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

[HerrAndreas]

can anyone give me a reason why someone is dumping such an amount on bitstamp?

I simply don´t get it. To me it seems like burning money.

[freebird]

Early signs of other exchanges ignoring and becoming disconnected from stamp as they know that there is irrationality (read: inside trading) going on.

I've been seeing a lot of posts recently claiming that Stamp is going the way of Gox, etc. What is the basis for this claim? Just because the Stamp price is $10 lower than other major exchanges, or is there actually some real evidence to suggest that there's corruption or other problems going on at Stamp?

It's FUD. Pantera / Fortress has $10MM invested in Bitstamp. Pantera has a hedge fund with almost $100MM invested in BTC between 45 individuals. They aren't going to allow Bitstamp to ruin that. CALM DOWN.

http://theblogchain.com/news/pantera-bitcoin-bitstamp/

+1

[JorgeStolfi]

Meanwhile China doesn't give a fuck.

Well, Huobi and OKCoin are reacting.  Volume jumped (even though it is only 6:00 am in China) and price fell some 15 yuan (~2.50 USD).

Bitstamp led this time, right?  The first big dump there was at 21:45 UTC, then 21:46 at BTC-e, Bitfinex, then 21:47 in China.

[freebird]

Yeah Bitfinex might be a better choice than BTC-E, a very legit operation.
But for the time being I think anything is better than stamp.

The bitstamp/bitfinex spread is getting huge. Very strange.

FFS!!

I'll try to answer here: we used to include Bitstamp orderbook into our own orderbook for liquidity purpose. In other words, we were arbitraging between our own platform and Bitstamp. However as we continue to grow we decided to slowly (and I insist on "slowly" withdraw this arbitraging program to let people do the arbitraging themselves. This is why you started to see a difference between the price on our platform and Bitstamp, as arbitraging for third parties is interesting only after a certain threshold (around 1% like now is not a very good opportunities).

http://www.reddit.com/r/BitcoinMarkets/comments/27vq6b/why_the_large_difference_between_bitstamp_and/ci533wg

+1

[boumalo]

What a crazy spread, lol 

20 USD spread its really big.

It is huge

0.002 on btc-e at the moment

620$, I am betting that we won't go too low and we will rebound nicely real fast

[derpinheimer]

Yeah Bitfinex might be a better choice than BTC-E, a very legit operation.
But for the time being I think anything is better than stamp.

The bitstamp/bitfinex spread is getting huge. Very strange.

FFS!!

I'll try to answer here: we used to include Bitstamp orderbook into our own orderbook for liquidity purpose. In other words, we were arbitraging between our own platform and Bitstamp. However as we continue to grow we decided to slowly (and I insist on "slowly" withdraw this arbitraging program to let people do the arbitraging themselves. This is why you started to see a difference between the price on our platform and Bitstamp, as arbitraging for third parties is interesting only after a certain threshold (around 1% like now is not a very good opportunities).

http://www.reddit.com/r/BitcoinMarkets/comments/27vq6b/why_the_large_difference_between_bitstamp_and/ci533wg

Ah, so this is the end of the mixed orderbooks with BFX/Stamp. Still doesnt explain why Stamp is crashing and the other exchanges are just following out of confusion.

[MoreFun]

can anyone give me a reason why someone is dumping such an amount on bitstamp?

I simply don´t get it. To me it seems like burning money.

Two possible reasons:
- manipulation - someone wants price to go down (how succesfull will be seen after he will buy back);
- something is wrong - means someone knows something.

[wiak2]

Yeah Bitfinex might be a better choice than BTC-E, a very legit operation.
But for the time being I think anything is better than stamp.

The bitstamp/bitfinex spread is getting huge. Very strange.

FFS!!

I'll try to answer here: we used to include Bitstamp orderbook into our own orderbook for liquidity purpose. In other words, we were arbitraging between our own platform and Bitstamp. However as we continue to grow we decided to slowly (and I insist on "slowly" withdraw this arbitraging program to let people do the arbitraging themselves. This is why you started to see a difference between the price on our platform and Bitstamp, as arbitraging for third parties is interesting only after a certain threshold (around 1% like now is not a very good opportunities).

http://www.reddit.com/r/BitcoinMarkets/comments/27vq6b/why_the_large_difference_between_bitstamp_and/ci533wg

Ah, so this is the end of the mixed orderbooks with BFX/Stamp. Still doesnt explain why Stamp is crashing and the other exchanges are just following out of confusion.

I enjoy this explanation (whether or not it is true): http://www.reddit.com/r/BitcoinMarkets/comments/27ulda/daily_discussion_wednesday_june_11_2014/ci4pvyb

[Bitcopia]

can anyone give me a reason why someone is dumping such an amount on bitstamp?

I simply don´t get it. To me it seems like burning money.

Two possible reasons:
- manipulation - someone wants price to go down (how succesfull will be seen after he will buy back);
- something is wrong - means someone knows something.

Maybe they just heard about the possibility of a 51% attack for the first time   

[escalicha]

Im thinking on buy stamped coins at 30% off.  

[pinky]

620$, I am betting that we won't go too low and we will rebound nicely real fast

Not much buying going on, we might get below 600.

[Davyd05]

man people with limit orders.. and or fiat on exchange must be getting itchy... think 600 is the bottom of this retracement, if it could get there.

