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

[adamstgBit]

[1714329545]

1714329545

[1714329545]

1714329545

[1714329545]

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[adamstgBit]

[ImI]

10.000 unconfirmed transactions. thats happening!

https://blockchain.info/en/unconfirmed-transactions

[adamstgBit]

10.000 unconfirmed transactions. thats happening!

https://blockchain.info/en/unconfirmed-transactions

last 10 blocks are full LOL

devs really need too increase the limit, they could increase it for like 1 day 20MB, get rid of all this backlog in hours, and go back to 1MB

we need at least 2MB for now, probably need 10MB at the end of the year... lol

[ChartBuddy]

Coin



Explanation

[Ayle56]

10.000 unconfirmed transactions. thats happening!

https://blockchain.info/en/unconfirmed-transactions

Amaclin was responsible for some of the earlier attacks, and his latest posts alarm me. He had a policy of spending nothing to conduct his earlier attacks, but now he's decided to start spending money to conduct them. He says it's his right to spam the blockchain, which makes me think he'll conduct sporadic attacks indefinitely.

I thought this would be against your policy of not spending money on attacks?

I changed my mind

Why would you want to spam the blockchain.

Because I have a right

[BlindMayorBitcorn]

If not him it would be someone else. Best to know how bad things can get.

[oda.krell]

10.000 unconfirmed transactions. thats happening!

https://blockchain.info/en/unconfirmed-transactions

For fairness sake, the following is probably the more appropriate metric to track (among other things, because "no. of unconfirmed tx" is a raw value that needs to be seen in relation to the total no. of tx per day/hour/etc.)





Rising, but not critical yet.

To be clear, I'm very much not a Small Blockian. Just wanted to point out that, at the moment, the network still seems to be doing okay -- although it likely will reach a point where it won't relatively soon.

[adamstgBit]

le drop?

[adamstgBit]

le drop?

China wants to up. Other will follow

china always wants up. until it doesn't then BAM -10%

[chucuil]

le drop?

Can't sell BTC if can't move BTC. Bullish!

[aztecminer]

looks like the "gold and silver is surging" bs got put where it belonged gold down $15.00 silver down .18 ... and while all commodities are SURGING DOWNWARDS due to usd strength, bitcoin pumps upwards.

[JorgeStolfi]

This rally cannot be due to Black Friday.  The big surge in volume is in the Chinese exchanges, especially Huobi and OKCoin.  Since September, these two have seen an unprecedented surge in volume. Just in the last 3 days, Huobi's volume was 3.5 M BTC, about 10x the maximum volume seen anytime before September, but comparable to typical 3-day values since September.

My guess for the cause of the rally is still Mainland Chinese non-bitcoiners buying bitcoin to use in the MMM ponzi.

[adamstgBit]

This rally cannot be due to Black Friday.  The big surge in volume is in the Chinese exchanges, especially Huobi and OKCoin.  Since September, these two have seen an unprecedented surge in volume. Just in the last 3 days, Huobi's volume was 3.5 M BTC, about 10x the maximum volume seen anytime before Septermber,

My guess for the cause of the rally is still Mainland Chinese non-bitcoiners buying bitcoin to use in the MMM ponzi.

do you have any idea how much money china plans on dumping into various ponzis?

Black Friday is an event, poeple log into there wallets, maybe buy a few bitcoins maybe sell and then buy and then buy a gift?
it most definitely has an effect on traders psychology too
market gose up, who would of thought.

[ChartBuddy]

Coin



Explanation

[aztecminer]

This rally cannot be due to Black Friday.  The big surge in volume is in the Chinese exchanges, especially Huobi and OKCoin.  Since September, these two have seen an unprecedented surge in volume. Just in the last 3 days, Huobi's volume was 3.5 M BTC, about 10x the maximum volume seen anytime before Septermber,

My guess for the cause of the rally is still Mainland Chinese non-bitcoiners buying bitcoin to use in the MMM ponzi.

do you have any idea how much money china plans on dumping into various ponzis?

Black Friday is an event, poeple log into there wallets, maybe buy a few bitcoins maybe sell and then buy and then buy a gift?
it most definitely has an effect on traders psychology too
market gose up, who would of thought.

the manipulators thought it... if you bought bitcoins at $320 before and then use them at #blackfriday deals today at $360 you make out real well. it's like getting double #blackfriday deals. i think the manipulators use the chinese exchanges to pump, and when they need a real pump like for the marshall's they devise a ponzi scheme.

