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

[OldGeek]

Hi gang.  Are we having fun yet?

That crazy HuBoy exchange is up late and trading like a boss.  What's up with that?

[medialab101]

Hi gang.  Are we having fun yet?

That crazy HuBoy exchange is up late and trading like a boss.  What's up with that?

What do you mean 'up late'? It's mid-afternoon in Beijing.

[MikeH]

Software is never really done until at least version 3.1

Like Windows 3.1

And DOS 3.1

Spooky, 3.1 was the last AmigaOS released by Commodore too.

[billyjoeallen]

Hard to sell coins for a profit if you don't have any left to sell. Coinbase as much as admitted that they have no miner's coins left and now have to buy on stamp. You can figure out what that means.

Does Coinbase really rely on miner's coins?

How do you know this?

*edited to remove confusion*

They did. It was well known that, although their prices were lower, Coinbase would get them their fiat in a reliable, timely manner. There prices stayed low as we traders cut our losses and transferred out coins from Gox so we could get at least some money out. This was back when only fiat withdrawals from Gox were delayed. Then Coinbase's supply of cheap coins apparently ran out and the price diverged from Bitstamp to a noticable degree. Coinbase put out a notice on their reddit explaining the price differential and essentially begging us Yanks to sell for the premium we would be getting. Few took advantage of this because most us us were buying by then. So yesterday, they got more money to Stamp and the prices equalized somewhat, but still noticeably higher at CB. The miners I suspect are now selling to Second Market, Winklevi, and other institutional investors for better prices. Few miners are selling retail at these prices. They have better options.

[byronbb]

So it's just a trap in general.

No we can always take it a step further.

[F-bernanke]

They did. It was well known that, although their prices were lower, Coinbase would get them their fiat in a reliable, timely manner. There prices stayed low as we traders cut our losses and transferred out coins from Gox so we could get at least some money out. This was back when only fiat withdrawals from Gox were delayed. Then Coinbase's supply of cheap coins apparently ran out and the price diverged from Bitstamp to a noticable degree. Coinbase put out a notice on their reddit explaining the price differential and essentially begging us Yanks to sell for the premium we would be getting. Few took advantage of this because most us us were buying by then. So yesterday, they got more money to Stamp and the prices equalized somewhat, but still noticeably higher at CB. The miners I suspect are now selling to Second Market, Winklevi, and other institutional investors for better prices. Few miners are selling retail at these prices. They have better options.

If this is true, than there's more demand than i thought. I'm guessing were in a downtrend right now for a few months, and then some event (bank default, bail-in whatever) will kickstart another insane rally. I'm not selling a single coin because of this, Don't want to be left out holding the fiat bag, even when i think were heading down short term.

[OldGeek]

Looks like MtSux is in DDOS mode again.

[surfer43]

Looks like MtSux is in DDOS mode again.

What do you mean? 

[threecats]

bitfinex frozen for me

[gizmoh]

[OldGeek]

Looks like MtSux is in DDOS mode again.

What do you mean? 

Was watching from Wisdom and noticed that gox went into slow mode.  Then the interval went from, say 15 seconds, to 45 and then to 1 min 8 seconds.  Unless BitcoinWisdom is having problems, then gox is being tested again.

[PoolMinor]

Bitcoin wobbles but it won't fall down!

[billyjoeallen]

another 785 BTC buy on stamp

[CryptoNames]

http://www.youtube.com/watch?v=LLjlOw3TVc8

[surfer43]

Free karma, thanks!

 

[byronbb]

Why is gox even trading??? The exchange you can only deposit to, I mean it's laughable but unfortunately a fact.

[shmadz]

Hard to sell coins for a profit if you don't have any left to sell. Coinbase as much as admitted that they have no miner's coins left and now have to buy on stamp. You can figure out what that means.

Does Coinbase really rely on miner's coins?

How do you know this?

*edited to remove confusion*

They did. It was well known that, although their prices were lower, Coinbase would get them their fiat in a reliable, timely manner. There prices stayed low as we traders cut our losses and transferred out coins from Gox so we could get at least some money out. This was back when only fiat withdrawals from Gox were delayed. Then Coinbase's supply of cheap coins apparently ran out and the price diverged from Bitstamp to a noticable degree. Coinbase put out a notice on their reddit explaining the price differential and essentially begging us Yanks to sell for the premium we would be getting. Few took advantage of this because most us us were buying by then. So yesterday, they got more money to Stamp and the prices equalized somewhat, but still noticeably higher at CB. The miners I suspect are now selling to Second Market, Winklevi, and other institutional investors for better prices. Few miners are selling retail at these prices. They have better options.

Interesting. you think institutions are paying more to get in bed with the producers? to insure a steady flow?

or just paying premium to get untainted coins?

[billyjoeallen]

Hard to sell coins for a profit if you don't have any left to sell. Coinbase as much as admitted that they have no miner's coins left and now have to buy on stamp. You can figure out what that means.

Does Coinbase really rely on miner's coins?

How do you know this?

*edited to remove confusion*

They did. It was well known that, although their prices were lower, Coinbase would get them their fiat in a reliable, timely manner. There prices stayed low as we traders cut our losses and transferred out coins from Gox so we could get at least some money out. This was back when only fiat withdrawals from Gox were delayed. Then Coinbase's supply of cheap coins apparently ran out and the price diverged from Bitstamp to a noticable degree. Coinbase put out a notice on their reddit explaining the price differential and essentially begging us Yanks to sell for the premium we would be getting. Few took advantage of this because most us us were buying by then. So yesterday, they got more money to Stamp and the prices equalized somewhat, but still noticeably higher at CB. The miners I suspect are now selling to Second Market, Winklevi, and other institutional investors for better prices. Few miners are selling retail at these prices. They have better options.

Interesting. you think institutions are paying more to get in bed with the producers? to insure a steady flow?

or just paying premium to get untainted coins?

I don't know for sure, but dealing directly with miners and buyers, they both save on fees. The Winkilevos Twins did say publicly that they have a relationship with several big miners. Second market is buying in bulk and the only buyer from them that I know about is BIT.

[Davyd05]

Huobi having a lil mini rally.

[billyjoeallen]

Just hit the 4hr cross. looks like 700 is the new floor.