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

[njcarlos]

Bitcoin is full of pedantic faggots asking vague and irrelevant questions.  Anything else you'd like to know my opinion on?

No, it's glaringly obvious you don't want to reveal your true feelings about Bitcoin whatever they are, for whatever reason. I just figured I'd nail that down. Thanks for playing along.

[razorramon]

but it's kind of proof that the us government is not into the manipulation...they would push the price much higher cause they would make much more money with the 50k then

[JorgeStolfi]

What a bunch of arrogant young fks.  I was there in the beginning, I have lived through its entire evolution.  Jesus...

I started using the internet in 1979, when I began my PhD.  That was not the beginning, true, ... 

[N12]

Bitcoin is full of pedantic faggots asking vague and irrelevant questions.  Anything else you'd like to know my opinion on?

How can a brony call others faggots?

[njcarlos]

ITT NotLambchop gets aggy because I treat him like a little bitch parrot instead of digging through logs of text.

[NotLambchop]

Bitcoin is full of pedantic faggots asking vague and irrelevant questions.  Anything else you'd like to know my opinion on?

No, it's glaringly obvious you don't want to reveal your true feelings about Bitcoin whatever they are, for whatever reason. I just figured I'd nail that down. Thanks for playing along.

And this is probably one of the funniest aspects of Bitcoin today--the paranoid lunatic fringe imagining sinister plots behind every [predictable] price drop.
I could tell you that Bitcoin is handed down to us by archangel Gabriel and i fap to it every night, or that it was brought to you by the letters N,S,A, and the number 666.
What difference would that make to you?

[Torque]

Then why all the negativity, Torque? It was only created in 2009, and things have been going really well. In 2014 lots of good things have happened, same as in 2011 and 2012, despite (or because? Productivity might actually increase while prices decrease) the price decreases. Hell, look at the valuation of Coinbase at 400 million recently.

Shit's exploding, the price just exploded faster so it had to implode a little. Market always leads the economy.

<Sigh> I know that you're right about that, as I too have been excited about all the great developments in the past few years.  I'm just really disappointed in the price action in 2014, as the adoption rate seems to be slowing down, and what folks were willing to pay for bitcoin after Nov 2013 they no longer see as a "good deal" (like that even matters in the long run).  They now feel that it was all just a scam, and most feel lucky for having not participated in it.

I feel that the greatest achievement is yet to come: educating Joe Public properly on what Bitcoin is and why it is important and valuable at ANY exchange rate.

Please understand, when I whine about bitcoin's price action, I'm just showing my frustration.  It doesn't change how I view Bitcoin's long term potential.

[NotLambchop]

Bitcoin is full of pedantic faggots asking vague and irrelevant questions.  Anything else you'd like to know my opinion on?

How can a brony call others faggots?

I suppose the same way a postman can call other postmen "postman," etc., etc.  Non-sequitur?

[njcarlos]

Bitcoin is full of pedantic faggots asking vague and irrelevant questions.  Anything else you'd like to know my opinion on?

How can a brony call others faggots?

I suppose the same way a postman can call other postmen "postman," etc., etc.  Non-sequitur?

Rofl, your unabashed dismissal of the implications there are hilarious. Top notch troll, for sure.

[N12]

IMO it's no use educating Joe Public about the great wonders of Bitcoin. Joe Public is perfectly content with his credit card, bank account, PayPal, etc.

Only thing that's of use is building stuff that will make Joe Public want to educate himself, or even better, stuff Joe Public uses that makes use of Bitcoin without him even caring/knowing. Things like Silk Road.

[NotLambchop]

Bitcoin is full of pedantic faggots asking vague and irrelevant questions.  Anything else you'd like to know my opinion on?

How can a brony call others faggots?

I suppose the same way a postman can call other postmen "postman," etc., etc.  Non-sequitur?

Rofl, your unabashed dismissal of the implications there are hilarious. Top notch troll, for sure.

The implications being?

[njcarlos]

The implications being?

[Torque]

IMO it's no use educating Joe Public about the great wonders of Bitcoin. Joe Public is perfectly content with his credit card, bank account, PayPal, etc.

Only thing that's of use is building stuff that will make Joe Public want to educate himself, or even better, stuff Joe Public uses that makes use of Bitcoin without him even caring/knowing. Things like Silk Road.

