing it wrong.  If your goal is to make fiat?  Still doing it wrong.

This is the speculation subforum, peopled by traders--speculators.  If you are indifferent to short-term price fluctuations, my guess is you're just in the wrong place.  Not bitching about you being off-topic, that's fine with me, as long as you understand that you are off-topic.  This is about BTC price, not eventual success or failure of Bitcoin.

TL;DR:  Knowing that Bitcoin will succeed is neat, but doesn't help me make money.
inb4 "selfish greedy etc., etc":  Speculation forum about money.

[NotLambchop]

What is needed is some systemic buyer... not more systemic sellers!

You Maniacs! You blew it up! Ah, damn you! God damn you all to hell!

[adamstgBit]

i see we are still eating away at the walls that popped up last night.

cool cool.

looks like bitfinex ate one of its walls already, some shorts  covered into it no doubt

cool cool.

[adamstgBit]

today is gonna be a good day.

[Rampion]

The satoshin@gmx.com hacker was very lame. He could have triggered a huge dump by:

1) short BTC everywhere
2) write to some core devs that you are about to dump big time, and that you are willing to give the heads-up to those that helped in the process of building bitcoin (that will have leaked almost immediately)
3) buy cheap coins (probably low double digits)
4) write again to the core devs that it was just a prank made by someone who got luck with GMX password reset feature.
 
That would have been awesome - we would have had a once-in-a-lifetime opportunity to buy tens of k's of cheap coins, and the hacker himself would have made a huge killing.

Instead of that, hacker decides to send a stupid "send me BTC or I hitman you" email to then ask for 25 BTC... This is so ridiculous it must be a joke

[adamstgBit]

BS made up to get you to capitulate? who knows....