Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33247.

BitPirate

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RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Quote from: sarc on June 08, 2013, 03:44:59 AM

Quote from: ?? on ??

EDIT: Yeah, some would like an immediate dump to $50 to buy cheaper, but is that really better for BTC than a slow(ish) decline like this, even if it takes weeks ?

I keep thinking about plasters. I don't like it, but I know that sucker's gotta come off.

The longer it stays inflated, the greater the long term hurt. IMHO.

Also, why let the whales cash out at your expense?

Well, we could crash to 50 then have another long slow slide. For BTC to be an attractive large investment, the future price target must be high above the current level. If those investors aren't buying in now, nothing says they will buy in at $50. And if you're looking for increased mass adoption, a dump to $50 at s time when it is difficult for them to transfer in money, will NOT have the punters queuing up to buy.

Miz4r

legendary

Activity: 1246

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The case for a trend reversal

Everyone is a bear now, who is left to sell?

100 is an important psychological barrier, it could be the point where the trend reverses

Whales will buy back when they give up hope of seeing double digits, once buying pressure starts to build up it will be the signal they need to buy back in which will bring in more whales

Trend of higher lows since the crash: 50 - 79 - 98 - 103 - 105?

sarc

member

Activity: 98

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Quote from: ?? on ??

EDIT: Yeah, some would like an immediate dump to $50 to buy cheaper, but is that really better for BTC than a slow(ish) decline like this, even if it takes weeks ?

I keep thinking about plasters. I don't like it, but I know that sucker's gotta come off.

The longer it stays inflated, the greater the long term hurt. IMHO.

Also, why let the whales cash out at your expense?

BitPirate

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Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Quote from: lucas.sev on June 08, 2013, 03:16:32 AM

Quote from: BitPirate on June 08, 2013, 03:12:31 AM

I find it easier to pay for some things with Bitcoin than fiat. It only takes a couple of clicks.

The key is how you buy the bitcoins. I happen to have some, so it's easier. Buying them is also still relatively easy. If I had to wire money each time, it wouldn't be worth it.

In terms of *receiving* money, I'd rather have BTC (for the aforementioned reason) than USD or other fiat, and prefer BTC over PayPal or other reversible payment methods.

It's still small, but the potential is there. Try to look into the future a bit.

Yeah the key is how you buy the bitcoins. I am talking from a perspective of a person watching BBC not a BTC miner. Why would a person watching BBC want to buy something with BTC when they can use what they have already (traditional methods) - the only reason to go into BTC for them, other than speculation is to use it on silkroad. At least for now, BTC poses no advantages to them to justify fiat -> btc -> service/good route, of course with exception of silkroad. (I am not talking about store of value and speculation here)

Store of value is directly relevant to the discussion though. They are not mutually exclusive factors. Because if you own BTC you are (obviously) more likely to spend BTC. If BTC increases in value you are more likely to jump through the hoops to buy. If more people own BTC there will be more opportunities to spend it.

Currently it's a chicken and egg argument -- which is one that neither of us can win. It appears you've been trying to win that argument since day one on this forum. You're wasting your breath.

sarc

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Quote from: BitPirate on June 08, 2013, 03:20:29 AM

Another likely scenario is that we just hover around here for another 3 months with minimal volume, growing back some balls.

I don't pretend to be able to see the future, but I can sometimes see things that have no future. ^^this.

free yourself brother...

BitPirate

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Activity: 238

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RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Another likely scenario is that we just hover around here for another 3 months with minimal volume, growing back some balls.

... Of course, when we finally break out to the upside, rally will be killed off by a dumper within a week before a new trend can be decisively established. :-(

lucas.sev

sr. member

Activity: 252

Merit: 250

Quote from: gizmoh on June 08, 2013, 03:17:39 AM

The case for continuing downtrend:

The whales are not buying back. There is no buying pressure.

The price is hovering around 110 with low volume just like previous support at 120.

Another big dump comes in at 105 and all hell break loose.

Hello 100 and double digits..

I will welcome them with open arms Grin

gizmoh

legendary

Activity: 1428

Merit: 1000

The case for continuing downtrend:

The whales are not buying back. There is no buying pressure.

The price is hovering around 110 with low volume just like previous support at 120.

Another big dump comes in at 105 and all hell break loose.

Hello 100 and double digits..

lucas.sev

sr. member

Activity: 252

Merit: 250

Quote from: BitPirate on June 08, 2013, 03:12:31 AM

I find it easier to pay for some things with Bitcoin than fiat. It only takes a couple of clicks.

The key is how you buy the bitcoins. I happen to have some, so it's easier. Buying them is also still relatively easy. If I had to wire money each time, it wouldn't be worth it.

In terms of *receiving* money, I'd rather have BTC (for the aforementioned reason) than USD or other fiat, and prefer BTC over PayPal or other reversible payment methods.

It's still small, but the potential is there. Try to look into the future a bit.

Yeah the key is how you buy the bitcoins. I am talking from a perspective of a person watching BBC not a BTC miner. Why would a person watching BBC want to buy something with BTC when they can use what they have already (traditional methods) - the only reason to go into BTC for them, other than speculation is to use it on silkroad. At least for now, BTC poses no advantages to them to justify fiat -> btc -> service/good route, of course with exception of silkroad. (I am not talking about store of value and speculation here)

BitPirate

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Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Quote from: lucas.sev on June 08, 2013, 03:02:57 AM

Quote from: ShroomsKit on June 08, 2013, 02:38:05 AM

Quote from: lucas.sev on June 08, 2013, 02:28:36 AM

Thing is drugs are the only thing that bitcoin is better to be used for buying instead of fiat.