You and I see things very differently.  I know that Bitcoin will have truly made it when every store, hotel, coffee shop, restaurant, bar, etc. in every major city worldwide has the "Bitcoin accepted here" logo right next to the "Free Wi-fi" logo and credit card logos on the entrance door.  That might take another decade, but I believe it will happen.

[NotLambchop]

...when every store, hotel, coffee shop, restaurant, bar, etc. in every major city worldwide has the "Bitcoin accepted here" logo right next to the "Free Wi-fi" logo and credit card logos on the entrance door.  That might take another decade, but I believe it will happen.

The beautiful world of Bitcoin...

[fonzie]

http://bitcoinnewsguru.com/bitell/now-we-give-u-the-details-part-two-an-employee-of-huobi-bitvc-disclosed-the-behind-story-of-his-working-platform-huobi-co-founder-du-jun-claimed-huobi-has-presented-that-to-the-police/


"After the launch of BitVC, Huobi management witnessed that 796 has 20X
leverage, therefore, they want to launch 50X leverage to win the
marke"


lol, 50x leverage in an illiquid market. Making money in Satoshidice is probably 10x more likely

[jonoiv]

Something terrible just happened....I'm really disgusted.

I came to the forum after clearing my browser cache, and before I had the chance to log in, my eyes glanced at a NotLambChop post..  

Safely logged in now, and his posts are ignored  

Phew that was a close call

[JayJuanGee]

you do NOT need a lot of coins in order to manipulate prices downward

What do you consider "a lot?"

Didn't I use 10k coins in my description in the post that you cut.

Further, some of these guys who want to manipulate the price of BTC downward are going to be willing to dump at a loss for an extended period of time to achieve their objectives.  They can continue to buy high and to sell low in order to dump strategically and to lose money and to scare people off of bitcoin because they dump strategically.

10k coins may be sufficient to manipulate for a month or so; however, 100k coins would be even better, and probably could manipulate for more than 6 months with 100k coins.

So 10k coins isn't "a lot" to you. Ok.

Edit: To be clear, I asked you what is a lot, not what isn't a lot.

NOT to beat a dead horse, but I thought that I suggested that 10k is a lot and 100k is a real lot 

[NotLambchop]

Something terrible just happened....I'm really disgusted.

I came to the forum after clearing my browser cache, and before I had the chance to log in, my eyes glanced at a NotLambChop post..  

Safely logged in now, and his posts are ignored  

Phew that was a close call

The ignore feature does not rely on your browser cache.  Either learn to lie less, or learn to lie better.

[madmat]

Something terrible just happened....I'm really disgusted.

I came to the forum after clearing my browser cache, and before I had the chance to log in, my eyes glanced at a NotLambChop post..  

Safely logged in now, and his posts are ignored  

Phew that was a close call

The ignore button is really the best feature of this old forum.

[JayJuanGee]

Miners are NOT dumping bitcoin.  Miners are generally bullish about bitcoin and generally holders.

Is there any evidence for that claim (other than some big miners saying so)?

Surely some miners are making such statements, and you should already realize that you do NOT need a lot of coins in order to manipulate prices downward.  If someone has 10k coins, then s/he it can accomplish a lot of BTC price manipulation. 

Miners dumping is NOT a logical conclusion,

In short, the answer is "no, there is no evidence that miners are holding".

However, I agree that dumping by miners, by itself, does not explain the fall from ~900$ in late january to ~350$ today.  Inflation due to mining is only 10% per year. 

That inflation may be amplified by the fact that part of the bitcoin supply is frozen by long-term holders.  Namely, if only 1/5 of the bitcoins are in the hands of short-term speculators, and all the mining output is being dumped to the open market, then the effective inflation would be around 50% per year.  Even so, it seems hard to blame the slump on miners dumping.

To me, the simplest explanation still is: the Chinese speculators are leaving the market.

To me the most plausible explanation seems to be that in 2013 prices rose faster than the infrastructure could tolerate (and or sustain), and the market needed to adjust a little, which it did.  However, the market was further pushed downward while infrastructure is being built and some big players are accumulating while these current market prices are being manipulated downward.  This accumulation phase may last anywhere between 1-18 months longer, and then we are going to get relatively dramatic price increases - and the chinese will be on board for such (they are NOT exiting and they do NOT want to be left out of this market once it starts to go back up).