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

[minerpumpkin]

Yea strong stability. From here it is just waiting for the next big bitcoin rally basically.
Not a lot of margin to work with for the day traders.

One thing is for sure though: You do not want to get caught on the wrong side (short) when the rally kicks in.

Also, you have to keep in mind that the interests is continuing to eat away your profits and position, even when the price isn't moving against you. With longs still this high, I'm actually kinda afraid that they will be wiped out by the interests, rather than the price itself!

[damiano]

Stop being an odious little toad.

Sorry , I can't stop it when I see wanna be millionaires acting all mighty with 10 bucks in their pocket.

Ironically this forum is full of millionaires.

The question I have is, 'how much more ammo do the sellers have?'.

You can only sell bitcoin once

Well actually bitfinex is most likely running a frac reserve so the ammo is endless

[adamstgBit]

who are these retards market selling? why are they so retarted?

[medialab101]

Stop being an odious little toad.

Sorry , I can't stop it when I see wanna be millionaires acting all mighty with 10 bucks in their pocket.

Ironically this forum is full of millionaires.

The question I have is, 'how much more ammo do the sellers have?'.

You can only sell bitcoin once

Well actually bitfinex is most likely running a frac reserve so the ammo is endless

+1 THIS

[Chainsaw]

There is a thread in reddit with multiple reports of Bitfinex users watching a malfunction occur, with massive long and short orders which they did not issue, and far exceeding the size of their account. It is being rapidly downvoted, and reddit is lagged.
http://www.reddit.com/r/BitcoinMarkets/comments/353yu8/bitfinex_having_serious_lag_issues_be_very/

If confirmed, I think there will be a bit of a holding pattern in the market until Bitfinex announces how they are going to clean up the mess.

[Jammalan the Prophet]

Ok show is over. I'm back in at a favorable price < 229.

Give it a bit more time..
I have a feeling Btc-e will do something pretty stupid soon , no matter what direction

Really why do you think so? I mean yeah, they started that crazy rally the other week and turned up the volume quite a bit, but why would they do anything like that now? - Just trying to follow your train of thoughts here!

Because they had no real dump in this time frame.
Because of the low volume somebody might want to make the btc-e the leader again.

300 coins  , all that it takes for BTCe to be above the startofdump price.

[shmadz]

Just to clarify for anyone who is still unsure of where we are in the grand cycle...



Enjoy the next 6-10 months of sideways everyone  

[YEAROFBULL15]

Is it normal for Bitfinex price to show with loads of extra decimals like 230.394993003955 ?

[damiano]

There is a thread in reddit with multiple reports of Bitfinex users watching a malfunction occur, with massive long and short orders which they did not issue, and far exceeding the size of their account. It is being rapidly downvoted, and reddit is lagged.
http://www.reddit.com/r/BitcoinMarkets/comments/353yu8/bitfinex_having_serious_lag_issues_be_very/

If confirmed, I think there will be a bit of a holding pattern in the market until Bitfinex announces how they are going to clean up the mess.

Lol what mess?  You think they would admit there is a problem?  It will get fixed quietly and we might hear something vague.

[UnholyTrinity]

There is a thread in reddit with multiple reports of Bitfinex users watching a malfunction occur, with massive long and short orders which they did not issue, and far exceeding the size of their account. It is being rapidly downvoted, and reddit is lagged.
http://www.reddit.com/r/BitcoinMarkets/comments/353yu8/bitfinex_having_serious_lag_issues_be_very/

If confirmed, I think there will be a bit of a holding pattern in the market until Bitfinex announces how they are going to clean up the mess.

Even Gox couldn´t manage to fuck up their trading engine that bad. Impressive, but one thing is for sure, this is bullish as fuck.This small incident will soon give us another moonshot!

"I had a few hundred trades executed in my account within a couple of minutes. At one point I was long over 2000 BTC, a minute later short 707 BTC. Currently long 808BTC. My account started with only 6.5BTC and is currently reporting losses of $15,000"

"Yep samething. Except i didnt get a screen shot in time showing 1700 coins. I am now showing 97 coins long. Mind you i only had about 7 btc in the act. Screen shot posted below. http://postimg.org/image/ejfsyas2b/"

[Wandererfromthenorth]

Just to clarify for anyone who is still unsure of where we are in the grand cycle...



Enjoy the next 6-10 months of sideways everyone  

So you are telling me that since bitcoin went from a few millions marketcap to a few billions marketcap, it means hundread of billions of even trillions is next?

Any penny stock pump and dump looks like that. Some bubble up again, some don't.



Saying that "bitcoin history will repeat itself" is BIAS. Bias gets people killed.


Not saying it won't happen, just saying that blindly buying and hoping is not a good strategy. Exactly as when it was at $2 or $10, the best strategy was to form an opinion on the market and buy/sell accordingly.

[minerpumpkin]

Ok show is over. I'm back in at a favorable price < 229.

Give it a bit more time..
I have a feeling Btc-e will do something pretty stupid soon , no matter what direction

Really why do you think so? I mean yeah, they started that crazy rally the other week and turned up the volume quite a bit, but why would they do anything like that now? - Just trying to follow your train of thoughts here!

Because they had no real dump in this time frame.
Because of the low volume somebody might want to make the btc-e the leader again.

300 coins  , all that it takes for BTCe to be above the startofdump price.

