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

[bassclef]

Maybe it was a sale to someone who wanted a ton of coins with no slippage? Maybe they're preparing to sell them on an exchange? Who knows.. but "they sent them to a new wallet and then spend 100" makes no sense.

He sent 100 from the 70k address. The 70k (minus the 100) is still sitting in the original address. It was simply sent back as change.

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[JorgeStolfi]

taken from stackexchange.com with 84 upvotez:

"With "bitcoin days destroyed", the idea is instead to give more weight to coins which haven't been spent in a while. [ ... ] This is believed to give a better indication of how much real economic activity is occurring on the bitcoin network. [ ... ] The graph of overall bitcoin days destroyed is believed to show that the genuine level of activity in the Bitcoin economy is continually increasing [ ... ]"

Well, just looking at those huge spikes we can tell that the graph does not show "genuine level of activity in the Bitcoin economy".  

The explanation given by other posters for the last spike, in particular, shows why: "coins moved" does not mean "coins changed hands".  That goes for "old" coins as well for "new" ones.

[BrewCrewFan]

OMG really people?  

To think that someone all of a sudden , being and early bird, would decide to offload all those coins right now is comical.

Plus any moron with half a brain knows that people are always watching, why create panic?

[Wandererfromthenorth]

OMG really people?  

To think that someone all of a sudden , being and early bird, would decide to offload all those coins right now is comical.

Plus any moron with half a brain knows that people are always watching, why create panic?

That's what the Bitstamp "Bearwhale" did on october for around $10M worth of BTC sold at $300. A pretty good deal if you ask me (since he didn't sell before).

Say you hold a $10 million in BTC that you haven't touched for two years while you see price going down for more than a year and it doesn't seem to recover.
Eventually the thought of seeing your small fortune vanish is too much and you decide that enough is enough.




Not saying that those days destroyed are somebody who wants to insta-dump everything tomorrow. Just saying that early HODLERS starting to run out of patience now is perfectly understandable, possible and even rational (better to secure some profits regardless of what happens after even if a little late than be left with almost nothing if the descent continues or something really bad happens).

[derpinheimer]

Maybe it was a sale to someone who wanted a ton of coins with no slippage? Maybe they're preparing to sell them on an exchange? Who knows.. but "they sent them to a new wallet and then spend 100" makes no sense.

He sent 100 from the 70k address. The 70k (minus the 100) is still sitting in the original address. It was simply sent back as change.

Oh, I apologize then. I thought 100 were sent from the new wallet

[ChartBuddy]

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Explanation

[damiano]

Maybe it was a sale to someone who wanted a ton of coins with no slippage? Maybe they're preparing to sell them on an exchange? Who knows.. but "they sent them to a new wallet and then spend 100" makes no sense.

He sent 100 from the 70k address. The 70k (minus the 100) is still sitting in the original address. It was simply sent back as change.

What do you think was the point of that

[Wary]

Maybe it was a sale to someone who wanted a ton of coins with no slippage? Maybe they're preparing to sell them on an exchange? Who knows.. but "they sent them to a new wallet and then spend 100" makes no sense.

He sent 100 from the 70k address. The 70k (minus the 100) is still sitting in the original address. It was simply sent back as change.

So the simplest explanation - he just didn't have "small bills", so had to "break a large one". Other version - he wanted to prove to somebody that he owns these 70K

[minerpumpkin]

OMG really people?  

To think that someone all of a sudden , being and early bird, would decide to offload all those coins right now is comical.

Plus any moron with half a brain knows that people are always watching, why create panic?

Well, in order to push the price down maybe?  but I don't really think that people would go to such lengths as to move their cold storage coins, especially that many. It could simply be someone putting their coins into another form of cold storage. It could also be an exchange shifting around some coins.

[ChartBuddy]

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[Sitarow]

OMG really people?  

To think that someone all of a sudden , being and early bird, would decide to offload all those coins right now is comical.

Plus any moron with half a brain knows that people are always watching, why create panic?

Well, in order to push the price down maybe?  but I don't really think that people would go to such lengths as to move their cold storage coins, especially that many. It could simply be someone putting their coins into another form of cold storage. It could also be an exchange shifting around some coins.

or it could be someone who wished to use 100btc and deposit into an exchange that has a maximum daily btc withdrawal of 100btc

[spooderman]

people still want bitcoins.

[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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[Sitarow]

[damiano]

Staircasing back down nao?

Fake breakout
Bull trap

Making lower local lows

Looking bad

[ChartBuddy]

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[dropt]

Staircasing back down nao?

Fake breakout
Bull trap

Making lower local lows

Looking bad

Some sizable buys following the dumps.  Don't see much for support tho.

[Shatoshi]

Someone was rabbit pumping for a few minutes and then just crapped out.

edit: nope still going.  ~200 btc per minute on bitfinex