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

[MickeyT2008]

Is it just me having changed some setting or have MtGox just changed their trading interface into an annoying and completely useless one?

Yes looks like they changed it for the worse.

I just set a sell order and it changed the price that I typed in to one $20 lower just as I clicked sell because that was the current price, it's fortunate that I'm not trading a lot or that would have cost me a lot of money.  It keeps defaulting to market order too.

[1714648832]

1714648832

[1714648832]

1714648832

[Davyd05]

..nothing has changed for 48hrs.. this is the same movement we saw yesterday lol.. kiddie coaster continues on course.

[notme]

Sorry, I don't want to see a mass adoption bubble right now. Too early. I'd rather have 5-figure coins in the future than a mad gold rush now and millions of Chinese losing their shirts in a massive bubble.

I wonder how one slows down a bubble though. We all know when one is forming, but we are more or less powerless to stop it. So what to do?

Play along and get it over with.

[crazy_rabbit]

Somebody is using a lot of coin to keep the price suppressed on Gox. Once all the money on the sideline finally starts buying in, I don't see any stoping it (worth stopping). Buy in before the "suppressor" completes his plan. All signs point up.

Where is there alot of coins "suppressing" the price?  I'm not seeing it...

Looking at the bigger picture.

We haven't even had enough volume to say "alot".  In the past three weeks we have had an average of roughly 40,000 coins going back and forth between hands.  Liquidity is low, atleast in the high end segment.  When we have 20,000 bids above 1,000$ and a million coins change hands in the course of a day, then I will see the volume, until then.. a few coins tossed around here and there for 5-10% here and there is not practical volume.. Rome wasn't built in a day but it certainly can be destroyed in that time.

Considering there will only ever be 21 million coins, I'm not so sure I like the idea of 1 million of them trading each day....

[DaRude]

Somebody is using a lot of coin to keep the price suppressed on Gox. Once all the money on the sideline finally starts buying in, I don't see any stoping it (worth stopping). Buy in before the "suppressor" completes his plan. All signs point up.

Where is there alot of coins "suppressing" the price?  I'm not seeing it...

Looking at the bigger picture.

We haven't even had enough volume to say "alot".  In the past three weeks we have had an average of roughly 40,000 coins going back and forth between hands.  Liquidity is low, atleast in the high end segment.  When we have 20,000 bids above 1,000$ and a million coins change hands in the course of a day, then I will see the volume, until then.. a few coins tossed around here and there for 5-10% here and there is not practical volume.. Rome wasn't built in a day but it certainly can be destroyed in that time.

Considering there will only ever be 21 million coins, I'm not so sure I like the idea of 1 million of them trading each day....

That'd be pretty dumb and would only enrich the exchanges. exchanges would have all the bitcoins at 1% commission in like 5 years

[MahaRamana]

Considering there will only ever be 21 million coins, I'm not so sure I like the idea of 1 million of them trading each day....

Why not ?

[MahaRamana]

That'd be pretty dumb and would only enrich the exchanges. exchanges would have all the bitcoins at 1% commission in like 5 years

Exchanges have to sell their bitcoins to pay for their costs.
If an exchange is overcharging for too long, others will come and drive the transaction price down.

[nanobrain]

Walsoraj...did you see my wager few pages back? Interested?

Sure, but I will write some beautiful poetry regardless of who wins  

I'm sure you will

I'll graciously give you 1 hour (from this post) to back out of our bet. Let me know.

Not a problem for me....my ego can survive a bit of public self-criticism.

Question is...can yours?  

[bnjmnkent]

This correction could be different. EMA10/21 t=2h crossover on 3/4 exchanges immanent.
This was not the case before.

[beaconpcguru]

A million traded in a day, not every day.  Or the liquidity for the market to absorb such an amount.  5% of the current holdings would saturate the entire order book of every brokerage, not that any holder that huge would want to do that, but thats not liquidity atleast not towards our market cap goals.  I feel very lucky to have contributed and experienced this, thus far, and plan on trying to make others as happy as I have been.  I started a few cold wallets at the beginning of this year for my kids' college funds to that end as well as some other plans to diversify to some non-believers in the future just to try and get more of the word of mouth around.  I'm not the type that would be rich very long in an ultra rich position. I would want others to experience the joys of a debt free life, or atleast a shot at a clean slate, as well.

[crazy_rabbit]

That'd be pretty dumb and would only enrich the exchanges. exchanges would have all the bitcoins at 1% commission in like 5 years

Exchanges have to sell their bitcoins to pay for their costs.
If an exchange is overcharging for too long, others will come and drive the transaction price down.

You assume by then bitcoin isn't highly regulated and been assimilated into the banking system.

