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

[David M]

My point is: looking at the 2011 decline from $32, I simply can't imagine there was any substantial capital in the hands of what you'd call 'traders', otherwise there would have been the occasional pause when a major resistance was being hit and traders, on average, closed a short to see where price is heading.

I entered bitcoin (first buy of DCA strategy) at $2 dollars before the run up to $32.  
IMO, the subsequent bear market was not being traded down.  It was a/few large early adopter cashing out.  

There was no "shorting" as the future of Bitcoin was a massive gamble and the idea to sell your bitcoin to then buy back later was considered insane as there was a real possibility of it going down in flames.

[oda.krell]

Very volume.

Huh. Sure you're looking at the right thing?






Between this (new Chinese volume peak, even higher than volume at capitulation bottom), the major Bitfinex market buys yesterday, and the ramping up of Bitstamp's bid/ask I already mentioned, I'd be seriously surprised if we don't make at least an attempt to get back to 380 within the next 10 days.

[molecular]

My point is: looking at the 2011 decline from $32, I simply can't imagine there was any substantial capital in the hands of what you'd call 'traders', otherwise there would have been the occasional pause when a major resistance was being hit and traders, on average, closed a short to see where price is heading.

I entered bitcoin (first buy of DCA strategy) at $2 dollars before the run up to $32.  
IMO, the subsequent bear market was not being traded down.  It was a/few large early adopter cashing out.  

There was no "shorting" as the future of Bitcoin was a massive gamble and the idea to sell your bitcoin to then buy back later was considered insane as there was a real possibility of it going down in flames.

I remember there was lots of shorting (on borrowed btc) on bitcoinica in late 2011. Imo it was a large part of what brought the price down to $2.xx. The gox hack and media did the largest part, though.

[mmitech]

I disagree with you guys, I don't think percentage wise that anything much has changed in the political vs. trading camps. Look how many deluded (let's say non-pragmatic) people there are on r/bitcoin and bitcointalk too. I've known speculators from 2010, 2011, and some of them top notch, having had experience from other markets. As an example, I believe Bitcoin was mentioned in Prechter's newsletter in 2010 and that drew some chartists.

Also, there's often a large overlap between the two camps, it really isn't clear cut. You also need to keep in mind that some people with dollar signs in front of their eyes will talk the feel good (blah blah the unbanked) rhetoric but that's only to shill.

What I would agree with though is that, inevitably, it's gone downhill with the quality of discourse as the price rose and the Bitcoin cult grew over the years, whether this be speculative (just look at the retards on r/bitcoinmarkets, at least what they've become today) or political/economical. A small price to pay.

Well said, the quality of discussion went down since the April 2013 bubble, and the nonobjective tards made the Bitcoin cult bigger, extreme more delusional, I enjoyed hearing/talking/going to Bitcoin events a couple of years ago, but nowadays some (if not most) events are just the gathering of the hopeless cultists and  quick get rich bitcoiners...


back to the subject, interesting bump ( from $320 +6.3%).... I think that action is going to happen soon (we will see the real bottom), the next couple of weeks are critical.

How are the shorts going?

Never shorted a thing in my life, keep trying....troll

[ChartBuddy]

Explanation

[NotLambchop]

Very volume.

Huh. Sure you're looking at the right thing?
...

Pretty sure.  Also lol @"Chinese volume."  As un-pc as "Indian giver."
Not expecting any drama today.  Not to the upside, at least.  Been wrong before, tho

[macsga]

Very volume.

Huh. Sure you're looking at the right thing?
...

Pretty sure.  Also lol @"Chinese volume."
Not expecting any drama today.  Not to the upside, at least.  Been wrong before, tho

I believe you should stay all Fiat. In the meantime please entertain yourself by reading a nice nursery rhyme:

http://wolfstreet.com/2014/10/30/the-wrath-of-draghi-first-german-bank-hits-savers-with-negative-interest-rate/

Deutsche Skatbank, a division of VR-Bank Altenburger Land, which was founded in 1859, is not the biggest bank in Germany, but it’s the first bank to confirm what German savers have been dreading for a while: the wrath of Draghi.

Retail and business customers with over €500,000 on deposit as of November 1 will earn a “negative interest rate” of 0.25%. In less euphemistic terms, they have to pay 0.25% per annum to the bank for the privilege of handing the bank their hard-earned money or their business cash.

Cheers.

[David M]

I remember there was lots of shorting (on borrowed btc) on bitcoinica in late 2011. Imo it was a large part of what brought the price down to $2.xx. The gox hack and media did the largest part, though.

Zhou tong... who could forget.  The damage was already done after we broke $16 which was at least 3 months before Bitcoinica.

Bitcoinica entered the market in September 2011 (~$6) and just helped shorts sell the bottom.  

http://bitcoincharts.com/charts/mtgoxUSD#igWeeklyzczsg2011-04-06zeg2012-11-07ztgCzbgEza1gWMAzm1g13za2gWMAzm2g52zvzcv

As an aside, we did not no it at the time, but my old man bought 1000 BTC at $8 just before Bitcoinica came online.  He didn't care.

