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

[Teppino]

Looks to me like a new generation of miners (pooled) in mid August entered the market and begun selling at loss to cut others out.
It's early to tell, but hashrate seems to be going down, altough it has been always volatile itself. So far seems like someone is giving up.
Where i live big shopping centers did the same: they came, choked little business and only then prices came back to normal if not higher.

[JayJuanGee]

http://www.coindesk.com/coinbase-launches-bitcoin-buying-selling-13-european-countries/


With the beta launch, Coinbase will now allow consumers in Austria, Belgium, Cyprus, Finland, France, Greece, Italy, Latvia, Malta, the Netherlands, Portugal, Slovakia and Spain to buy and sell up to €500 in bitcoin per day.

“We looked at what markets to move into next, and Europe seemed like the next biggest economy. It’s developed, there are people there who want to get bitcoin, there’s a lot of demand for it, but they really don’t have an easy way to do it.”

LOOK at you... citing this bullish news... You must really feel out of character and kind of boared... 


I keep looking at the current price drops, and I keep wondering at what price I should drop a few more dollars into my BTC pot... $469?   $461?  $453?    Who knows?  I understand that it will NOT make a real big difference when the price starts going up again, yet I still like to buy moar at the lowest possible price... on the other hand, if it is going down today, maybe we are going to have another downward dump manipulation over the weekend...

Surely I do NOT want to get too greedy.. but it just seems strange that prices are going down again and I thought that the bargains in the below $480 range were nearly over...

[Hunyadi]

http://www.coindesk.com/coinbase-launches-bitcoin-buying-selling-13-european-countries/


With the beta launch, Coinbase will now allow consumers in Austria, Belgium, Cyprus, Finland, France, Greece, Italy, Latvia, Malta, the Netherlands, Portugal, Slovakia and Spain to buy and sell up to €500 in bitcoin per day.

“We looked at what markets to move into next, and Europe seemed like the next biggest economy. It’s developed, there are people there who want to get bitcoin, there’s a lot of demand for it, but they really don’t have an easy way to do it.”

LOOK at you... citing this bullish news... You must really feel out of character and kind of boared... 


I keep looking at the current price drops, and I keep wondering at what price I should drop a few more dollars into my BTC pot... $469?   $461?  $453?    Who knows?  I understand that it will NOT make a real big difference when the price starts going up again, yet I still like to buy moar at the lowest possible price... on the other hand, if it is going down today, maybe we are going to have another downward dump manipulation over the weekend...

Surely I do NOT want to get too greedy.. but it just seems strange that prices are going down again and I thought that the bargains in the below $480 range were nearly over...

I believe you are not the only one with that strategy...I might even say, the most of the people on this forum have the similar strategy.

[Davyd05]

in terms of hash rate we're probably seeing the change over from equipment that can no longer run efficiently, but doesn't mean a new wave of new tech doesn't come on line to replace in soon enough...interesting idea to imagine a new mining company selling at loss to hurt other miners pretty risky lol ... seems like another point where speculation over getting into mining is pretty obvious.

[ChartBuddy]

Explanation

[600watt]

I'm quite amazed where these huge sellers get their coins from.

Remember those 850.000 bitcoins "lost" on the MtGox? Somebody has the private keys of those BTC. Ask yourself what would you do if that was you. Would you hold all of them, or would you convert some to the fiat?

my guess is that if one was smart enough to steal this amount of coins he/she is also smart enough to sell them off exchange.

if it was me, selling them via a verified exchange account would be the last thing i would do.

[hdbuck]

sheeps.

[ChartBuddy]

Explanation

[raid_n]

I'm quite amazed where these huge sellers get their coins from.

Remember those 850.000 bitcoins "lost" on the MtGox? Somebody has the private keys of those BTC. Ask yourself what would you do if that was you. Would you hold all of them, or would you convert some to the fiat?

