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

[Hiro_Y3k]

Bitcoin is about to race up to $830

[JayJuanGee]

DROP CUT YOUR LOOSE BAGS!

FIFY

[JayJuanGee]

Bitcoin is about to race up to $830

When??


I am starting to lose confidence about any exponential race up into the $800s arena b/c posters have been writing these kinds of predictions since about February-ish.. yes sooner or later, someone is gonna be correct - but why now?  Why not 6 months from now?

[Richy_T]

it's like when we get into our various political battles, which I am NOT inclined to resume at the moment.   

Typical statist...

[Richy_T]

It's about now someone posts some pictures of Spartans or whatnot from 300.

Bizarrely, 410 wall has shored up by a couple of hundred coins in minutes, someone is keen for the price not to tumble (or wants to sell at anything above).  The weekend will be fun for sure.

Heh, if we're heading towards 300 from this direction, it needs to be a bunch of Spartans shouting "Run away!"

[JayJuanGee]

it's like when we get into our various political battles, which I am NOT inclined to resume at the moment.   

Typical statist...

I'm consolidating... after the last round, I cannot afford it.      

[explorer]

It's about now someone posts some pictures of Spartans or whatnot from 300.

Bizarrely, 410 wall has shored up by a couple of hundred coins in minutes, someone is keen for the price not to tumble (or wants to sell at anything above).  The weekend will be fun for sure.

Heh, if we're heading towards 300 from this direction, it needs to be a bunch of Spartans shouting "Run away!"

Run Away!

http://blog.chron.com/tubular/files/2014/05/run-away.jpg

[aminorex]

For all the bears who think that 2013 was an unrecoverable bubble, please identify another bubble where 9 months after the pop the underlying fundamentals are better than it was during the bubble.

Our situation is simply that a lot of miners and short/medium-term speculative investment have coins that need to be moved to strong hands.  There is simply a reservoir of coins (which is increasing by 3600 per day) that need to be moved before we can make significant moves upwards.  Bitcoin is so useful that someday this reservoir is gonna run dry.

I seem to remember there was a strong argument on this forum that hoarding coins (nice euphemism "strong hands") is bad for BTC in the long run.  What you are essentially advocating is the same thing Shroomskit constantly proposes: nobody sells until the price reaches a level which enables laggard early-adopters to become super-rich.

Why would everyone do this?

Why sell them...ever?   Just buy what you want to buy with them.

[Chuckee]

do not buy into any false recoveries. this must be the bull trap before final capitulation!

you were warned from $680 to not buy into any false recoveries. you were warned again at $450 that bitcoin is going nowhere but down. cut your looses before it's too late!

[JayJuanGee]

For all the bears who think that 2013 was an unrecoverable bubble, please identify another bubble where 9 months after the pop the underlying fundamentals are better than it was during the bubble.

Our situation is simply that a lot of miners and short/medium-term speculative investment have coins that need to be moved to strong hands.  There is simply a reservoir of coins (which is increasing by 3600 per day) that need to be moved before we can make significant moves upwards.  Bitcoin is so useful that someday this reservoir is gonna run dry.

I seem to remember there was a strong argument on this forum that hoarding coins (nice euphemism "strong hands") is bad for BTC in the long run.  What you are essentially advocating is the same thing Shroomskit constantly proposes: nobody sells until the price reaches a level which enables laggard early-adopters to become super-rich.

Why would everyone do this?

Why sell them...ever?   Just buy what you want to buy with them.

The hoarding "problem" seems way overstated to me.  Certainly, you would want to spend your less appreciating assets first..... .but if the economy were to evolve to such a state that there were only bitcoins or bitcoin-like assets/currencies, then assets/currencies would
need to establish themselves in such a way that they could compete with bitcoin and that they would be able to retain their value, or appreciate in value, like what remains anticipated with bitcoin.


 

[ChartBuddy]

Explanation

[vipgelsi]

do not buy into any false recoveries. this must be the bull trap before final capitulation!

you were warned from $680 to not buy into any false recoveries. you were warned again at $450 that bitcoin is going nowhere but down. cut your looses before it's too late!

No one has a crystal ball price could do anything up or down.

[thezerg]

For all the bears who think that 2013 was an unrecoverable bubble, please identify another bubble where 9 months after the pop the underlying fundamentals are better than it was during the bubble.

Our situation is simply that a lot of miners and short/medium-term speculative investment have coins that need to be moved to strong hands.  There is simply a reservoir of coins (which is increasing by 3600 per day) that need to be moved before we can make significant moves upwards.  Bitcoin is so useful that someday this reservoir is gonna run dry.

I seem to remember there was a strong argument on this forum that hoarding coins (nice euphemism "strong hands") is bad for BTC in the long run.  What you are essentially advocating is the same thing Shroomskit constantly proposes: nobody sells until the price reaches a level which enables laggard early-adopters to become super-rich.

Why would everyone do this?

Saving money may be bad for the economy if everyone does it, but I think that is an open question long term.  After all if you need something you'd buy it so what saving does is increase efficiency -- you don't waste money on unnecessary stuff (short term, yea, people who work in luxury industries have hardship).  

But regardless of the effect on the larger economy, it is a very good thing for the saver.  So please recognize the bias in your term "hoarding" and how you are inculcated to imagine that saving is somehow "bad" to save the economy at your own expense.

