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

[prof7bit]

I'm the only one who keeps get disconnected from mtgox?

No you are not the only one, this is annoying, 15 extra seconds for password and Yubikey could make me lose an opportunity.

Use a trading client like goxtool instead of trying to trade through the website.

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[Tzupy]

Some people believed that 97 was a good price to sell at. Maybe they were right, but if the current trend continues, we might see 100 in 3 days.

I wasn't asking about why did people sell, I'm asking why would someone throw a 3k bid wall at 97, have it get eaten, then we see an ask wall of 1000 at 97 come up just after

Bizarre unless i'm missing something, and it's as simple as someone really wants bitcoins at 97

Possible explanation: after the previous whale buy, which drove the price from 93 to 97, there was a slow slump back to 93.
Today's sellers below 97, down to 95.5, hoped to influence the market into slumping back to 93-94. It's early to tell if they were wrong,
but IMO it's more likely to reach 98 than to slump back to 94. Of course, a whale sell can prove me wrong anytime.

[adamstgBit]

looks good

Lots of bitcoins up for sale right now, and we have been seeing more and more volume on the Ups, if someone starts taking chunks off those walls.... watch out  


  * wonders what depth would look like at 105 

[Kazu]

Okay? So Liberty Reserve had a 1 cent fee, that prevented DDoS (at least, by making tons of transactions) as well.

I really don't get it.

You really don't get what?  That preventing DDoS attacks is good?

No, I really don't get whats so 'special' about XRP.

Look, I know many Bitcoiners have a hard time thinking beyond anything Bitcoin.  I get that.  What Ripple represents is true freedom to use ANY currency you want.  This may fly in the face of those with the delusion that Bitcoin will be the "one world currency" but I assure you, it is a delusion.

People want choice.  People want options.  Ripple gives them options...any option of the currency(s) of their choice.  If you don't like XRP, don't use it.  If you don't like USD, don't use it.  Use whatever you want and the receiver on the other end of that transaction can receive whatever currency they like.

Yes, and this is what I don't get. What is the purpose of XRP beyond any other centralized e-currency, only with a floating value, considering their protocol can support any other currency no matter what?

If you're against freedom of choice and just want to jam one currency down everyone's throat, you'll hate Ripple.  But if you like freedom to choose for yourself and think everyone should have the same freedom, you'll love Ripple and you'll see it's not a competitor to Bitcoin, but a compliment.  It took me awhile to understand that but then again, I had to actually take the time to understand the purpose of the network.    

Now you're just getting weird.

[Coinseeker]

No, I really don't get whats so 'special' about XRP.

That's because there is nothing "special" about it.  It's just a crypto-currency.  It prevents spam and can be used natively without trust lines.  Use it, don't use...Outside of the fact that each account needs about 100 XRP reserves (less than $1) for the prevention of spam, it's really totally irrelevant to ones use of the network.  It's just one of dozens of potential fiat and crypto currencies.  I really don't understand why people are so obsessed with XRP.  Chances are, XRP is never really going to be worth anything significant, so who cares?

If you're against freedom of choice and just want to jam one currency down everyone's throat, you'll hate Ripple.  But if you like freedom to choose for yourself and think everyone should have the same freedom, you'll love Ripple and you'll see it's not a competitor to Bitcoin, but a compliment.  It took me awhile to understand that but then again, I had to actually take the time to understand the purpose of the network.  

Now you're just getting weird.

 

Yes I realize, freedom is a "weird" concept for some.  

[ChartBuddy]

[pennywise]

That's because there is nothing "special" about it.  It's just a crypto-currency.  It prevents spam and can be used natively without trust lines.  Use it, don't use...Outside of the fact that each account needs about 100 XRP reserves (less than $1) for the prevention of spam, it's really totally irrelevant to ones use of the network.  It's just one of dozens of potential fiat and crypto currencies.  I really don't understand why people are so obsessed with XRP.  Chances are, XRP is never really going to be worth anything significant, so who cares?

Transaction time is much faster, and they require no mining, which means that less energy and hardware is used to secure transactions with the Consensus system. I assume there is also no need to store the blockchain on the hard drives of thousands of users. I think it's worth speculating on.

[hlynur]

just a little question:
Is there a possibility to see how many people are logged in at gox?
Or are there at least some statistics with daily amounts of logins? (although perhaps traders with their own software won't be listed there)

[wonkytonky]

just a little question:
Is there a possibility to see how many people are logged in at gox?
Or are there at least some statistics with daily amounts of logins? (although perhaps traders with their own software won't be listed there)

i use http://bitcoinity.org/markets   it gives a good impression of ppl online..   they are just a part of it ofcourse but take note's when things are happening and how many users are online..  you get a good impression. 

[wonkytonky]

It is closed-source, centralized, has a currency called XRP that is 100% premined and in the hands of the creators, and the whole thing is owned by a for-profit company.

Is this not a problem for you Coinseeker? If not then wtf are you doing on bitcointalk? This is the most important thing about bitcoin, besides it can't be printed from ass, and you think it's just irrelevant?

1.  OpenCoin has stated repeatedly they will open source upon coming out of Beta.
2.  There is no "pre-mined" because there is no mining mechanism.  Either case, Ripple is not a currency anyway, so who cares?  It's a payment network.  Like Paypal for crypto and fiat but pretty much free.  Learn the difference.
3.  Since when did being a for profit company become a negative?  Free markets are only good, sometimes?  