I would be wary of exchanges. If you look at Stamp, for over a month, you see huge sell walls placed at intervals. And to withdraw that much of fiat, the exchange would require your identity and bank account. So, the key person to know why the huge btc quantity of sell limit order is the exchange owner.

Many people are speculating why the market has been so bearish. If the bitcoin news websites are smart, they would bug the exchange owners for answers. Think about it, all we can see are just the orders and transactions. The exchange owners are able to see who are placing these orders and making these huge transactions.

For exchange owners to publicly reveal the identity of their customers would be a breach of TOS and probably illegal. Who would trust such an exchange? You can assume if somebody is dumping the MtGox "lost" coins he would have bigger worries than being doxed by the exchange.

If you analyse in which way you would dump some of the 850K (-200K) of MtGox coins if they would be yours, one can come to conclusion it would happen exactly as it happening now. Try to keep the price as stable as you can, don't bring it down more than you have to. Disperse over several exchanges. Drop more on the good news. Take your time to analyse the buying patterns on the exchanges and adjust the selling patterns to their customers. Aren't that what we are seeing?

You are making incredibly wild conjectures here. Gox says they "lost" coins. It is very interesting that they have not revealed which addresses they believe contained stolen coins.
We have a public ledger, mixing is not 100% perfect.

With that amount of coinage you would probably have to run something like a gambling site or very large mixing service for a long time to launder them with very little trace.

I love it that just because price does not develop in the direction you hope for that suddenly there is this huge agenda behind it.
Sooner or later Gox will have to come clean on what happened to the coins. I have a hunch that a technical glitch is more likely than someone having stolen all the coins.
We have a public ledger. They could simply reveal addresses that stole coins to engage the community in finding out who stole them. The fact that this is not happening speaks for itself

[JayJuanGee]

http://www.coindesk.com/coinbase-launches-bitcoin-buying-selling-13-european-countries/


With the beta launch, Coinbase will now allow consumers in Austria, Belgium, Cyprus, Finland, France, Greece, Italy, Latvia, Malta, the Netherlands, Portugal, Slovakia and Spain to buy and sell up to €500 in bitcoin per day.

“We looked at what markets to move into next, and Europe seemed like the next biggest economy. It’s developed, there are people there who want to get bitcoin, there’s a lot of demand for it, but they really don’t have an easy way to do it.”

LOOK at you... citing this bullish news... You must really feel out of character and kind of boared...  


I keep looking at the current price drops, and I keep wondering at what price I should drop a few more dollars into my BTC pot... $469?   $461?  $453?    Who knows?  I understand that it will NOT make a real big difference when the price starts going up again, yet I still like to buy moar at the lowest possible price... on the other hand, if it is going down today, maybe we are going to have another downward dump manipulation over the weekend...

Surely I do NOT want to get too greedy.. but it just seems strange that prices are going down again and I thought that the bargains in the below $480 range were nearly over...

I believe you are not the only one with that strategy...I might even say, the most of the people on this forum have the similar strategy.

Whew!!!!!   I thought that I may have been the only one with those kinds of buying thoughts.       Actually, there are a few who participate in this thread that have run out of fiat, so they are NOT contemplating buying... .


So what is the answer?   Did I miss the low buying price-point at $471.50?  if so, fuck........

[Hunyadi]

http://www.coindesk.com/coinbase-launches-bitcoin-buying-selling-13-european-countries/


With the beta launch, Coinbase will now allow consumers in Austria, Belgium, Cyprus, Finland, France, Greece, Italy, Latvia, Malta, the Netherlands, Portugal, Slovakia and Spain to buy and sell up to €500 in bitcoin per day.

“We looked at what markets to move into next, and Europe seemed like the next biggest economy. It’s developed, there are people there who want to get bitcoin, there’s a lot of demand for it, but they really don’t have an easy way to do it.”

LOOK at you... citing this bullish news... You must really feel out of character and kind of boared...  


