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

[jl2012]

Where's the arbitrage? It's still middle of the week. It's ridiculous how inefficient this market is.

Probably bitcoins are bought in China and sold at Bitstamp. The same happened in January with MtGox.
Some insiders expect PBoC FUD soon. It's been quiet for too long.

Buy high sell low? It doesn't make sense

[FNG]

Coinbase undergoing overwhelming buying pressure. Hopefully they'll scoop some up on stamp soon

[fred1111]

Where's the arbitrage? It's still middle of the week. It's ridiculous how inefficient this market is.

Probably bitcoins are bought in China and sold at Bitstamp. The same happened in January with MtGox.
Some insiders expect PBoC FUD soon. It's been quiet for too long.

Buy high sell low? It doesn't make sense

Why not? I do it all the time

[madmat]

Coinbase undergoing overwhelming buying pressure. Hopefully they'll scoop some up on stamp soon

What is your source ?

[Torque]

Coinbase undergoing overwhelming buying pressure. Hopefully they'll scoop some up on stamp soon

What is your source ?

Me, I just bought a bunch of new coins this morning.   

[runam0k]

What is your source ?

Expedia.

[madmat]

Coinbase undergoing overwhelming buying pressure. Hopefully they'll scoop some up on stamp soon

What is your source ?

Me, I just bought a bunch of new coins this morning.   

Do you mean more than 10,000 ?

[Torque]

Coinbase undergoing overwhelming buying pressure. Hopefully they'll scoop some up on stamp soon

What is your source ?

Me, I just bought a bunch of new coins this morning.  

Do you mean more than 10,000 ?

No, me + the 1.3M other account holders on CB.   Imagine what would happen if they all just wanted to buy 1 coin today.  

[FNG]

Coinbase undergoing overwhelming buying pressure. Hopefully they'll scoop some up on stamp soon

What is your source ?

via reddit

 "Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.
Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Tuesday Jun 17, 2014 at 07:12AM PDT.
Note that you can cancel your order at any time up until your bitcoin arrive from the transfer history page.
The market price of bitcoin changes frequently. Below are some recent prices to give you an idea. These do not guarantee what the price will be in a few days."

[falllling]

So many bear traps on teh way to teh top.

You'd have to be a mental patient to sell right now...for reasons other than needing money or buying stuff.

Early days of the awesome news cycle. coinbase is on it and ever expanding their reach. Who can turn down a high value proposition when other billion dollar companies are doing it?

Expedia and Yahoo won't save the price, who can? some one already did it twice today, and guess what, there will be more

[FNG]

So many bear traps on teh way to teh top.

You'd have to be a mental patient to sell right now...for reasons other than needing money or buying stuff.

Early days of the awesome news cycle. coinbase is on it and ever expanding their reach. Who can turn down a high value proposition when other billion dollar companies are doing it?

Expedia and Yahoo won't save the price, who can? some one already did it twice today, and guess what, there will be more

err.uhhh..people having foresight, maybe??

I know it's extremely difficult to see a couple of years into the future. To see superior technology winning out in a market where trillions are at stake. When finance is evolving as fast as the internet itself.

ah fuck it..I need to go lick some stamps and send some letters across the world before I head to the bank to get ass-raped on the wire transfer I'm about to request someone sends on my behalf.

[Parazyd]

Volume is good today on Bitstamp. Gets bigger each day, let's hope people start buying more. I know I am.

[Bitcoin_is_here_to_stay]

Is sending USD to kraken so difficult?

If you live in US you can send them only BTC or other altcoins - I was surprised when they wrote me this and asked them again, but got another canned answer. They customer service is terrible, btw

Precisely, they did not write me it is the rule for people living in US, but that I cannot send them any USD based on my "address". I live in US, I am a citizen, sent them all required documents.

[madmat]

Coinbase undergoing overwhelming buying pressure. Hopefully they'll scoop some up on stamp soon

What is your source ?

via reddit

 "Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.
Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Tuesday Jun 17, 2014 at 07:12AM PDT.
Note that you can cancel your order at any time up until your bitcoin arrive from the transfer history page.
The market price of bitcoin changes frequently. Below are some recent prices to give you an idea. These do not guarantee what the price will be in a few days."

Thanks for your answer. This is a very bullish signal. I don't know how and where they buy bitcoins, but i would like to know.

[ChrisML]

Volume is good today on Bitstamp. Gets bigger each day, let's hope people start buying more. I know I am.

Mjes mjeeees. Let the rally begin, shit's about to get real. WOOP WOOP, Dats da sound of a people buy BITCOINS, woopwoop.

[JimboToronto]

I don't know how and where they buy bitcoins, but i would like to know.

Where do you live?

Most large cities in most developed countries at least have Bitcoin ATMs and many have thriving Bitcoin communities where you can buy bitcoins directly from enthusiasts at Bitcoin centers or meet-ups.

[ChartBuddy]

Explanation

[boumalo]

I don't know how and where they buy bitcoins, but i would like to know.

Where do you live?

Most large cities in most developed countries at least have Bitcoin ATMs and many have thriving Bitcoin communities where you can buy bitcoins directly from enthusiasts at Bitcoin centers or meet-ups.

localbitcoins and exchanges allow to buy BTC as well!

[Torque]

Coinbase undergoing overwhelming buying pressure. Hopefully they'll scoop some up on stamp soon

What is your source ?

via reddit

 "Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.
Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Tuesday Jun 17, 2014 at 07:12AM PDT.
Note that you can cancel your order at any time up until your bitcoin arrive from the transfer history page.
The market price of bitcoin changes frequently. Below are some recent prices to give you an idea. These do not guarantee what the price will be in a few days."

Saw this other explanation of their business model on reddit:

"To explain what they mean by this note you would have to understand their basic business model. In exchange for a 1% margin, Coinbase offers short term loans of USD so that you can buy at the market price today using money that is still in your bank account. To do that Coinbase has to have money in place at an exchange, or close enough to an exchange that the exchange will let them trade with it. When bitcoin is more or less flat, there is very little cash movement, instead some buyers put money in, and some sellers take money out. But during a surge, a lot of money has to move through Coinbase and into an exchange, and the rate at which that can be done is limited by how much cash Coinbase has on hand, how long cash has to sit between transfers, and how long the ACH and international wire transfers take to complete. Divide cash on hand by the total delay time, and you get an approximation of their expenditure limits per day."

So if I'm interpreting this correctly, CB's purchasing of coins is limited by the speed of ACH transfers of new USD to the exchanges.  So what happens 3 business days from now, when their flood of new $ from today's Expedia news finally hits the exchanges?

[madmat]

I don't know how and where they buy bitcoins, but i would like to know.

Where do you live?

Most large cities in most developed countries at least have Bitcoin ATMs and many have thriving Bitcoin communities where you can buy bitcoins directly from enthusiasts at Bitcoin centers or meet-ups.

I was talking of coinbase. I don't know where they buy bitcoins when they don't have enough. I know how to do it for myself.