Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 25820. (Read 26610526 times)

I bet with you that it needs no reason. If there will be any so called reason I think it's only a coincide. People are calling reasons like Cyprus, China etc... at best it has been a small push and after that it's all kinda mass psychology.

If we were rising now people were shouting GABI and PayPal is the reason.

It's a wave, nothing more.

You can see these small pushes even now. PayPal effected strong upwards momentum, but it couldn't stop ongoing wave.

We just need moar merchants to accept BTC.

User adoption (vs. merchant adoption, that looks a lot better).

The trolling tone of posters like Jorge aside, they do have a point somewhat:

It is not 100% clear that a vast number of people will feel the need to get into crypto. Let's go into the reasons of the groups that we do know have an interest:

- political (somewhat simplified: libertarian mindset)

- desire for anonymity (somewhat simplified: black market transactions) (yes, I know, not really anonymous. But a lot better than buying weed with your CC)

- economical (somewhat simplified: Austrian school)

- unbanked / remittance market (somewhat simplified: the poorest of the world)

- technological (somewhat simplified:  Bitcoin "feels" technologically superior to, say, cash to a certain type of people)

- (EDIT) inflation safe store of value / free movement of capital (like a combination of "ecnomical" and "unbanked" above, but for countries that are developed enough to have a working banking system, but where "inflation" is more than just something that only Austrians get mad about. Argentina comes to mind, for exmple.)

(Did I forget an obvious group?)

Point is, we're waiting for signs of massive adoption in either one of the above groups, or signs of minor adoption in the broad population.

That, or the next wave of speculative capital, I guess.

"CNN now has a Bitcoin ticker" doesn't really add much to answer that question, at the current level of exposure.

Totally agree with you. My hunch? Getting Bitcoin tradeable on every real world broker, aka ETF.

Other than that, Bitcoin is IMO still searching for a "killer app". I don't know what future ones could be, but since Silk Road and SatoshiDice I haven't seen much that motivates people to use Bitcoin over fiat for transactions.

Do tell!

_{(And please don't say Wallstreet or ETF, or I'm gonna barf)}

I don't think it's priced in, it just takes time to build up energy until it explodes.

Maybe not priced in, maybe we're under bought due to the long hard dump we had, we will go sky-high soon

It's not even that unmotivated, if you think about it.

Back then, Bitcoin was fighting for even the slightest chance at recognition, and even just awareness. A mainstream article was enough for that.

Next was merchant adoption. Took a while, but it looks like Bitcoin is on track in that respect. Makes sense, as well: there's a good, solid financial incentive for merchants to favor Bitcoin over legacy payment systems (assuming they put a processor like Bitpay in between).

Now that that one is settled, more merchant adoption (short of amazon.com) doesn't seem to move price up much anymore.

So, big question to the audience: what's the next "unresolved" question (as in: something that the market still reacts to)?

I have a hunch

I remember the good old times when the price doubled on a mere mention in Forbes magazine. That was in 2011, and the price was $3.

Nowadays, PayPal subsidiaries can accept Bitcoin, Dell can accept Bitcoin, it's all priced in.

Bouncing time @463 at Stamps. Not too far away

https://twitter.com/CNNMoney/status/511799183951417344

Done

The first paragraph of his is about what this one guy on bitcointalk said (unverifiable bold claim), and second paragraph is about what those blokes on r/bitcoinmarkets said (unverifiable bold claim, with at least me having investigated and found evidence to the contrary).

Guys, I implore you to look at at actual evidence; actual verifiable data more and trust others less who may or may not have your interests at heart, especially if they make bold claims without presenting data for it. Don't be so damn gullible, no matter how good things sound. Wishing does not make things true.

Blessed are those with a short term memory...

We were at $680 just 3 months ago. Took a while, then it was clear that the 600s can't be supported (for now).

Then the 500s. One fight in June, one in August. Then that was history.

So we're in the 400s. What makes you so sure they can be supported? It looked like a pretty clear case to me in May (and I wrote about that, accordingly). But right now, I'm much less sure there's strong enough support at mid-to-high 400s.

Sure, it's backed up by nothing but my own understanding of the current technicals, but I'm also not ruling out another rally soon (just that I see it as less likely than in mid May). You however seem pretty sure of what you say. Care to elaborate why?

Have I been wrong? Ive been bearish for awhile now. Market continues to trend down. I said short term bullish mid term bearish some months ago. Not right all the time as that is impossible but I'd say my "perpetual bearish opinion" isnt a good insult.

I watch the charts way too much to miss a real 40k wall.. also, I have on idea what a bitcoinmarkets is, but google yielded no results of what you are claiming whatsoever.

Still stands. Wow this thread is doing 100 pages per week.

hahahahaha
to the moooon!

True, I've been seeing lots of pumping of a particular altcoin of recent.

Maybe this will cheer you up again Adam 

It's existing BTC holders getting impatient and divesting into altcoins.  Many of them are the same pnd shit coins that went nowhere a few months back, nothing has changed.  They are going to get burned.

its not funny

is not bouncing, is dropping.