Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33430.

ElectricMucus

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Quote from: zemario on June 06, 2013, 04:36:29 PM

Quote from: ElectricMucus on June 06, 2013, 04:34:38 PM

Quote from: zemario on June 06, 2013, 04:30:38 PM

True. However, if bitcoin is going to have wider adoption, the price has to go up to accommodate a larger slice of world economy.

The price of Bitcoin is largely irrelevant to economic activity. XRP for instance has a theoretical market cap several times that of Bitcoin, yet nobody really uses ripple right now.

How does a currency provides the nuts and bolts for an economy that has a value flow larger than it?

It isn't flowing, that's kind of my point. As long as the currency sits in every bodies wallets as a "store of value" and so few people are using it as a payment system the discrepancy between the theoretical market cap (all currency times the price) becomes so large that the effect of real economic activity is basically nil.

MAbtc

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Quote from: Rampion on June 06, 2013, 04:39:44 PM

Bubble followed by slow bear market decline is still a possibility, but every day trading on this range is one point more for the "correction" case, and a point less for the "bubble burst" case.

I disagree!

Frozenlock

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I don't see it like that, at all.

The longer it takes before we start going up again, the more bearish I become.

Rampion

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I agree on the fact that the stability we had during the last days is very bullish. After a parabolic growth period that looked and felt like a huge bubble exposed to the eyes of the whole world, BTC is trading at almost x10 the price we had in January ($14). I still can't help thinking that what we had prior April 10th looked indeed like a bubble, but the truth is the price is not reflecting that, the price says we just had a correction during a very significant growth trend.

Bubble followed by slow bear market decline is still a possibility, but every day trading on this range is one point more for the "correction" case, and a point less for the "bubble burst" case.

This time, the train will live the station (again) rather sooner than later.

As I've been repeating since the week after the crash, this is no 2011.

zemario

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Quote from: ElectricMucus on June 06, 2013, 04:34:38 PM

Quote from: zemario on June 06, 2013, 04:30:38 PM

True. However, if bitcoin is going to have wider adoption, the price has to go up to accommodate a larger slice of world economy.

The price of Bitcoin is largely irrelevant to economic activity. XRP for instance has a theoretical market cap several times that of Bitcoin, yet nobody really uses ripple right now.

How does a currency provides the nuts and bolts for an economy that has a value flow larger than it?

justusranvier

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Quote from: zemario on June 06, 2013, 04:30:38 PM

True. However, if bitcoin is going to have wider adoption, the price has to go up to accommodate a larger slice of world economy.

In order for this to happen importers and exporters need to be able to buy and sell $100 million worth of Bitcoins at a time without making the market go crazy:

http://falkvinge.net/2011/06/18/bitcoins-four-drivers-part-two-international-trade/

ElectricMucus

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Quote from: zemario on June 06, 2013, 04:30:38 PM

True. However, if bitcoin is going to have wider adoption, the price has to go up to accommodate a larger slice of world economy.

The price of Bitcoin is largely irrelevant to economic activity. XRP for instance has a theoretical market cap several times that of Bitcoin, yet nobody really uses ripple right now.

zemario

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Quote from: Its About Sharing on June 06, 2013, 04:21:38 PM

Quote from: nmersulypnem on June 06, 2013, 02:55:38 PM

Quote from: Its About Sharing on June 06, 2013, 02:29:52 PM

Quote from: adamstgBit on June 06, 2013, 02:28:39 PM

Quote from: Miz4r on June 06, 2013, 02:26:44 PM

This does look like a classic example of a bear trap, I don't think we're going anywhere. Perhaps we touch 117-118 and then move back to 120.

i think we are going to slowly dip below 115 and then start to pick up speed as we go lower
the bottom is only XX days away!
get your fait ready!

Is this from using your psychic powers or are you basing this on anything? Grin

One important piece of information is the obvious buying/selling disparity. Every time a whale comes in over the last few weeks, they are selling. There have been almost NO whale buyers. That means that people in with the bulk of coins, know that the price is going down. Not to mention, the fact that the price is so easily pushed around by these comparatively tiny whales means that the market is like 80% speculation, 19% volatility bots, and only 1% actual bitcoin economy (not real figures - obviously).

Don't just sit around waiting for the next whale to dump and regret not selling now. Decide on a buy-back number now, and save your bucks for later.

If the whales have been sellers and not buyers over the last two weeks, then how did we go up roughly $10 and then back down to where we are now? And on relatively low volume? Not bad.
I'm not saying you are wrong, but if big sellers in the last two weeks saw us rise up $10 and then back down, doesn't that tell us something else? The market depth might be more manipulation, hard to know.

I don't deny we might head lower. I'm not buying at this level. My biggest concern is the government coming after us openly, not us "dipping" down.
What Bitcoin needs is NO PRICE MOVEMENT, just like we have basically been doing. If we get up there in price it might really come back to bite us with all the attention.
If a price rise happens as currencies are collapsing then we have a chance, as it becomes a store of value and people will fight to keep there money.
I'd say we've almost grown too quick till now, lately. A dip, as much as I don't want it, might be the best thing for us to stay below the radar for a while, but I think the buying will start heavy
at levels much below current levels.

True. However, if bitcoin is going to have wider adoption, the price has to go up to accommodate a larger slice of world economy.

Its About Sharing

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Antifragile

Quote from: nmersulypnem on June 06, 2013, 02:55:38 PM

Quote from: Its About Sharing on June 06, 2013, 02:29:52 PM

Quote from: adamstgBit on June 06, 2013, 02:28:39 PM

Quote from: Miz4r on June 06, 2013, 02:26:44 PM

This does look like a classic example of a bear trap, I don't think we're going anywhere. Perhaps we touch 117-118 and then move back to 120.

i think we are going to slowly dip below 115 and then start to pick up speed as we go lower
the bottom is only XX days away!
get your fait ready!

