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

[hyphymikey]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

note to self never do anything shady* with "hyphymikey's" bitcoins, they have been tied to his identity.  

ps. remember to declare all the capital gains on those coins they in the IRS ledger.

* shady here in Canada - or at lease British Columbia is buying something at a garage sale, or lemonade from a kids lemonade stand and not self assessing the tax and sending it to the government. You are also expected to self asses the value of gifts from out of Provence calculate the tax (PST) and send a cheque to the government for there share.

failure to do so is against the law and tax evasion. The truth is we are all evading tax in BC Canada, just now if you can track the money and put an identity to it you can technically collect it.  

I'm sure other parts of the free world have laws just as asinine.

so just think about how you get your bitcoin.

I have an LLC set up just for my bitcoin holdings. I'm not into bitcoin for tax evasion. I will hold them for at least a year so I pay little or no taxes anyways... I think. I'll figure that out next year.

[Walsoraj]

You are all over-analyzing the situation.

Bitstamp exercises the most influence over the price. The price is going down because very little new fiat is entering Stamp. Look at the declining Bid Sum over the past 6 months: http://coinorama.net/

Alternative explanations, including that most of the new fiat is sitting off the order book, are speculative and wishful thinking.

[adamstgBit]

You are all over-analyzing the situation.

Bitstamp exercises the most influence over the price. The price is going down because very little new fiat is entering Stamp. Look at the declining Bid Sum over the past 6 months: http://coinorama.net/

Alternative explanations, including that most of the new fiat is sitting off the order book, are speculative and wishful thinking.

the spike to 450 doesn't agree with that.

[empowering]

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

monkey does.  he wants it down for another week.

Would poking him with a pointy stick make him change his mind? Or monkey hookers and cocaine?

EDIT: Gold has a rocket up its arse and the dow is back on course with its plummet, should be a push up but I'm not about to doubt the monkeys wisdom.

Gold has been bouncing off the $1200 mark for past year and a half or so.... last time it went this low (it hit $1208.xx) was in July 2010, support seems strong enough at $1200 for a bounce off here ($1221 a moment ago) if it continues this will be its third bounce off of $1200, remains to be seen if it manages to break $1400 this time around...

It seems like its caught by the balls but I've a feeling something big is happening at the mo. The ESF isn't the only one pushing markets around, there's an economic war being fought on them and I think the drop after the US found an excuse to drop bombs on Syria may have been an escalation. In that regard Bitcoin is a bomb ready to go off any time, its another chink in the dollars world reserve armour.

Indeed, Gold is overdue a big move to the upside and it will come eventually, and is being pushed around at the moment and as you say not just the ESF, but it has got to give eventually, been a lot of accumulating going on past few years at a state level,  looks like some players are considering a return to a partial gold standard and a basket of currencies taking the place of the dollar as world reserve. I think you are right, BTC could play a role in this as the currency wars continue to pan out, gold already is already fully in play, as is the printing press of course. If the perfect storm occurs the next proper move to the upside, when the time is right will surely take gold up past $1800 and on towards $3000+.

What if the state level accumulation was primarily short covering?

In Chinas case I do not think that is what is habbenang... sure some of the buying and this rally (and the previous few) did have a bump from shorts being covered, but China is looking like it may make a move to float the yuan and make it partially tied to gold, and they have been buying accordingly, other nations from Europe to the middle east have also been making noises. With the trillion dollars being printed a year by the US at the moment it is musical chairs time.... China is looking forward to what happens when the music stops.



  

[ChartBuddy]

Explanation

[inca]

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

monkey does.  he wants it down for another week.

Would poking him with a pointy stick make him change his mind? Or monkey hookers and cocaine?

EDIT: Gold has a rocket up its arse and the dow is back on course with its plummet, should be a push up but I'm not about to doubt the monkeys wisdom.

Gold has been bouncing off the $1200 mark for past year and a half or so.... last time it went this low (it hit $1208.xx) was in July 2010, support seems strong enough at $1200 for a bounce off here ($1221 a moment ago) if it continues this will be its third bounce off of $1200, remains to be seen if it manages to break $1400 this time around...

It seems like its caught by the balls but I've a feeling something big is happening at the mo. The ESF isn't the only one pushing markets around, there's an economic war being fought on them and I think the drop after the US found an excuse to drop bombs on Syria may have been an escalation. In that regard Bitcoin is a bomb ready to go off any time, its another chink in the dollars world reserve armour.