[NotLambchop]

Very volume.

Huh. Sure you're looking at the right thing?
...

Pretty sure.  Also lol @"Chinese volume."
Not expecting any drama today.  Not to the upside, at least.  Been wrong before, tho

I believe you should stay all Fiat. In the meantime please entertain yourself by reading a nice nursery rhyme:

http://wolfstreet.com/2014/10/30/the-wrath-of-draghi-first-german-bank-hits-savers-with-negative-interest-rate/

Deutsche Skatbank, a division of VR-Bank Altenburger Land, which was founded in 1859, is not the biggest bank in Germany, but it’s the first bank to confirm what German savers have been dreading for a while: the wrath of Draghi.

Retail and business customers with over €500,000 on deposit as of November 1 will earn a “negative interest rate” of 0.25%. In less euphemistic terms, they have to pay 0.25% per annum to the bank for the privilege of handing the bank their hard-earned money or their business cash.

Cheers.

Isn't this what you "sound money" luddites want?   The bank is providing a service, it should be paid for it  

[Wandererfromthenorth]

Very volume.

Huh. Sure you're looking at the right thing?
...

Pretty sure.  Also lol @"Chinese volume."
Not expecting any drama today.  Not to the upside, at least.  Been wrong before, tho

I believe you should stay all Fiat. In the meantime please entertain yourself by reading a nice nursery rhyme:

http://wolfstreet.com/2014/10/30/the-wrath-of-draghi-first-german-bank-hits-savers-with-negative-interest-rate/

Deutsche Skatbank, a division of VR-Bank Altenburger Land, which was founded in 1859, is not the biggest bank in Germany, but it’s the first bank to confirm what German savers have been dreading for a while: the wrath of Draghi.

Retail and business customers with over €500,000 on deposit as of November 1 will earn a “negative interest rate” of 0.25%. In less euphemistic terms, they have to pay 0.25% per annum to the bank for the privilege of handing the bank their hard-earned money or their business cash.

Cheers.

Why lose 0.25% of your money in a year when you can use Bitcoin and lose 60% of your money in the same year 

[macsga]

Why lose 0.25% of your money in a year when you can use Bitcoin and lose 60% of your money in the same year 

You can also wait for the next Bail-In and let the banks own your >100,000Euros just like in Cyprus last year; remember?

@Lamb: Dood, why only 0.25? Convince them to get MOAR!!!!1 

[xyzzy099]

you "sound money" luddites

It's hilarious that the people promoting electronic, programmable virtual currency are the "Luddites" in your mind

[NotLambchop]

you "sound money" luddites

It's hilarious that the people promoting electronic, programmable virtual currency are the "Luddites" in your mind

The expression "sound money" was appropriated by goldbugs--the ones who want to go back to the gold standard.  It has nothing to do with electronic, programmable currency currently inflating @~10% per year.

Always happy to educate.


@macsga: I'll see what I can do.

[macsga]

you "sound money" luddites

It's hilarious that the people promoting electronic, programmable virtual currency are the "Luddites" in your mind

The expression "sound money" was appropriated by goldbugs--the ones who want to go back to the gold standard.  It has nothing to do with electronic, programmable currency currently inflating @~10% per year.

Always happy to educate.


@macsga: I'll see what I can do.

Lamb. Seriously. You're not Mario, are you?

[xyzzy099]

you "sound money" luddites

It's hilarious that the people promoting electronic, programmable virtual currency are the "Luddites" in your mind

The expression "sound money" was appropriated by goldbugs--the ones who want to go back to the gold standard.  It has nothing to do with electronic, programmable currency currently inflating @~10% per year.

Always happy to educate.


@macsga: I'll see what I can do.

As long as we are on the subject of education, you should know that Bitcoin is not inflating at all.  All 21M coins that ever will exist already exist in the protocol.

yw

[NotLambchop]

...
Lamb. Seriously. You're not Mario, are you?

No

...
As long as we are on the subject of education, you should know that Bitcoin is not inflating at all.  All 21M coins that ever will exist already exist in the protocol.
...

All fiat already exists in math.  As is the case with Bitcoin, not all of it has been released yet.



  ~Your Beneficent Reptilian Overlords.

[xyzzy099]

@xyzzy099:  All fiat already exists in math.  Like Bitcoin, not all of it has been released yet.

Really.  Can you point me to the math that limits the number of CNY that will exist on 17 July 2017?

[Chalkbot]

@xyzzy099:  All fiat already exists in math.  Like Bitcoin, not all of it has been released yet.

Really.  Can you point me to the math that limits the number of CNY that will exist on 17 July 2017?

The limit is the largest finite number.

[NotLambchop]

@xyzzy099:  All fiat already exists in math.  Like Bitcoin, not all of it has been released yet.

Really.  Can you point me to the math that limits the number of CNY that will exist on 17 July 2017?

Math is limitless, that's the beauty of it.  Unlike Bitcoin's inflation, which is algorithmically predetermined, fiat inflation can be adjusted as needed.

I also can't tell you how many BTC will exist on July 17, 2017.
Learn how Bitcoin works

[ChartBuddy]

Explanation