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

[lyth0s]

I'm not sure why so many people are worried, you should be sold atm and waiting to catch the bottom of this drop.

link removed

Why do I feel that the software your blog continually promotes will eventually rob everyone blind of their bitcoin?

[cbeast]

Curvilinear charts with lines are so 2013.

Bitcoin Godzilla doesn't care.

[Bitcoin-Club]

I'm not sure why so many people are worried, you should be sold atm and waiting to catch the bottom of this drop.

link removed

Why do I feel that the software your blog continually promotes will eventually rob everyone blind of their bitcoin?

I personally use the software and I think its great. I'm surprised more people to don't use software for their trades. But I understand your skepticism, but I have had a good experience and you can look around to see that there isn't a scam or theft report associated with the software.

[lyth0s]

I'm not sure why so many people are worried, you should be sold atm and waiting to catch the bottom of this drop.

link removed

Why do I feel that the software your blog continually promotes will eventually rob everyone blind of their bitcoin?

I personally use the software and I think its great. I'm surprised more people to don't use software for their trades. But I understand your skepticism, but I have had a good experience and you can look around to see that there isn't a scam or theft report associated with the software.

Why do you run an entirely separate blog to promote your software? Usually scammers do this in an attempt to promote its legitimacy. Why not simply have these guides on your software website?

And of course the creator would think the software is great....

[NotLambchop]

...
Bitcoin Godzilla doesn't care.

[MrPiggles]

You don't get a refund because of your payment method - you get a refund because of consumer protection law.
Companies that think they can get away with not giving refunds because people have paid with bitcoin will find that what happened to Butterflylabs happens to them.
Consumer protection law is what matters here - not your payment method. Most times you want to get a refund/take something back you talk directly to the retailer and they refund you directly or give you store credit. You only go to the credit card that one time in a hundred when that doesn't work.

Simply not true, I lost money this week to a shitty merchant of a software license. I have no recourse. they have whois protection on their domain. I'm not gonna sue over $40.

I did my research, domain was 18 months old, no scam reports.

Welcome to bitcoin. It sucks for consumers

[Gyrsur]

...
Bitcoin Godzilla doesn't care.

LOL

[Asrael999]

You don't get a refund because of your payment method - you get a refund because of consumer protection law.
Companies that think they can get away with not giving refunds because people have paid with bitcoin will find that what happened to Butterflylabs happens to them.
Consumer protection law is what matters here - not your payment method. Most times you want to get a refund/take something back you talk directly to the retailer and they refund you directly or give you store credit. You only go to the credit card that one time in a hundred when that doesn't work.

Simply not true, I lost money this week to a shitty merchant of a software license. I have no recourse. they have whois protection on their domain. I'm not gonna sue over $40.

I did my research, domain was 18 months old, no scam reports.

Welcome to bitcoin. It sucks for consumers

so name and shame - and protect others from dealing with them in the future.

[jonoiv]

How much money do you make shorting?

Can someone explain it to me?

Like say you have 1 coin.

You short at $390

What does it need to hit/how do you profit?

If it goes to $350 what would you make on that?


ELI5 please someone who knows more than I do

Short selling is easy.  forget the leveraging for 1 second,  You own $350.    you want to short sell 1. BTC

Assuming a price of $350 per BTC, you borrow 1BTC from a lender and sell it instantly when you open the short position, but with the promise you must buy back 1 BTC (and pay daily interest), when you close the position.   If the price has gone down, you buy back the 1BTC at a lower price give it back to the lender, and keep the profit.  If the price has gone up you you have to buy back that 1BTC at a loss and the difference comes out of your original $350.   If BTC has gone down $10 you make $10 and you have $360 (minus interest) if the price goes up by $10 you lose $10 and you have $340 (minus interest).  

If the price moves by more than you own.  Lets say, you have $350 and short 1 BTC when BTC is at $350.  and the price goes to $690, you will lose everything because your $350 has been marginalized, and you must close the position to pay your debts.  Because you have to buy back 1 BTC.  So the original $350 you own + the $350 you made when you short sold BTC at $350 = $700 + $10 interest means price of $690 BTC is wipe out for you because you need to buy back 1 BTC at $690 to give it back to the lender.  

Adding leverage means you borrow lets say x 3.  so if the price changes $10, you make $30 or lose $30 depending on which way the price had moved.  


