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

[windjc]

This market is just DYING for some bad news. It can't even keep itself up in anticipation of it.

Maybe so. Let's see how many hours can it keep below 400...

I don't need hours. I need minutes. That how long it takes to sell a bunch of shorts and buy some longs. 

Until the next mindless pump. Then, rinse and repeat.

Meanwhile, while we go to 270 and maybe below, your idea of "buying all the bitcoins" is exactly what we don't need. We need more bitcoins in the hands of more people, not less.

[windjc]

Ya.  I'm pretty pessimistic about our current situation.  I know that all trends will eventually reverse (or maybe not), but I think the 1w and 3d trend says about all there is to say right now.

** Pessimism is a state of mind in which one anticipates undesirable outcomes.

This is one pessimistic comment. More of such comment must be expected before a reversal.

All you need to do is look at the poll in this thread (over 63% of people feel some shade of positive or nothing at all). The optimism here is still off the charts. Its like people refuse to believe that we could be going lower, much lower.

I saw some pain in the Gox fallout, but since then its been sickeningly optimistic - and I mean sickeningly because everyone thought that they were so clever and that the bottom was in and magically fresh fiat would arrive to save the day.

Everyone is still in denial (which is exactly what I voted for in the poll).  Bring on the pain. You guys want this market to go up again?? ---> then welcome the pain.

[cech4204a]

Ya.  I'm pretty pessimistic about our current situation.  I know that all trends will eventually reverse (or maybe not), but I think the 1w and 3d trend says about all there is to say right now.

** Pessimism is a state of mind in which one anticipates undesirable outcomes.

This is one pessimistic comment. More of such comment must be expected before a reversal.

All you need to do is look at the poll in this thread. The optimism here is still off the charts. Its like people refuse to believe that we could be going lower, much lower.

I saw some pain in the Gox fallout, but since then its been sickeningly optimistic - and I mean sickeningly because everyone thought that they were so clever and that the bottom was in and magically fresh fiat would arrive to save the day.

Everyone is still in denial (which is exactly what I voted for in the poll).  Bring on the pain. You guys want this market to go up again?? ---> then welcome the pain.

as you speak more and more new people are adopting BTC, so global acceptance is growing, maybe price will fall but not much, there is everyone ready for jump, thats why optimism.

[akujin]

What if another gox-like dump happen? 62% drop from 430 = hello 266.. LOL!  

[cech4204a]

What if another gox-like dump happen? 62% drop from 430 = hello 266.. LOL!  

any clues ? gox was so obvious that even policemans would see the scam. 1-2 months of delays for withdraws ...cmon where is that in exchanges out there today ? nowhere.

[windjc]

What if another gox-like dump happen? 62% drop from 430 = hello 266.. LOL!  

Pretty much.

There is less support (bid depth) now than there was then. Its just a matter of time before we make a run at 340.

[cech4204a]

What if another gox-like dump happen? 62% drop from 430 = hello 266.. LOL!  

Pretty much.

There is less support (bid depth) now than there was then. Its just a matter of time before we make a run at 340.

3-5 posts earlier you were talking about 270, now it's 340, you have no clue what will happen, you just would like to see low price to jump on train.

[ChartBuddy]

Explanation

[windjc]

What if another gox-like dump happen? 62% drop from 430 = hello 266.. LOL!  

Pretty much.

There is less support (bid depth) now than there was then. Its just a matter of time before we make a run at 340.

3-5 posts earlier you were talking about 270, now it's 340, you have no clue what will happen, you just would like to see low price to jump on train.

What? Ok, since you don't want to actually look at my post history in more detail, let me clarify for you ---> soon, we could make a run towards 340. If that does not hold, then we are in position to fall to 270 in the intermediate future.

If all the chinese exchanges closed within a few days of each other, we could make a run at 270 even sooner.

I don't know if we will, but I have been preaching for weeks, that unless we get some fresh fiat in here, we will continue to go lower.

Look, its Monday - the best day of the week for bitcoin and the market is going lower. Whoduthunkit?

[rpietila]

I don't need hours. I need minutes. That how long it takes to sell a bunch of shorts and buy some longs. 

I am not man enough to do short speculation in this market. Perhaps going speculatively long is my way to go, or just forget about it until there is low-hanging shortable fruit at $7k...

Meanwhile, while we go to 270 and maybe below, your idea of "buying all the bitcoins" is exactly what we don't need. We need more bitcoins in the hands of more people, not less.

When the price goes down, the ownership concentrates (manipulator/whale accumulation, large speculator buying). It's during the booms that new people buy trickles and coins are dispersed. Both are good to keep the coins in the hands that value them the most.

