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

[NotLambchop]

...
Bitcoin is poised ..

It's not that bad...

[JorgeStolfi]

Imo, there's no creation of demand to want to pay w/ BTC here or any other place unless there's a discount to get newer people to go through the steps to acquire it and learn how to use it. We all know it's demand that drives this market forward and up. Similarly, this is why most of the household shoppers use their CVS card at CVS and their Walgreen card at Walgreen: to get better prices and save money. Pointless otherwise.

The problem is that the demand for e-payment use is short-lived.  If people buy 1000 BTC every day to buy things through BitPay/Coinbase, the effect on the market is equivalent to a single buy of ~1000 BTC by a longterm holder (assuming that Bitpay/Coinbase sell the coins 1 day after they were bought).   And, if this is indeed Bitpay's wallet, they have been processing less than 1000 BTC/day, on average.   Perhaps Coinbase is doing more, I don't know.

[Fatman3001]

Big companies accepting bitcoins hardly did wonder things for the price recently, isn't it?

It adds to bitcoin's legacy for sure but we need stuff to make people buy coins not to sell it.

If more people use coins then we will have more liquidity and more people holding. If you increase the user base with millions who use a bit and hold a bit for a while in uncoordinated random cycles then we will have a much healthier environment than we have now.

The problem is that more companies accepting bitcoin didn't make more people using bitcoins or holding. It didn't make people buy bitcoins to spend them or hold them, most of buys happening with bitcoin at those companies are people who hold coins already, specially early investors.

There is still literally zero advantage for average user to buy bitcoins just to spend them on some site except in illegal purchases.

I don't know... Microsoft accepting Bitcoin surely adds heavily to it's legacy long term but I'm not sure it adds any wonders to Bitcoin price except short term pump, just like all others didn't. Until average Joe gets some significant advantage of using Bitcoin to purchase things and could buy it fast and cheap nothing really changes. We need new money in the game and that won't be people buying coins to spend them on Xbox stuff.

I think a lot of parents would be more comfortable with their children filling up their microsoft account with bitcoin than giving them access to moms or dads credit/debit card.

[inca]

Imo, there's no creation of demand to want to pay w/ BTC here or any other place unless there's a discount to get newer people to go through the steps to acquire it and learn how to use it. We all know it's demand that drives this market forward and up. Similarly, this is why most of the household shoppers use their CVS card at CVS and their Walgreen card at Walgreen: to get better prices and save money. Pointless otherwise.

The problem is that the demand for e-payment use is short-lived.  If people buy 1000 BTC every day to buy things through BitPay/Coinbase, the effect on the market is equivalent to a single buy of ~1000 BTC by a longterm holder (assuming that Bitpay/Coinbase sell the coins 1 day after they were bought).   And, if this is indeed Bitpay's wallet, they have been processing less than 1000 BTC/day, on average.   Perhaps Coinbase is doing more, I don't know.

Do you understand that the great strength of BTC is that as it becomes mainstream its qualities of mathematical scarcity and peer to peer network will lead to dual roles as 1) a widespread frictionless medium of exchange and 2) a growing global store of value. As one role increases it will drive the other and the exchange price.

It will quite literally become the new gold standard unless it is quashed. If they (monetary authorities) cannot destroy it directly through dirty tricks or legal blockade then they must acquire a stake.

I expect fireworks in the next 24 months..

[aminorex]

Billions of poor uneducated people in China but they are the minority trading Bitcoin.

Education is no longer a ticket to class mobility.  In China you can be an illegal immigrant if you move to a larger city.  Many millions are.  Try banking without registration.  But they almost uniformly have cell phones.

[NotLambchop]

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I think a lot of parents would be more comfortable with their children filling up their microsoft account with bitcoin than giving them access to moms or dads credit/debit card.

There's a more conventional solution:

[NotLambchop]

Billions of poor uneducated people in China but they are the minority trading Bitcoin.

Education is no longer a ticket to class mobility.  In China you can be an illegal immigrant if you move to a larger city.  Many millions are.  Try banking without registration.  But they almost uniformly have cell phones.

Sure, though not smart phones:



If you were to guess, which third do you think owns those smart phones--the unbanked poor?

[ChartBuddy]

Explanation

[inca]

Smartphone use will be universal and global in less than five years. The myopia in here is amazing.

[LFC_Bitcoin]

...
I think a lot of parents would be more comfortable with their children filling up their microsoft account with bitcoin than giving them access to moms or dads credit/debit card.

There's a more conventional solution:

Mate you try far, far too hard on here.

[NotLambchop]

^
Mate, you're delusional.  This is all obvious stuff that's known to every 13yr-old, and the local lunatic fringe chooses to ignore 'coz it don't jive with their "I's techno vizhunary & guna b rich!" fantasies.

@inca:  I posted data regarding the way things are now.  Get back to me in 5 years, then we'll talk.

[ShroomsKit]

While I want the price to rise just as much as anyone, this does not change the fact that there are no technical indicators that suggest the price will rally before mid-2015

Mid 2015 is the new deadline?

Good to know.

[Richy_T]

Smartphone use will be universal and global in less than five years. The myopia in here is amazing.

Smartphone not needed. A Bitcoin wallet could quite easily be run on a feature phone.

[NotLambchop]

^Explain?  Do you mean phones not capable of running 3rd party software, or?

[adamstgBit]

While I want the price to rise just as much as anyone, this does not change the fact that there are no technical indicators that suggest the price will rally before mid-2015

Mid 2015 is the new deadline?

Good to know.

nah man, its the next 24 hours that are critical

[Davyd05]

dumps on Microsoft news, seems so bizarre-o world to me.

[NotLambchop]

dumps on Microsoft news, seems so bizarre-o world to me.

Accept the fact that Bitcoin is a purely speculative commodity, and you'll understand. 

[Dilla]

Dumps incoming, who's shorting?

[janos666]

Ah, who could have possibly thought that this dump is coming...? (Well, I reopened my short @354 which got auto-closed @350 during the MS-pump-bounce.)

Dumps incoming, who's shorting?

Hold you short position! Down to double digits! (No, not really, my target is more like 323-328 depending on how I see fit at the moment or if it auto-closes again in my sleep in the 340 region.)

[Wary]

The Microsoft news is good, but it won't lift the price. The shift will happen when companies will start paying salaries in bitcoins. That is the next generation of bitcoin adapters should be outsorcers and freelancers. Don't put your hopes in Wall-Street or Amazon, look at Accenture and Elance instead.