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

[ChartBuddy]

Explanation

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[User705]

More fiat on the bid side, yes, but not a lot more.
Combined Bitstamp, BTC-E and Bitfinex have about 20M$. MtGox is dead and can't provide support.
The only thing keeping the price from dropping hard is limited seller pressure, compared with June 2013.
And back then Gox was still the leading exchange and had about 15M$ on the bids.
If there will be a serious Chinese fallout, not FUD and bad news, but coins coming from China en masse, bulls will become corned beef.

Only 20M$ ?!  That's just 10 days worth of new XBT generated.  If that's an accurate number prices will go lower.

[adamstgBit]

More fiat on the bid side, yes, but not a lot more.
Combined Bitstamp, BTC-E and Bitfinex have about 20M$. MtGox is dead and can't provide support.
The only thing keeping the price from dropping hard is limited seller pressure, compared with June 2013.
And back then Gox was still the leading exchange and had about 15M$ on the bids.
If there will be a serious Chinese fallout, not FUD and bad news, but coins coming from China en masse, bulls will become corned beef.

Only 20M$ ?!  That's just 10 days worth of new XBT generated.  If that's an accurate number prices will go lower.

ya but low volume days still trade over 2 million. and thats just bitstamps.

the depth chart doesn't say much... but its fun to look at!

[ChartBuddy]

Explanation

[Erdogan]

ccmf -> blub blub blub

[ChartBuddy]

Explanation

[mogrith]

Ban Tide it buys more drugs than BTC
http://nymag.com/news/features/tide-detergent-drugs-2013-1/index1.html

I have a little chuckle to myself every time Jorge mentions silk road as having a negative effect on price.

You do realise Jorge that there are more listings on SR 2.0 than was on the original silk road at the time it was taken down. Thats not to mention the other market places such as Agora that are doing a lot of business. Thats the thing with decentralization and prohibition. Its unstoppable.

Well, there are many FBI agents dreaming of promotion, and the original SilkRoad was not enough for all of them.  

Seriously, I haven't paid much attention, but wasn't there a big hack/scam on SilkRoad 2.0 ?
http://beta.slashdot.org/submission/3340235/silkroad-20-hacked-all-bitcoins-stolen
http://bitcorati.com/forum/topic/silkroad-2-0-finally/

While the advantages of bitcoin for buying illegal drugs and guns may make bitcoin more popular among drug users, gun crazies, and mobsters, it is a negative feature for most everyone else, including potential investors and entrepreneurs.  Like the "election" of Brock Pierce to the board of the Shrem Karpeles & Friends Foundation...

Yeah but like all businesses that take loses you move on. Im not saying that the theft was legit etc just thats what a business does. I don't get the relevance that has to your proclamation that SR bust had a lasting negative effect on price.

I don't disagree with you about the image but that doesn't directly relate to price. Drugs in general have a pretty bad image but they're darn expensive

You say that it a negative feature for most else but why don't they see that as a negative feature of fiat? Or are we being hypocritical?

The answer to your points every time though in regards to Bitcoin and drugs/crime is $$$$. Plain and simple. Plus not only because most crimes involving money use the $, £ etc but also what big time criminal, drug dealer or arms dealer would want to hold and transact in BTC for large amounts!!!!

Major criminals don't want to hold BTC for the same reason you claim no one should be investing in, volatility, pyramid scheme, can't gurantee value etc etc. Explain this to me as well then. Im fat Tony and I've just done a big arms deal for BTC Ive got people to pay who don't want BTC and I need to buy my wife some nice things. How do I go about liquidating say $5mm worth of Bitcoin or around 10,000 BTC ?

Not only would it be difficult to use an exchange due to KYC, AML, bank transfers but look at the volumes recently trying to liquidate that many coins is not easy in fact almost impossible if you agree a $ to BTC rate when you make the deal. You would end up loosing way more than the agreed deal due to not being able to liquidate that many coins at spot price. Do you see the issue here in an argument that many millions of dollars of criminal activity is done in BTC. Im talking actual criminals here not just someone selling a bit of weed.

[derpinheimer]

Rumors , rumors but whenever I hear about the importance of China I feel like puking.
It was a pump based on fake volume and assumptions.

And what is worse , right now people believe that without China we should go back to 100 and ignore every progress made from last autumn.

Actually it is only the koalas who say that.  Real grizzly bears believe that the jump of April 2013 was due to China too (specifically, to Bobby Lee taking over BTC-China), so this is what will happen when China withdraws:

(Actually that is still a rather timid Grizzly because it assumes that the exponential trend before April 2013 has not been affected by MtGOX, Neo&Bee, SilkRoad, etc.)
 

Whoever has the thought process behind this chart is just stupid. For this to happen, every coin that was bought since April '13 would have to be sold to bring it back down. Oh wait, we have more fiat on the bid side to keep it from going back that low. Oh, and what about all the people that bought since then and are hodling. So yeah, this is pretty much impossible (unless extremely bad news comes)

PS. Im all in now so CCMF

The chart is extraordinarily stupid, but nothing makes double digits impossible. Theres something like 15mil coins now. Very, very easy for double digits.

[ChartBuddy]

Explanation

[akujin]

giraffe pattern complete! And now, will it eat grass or leaves up in a tree?

[adamstgBit]

[ChartBuddy]

Explanation

[adamstgBit]

do you choose to go the the moon?

[Bitcoin_is_here_to_stay]

It's Thursday, is this just the Bitcoin Investment Trust on its weekly shopping spree?

Yeah, this time they bought ~341 BTC.

Actually, I am not sure if it is bullish - they keep buying but the price stays the same. Think what would happen if they would stop buying - or start selling.

[fr33d0miz3r]

True bear market 

https://www.youtube.com/watch?v=70Quz7DOu4I

[herzmeister]

http://www.coindesk.com/bitpay-toshiba-partnership-bitcoin-6000-merchants/

so?

[JayJuanGee]

It's Thursday, is this just the Bitcoin Investment Trust on its weekly shopping spree?

Yeah, this time they bought ~341 BTC.

Actually, I am not sure if it is bullish - they keep buying but the price stays the same. Think what would happen if they would stop buying - or start selling.

I wouldn't think too much about it... hehehe.

[nioc]

do you choose to go the the moon?

There is no air on the moon.  No gentle breeze carrying the sweet smell of flowers.

[Bitcoin_is_here_to_stay]

It's Thursday, is this just the Bitcoin Investment Trust on its weekly shopping spree?

Yeah, this time they bought ~341 BTC.

Actually, I am not sure if it is bullish - they keep buying but the price stays the same. Think what would happen if they would stop buying - or start selling.

I wouldn't think too much about it... hehehe.

Why? They sort of have a "ticking bomb" design - you are only allowed to sell after holding for 6 months. So they may have many investor who bought high and want out, but they have to wait some time, until this 6 months will pass.

[JorgeStolfi]

It's Thursday, is this just the Bitcoin Investment Trust on its weekly shopping spree?

Yeah, this time they bought ~341 BTC.

Actually, I am not sure if it is bullish - they keep buying but the price stays the same. Think what would happen if they would stop buying - or start selling.

I have seen many claims that they buy off-market.