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

[octaft]

Rich people are rich because they have made more good investments than bad, so why would a majority of them choose to buy a depreciating asset with no other use case than speculation?

This is not necessarily true. You could inherit money, you could make 100 bad investments and get incredibly lucky with one amazing investment, you could have busted your ass running your own business until it became a huge success (I guess you could consider that an investment in a sense, but again, one good investment), etc., etc.

The point is, there are a lot of ways to get rich, not all of them have to do with investing, and not all rich people who invest are good at investing.

Rich people can do dumb things, and get caught up in the emotion of excitement and greed, just like anyone else. Whether investing is bitcoin is one of those dumb things has yet to be seen, but it's not a guarantee that bitcoin will skyrocket again simply because rich people are investing.

[Fatman3001]

Rich people are rich because they have made more good investments than bad, so why would a majority of them choose to buy a depreciating asset with no other use case than speculation?

This is not necessarily true. You could inherit money, you could make 100 bad investments and get incredibly lucky with one amazing investment, you could have busted your ass running your own business until it became a huge success (I guess you could consider that an investment in a sense, but again, one good investment), etc., etc.

The point is, there are a lot of ways to get rich, not all of them have to do with investing, and not all rich people who invest are good at investing.

Rich people can do dumb things, and get caught up in the emotion of excitement and greed, just like anyone else. Whether investing is bitcoin is one of those dumb things has yet to be seen, but it's not a guarantee that bitcoin will skyrocket again simply because rich people are investing.

Of course there are exeptions but I think on average my statement is true, which again begs the question: "why would a majority of them choose to buy a depreciating asset with no other use case than speculation?"

That question is important, because if it can´t be satisfactorily answered it kind of looks like we are all waiting for the richest 1% of the global population to have a stroke simultaneously, and that might be unlikely.

[LFC_Bitcoin]

It's nearly time, give it another week or two.

[octaft]

Of course there are exeptions but I think on average my statement is true, which again begs the question: "why would a majority of them choose to buy a depreciating asset with no other use case than speculation?"

That question is important, because if it can´t be satisfactorily answered it kind of looks like we are all waiting for the richest 1% of the global population to have a stroke simultaneously, and that might be unlikely.

Rich people can do dumb things, and get caught up in the emotion of excitement and greed, just like anyone else.

[Fatman3001]

Of course there are exeptions but I think on average my statement is true, which again begs the question: "why would a majority of them choose to buy a depreciating asset with no other use case than speculation?"

That question is important, because if it can´t be satisfactorily answered it kind of looks like we are all waiting for the richest 1% of the global population to have a stroke simultaneously, and that might be unlikely.

Rich people can do dumb things, and get caught up in the emotion of excitement and greed, just like anyone else.

[Walsoraj]

http://www.scienceworldreport.com/articles/18548/20141103/glass-threads-cause-strong-connection-between-two-photons.htm

...blah blah blah...

"Such states are required in all fields of quantum optics-in quantum teleportation, or for light-transistors which could potentially be used for quantum computing."

Game over bitcoin, game over.

[LFC_Bitcoin]

[LFC_Bitcoin]

http://www.scienceworldreport.com/articles/18548/20141103/glass-threads-cause-strong-connection-between-two-photons.htm

...blah blah blah...

"Such states are required in all fields of quantum optics-in quantum teleportation, or for light-transistors which could potentially be used for quantum computing."

Game over bitcoin, game over.

You see me trollin

[ChartBuddy]

Explanation

[HWoodrow]

Price is very stable in this day. It seems that for some days price will not move from 325$. Hope that something will change..

[Newbie1022]

The default mode seems to be to continue downward -- there is just literally no regular demand. There are a few whales who interject at times to increase volume, but most people seem to be too concerned about the much larger bear whales to even bother scooping up coins. Thus, absent some sort of news event, we are continuing downward. We saw yesterday, for instance, a small relief rally on the heels of the Ben Lawsky speech. That said, that relief rally didn't equate into a sustained rally.

So, even at these low levels, a short doesn't seem out of the picture. But, a story like the ETF could burn you if you are a shorter because you could go from ahead of the game to a margin call. That said, I can't really imagine anything else that would come up that would shift the price upwards (and I'm not really sure that would either because it has to be priced in by now if this market is even remotely efficient). There was the PayPal thing, but that load has already burst. I think we have to hit rock bottom before we get some positive movement... and even that might not do the trick because it may just lead to more attrition amongst the faithful.

This is not a very healthy market, right now, at all. I don't know if that is intrinsic to Bitcoin or a consequence of dumpers (manipulators? or retailers?) and the learned behaviors of traders who've been dumped on too many time, but I don't see how you buy this market without a rally sufficient to give you confirmation of trend reversal (and that's always a catch-22 because if that's what you require to revitalize demand then it's not going to happen).