Interesting. BTC-e always seems to be the exchange that works according to its own rules, it seems... That's also the reason why all the other exchanges were looking so perplexed at the pump the other week, I guess. It's just not common for them to pull of a stunt with that magnitude on their own.

[minerpumpkin]

There is a thread in reddit with multiple reports of Bitfinex users watching a malfunction occur, with massive long and short orders which they did not issue, and far exceeding the size of their account. It is being rapidly downvoted, and reddit is lagged.
http://www.reddit.com/r/BitcoinMarkets/comments/353yu8/bitfinex_having_serious_lag_issues_be_very/

If confirmed, I think there will be a bit of a holding pattern in the market until Bitfinex announces how they are going to clean up the mess.

Well, if this is true and people are losing 5-figure USD amounts, I doubt there won't be people pushing for this to get resolved. I wonder whether it's merely a "bookkeeping" problem, or something that can be rolled back, or someone ends up having to pay for this mess. And if this turns out to be Finex... well,.... Popcorn time?

[minerpumpkin]

There is a thread in reddit with multiple reports of Bitfinex users watching a malfunction occur, with massive long and short orders which they did not issue, and far exceeding the size of their account. It is being rapidly downvoted, and reddit is lagged.
http://www.reddit.com/r/BitcoinMarkets/comments/353yu8/bitfinex_having_serious_lag_issues_be_very/

If confirmed, I think there will be a bit of a holding pattern in the market until Bitfinex announces how they are going to clean up the mess.

Even Gox couldn´t manage to fuck up their trading engine that bad. Impressive, but one thing is for sure, this is bullish as fuck.This small incident will soon give us another moonshot!

"I had a few hundred trades executed in my account within a couple of minutes. At one point I was long over 2000 BTC, a minute later short 707 BTC. Currently long 808BTC. My account started with only 6.5BTC and is currently reporting losses of $15,000"

"Yep samething. Except i didnt get a screen shot in time showing 1700 coins. I am now showing 97 coins long. Mind you i only had about 7 btc in the act. Screen shot posted below. http://postimg.org/image/ejfsyas2b/"

These kinds of incidents and errors look just like things programs written for Computer Science 101 classes would produce. This isn't some minor rounding error anymore - if true, someone has messed this up big time!

[Jammalan the Prophet]

Ok show is over. I'm back in at a favorable price < 229.

Give it a bit more time..
I have a feeling Btc-e will do something pretty stupid soon , no matter what direction

Really why do you think so? I mean yeah, they started that crazy rally the other week and turned up the volume quite a bit, but why would they do anything like that now? - Just trying to follow your train of thoughts here!

Because they had no real dump in this time frame.
Because of the low volume somebody might want to make the btc-e the leader again.

300 coins  , all that it takes for BTCe to be above the startofdump price.

Interesting. BTC-e always seems to be the exchange that works according to its own rules, it seems... That's also the reason why all the other exchanges were looking so perplexed at the pump the other week, I guess. It's just not common for them to pull of a stunt with that magnitude on their own.

Honestly right now I would actually ROFL if it will be confirmed that there was no real dump and just a trade engine malfunction .
As for Btc-e , they are usually in panic mode with a lot of fat fingers. Since they didn't react to the "dump" one can only assume they would troll us the other way.

[Chainsaw]

I believe the Bitfinex owner occasionally appears on the Whaleclub Teamspeak channel.
(They moved addresses, don't have the link anymore.)

It's possible the folks over there have a clearer picture of what is going on.

[UnholyTrinity]

If things should get ugly due to a eventual Bitfinex "fuckup" "shutdown" whatever , we could all agree to just take GBTC prices as standard reference for this thread. Live would be better!

[minerpumpkin]

Honestly right now I would actually ROFL if it will be confirmed that there was no real dump and just a trade engine malfunction .

Well the dump was at least partly legit. Huobi was slowly breaking below support and started to sell, Finex as well. Then at some point things cascaded down to ~$227 or so. That was a big dump already. But then something peculiar happened: The price went up to $234 again, only to fall back to $228 again. I bet a lot of positions may have gotten margin-called or at least stopped during those movements. Could be due to the engine malfunctioning. And what's the deal with the decimal places!?

[ricmi]

400 k of new longs opened! Seems promising and bullish.  

I'm buying.

[shmadz]

So you are telling me that since bitcoin went from a few millions marketcap to a few billions marketcap, it means hundread of billions of even trillions is next?

Any penny stock pump and dump looks like that. Some bubble up again, some don't.



Saying that "bitcoin history will repeat itself" is BIAS. Bias gets people killed.


Not saying it won't happen, just saying that blindly buying and hoping is not a good strategy. Exactly as when it was at $2 or $10, the best strategy was to form an opinion on the market and buy/sell accordingly.

I'm not Saying that "bitcoin history will repeat itself" ..  history doesn't always repeat, but it does seem to rhyme.

I'm just saying that there is a chance (a good chance, in my opinion) that it could be several months before we see a significant move upwards, if ever...

when we were at 2 dollars I was not sure the price would ever recover, I sold plenty coins at the 5 to 10 dollar range to protect myself against the chance that it might never go up again.

I also held on to a "small" amount of coins, "just in case"...

If you are going to hedge, you should hedge against both outcomes.

That's all I'm trying to say