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

[fonzie]

Just a small reminder why the orderbook of Bitfinex often looks more bullish(than Stamp with its meager 3 mio USD). Due to the possibiliy of margin trading and using Bitcoin as collateral it is not necessary to deposit real or fresh USD over there. A lot of those bids are probably from early adopters using their huge BTC stash tryin to protect their investment with it. However as the price gets lower and lower their available net worth that is needed to place orders also gets lower, which leads to less and less USD bid sum if the price goes down. My guess is that 60-70% of the bids in the orderbook are created with BTC used as collateral, which could lead to a death spiral if we should get another huge crash below 150$ where people actually try to withdraw USD and no longer look to increase their BTC positions. Please correct me if i am wrong!

No Shit Sherlock

If you´re that smart than i guess you have already calculated the price at which Bitfinex collapses and everyone, bears and bulls, will loose their money. Would you mind telling me?

[ChartBuddy]

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Explanation

[DaRude]

What's up with the big market buys directly followed by big market sells. Stop orders?

[derpinheimer]

What's up with the big market buys directly followed by big market sells. Stop orders?

Its on BFX and Bitstamp, too.. odd odd odd

[Sitarow]

8:55PM EST


9:00PM EST

[JorgeStolfi]

I don't think that there will be an immediate reaction to the mycoin.hk debacle (but I may be wrong, of course).

People have blamed bad press after the MtGOX collapse for the general price decline since Feb/2014.  I don't think MtGOX had that much influence, not even when it was fresh news (which is no longer the case). The only clear effects of MtGOX on price were a couple of sudden drops, notably on 2014-02-07 and 02-10, when Mark hinted/stated that there was a "bug in bitcoin".  But those drops were soon undone when the claims were dismissed.  As I said before, I believe that the general deciine since Feb/2014 is mostly due to the Chinese speculators getting disenchanted with bitcoin and taking their remaining money out of the market.

The mycoin.hk debacle may however convince the Chinese government to impose even stricter regulations about bitcoin trading; and those would surely have a large impact on the price (like the ones in March/April 2014).

[ChartBuddy]

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[JorgeStolfi]

PS. It is 10:00 am now in China.  The mycoin.hk news was on some Hong Kong newspapers, but may not have been picked up by Mainland newspapers yet; I don't know.  Some Mainland Chinese may get the news through the internet, but more may get them from TV this evening, or from newspapers tomorrow.  Let's see.

[silverfuture]

I don't think that there will be an immediate reaction to the mycoin.hk debacle (but I may be wrong, of course).

People have blamed bad press after the MtGOX collapse for the general price decline since Feb/2014.  I don't think MtGOX had that much influence, not even when it was fresh news (which is no longer the case). The only clear effects of MtGOX on price were a couple of sudden drops, notably on 2014-02-07 and 02-10, when Mark hinted/stated that there was a "bug in bitcoin".  But those drops were soon undone when the claims were dismissed.  As I said before, I believe that the general deciine since Feb/2014 is mostly due to the Chinese speculators getting disenchanted with bitcoin and taking their remaining money out of the market.

The mycoin.hk debacle may however convince the Chinese government to impose even stricter regulations about bitcoin trading; and those would surely have a large impact on the price (like the ones in March/April 2014).

Meh. Em Tee Gox was an exchange that was missing a lot of BTC and it only caused a couple of sudden drops with a market that expected those btc to make it to the remaining exchanges to sell. The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

[JorgeStolfi]

The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

I generally agree, except that there are claims that mycoin.hk operated also an exchange that scammed their clients too.  So there may be some consequences for other exchanges.

[twiifm]

I don't think that there will be an immediate reaction to the mycoin.hk debacle (but I may be wrong, of course).

People have blamed bad press after the MtGOX collapse for the general price decline since Feb/2014.  I don't think MtGOX had that much influence, not even when it was fresh news (which is no longer the case). The only clear effects of MtGOX on price were a couple of sudden drops, notably on 2014-02-07 and 02-10, when Mark hinted/stated that there was a "bug in bitcoin".  But those drops were soon undone when the claims were dismissed.  As I said before, I believe that the general deciine since Feb/2014 is mostly due to the Chinese speculators getting disenchanted with bitcoin and taking their remaining money out of the market.

