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

[ChartBuddy]

Explanation

[1715206990]

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[1715206990]

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[aminorex]

merchants would not convert btc>fiat using public exchanges anyway.

Is that correct?  AFAIK, only some merchants (like Overstock) opt to receive bitcoins directly.  Usually, when you buy "with bitcoin" through services like BitPay, they give dollars to the merchant and sell your coins at some exchange.  Didn't BitPay say that they used Bitstamp, specifically, some time ago?  Isn't Dell using such a service?

I think it would be foolish to assume that.  Dell is a private company.  He can take what he likes.  If he is bullish on bitcoin - and Michael Dell is sufficiently tech-savvy to be quite bullish on bitcoin - then it is a clever way to gain bitcoin without driving up the price on an exchange.

[coins101]

merchants would not convert btc>fiat using public exchanges anyway.

Is that correct?  AFAIK, only some merchants (like Overstock) opt to receive bitcoins directly.  Usually, when you buy "with bitcoin" through services like BitPay, they give dollars to the merchant and sell your coins at some exchange.  Didn't BitPay say that they used Bitstamp, specifically, some time ago?  Isn't Dell using such a service?

I think it would be foolish to assume that.  Dell is a private company.  He can take what he likes.  If he is bullish on bitcoin - and Michael Dell is sufficiently tech-savvy to be quite bullish on bitcoin - then it is a clever way to gain bitcoin without driving up the price on an exchange.

Very interesting.

What value do they give their products in BTC if market prices, which are currently measured through exchanges, are mainly linked to traders and market makers?

[Heartbit.io]

http://heartbit.io/app

[keithers]

We were able to break through $630. That seems to still be the mark, so it will be interesting to see if we can keep pushing it...

[ChartBuddy]

Explanation

[edwardspitz]

Good point and funny story   This day and age you would think they could come up with a more clever solution.

Well, for example, if they fixed the account balances without entering the fix as a trade, any auditing program that tried to validade the balances against the trade log would have to read a separate file of hand fixes and merge them with the trades. 

In accounting it is standard practice to correct past mistakes on an active ledger by entering a new transaction at the date of the fix, rather than going back and trying to modify the wrong entries.  The latter could cause unbounded trouble and waste of time if anyone got a copy of that ledger, or copied any data from it (such as day totals), before it was modified.

I'm have been doing a little digging in the trade data from Huobi. There were 69.300 trades yesterday. It turns out that roughly half the trades where 0.01 BTC or below. 69.5% of all trades were below 0.1 BTC! Trades with small volume like this must come from bots... so lots of bot activity which is no surprise.

indeed.  And the order book activity is even worse.  I have noticed that, immediately after a "real" sale that lowers the bottom of the spread, some robot immediately sprays a bunch of tiny orders into that gap, most of them spaced 0.01 CNY apart; and soon afterwards it sucks up half of those orders and posts a few more above them.  Ditto after a "real" buy, at the other end of the spread.

At MtGOX, sometimes one could see a robot (not "Willy") making a tiny trade every minute or less, alternating between the two ends of spread.  At OKCoin instead there used to be lots of tiny trades at random prices within the actual spread.

I think that bots that play the spread are the most common of them all. I think they are used on every single exchange out there. Their primary goal (it seems) is to make sure that none of my limit orders are ever filled  

You have a good point about accounting being the cause of Houbi weirdness. Only an accountant would choose to destroy a graph that thousands of people use to make sure that everything is done according to proper accounting principles. Even just for 2.5 BTC! I'm serious.

A while back I was doing API integration between some accounting software and a large web site. The API was a nightmare to work with, but I finally got everything working (customer creation, inventory, products, orders, suppliers etc.). The customer was happy and we launched. Two months and thousands of orders later the customer came back to me and complained that there was an error on all orders that had been payed with a credit card (like 99.2% of them). It turned out that VAT had to be subtracted form the creditcard fee. A tiny error but it had to be corrected. Doh! That was when I learned that one of the main principles of accounting is that you can't just go back and correct mistakes. Even really tiny ones I find this accounting principle kind of funny even though it caused me much frustration. I'm sure this principle will continue to cause headaches and strange workarounds as long as we have anal accountants.  

[HarHarHar9965]

Seeing a rising wedge here, with one leg up to make. That's usually pretty bearish, isn't it? But both bulls and bears are looking pretty weak.

[macsga]

It's a closing pennant pattern. July 24 to August 1, I say. But I may BULL-shit you, as I usually do...

[edwardspitz]

It's a closing pennant pattern. July 24 to August 1, I say. But I may BULL-shit you, as I usually do...

There is to much bull on this forum. It has become unbearable. 

Im really sorry for that joke. Please understand that I am just trying to keep Chartbuddys post count percentage down.

[scarsbergholden]

It's a closing pennant pattern. July 24 to August 1, I say. But I may BULL-shit you, as I usually do...

I've never heard of a closing pennant pattern before. Do you have a chart to show? It doesn't look like a bull pennant to me.

[ChartBuddy]

Explanation

[ssmc2]

It's a closing pennant pattern. July 24 to August 1, I say. But I may BULL-shit you, as I usually do...

I've never heard of a closing pennant pattern before. Do you have a chart to show? It doesn't look like a bull pennant to me.

[medialab101]

Is Bitcoinity.org Bitstamp chart still broken for everyone else or just me?

[edwardspitz]

Is Bitcoinity.org Bitstamp chart still broken for everyone else or just me?

Same here.

[Ivanhoe]

Works for me.

[dgarcia]

Seeing a rising wedge here, with one leg up to make. That's usually pretty bearish, isn't it? But both bulls and bears are looking pretty weak.

I can't recognize any wedge. Pattern forming since end of may is a symmetrical triangle. That bulls and bears are looking weak should be a consequence of the diminishing volume before breakout, to whichever direction.

[Argwai96]

Seeing a rising wedge here, with one leg up to make. That's usually pretty bearish, isn't it? But both bulls and bears are looking pretty weak.

It's a closing pennant pattern. July 24 to August 1, I say. But I may BULL-shit you, as I usually do...

I've never heard of a closing pennant pattern before. Do you have a chart to show? It doesn't look like a bull pennant to me.

Me either. It looks like a rising wedge to me. Which has bearish bias BUT I've seen them break up in bitcoin, for sure.

[dgarcia]

Me either. It looks like a rising wedge to me. Which has bearish bias BUT I've seen them break up in bitcoin, for sure.

Ah, now! Thanks for the elucidation. I think this "wedge" has not so much significance as it forms part of a longer and more significant pattern.

[aminorex]

I think I understand JorgeStolfi's attitude towards bitcoin a little better now, after reading this: http://nakamotoinstitute.org/mempool/appcoins-are-snake-oil/
He seems to consider bitcoin : fiat is similar to appcoin : bitcoin.