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

[ChartBuddy]

Explanation

[Oblodo]

Most important thing:

Will Silkroad switch to another coin if Bitcoin goes to 0$? Will it be Doge?

why would bitcoin goes to 0$???

You dear sir is right! It won't or shant go that low. The only (killer) argument to buy bitcon is to buy drugs. So it shall stabilise around $10 like it was for so long (the only true demand). But then again I could be wrong.. According to Adam Africa is buying BTC. We might indeed see $10k soon.

Yeah! And because in Africa they nearly don't have smartphones or internet they will use the rockchain  
Wait until they dump "all" their fiat to buy bitcoin.



Jokes aside, Africa needs lot of development before they can consider buying or using bitcoin. Now it is only for lucky people with internet access.

You do know that there are more mobile phones in Africa than you think? Do you live in the 1960's sir? You probably also know that most Africans use the mobile phones to connect to internet? You should try to open your mind to the idea that Africa is moving forward...

http://en.m.wikipedia.org/wiki/List_of_countries_by_number_of_mobile_phones_in_use

[heartastack]

Most important thing:

Will Silkroad switch to another coin if Bitcoin goes to 0$? Will it be Doge?

why would bitcoin goes to 0$???

You dear sir is right! It won't or shant go that low. The only (killer) argument to buy bitcon is to buy drugs. So it shall stabilise around $10 like it was for so long (the only true demand). But then again I could be wrong.. According to Adam Africa is buying BTC. We might indeed see $10k soon.

Yeah! And because in Africa they nearly don't have smartphones or internet they will use the rockchain  
Wait until they dump "all" their fiat to buy bitcoin.



Jokes aside, Africa needs lot of development before they can consider buying or using bitcoin. Now it is only for lucky people with internet access.

You do know that there are more mobile phones in Africa than you think? Do you live in the 1960's sir? You probably also know that most Africas use the mobile phones to connect to internet? You should try to open your mind to the idea that Africa is moving forward...

http://en.m.wikipedia.org/wiki/List_of_countries_by_number_of_mobile_phones_in_use

Almost all disposed mobile phones and old models go straight to Africa and India and are re-sold for a couple of bucks. The 3rd world is pretty mobile

[samsonn25]

Bought another 25 coins today. If the price keeps sliding I may go broke before the bottom.

You can be broke later from buying all the coins , but  at least you will have some kind of asset

[mmitech]

good morning, so when FIAT money lose its value and the buying power becomes weaker every year,  we usually call that inflation (and we think that solely inflation is the cause),  but when Bitcoin lose its value faster than the Argentinian peso , what do we call that ?

Anyway, clearly the adoption is slowing down or the new comers think Bitcoin is overvalued and this is why there is almost no support for the price, my biggest fear is that only we (bears) early adopters who sold before are providing the existing weak support for the current price with our open orders... which is really scary.



It is the weekend, will we touch 330 this weekend ? I think we will find about that soon... 

[mooncake]

Now here's an interesting bit of speculation regarding our price slide.

http://blogs.wsj.com/moneybeat/2014/09/19/bitbeat-more-pain-for-bitcoin-prices-are-chinese-miners-to-blame/

As I had said multiple times before, the major exchange operators will know why the price slide since they know who are selling. Sadly, these bitcoin news outlet do not interview them.

[Hunyadi]

Anyway, clearly the adoption is slowing down or the new comers think Bitcoin is overvalued and this is why there is almost no support for the price, my biggest fear is that only we (bears) early adopters who sold before are providing the existing weak support for the current price with our open orders... which is really scary.

Could you define 'early adopter'?

[Dalmar]

but when Bitcoin lose its value faster than the Argentinian peso , what do we call that ?

It's called a dump.  

Bitcoin's price rises and falls have very little to do with inflation/deflation in the real world.

[Wandererfromthenorth]

Stop being a perma-bull and accept the situation.



Noone is buying from the asks. Support is weak. The only volume is the market dumps. We have breached far too many historic support points.
There haven't been nay significant bounces lately.

Huobi is going ahead and made a new low half an hour ago.


At least just make sure that you don't lose money you can't afford to lose in this mess.

[Wandererfromthenorth]

Imagine being a BTC miner right now.

You are spending millions in mining equipment and at this price it is more cost efficient to just shut them off and just buy them daily on exchanges or in person.

What a fucking nightmare for them.

[Wekkel]

Stop being a perma-bull and accept the situation.



Noone is buying from the asks. Support is weak. The only volume is the market dumps. We have breached far too many historic support points.
There haven't been nay significant bounces lately.

Huobi is going ahead and made a new low half an hour ago.


At least just make sure that you don't lose money you can't afford to lose in this mess.

Indeed. Just accept that demand is not matching supply for now. Comfort yourself by thinking of the demand vs supply at $10. Imagine the buying frenzy. The Bitcoin adventure is far from over yet.

[JorgeStolfi]

Anyway, clearly the adoption is slowing down or the new comers think Bitcoin is overvalued

Demand for use as currency in payments (a) seems to be much smaller than demand for hoarding (b) and speculation (c).  If there was only demand (a), the price would probably be 10$ or less.  The drop in price since the all-time high is mainly due to drop in demands (b) and/or (c).

[pinky]

Yesterday we had 247 new members of bitcointalk forum. This is the lowest number since the last bubble started almost a year ago.

[ChartBuddy]

Explanation

[Wandererfromthenorth]

While Bitfinex and Bitstamp have almost stopped, Huobi and OKCoin are ahead of the program and dumping slowly and steadily.
Soon the big pop will happen and we are gonna be in for a spectacular crash.

[mmitech]

Anyway, clearly the adoption is slowing down or the new comers think Bitcoin is overvalued and this is why there is almost no support for the price, my biggest fear is that only we (bears) early adopters who sold before are providing the existing weak support for the current price with our open orders... which is really scary.

Could you define 'early adopter'?

people that bought between $0-100 

[DeadCoin]

Anyway, clearly the adoption is slowing down or the new comers think Bitcoin is overvalued

Demand for use as currency in payments (a) seems to be much smaller than demand for hoarding (b) and speculation (c).  If there was only demand (a), the price would probably be 10$ or less.  The drop in price since the all-time high is mainly due to drop in demands (b) and/or (c).

[Wandererfromthenorth]

New low on Huobi...

[mmitech]

Yesterday we had 247 new members of bitcointalk forum. This is the lowest number since the last bubble started almost a year ago.

and many accounts from that above number are fake, in other words not really new adopters but rather from scammers (because Bitcoin is the heaven of scammers) and for advertisement and to sell later and...

[macsga]

Hmm... I doubt that early adopters are selling at the moment (why would they anyway)? If it was so this chart would definitely be different.
https://blockchain.info/charts/bitcoin-days-destroyed

On the other hand an interesting thing to do is observe the hashrate chart during the time of the last "dump".
https://blockchain.info/charts/hash-rate

Interesting stuff. Maybe a great pool is "helping" to make this happen?