Indeed, Gold is overdue a big move to the upside and it will come eventually, and is being pushed around at the moment and as you say not just the ESF, but it has got to give eventually, been a lot of accumulating going on past few years at a state level,  looks like some players are considering a return to a partial gold standard and a basket of currencies taking the place of the dollar as world reserve. I think you are right, BTC could play a role in this as the currency wars continue to pan out, gold already is already fully in play, as is the printing press of course. If the perfect storm occurs the next proper move to the upside, when the time is right will surely take gold up past $1800 and on towards $3000+.

What if the state level accumulation was primarily short covering?

In Chinas case I do not think that is what is habbenang... sure some of the buying and this rally (and the previous few) did have a bump from shorts being covered, but China is looking like it may make a move to float the yuan and make it partially tied to gold, and they have been buying accordingly, other nations from Europe to the middle east have also been making noises. With the trillion dollars being printed a year by the US at the moment it is musical chairs time.... China is looking forward to what happens when the music stops.



  

China still holds trillions of US treasuries, no?

[empowering]

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

monkey does.  he wants it down for another week.

Would poking him with a pointy stick make him change his mind? Or monkey hookers and cocaine?

EDIT: Gold has a rocket up its arse and the dow is back on course with its plummet, should be a push up but I'm not about to doubt the monkeys wisdom.

Gold has been bouncing off the $1200 mark for past year and a half or so.... last time it went this low (it hit $1208.xx) was in July 2010, support seems strong enough at $1200 for a bounce off here ($1221 a moment ago) if it continues this will be its third bounce off of $1200, remains to be seen if it manages to break $1400 this time around...

It seems like its caught by the balls but I've a feeling something big is happening at the mo. The ESF isn't the only one pushing markets around, there's an economic war being fought on them and I think the drop after the US found an excuse to drop bombs on Syria may have been an escalation. In that regard Bitcoin is a bomb ready to go off any time, its another chink in the dollars world reserve armour.

Indeed, Gold is overdue a big move to the upside and it will come eventually, and is being pushed around at the moment and as you say not just the ESF, but it has got to give eventually, been a lot of accumulating going on past few years at a state level,  looks like some players are considering a return to a partial gold standard and a basket of currencies taking the place of the dollar as world reserve. I think you are right, BTC could play a role in this as the currency wars continue to pan out, gold already is already fully in play, as is the printing press of course. If the perfect storm occurs the next proper move to the upside, when the time is right will surely take gold up past $1800 and on towards $3000+.

What if the state level accumulation was primarily short covering?

In Chinas case I do not think that is what is habbenang... sure some of the buying and this rally (and the previous few) did have a bump from shorts being covered, but China is looking like it may make a move to float the yuan and make it partially tied to gold, and they have been buying accordingly, other nations from Europe to the middle east have also been making noises. With the trillion dollars being printed a year by the US at the moment it is musical chairs time.... China is looking forward to what happens when the music stops.



  

China still holds trillions of US treasuries, no?

Yup... more than they want I am sure... it is musical chairs time, and China (and everyone else) know they cannot divest too much nor too rapidly nor in too public a manner, at least not without this panning out more and not without having all their ducks in a row. Though you can be sure that they are serious about floating the yuan and they are serious about pegging it to gold and they are also along with the rest of the world looking at the printing press churning away, with dismay. Those treasuries will not just bid for themselves for ever.. an at some point the cows come home, and there will be a knock on effect = high yields of the bonds... how high can they go before they are too high? and the game is kaput? unpayable? haircut? default? total loss of confidence in the bonds? failed auctions?

Musical chairs...

[Walsoraj]

You are all over-analyzing the situation.

Bitstamp exercises the most influence over the price. The price is going down because very little new fiat is entering Stamp. Look at the declining Bid Sum over the past 6 months: http://coinorama.net/

Alternative explanations, including that most of the new fiat is sitting off the order book, are speculative and wishful thinking.

the spike to 450 doesn't agree with that.

Yes it did. Off book buyers faded quickly and the total bid sum remained anemic. Face it, there is not much ammo off book.

[intighet]

You are all over-analyzing the situation.

Bitstamp exercises the most influence over the price. The price is going down because very little new fiat is entering Stamp. Look at the declining Bid Sum over the past 6 months: http://coinorama.net/

Alternative explanations, including that most of the new fiat is sitting off the order book, are speculative and wishful thinking.

the spike to 450 doesn't agree with that.

Yes it did. Off book buyers faded quickly and the total bid sum remained anemic. Face it, there is not much ammo off book.

Further, the bid sum decreased noticeably just after the spike. This suggests that buyers pulled their orders to finance it.