The lender gets daily interest on the BTC he lends out.  The interest rate is volatile.  Although cheap at the moment, opening long term trades can be risky if you get stranded.

Someone taking out a short position here.  Is likely to have to cut losses because we are in a transition.  The bear market is over.  for example shorting at $350, in a month we will be above 400.  IMHO long term shorting season is well and truly over.

[NotLambchop]

You don't get a refund because of your payment method - you get a refund because of consumer protection law.
Companies that think they can get away with not giving refunds because people have paid with bitcoin will find that what happened to Butterflylabs happens to them.
Consumer protection law is what matters here - not your payment method. Most times you want to get a refund/take something back you talk directly to the retailer and they refund you directly or give you store credit. You only go to the credit card that one time in a hundred when that doesn't work.

Simply not true, I lost money this week to a shitty merchant of a software license. I have no recourse. they have whois protection on their domain. I'm not gonna sue over $40.

I did my research, domain was 18 months old, no scam reports.

Welcome to bitcoin. It sucks for consumers

so name and shame - and protect others from dealing with them in the future.

"Name and shame"?  Why are so many Bitcoiners eager to throw away the fruits of civilized society and take us back to the dark ages?

[octaft]

You don't get a refund because of your payment method - you get a refund because of consumer protection law.
Companies that think they can get away with not giving refunds because people have paid with bitcoin will find that what happened to Butterflylabs happens to them.
Consumer protection law is what matters here - not your payment method. Most times you want to get a refund/take something back you talk directly to the retailer and they refund you directly or give you store credit. You only go to the credit card that one time in a hundred when that doesn't work.

Simply not true, I lost money this week to a shitty merchant of a software license. I have no recourse. they have whois protection on their domain. I'm not gonna sue over $40.

I did my research, domain was 18 months old, no scam reports.

Welcome to bitcoin. It sucks for consumers

so name and shame - and protect others from dealing with them in the future.

Doesn't help him get his money back, which is ultimately what the consumer cares about most.

[ChartBuddy]

Explanation

[cbeast]

How much money do you make shorting?

Can someone explain it to me?

Like say you have 1 coin.

You short at $390

What does it need to hit/how do you profit?

If it goes to $350 what would you make on that?


ELI5 please someone who knows more than I do

We all have morning snacks. I see the classroom bully coming. I convince you to borrow my snack until tomorrow when you pay me back. The bully takes all your snacks, but I show sympathy for your loss. Tomorrow I will have two snacks and a new bff.

[justusranvier]

"Name and shame"?  Why are so many Bitcoiners eager to throw away the fruits of civilized society and take us back to the dark ages?

Very clever - you structured your post in a way that implies the people who want to out scammers to limit the damage they can do are "throwing away the fruits of civilized society" without actually lying.

[touhonoob]

https://i.imgur.com/dDHCmUx.jpg

[tarmi]

"Name and shame"?  Why are so many Bitcoiners eager to throw away the fruits of civilized society and take us back to the dark ages?

Very clever - you structured your post in a way that implies the people who want to out scammers to limit the damage they can do are "throwing away the fruits of civilized society" without actually lying.

there are a lot of ways to limit the damage.

ask Ross Ulbricht.

[octaft]

"Name and shame"?  Why are so many Bitcoiners eager to throw away the fruits of civilized society and take us back to the dark ages?

Very clever - you structured your post in a way that implies the people who want to out scammers to limit the damage they can do are "throwing away the fruits of civilized society" without actually lying.

Please ignore the troll argument and focus on the legitimate one: if you use your credit card, you can name, shame, and still have your money at the end of it.

[NotLambchop]

"Name and shame"?  Why are so many Bitcoiners eager to throw away the fruits of civilized society and take us back to the dark ages?

Very clever - you structured your post in a way that implies the people who want to out scammers to limit the damage they can do are "throwing away the fruits of civilized society" without actually lying.

Not at all.  Laws, regulations, and a mechanism to enforce both are "the fruits of civilized society."  These do not take "naming and shaming" off the table, while significantly reducing scamming.  And that's what I'm suggesting many Bitcoiners wish to throw away.

@octaft:  The mock-erudite, bombastic style is meant to provoke a response, but != trolling.

[ssmc2]

[heartastack]

Ah ahah