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

[fonzie]

Mt Gox 2.0?

http://www.reddit.com/r/Bitcoin/comments/1y7con/btce_not_sending_bitcoins_after_one_week_be/

https://asktom.cf/index.php?topic=459464.140

[windjc]

So, we get it. You are a trader. You don't believe in the fundamentals of the technology. You are just here to make money trading. Ok. Great. Take your profits and get some more precious rocks. Bye.

I will say this again: screw you, you delusional prick!
When i'm saying that bitcoin isn't the answer because it's too simplistic, then it doesn't mean that I don't believe in the fundamentals of technology. I just understand macroeconomics and finance better then you, that bitcoin won't be able to offer price stability and without price stability it won't ever be a quality currency.

I believe that this idea that bitcoin created will soon bring forward a new wave of information technology based currencies, that already have an integrated market regulation system and a more proper system for creating new units.
When someone said that Macintosh won't conquer the world as a personal use computer, that there will be competition that will better the idea, then it doesn't mean that he doesn't believe in fundamentals of technology!

You don't actually understand macroeconomics and finance better than me or you would know that the value in bitcoin is not as a currency. You missed the entire point of this technology. Currency is just one of many aspects, but certainly not the most powerful. You don't even get the basics of what is going on here or where the value lies. Volatility doesn't matter to merchants for reasons that are obvious and because of issues that have already been resolved by companies like Bitpay. However, bitcoin's power is not as a currency. Sad, that you don't even recognize that basic fundamental point, Mr. Microeconomics.

[ChartBuddy]

Explanation

[creekbore]

Keyser/Bill,
You're a sensible sort.

What do you think of Jorge's proposal?

https://www.change.org/en-GB/petitions/petition-to-remove-mark-karpeles-from-the-board-of-the-bitcoin-foundation

I don't think that the Bitcoin Foundation can or should be salvaged.  Since the other board members haven't given any sign that they are displeased with Mark's actions at MtGOX, one cannot assume that they are better than him.  

Besides, it is not clear whose interests the Foundation is supposed to represent: small investors, big investors, traders, exchange owners, developers, or people who just want bitcoin to be used for commerce?

Methinks that bitcoin owners should create an independent Bitcoin Investors Association, supported by fixed low fees and accepting no donations (so that it does not become a Bitcoin Whales Association).  Its first priority should be to write a set of standards for exchanges (including transparent accounting), audit them, and certify them for compliance.

I completely agree and had the same thought about a year ago.  I approached a few people via the trollbox (the ones who were clearly compos mentis although the trollbox wasn't as bad as it is now) and apart from one guy, who on consideration decided it was far too much work, everyone responded (politely) that this was not what BTC was about and it sounded like shudder regulation.  But why shouldn't the people that use BTC organise themselves and impose a set of standards (or regulations) which make the eco-system better?  

This is why I'm a rather cynical about the "bitcoin will change the world" angle - unless people get involved and take ownership BTC may well change the world, but not in the positive, egalitarian way they presume.   The reality most here just want to financially better themselves and live through some technological disruption, they don't want to get too involved.

BTW excuse my spelling I'm a bit crook today (that's Australian for sick).

[fonzie]

@windjc

i read through all the technical fundamentals as you proposed and i came to the conclusion that this chart might be the future of Bitcoin.
It´s actually from the hidden page of Satoshis white paper written with magic ink, many have not seen it before.
You should take a look at it:











LOLOLOLOLLOLOLOLOLLOLOLOLOLOLOLOLOLOLOOL

[KeyserSoze]

http://www.slate.com/articles/health_and_science/climate_desk/2014/02/internet_troll_personality_study_machiavellianism_narcissism_psychopathy.html

Interesting article, thx for sharing.

[fonzie]

http://moneyweek.com/wp-content//uploads/2008/04/stages-in-a-bubblegif.gif

Interesting article, thx for sharing.

FTFY

[aminorex]

Bitcoin is not rare, it's only decided by a group of people that it is rare. And you are also trusting a group of unknown people that it will stay rare.

- A very large group of mostly known people whose interests are fairly predictably aligned with my own.

There are about 12,37mil bitcoins in circulation. Can you tell me the names of the known people who own 6mil bitcoins together? or even 2mil? or 1mil?
Last time I remember that some big bitcoin holder came into public with his coins was when Winklevosses declared that they have about 1% of total bitcoin circulation. Can you please give me other names that have declared how big their stake is in bitcoin, so I can see on who are these people who I am supposed to trust then?

The owners are not relevant in determining the supply.  Only the miners are relevant.  The principal mining decision makers are readily identifiable, if you take the trouble.  I have not, nor am I likely to, take the trouble.  Their interests are fairly predictably aligned with my own.

[windjc]

Cup and handle action happening in market at the moment.

[fonzie]

http://www.slate.com/articles/health_and_science/climate_desk/2014/02/internet_troll_personality_study_machiavellianism_narcissism_psychopathy.html

Interesting article, thx for sharing.

Did i mention that i worked 10 years ago in a psychiatric ward.

[windjc]

http://www.slate.com/articles/health_and_science/climate_desk/2014/02/internet_troll_personality_study_machiavellianism_narcissism_psychopathy.html

Interesting article, thx for sharing.

Did i mention that i worked 10 years ago in a psychiatric ward.

Takes one to know one?

[aminorex]

I will say this again: screw you, you delusional prick!
When i'm saying that bitcoin isn't the answer because it's too simplistic, then it doesn't mean that I don't believe in the fundamentals of technology. I just understand macroeconomics and finance better then you,

I might mention here that your manners and language are not characteristic of an educated mind, nor even of a marginally socialized modest intelligence.

that bitcoin won't be able to offer price stability and without price stability it won't ever be a quality currency.