[mmitech]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

yes I got my invite few days ago, it is amazing, I really like the simplicity.

[JayJuanGee]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

I requested my invite May 27, 2014... and I have been waiting ever since... waiting , waiting and waiting.... In the end of july, sent them an e-mail requesting   a status update, and they said dont call us, we will call you.

[molecular]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

note to self never do anything shady* with "hyphymikey's" bitcoins, they have been tied to his identity.  

ps. remember to declare all the capital gains on those coins they in the IRS ledger.

* shady here in Canada - or at lease British Columbia is buying something at a garage sale, or lemonade from a kids lemonade stand and not self assessing the tax and sending it to the government. You are also expected to self asses the value of gifts from out of Provence calculate the tax (PST) and send a cheque to the government for there share.

failure to do so is against the law and tax evasion. The truth is we are all evading tax in BC Canada, just now if you can track the money and put an identity to it you can technically collect it.  

I'm sure other parts of the free world have laws just as asinine.

so just think about how you get your bitcoin.

Not best english, but very Good advice

[keithers]

If we touch under $400, I am buying again.   I am very confident that this will be a missed opportunity for many people.   Look at how things progressed last year (and we are 10 times further into the development and adoption of BTC).   Many people would have given up a kidney to get BTC under $400 last November...

[adamstgBit]

You are all over-analyzing the situation.

Bitstamp exercises the most influence over the price. The price is going down because very little new fiat is entering Stamp. Look at the declining Bid Sum over the past 6 months: http://coinorama.net/

Alternative explanations, including that most of the new fiat is sitting off the order book, are speculative and wishful thinking.

the spike to 450 doesn't agree with that.

Yes it did. Off book buyers faded quickly and the total bid sum remained anemic. Face it, there is not much ammo off book.

none of the ammo used on the sipke was pulled from the order book.
after the spike there was a condestable amount of panic buying at the top
then we saw walls getting destroyed at 430 420 410.

theres ammo off the books, plenty of it.

look at the local bitcoin chart, volume has doubled recently and its holding.

[ChartBuddy]

Explanation

[johnwest]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

I requested my invite May 27, 2014... and I have been waiting ever since... waiting , waiting and waiting.... In the end of july, sent them an e-mail requesting   a status update, and they said dont call us, we will call you.

lol, they slap you in your face by calling don't call us, if you deserve we will call you.

[ShroomsKit]

If we touch under $400, I am buying again.   I am very confident that this will be a missed opportunity for many people.   Look at how things progressed last year (and we are 10 times further into the development and adoption of BTC).   Many people would have given up a kidney to get BTC under $400 last November...

Ok i think we all got it by now. That we're going down is so good because you will be buying all those cheap coins.
Noted. No need to mention it 5 more times.

[Torque]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

I requested my invite May 27, 2014... and I have been waiting ever since... waiting , waiting and waiting.... In the end of july, sent them an e-mail requesting   a status update, and they said dont call us, we will call you.

lol, they slap you in your face by calling don't call us, if you deserve we will call you.

Here's what I sent them today, and their reply back.

Hi,

Are you guys EVER going to approve my invite? I have been waiting patiently for months and have sent several requests. Several of my friends are already using your service.

Sep 25 01:45 PM

Hi,

Thank you so much for your interest in Circle! I understand that it can be frustrating waiting for your invitation.

We are gradually increasing the number of invites and users, collecting feedback and optimizing product features to ensure that we can deliver an exceptional experience to everyone.

Please keep an eye out for an email from us in the near future.

Let me know if you have any other questions in the meantime.

Adam, Circle Support

[Richy_T]

Interesting thought, but wouldn't this be price neutral since he would be buying and selling?

It looks more like somebody is selling a lot of coins. They started in June halting the run up probably to a new high.

Possibly. But he might have bought Bitcoin back when to hold then sorted out methods for obtaining dollars and travel and now it's time to vamoose.

It seems unlikely though.

[JayJuanGee]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

I requested my invite May 27, 2014... and I have been waiting ever since... waiting , waiting and waiting.... In the end of july, sent them an e-mail requesting   a status update, and they said dont call us, we will call you.

lol, they slap you in your face by calling don't call us, if you deserve we will call you.

Yeah, something like that.  We BTC consumers may be in a state of desperation with shortage of decent products (in the case of Circle, supposed zero fees would have saved me over $1,000 in fees over the last year).  Accordingly, we BTC consumers (the royal "we") will put up with quite a lot of abuse, if we perceive that we are getting a good (or better) product in the end.