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

[Mervyn_Pumpkinhead]

<doomer alert>

Let me guess, you are wearing a placard saying, 'the end of the world is nigh (sell bitcoin)'?

I sold my bitcoins on 2013 December, when the price was about 1060$. After that, I have only bought bitcoin by holding it no more then 12h tops.
I just haven't seen a reason that would cause a strong enough rise to be sustained. I think that the crypto market is highly inefficient, and the majority of the players are dumb and inexperienced.

I believe that there would have been a proper trend reversal in 2014 Q3, if the market would have dropped to around 200$ in Q1 and would have rested there till Q3, and then there would have been enough force to push the rise back into orbit. The fake reversals that we have seen here, have only made the market weaker. For instance, if the price would have stayed at 200$ for the first part of 2014, then it would have slowed down mining expansion and that would have meant less cost for the network and less selling pressure. Biggest buyers of coin jumped in too early and only exhausted their resources in paying the overheated and senseless mining network.
Now, the rich enthusiasts are out of resources or enthusiasm and because there are even more mined accumulated coins waiting to be sold, the selling pressure is even higher then before to push through.
Bitcoin as an investment went to hell, because people couldn't keep a cool head and tried to push BTC up too early. Too much of "if we believe it enough, then anything can happen!!!" attitude will screw things up like that.

[phoenix1]

<doomer alert>

<inca alert>

[inca]

<I sold at the top you fools!>

What is rather strange is that you sold right at the top of the last bubble with perfect timing, then didn't bother to register your account until three months later.

Why are you still here?

[Mervyn_Pumpkinhead]

<I sold at the top you fools!>

What is rather strange is that you sold right at the top of the last bubble with perfect timing, then didn't bother to register your account until three months later.

Why are you still here?

I find it rather strange that you think that someone should come directly here after making proper profit. But to calm your suspicion, I have had 2 other accounts during this time period (kkaspar , zapffe ).

I agree with you that coming here isn't exactly constructive, but I like to keep my eye on the general sentiment. I still believe in the idea of open-sourced monetary systems and I think that bitcoin still plays a big part in putting this idea into practice.

[bizz]

CEX.IO Temporarily Suspends Cloud Mining Services

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

[ChartBuddy]

Bitfinex

Bitstamp

Explanation

[luckygenough56]

CEX.IO Temporarily Suspends Cloud Mining Services

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

DOOM

[bizz]

CEX.IO Temporarily Suspends Cloud Mining Services

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

DOOM

If other miners pull the plug at diff change. Move coins while you can.

[NotLambchop]

CEX.IO Temporarily Suspends Cloud Mining Services

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

Hahahahaha.
Good morning, gentlemen.

[diabLEEca]

CEX.IO Temporarily Suspends Cloud Mining Services

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

DOOM

Wait, isn't that actually good news for the price? I see you guys complaining constantly that there are too many miners and thus the supply is bigger than demand. Am I missing something?

[N12]

CEX.IO Temporarily Suspends Cloud Mining Services

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

Hahahahaha.
Good morning, gentlemen.

Love how Bitcoin is such a den of thieves, scammers and con artists that we can't even keep it at one incident per week anymore.

How many stolen Bitcoins are going to be distributed on the market this time?

[diabLEEca]

CEX.IO Temporarily Suspends Cloud Mining Services

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

DOOM

Wait, isn't that actually good news for the price? I see you guys complaining constantly that there are too many miners and thus the supply is bigger than demand. Am I missing something?

The supply is the same regardless of the number of miners.

Then what could actually lower the supply?

[luckygenough56]

a fork lol

[JamesBrown]

Pressure on miners confirmed!

[Totscha]

CEX.IO Temporarily Suspends Cloud Mining Services

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

DOOM

Wait, isn't that actually good news for the price? I see you guys complaining constantly that there are too many miners and thus the supply is bigger than demand. Am I missing something?

Nothing will change, CEX.IO will continue to mine with all it's hardware. Only the customers who purchased cloud GHs will get nothing, because the maintenance fees will become higher than their income.

And in all seriousness, let me repeat the BASIC principle of Bitcoin supply. Supply is CONSTANT. That's why the difficulty adjusts to the hashrate, to keep the supply constant. 25 BTC each 10 minutes...

[Mervyn_Pumpkinhead]

CEX.IO Temporarily Suspends Cloud Mining Services

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

DOOM

Wait, isn't that actually good news for the price? I see you guys complaining constantly that there are too many miners and thus the supply is bigger than demand. Am I missing something?

It is, but in a longer perspective. There will be a lag by the already accumulated coins that have been mined with high production costs and hopes of quick ROI. These coins create high selling pressure and there won't be a rise before these coins have switched hands. This won't be over quickly and I think that it will be too late for BTC when the market finally recovers from the mining craze.

[JamesBrown]

or instance, if the price would have stayed at 200$ for the first part of 2014, then it would have slowed down mining expansion and that would have meant less cost for the network and less selling pressure. Biggest buyers of coin jumped in too early and only exhausted their resources in paying the overheated and senseless mining network.

Congrats on selling @1061$! But if price was 200$ and less miners switched on because of that how would that mean less selling pressure? Please be more specific

[NotLambchop]

...
The supply is the same regardless of the number of miners.

...
How does that work? (genuine question)

A block is mined ~every ten minutes.  25 BTC block reward.  This reward could be split by a million miners, each getting a few satoshi, or by two miners, each getting 12.5 BTC.

[Mervyn_Pumpkinhead]

or instance, if the price would have stayed at 200$ for the first part of 2014, then it would have slowed down mining expansion and that would have meant less cost for the network and less selling pressure. Biggest buyers of coin jumped in too early and only exhausted their resources in paying the overheated and senseless mining network.

Congrats on selling @1061$! But if price was 200$ and less miners switched on because of that how would that mean less selling pressure? Please be more specific

The more people spend on producing coin, the bigger the sum will be that they want back to earn ROI, and the only place that they can draw money is from the market, meaning from the pockets of speculators. So, the speculators have to put more money into the market, then the miners take out, to keep the price rising. The miners can accumulate and wait, but most of them can do it for only as long as they can operate with a loss, by paying their loan, work-hours and electric bills. If the bitcoin network costs a lot to sustain, then someone has to pick up the bill, and the final bill will be payed by the speculators.

[Elwar]

Time to bring up my CPU miner.