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

[boumalo]

Maybe he was "just stupid" maybe he was "panic selling" or maybe the guy took some mushrooms and felt like selling?  or maybe overlord Xenu ordered him to sell...Maybe a unicorn rogered him until he sold
Maybe the Bitcoins became self aware and sold themselves.

That he was just stupid and decided to make a stupid sell move I do not buy personally.

Let's face it. The bulls have made a bullish story about it, the bears have made a bearish story about it. The most interesting thing will be the trend over the next fortnight

He could have to sell to buy back cheaper, who knows; the price recovered and we didn't see the lows expected by bears who were wrong again!

[1714604217]

1714604217

[ChartBuddy]

Explanation

[prophetx]

this is why bitcoin will be worth a lot one day my fuzzy wittle fwiends

https://www.reddit.com/r/Bitcoin/comments/2ihp5w/overstockcom_announces_crypto_stock_exchange/

buy stocks from overstock, has a ring to it ... throw some stocks in with your next checkout basket when purchasing sheets even

it is bigger than that even

because if one has a stock on the blockchain, one would want their entire ledger on the blockchain so investors can audit and track performance up to the nearest block

no more quarterly reports, no more naked short sells, no more scammy CEOs lying about revenue

[JayJuanGee]

Reminder:

The first time we had volume this high on the daily was when SR went bust.

:^)

That's bullshit.
Both the 1200 peak and the following lows were higher.

Well considering the 1200 peak was after the takeover of SR it's pretty difficult for it to be the first time we have had that volume.

And I'm going based on bitstamp's figures, if we look at gox+all exchanges there is a couple of earlier dates.. But in all honesty the more I look at gox charts the more I begin to tear up.

Why do you tear up?  Your own personal loss?  Loss of the BTC sphere?   the mere scandalous nature of the whole thing?  or some other reason(s)?  I believe the passage of time has largely caused people to refer to GOX in more detached ways..

[Odalv]

Same on finex and okcoin. Huobi saw slightly higher in April.

You did not buy under $300 ? ... I'm sorry to announce to you "you will not in the future.", probably.

[adamstgBit]

this is why bitcoin will be worth a lot one day my fuzzy wittle fwiends

https://www.reddit.com/r/Bitcoin/comments/2ihp5w/overstockcom_announces_crypto_stock_exchange/

buy stocks from overstock, has a ring to it ... throw some stocks in with your next checkout basket when purchasing sheets even

it is bigger than that even

because if one has a stock on the blockchain, one would want their entire ledger on the blockchain so investors can audit and track performance up to the nearest block

no more quarterly reports, no more naked short sells, no more scammy CEOs lying about revenue

Who in their right mind would issue shares with such limitations  

 

[adamstgBit]

<320 tonight?

time to load the boat?

[vuduchyld]

Maybe he was "just stupid" maybe he was "panic selling" or maybe the guy took some mushrooms and felt like selling?  or maybe overlord Xenu ordered him to sell...Maybe a unicorn rogered him until he sold
Maybe the Bitcoins became self aware and sold themselves.

That he was just stupid and decided to make a stupid sell move I do not buy personally.

Let's face it. The bulls have made a bullish story about it, the bears have made a bearish story about it. The most interesting thing will be the trend over the next fortnight

The Next Two Weeks Are Critical For Bitcoin^TM

[byronbb]

http://techcrunch.com/2014/10/06/what-is-happening-to-bitcoin-right-now/

Note the quote. Exactly what i was thinking. It makes the most sense of all theories i've heard yet it's the hardest to believe for most here for some reason.

"Seems pretty clear to me. An early adopter decided $300 is their breaking point. They want to cash out their $9m before they miss their chance. They’re not experienced with handling this amount of money because they’ve never been rich before; they just got lucky. They don’t have the connections to sell off-market so they decided to sell the way they know and the way that’s guaranteed to work: a Bitstamp sell order below market. They could maybe get more money with a more sophisticated trading strategy but who cares? They’ll take their $9m and retire on a beach somewhere for the rest of their lives.
That’s what I’d do if I had 30,000 BTC right now and I bet you would too."

The guy was looking at the price going down every hour and basically panic sold. Below 300 was just too much for him. He was losing 10.000's per day.
He moved the coins to Stamp, right away did a 5k dump to secure a good amount of money (his aim was a million) and when he saw there were buyers he put the rest up at 300.
Perfectly reasonable explanation.
He wasn't the bearwhale. He also isn't buying back. Just a guy who wanted out. Yes, that happens.

I agree this is true, it turned out that this was no manipulator but a mere fool who wasn't patient or experienced enough to split his selling upon multiple markets and over time, in addition to selling into a short-term highly depressed price. Yet you have to ask yourself where all this buying pressure came from that devoured 30k BTC @300.

Hint: It involves cheap coins.

Wait, you are bullish, wat? The buying pressure is what made me suspicious. Usually a wall like that spooks the whole market and the price runs lower but this was different. I had a hard time believing that kind of money was sitting on the sidelines, but I hope you are right because yes, then those were cheap coins.

[octaft]

Usually I would say the 30k sell wall bearwhale has eaten his own wall, but the fees on stamp to do that would be pretty astronomical.

Compared to the profit he stands to make if he sparks a rally, those fees would be a drop in the bucket.

[resya]

I hate this, the bitcoin price is slowly tanking
Why is the downtrend pattern repeating? yesterday there was the same downtrend at the same time, is it normal?

[edwardspitz]

<320 tonight?

time to load the boat?

Bitfinex is struggling (and succeeding) in becoming the cheapest exchange  

It will be interesting to see if we still get excessive dumps that take out support like it was nothing or if that has changed now.

