China hype, Fiat Super Tuesday, why sell now?

We all know if we start the smallest of rallies you'll have 500 guys screaming "load the rocket fuel, to the moon! bull nation holla! get out of the way bears!".

Shit that happens without any news. People are so eager to jump on a rally it won't take much, whether the China news matters, whether Gox even processes the wires tomorrow, who really knows. But if someone with 200-300k starts buying Bitcoins you'll have the forum screaming rally fever. I don't see a big down swing, if you're paying attention and you want to sell, you see what happens and let them have their rally then coin dump. So even sellers are probably going to wait and see what happens.

Someone should just make a new forum name called "Xien Ping Chow" and say how you saw the report and you're now planning to accept Bitcoins at your restaurant in Beijing. People will go ape shit and we'll probably hit $200.  

Clearly you were captain of your high school debating team.

It's the bid and ask walls.

If you go here http://bitcoinity.org/markets you'll see it in 2d.

Notice the wall at 125, you can see the ridge in the 3d graph. Those are snapshots of the wall over the last hour. Very little change at the moment. It's taking the 2d walls, making it 3d, and lining them to give you a differnet view.

Ahhh, okay.

Banks are set to open in Japan in 18 hours. We'd need 20-30k coins dumped in very quick order, with little or no resistance on the way down. Seems like a horrible time to dump that many coins when we're at the end of an extended bank holiday and money starts arriving in under 24 hours. There's also not enough time to crash the price and re-buy. You need to hold the price down in order for asks to build up to buy back through. Otherwise you just push the price right back up and probably don't get back in any lower then you sold.

If you own $1-2M worth of coins right now, I really doubt you're about to flood the market and crash the price. The hype train will be running wild on Tuesday, probably a better day to do it.  

Why would a bunch of new money on Tuesday cause the price to go sub-$100?

General TA question, how do you factor in the order book? Not just in what you're seeing now, but in general when you look over the data. The depth, the consolidation, the consolidation at price points. What percetnage of the asks are real, what percentage get pulled as the bid wall approaches? Does that even matter?

They've been at war with Israel for 60 years. That "end game" has been going on for 1000s of years.

NATO bombing in Libya wasn't really a big deal.

This won't be a big deal. What is going to happen? They'll hate Israel even more? Iran won't do shit. SA won't do shit. Here's a pro tip, they like making money as much as we do. The people in power are billionaires, they like enjoying their billions, status quo works just fine for them. Lots of talk, nothing will come of it.

And it has nothing to do with Bitcoin. This is probably the most retarded thread so far this month.

He's still a hero in my books. 

Someone tell Wallzilla that Monday is a banking holiday in Japan. We need him to get us to Fiat Tuesday at least. That mini-wall at $110 aint helping shit!  

He's gone! God has forsaken us!

It's not about buying BTC. He's stabilizing the market and removing volatility. That wall is preventing the market from going down. The same as the ask walls usually prevent the market from going up.

Any of the big Bitcoin businesses would be interested in stability, including of course MtGox. Arguably, Bitcoin is MtGox. They probably care about the perception of Bitcoin more then anyone. They stand to make 10s of millions if Bitcoin continues to grow. They have the money and coins to do whatever they want with the market. If you owned MtGox, would you "let the market do whatever it wants" or would you "actively protect the market". Seeing as you'd make millions if Bitcoin grows, might perceive volatility as a negative, I'd be surprised if they didn't manipulate things for their own good.

There's also a number of people who have 50k-300k coins who probably have cashed out 1-5M. If I owned that many coins, I'd keep a nice chunk of cash on MtGox to prop up Bitcoin as needed. It's a way of protecting your investment. You can instantly remove panic, calm the market down, just by putting up a wall. Or even buying up coins, reducing supply, calming everything down.

The interesting thing is, the coin dumps have stopped. No one has sold a huge chunk of coins. No one wants to cash out anymore? More evidence the coin dumps are to move the market down, not to take profit. The market is small enough one person can push it up and keep it up. And one person can push it down and keep it down. Which means the market price of BTC has little to do with how well Bitcoin is actually doing. The exchange is its own ecosystem and doesn't directly translate to how well Bitcoin is doing. Price going up doesn't mean Bitcoin is doing well. Price going down doesn't mean it's doing bad. It's a whole bunch of people trying to make some money and Bitcoin is without question secondary on the exchange.

Huh?

Bitcoin is a great transaction currency. Want to buy a bong, double ended dildo, without the govt, your mom, your wife knowing about it? Use Bitcoin! Want to send money around the globe without getting raped by fees? Bitcoin is here to save the day!

There's 10,000s of people using Bitcoin for those two purposes. None of them are trying to "get rich". You're confusing the exchange and Bitcoin. The exchange is an entity on it's own.

I'd argue Bitcoin is way more useful then Facebook, but since I never signed up for Facebook I  might be biased.  

Not enough supernodes.

China is big. Bitcoin wants to be big. Get on the rocket to the moon or be left behind with the other bears!

http://qz.com/74137/six-reasons-why-chinese-people-will-drive-the-next-bull-market-in-bitcoin/