Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28060.

rpietila

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Quote from: Mervyn_Pumpkinhead on April 23, 2014, 07:43:06 AM

Quote from: rpietila on April 23, 2014, 07:05:37 AM

just makes more coins go from unbelievers to believers

The cultists are finally coming out of the closet

80% of the world's gold is hoarded by your employers, and I am suddenly a cultist.. Huh

We had a good discussion going on a while ago, let's continue that if you will?

dreamspark

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Quote from: aminorex on April 23, 2014, 07:54:50 AM

Quote from: dreamspark on April 23, 2014, 07:22:02 AM

Only if they hold BTC, if they convert straight to fiat as most do then it actaully creates downward pressure on the market.

No, even if they immediately exchange for another currency, it still creates a demand when people use BTC. While that BTC is in the air, it can't be used for anything else. The number of BTC-days consumed in the transaction is a reduction in money supply.

As said though this unavailable time is likely not very long and they still become available again as they are sold. Isnt BTC days destroyed an indicator of an incease is supply as those coins were previously unavailable? It depends which way you look at it as well surely, if it were the case where people are replacing their BTC after or before they spend it then yes it I would agree that the demand is keeping pace with the supply (from places such as bitpay selling for fiat) but thats not generally the case is it. People are spending coins they previously hoarded and therefore were not part of the supply.

Mervyn_Pumpkinhead

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Quote from: hdbuck on April 23, 2014, 07:55:42 AM

TO THE MOOOOON !

-> http://www.coindesk.com/jeff-garzik-announces-partnership-launch-bitcoin-satellites-space/

Cheesy

Ctrl+F and typed "solar flare" on the article, and didn't find anything. That's bad marketing Sad

There should be at least some pseudo-scientific talk about "new experimental technology" used to counter solar flares, because solar flares are actually the biggest threat to the technological infrastructure and satellites are the most vulnerable Sad

kehtolo

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Activity: 707

Merit: 500

Quote from: JorgeStolfi on April 23, 2014, 08:02:22 AM

Daily volume V at Huobi seems rather low. It is already 08:00 pm in China and V is still less than 18 kBTC. At this rate, by the time they go to bed it will be less than 30 kBTC.

The last times it was lower than that were

Sun Mar/23 (18 kBTC) ,when they were DDOSed and stayed offline for 3-4 hours in the mid-afternoon, IIRC;

Sun Mar/16 (27 kBTC), don't recall is anything special happened;

The New Year Week Jan/29-Feb/06 (< 18 kBTC), when banks were closed.

'when banks were closed' - does this imply the banking ban has worked, nobody can get money in, and whats left sloshiing around is money already on the exchange?
Sorry, i try to keep up.. but you know how it is. So where are we actually at with China?

The ban has worked and these 3rd party charge cards were the loophole for a while... does this new low volume mean that's been chopped too?

isov

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Quote from: Cassius on April 23, 2014, 07:52:34 AM

Quote from: Mervyn_Pumpkinhead on April 23, 2014, 07:43:06 AM

Quote from: rpietila on April 23, 2014, 07:05:37 AM

just makes more coins go from unbelievers to believers

The cultists are finally coming out of the closet and openly admitting the cultist nature of bitcoin. That's not good marketing. I wonder, how long will it take until your manor will be called the temple.. Undecided

In the end, all of the bitcoins will be held by The True Believers. No question about that. It's questionable though, if those final True Believers are able to add much value to bitcoin. But who knows, even Scientology has amassed a large amount of wealth, and their ideology is even more ridiculous. But that's mainly because of clever marketing, and till now, the marketing for bitcoin hasn't been very clever.

Rpietila, hire me as an outside consultant, who is not an True Believer, but who knows exactly how the Unbelievers think. Let's make this cult big and powerful, and let me help you to be the beacon of light and the bringer of truth! Stop scrabbling for the mortgages and college funds of the regular folks, and let's switch to more potential targets, like the inexperienced youth who have inherited a large amount of wealth. Let's stop this meaningless fighting between us and let's join forces, so I can help you have eight late-teen wives and present yourself as an demigod!

Join me and we can rule the galaxy as father and son...

Hhahhah these we're hilarious posts, thanks for good laughs guys. Cheesy

JorgeStolfi

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Daily volume V at Huobi seems rather low. It is already 08:00 pm in China and V is still less than 18 kBTC. At this rate, by the time they go to bed it will be less than 30 kBTC.

The last times it was lower than that were

Sun Mar/23 (18 kBTC) ,when they were DDOSed and stayed offline for 3-4 hours in the mid-afternoon, IIRC;

Sun Mar/16 (27 kBTC), don't recall is anything special happened;

The New Year Week Jan/29-Feb/06 (< 18 kBTC), when banks were closed.

kehtolo

hero member

Activity: 707

Merit: 500

Quote from: hdbuck on April 23, 2014, 07:55:42 AM

TO THE MOOOOON !

-> http://www.coindesk.com/jeff-garzik-announces-partnership-launch-bitcoin-satellites-space/

Cheesy

Very cool. I like it. It's logical.

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

Explanation

Cassius

legendary

Activity: 1764

Merit: 1031

Quote from: aminorex on April 23, 2014, 07:54:50 AM

Quote from: dreamspark on April 23, 2014, 07:22:02 AM

Only if they hold BTC, if they convert straight to fiat as most do then it actaully creates downward pressure on the market.

No, even if they immediately exchange for another currency, it still creates a demand when people use BTC. While that BTC is in the air, it can't be used for anything else. The number of BTC-days consumed in the transaction is a reduction in money supply.

Time in the air is likely quite limited. Another factor would be the large number of people each holding a small amount of bitcoin to make purchases online or in other places it's convenient.

Nightowlace

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Merit: 1001

Quote from: rpietila on April 23, 2014, 05:00:49 AM

Meanwhile, this thread is the greatest trollhouse I have ever seen.

I have never agreed with you more. This thread used to be my favorite thread on the forums, but it has turned into one of the worst troll hangouts I have ever seen. So many emotional, contradictory, uneducated, posts. Not saying that all posts are, but man there are a lot.

YOU made bad trades, that is not the end of bitcoin nor is it bitcoins fault.
YOU incorrectly shorted bitcoin, that is not the end of bitcoin nor is it bitcoins fault.
YOU made the decision to sell/buy that is not the end of bitcoin nor is it bitcoins fault.
YOU based your trading off of the shit that is talked in this thread, that is not the end of bitcoin nor is it bitcoins fault.
YOU'RE "Feelings" don't mean anything when it comes to bitcoin. So many posts start or end with "I feel like" "That's my feeling"
YOU are on this thread which means YOU do not poses insider information nor do I and we have limited knowledge of what the fu*k is actually happening. So posting "I heard", "I was just told", "I have info that" etc. means that whatever insider trading was/is going to happen has already happened because you are now aware of it.

hdbuck

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Activity: 1260

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TO THE MOOOOON !

-> http://www.coindesk.com/jeff-garzik-announces-partnership-launch-bitcoin-satellites-space/

Cheesy

aminorex

legendary

Activity: 1596

Merit: 1030

Sine secretum non libertas

Quote from: dreamspark on April 23, 2014, 07:22:02 AM

Only if they hold BTC, if they convert straight to fiat as most do then it actaully creates downward pressure on the market.

No, even if they immediately exchange for another currency, it still creates a demand when people use BTC. While that BTC is in the air, it can't be used for anything else. The number of BTC-days consumed in the transaction is a reduction in money supply.

Cassius

legendary

Activity: 1764

Merit: 1031

Quote from: Mervyn_Pumpkinhead on April 23, 2014, 07:43:06 AM

Quote from: rpietila on April 23, 2014, 07:05:37 AM

just makes more coins go from unbelievers to believers

The cultists are finally coming out of the closet and openly admitting the cultist nature of bitcoin. That's not good marketing. I wonder, how long will it take until your manor will be called the temple.. Undecided

In the end, all of the bitcoins will be held by The True Believers. No question about that. It's questionable though, if those final True Believers are able to add much value to bitcoin. But who knows, even Scientology has amassed a large amount of wealth, and their ideology is even more ridiculous. But that's mainly because of clever marketing, and till now, the marketing for bitcoin hasn't been very clever.

Rpietila, hire me as an outside consultant, who is not an True Believer, but who knows exactly how the Unbelievers think. Let's make this cult big and powerful, and let me help you to be the beacon of light and the bringer of truth! Stop scrabbling for the mortgages and college funds of the regular folks, and let's switch to more potential targets, like the inexperienced youth who have inherited a large amount of wealth. Let's stop this meaningless fighting between us and let's join forces, so I can help you have eight late-teen wives and present yourself as an demigod!

Join me and we can rule the galaxy as father and son...

Mervyn_Pumpkinhead

legendary

Activity: 876

Merit: 1000

Quote from: rpietila on April 23, 2014, 07:05:37 AM

just makes more coins go from unbelievers to believers

The cultists are finally coming out of the closet and openly admitting the cultist nature of bitcoin. That's not good marketing. I wonder, how long will it take until your manor will be called the temple.. Undecided

In the end, all of the bitcoins will be held by The True Believers. No question about that. It's questionable though, if those final True Believers are able to add much value to bitcoin. But who knows, even Scientology has amassed a large amount of wealth, and their ideology is even more ridiculous. But that's mainly because of clever marketing, and till now, the marketing for bitcoin hasn't been very clever.

Rpietila, hire me as an outside consultant, who is not an True Believer, but who knows exactly how the Unbelievers think. Let's make this cult big and powerful, and let me help you to be the beacon of light and the bringer of truth! Stop scrabbling for the mortgages and college funds of the regular folks, and let's switch to more potential targets, like the inexperienced youth who have inherited a large amount of wealth. Let's stop this meaningless fighting between us and let's join forces, so I can help you have eight late-teen wives and present yourself as an demigod!

kehtolo

hero member

Activity: 707

Merit: 500

Quote from: dreamspark on April 23, 2014, 07:22:02 AM

Only if they hold BTC, if they convert straight to fiat as most do then it actaully creates downward pressure on the market.

This is a good point, that often gets overlooked (I know some on here have previously, raised this)

So, with increased BTC retail sales comes increased numbers of BTC being immediately sold for fiat at market, creating downward pressure?

(Inversely, would we be going up without wider merchant adoption??)

At some point, will come the tipping point, where this downwards pressure cannot contain the upwards pressure, Then we will see the next rally.

As an aside, and as a bit of speculation, i can see sideways movement until around the end of May.

This is based on Tera's charts above, and my own (amateur) reading of the ~~tea leaves~~ charts.

minerpumpkin

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A pumpkin mines 27 hours a night

Quote from: rpietila on April 23, 2014, 07:05:37 AM

Breakout is imminent. Good.

(If it goes up, it's about time. If it goes down, it still does not stop bitcoin adoption & infrastructure growth, just makes more coins go from unbelievers to believers and newcomers.)

Good! Care to drop some change in order to kickstart the train? Wink

dreamspark

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Activity: 798

Merit: 1000

Quote from: blatchcorn on April 23, 2014, 06:45:00 AM

Quote from: Post-Cosmic on April 23, 2014, 04:57:36 AM

Is there any evidence to the belief that expansions in the bitcoin ecosystem, services & economy actually increase the price..??

Seriously, merchants don't need to keep 'reserves' of 'BTC change' in their 'digital money registers' like stores do w/ fiat. They aren't interested in speculating in BTC future price rises either. They're in fact wary of it - they just want the extra potential sales & rep from bitcoiners. That's why they use services like BitPay. Payment re-processors such as BPay also are not interested in hoarding or buying crypto. They just facilitate things by accepting a cryptopayment from end users, dumping it at market (or pretty fast in any case), giving the merchant their proceeds in fiat & keeping their cut in fiat.

Those customers, the end-users of all these crypto-friendly merchants & services. THEY are the ones implyingly expected to cause higher prices, by buying moar BTC now that they can shop at a greater variety of places w/ it. But who are the vast majority of cryptocustomers..?? ..BITCOINERS. Enthusiasts. Folks who -already- had their stash & don't mind spending out a little of it here & there. Whatever extra BTC they may buy to shop with will be compensated by what they spend - given that the merchants & payment processors will be dumping the BTC thusly received as payment.

So why in the WORLD is there this MYTH continuing about merchant adoption, growing ecosystem = higher price? Wtf? What am I missing..?

More places to spend Bitcoin = More useful = Higher demand = Higher price

Only if they hold BTC, if they convert straight to fiat as most do then it actaully creates downward pressure on the market.

boumalo

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Activity: 1918

Merit: 1018

Quote from: Cassius on April 23, 2014, 05:22:15 AM

Quote from: rpietila on April 23, 2014, 05:04:32 AM

Quote from: Post-Cosmic on April 23, 2014, 04:57:36 AM

Is there any evidence to the belief that expansions in the bitcoin ecosystem, services & economy actually increase the price..??
...
So why in the WORLD is there this MYTH continuing about merchant adoption, growing ecosystem = higher price? Wtf? What am I missing..?

Welcome to the forum! Hope you've had the good first 6 days. Btw. the question is off-topic for this thread but let's not be picky.

Your question is discussed for example here.

Ok, though it's worth noting that a 'transaction' for bitcoin generally means something different than for PayPal/Mastercard etc - especially at this point.
For current figures, most bitcoin transactions aren't purchases, they're people moving coins to and from exchanges, between their own addresses, etc. Whereas I imagine almost every PayPal transaction is someone buying a Thing of some sort.
No doubt that will change, but the current figures aren't representative of use or adoption.

They still are to some extent; if the transactions represent real people who need to do the transactions; a growing number of transactions means growing adoption

rpietila

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Activity: 1722

Merit: 1036

Breakout is imminent. Good.

(If it goes up, it's about time. If it goes down, it still does not stop bitcoin adoption & infrastructure growth, just makes more coins go from unbelievers to believers and newcomers.)

TERA

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I was drawing a short term chart with a triangle with logarithmic lines. Then I extended it out and discovered I had inadvertently drawn a long term chart as well.

Bonus feature: An observation of 1W EMAs. New candle drawn tomorrow.

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28060. (Read 26710352 times)