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

[inca]

Thought experiment porkchop. The price of bitcoin is high. Newsflow is overwhelmingly positive, adoption rates and infrastructure are steadily increasing.

The price is repeatedly hammered by an early adopter selling out 200,000 coins over a few months. What happens to market sentiment?

At the end of a bear market the price rises. What happens to sentiment?

[1714768222]

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[1714768222]

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[PrestonTrader]

10/19

Supports and resistances list

[JimboToronto]

fucking hell there's more marble than beef there.

Matsusaka beef is almost as good as Maesawa:



Yum.

[adamstgBit]

fucking hell there's more marble than beef there.

Matsusaka beef is almost as good as Maesawa:



Yum.

must of been one fatass cow 

[79b79aa8d5047da6d3XX]

Your argument against bitcoin rising to become a global reserve currency is a bit silly. Bitcoin doesn't need to be more than a tradeable digital asset and it can still move up two orders of magnitude easily in market cap valuation.

"The primary purpose of evil people is to instill helplessness in the morally energetic." --Stefan Molyneux

The thought that Bitcoin "will not take over the world" is often repeated. See for example:

- Report of the recent IMF/WB meetings in Washington (p.5):
http://www.cbbanorte.com.mx/analisis/flashes/Economicos/IMF_WB_AnnualMeeting.pdf

- Minneapolis Fed director and author of the astounding 'Money is memory' paper:
http://www.reuters.com/article/2014/04/16/us-usa-fed-kocherlakota-bitcoin-idUSBREA3F03120140416

It is not an argument per se, it appears to be based on the (sensible enough) thought that Bitcoin becoming global reserve currency would entail a total revolution in the world order, and it is just too improbable for this to happen.

To my mind, the important thing is that the directors of the Fed and the IMF are taking Bitcoin extremely seriously. And, as inca said, we need not wait for the entirety or the majority the world's wealth to be denominated in Bitcoin.  On one recent estimate (you can look that one up), the world's wealth stands at 263 trillion USD. If merely one tenth of one percent of the world's wealth is denominated in Bitcoin, then the market capitalization of the coin would stand at 263 billion USD. Dividing that by, say, 18 million BTC (we'll be there in 2020), gives you ~USD$16,000/BTC.

[adamstgBit]

Your argument against bitcoin rising to become a global reserve currency is a bit silly. Bitcoin doesn't need to be more than a tradeable digital asset and it can still move up two orders of magnitude easily in market cap valuation.

"The primary purpose of evil people is to instill helplessness in the morally energetic." --Stefan Molyneux

The thought that Bitcoin "will not take over the world" is often repeated. See for example:

- Report of the recent IMF/WB meetings in Washington (p.5)
http://www.cbbanorte.com.mx/analisis/flashes/Economicos/IMF_WB_AnnualMeeting.pdf

- Minneapolis Fed director and author of 'Money is memory' paper
http://www.reuters.com/article/2014/04/16/us-usa-fed-kocherlakota-bitcoin-idUSBREA3F03120140416

It is not an argument per se, it appears to be based on the (sensible enough) thought that Bitcoin becoming global reserve currency would entail a total revolution in the world order, and it is too improbable for this to happen.

To my mind, the important thing is that the directors of the Fed and the IMF are taking Bitcoin extremely seriously. And, as inca said, we need not wait for the entirety or the majority the world's wealth to be denominated in Bitcoin.  On one recent estimate (you can look that one up), the world's wealth stands at 263 trillion USD. If merely one tenth of one percent of the world's wealth is denominated in Bitcoin, then the market capitalization of the coin would stand 263 billion USD. Dividing that by, say, 18 million BTC (we'll be there in 2020), gives you ~USD$20,000/BTC.

bitcoin will not take over "regular money" at least not for a long while, but i think its likely that given time some form of bitcoin will take over "regular money", could very well be bitcoin in the end, the future is unpredictable to say the least... but this bitcoin thing makes sense a lot of sense... it make sense to you it make sense me it makes sense to an ever gorwing number of poeple.