[prophetx]

this is why bitcoin will be worth a lot one day my fuzzy wittle fwiends

https://www.reddit.com/r/Bitcoin/comments/2ihp5w/overstockcom_announces_crypto_stock_exchange/

buy stocks from overstock, has a ring to it ... throw some stocks in with your next checkout basket when purchasing sheets even

it is bigger than that even

because if one has a stock on the blockchain, one would want their entire ledger on the blockchain so investors can audit and track performance up to the nearest block

no more quarterly reports, no more naked short sells, no more scammy CEOs lying about revenue

Who in their right mind would issue shares with such limitations  

 

my family and friends lost millions several years ago because of a CEO lying about quarterly earnings, i'm really happy to see this develop, i hope to see no one else go through something like that

[heartastack]

330 proving subborn

[adamstgBit]

http://techcrunch.com/2014/10/06/what-is-happening-to-bitcoin-right-now/

Note the quote. Exactly what i was thinking. It makes the most sense of all theories i've heard yet it's the hardest to believe for most here for some reason.

"Seems pretty clear to me. An early adopter decided $300 is their breaking point. They want to cash out their $9m before they miss their chance. They’re not experienced with handling this amount of money because they’ve never been rich before; they just got lucky. They don’t have the connections to sell off-market so they decided to sell the way they know and the way that’s guaranteed to work: a Bitstamp sell order below market. They could maybe get more money with a more sophisticated trading strategy but who cares? They’ll take their $9m and retire on a beach somewhere for the rest of their lives.
That’s what I’d do if I had 30,000 BTC right now and I bet you would too."

The guy was looking at the price going down every hour and basically panic sold. Below 300 was just too much for him. He was losing 10.000's per day.
He moved the coins to Stamp, right away did a 5k dump to secure a good amount of money (his aim was a million) and when he saw there were buyers he put the rest up at 300.
Perfectly reasonable explanation.
He wasn't the bearwhale. He also isn't buying back. Just a guy who wanted out. Yes, that happens.

I agree this is true, it turned out that this was no manipulator but a mere fool who wasn't patient or experienced enough to split his selling upon multiple markets and over time, in addition to selling into a short-term highly depressed price. Yet you have to ask yourself where all this buying pressure came from that devoured 30k BTC @300.

Hint: It involves cheap coins.

Wait, you are bullish, wat? The buying pressure is what made me suspicious. Usually a wall like that spooks the whole market and the price runs lower but this was different. I had a hard time believing that kind of money was sitting on the sidelines, but I hope you are right because yes, then those were cheap coins.

that use to be true... not so much anymore, more than a few times we've seen big walls pop up, and market nibbles and bites into it fast and furious.

for a second there I was scared that 30K wall would be to much, even if the market started nibbling it, pretty sure yesterdays monster wall  was the most expensive ask wall ever.

[WeltMaster]

I'm expecting a few thousand btc to be sold in the next hour, how the market reacts to that will determine if this is a trend reversal or it was just a speed bump to capitulation.

Who's gonna risk the few thousand though?

If the cup/handle holds for a several days/a week the rally could be tremendous.

[vuduchyld]

You would know!  You are Adam The Wall Observer^TM!!!

[adamstgBit]

i can see into the future  

[shmadz]

this is why bitcoin will be worth a lot one day my fuzzy wittle fwiends

https://www.reddit.com/r/Bitcoin/comments/2ihp5w/overstockcom_announces_crypto_stock_exchange/

buy stocks from overstock, has a ring to it ... throw some stocks in with your next checkout basket when purchasing sheets even

it is bigger than that even

because if one has a stock on the blockchain, one would want their entire ledger on the blockchain so investors can audit and track performance up to the nearest block

no more quarterly reports, no more naked short sells, no more scammy CEOs lying about revenue

Now imagine a brash, young, political party that pledges to make their budgets and spending transparent on the Blockchain. These new possibilities are a threat to the current power structure.

The people who benefit from the current system are not incentivized to "rock the boat". They will fight this tooth and nail.

[Room101]

http://techcrunch.com/2014/10/06/what-is-happening-to-bitcoin-right-now/

Note the quote. Exactly what i was thinking. It makes the most sense of all theories i've heard yet it's the hardest to believe for most here for some reason.

"Seems pretty clear to me. An early adopter decided $300 is their breaking point. They want to cash out their $9m before they miss their chance. They’re not experienced with handling this amount of money because they’ve never been rich before; they just got lucky. They don’t have the connections to sell off-market so they decided to sell the way they know and the way that’s guaranteed to work: a Bitstamp sell order below market. They could maybe get more money with a more sophisticated trading strategy but who cares? They’ll take their $9m and retire on a beach somewhere for the rest of their lives.
That’s what I’d do if I had 30,000 BTC right now and I bet you would too."

The guy was looking at the price going down every hour and basically panic sold. Below 300 was just too much for him. He was losing 10.000's per day.
He moved the coins to Stamp, right away did a 5k dump to secure a good amount of money (his aim was a million) and when he saw there were buyers he put the rest up at 300.
Perfectly reasonable explanation.
He wasn't the bearwhale. He also isn't buying back. Just a guy who wanted out. Yes, that happens.

I agree this is true, it turned out that this was no manipulator but a mere fool who wasn't patient or experienced enough to split his selling upon multiple markets and over time, in addition to selling into a short-term highly depressed price. Yet you have to ask yourself where all this buying pressure came from that devoured 30k BTC @300.

Hint: It involves cheap coins.

a mere fool with 10 million bucks or so in the bank. I expect he can sleep Ok tonight despite your poor opinion of him. Even if his accumulation was down to luck rather than brains ( which i don't concede ), yet more proof you are better off being lucky than smart.