Wall Observer - MtGoxUSD wall movement tracker

[humanitee]

I'm not feeling $8.

A large part of me just doesn't accept that a Bitcoin is worth this much. Is there some important news I'm missing?

[ElectricMucus]

I'm not feeling $8.

A large part of me just doesn't accept that a Bitcoin is worth this much. Is there some important news I'm missing?

Not really, the thing is BTCinstant is refusing to play on the market, hoping to sell the BTC they got from processing BFL orders off the exchange. People buying BTC to pre-order BFLs stuff is what brought us here. (There was something about if they sell they would bring down the price to the 6s again.)

A bunch of hypocrites, stay away from this, the people who ought to order BFLs already did and BFL will need USD at some point... just wait.

[humanitee]

I'm assuming you meant BitPay and not BitInstant.

[ElectricMucus]

oh yes I confused the two thanks.

[smoothie]

wall at 7.7 is dying

8k left... I think we're finally going to hit $8.

Yeah I saw someone bought like 5k bitcoins in one order...

I think there is a lot of money (fiat) in the exchanges that has not shown its face in the buy order book yet.

[Kupsi]

I'm not feeling $8.

A large part of me just doesn't accept that a Bitcoin is worth this much. Is there some important news I'm missing?

The use of bitcoin is increasing:


http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false&timespan=all&show_header=true&daysAverageString=7&scale=0&address=

[ElectricMucus]

I'm not feeling $8.

A large part of me just doesn't accept that a Bitcoin is worth this much. Is there some important news I'm missing?

The use of bitcoin is increasing:


http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false&timespan=all&show_header=true&daysAverageString=7&scale=0&address=

Seems topped out to me.

Anyway this was never a good indicator for various reasons.

[smoothie]

I'm not feeling $8.

A large part of me just doesn't accept that a Bitcoin is worth this much. Is there some important news I'm missing?

The use of bitcoin is increasing:


http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false&timespan=all&show_header=true&daysAverageString=7&scale=0&address=

Seems topped out to me.

Anyway this was never a good indicator for various reasons.

Use technical analysis of the charts and you will find that the price of bitcoin isn't topping in the long term. It just made a new high and the formation of the price pattern show it will keep grinding slowly op...back and fill, back and fill...etc

[ElectricMucus]

Not really, the thing is BTCinstant is refusing to play on the market, hoping to sell the BTC they got from processing BFL orders off the exchange. People buying BTC to pre-order BFLs stuff is what brought us here. (There was something about if they sell they would bring down the price to the 6s again.)

The block reward will halve to 25 BTC in December. In my opinion, this is the main cause of the increase of the price.

Go ahead buy then...

(I could go on over extents how the price of all bitcoins ever to exist is already factored in in the price but you won't listen)

[smoothie]

Not really, the thing is BTCinstant is refusing to play on the market, hoping to sell the BTC they got from processing BFL orders off the exchange. People buying BTC to pre-order BFLs stuff is what brought us here. (There was something about if they sell they would bring down the price to the 6s again.)

The block reward will halve to 25 BTC in December. In my opinion, this is the main cause of the increase of the price.

Go ahead buy then...

(I could go on over extents how the price of all bitcoins ever to exist is already factored in in the price but you won't listen)

So then the reward halving from 25 to 12.5btc is already factored in right? Because its prior knowledge to it occuring right?....that's what I thought...lol

[ElectricMucus]

yeah that's right because if there isn't sufficient money flow by then inside the BTC economy it wouldn't be worth it. In fact all block reward adjustments are already factored in.

That doesn't mean that the price can't increase... the thing is you wouldn't be buying BTC if there were a unlimited number of them wouldn't you. The block reward reduction is just the means to accomplish this. Of course there is less immediate inflation which could be argued that a price rises after the block reward reduction.... but saying prices rise currently because of said price rise as a speculative motor is just too far fetched.

[smoothie]

yeah that's right because if there isn't sufficient money flow by then inside the BTC economy it wouldn't be worth it. In fact all block reward adjustments are already factored in.

That doesn't mean that the price can't increase... the thing is you wouldn't be buying BTC if there were a unlimited number of them wouldn't you. The block reward reduction is just the means to accomplish this.

There is much too much cash in our current monetary system that even a fraction of that comes to bitcoin, the price will go up quite a bit. Hopefully not too fast

[ElectricMucus]

Why are responding with unrelated arguments smoothie?

