A healthy ask sum has been restored on the other exchanges, where sellers actually have a reason to sell their coins (other than buying back lower).
Bitstamp had gotten down to 9K and how it is back to 16K.
Btcchina had gotten down to almost nothing and now it is back to 6K.
Millions of Yuan are flowing into btcchina.
If someone can prove that China is somehow a fake pump then I will rest my case.
|
|
|
I'm waiting for a big correction down to much lower levels.
It would appear that China isn't letting that happen right now. Everything has been distorted by China and I don't know how to the read the charts anymore. I used to be a bear and then around 125 I turned bull as soon as I saw the Chinese exchange volume growth.
|
|
|
Bid depths have exploded overnight. On gox, about $2M bid depth was just added between $165 and $175. On btcchina, about ¥2M have been added. Bitstamp added another $100K. Last time this happened, we took off from $110.
|
|
|
The price would crash due to a significant increase in supply and reduction in demand as all of the law abiding users dump their coins. Speculation about bitcoin attaining mass adoption as a legitimate payment system will end.
|
|
|
I think after yesterday's action we can finally relinquish our fears that the order books are going to run out of btc. Now withdrawal is another issue...
|
|
|
Later followed by something like this?
|
|
|
The battle over 1000 yuan... who will win!?!
First there was the battle over 100USD. Then the batle over 100EUR. Now it is the battle over 1000YUAN. What next?
|
|
|
Massive head and shoulders will crash to ~$40 in the next few days. I guarantee it*
*This prediction is intended solely for information purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or sell or trade in any commodities, securities, or currencies herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. In no event should the content of this report be construed as an express or implied promise, guarantee or implication by or from Derpinheimer.
I see a cup and handle on the weekly. These are notorious solid bull signals. I see only a cup.
|
|
|
Are you sure it wasn't people who knew about silkroad somehow?
|
|
|
Gox just did over 50K volume!
|
|
|
Whoa where did gox get 55K volume? I thought it was dying. Do bots just like collectively losing fees?
Just because some idiots run around screaming about it all the time doesn't mean it is dead. You're right. It actually lead the rally on the last leg up. However, it really amazes me why so many people still use it. Its almost like psychotic nostalgia. Its obviously a high risk exchange with even higher prices. I guess its more volatile though, so better still for daytraders. I've found, for smaller players, the high fees tend to outweigh the the extra volatility gains over time. Whenever you take a position, if something changes and now you decide you need to sell, sometimes you can't do it without taking a large loss. I'm thinking of just withdrawing the coins I have on gox and making that those the coins that I just hold and don't attempt to trade.
|
|
|
So I was under the impression that bitcoin had grown to where bitstamp and btcchina (and the mass collective of chinese exchanges) were the new market leaders with their high volume, liquidity, and solvency. I thought that gox was now a zombie of bots and traders that followed these new market leaders and that the market leaders made their own decisions based on the inflow/outflow of new money.
That was until gox broke 180 last night. When gox broke 180, ask depth was under 20K and there were no longer any walls on the entire order book - just a straight line, so naturally the bots started pushing it up and people there started panicking to buy any coins while they still could before they were trapped or missed the train. An invevitable an meaningless movement, I thought. But then, 30 seconds later, the other exchanges started panicking too and following gox with massive buys. Then, naturally, because gox was rising too fast and there was no bid depth, it fell back down. Another inevitable and meaningless movement, I thought again. But once again 30 seconds later the other exchanges then started PANIC SELLING MASSIVE amounts of coins, following gox.
BTCE was the worst of all. They were first to panic before bitstamp even moved. The retards there dropped it all the way to _145_ after gox had retraced merely to 185 and bitstamp was still at 165. What the hell? Btce first broke 145 much earlier in the previous day when bitstamp was still _152_ and gox was only _165_. That made no sense at all. So if you spent the any time the past 24 hours strategically making the right buys or holds based on the other exchanges, you had just wasted all your time and efforts and you could have just bought at the bottom of that 145 candle when gox retraced to 185... Good job retards! Anyway btce is off-topic.
My question is... Why are the other exchanges following gox again? This gives me a feeling something shady is going on and the system hasn't really grown as much as we had thought.
|
|
|
Whoa where did gox get 55K volume? I thought it was dying. Do bots just like collectively losing fees?
|
|
|
I think we finally hit the "$167 resistance" but at $177 because gox is inflated due to its insolvency. The number to look for was... $161 on bitstamp.
keep believing it's insolvent. Could you please provide evidence that gox is solvent? There are threads about it all over this forum and no answer.
|
|
|
I think we finally hit the "$167 resistance" but at $177 because gox is inflated due to its insolvency. The number to look for was... $161 on bitstamp.
|
|
|
Makes me wonder if this will be the second giant crash of BTC. Surely the price of Bitcoin is rising too fast for it to sustain itself.
Bitcoin has risen only 14% after breaking out of a 2 month long consolidation.
|
|
|
I'm not promoting litecoin or making any implications. All I'm saying is mathematical calculations about litecoin supply are more complicated than "4x bitcoin". I'll admit some of my information about numbers I posted about bit coin may be wrong. That'll be easier than proving each one. Thanks. Let's chill out and buy some sexcoins (I don't think there's a fuckcoin).
|
|
|
Why would news of gox insolvency cause gox to lead a crash? Selling will not help the user as they cannot withdraw. It seems to be the reverse where panic is driving the gox price upwards. Even if btc cannot be withdrawn also, the user would probably want to hold btc vs USD since btc is in a bull market, and its much more likely they'll someday get the ability to withdraw BTC vs USD.
Because thousands of people losing their money through insolvency would create a short term negative view of bitcoin. Just like the end of silk road did. You are thinking about it too much. Its pretty simple that short term it would create a crisis of confidence and negative publicity. Mtgox wouldnt crash. It would close. The other markets would crash. Temporarily. I was addressing the guy who said mtgox itself would crash and lead the other exchanges.
|
|
|
There is a lot more to litecoin supply than "4x as many as bitcoin".
First, consider the distribution of bitcoin. Millions are lost, satoshi holds a million, winklevoss holds a million, dpr /feds hold 629k, and large businesses have holdings with no intent to sell. All in all, there are probably about 2 million btc available for trading by speculators. Now consider litecoin. All of the current 20 million lite coins are in play and held by speculators. This makes the supply 10 times as heavy as btc. Also, most of these speculators are waiting to dump during a mtgox IPO.
Second, the mining suuply is actually 8 times greater than that of bitcoin. There are 4 times as many blocks and twice the present block reward. So there is also a heavy constant stream of supply on top of the huge existing supply.
This is why litecoin can trade 3,000,000 ltc in a day and close the day at only a few percent difference. Imagine if btc traded 3,000,000btc in a day, or 750,000btc even. It would shoot up into the moon.
|
|
|
|