Really? I'm pretty sure that 99% of the drug dealers out there prefer real money.

You are pretending not to understand what I meant or should I explain?

I find it easier to pay for some things with Bitcoin than fiat. It only takes a couple of clicks.

The key is how you buy the bitcoins. I happen to have some, so it's easier. Buying them is also still relatively easy. If I had to wire money each time, it wouldn't be worth it.

In terms of *receiving* money, I'd rather have BTC (for the aforementioned reason) than USD or other fiat, and prefer BTC over PayPal or other reversible payment methods.

It's still small, but the potential is there. Try to look into the future a bit.

wonkytonky

sr. member

Activity: 411

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Quote from: Coinseeker on June 08, 2013, 01:10:31 AM

You know, what confuses me about this drop, is it doesn't appear to be triggered by anything. I've been a firm believer that we would retest our lows in the 60-80 range at some point, but I always assumed it be triggered by some major news event. How sick would it be if this was the ultimate bear trap. Shake all the weak hands and run it up to 500. Shocked

the 8k wall can do whatever he wants

.. if he feels we hit bottom.. it's time for the other way to make profit ..

ShroomsKit

hero member

Activity: 672

Merit: 500

Quote from: lucas.sev on June 08, 2013, 03:02:57 AM

Quote from: ShroomsKit on June 08, 2013, 02:38:05 AM

Quote from: lucas.sev on June 08, 2013, 02:28:36 AM

Thing is drugs are the only thing that bitcoin is better to be used for buying instead of fiat.

Really? I'm pretty sure that 99% of the drug dealers out there prefer real money.

You are pretending not to understand what I meant or should I explain?

I guess i don't understand what you mean then?

Edit: i got it.

lucas.sev

sr. member

Activity: 252

Merit: 250

Quote from: ShroomsKit on June 08, 2013, 02:38:05 AM

Quote from: lucas.sev on June 08, 2013, 02:28:36 AM

Thing is drugs are the only thing that bitcoin is better to be used for buying instead of fiat.

Really? I'm pretty sure that 99% of the drug dealers out there prefer real money.

You are pretending not to understand what I meant or should I explain?

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

ShroomsKit

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Quote from: lucas.sev on June 08, 2013, 02:28:36 AM

Quote from: ShroomsKit on June 08, 2013, 02:20:22 AM

Quote from: bangersdad on June 08, 2013, 12:58:25 AM

BBC One in UK has just had its first feature on bitcoin on its technology section.

Seemed to be fairly impartial -mentioning many benefits of bitcoin but also silk road association.

When will people get over the fact that people buy drugs with Bitcoin. JUST like any real world money.

Thing is drugs are the only thing that bitcoin is better to be used for buying instead of fiat.

Really? I'm pretty sure that 99% of the drug dealers out there prefer real money.

pennywise

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Activity: 73

Merit: 10

Quote from: lucas.sev on June 08, 2013, 02:28:36 AM

Quote from: ShroomsKit on June 08, 2013, 02:20:22 AM

Quote from: bangersdad on June 08, 2013, 12:58:25 AM

BBC One in UK has just had its first feature on bitcoin on its technology section.

Seemed to be fairly impartial -mentioning many benefits of bitcoin but also silk road association.

When will people get over the fact that people buy drugs with Bitcoin. JUST like any real world money.

Thing is drugs are the only thing that bitcoin is better to be used for buying instead of fiat.

No, its better for porn and gambling too. And it's better for some difficult to reach payments like those to defdist, wikileaks and such.

The biggest problem of btc adoption right now is its high volatility, making it unfriendly for store of wealth. Thus, making payers go through an expensive process of money exchanging.

lucas.sev

sr. member

Activity: 252

Merit: 250

Quote from: ShroomsKit on June 08, 2013, 02:20:22 AM

Quote from: bangersdad on June 08, 2013, 12:58:25 AM

BBC One in UK has just had its first feature on bitcoin on its technology section.

Seemed to be fairly impartial -mentioning many benefits of bitcoin but also silk road association.

When will people get over the fact that people buy drugs with Bitcoin. JUST like any real world money.

Thing is drugs are the only thing that bitcoin is better to be used for buying instead of fiat.

sarc

member

Activity: 98

Merit: 10

Quote from: Coinseeker on June 08, 2013, 02:19:28 AM

It's going to be interesting the next few days, that's for sure. Just glad I got fiat should this continue to do what I suspect it's going to do when that million+ wall falls.

In the current climate, big bid wall = slip avoidance mechanism.

less a brick wall, more a rubber mat in the shower.

MikeH

sr. member

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Quote from: lucas.sev on June 08, 2013, 12:15:04 AM

We now have picture of shit dissolving in water, whats next? Undecided

ShroomsKit

hero member

Activity: 672

Merit: 500

Quote from: bangersdad on June 08, 2013, 12:58:25 AM

BBC One in UK has just had its first feature on bitcoin on its technology section.

Seemed to be fairly impartial -mentioning many benefits of bitcoin but also silk road association.

When will people get over the fact that people buy drugs with Bitcoin. JUST like any real world money.

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