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

[yefi]

Why? We are at beginning of the week.

Bearish divergence. Break-out was a failure which shows lagging momentum. I guess things could still turn around, but with Eth stealing fiat inflows, I'd not be confident. The latter should also crash spectacularly at some point.

[1497449260]

1497449260

[BlindMayorBitcorn]

It would have worked, too. I guess I'm the new oracle around here. Defer to my wisdoms!

[bitserve]

Don't do it. Remenber "the markets can be irrational much longer than you can remain solvent".

Because "markets" (especially in cryptocurrency) don't exist, just pump and dumps.  Anyone that's been around a long time can remember 3 years ago when there was a series of good news with places like Newegg and Overstock.com announcing they would accept bitcoin and what happens?  The prices goes down each time.  Then suddenly there's a series of bad news recently with things like ETF being rejected, Bitfinex - the market maker exchange since a price of $200 having Gox-like issues, and what happens?  Price goes up for no reason.

Recently the price went from $1200 to $2800 for no reason, then dumps to $1800 for no reason.  None of it was based on any type of fundamentals, aggregate market, or news.  There is no market, it's just however high some guy like Barry Silbert wants to try and raise it before he dumps on you.  Once they can find nobody to continue chasing their pump, they load up on shorts and create a new bear market on purpose, which is also not based on any type of fundamentals.

In practice, generally anything that's not the unit of account of something is nothing more than a pump and dump.  The only unit of account in the past 5000 years of recorded human history that's not catastrophically imploded is gold and silver.

I am not so sure about that. In fact, yesterday I had a thought: What if 21century was the last one in which PM's had any value? I mean.... times are changing... and there are other stuff that we have been reliying upon for centuries that finally get rid of for a better alternative.

I know, I know, PM's have had value since milleniums ago... but the tech society that is beginning could change many of those ancient customs.

Well, maybe I am wrong and there's still some decades of value left on those PM's but... If I were heavily invested into it I would start diversifying right now. Real state, cryptocurrencies, whatever.... some hedging never hurts.

Plus, almost anything would give you a better ROI than PM's anyways, so what's to lose?

[JayJuanGee]

Why? We are at beginning of the week.

Bearish divergence. Break-out was a failure which shows lagging momentum. I guess things could still turn around, but with Eth stealing fiat inflows, I'd not be confident. The latter should also crash spectacularly at some point.

This is my second time responding to this post - a reformulation of two of my deleted posts...

My great ideas must be shared, no?


Yefi:  You could be correct, but it seems to early to call,no?

I thought that there was a pretty decent potential to be taking advantage of the ongoing momentum in BTC for another 5 weeks or so of upwards price pressures and upwards movement.

If we get derailed at this time, then it is likely that we are not going to have another pump until September or later (after the USAF bullshit finds some kind of path forward)..

Therefore, seems like we gotta have a bit more upwards price movement rather than down in the coming weeks - even if there is simultaneous money flowing into other coins, 

So, even though there still seems to be a lot of money coming into the crypto space... BTC prices are currently floating in the upper $2700s.  We seem to be having a bit of a better recovery from the about 17% correction than I had expected.

Within several hours after the initial correction, I was thinking that the BTC price range was in the about $2,500 to $2,750 territory, and that we were more likely to break downward from that range rather than upwards in the short term, but all in all this correction would be a quickie because we are returning to surpass $3k and to go into the $4k to $6k range...

Now, we are trickling upwards, beyond my initial assessment of the price range and it seems that we are breaking upwards out of the range  rather than down..

 Surely, we are not out of the correction stages, yet... but this current upwards price pressure is feeling kind of bullish.

[Denker]

Coming back nicely from the low of $2480. This looks to be a great trend of powering up to new highs and having healthy pullbacks.

You may be right. But I for myself will not get too excited at the moment. We still could continue moving down or maybe will when Scamthereum has surpassed BTC in terms of marketcap (which is a ridiculous metric as most of us here know). So the noobs and kiddies who came in lately, mostly to make a quick buck, plus the weak hands may shift to other coins or back to fiat. The astroturfing, trolling and shilling will be huuge when this happens! Also the mainstream media will jump on that bandwagon! So be prepared!
Therefore this week could end as a red one, and not green! We will see. My advice: stay calm and hodl! Let the others freak out and run around like headless chickens.

[r0ach]

This is me predicting ETH bubble pop and 5B USD flowing to BTC in next 2weeks:

https://twitter.com/VitalikButerin/status/874521946079232000

How dare you infer Vitalik is a scammer for performing a 1:1 replica of the movie Wolf of Wall street, issuing an IPO for a dodgy proof of stake coin without solving any of the issues that make proof of stake not viable, and then issuing another IPO inside the IPO of the unviable coin.

[luckygenough56]

haha

[Spaceman_Spiff]

This looks like it could be the end of the rally to me, tbh.

Yeah, the fact that we didn't break out when the chart looked so bullish is making me think the party could be over as well.

[BlindMayorBitcorn]

1. This is me socially precommitting that I will not be an advisor for future ICO projects

'I promise never to do it again'.

[Last of the V8s]

blog is worth a look: https://elaineou.com/2017/06/12/tulips-and-token-mania/

[empowering]

News from the front...