And where will you find better stability?  "Stablecoin"?  

Bitcoin will be stable when it stops growing so rapidly and has more inertia (market cap, if you must) relative to the fiat cross-flow.

Not all investors are so pusillanimous as to find the necessary growth phase daunting.  Without growth, no network can become non-trivially homeostatic.

[kkaspar]

You don't actually understand macroeconomics and finance better than me or you would know that the value in bitcoin is not as a currency.

Oh, interesting! Explain me then, what is the true value of bitcoin.

You missed the entire point of this technology.

The technology of what? Cryptography? Python? Personal computers? The Internet?
Bitcoin source code doesn't bring anything new to the table, it only combines existing technologies in one innovative idea. So, there is no complex "technology" in bitcoin to be valued, the idea is what is valuable and the idea can be made better by others with their own innovations.

Volatility doesn't matter to merchants for reasons that are obvious and because of issues that have already been resolved by companies like Bitpay.

Services like Bitpay will only maximize it's utility with using it as an intermediate payment tool to compete with credit card companies. Currently using bitcoin is more expensive, time consuming and difficult then using a credit cards. Right now it's a gimmick even in this intermediate payment field. It only could be more then a gimmick if it would be a stand-alone currency without fiat to support it.

[creekbore]

http://www.slate.com/articles/health_and_science/climate_desk/2014/02/internet_troll_personality_study_machiavellianism_narcissism_psychopathy.html

Interesting article, thx for sharing.

Did i mention that i worked 10 years ago in a psychiatric ward.

I would imagine that would be a difficult and distressing job at times but rewarding.

[JayJuanGee]

@windjc

i read through all the technical fundamentals as you proposed and i came to the conclusion that this chart might be the future of Bitcoin.
It´s actually from the hidden page of Satoshis white paper written with magic ink, many have not seen it before.
You should take a look at it:








LOLOLOLOLLOLOLOLOLLOLOLOLOLOLOLOLOLOLOOL

Most importantly, Where are we currently at on that chart?   the beginning, middle or end?  Maybe we are still in the early stages of the awareness stage?  Lots of people do NOT know what the fuck is bitcoin.

[aminorex]

Cup and handle action happening in market at the moment.

Bitcoin is fast, but not so fast that a valid c&h can form intraday.  The structural/mechanical models that create the predictive power of a c&h pattern simply can't be present on that time scale.  Not without unphysical volumes, at least.

[creekbore]

Takes one to know one?

The last time I heard this was in the playground.

[fonzie]

@windjc

i read through all the technical fundamentals as you proposed and i came to the conclusion that this chart might be the future of Bitcoin.
It´s actually from the hidden page of Satoshis white paper written with magic ink, many have not seen it before.
You should take a look at it:




pic



LOLOLOLOLLOLOLOLOLLOLOLOLOLOLOLOLOLOLOOL

Most importantly, Where are we currently at on that chart?   the beginning, middle or end?  Maybe we are still in the early stages of the awareness stage?  Lots of people do NOT know what the fuck is bitcoin.

Goldman sachs(coinbase) and second market are the instituional investors. 40% of all americans know bitcoin. PLus there are huge similarities with the actual chart, check 3d. so do the math, and put your buy orders below 200$   

Can we invite the designer of the bubble graph into the forum? That would be awesome, so that everybody could ask him about his opinion.

[cnioctib]

Takes one to know one?

The last time I heard this was in the playground.

... so, last week then? 

[JayJuanGee]

There won't be a rise just because there is strong support at the bottom, there also has to be strong support for lift, but it aint there. Without lift the bottom will only weaken and weaken until it breaks.

Now this analysis I can deal with.  In fact, you've described the reason why I have some fiat in reserve.  There is a substantial likelihood of an impending final capitulation.

Regarding having Fiat in reserve, Are you saying that you have invested most of your liquid assets in BTC?    

I know that there are some people  who have put their life savings into bitcoin... but surely a risky strategy...


Personally, almost all of my liquid assets are in various forms of fiat....  save a relatively small percentage in BTC.

I am investing in BTC b/c I want to diversify some of my assets out of fiat (namely away from the dollar).

I am fairly bullish on BTC, but I only started investing in November 2013..., and I have been dollar cost averaging my BTC investment through the last 2.5 months attempting to buy more BTC during the dips and only investing a small percentage of my total investment portfolio into BTC - so even though my initial BTCs were bought at around $1,200, my average BTC buy price is currently at about $744.  

Currently, I am holding... hoping to buy more BTC on Coinbase below $560.. if such a BTC price dip were to occur... and doing a tiny bit of trading on BTC-e (but I am NOT very good at timing daytrades.  Therefore, I don't attempt too many big or risky trades - unless there seems to be some clear signal of the BTC price direction - which seems rare).  

Nonetheless, my current prediction is that BTC is going to be in turmoil for the next couple of weeks waiting for more clear news from Gox - which Gox is likely to straggle along for another several months... and may be able to re-brand itself... possibly, like Silkroad 2 is attempting to do with its recent press release...     I agree Gox seems to be a drag on the current bitcoin prices and causing uncertainty about the future of BTC...  I do think that a transparent statement, such as the one provided by Silkroad 2, and a kind of outline of a forward plan.. that sounds reasonable, could help Gox to stay alive.    


Yet, the Gox situation may cause developments for investors / customers to receive assurances that exchanges or similar enties are NOT going to run away with their bitcoins...