Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 24154. (Read 26732153 times)

Shadowcash just launched the first Zero-Knowledge cryptocurrency, i'd rather see that take the throne from BTC than Ripple if BTC is destined to fail.

http://www.reddit.com/r/Bitcoin/comments/2pgbfs/an_epic_moment_in_cryptocurrency_history_zero/

When the bitcoin infrastructure matures some clients will float above the rest and that's what average joe will use.

I wish they won't and wake up from the Matrix, but i am afraid many more "Russian rubble crashes" will have to happen before they realize it...i see the BTC vs RIPPLE as BTC vs current banking system...and i hope btc will win

Let’s see:
On 27th May, bitstamp issued its proof of reserve at https://www.bitstamp.net/article/Bitstamp-BTC-Proof-of-Reserves-May-2014/ stating they have 183497 BTC in their cold wallet. At that time, price was around 580-590USD. There is a catch: they never disclosed their fiat proof of reserves (afaik not one exchange ever disclosed such info). I suspect fiat reserves were much lower than expected and if they did disclose it, the market would’ve crashed instantly.
Ok. 183497 BTC at 580 USD/BTC is about 106M USD. Since no other info is available, I guess an acceptable assumption one can do is that half (by value in USD equivalent) of accounts were in btc and half were in fiat, i.e. about 91.7k BTC were available for sell at any time if their holders wanted to press the “Sell bitcoins” button.
On the other hand, Bitstamp is only having around 4k BTC in asks at most times, while Huoby somewhere between 10-14k. So, for Bitstamp only 4-5% (4/91.7) BTC seems to be visible in asks while the majority (95-96%) waits on the sidelines. If same ratio applies to Huobi it means the total amount of BTC available for selling on their exchange would be around 240k-335k.
At 1500USD/BTC, to buy what is visible in asks on Bitstamp and Huobi would be like 4+14=28K = 42M USD.
However, the available BTC on the sidelines may jump in and that would require up to 91.7k+335k BTC = 640M USD.

Now, I don’t have data for finex, okcoin, btce and other exchanges but they surely would add quite something to that amount.
Also, I’m not sure if I recall correctly that someone posted the stamp wallet a couple of times since May and it was at around 260k then it grew close to 300k. That would require revising the above figures upwards.

Maybe someone will take it from here but I don’t think 100M USD will do anything visible to the price. Remember that finex has more than 22M in longs and it seems that it couldn’t even stop the downtrend let alone to increase the price even so slightly. So, to get a 4-5x increase in price I suspect we need on the order of 1B USD or more. Yes, there will be a rush in of fresh money but also a rush in of old coins too…
Good part is I think it is still doable of having 100k newcomers each bringing in a fresh 10K USD (in average).

Then the best thing average Joe can do is to stay with the current banking system!

Where can I buy ripple? I think it's shit but a centralized currency might eventually take over.

IMO bitcoin has too many wallets, too many programs for it so the average joe gets confused as to which one to use. It's better if he's just getting told "use this, do that" and everybody use the same thing

Thanks ... lets see just how keen the Chinese are to catch this falling knife !!!

Maybe here: (Translation anybody?)

https://www.huobi.com/deposit/index.php?a=cny_deposit
http://www.reddit.com/r/Bitcoin/comments/2phb6x/this_should_not_be_ignored_huobi_reopens_the_bank/

Link ??

Ripple and Stellar are two huge scams. Everybody investing there is complicit.

Explanation

Stellar rising faster than ripple 

I think it is clear to all that the price movement today is an artificial contraction that will result in a massive beyond-lunar-pump when the taps are turned on at Huobi. It will end roughly around Phobos, ie. both "out of this world" and "to da moon". I might be wrong but my wallet tells me this sounds good. IT IS CHRISTMAS!!! WHERE IS THAT MOFO KRINGLE?!?!?!?!?

This was the last time we've seen 330. Should I call it?

This maybe is a real good news.
Huobi reopens the bank dire transfer tonight.

Heh, nice set. I can automatically count about 5 persons here implementing those 25 rules. Wait; I have them all on ignore.

well ripple would be the last token I would pump but anyway.


this market is gone full retard

Also guys regarding the ripple...why do you call it scam, shit and you are attacking so much on it? Isn't it the same attidute like the banks, big companies and "experts" in investments had against Bitcoin last year and in start? Shouldn't we try to be better than they were and are? You called and call these people idiots when they said Bitcoin is scam and you do exactly the same now against ripple...I am not claiming the ripple is better or will win against BTC, but you can't ignore it or attack it just so easily. There are good arguments, why the ripple is good from technical view...and also good arguments why ripple could end up badly because of no proof of work system and because of fact that nobody can know for sure, what the founders will do in x y z years...but it is not as easy as to say just it is scam...Maybe in future it can happen, but now it is not scam and the happening rally is real...We, including me, are always saying the argument with BTC fair distribution, but did you actually check the BTC wealth distribution? Few people own most of the BTC and don't even let me started on mining decentralization...I believe that BTC can win, but ONLY because it has the biggest and i believe the best community of people, but it is NOT SUPERIOR to ripple in technical way right now and they have also perfect compliance...There are cons and pros, by both currencies...So please stop being hypocrites and instead of bashing ripple and other alts, try to think how the BTC could become superior to all other currencies, including ripple...Of course i want that BTC will win, who wouldn't? But I don't believe that fair distribution (which i think is only myth in BTC) and decentralization (which is also questionable as well) will be enough to win this fight and we as community should try our best to be (stay) the best...
  

Great read. Thanks.

I didn't like Ripple at all but I tried it out yesterday and it's actually fast and easy.