[dnaleor]

just switched to btce from stamp.

and you trust those anonymous russians operating from bulagria more than known people?
 

[hd060053]

all sells on stamp come from one person! what is he doing ?

why would some normal trader sell on stamp for 620 instead of finex on 640.

[MatTheCat]

why such stamp FUD?
Really, I don't see signs why there are problems at that exchange...

Then you need to open your eyes. Please try to make sense of how this is actually just normal. Remember how gox had the most irrational trading going on the last month before it closed? Well, it might not be the case, but do you want to keep your coins there?

And I seem to remember Gox being the exchange that was priced higher than all the rest and we now know the reason for that.

People seem to siding with 'nice' Bitfinex because they aren't dumping and they have been trying to break out, and their price is $20 higher than on Stamp. But of all the exchanges, Stamp is the least likely to Gox is customers. On Stamp there is no leverage, no complex trading options, and thus far less opportunity for profit to be made from insider trading, painting the tape, etc. Bitfinex on the otherhand......oo-er!

A problem with Stamp in recent times has been actually getting money onto the exchange due to their anal-probesque KYC procedures.....Never had problems getting money off the exchange, even when I told them to ram their KYC. But sorry, out of all the exchanges out there, Stamp is the most stable and reliable one.

What I find so peculiar, is why aren't there traders out there who are pouncing on the glut of 'cheap' coins on Stamp and arb-ing them on Bitfinex. These BTC for sale some $20 cheaper on Stamp are real BTC, that can be bought with real money, which can be sent over to Bitfinex and can be sold for an instant $20 easy profit. I aint doing it cos I only got  few grand in Bitcoin and I would rather not do my trading on Bitfinex as I don't trust and like the place.

Also, isn't it funny that Stamp has been the most expensive exchange for weeks and weeks, until we get right to the end of a no doubt highly leveraged ramp up? Isn't it funny how Huobi and Bitfinex have both made break out attempts but stopped when they seen that Stamp wasn't budging? If these whales on Bitfinex and Huobi think that $15-$20 more expensive BTC than on Stamp is worth ramping, then why aren't they buying the cheaper BTC on Stamp (whales have accounts on all exchanges)?

[dnaleor]

maybe we can get an answere for this:

anyone tried to withdraw BTC on bitstamp today ? did it work?

well, if you insist...
I will try to do a large withdrawal in a few minutes. But I'm 99.99% sure it will succeed.

[Davyd05]

just switched to btce from stamp.

and you trust those anonymous russians operating from bulagria more than known people?
 

The FUD runs strong in the fearful bloodstream. The fact a price divergence has caused them to get so ancy shows they haven't vetted the exchanges they chose. Nor are willing to do so with the next choice...I have some alts on btc-e not knocking them, stamp was my first choice when thinking of not nationally based exchanges...Canada has two great choices IMO. VoS and CaVirtEx

[Bitcopia]

just switched to btce from stamp.

and you trust those anonymous russians operating from bulagria more than known people?
 

Known people including Pantera hedge fund.

Also, if Bitstamp was having problems, would you sell you BTC for fiat that is much more difficult to withdraw? No. Price discrepancy should be to the upside if people are panicking to get their money out.

[HerrAndreas]

can anyone give me a reason why someone is dumping such an amount on bitstamp?

I simply don´t get it. To me it seems like burning money.

Two possible reasons:
- manipulation - someone wants price to go down (how succesfull will be seen after he will buy back);
- something is wrong - means someone knows something.

So if I get the idea right for the manipulation scenario to be successful people need to panic sell after the initiating dump has finished to push the price even lower to a level where buying back in makes any sense (profit). I can only see this working if people can be convinced of scenario No. 2.

For scenario 2 to be true it would have to be something not only wrong but also imminent. Otherwise a slower selling approach would give more fiat. So if bitcoin has not ended by tomorrow morning (technically broken or banned in relevant markets) it was just pure market manipulation.

either way, I wish I had more fiat at stamp right now...

[Wandererfromthenorth]

Yeah Bitfinex might be a better choice than BTC-E, a very legit operation.
But for the time being I think anything is better than stamp.

The bitstamp/bitfinex spread is getting huge. Very strange.

FFS!!

I'll try to answer here: we used to include Bitstamp orderbook into our own orderbook for liquidity purpose. In other words, we were arbitraging between our own platform and Bitstamp. However as we continue to grow we decided to slowly (and I insist on "slowly" withdraw this arbitraging program to let people do the arbitraging themselves. This is why you started to see a difference between the price on our platform and Bitstamp, as arbitraging for third parties is interesting only after a certain threshold (around 1% like now is not a very good opportunities).

http://www.reddit.com/r/BitcoinMarkets/comments/27vq6b/why_the_large_difference_between_bitstamp_and/ci533wg

Dude, we have seen that lol

The point is that this explanation doesn't account for the magnitude of the spread and the sporadical dumps that other exchanges don't follow as closely like they used to (they do that with a delay), like  derpinheimer pointed out.

I know that people have invested in Bitstamp, that it has been around blah blah, the point is that the signs are there, like they were there with gox. Considering you could lose a fortune for now just GTFO and run for your life until the situation gets clearer.

If you don't trust other exchanges and you don't wanna sell just put it in cold storage FFS!