So to answer your question, yes, this is all irrelevant to me.  If you have anymore questions, PM me so we don't distract from all the "wall" talk going on.   

agree with coinseeker (for one time that is )


i'd say.. dont think to much about ripple..     just think of the arbitrage tool you can do between exchanges .. it will be awesome..
i dont care about xrp at all..    it has no value to me.
i dont care they are not open source
i dont care they are private and want profit..   

just let me arbitrage

[ChartBuddy]

[hlynur]

just a little question:
Is there a possibility to see how many people are logged in at gox?
Or are there at least some statistics with daily amounts of logins? (although perhaps traders with their own software won't be listed there)

i use http://bitcoinity.org/markets   it gives a good impression of ppl online..   they are just a part of it ofcourse but take note's when things are happening and how many users are online..  you get a good impression. 

thanks, i never realized there's a counter for connected users at the bottom.
But that's just the users watching bitcoinity, so there's no way to find out about connected users at gox?

[micalith]

I'm starting to get convinced that they've orchestrated a genuine trend reversal. Doing it like this, not allowing capitulation, might serve to reduce volatility. A gradual process on people becoming convinced that it's not going back to 80 again, means re-investment more evenly spread out.

silly idea?

[vokain]

I'm starting to get convinced that they've orchestrated a genuine trend reversal. Doing it like this, not allowing capitulation, might serve to reduce volatility. A gradual process on people becoming convinced that it's not going back to 80 again, means re-investment more evenly spread out.

silly idea?

or better question......would you sell right now? why or why not?

[MAbtc]

That's because there is nothing "special" about it.  It's just a crypto-currency.  It prevents spam and can be used natively without trust lines.  Use it, don't use...Outside of the fact that each account needs about 100 XRP reserves (less than $1) for the prevention of spam, it's really totally irrelevant to ones use of the network.  It's just one of dozens of potential fiat and crypto currencies.  I really don't understand why people are so obsessed with XRP.  Chances are, XRP is never really going to be worth anything significant, so who cares?

Transaction time is much faster, and they require no mining, which means that less energy and hardware is used to secure transactions with the Consensus system. I assume there is also no need to store the blockchain on the hard drives of thousands of users. I think it's worth speculating on.

Ripple is great. XRP is scum. Open Coin is scum. I'd love to invest in Ripple because it has great potential; it's the most versatile payment system I have every come across. Unfortunately, I can't touch XRP -- there is an endless supply of it in very few hands that can and will dump your investment to nothing. I made a few coins off of trading XRP in May/June, but once I saw how quickly a very small fraction of the XRP held by Open Coin insiders nosedives the market simply by being shown on the order book, I got out for good. Open Coin recently made a payment of 200 million XRP to an unknown entity, and, big surprise, most of it has been sold over a few weeks. July has been a bloodbath, and looking at the ripple forums, holders still don't seem to understand why they are getting fucked so badly.

The thing is, discussing Ripple outside of the context of XRP is not very useful, as Ripple is completely useless at current adoption/liquidity levels. There is nothing you can do except speculate on XRP -- which is why it was marketed so heavily to bitcoiners. I don't even understand why they released the client so early; it's so buggy and unstable that it appears to be more of an alpha than beta. I don't know on what kind of time frame we should expect Open Coin to have the protocol fully implemented, but I simply don't trust them. Why would I?

If and until there is a far more robust system of reliable and trustworthy gateways, I would be very wary of holding value in any currency on Ripple. And even then, I'd be wary, considering I can only either hold debt from gateways, or a currency that by definition is under constant threat of manipulation.

[MAbtc]

I'm starting to get convinced that they've orchestrated a genuine trend reversal. Doing it like this, not allowing capitulation, might serve to reduce volatility. A gradual process on people becoming convinced that it's not going back to 80 again, means re-investment more evenly spread out.

silly idea?

or better question......would you sell right now? why or why not?

I'm sure some see the strong resistance at 100-105, which has been unbreakable, to be a good reason.

[Coinseeker]

Transaction time is much faster, and they require no mining, which means that less energy and hardware is used to secure transactions with the Consensus system. I assume there is also no need to store the blockchain on the hard drives of thousands of users. I think it's worth speculating on.

All good points.  I would add that sending IOU's is nearly equally as fast as sending XRP.  Seconds typically.  I also agree that XRP is worth speculating on and do have decent amounts of XRP.  Although I believe the risk is worth the reward, I am very aware that the odds of XRP increasing significantly in value, are not on the side of the speculator.

@MAbtc - Some very fair points although holding "debt" from gateways is the exact same thing as having BTC or USD in Gox or Stamp.  No difference whatsoever.  In fact, isn't it the Gox USD IOU's that are causing all this mess?

@WonkyTonky...+1 for arbitrage.  

[ChartBuddy]

[bitcryptonit]

Transaction time is much faster, and they require no mining, which means that less energy and hardware is used to secure transactions with the Consensus system. I assume there is also no need to store the blockchain on the hard drives of thousands of users. I think it's worth speculating on.

All good points.  I would add that sending IOU's is nearly equally as fast as sending XRP.  Seconds typically.  I also agree that XRP is worth speculating on and do have decent amounts of XRP.  Although I believe the risk is worth the reward, I am very aware that the odds of XRP increasing significantly in value, are not on the side of the speculator.

@MAbtc - Some very fair points although holding "debt" from gateways is the exact same thing as having BTC or USD in Gox or Stamp.  No difference whatsoever.  In fact, isn't it the Gox USD IOU's that are causing all this mess?

@WonkyTonky...+1 for arbitrage.  

since you have problems with understanding what others are saying to you (to get lost with that scam from that thread) welcome to my ignore list. I hope others will follow and moderator will remove this.

[Coinseeker]

...welcome to my ignore list...