The mycoin.hk debacle may however convince the Chinese government to impose even stricter regulations about bitcoin trading; and those would surely have a large impact on the price (like the ones in March/April 2014).

Meh. Em Tee Gox was an exchange that was missing a lot of BTC and it only caused a couple of sudden drops with a market that expected those btc to make it to the remaining exchanges to sell. The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

They use Bitcoin cause the bitcoiners target victim are get rich scheme gamblers who are unsophisticated and generally dumb.  They think anything Bitcoin must be good

[silverfuture]

The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

I generally agree, except that there are claims that mycoin.hk operated also an exchange that scammed their clients too.  So there may be some consequences for other exchanges.

Ah, OK. I hadn't heard of the exchange.

[Walsoraj]

The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

I generally agree, except that there are claims that mycoin.hk operated also an exchange that scammed their clients too.  So there may be some consequences for other exchanges.

Did mycoin run its own exchange or operate in association with another?  BFX is located in Hong Kong, right? 

[ChartBuddy]

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Explanation

[readysalted89]

The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

I generally agree, except that there are claims that mycoin.hk operated also an exchange that scammed their clients too.  So there may be some consequences for other exchanges.

Did mycoin run its own exchange or operate in association with another?  BFX is located in Hong Kong, right? 

I'm not certain but  their website suggests they ran their own exchange, an online wallet service, a cloud mining service, and various entertainment services. This is what Google translate came up with from their about us page. Right now it's difficult to get any clear information, just stuff badly translated through Google.

https://mycoin.hk/#MYCOIN-intro1

MYCOIN platform is the world's leading Bitcoin Bitcoin trading platform and application service providers, dedicated to the development and operation of Bitcoin-related products, we have today's advanced bank level data encryption technology, cold storage, sophisticated algorithms, cloud computing, cloud storage, cloud and other high-tech mining machine, MYCOIN platform (www.mycoin.hk) is the world's first set of Bitcoin transactions, Bitcoin transactions, Bitcoin entertainment applications, e-commerce and other services Bitcoin integrated service platform integration, globally oriented customers Bitcoin Bitcoin integration services.

[Newar]

[...] Right now it's difficult to get any clear information, just stuff badly translated through Google.

Just switch to English in the upper right corner? Granted not exactly the Queens' English, but it looks like they tried to build an exchange: "Effort to build set of Bitcoin trading"

[Chef Ramsay]

I don't think that there will be an immediate reaction to the mycoin.hk debacle (but I may be wrong, of course).

People have blamed bad press after the MtGOX collapse for the general price decline since Feb/2014.  I don't think MtGOX had that much influence, not even when it was fresh news (which is no longer the case). The only clear effects of MtGOX on price were a couple of sudden drops, notably on 2014-02-07 and 02-10, when Mark hinted/stated that there was a "bug in bitcoin".  But those drops were soon undone when the claims were dismissed.  As I said before, I believe that the general deciine since Feb/2014 is mostly due to the Chinese speculators getting disenchanted with bitcoin and taking their remaining money out of the market.

The mycoin.hk debacle may however convince the Chinese government to impose even stricter regulations about bitcoin trading; and those would surely have a large impact on the price (like the ones in March/April 2014).

Meh. Em Tee Gox was an exchange that was missing a lot of BTC and it only caused a couple of sudden drops with a market that expected those btc to make it to the remaining exchanges to sell. The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

They use Bitcoin cause the bitcoiners target victim are get rich scheme gamblers who are unsophisticated and generally dumb.  They think anything Bitcoin must be good

I wonder if this is true and what made these people want in on the project/scheme. It does seem like a plausible statement and is quite characteristic of many people interested in bitcoin. This would be the mother of all bitcoin related ponzis if it panned out the way it's being put with this line of thinking. The greed, as apparently described in the ruse, doesn't make one feel as sorry or as sympathetic towards those with the losses.

[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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