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

[Newbie1022]

Big companies accepting bitcoins hardly did wonder things for the price recently, isn't it?

It adds to bitcoin's legacy for sure but we need stuff to make people buy coins not to sell it.

I think people might be more likely to buy for Xbox or for PlayStation (if Sony jumps in) and I'm a bear by nature. Paypal and other businesses, by contrast, were just places where you could dump your coins for a discount. These, I actually think, might motivate new buys. I could be wrong. It's much better that it is attached to a single, popular product though, in my opinion.

[lay785]

Hypothesis #1)
Reason for sudden rise in shorts when price rose:

Someone shorting the market wanted to manipulate the btc price by putting up massive sell walls. The effect would make traders/bots think we were in a bear market with massive selling pressure.

I dont think they realised that their fake sell wall would get eaten on the sudden rise.

Now they are f*cked...

http://www.bfxdata.com/combined/btc.php

[shmadz]

Big companies accepting bitcoins hardly did wonder things for the price recently, isn't it?

It adds to bitcoin's legacy for sure but we need stuff to make people buy coins not to sell it.

Yeah, someone should re-quote that epic post by prophetx earlier.

I'd do it, but I'm to tired/lazy

[Newbie1022]

Hypothesis #1)
Reason for sudden rise in shorts when price rose:

Someone shorting the market wanted to manipulate the btc price by putting up massive sell walls. The effect would make traders/bots think we were in a bear market with massive selling pressure.

I dont think they realised that their fake sell wall would get eaten on the sudden rise.

Now they are f*cked...

The latter. They are uber f---ed

[freedomno1]

The 400 wall on virtex is still in place,

False alarm?

The other exchanges dont give a damn if a tiny exchange falls behind.

True, but I don't think there is enough capital sitting on virtex to buy through that wall...

I blew through all my dry powder already

It just makes very little sense to me to try to defend that number considering the CAD is only worth like 80 cents USD right now

*edit* bah, I'm getting as excited over a ten dollar rise as the bears get over a ten dollar dip... time for bed methinks. The next 8 hours are not that critical

Actually its worth 87 cents
Did a currency conversion on the calculator it should be fair valued at $415 CAD
So its on sale on virtex a 15 dollar arbitrage between this and a US exchange.
Must just be illiquidity

https://www.google.ca/?gws_rd=ssl#q=canadian+us+exchange+rate

[seleme]

Big companies accepting bitcoins hardly did wonder things for the price recently, isn't it?

It adds to bitcoin's legacy for sure but we need stuff to make people buy coins not to sell it.

I think people might be more likely to buy for Xbox or for PlayStation (if Sony jumps in) and I'm a bear by nature. Paypal and other businesses, by contrast, were just places where you could dump your coins for a discount. These, I actually think, might motivate new buys. I could be wrong. It's much better that it is attached to a single, popular product though, in my opinion.

Why would it motivate new buys if they already can buy with other payment options. It can just motivate people who already hold bitcoins to use them to buy Microsoft stuff. It's no different than any other company accepting it so far.

We need Paypal to add "buy bitcoin" option, that would send us to moon, this kind of stuff where you can spend your bitcoins only is proved to not do anything good for the price, except to be reason for short term pump.

[marcus_of_augustus]

It is only a small step for Microsoft to allow portion of accounts to be held in bitcoin ... and then to allow withdrawls or spends of bitcoin to non-MS addresses ... suddenly your microsoft account starts to look a lot like your coinbase account ... but with a massively larger installed userbase and trusted brand identity behind it ... and Microsoft is head-to-head in a digital payments war with old foe Apple's Applepay

[shmadz]

Big companies accepting bitcoins hardly did wonder things for the price recently, isn't it?

It adds to bitcoin's legacy for sure but we need stuff to make people buy coins not to sell it.

I think people might be more likely to buy for Xbox or for PlayStation (if Sony jumps in) and I'm a bear by nature. Paypal and other businesses, by contrast, were just places where you could dump your coins for a discount. These, I actually think, might motivate new buys. I could be wrong. It's much better that it is attached to a single, popular product though, in my opinion.

Why would it motivate new buys if they already can buy with other payment options. It can just motivate people who already hold bitcoins to use them to buy Microsoft stuff. It's no different than any other company accepting it so far.

We need Paypal to add "buy bitcoin" option, that would send us to moon, this kind of stuff where you can spend your bitcoins only is proved to not do anything good for the price, except to be reason for short term pump.

I miss bitmit

[alexeft]

So if this thing crashes after Microsoft gets in can we get a blue candle on the charts in honor of the blue screen of death?

Yeah, I believe so!!! 