I am bearish and just watching, now. I don't feel like losing my money, right now. What do you guys think?

[elasticband]

Price is very stable in this day. It seems that for some days price will not move from 325$. Hope that something will change..

Yes bitpay selling pressure will continue or a large mining farm like KnC will continue to mine and dump

[DeadCoin]

Interesting how popularity of this forum is so correlated with the price.
Meaning, people are more interested in bitcoin while it is more expensive than while it's cheap. Isn't that ironic?

Does that mean they're not truly interested in bitcoin, but only in dollars?

[octaft]

Of course there are exeptions but I think on average my statement is true, which again begs the question: "why would a majority of them choose to buy a depreciating asset with no other use case than speculation?"

That question is important, because if it can´t be satisfactorily answered it kind of looks like we are all waiting for the richest 1% of the global population to have a stroke simultaneously, and that might be unlikely.

Rich people can do dumb things, and get caught up in the emotion of excitement and greed, just like anyone else.

Because a majority of those rich people investing in bitcoin are caught up in the emotion of excitement and greed, just like many others.

It's a cash grab for most investors. They don't care about the technology or the ideology regarding bitcoin. They just want to hopefully line their pockets some more on the backs of greater fools.

[janos666]

I understand that this is a wall observer thread but does anyone have anything else than (fake) ask/bid depth and useless TA to help predict price movement?

(Please don´t say monkey)

See the Litecoin movement, to see what is gonna happens to BTC movement.

Also be glued in the charts helps, but most people have something better to do most of the day.

This might help you practice staring at charts: https://www.youtube.com/watch?v=TpU5O_Uur_c
You might also place this on one half of the screen while watching the chart on the other. I am not sure if this will help you make the right decision but it will certainly do something, or don't, I don't know.
(BTW, their "Honest Trailer" clips are actually funny.)

[BitAddict]

If you are a bitcoin fanatic, but you spend your bitcoins through merchants that instantly dump them for fiat [and you don't instantly rebuy them because you are allin] helping to dump a bit more the price downwards to break the $266 support.

Is that bearish or bullish?

[janos666]

If you are a bitcoin fanatic, but you spend your bitcoins through merchants that instantly sell them for fiat [and you don't instant rebuy them because you are allin] helping to dump a bit more the price downwards to break the $266 support.

Is that bearish or bullish?

But if it keeps going on (merchants continue accepting BTC and some people pick up the habit of paying with BTC while they are effectively just dumping their old coins via merchants) there will be an inflexion point where one must buy fresh BTC in order to be able to spend it (the old stash will run out otherwise; or actually run out but that at least means a stop of merchant dumping).

[JimboToronto]

Interesting how popularity of this forum is so correlated with the price.
Meaning, people are more interested in bitcoin while it is more expensive than while it's cheap. Isn't that ironic?

Does that mean they're not truly interested in bitcoin, but only in dollars?

Only if they're traders.

The "Bitcoin cultists" and early adopters, who tend to be hoarders, generally want to see the price rise.

[elasticband]

If you are a bitcoin fanatic, but you spend your bitcoins through merchants that instantly dump them for fiat [and you don't instantly rebuy them because you are allin] helping to dump a bit more the price downwards to break the $266 support.

Is that bearish or bullish?

will add this as i posted it earlier today in another thread

I don't really think even the majority of sales via bitpay involve a bitcoin newbie purchasing bitcoin from a third party or exchange and then using this bitcoin to buy something.


example: http://www.mensocks.nl/ - these people accept bitcoin locally instore, mainly because they are friends with a local bitcoiner. I can almost tell you straight up that no person goes to a local bitcoin ATM machine pays 7% premium above market price, then takes these BTC and spends them on something which they could have just bought with their euro without having to pay 7% to buy BTC.

The only people who buy socks there using bitcoin are people who already owned bitcoin. No buy pressure only sell pressure.

Apart from retailers who ONLY accept bitcoin for their produce i find it hard to believe joe bloggs would go buy bitcoin and then use this to buy something he can normally buy with fiat. Bitpay is a tool for bitcoin holders to spend their bitcoin and push the price down, probably set out by rothschild types.

edit: another local example - https://www.thuisbezorgd.nl/en/. food delivery from almost every takeaway restaurant in the netherlands. via proxy almost all food delivery accept bitcoin. do the stores ever see a bitcoin...... nope.

would joe bloggs go buy some bitcoin to order his pizza when he can do it quicker and easier with cash or credit card. the only people i know spending BTC on https://www.thuisbezorgd.nl/en/ are people who hold BTC.
 

[findftp]

I did some crystal ball analysis today and came to the conclusion that I should stop buying bitcoin because we probably go to around $100
Earlier today I even thought it would be around 200 but my crystal ball came up with a new number just minutes ago.
Lets hold them coins and only buy new ones at 100  You'll get 3 times more than with current prices!