[chucuil]

This rally cannot be due to Black Friday.  The big surge in volume is in the Chinese exchanges, especially Huobi and OKCoin.  Since September, these two have seen an unprecedented surge in volume. Just in the last 3 days, Huobi's volume was 3.5 M BTC, about 10x the maximum volume seen anytime before Septermber,

My guess for the cause of the rally is still Mainland Chinese non-bitcoiners buying bitcoin to use in the MMM ponzi.

do you have any idea how much money china plans on dumping into various ponzis?

Black Friday is an event, poeple log into there wallets, maybe buy a few bitcoins maybe sell and then buy and then buy a gift?
it most definitely has an effect on traders psychology too
market gose up, who would of thought.

That's my take on it too.
They buy a bunch of bit-coins, then buy some hotel reservations they've been putting off making from Destinia, a few honeys from Bees Brothers, some soaps from imaginatively-named Bitsoaps (careful, don't drop!), a bunch of domain names they've been hankerin' for from Namecheap, and tomorrow (or perhaps Monday) all those coins will hit the market.
Exciting, heady times, gentlemen!

Source: http://www.coindesk.com/spend-bitcoin-black-friday/

[JorgeStolfi]

My guess for the cause of the rally is still Mainland Chinese non-bitcoiners buying bitcoin to use in the MMM ponzi.

do you have any idea how much money china plans on dumping into various ponzis?

No idea; but there are many Chinese with money, and they seem to be at least as susceptibe to ponzis as any other people in the world.  Serge's previous ponzis in Russia moved billions of dollars, and a repeat seems quite possible.

https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)

By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders. [ ... ] At its peak the company was taking in more than $50 million each day from the sale of its shares to the public. Thus, the cashflow turnover at the MMM central office in Moscow was so high that it could not be estimated. The management started to count money in roomfuls (1 roomful of money, 2 roomfuls of money, etc.).[ citation needed ] [ ... ] The success of MMM in attracting investors led to the creation of other similar companies, including Tibet, Chara, Khoper-Invest, Selenga, Telemarket, and Germes. All of these companies were characterised by aggressive television advertising and extremely high promised rates of return. One company promised annual returns of 30,000%.[ citation needed ] On July 22, 1994, the police closed the offices of MMM for tax evasion. [ ... ] MMM itself owed between $50 million to $1.5 billion [ of taxes ]. In the aftermath at least 50 investors, having lost all of their money, committed suicide.[ citation needed ]

IF the Chinese government decides to stop MMM and any other bitcoin ponzi(s), it could easily close the exchanges and criminalize the trade of bitcoin, including Localbitcoins type markets.  It will not stop "black market" trade, but most would-be ponzi victims are unlikely to resort to it.

However, governments generally avoid stopping a ponzi while it is in full rally phase.  If a government did that, millions of victims would blame it, rather than the ponzi operators, for their losses.  (Apparently, that is the discourse that Sergei used to get elected to the Duma by his victims.  And may have been also the argument that James Ray "Silver King" Houston, father of BFL's Sonny Vleisides, used to convince the jurors who absolved him.)  If a government fails to stop a ponzi right at the start, it usually waits for the ponzi to collapse on its own.

Black Friday is an event, poeple log into there wallets, maybe buy a few bitcoins maybe sell and then buy and then buy a gift? it most definitely has an effect on traders psychology too

It may have an effect, but (AFAIK) it is mostly a US and Canada tradition, not significant in China; and the volume at Bitstamp is actually lower today than in their best days of 2015.

There was no significant price move on Black Friday 2014, so its impact on bitcoin buying then was not significant.  Several signs point to a general decline of bitcoin use for e-shopping over the last 12-18 months.  So I would expect even less spending (hence less impact on price) on this Black Friday than on the previous one.

[mixan]

Just broke through 360, a major psychological resistance. Now my only worry is that we'll overshoot the moon and end up on Jupiter.
$410 by next Wednesday. OMG, is that o-ring thingy leaking?

We keep breaking my psychological barrier again and again. There's a small chance I was a bit optimistic

That barrier at 360 was tough one but if that holds then the way is paved in gold from here on in.
$400 should be the next hurdle to cross but I see why you say $410 because we have seen it almost get passed $500 to just touch and then fall face first in mere seconds to $495.

[natewelt]

Never thought becoming a HODLER would be such a rewarding experience.

The 1 year chart looks incredible. I love it