Saving BTC can only be good for BTC in the long run.  Utility gives BTC its marginal value (very small), but saving (scarcity) is what gives BTC significant value.  And there is a positive feedback between savers and merchant adoption.  Merchants start taking BTC because they see more people holding it, more people holding it cause more merchants to accept it.

There's no collusion here.  I'm not "advocating" any kind of "hold the line" fairytale.  People ARE saving coins as part of a diversified savings plan which includes real estate, stocks, etc, due to the unique abilities of BTC to carry value during economic uncertainty and the fact that its an uncorrelated asset.  

Miners and speculators ARE trying to get the best price possible so are holding back in the hopes the price will rise...

But to see this going on 9 months after the "bubble" pop, to see larger and larger merchants and payment processors adopting the coin speaks to BTC's ultimate utility.  

Why did Paypal choose to accept BTC for digital assets?  Because digital assets are not sent to a home address.  So its too easy to get away with fraud buying digital assets -- steal CC, buy Vorpal Sword +1000, give it to another character, sell it for cash.  Police can't knock on anyone's door looking for an 80" TV.  It got so bad that ebay stopped allowing sales of digital assets.  But Bitcoin is perfect for digital asset purchase...

k, that's all I've got for tonight, PM me if you want to keep arguing :-)

[MelMan2002]

It looks like they decided to turn the China Manipulation script back on at Huobi...

[damnek]

It looks like they decided to turn the China Manipulation script back on at Huobi...

Until bitstamp or btc-e starts doing 0% fees this will continue I'm afraid..

[MelMan2002]

It looks like they decided to turn the China Manipulation script back on at Huobi...

Until bitstamp or btc-e starts doing 0% fees this will continue I'm afraid..

I don't think fees are the issue.  Fake volume is.  Maybe bitstamp needs to make its volume appear 10x higher than it actually is...

[mb300sd]

I think I'm developing an anxiety disorder...damn it bitcoin.

[damnek]

It looks like they decided to turn the China Manipulation script back on at Huobi...

Until bitstamp or btc-e starts doing 0% fees this will continue I'm afraid..

I don't think fees are the issue.  Fake volume is.  Maybe bitstamp needs to make its volume appear 10x higher than it actually is...

I stopped trading at bitstamp because it's just too difficult to make more than the fees (2*0.2%) on an average trade. It used to be possible, but bitcoin got less whippy lately, which I believe is being caused by the 0% fee exchanges. This can have a snowball effect because less short term volatility causes other traders to leave too, making bitstamp follow other exchanges instead.

[adamstgBit]

For all the bears who think that 2013 was an unrecoverable bubble, please identify another bubble where 9 months after the pop the underlying fundamentals are better than it was during the bubble.

Our situation is simply that a lot of miners and short/medium-term speculative investment have coins that need to be moved to strong hands.  There is simply a reservoir of coins (which is increasing by 3600 per day) that need to be moved before we can make significant moves upwards.  Bitcoin is so useful that someday this reservoir is gonna run dry.

I seem to remember there was a strong argument on this forum that hoarding coins (nice euphemism "strong hands") is bad for BTC in the long run.  What you are essentially advocating is the same thing Shroomskit constantly proposes: nobody sells until the price reaches a level which enables laggard early-adopters to become super-rich.

Why would everyone do this?

Saving money may be bad for the economy if everyone does it, but I think that is an open question long term.  After all if you need something you'd buy it so what saving does is increase efficiency -- you don't waste money on unnecessary stuff (short term, yea, people who work in luxury industries have hardship).  

But regardless of the effect on the larger economy, it is a very good thing for the saver.  So please recognize the bias in your term "hoarding" and how you are inculcated to imagine that saving is somehow "bad" to save the economy at your own expense.

Saving BTC can only be good for BTC in the long run.  Utility gives BTC its marginal value (very small), but saving (scarcity) is what gives BTC significant value.  And there is a positive feedback between savers and merchant adoption.  Merchants start taking BTC because they see more people holding it, more people holding it cause more merchants to accept it.

There's no collusion here.  I'm not "advocating" any kind of "hold the line" fairytale.  People ARE saving coins as part of a diversified savings plan which includes real estate, stocks, etc, due to the unique abilities of BTC to carry value during economic uncertainty and the fact that its an uncorrelated asset.  

Miners and speculators ARE trying to get the best price possible so are holding back in the hopes the price will rise...

But to see this going on 9 months after the "bubble" pop, to see larger and larger merchants and payment processors adopting the coin speaks to BTC's ultimate utility.  

Why did Paypal choose to accept BTC for digital assets?  Because digital assets are not sent to a home address.  So its too easy to get away with fraud buying digital assets -- steal CC, buy Vorpal Sword +1000, give it to another character, sell it for cash.  Police can't knock on anyone's door looking for an 80" TV.  It got so bad that ebay stopped allowing sales of digital assets.  But Bitcoin is perfect for digital asset purchase...

k, that's all I've got for tonight, PM me if you want to keep arguing :-)

+1

In any case bitcoin doesn't have to completely replace world economies and prove that austrian economics on a massive scale isn't a problem, to be considered a success, that might be a long term goal but its not like going to happen over night...

bitcoin has some real serious advantage, I use it to pay people and get paid by people, it works gr8. end of story.

[adamstgBit]

I think I'm developing an anxiety disorder...damn it bitcoin.

send some fiat to the exchange that way you can cheer on the way UP and DOWN  

if your bag is too heavy drop it...