[CryptStorm]

A million traded in a day, not every day.  Or the liquidity for the market to absorb such an amount.  5% of the current holdings would saturate the entire order book of every brokerage, not that any holder that huge would want to do that, but thats not liquidity atleast not towards our market cap goals.  I feel very lucky to have contributed and experienced this, thus far, and plan on trying to make others as happy as I have been.  I started a few cold wallets at the beginning of this year for my kids' college funds to that end as well as some other plans to diversify to some non-believers in the future just to try and get more of the word of mouth around.  I'm not the type that would be rich very long in an ultra rich position. I would want others to experience the joys of a debt free life, or atleast a shot at a clean slate, as well.

+1 Towards being a good person, feeling lucky and knowing that money isn't everything.

[macsga]

A million traded in a day, not every day.  Or the liquidity for the market to absorb such an amount.  5% of the current holdings would saturate the entire order book of every brokerage, not that any holder that huge would want to do that, but thats not liquidity atleast not towards our market cap goals.  I feel very lucky to have contributed and experienced this, thus far, and plan on trying to make others as happy as I have been.  I started a few cold wallets at the beginning of this year for my kids' college funds to that end as well as some other plans to diversify to some non-believers in the future just to try and get more of the word of mouth around.  I'm not the type that would be rich very long in an ultra rich position. I would want others to experience the joys of a debt free life, or atleast a shot at a clean slate, as well.

You can't be happy when everyone near you is sad. That's what I'm facing everyday the last 5 years.

[CryptStorm]

This correction could be different. EMA10/21 t=2h crossover on 3/4 exchanges immanent.
This was not the case before.

I just see a resistance line along a channel, thin volume waiting for a trading day.

[jojo69]

A million traded in a day, not every day.  Or the liquidity for the market to absorb such an amount.  5% of the current holdings would saturate the entire order book of every brokerage, not that any holder that huge would want to do that, but thats not liquidity atleast not towards our market cap goals.  I feel very lucky to have contributed and experienced this, thus far, and plan on trying to make others as happy as I have been.  I started a few cold wallets at the beginning of this year for my kids' college funds to that end as well as some other plans to diversify to some non-believers in the future just to try and get more of the word of mouth around.  I'm not the type that would be rich very long in an ultra rich position. I would want others to experience the joys of a debt free life, or atleast a shot at a clean slate, as well.

sadly, this is why good people always end up losing; they are constrained by their conscience, while the most mercenary fucktards among us inevitably rise to the top.

[ChartBuddy]

[pera]

I want to believe in the MA support, it worked pretty well last time :>

[beaconpcguru]

A million traded in a day, not every day.  Or the liquidity for the market to absorb such an amount.  5% of the current holdings would saturate the entire order book of every brokerage, not that any holder that huge would want to do that, but thats not liquidity atleast not towards our market cap goals.  I feel very lucky to have contributed and experienced this, thus far, and plan on trying to make others as happy as I have been.  I started a few cold wallets at the beginning of this year for my kids' college funds to that end as well as some other plans to diversify to some non-believers in the future just to try and get more of the word of mouth around.  I'm not the type that would be rich very long in an ultra rich position. I would want others to experience the joys of a debt free life, or atleast a shot at a clean slate, as well.

You can't be happy when everyone near you is sad. That's what I'm facing everyday the last 5 years.

I know it, a little benevolence goes a long way and I think we can all succumb to greed every now and then.  I try to recognize when I do instead of justifying my greed with my ambitions.  If I had a few percent of this market, I would not play it the way of the ultra-rich, as soon as the order books filled up with hopes and dreams I would fufill them all with a rain fall of a market sell that would help to "de-centralize" some of the (potential/perceived) wealth that some of the bigger players in this market currently experience.  I do believe in the fact that helping others encourages others to do the same and can only hope I can play some small part in that chain.  What can I say, I'm a hopeless idealist.

[BitPirate]

Sorry, I don't want to see a mass adoption bubble right now. Too early. I'd rather have 5-figure coins in the future than a mad gold rush now and millions of Chinese losing their shirts in a massive bubble.

I wonder how one slows down a bubble though. We all know when one is forming, but we are more or less powerless to stop it. So what to do?

Dump every time mania gets out of control. Eventually sentiment turns. Dangerous game though.

[CryptStorm]

A million traded in a day, not every day.  Or the liquidity for the market to absorb such an amount.  5% of the current holdings would saturate the entire order book of every brokerage, not that any holder that huge would want to do that, but thats not liquidity atleast not towards our market cap goals.  I feel very lucky to have contributed and experienced this, thus far, and plan on trying to make others as happy as I have been.  I started a few cold wallets at the beginning of this year for my kids' college funds to that end as well as some other plans to diversify to some non-believers in the future just to try and get more of the word of mouth around.  I'm not the type that would be rich very long in an ultra rich position. I would want others to experience the joys of a debt free life, or atleast a shot at a clean slate, as well.

sadly, this is why good people always end up losing; they are constrained by their conscience, while the most mercenary fucktards among us inevitably rise to the top.

Yes, well, look-- when we get to 25k a coin, you guy's PM me and let's all figure something positive to do with our newly minted free time and to help the world. I'm still open for projects before then, but there's more to manage right now.