BTC - Amazon Conference Call and Bitcoin

BITSTAMP:BTCUSD   Bitcoin / Dolar
Yesterday a few articles came out really getting the herd riled up. Full stampede mode with titles like "More Rumors Amazon Could Accept Bitcoin as All Eyes on Conference Call" with about 70,000 views in one day. Of course it doesn't stop there. On the daily Fx "Bitcoin Pushes Higher on Amazon Rumor". Let's not forget the rumor that paypal accepts bitcoin for payments. I mean seriously they are in direct competition, who makes this stuff up? Go to Paypal and there is no funding option for bitcoin!

Most importantly understand how silly this is from a simple standpoint of, well, ummm, guess who already signed a deal with Amazon? That's right Chase bank and Amazon has a signature card for their customers with great rewards points. Many may not know this but it's JP Morgan/Chase and our coin killer Jamie Dimon is CEO . So do you really think with a partnership like that, Amazon is going to start taking bitcoin next month? HELL NO, But there are those that want to believe. Yes want to believe. The charts are clearly saying something different especially looking at the short and long futures above. But first things first.

This is a conference call for their earning release, nothing else. This happens every quarter. Now if you have ever listened or read the transcripts (and I read all the transcripts of the companies I own long term) I can guarantee without a shadow of a doubt, the questions will be, "how do you plan to compete with walmart's 30 second return policy", "is microsoft gaining on you in the cloud space", "can you provide numbers on whole foods and a guide as to how it is doing", "do you plan on partnering more with kohl's and is there a potential for an acquisition?". There will be big name analysts from large banks all with a time limited question or two. Do you seriously think the Analysts from JPM is going to ask "do you expect to take bitcoin", or do you really think Jeff Bezos will announce during the conference call, "our quarterly earnings from e-commerce grew 12%, whole foods division is up 15%, we are having a price war with msft in cloud space and we are down to $1.50 per terabyte, and OHHHHH By the way, we plan on taking bitcoin!!!

Seriously? This is just like the Ripple conference or better yet the MCO' conference where Visa' somehow was going to be on their card. So don't fall for it!

But looking at the charts this morning I noticed not everyone is buying the news on Amazon. Now I could be wrong but I believe these are long and short futures on Bitcoin . Notice the futures market has a different take on the Amazon news or lack there of then everyone else. I would not be putting to much emphasis on rumors like ripple and the big announcement, monaco and visa, amazon and bitcoin . I do put emphasis on the futures market, and it is saying the rally is, well tiring out.

Just be careful of what you read, and think before you are buying something based on rumor. You buy on fundamentals, you buy on what the chart says, but you never buy because a website looking for clicks tells you what you want to hear!

Good News at Tops? Looks like somethings coming soon.
+1 Balas
@kiheme, It looks that way but I have thought that several times and been wrong so I'm going to wait for it to play out, but I agree a correction is due!
Yea but read what CEO of Paypal said about Bitcoin recently , they just shitscared .

I want crypto to sell & give customers better deals saving 3 +- % I gift Via & Paypal with on every transaction .

They feel the end is near ... But so should Amazon because a Low Crypto goods exchange with LESS GREED will make them obsoletes well .

+1 Balas
goldbug1 casstete
@casstete, I think the savings is more for the merchant. We pay almost 3% of our credit card charges in fees to the credit card companies and payment processors like paypal. To pay 0.25% would be huge for merchants and that's where the benefit of taking cryptos is.

Love your fundamental insights, always look forward to your posts, thank you.
+1 Balas
goldbug1 bambam320
@bambam320, Thank you bambam!
why is the y-axis for two charts on top in the 20,000 range (whats teh unit of measurement here)?

to anyone here -- one word reply should suffice.
+1 Balas
@LXXe, Thta's the number of contracts or short positions.
LXXe goldbug1
@goldbug1, thank you once again for the reply. what level of confidence do you have in the data that the exchanges make available publicly, btw. such as bitstamps in your example above or bittfinex's shorts for instance:
LXXe goldbug1
@goldbug1, your chart mentions "short/long FUTURES", i guess it's not margin shorts then. I ll check it out teh details (like underlying of each contract, delivery month, etc) by going to bitstamp -- still learning as you can see....
+1 Balas
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