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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 22002. (Read 26608194 times)

legendary
Activity: 1484
Merit: 1002
Strange, yet attractive.
wtv i'm getting a BJ tonight.

Did you get back to your wife?

Who needs a wife for a BJ?  Grin
It's a free market out there!
hero member
Activity: 748
Merit: 500
wtv i'm getting a BJ tonight.

Did you get back to your wife?
hero member
Activity: 910
Merit: 1003

Clearly, the current price (~220 $/BT) is still largely sustained by speculation and speculative holding.
Just like the gold market.

Yes, definitely.
legendary
Activity: 1176
Merit: 1000


Clearly, the current price (~220 $/BT) is still largely sustained by speculation and speculative holding.

Just like the gold market.
hero member
Activity: 910
Merit: 1003
Bitcoin is no longer an investment vehicle, which I find to be all right. If you call it money then it can't really be used as an investment. [ ... ]  now is the way it should be.   Current BTC price easiliy supports current BTC transaction volume, no fundamental reason for it to grow. Merchant adoption will lead to sell pressure and can be good for the price only in the long run.

If we had no speculation, only demand for e-payments, the price would follow the equation P = V * T / N, where P is the price ($/BTC), V is the volume of e-payments ($/day), T is the mean time between successive payments with the same coin (days), and N is the number of currency units in circulation (BTC).  

Assuming N = 14 million, guessing T = 14 days, and V = 5 million $/day, gives P = 5.00 $/BTC only.  

The guess T = 14 days assumes that most coins that someone receives in payment for something, or buys to spend, are sold or used to pay for things at various times within one month.   (BitPay sells all the coins that they receive within a day or two, for example.)

The guess V = 5 million $/day is based on various bits of evidence that indicate that BitPay has been handling about 1 million $/day of payments over the last year.   Since they are believed to be the largest bitcoin payment processor by volume, a factor of 5 seems to be a fair guess for the total volume of e-payments.  This estimate includes other processors and raw bitcoin payments, but excludes illegal trade, since that is being curtailed and cannot be relied upon as a sustainer of the price.  (Anyway, it seems unlikely to be more than 1 million $/day).

It is not correct to use for V the total USD transaction volume extracted from the blockchain, because most of the latter (probably more than 90%) is movement of coins between wallets that belong to the same person, or that is not payment for goods or services -- such as tumbling, hot/cold wallet flow, deposits and withdrawals at exchanges and similar sites, gambling, etc.

Clearly, the current price (~220 $/BT) is still largely sustained by speculation and speculative holding.
donator
Activity: 1057
Merit: 1021
Looks like the bots on Finex are finally switched to buy mode.
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
We're either going to bounce around off 210 before going up or bounce off 166. No lower. Confirm that.

if by 210 you mean stamps random spike down early today then i agree, if this support does not hold 166 is a good number to wwait for and if that doesn't hodl bitcoin is truly dead.
legendary
Activity: 1176
Merit: 1000
legendary
Activity: 1176
Merit: 1000
We're either going to bounce around off 210 before going up or bounce off 166. No lower. Confirm that.

Need four to six confirmations ideally..
legendary
Activity: 2002
Merit: 1040
We're either going to bounce around off 210 before going up or bounce off 166. No lower. Confirm that.
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
we are so over sold its not even funny
legendary
Activity: 1281
Merit: 1046
^ really nice bottom

Fake and over pumped

Just like the price of bitcoin.
hero member
Activity: 854
Merit: 503
Legendary trader
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
legendary
Activity: 2097
Merit: 1070
Will we see $1xx this week ?
legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
hero member
Activity: 547
Merit: 531
First bits: 12good
legendary
Activity: 1526
Merit: 1012
legendary
Activity: 1932
Merit: 1737
"Common rogue from Russia with a bare ass."
Confirmed.
The next 24 hours are going to be the next 24 hours.
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