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

[Torque]

from same fishwrap https://seekingalpha.com/article/4104085-bitcoin-will-made-illegal-tender

What a maroon.

I guess yesterday that other author from seekingalpha was too bullish on Bitcoin, so they had to have another guy come in and smack it down really hard. Because, ya' know, completely schizo contradictions are always good to keep Average Joe confused and tentative.

In other news, Roger Ver and big blockers rekt again:
https://twitter.com/alansilbert/status/905106387260370945

[Torque]

Its interesting to note that his definition says nothing about the underlying truths or value of the asset.

It continues to boggle minds that if some people lose confidence in one type of online digital currency (fiat), they might start to value another type of online digital currency (bitcoin) more. They are in the end both made by man, but the first is centrally controlled/issued and the second is controlled by math, rules, and the people.

Some people just haven't taken the red pill yet and woken up from their delusions that they have believed their whole entire lives. These same minds must also believe that, in the beginning with like the first 100 people, that gold and silver were valuable as money (barter) because a king's government somewhere gave them permission and told them it was OK to be used for that. And without that outside permission first, that people were patiently waiting around for a govt authority to tell them what they should value as money. Lol.

[erre]

Its interesting to note that his definition says nothing about the underlying truths or value of the asset.

It continues to boggle minds that if some people lose confidence in one type of online digital currency (fiat), they might start to value another type of online digital currency (bitcoin) more. They are in the end both made by man, but the first is centrally controlled/issued and the second is controlled by math, rules, and the people.

Some people just haven't taken the red pill yet and woken up from their delusions that they have believed their whole entire lives. These same minds must also believe that, in the beginning with like the first 100 people, that gold and silver were valuable as money (barter) because a king's government somewhere told them it was OK to be used for that. And without that outside permission first, that people were patiently waiting around for a govt authority to tell them what they should value as money. Lol.

Gold is shiny, difficult to adulterate, malleable and not prone to corrosion, it's value had been recognized in the whole world before coinage, and it was choose for coinage because it's proprieties. Indeed, I think that gold have some value besides governments.
Bitcoin have much better proprieties than gold, but people are still not accepting it as a store of value. I think the better comparison would be with the first people who saw gold and refused to barter it with a piece of bread, because you know, they thinked gold is just a piece of metal and it isn't worth anything.

[Torque]

Bitcoin have much better proprieties than gold, but people are still not accepting it as a store of value.

You want to know some other ironies that are lost on the sheeple masses?

1) Despite what online articles may allude to, rich investors and politicians are secretly buying bitcoin. They just don't advertise it.

2) Rich investors and politicians also use stocks as a store of value. What? Stocks you say?? They are so volatile, how can that be? Simple, they know that certain company stocks are a much better long term store of value simply because fiat is being inflated to infinity over time, losing purchasing power every single year. They actually HATE, detest holding fiat in their accounts.

[xhomerx10]

I've just finished my 3 week show with the "Bitcoin Accepted Here + 10% discount" sign. No transactions unfortunately. Only met 2 other holders and they weren't using it as a payment method but rather trading a portion and holding another. I learned that the majority of the population has heard of bitcoin somehow but have no idea what it is or where to start and probably don't care enough or have the time to research it.
About 1 percent were curious or knew someone with bitcoin and several people took photos of the sign for their teenage sons.

My neighbor became curious about BTC and eventually downloaded a wallet. I agreed to buy some small amount for her but it never happened and I didn't want to push it but rather I gave her some sources to start learning from.
I believe bitcoin is still in the very early adopters stage and I don't see bitcoin becoming a popular method of payment anytime soon and perhaps that will be the last thing it becomes.  On the other hand, credit card "Tap" transactions are becoming wildly popular.

It was great to have so many ATH's during the show backing up my argument and a sweet Labor day discount.  

Looks like the train is pulling away again and my recent buys are looking good at bitstamp $4550

 Well I was prepared to attend the icygreen show just to get my 10% but I didn't see a reply to my post inquiring about it.
 What are you a Bitcoin Busker?

[jojo69]

from same fishwrap https://seekingalpha.com/article/4104085-bitcoin-will-made-illegal-tender

Expect Bitcoin to approach its cost of production of US$500 when the market prices this in.

Man some people are truly delusional or just butthurt losers. You have to be either: 1) Extremely ignorant. 2) Paid to support the govt and banks. 3) Out of your god damn mind, to support them when a much better alternative is at hand.

the butthurt of late adopters is sweet, sweet nectar

[shezu007]

I'd say we're overdue for 30% correction. But I don't condone it.

A 30% correction would not be out of order - however, I doubt that "overdue" is a very decent description of our current bitcoin status.

Also, I think that these various other alts are kind of fucking things up - meaning that it becomes a bit more difficult to discern the various money flows in and out of bitcoin and the strength (or lack thereof) of buying pressures in bitcoin.. I'm thinking at least one more leg up is in the more probable outcomes and then a 30% correction would be fair game from that point... lets get into the $5400 to $6400 range.. then possibly a 30% correction.. If we happen to shoot above $7k, then a 50% correction would be fair.

Well said. Around 7k is the cup and handle breakout target anyway.

It is not about market look at the prices level of both. Both are doing better so we should say that we should need to look there values. We should not discuss that a lot of because if we are discusing then we are confusing people which is not even good so i would like to say that leave it on the place where it is because don't pull it more.