Is this from using your psychic powers or are you basing this on anything? Grin

One important piece of information is the obvious buying/selling disparity. Every time a whale comes in over the last few weeks, they are selling. There have been almost NO whale buyers. That means that people in with the bulk of coins, know that the price is going down. Not to mention, the fact that the price is so easily pushed around by these comparatively tiny whales means that the market is like 80% speculation, 19% volatility bots, and only 1% actual bitcoin economy (not real figures - obviously).

Don't just sit around waiting for the next whale to dump and regret not selling now. Decide on a buy-back number now, and save your bucks for later.

If the whales have been sellers and not buyers over the last two weeks, then how did we go up roughly $10 and then back down to where we are now? And on relatively low volume? Not bad.
I'm not saying you are wrong, but if big sellers in the last two weeks saw us rise up $10 and then back down, doesn't that tell us something else? The market depth might be more manipulation, hard to know.

I don't deny we might head lower. I'm not buying at this level. My biggest concern is the government coming after us openly, not us "dipping" down.
What Bitcoin needs is NO PRICE MOVEMENT, just like we have basically been doing. If we get up there in price it might really come back to bite us with all the attention.
If a price rise happens as currencies are collapsing then we have a chance, as it becomes a store of value and people will fight to keep there money.
I'd say we've almost grown too quick till now, lately. A dip, as much as I don't want it, might be the best thing for us to stay below the radar for a while, but I think the buying will start heavy
at levels much below current levels.

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

MonkeyIsland

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Quote from: wonkytonky on June 06, 2013, 03:31:44 PM

Quote from: Nightowlace on June 06, 2013, 03:29:38 PM

Well I just sold all of my bitcoins so I can buy back at a lower price. So the price should definitely go UP in a few. Haha

I know this feeling.. I had some big shitty trades lately..

edit: some dude at bitstamp is bying 500btc at 120$

hmzz..

It's the Bitstamp whale. he's got a bot that's been filling up the order book with £3.26 - $126 bids from 117-124 for last few days. made a few coins off him. he's got 100k easy in the market. most above 120 hence the stop at 120. it was 119.96 and he's creeping it up.

Bitstamp is not looking good. I've been messing about the last few days since it's been hot, in the garden with a laptop. the only movement is that guy buying and selling and trying to keep the market up so he can rinse his cash higher up. The ask wall is monumental..

EDIT - quoted the wrong post.. bit drunk.. too many garden beers..

he's moved it up from 119.95 - 120.60 now Tongue

Frozenlock

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Totally unrelated, but following the NSA spying on USA citizens:

crumbcake

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Quote from: phoenix1 on June 06, 2013, 03:37:31 PM

Quote from: crumbcake on June 06, 2013, 03:32:31 PM

Quote from: phoenix1 on June 06, 2013, 03:02:20 PM

10k ... puh ... mid morning snack Tongue

YUP ... going nowhere ... glued to our screens watching little red and green candles move occasionally Roll Eyes

Got booze and fags though, so no worries there ...

You know this doesn't parse well here, across the pond Cheesy

I thought things were getting risque for a second or so Cheesy

What a man does in his own home and all that Wink

Hey, smoke 'em if you got 'em... Whatever that means Cheesy

nmersulypnem

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Quote from: wonkytonky on June 06, 2013, 03:31:44 PM

Quote from: Nightowlace on June 06, 2013, 03:29:38 PM

Well I just sold all of my bitcoins so I can buy back at a lower price. So the price should definitely go UP in a few. Haha

I know this feeling.. I had some big shitty trades lately..

edit: some dude at bitstamp is bying 500btc at 120$

hmzz..

People have been dumping loads of 500 and 1000 BTC every 4 hours on MtGox for the last two weeks. One idiot buying 500 isn't going to get me back in.

gizmoh

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The wall at 123.4 for about 2750 evaporated..I believe it will creep up slowly now.

phoenix1

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Quote from: crumbcake on June 06, 2013, 03:32:31 PM

Quote from: phoenix1 on June 06, 2013, 03:02:20 PM

10k ... puh ... mid morning snack Tongue

YUP ... going nowhere ... glued to our screens watching little red and green candles move occasionally Roll Eyes

Got booze and fags though, so no worries there ...

You know this doesn't parse well here, across the pond Cheesy

I thought things were getting risque for a second or so Cheesy

What a man does in his own home and all that Wink

crumbcake

newbie

Activity: 42

Merit: 0

Quote from: phoenix1 on June 06, 2013, 03:02:20 PM

10k ... puh ... mid morning snack Tongue

YUP ... going nowhere ... glued to our screens watching little red and green candles move occasionally Roll Eyes

Got booze and fags though, so no worries there ...

You know this doesn't parse well here, across the pond Cheesy

I thought things were getting risque for a second or so Cheesy

wonkytonky

sr. member

Activity: 411

Merit: 250

Quote from: Nightowlace on June 06, 2013, 03:29:38 PM

Well I just sold all of my bitcoins so I can buy back at a lower price. So the price should definitely go UP in a few. Haha

I know this feeling.. I had some big shitty trades lately..

edit: some dude at bitstamp is bying 500btc at 120$

hmzz..

EuroTrash

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Dunno... I see no walls anymore Embarrassed

I am kinda missing the times when walls were walls of steel made for men with balls of steel.

Nightowlace

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Well I just sold all of my bitcoins so I can buy back at a lower price. So the price should definitely go UP in a few. Haha

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