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

[Fatman3001]

Auch!!

Are you ok?
I could call a doctor

Yeah, I just didn't see that one coming.

[1714726250]

1714726250

[1714726250]

1714726250

[1714726250]

1714726250

[1714726250]

1714726250

[1714726250]

1714726250

[Asrael999]

I'm gonna repeat the question: why then is the buying pressure not 24/7 and only on China day time?

Where are you seeing that? At Bitfinex (Hong Kong)? At the Chinese echanges?

Apparently Mavrodi's ponzi (and Chinese copycats) are most popular in China.  (Recall the MyCoin ponzi in HK, earlier this year? There seems to be a rich "market" for such things there.)  Chinese victims are of course going to buy their bitcoins on Chinese exchanges, during Chinese day/evening time.

MMM doesn't need Bitcoin to steal money - Mavrodi has been playing this game for 25 years. He' currently active in China, India and South Africa at a minimum, but the website claims Thailand, Hong Kong, Philipines, Indonesia and East Africa as well.  He's using bitcoin to transfer the money around the system - When the system cashes out we will see significant selling pressure.

Of course this is not the first MMM mega-ponzi, but this time seems to be different because he is using bitcoin to make victims all over the world, without himself being established in any country.  This ponzi promises to be bigger, longer lived, and much more difficult to stop than the previous fiat-based ones.

Correct me if I am wrong, but I am assuming that the payouts too are in bitcoin (or in Mavros); and the victims are likely to keep or re-invest their payouts in the ponzi.  So I don't expect to see a "cash-out" any time soon.  There may be a big bitcoin sale after the ponzi collapses, if and when Mavrodi and his asssociates decide to cash out.
snip

My assumption was of significant sell pressure when Mavrodi cashes out - but I take your point that this may be of significantly longer timescale than the previous FIAT based MMM schemes. I wonder as well whether Russia's recent legislation on bitcoin and its use may have been influenced by Mavrodi's involvement and MMM - the Russian experience was unpleasant to say the least and the state has a long memory

[yolalanda]

... Or may even be positive for China, if foreigners buy coins from the Chinese.

Foreigners already buy coins from the Chinese. That's where bit coins are made (mined)

[billyjoeallen]

310-320 = resistance

I would be ok with that. Important is not to drop significantly.

i like that we are not in panicbuying-mode yet. slow and steady looks good so far.

if there is no panic buying, then why am I getting 0.09% DAILY interest on my fiat at BFX?

Let's see.. Last 24 Change: +3.08%

That's more than 0.09% interest. Better keep your holdings in BTC. 

Early adopters like me keep the vast majority of our coins in cold storage. It's only my trading stash that's in fiat. 

That's how I used to do it (what seems like) ages ago: keep USD on exchange and lend it out.

Nowadays, to reduce exchange risk, I keep less on the exchange and just go short on leverage.

The psychology sucks (you're looking at a position that's constantly in the red instead of repeated green interest payments), but it's the same thing (minus some interest I pay on BTC swaps and some opportunity cost on USD interest that more than makes up the exchange risk imo).

It's not an either or thing. i keep the terms of my loans short so I can use the funds myself if the situation warrants. Basically, I never leverage long until just AFTER a long squeeze and never leverage short until just after s a short squeeze. As these events are often separated by months, I gain interest in the mean time. 

I also keep a few BTC handy for arbitrage, but that doesn't matter if the price is going up or down. Going down I save of the rebuy. Going up I make money on the sale.  This trade doesn't scale so I don't need much. 

[Denker]

Market took a dump, it's ready to start eating again

Let's hope we can hold the 300.This would be very important imo!

[molecular]

310-320 = resistance

I would be ok with that. Important is not to drop significantly.

i like that we are not in panicbuying-mode yet. slow and steady looks good so far.

if there is no panic buying, then why am I getting 0.09% DAILY interest on my fiat at BFX?

Let's see.. Last 24 Change: +3.08%

That's more than 0.09% interest. Better keep your holdings in BTC. 

Early adopters like me keep the vast majority of our coins in cold storage. It's only my trading stash that's in fiat. 

That's how I used to do it (what seems like) ages ago: keep USD on exchange and lend it out.

Nowadays, to reduce exchange risk, I keep less on the exchange and just go short on leverage.

The psychology sucks (you're looking at a position that's constantly in the red instead of repeated green interest payments), but it's the same thing (minus some interest I pay on BTC swaps and some opportunity cost on USD interest that more than makes up the exchange risk imo).

It's not an either or thing. i keep the terms of my loans short so I can use the funds myself if the situation warrants. Basically, I never leverage long until just AFTER a long squeeze and never leverage short until just after s a short squeeze. As these events are often separated by months, I gain interest in the mean time. 

I also keep a few BTC handy for arbitrage, but that doesn't matter if the price is going up or down. Going down I save of the rebuy. Going up I make money on the sale.  This trade doesn't scale so I don't need much. 

Makes sense.

Essentially I was just saying that personally I prefer to withdraw coins instead of gaining interest.

[ChartBuddy]

Coin

Explanation

[yolalanda]

Bulls. Bit off more than you could chew? Try, try again!

[Fatman3001]

  "Leave Bitcoin alone!!!!"

[yolalanda]

^^
http://i1.kym-cdn.com/photos/images/newsfeed/000/378/978/0ed.jpg

Haven't you stolen enough from the world's dumbest, poorest and most desperate already?

[Dilla]

Everything's fine. The battle for 2000+ CNY will resume in about 7-8 hours

[chennan]

Well I say if we fall below $285 then this could potentially be bad... but if it hits $290 and holds and continues to rise then maybe it's even more of a sign that this is in fact a healthy growth of bitcoin and it's just the market correcting itself for the mean time..

[yolalanda]

Everything's fine. The battle for 2000+ CNY will resume in about 7-8 hours

Sure.
http://s2.postimg.org/8ezbu6ynt/lucky.gif

... this is in fact a healthy growth of bitcoin and it's just the market correcting itself for the mean time..

That knee-slapper just never gets old

[Globb0]

[koryu]

lets wait for the fed decision and see if btc price is affected

[yolalanda]

lets wait for the fed decision and see if btc price is affected

What does the Fed have to do with putting bit-coiners in jail for 4 years?!
(Which has just been confirmed)

[Dilla]

lets wait for the fed decision and see if btc price is affected

What does the Fed have to do with putting bit-coiners in jail for 4 years?!
(Which has just been confirmed)

Get a fucking life dude

[LFC_Bitcoin]

lets wait for the fed decision and see if btc price is affected

What does the Fed have to do with putting bit-coiners in jail for 4 years?!
(Which has just been confirmed)

Lambie do you own any bitcoin(s) - No hidden agenda here, just a genuine question?

[JimboToronto]

---

Get a fucking life dude

[yolalanda]

lets wait for the fed decision and see if btc price is affected

What does the Fed have to do with putting bit-coiners in jail for 4 years?!
(Which has just been confirmed)

Lambie do you own any bitcoin(s) - No hidden agenda here, just a genuine question?

Who is lambie, and why would I own any bit coins? Who is paying you to entrap me?