[BitcoinNewsMagazine]

$4400 was an important Fibonacci target for Bitcoin price. Yes, the next Fibonacci extension is $7000. However it is way more probable that $5000 was the top for this cycle and we are in the dead cat bounce right now. Veterans are moving into cash because one day probably not far off some news event will cause a 50% crash in bitcoin price overnight. And price will not recover but keep going down. I want to see higher Bitcoin prices as much as anyone else but we are very late in this bull cycle and inevitably we will enter a bear phase lasting at least a year that could see price drop 50% to 75%. Before you take out a second mortgage to buy Bitcoin ask yourself if you can handle holding through a bear market. 

[gembitz]

i'm reccomend my clients buy .1 btc ~ everyone buy 1/10th btc you will be good #risk_mgmt

[Torque]

$4400 was an important Fibonacci target for Bitcoin price. Yes, the next Fibonacci extension is $7000. However it is way more probable that $5000 was the top for this cycle and we are in the dead cat bounce right now. Veterans are moving into cash because one day probably not far off some news event will cause a 50% crash in bitcoin price overnight. And price will not recover but keep going down. I want to see higher Bitcoin prices as much as anyone else but we are very late in this bull cycle and inevitably we will enter a bear phase lasting at least a year that could see price drop 50% to 75%. Before you take out a second mortgage to buy Bitcoin ask yourself if you can handle holding through a bear market.  

Thanks for the advice, mom (er troll). Thank goodness that BitcoinNewsMagazine, the MSM of the Bitcoin world, is here to save us all from our stupid selves! Whatever would we do without you?

/ignore

[Elwar]

[soullyG]

I think we'll hit $5k again a lot faster than people expect...don't let the blood in the streets be yours 

[P_Shep]

BCH pumping pretty hard today.

[jojo69]

/ignore

To be fair, the (increasingly large) logarithmic spike followed by an (increasingly long) 75% retractment is, probably the, defining long term pattern of Bitcoin.  Personally I think this log spike has quite a bit more to go.  Actually, I think it is just getting started.  But BNM has correctly identified the pattern.

[shakti]

China news is a bear trap. 10k will come before the end of the year.

[empowering]

snip  

Possible....

I just do not get the feeling that the fundamentals are going to allow a prolonged bear market at this stage.

There is too much money wanting in on the cryptospace- and BTC in particular.

I do not see them sitting idle for a year with $ on the sidelines -not when BTC performs the way it does and not when the rest of the markets are yield hungry - if not starved and  I DO NOT  see that getting any better  anytime soon... do you?

Far more likely that the Crypto overall market cap is  going to reach 1 trillion in the next year and a bit.. and whilst BTC dominance may or may not drop a little - BTC will still get a fair % share of that influx of capital...

So you do the math.

I expect volatility... maybe a breather here and there...  

Then violent ratcheting upwards of price... (this could occur after a smaller in comparison "dip") I find this more likely than a year or longer bear market...

There seems little reward for funds that want to get in, to dillydally on the sidelines - people have seen the results of waiting another year for the past 8 years -and the case is stronger now (by far) than it has ever been.

Of course anything could happen - and I do wonder if we are about to see some more news from China that FUDs the market (more regs)

[JimboToronto]

A lovely good morning Bitcoinland.

Looks like recovery from the PBoC over-reaction/panic is just about complete... currently $4610USD/$5720CAD (Bitcoinaverage).

That's about where we were after the natural healthy correction after hitting $5k.

Almost all cryptocurrencies are also up with AltcoinCash up to $635USD/$787CAD (Coinmarketcap).

It's a good sign for all of us who continued to hold after the fork.

Now we can start looking toward a series of new ATHs.

Go Bitcoin go.

[jojo69]

idol

idle

just trying to help

[empowering]

idol

idle

just trying to help

meh yeah mental brain fart

(but thanks)

[Icygreen]

I've just finished my 3 week show with the "Bitcoin Accepted Here + 10% discount" sign. No transactions unfortunately. Only met 2 other holders and they weren't using it as a payment method but rather trading a portion and holding another. I learned that the majority of the population has heard of bitcoin somehow but have no idea what it is or where to start and probably don't care enough or have the time to research it.
About 1 percent were curious or knew someone with bitcoin and several people took photos of the sign for their teenage sons.

My neighbor became curious about BTC and eventually downloaded a wallet. I agreed to buy some small amount for her but it never happened and I didn't want to push it but rather I gave her some sources to start learning from.
I believe bitcoin is still in the very early adopters stage and I don't see bitcoin becoming a popular method of payment anytime soon and perhaps that will be the last thing it becomes.  On the other hand, credit card "Tap" transactions are becoming wildly popular.

It was great to have so many ATH's during the show backing up my argument and a sweet Labor day discount.  

Looks like the train is pulling away again and my recent buys are looking good at bitstamp $4550

 Well I was prepared to attend the icygreen show just to get my 10% but I didn't see a reply to my post inquiring about it.
 What are you a Bitcoin Busker?

I had considered sharing details of my show/identity but when I interpreted your remarks as belittling,  "The Icygreen show" and "bitcoin Busker" I decided anonymity on this forum was in my best interests.