[akujin]

What if another gox-like dump happen? 62% drop from 430 = hello 266.. LOL!  

any clues ? gox was so obvious that even policemans would see the scam. 1-2 months of delays for withdraws ...cmon where is that in exchanges out there today ? nowhere.

Is bankruptcy the only possible reason for an exchange to close?  

[windjc]

I don't need hours. I need minutes. That how long it takes to sell a bunch of shorts and buy some longs. 

I am not man enough to do short speculation in this market. Perhaps going speculatively long is my way to go, or just forget about it until there is low-hanging shortable fruit at $7k...

Meanwhile, while we go to 270 and maybe below, your idea of "buying all the bitcoins" is exactly what we don't need. We need more bitcoins in the hands of more people, not less.

When the price goes down, the ownership concentrates (manipulator/whale accumulation, large speculator buying). It's during the booms that new people buy trickles and coins are dispersed. Both are good to keep the coins in the hands that value them the most.

I don't think a lot of big coin holders are going to buy more coins. Maybe a few.

There might be money on the sidelines, smart people waiting to come in - in a semi-institutional way if the price drops too low.

But if you look closely at the exchanges you can see that its the same players passing the coins back and forth - some losing money (because they are in denial) and some making money (because they aren't).

[cech4204a]

What if another gox-like dump happen? 62% drop from 430 = hello 266.. LOL!  

any clues ? gox was so obvious that even policemans would see the scam. 1-2 months of delays for withdraws ...cmon where is that in exchanges out there today ? nowhere.

Is bankruptcy the only possible reason for an exchange to close?  

still asking, any clues or you are just affraid ?

[rpietila]

I don't think a lot of big coin holders are going to buy more coins. Maybe a few.

There might be money on the sidelines, smart people waiting to come in - in a semi-institutional way if the price drops too low.

But if you look closely at the exchanges you can see that its the same players passing the coins back and forth - some losing money (because they are in denial) and some making money (because they aren't).

The total value in the exchanges is less than $1 billion (WAY less). Your observation is very much true concerning the current state of affairs, and there is nothing that would prevent it from continuing several more months. The prediction contest will quite soon (tomorrow, actually) reveal the crowd opinion about when the rise would start. But similarly as there is nothing that could force it go up now, there is also nothing that can prevent the coming rise when it is due.

If you think I am amongst those in denial, at least I am seasoned enough not to trade now

[cech4204a]

Just to think about... There was 4 days no fresh fiat on bitstamp, at least 3 days on kraken (don't know if fidor worked on friday) and and other exchanges inside EU zone, 2 days (weekend) on other exchanges. Here is also china FUD... So bottom line, we didn't even fall so much  

More optimistic then ever  

very good point, fresh fiat can cause some jump, and people had some time to reconsider investing

[ChartBuddy]

Explanation

[ShroomsKit]

What if another gox-like dump happen? 62% drop from 430 = hello 266.. LOL!  

Pretty much.

There is less support (bid depth) now than there was then. Its just a matter of time before we make a run at 340.

3-5 posts earlier you were talking about 270, now it's 340, you have no clue what will happen, you just would like to see low price to jump on train.

That's how bears roll. Pulling random numbers out of their ass while screaming and crying how the crash is coming. They're not even putting any effort in it.
It's sad. They have no shame.

[TeeBone]

Just to think about... There was 4 days no fresh fiat on bitstamp, at least 3 days on kraken (don't know if fidor worked on friday) and and other exchanges inside EU zone, 2 days (weekend) on other exchanges. Here is also china FUD... So bottom line, we didn't even fall so much  

More optimistic then ever  

^ Exhibit 38492

Windjc, i voted Denial as well. Twilight-zone level. We've got a ways down to go.

[Amechan]

What happened to Loaded?

[akujin]

What if another gox-like dump happen? 62% drop from 430 = hello 266.. LOL!  

any clues ? gox was so obvious that even policemans would see the scam. 1-2 months of delays for withdraws ...cmon where is that in exchanges out there today ? nowhere.

Is bankruptcy the only possible reason for an exchange to close?  

still asking, any clues or you are just affraid ?

Afraid of what? LOL!
It's been hammering bitcoin's price for more than a month now... I can't believe you're too stupid to see that..

Anyway, I'm gonna spoon-feed the moron so here you go. Here's one  
 http://www.cryptocoinsnews.com/news/chinese-bitcoin-exchange-fxbtc-closing-510-unprecedented-pressure-peoples-bank-china/2014/05/02