I keep looking at the current price drops, and I keep wondering at what price I should drop a few more dollars into my BTC pot... $469?   $461?  $453?    Who knows?  I understand that it will NOT make a real big difference when the price starts going up again, yet I still like to buy moar at the lowest possible price... on the other hand, if it is going down today, maybe we are going to have another downward dump manipulation over the weekend...

Surely I do NOT want to get too greedy.. but it just seems strange that prices are going down again and I thought that the bargains in the below $480 range were nearly over...

I believe you are not the only one with that strategy...I might even say, the most of the people on this forum have the similar strategy.

Whew!!!!!   I thought that I may have been the only one with those kinds of buying thoughts.       Actually, there are a few who participate in this thread that have run out of fiat, so they are NOT contemplating buying... .


So what is the answer?   Did I miss the low buying price-point at $471.50?  if so, fuck........

[spooderman]

in terms of hash rate we're probably seeing the change over from equipment that can no longer run efficiently, but doesn't mean a new wave of new tech doesn't come on line to replace in soon enough...interesting idea to imagine a new mining company selling at loss to hurt other miners pretty risky lol ... seems like another point where speculation over getting into mining is pretty obvious.

I'm still using my 65nm miner. It's a waste of electricity. I get about $2 a month worth of btc and probably paying $5 in electricity.

[ChartBuddy]

Explanation

[L0uis]

[tarmi]

in terms of hash rate we're probably seeing the change over from equipment that can no longer run efficiently, but doesn't mean a new wave of new tech doesn't come on line to replace in soon enough...interesting idea to imagine a new mining company selling at loss to hurt other miners pretty risky lol ... seems like another point where speculation over getting into mining is pretty obvious.

I am still running my bitfury gear, 1 year old, and I am still earning, thanks to cheap electricity.

But I think asic bubble is nearing its end, and I think there will be no more crazy difficulty jumps. miners are much more aware of potential risks these days.


asic bubble deflating = price crashing

[wachtwoord]

Snip

Meh, all the way in December? Really? 

[L0uis]

Snip

Meh, all the way in December? Really? 

It could mean that the entry point doesn't get much lower... But who knows.

[coins101]

The path to $100,000 BTC

-> Apple launch own payments system [check] Sept 9

-> PayPal sign posts to the market it is doing something to counter with BTC [check] Sept 8-10

-> More traders take notice of BTC [check] Sept 10

-> 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

........

Hadn't anticipated how quickly supermarkets would adopt Bitcoin like approach to payments. Trivial move for them to add Bitcoin as part of scan and go as customers adopt similar processes.


https://www.flickr.com/photos/j-sainsbury/sets/72157631774012562/

Global domination of Bitcoin is another big step closer.

Prices look like penny stocks cheap at these levels.

[Moria843]

in terms of hash rate we're probably seeing the change over from equipment that can no longer run efficiently, but doesn't mean a new wave of new tech doesn't come on line to replace in soon enough...interesting idea to imagine a new mining company selling at loss to hurt other miners pretty risky lol ... seems like another point where speculation over getting into mining is pretty obvious.

I am still running my bitfury gear, 1 year old, and I am still earning, thanks to cheap electricity.

But I think asic bubble is nearing its end, and I think there will be no more crazy difficulty jumps. miners are much more aware of potential risks these days.


asic bubble deflating = price crashing

I'm one of many miners not selling at a loss but did have to reduce hash rate to stay profitable. I had to lower the voltage to each ASIC on the old mining rigs, which forced reducing the hash rate but increased efficiency. Went from an efficiency of 2.5 J/GH to 1.16 J/GH. As a comparison, the newer most modern miners are 0.78 J/GH. My electricity cost is $0.13/kWh. At the current BTC value and difficulty I can only make a profit by slowing down the old miners to make them more effecient. So, I'm not mining as many coins, but still making a profit.

[NotLambchop]

...

https://www.flickr.com/photos/j-sainsbury/sets/72157631774012562/

Global domination of Bitcoin is another big step closer.

Prices look like penny stocks cheap at these levels.

The Fappening--Mech Edition!  Celebrity Barcodes Leaked!