goldbug1

BTC - Amazon Conference Call and Bitcoin

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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!



Comments

"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! " This is the point @goldbug1 thanks for expose your ideas!
+4 Reply
goldbug1 hmborges
@hmborges, Absolutely correct, it's amazing how quickly people hear what they want and rush into something! Thank you for the comment!
+4 Reply
Can always rely on you for level-headed analysis. Love your work
+4 Reply
goldbug1 BlakeMatthew
@oldwomann1, Thank you ma'am!
+1 Reply
This bad boy still killin it ;)
+4 Reply
goldbug1 faboose
@faboose, So far so good! That's a big run without a correction but if anything can do it it is bitcoin! Thanks for sharing!
Reply
So is Amazon taking bitcoin or not?
+3 Reply
NZBitcoin dingdongmerrilyonhigh
+3 Reply
Box1515 dingdongmerrilyonhigh
Reply
hope ebay follow it too $$$$$$$$$$$$$$$$$$$$$$$$$$
+3 Reply
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