[seleme]

It is only a small step for Microsoft to allow portion of accounts to be held in bitcoin ... and then to allow withdrawls or spends of bitcoin to non-MS addresses ... suddenly your microsoft account starts to look a lot like your coinbase account ... but with a massively larger installed userbase and trusted brand identity behind it ... and Microsoft is head-to-head in a digital payments war with old foe Apple's Applepay

Let's talk about that when it happens. Until then it's just hope.

[Fatman3001]

Big companies accepting bitcoins hardly did wonder things for the price recently, isn't it?

It adds to bitcoin's legacy for sure but we need stuff to make people buy coins not to sell it.

If more people use coins then we will have more liquidity and more people holding. If you increase the user base with millions who use a bit and hold a bit for a while in uncoordinated random cycles then we will have a much healthier environment than we have now.

[ChartBuddy]

Explanation

[YogoH]

How can anyone say this is bad for bitcoin (price) ?  At this stage, anything that legitimizes bitcoin in the eyes of consumers is good.

[tarmi]

I love these paypal/microsoft bounces.

360 looks like top to me.

[macsga]

THIS IS GENTLEMEN!!!!!!1

[seleme]

Big companies accepting bitcoins hardly did wonder things for the price recently, isn't it?

It adds to bitcoin's legacy for sure but we need stuff to make people buy coins not to sell it.

If more people use coins then we will have more liquidity and more people holding. If you increase the user base with millions who use a bit and hold a bit for a while in uncoordinated random cycles then we will have a much healthier environment than we have now.

The problem is that more companies accepting bitcoin didn't make more people using bitcoins or holding. It didn't make people buy bitcoins to spend them or hold them, most of buys happening with bitcoin at those companies are people who hold coins already, specially early investors.

There is still literally zero advantage for average user to buy bitcoins just to spend them on some site except in illegal purchases.

I don't know... Microsoft accepting Bitcoin surely adds heavily to it's legacy long term but I'm not sure it adds any wonders to Bitcoin price except short term pump, just like all others didn't. Until average Joe gets some significant advantage of using Bitcoin to purchase things and could buy it fast and cheap nothing really changes. We need new money in the game and that won't be people buying coins to spend them on Xbox stuff.

[seleme]

How can anyone say this is bad for bitcoin (price) ?  At this stage, anything that legitimizes bitcoin in the eyes of consumers is good.

It's not bad for bitcoin in a whole, quite contrary, but it surely is not something that should/would be a reason for price to do an U turn.

[macsga]

How can anyone say this is bad for bitcoin (price) ?  At this stage, anything that legitimizes bitcoin in the eyes of consumers is good.

It's not bad for bitcoin in a whole, quite contrary, but it surely is not something that should/would be a reason for price to do an U turn.

I hate to admit it but I agree. Maybe the ETF news will be the spark to the next rally. We'll see.

[shmadz]

Big companies accepting bitcoins hardly did wonder things for the price recently, isn't it?

It adds to bitcoin's legacy for sure but we need stuff to make people buy coins not to sell it.

If more people use coins then we will have more liquidity and more people holding. If you increase the user base with millions who use a bit and hold a bit for a while in uncoordinated random cycles then we will have a much healthier environment than we have now.

The problem is that more companies accepting bitcoin didn't make more people using bitcoins or holding. It didn't make people buy bitcoins to spend them or hold them, most of buys happening with bitcoin at those companies are people who hold coins already, specially early investors.

There is still literally zero advantage for average user to buy bitcoins just to spend them on some site except in illegal purchases.

I don't know... Microsoft accepting Bitcoin surely adds heavily to it's legacy long term but I'm not sure it adds any wonders to Bitcoin price except short term pump, just like all others didn't. Until average Joe gets some significant advantage of using Bitcoin to purchase things and could buy it fast and cheap nothing really changes. We need new money in the game and that won't be people buying coins to spend them on Xbox stuff.

That bolded part is bang on.

Bitcoin is not just another payment platform.

Bitcoin is an alternative to government and corporate oppression.

[JimboToronto]

Well, well, well.

Just got back from going out for a few drinks and I see we had a pleasant little price rise.

Microsoft, eh? Pity.

I would never voluntarily give them money. The only time since WinME that they've stung me has been when I've been forced to buy their OS because it was bundled with hardware I wanted. I figure after ripping me off for WinME, WinVista, and Win8, they owe me and all my friends free software for life.

Still waiting for Ebay/Paypal to accept Bitcoin. That I would actually use on a regular basis. Waiting a week to send money from my bank account to Paypal has prevented me from making numerous Ebay purchases. I do not and absolutely will not own some sleazy credit card. Card-free for 20 years. Just say no.

Let's hope this little bump up doesn't disappear immediately. It's obviously much too early to start posting trains and rockets but at least it should slow down the sinking ship and burning house shots.

Me? I'm glad I bought a few more coins while they were under CAD400 (USD350). Meanwhile, I'm still waiting for the train.