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

[wpalczynski]

300 today, moon tomorrow!

[mavericklm]

and bitfinex went down

[NotLambchop]

OMG have you seen what's happening?!!
Hurry and try to weasel out of that yacht deposit, go go go!!

[petahashminer]

lol idiot chinese miner dumps again, but no effect! we are here

[JimboToronto]

What a fine little display of profit taking and panic.

Honey badger shrugs.

[12345mm]

dumps then pumps instead of pumps then dumps seems to be the order of the day ...

in soviet russia road forks you !

[nioc]

300 today, moon tomorrow!

I was a little late to the party as I was a little short of fiat.  Have some coming in now and I told myself I was only buying under $300.

What will I do tomorrow

[lyth0s]

We should all stop selling for just 10 minutes and see what happens for shits and giggles.

Seriously though the largest growth keeps happening in single large 15 minute candles. Is this coincidence or is it perhaps 1 person accumulating large amounts of BTC over short periods of time and then letting the market re-equilibrate to not run up prices too fast?

say you are group of private equity that wanted to take a $50 mill position in BTC, how would you do it? (assume you managed to secure ~60% of that off the market already)

Well technically I would try to contact a large mining company and get an OTC deal with them to acquire the bitcoins. BUT that could potentially take a lot more work to setup and if a mining company decided to no longer sell for cheap OTC, then I'd have to take my business to the exchanges.

Maybe that's what has happened.....a few large OTC mining deals were stopped due to the coins being too low and now the miners would rather just hold them until the coin price gets bumped up to a more profitable level for them. Large buyer then flocks to the exchanges to slowly buy up the coins.

By the way you were pretty specific about a private equity wanting $50 million position in BTC, do you have any other specifics you'd like to share?

I don't believe that large miners operators can afford to just hodl for few months. In fact i don't believe in large mining farms operating without some contract in place already. Hey lets dump few mil in this run up thousands in electricity bills daily/weekly and we'll worry about how to liquidate our product (BTC) after.  Most likely all those coins are already spoken for for some duration of time. Things to consider if you want to open large position, you're not the only player scavenging miners for some coins so there's surely competition, the bigger the competition the more premium miners might want, you might want more volume than they can provide, or your contract with miners calls for premium of BFX*1.0X so miners turn around and just buy coins on market  , etc, etc, etc... Now if you've exhausted all your other options and are left with buying on market with minimum slippage i'm guessing it'd look like what's happening right about now. Big buy let things settle put up some weak support, rinse and repeat. Until someone picks up on that and start going ape shit crazy on leverage to buy up coins so you don't get them

First time I heard of a megawatt mining operation I remember that some huge private equity business were backing all the costs and were even giving the lead mining operator a full 20% cut on the bitcoins mined. I think some of the super large mining operations are run by wealthy bulls who want to accumulate coins cheaper than buying them in bulk off the market and care very little about the operation cost as long as it is less than the market buy orders would be.

Otherwise who in their right mind would give the mining operator a 20% cut of all bitcoins mined if they were just looking to make USD profits?

[lyth0s]

You guys think $1000 by end if the year Is possible

Absolutely.

I would not be so sure about that. Considered that bitcoin price was that high only for once in its lifetime and for really short period of time. I would be amused if bitcoin will hit $500 mark this year.

Prepare to be amused.

How many bag holders were created in 2014? I think there will be a lot of sell pressure once we start moving back up through the 300's, 400's, 500's etc.

If you've sat on the losses til now, the chances are you're in it for the long haul and the fear of missing out will be just as strong as before if it's blowing up.

Yep people that were uncomfortable with those losses have already sold. People are very emotional when it comes to investments and whether or not they are green or red short term. If they held on for > 50% reduction of their investment they are probably in this for the long run.

[JorgeStolfi]

I posted a few weeks ago at the SeconMarket BIT thread:

The explanation of the plot is here.

Note the four steps in the blue and magenta lines in Nov/2014, in a plot that was otherwise flat since may/2014.  Those steps are four investments in SMBIT, at 1 week intervals, adding to ~10 M$. They triggered the acquisition by SMBIT of ~7000 BTC.  Those buys need not have been imemdiate; the blue line suggests that, buy it is computed from the magenta line, not from independent data.

Curiously those four investments almost coincide with the rise of the Nov/2014 "mini-bubble".   Could those buys have been the cause (or trigger) of that mini-bubble? 7000 BTC seems too little to have a visible effect...

[shmadz]

I went to Somalia because I heard it was a libertarian utopia but all I found was (yet another) failed socialist state.

I have heard rumors of semi-autonomous zones being built on the coast of Honduras
(Sorry, no link, it was just an interview of some guy on some podcast, some time ago, but it definitely peaked my interest.)

[12345mm]

old movie but if you've never seen "the beach" i highly recommend ...

[Christ is King]

Praise the lord! Once again He blesses those with patience! Don't listen to the trolls and keep holding. Up next, moon!

[damiano]

Wow almost 19 million longs

[billyjoeallen]

12 hr chart on bfx is striped. Massive buying during the day in the west and dumping during daylight hours in China.  Four days in a row. two days before that it shows up again.

If this pattern continues, buying at night could generate FAST profits. Hold for 12 hrs, dump, buy backlower, rinse and repeat.

[ChartBuddy]

Coin
Explanation

[Cconvert2G36]

12 hr chart on bfx is striped. Massive buying during the day in the west and dumping during daylight hours in China.  Four days in a row. two days before that it shows up again.

If this pattern continues, buying at night could generate FAST profits. Hold for 12 hrs, dump, buy backlower, rinse and repeat.

Comparing the okcoin and huobi 12hr pretty much confirms this western bias to the rally. Not sure that the east cares or understands completely what the pink sheet might facilitate when it starts in 2 weeks™.

Bid book on finex is pretty strong down into the low 270's. Asks are looking weak until we bump that 286 line again.

[JorgeStolfi]

I have heard rumors of semi-autonomous zones being built on the coast of Honduras
(Sorry, no link, it was just an interview of some guy on some podcast, some time ago, but it definitely peaked my interest.)

IIRC, the government that deposed the left-leaning president Zelaya wanted to hand over the administration of some towns to private companies instead of elected mayors and aldermen.  I don't know what came of it.

[xingming]

Coin
Explanation

Nice jump for the price I just returned to my laptop and saw the price in the top , And was asking my self
what really made this jump is it traders or new users ?

[billyjoeallen]

I went to Somalia because I heard it was a libertarian utopia but all I found was (yet another) failed socialist state.

I have heard rumors of semi-autonomous zones being built on the coast of Honduras
(Sorry, no link, it was just an interview of some guy on some podcast, some time ago, but it definitely peaked my interest.)

It went to shit because Honduras gov't couldn't keep it's hands off. Predictable.