[smoothie]

yeah that's right because if there isn't sufficient money flow by then inside the BTC economy it wouldn't be worth it. In fact all block reward adjustments are already factored in.

That doesn't mean that the price can't increase... the thing is you wouldn't be buying BTC if there were a unlimited number of them wouldn't you. The block reward reduction is just the means to accomplish this.

There is much too much cash in our current monetary system that even a fraction of that comes to bitcoin, the price will go up quite a bit. Hopefully not too fast

How is my statement unrelated to your bolded statement above???

[ElectricMucus]

yeah that's right because if there isn't sufficient money flow by then inside the BTC economy it wouldn't be worth it. In fact all block reward adjustments are already factored in.

That doesn't mean that the price can't increase... the thing is you wouldn't be buying BTC if there were a unlimited number of them wouldn't you. The block reward reduction is just the means to accomplish this.

There is much too much cash in our current monetary system that even a fraction of that comes to bitcoin, the price will go up quite a bit. Hopefully not too fast

How is my statement unrelated to your bolded statement above???

Money flow in terms of BTC is unrelated to the exchange rate, it can be expressed in the total transaction fees.
They have to be able to compensate for the block reward reduction at some point.

This is what I was referring to.


Anyway to your argument, yes that's true but ultimately that can be said of gold, silver and any sort of collectibles too.

[smoothie]

yeah that's right because if there isn't sufficient money flow by then inside the BTC economy it wouldn't be worth it. In fact all block reward adjustments are already factored in.

That doesn't mean that the price can't increase... the thing is you wouldn't be buying BTC if there were a unlimited number of them wouldn't you. The block reward reduction is just the means to accomplish this.

There is much too much cash in our current monetary system that even a fraction of that comes to bitcoin, the price will go up quite a bit. Hopefully not too fast

How is my statement unrelated to your bolded statement above???

Money flow in terms of BTC is unrelated to the exchange rate, it can be expressed in the total transaction fees.
They have to be able to compensate for the block reward reduction at some point.

This is what I was referring to.


Anyway to your argument, yes that's true but ultimately that can be said of gold, silver and any sort of collectibles too.

Thats why I hold silver too =)

[adamstgBit]

wall at 7.7 is dying

8k left... I think we're finally going to hit $8.

I'm not feeling $8.

A large part of me just doesn't accept that a Bitcoin is worth this much. Is there some important news I'm missing?

wall at 7.7 is dying

8k left... I think we're finally going to hit $8.

Yeah I saw someone bought like 5k bitcoins in one order...

I think there is a lot of money (fiat) in the exchanges that has not shown its face in the buy order book yet.

   everyone sell now! for the love of god man ! sell! PLEASE

[smoothie]

wall at 7.7 is dying

8k left... I think we're finally going to hit $8.

I'm not feeling $8.

A large part of me just doesn't accept that a Bitcoin is worth this much. Is there some important news I'm missing?

wall at 7.7 is dying

8k left... I think we're finally going to hit $8.

Yeah I saw someone bought like 5k bitcoins in one order...

I think there is a lot of money (fiat) in the exchanges that has not shown its face in the buy order book yet.

   everyone sell now! for the love of god man ! sell! PLEASE

^ Another bullish sign, when people beg you to sell lol

[Piper67]

yeah that's right because if there isn't sufficient money flow by then inside the BTC economy it wouldn't be worth it. In fact all block reward adjustments are already factored in.

That doesn't mean that the price can't increase... the thing is you wouldn't be buying BTC if there were a unlimited number of them wouldn't you. The block reward reduction is just the means to accomplish this. Of course there is less immediate inflation which could be argued that a price rises after the block reward reduction.... but saying prices rise currently because of said price rise as a speculative motor is just too far fetched.

This theory would only work if everyone already knew about bitcoin, and about the block reward halving. The way it works, though, is likely a lot more organic than that. As new people come in, they first find out about bitcoin, then about the block reward drop. That would push the price up.

I'm not saying this is the reason behind this particular rise. But the notion that all aspects of Bitcoin are already accounted for only works if everyone knows about them, and right now most people have no idea what a bitcoin is (though some may think it's the plot line of a Good Wife episode :-)

[ineededausername]

someone post a damn screenshot! haven't had one in ages