[FNG]

I have that strange feeling that Mr. 10000BTC @Huobi might get his wall filled in the next days and won´t have to chase to price.
My gut tells me, so it´s most likely legit.

I think another large bull will shit on his parade and out bid him.

Bull fight

[79b79aa8d5047da6d3XX]

bitcoin will not take over "regular money" at least not for a long while

I think the same, if only because Bitcoin is not suitable for a debt-based economic system. But surely it could take over 0.1% of the economy!

[justusranvier]

It is not an argument per se, it appears to be based on the (sensible enough) thought that Bitcoin becoming global reserve currency would entail a total revolution in the world order, and it is too improbable for this to happen.

The future will not resemble the pass.

[GreekGeek]

So....

Ebola: Bullish or bearish?

I've been thinking about your question
for the past two days
and then it hit me

the answer is:

Bullish
http://dailyindependentnig.com/2014/08/paper-currency-ebola-transmission/

[adamstgBit]

bitcoin will not take over "regular money" at least not for a long while

I think the same, if only because Bitcoin is not suitable for a debt-based economic system. But surely it could take over 0.1% of the economy!

its first or i should say second major stepping stone is just that, becoming "0.1% of the world economy", the next major hurelt will be becoming  12.1% of the economy!  at which point TA says SKYS THE LIMIT and then its sundely 99% of the  world economy  

[ChartBuddy]

Explanation

[adamstgBit]

The future will not resemble the pass.

but it is rooted in the past, long ago, making things inevitable nonetheless

existential deterministic philosophy

its a thing.  

[NotLambchop]

Thought experiment porkchop. The price of bitcoin is high. Newsflow is overwhelmingly positive, adoption rates and infrastructure are steadily increasing.

The price is repeatedly hammered by an early adopter selling out 200,000 coins over a few months. What happens to market sentiment?

If the news is good and adoption rate climbing, how stupid does the early adopter have to be to dump 200k coin?  Or, perhaps, it's just the cultist's take on the news?  Russia planning to criminalize Bitcoin and the biggest exchange turning over unregistered accounts to the authorities is not good news to everyone, you know

At the end of a bear market the price rises. What happens to sentiment?

The bear market ends BECAUSE the sentiment improves.  What could possibly end it otherwise?  
*Other than by my Beneficent Lizard Master's will, which IS truth, which IS love, and which, as we all know, conquers all.

Things I have to explain to you communist beatniks...

[JimboToronto]

Explanation

Decent green candle for Oct. 18, albeit on the lowest volume in 3 weeks.

Still, it's nice to see the 2-week-old uptrend continue after a little corrective dip.

[byronbb]

Number of transaction excluding popular address continues its relentless march higher, another month and it will hit all time high

Simply put, bitcoin works. I've been looking at VPN, seedbox and usenet providers lately and many of them take bitcoin like it isn't some esoteric oddity.

[inca]

Bit disappointed by your response there lambchop. Was hoping to learn something. Anyone else care to chime in on whether price leads sentiment or the reverse?

[adamstgBit]

Bit disappointed by your response there lambchop. Was hoping to learn something. Anyone else care to chime in on whether price leads sentiment or the reverse?

its a paradox, for real, its a fucking paradox!

i've been here for years and i can assure you its a paradox 

[byronbb]

Explanation

Decent green candle for Oct. 18, albeit on the lowest volume in 3 weeks.

Still, it's nice to see the 2-week-old uptrend continue after a little corrective dip.

The TA seems to be back on track after our prolonged slide. I feel pretty bullish. If I traded I might go speculatively long here. We broke through the top of the trend channel on OCT 12 and after the pop and re-trace failed to touch the channel bottom. Now we sit in the same spot as OCT 11 and we have some spikes though the resistance level on low volume.

[JimboToronto]

Blah blah blah... you communist beatniks...

Commies? Beatniks? LOL Is this the late 1950s/early 1960s all over again?

Are you the female Barry Goldwater? Quick. Call Joe McCarthy.  

________

Oops. Forgot to take my own advice: