Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31353. (Read 26608062 times)
December 05, 2013, 11:01:49 PM
December 05, 2013, 10:50:43 PM
Am I the only one completely unfazed by this drop? Perhaps it is a sign that I have been involved with BTC long enough to understand that what goes up must come down but will eventually go up again? As a newbie I pretty much panicked in April and was depressed when the price dropped after that epic rise but now it just feels normal and almost welcomed to have some drops. Corrections have to happen in the growth process I believe. The great thing I am seeing is that the drops are getting smaller percentage wise. Perhaps due to the larger number of holders and less whales that can manipulate prices?
No. Everyone else is completely unfazed as well. Well damn. I thought I was just personally starting to become "cooler" to these swings. Apparently everyone else is as well.
Yeah, I am much happier now that Barry Silbert has our backs, ready to turn his firehose of fiat on any flash crash.
December 05, 2013, 10:49:40 PM
unfazed yes...feeling a little thin under us here though, hoping for a lower entry point yet
December 05, 2013, 10:47:52 PM
Am I the only one completely unfazed by this drop? Perhaps it is a sign that I have been involved with BTC long enough to understand that what goes up must come down but will eventually go up again? As a newbie I pretty much panicked in April and was depressed when the price dropped after that epic rise but now it just feels normal and almost welcomed to have some drops. Corrections have to happen in the growth process I believe. The great thing I am seeing is that the drops are getting smaller percentage wise. Perhaps due to the larger number of holders and less whales that can manipulate prices?
No. Everyone else is completely unfazed as well. Well damn. I thought I was just personally starting to become "cooler" to these swings. Apparently everyone else is as well.
December 05, 2013, 10:46:35 PM
Am I the only one completely unfazed by this drop? Perhaps it is a sign that I have been involved with BTC long enough to understand that what goes up must come down but will eventually go up again? As a newbie I pretty much panicked in April and was depressed when the price dropped after that epic rise but now it just feels normal and almost welcomed to have some drops. Corrections have to happen in the growth process I believe. The great thing I am seeing is that the drops are getting smaller percentage wise. Perhaps due to the larger number of holders and less whales that can manipulate prices?
Well, it certainly helps when the price is several times above your initial investment. The Silk Road Crash was terrifying for me, and while I made some profit from it it would've been a lot better without the emotion.
But I think you're right. Whales have less influence and apparently cannot topple the market on a whim. We will have to rise much higher for that to happen. I'll be ready.
December 05, 2013, 10:29:14 PM
What about merchants? Can they still accept bitcoin without any problems?
Quote
From the nature point of view, Bitcoin is a specific virtual goods, does not have legal status and monetary equivalent, can not and should not be used as currency in circulation in the market.
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153950799182785/20131205153950799182785_.html
That doesnt necessarily mean what you think it does. Show me documented proof that businesses can't accept something (like a commodity) other than CYN as long as they pay taxes on the profit they received in CYN.
I bet you can't. Thanks for playing.
December 05, 2013, 10:15:16 PM
my prediction for the next few days
Until the Sunday bitpay hits the market?
huh?
There was some discussion about causes for the last two Sunday drops. Someone suggested it was bitpay converting to cash for the weekend sales by their merchants. ::shrug::
December 05, 2013, 10:10:21 PM
Am I the only one completely unfazed by this drop? Perhaps it is a sign that I have been involved with BTC long enough to understand that what goes up must come down but will eventually go up again? As a newbie I pretty much panicked in April and was depressed when the price dropped after that epic rise but now it just feels normal and almost welcomed to have some drops. Corrections have to happen in the growth process I believe. The great thing I am seeing is that the drops are getting smaller percentage wise. Perhaps due to the larger number of holders and less whales that can manipulate prices?
No. Everyone else is completely unfazed as well. December 05, 2013, 10:08:27 PM
Am I the only one completely unfazed by this drop? Perhaps it is a sign that I have been involved with BTC long enough to understand that what goes up must come down but will eventually go up again? As a newbie I pretty much panicked in April and was depressed when the price dropped after that epic rise but now it just feels normal and almost welcomed to have some drops. Corrections have to happen in the growth process I believe. The great thing I am seeing is that the drops are getting smaller percentage wise. Perhaps due to the larger number of holders and less whales that can manipulate prices?
December 05, 2013, 10:04:47 PM
my prediction for the next few days
Until the Sunday bitpay hits the market?
huh?
December 05, 2013, 10:03:43 PM
my prediction for the next few days
Until the Sunday bitpay hits the market?
December 05, 2013, 10:01:44 PM
December 05, 2013, 09:53:39 PM
my prediction for the next few days
December 05, 2013, 09:50:51 PM
If you want to know what is happening just look at the chart on Dec. 2 - we are going through a replay of that algorithm pattern after the big sell-off. I am guessing it will hit close to $1010 over the next three hours. Maybe lower.
Nice call. What happens after we hit 1200?
December 05, 2013, 09:50:41 PM
What about merchants? Can they still accept bitcoin without any problems?
They can only accept them as a commodity, which are not so convenient in accounting and taxing. Therefore, there will be not so many merchants will considering bitcoin as a direct payment currently. There're, however, always work around.According to the same report I mentioned, some merchants are considering using third-part services. I think Bitpay-like services will emerge in China soon. If Merchants only receive fiats from the Bitpay-like services, then they don't have anything to worry about. Bitpay-like services themselves are just doing something like buying 'commodities' and giving back fiats, which is totally legal too.
December 05, 2013, 09:40:15 PM
If you want to know what is happening just look at the chart on Dec. 2 - we are going through a replay of that algorithm pattern after the big sell-off. I am guessing it will hit close to $1010 over the next three hours. Maybe lower.
Nice call. What happens after we hit 1200?
December 05, 2013, 09:36:17 PM
What about merchants? Can they still accept bitcoin without any problems?
Quote
From the nature point of view, Bitcoin is a specific virtual goods, does not have legal status and monetary equivalent, can not and should not be used as currency in circulation in the market.
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153950799182785/20131205153950799182785_.html
December 05, 2013, 09:35:12 PM
December 05, 2013, 09:32:57 PM
What about merchants? Can they still accept bitcoin without any problems?
Yes that's what this all means.
December 05, 2013, 09:32:39 PM
Maybe a little bit obsolete already, but anyway here's something I read from Chinese media:
In China, bitcoin enterprises all think the notice of government published yesterday were very positive news to them. Bitcoin is not recognized as currency means they don't need to get currency related license, which is almost impossible for them to apply. In other words, if bitcoin was recognized as currency, then all the exchanges would have to close immediately because then don't have and will have no way to get currency exchange license. In China, currency exchange is strictly restricted and only some state banks can provide limited service.
Since the government officially announced the bitcoin is a 'virtual commodity', so there's much less policy risks now. More mainstream enterprises are considering bitcoin related business more seriously now.
In China, bitcoin enterprises all think the notice of government published yesterday were very positive news to them. Bitcoin is not recognized as currency means they don't need to get currency related license, which is almost impossible for them to apply. In other words, if bitcoin was recognized as currency, then all the exchanges would have to close immediately because then don't have and will have no way to get currency exchange license. In China, currency exchange is strictly restricted and only some state banks can provide limited service.
Since the government officially announced the bitcoin is a 'virtual commodity', so there's much less policy risks now. More mainstream enterprises are considering bitcoin related business more seriously now.
Excellent.
Anyway, some people are extremely stupid. Any Bitcoin legislation except ban, is very bullish. Legislation means acceptance and that's all Bitcoin needs - safety from governments. Taxes were always on the road, millions and millions are traded daily, if someone thought that won't be taxed soon he is deluded.
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