$8million in ETH stolen from some gambling DApp. https://etherscan.io/address/0x11b85b4e2fadaebe04a251377aa35b9be3c785f0

$100million in ETH stuck in Bancor with a potentially buggy code.
https://twitter.com/izqui9/status/874304123868516352

If it weren't for the men's pool I'd be short right now.

!RemindMe

oh dear oh dear oh dear

[gentlemand]

He's now Putin's finger puppet so you'd be running a Geiger counter over your cup of tea for the rest of your natural life, which wouldn't be very long.

[empowering]

He's now Putin's finger puppet so you'd be running a Geiger counter over your cup of tea for the rest of your natural life, which wouldn't be very long.

hmmm thats a very very deep pond for a little fish

[gentlemand]

hmmm thats a very very deep pond for a little fish

It just goes to show how utterly and fundamentally different that whole project is. I genuinely couldn't give a shit what it gets up to.

[Elwar]

blog is worth a look: https://elaineou.com/2017/06/12/tulips-and-token-mania/

That is the very first time in history that tulips have been brought up when it comes to cryptocurrency. First time ever.

Is the writer a genius? Amazing that he could find such an event in history and then correlate it to modern technology. Wow. Absolute genius.

[Torque]

blog is worth a look: https://elaineou.com/2017/06/12/tulips-and-token-mania/

I guess history is destined to repeat. Over and over again.

The first company I witnessed to basically pre-mine all their coins, crowdsale the majority (~80%) of their coins to a select few investors (in return for btc I might add), and allow the remaining tiny float to be bid up quickly by Average Joe retail buyers was Nxt. Nxt had a single developer who basically controlled everything. The source was closed, at least in the beginning. And we can see from history how that all turned out. (Of course Nxt is getting pumped again now like every other shitcoin).

And Nxt arguably had an actual working wallet before they even did their crowdsale, and was working on an integrated marketplace. These Eth ICOs have nothing but slick marketing and over promises.

Someone correct me if I got the facts wrong.

[gentlemand]

The question is is bitcoin considered removed enough not to be impacted when it all goes down in flames? I'd like to think yes but the head is saying something else.

[bitserve]

blog is worth a look: https://elaineou.com/2017/06/12/tulips-and-token-mania/

I guess history is destined to repeat. Over and over again.

The first company I witnessed to basically pre-mine all their coins, crowdsale the majority (~80%) of their coins to a select few investors (in return for btc I might add), and allow the remaining tiny float to be bid up quickly by Average Joe retail buyers was Nxt. Nxt had a single developer who basically controlled everything. The source was closed, at least in the beginning. And we can see from history how that all turned out. (Of course Nxt is getting pumped again now like every other shitcoin).

And Nxt arguably had an actual working wallet before they even did their crowdsale, and was working on an integrated marketplace. These Eth ICOs have nothing but slick marketing and over promises.

Someone correct me if I got the facts wrong.

I don't know about NXT. But I have go on my analysis on random ICO's....

Let's see now Monaco... It's basically another bitcoin/ethereum debit card, something like Xapo. The funny thing is that the ICO is currently now on progress. Atm they have got around 50 million$ in ETH.... Yep, 50 million dollars for launching a debit card.... SOmething that could be done with much less than 1 million. Oh, and the ICO haven't finished yet...

I remember the time when the LUCKY startups that convinced some VC, got a few hundred thousands to take off, then some more AFTER hitting roadmap milestones, etc etc....

But now we have crowdsales that give the founders as much money as if they already invented the next Google... without not even a PoC.

Oh, and what to say about that board members... tens of them needed for a single stupid idea that needs almost no development? Really? And do investors need to pay some salary to them all?

I am thining about launching my own ICO. I will name it ScamICO (SICO) and I am sure it will be a fucking disaste, because, unlike the rest, I will be the only one delivering exactly as promised. Mmhhhh, on second second I wouldn't be surprised if some people handed me a few millions without even reading the name. Maybe I should do it... Anyone on board?

[empowering]

hmmm thats a very very deep pond for a little fish

It just goes to show how utterly and fundamentally different that whole project is. I genuinely couldn't give a shit what it gets up to.

..... agreed.

Though what they appear to be getting up to is......  troubling.


The amount of money involved in the project vs "Ethereum as is in 2017"   is SEVERELY out of kilter.

Ho hum..


Popcorn

[600watt]

blog is worth a look: https://elaineou.com/2017/06/12/tulips-and-token-mania/

I guess history is destined to repeat. Over and over again.

The first company I witnessed to basically pre-mine all their coins, crowdsale the majority (~80%) of their coins to a select few investors (in return for btc I might add), and allow the remaining tiny float to be bid up quickly by Average Joe retail buyers was Nxt. Nxt had a single developer who basically controlled everything. The source was closed, at least in the beginning. And we can see from history how that all turned out. (Of course Nxt is getting pumped again now like every other shitcoin).

And Nxt arguably had an actual working wallet before they even did their crowdsale, and was working on an integrated marketplace. These Eth ICOs have nothing but slick marketing and over promises.

Someone correct me if I got the facts wrong.

ICO´s are scams. a few minutes to gain $ 50 million for a small software project?? my ass.

isn´t it ironic that bitcoiners who get labeled by outsiders as delusional greedy fuckers see THE REAL GREED, see people on the verge of ruining themselves, and are all of a sudden conservative, sane investors... ?!  

lawmakers will outlaw all alts and recognize bitcoin only.