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

[adamstgBit]

Volume so low even chartbuddy got bored and stopped posting

LOL

[1714591524]

1714591524

[1714591524]

1714591524

[ChartBuddy]

[fr33d0miz3r]

Volume so low even chartbuddy got bored and stopped posting

LOL

We are waiting for your predictions, Adam 

[thoughtfan]

With volume as low as it is the last 24 hrs the percentage volume mtgox has has dropped immensely in relation to the others.  Below 60% is nice but I think it would need to stay there or lower as volumes increase (or for something drastic to happen to mtgox - or even just for people to believe something drastic is likely to happen to mtgox) for another exchange to have a good chance of taking over as the main trading exchange.

As an aside, with the the price so far ahead of the others my algorithm is currently taking mtgox as an outlier my btc net worth calculation ignores it and works on the basis of the closest two of the other bid prices.   I'm hoping my algorithm is not giving the picture of the 'truer' evaluation but I guess we won't know until the dust settles with the gox withdrawals and prices get closer together.

[Richy_T]

I'm hoping my algorithm is not giving the picture of the 'truer' evaluation but I guess we won't know until the dust settles with the gox withdrawals and prices get closer together.

You won't know until/if you sell. That's the ultimate truth.

[wonkytonky]

I noticed that too, which sucks, because I really like to see whats going on with the depth.

Also, new wall on $106 just came up. Pretty sure its the wall that was on $108 [2000 of the 2500 was pulled]

Now 2000 on $106.

I know i'm good on the fiat side if there's moving walls on tha bid side..

[adamstgBit]

Volume so low even chartbuddy got bored and stopped posting

LOL

We are waiting for your predictions, Adam 

I'm going to a very important meetup, we will be discussing our buying all the bitcoins in existence 

[derpinheimer]

I noticed that too, which sucks, because I really like to see whats going on with the depth.

Also, new wall on $106 just came up. Pretty sure its the wall that was on $108 [2000 of the 2500 was pulled]

Now 2000 on $106.

I know i'm good on the fiat side if there's moving walls on tha bid side..

I dunno, bitstamp is starting to look a lot better [although thats because ~1200 of wall was pulled, 1k on 108 and another couple hundred in front of it..]

Im surprised with all the people trying to snag a deal on bitstamp that the price is staying right around $100.

Just yesterday it was like BTC20 to get under 90, and before that something like BTC2000 to break thru both 100 AND 90. Now theres over BTC2000 on 90 alone.

[xxjs]

I'm going to a very important meetup, we will be discussing our buying all the bitcoins in existence 

Hey, don't do it! Price would go to 0.

[ChartBuddy]

[Its About Sharing]

Looks like MtGox is losing strength. http://blog.bitpay.com/2013/06/important-update-on-bitpay-exchange.html?oid=1039_1

Thursday, June 20, 2013

Update on BitPay Exchange Rate Calculations

Effective immediately, BitPay has temporarily stopped using Mt. Gox for determining the exchange rate for our invoices.

The rate calculation that BitPay uses for each invoice is now as follows:

1.  Pull the full Level II market depth, on the bid side, from multiple exchanges.

2.  Merge the market depths into one Consolidated Level II table.

3.  Calculate the blended clearing price for the amount of the invoice, assuming an auto-routing market sell order across all exchanges, with zero commission.

BitPay is committed to offering the fairest possible rate to the buyer, while minimizing our counterparty risk.

[derpinheimer]

Yeah, more simply stated, "We're switching from using MtGox last price to Bitstamp highest bid"

Im sure this is nothing more than them worrying the panic sells on Bitstamp may represent the true price and didnt want to lose 10-20% at the worst of it.

[ElectricMucus]

Final nail in mtgox coffin?

[Its About Sharing]

Yeah, more simply stated, "We're switching from using MtGox last price to Bitstamp highest bid"

Im sure this is nothing more than them worrying the panic sells on Bitstamp may represent the true price and didnt want to lose 10-20% at the worst of it.

I started a thread on it here, if anyone want's to comment: https://bitcointalk.org/index.php?topic=240706.0

Interesting that you are saying they are worried more about a panic sell (a day to a few) rather than an overall price disparity. I am not sure
that is the case. Regardless of the reason, I am really happy to see this step...

[Its About Sharing]

Final nail in mtgox coffin?

They really aren't going anywhere. They will continue to lose market share, but also they will gain new customers over time just being out there and big. The best we can hope for is a more decentralized exchange network, before decentralized exchanges (or something that serves the same purpose), takes over.

Watching this whole BTC experiment unfold is really exciting, the good with the bad...

[derpinheimer]

I think I just wasnt clear enough -- I think it is the price disparity scaring them [which was more or less caused by panic sells]

At 101 vs 109 we're only at an 8% spread now

At the peak yesterday, it was 90 vs 111! Why would they want people to be able to spend their bitcoins at a value of $111 when they might only be able to get $90 for them?

[spooderman]

[/quote]

Watching this whole BTC experiment unfold is really exciting, the good with the bad...

[/quote]

yes it is, but it can get stale at times bubble times was awesome until the mid april crash. Now I'm just watching myself very slowly lose money. But don't wanna sell em cos I still love them....an obsessive trap. Is there some sort of therapy thread on here?

[QuestionAuthority]

Watching this whole BTC experiment unfold is really exciting, the good with the bad...

[/quote]

yes it is, but it can get stale at times bubble times was awesome until the mid april crash. Now I'm just watching myself very slowly lose money. But don't wanna sell em cos I still love them....an obsessive trap. Is there some sort of therapy thread on here?
[/quote]

What country are you in? That might help you figure out if you want to sell now.

[ChartBuddy]

[ChartBuddy]