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

[flynn]

China's just a big bitcoin vacuum

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[Holliday]

The U.S. government confiscated DPR's Bitcoins.

I think you mean Ross Ulbricht's coins?  Poor password security.

So should it come to your stash you'd be much smarter and more secure, eh? And you're impervious to a $5 wrench?

There are tools currently available to make bitcoins extremely hard to get. There are also tools available which can prevent you from accessing your own coins, rendering the $5 wrench useless.

In other words, yes.

By the way, it helps if you don't brag about running the world's largest underground online drug bazaar (while living in the US) on major financial news sites.

That's not how the idea behind the 'wrench' method works.

Once the wrench is being applied to you, the assumption is that the cost for you is so high (possibly: death) and the cost for them is so low (5$ wrench) that you will do *anything* in your power to give up the secret.

Even if you set up a system that makes it impossible for you to actually give up the key, the cost for you to set up the 'cannot reveal' method is substantially higher (death, no coins) than the cost for them to apply the 'wrench' method (5$ wrench, no coins)

I understand the wrench method. The idea is to provide for your family after you are taken along with not giving in to the demands of kidnappers.

Of course, one should do whatever it takes to avoid getting taken in the first place.

[hd060053]

price is between 4835.99 and 4836,

so what will be the result of this maker-taker program when it stabilizes?

huge walls between 0.01 CNY ?

[Bebopzzz]

could it be that someone is using this maker-taker scheme to make monies?

Could somebody explain the rules or link to the article where this info is from?

[fonzie]

Who is about to implode first?

Gox or BTCChina?  

[BlackFlag]

if this is a bot from a single person, he is gona lose alot of money 

[stereotype]

Maybe some bot is running stupid 

Highly recommend it.... http://robert-harris.com/index.php/books/?t=The-Fear-Index

[Denton]

So much bullshit on BTCChina.

[esse83]

That bot is decreasing the difference between buy and sell amount by 0.001 each trade, currently its at 0.140 difference.. perhaps 140 trades left before it stops? 

[bambou]

So much bullshit on BTCChina.

100s BTC wall at Y0,01 difference ^^

[fonzie]

I´m so glad that BTCChina is back. We will for sure see one hell of a rallye soon, thanks Bobby Lee, you´re awesome. Thanks for your contributions to the BTC community.
GTFO

[keithers]

faking the volume still means collecting fees for BTC China if that is what they are doing.  In my opinion faking the volume is still not nearly as bad as not being able to get your money out, like at Gox.

Funny how all this is occurring 1 day before the Jan 31st doomsday that everyone was talking about

[mmitech]

the 1 minute chart is just hilarious

[fonzie]

Can we all agree, that it is indeed very bullish that BTCChina is back??

[BitcoinAshley]

0% trading fee makes it possible/easy for people to trade coins back and forth and create volume where there otherwise would be less

Does the maker/taker deal provide the same incentive for the whales with bots? If so, we might just be looking at an effect similar to the 0% fee, rather than some pencil-thin-mustache-twirling chinaman in the BTCChina basement making up trades.

[esse83]

BTC China has given over 3.1m RMB to market makers
Until 15th February, company is giving 1,000 RMB ($165) to one maker and one taker every time the amount rebated to makers exceeds 100,000 RMB.

“The prizes go to the maker and the taker who push the rebate threshold over the next 100,000 mark. We have already given out over 3m RMB in rebates and given prizes to 62 winners,” Lee explained.

So bot activity explained?

[oda.krell]

looks like we're moving up!  

hehe, let's not get ahead of ourselves. On the bigger time scale it looks to me like we're still in a (mildly) downward sloping consolidation. So I'd say, let's break through 830, 850, 900 first, then I'm going to join the crowd of cheering bulls again

exactly

but the news today from BTC China

if this works, we are going to mars.

we're going to need 6 confirmations that this is infact legal, and then BAM  the shiniest green candle bitcoin has ever seen will appear 

I would be more than happy to see the consolidation end (I'm mostly in BTC, so I have no real skin in the short game), but all I'm saying is that, while we had some nice price action, and are finally seeing volume return to btc-china, it's too early to call it a proper reversal. In the bigger picture, we're consolidating/slightly going down since January 6 (see below).

News isn't quite as straightforward as it sometimes made to look like in here. "Bad" news can trigger a rally (see: Silk Road takedown, and subsequent uber rally), "Good" news can be largely ignored if the buying pressure simply isn't there.

So that's what I'm trying to say: there's a chance that buying pressure returns, in which case we're going to see a rally I suppose. But what we have so far (not fully confirmed good news for China) is not necessarily going to lead to that return of buying pressure. Markets are finicky like that.

[Denton]

faking the volume still means collecting fees for BTC China if that is what they are doing.  In my opinion faking the volume is still not nearly as bad as not being able to get your money out, like at Gox.

Funny how all this is occurring 1 day before the Jan 31st doomsday that everyone was talking about

Not really. This asshole is paying the fee to himself.

Maker-Taker fee structure. This new innovative fee structure will maintain a small 0.3% commission for traders, while rewarding market makers with a rebate. (The reward is effectively a “negative” commission, for market makers.) In summary, our company will still not be making money in commission revenue, giving all the benefits to our customers.

[fluidjax]

faking the volume still means collecting fees for BTC China if that is what they are doing.  In my opinion faking the volume is still not nearly as bad as not being able to get your money out, like at Gox.

Funny how all this is occurring 1 day before the Jan 31st doomsday that everyone was talking about

Not really. This asshole is paying the fee to himself.

Maker-Taker fee structure. This new innovative fee structure will maintain a small 0.3% commission for traders, while rewarding market makers with a rebate. (The reward is effectively a “negative” commission, for market makers.) In summary, our company will still not be making money in commission revenue, giving all the benefits to our customers.

It is jan31st in China.

[oda.krell]

I understand the wrench method. The idea is to provide for your family after you are taken along with not giving in to the demands of kidnappers.

Of course, one should do whatever it takes to avoid getting taken in the first place.

Good point. If you calculate your personal utility not only based on "payout to yourself", but "payout to people you care about", my wrench method calculation fails.

Maybe I'm just too egotistical to think like that, however