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

[qwk]

I'm kinda mystified about how an exchange works.

Am I always buy/selling to a peer?

In theory, yes.

Or does the exchange sell and buy directly to users also?

That may or may not be the case. If so, it's usually done in a more or less transparent way with someone appointed to the task and officially being called a market maker or given some other fancy name.

Does an exchange adjust its prices in consensus with other exchanges?
Or is it all independent marketing?

With Bitcoin exchanges, you never know. They may all just be making up numbers and drawing pretty lines in diagrams

[Ayle56]

I'm kinda mystified about how an exchange works.

Am I always buy/selling to a peer?
Or does the exchange sell and buy directly to users also?

Does an exchange adjust its prices in consensus with other exchanges?
Or is it all independent marketing?

The two exchanges Bitfinex and Bitstamp used to have a deal that helped keep the price roughly the same on both exchanges. However, they stopped the deal now as far as I know. There are people who run things called arbitrage bots which look for different prices on exchanges and make profit from buying off a cheaper exchange to sell on a more expensive exchange. They tend to keep the prices roughly the same across exchanges.

[inca]

I'm kinda mystified about how an exchange works.

Am I always buy/selling to a peer?
Or does the exchange sell and buy directly to users also?

Does an exchange adjust its prices in consensus with other exchanges?
Or is it all independent marketing?

An exchange is simply an orderbook consisting of bids (buys) and asks (sells). Where a bid and ask coincide is the exchange price.

[dakota neat]

give up, cocks. please finally give up.

buy. sell.

[ChartBuddy]

Coin
Explanation

[tarmi]

everybody talking about greece but the collapse of the chinese bubble will be epic.

cash is king.

if I would have to guess first to fall will be litecoin. or the last, but in that case it is going to be very, very ugly.

[macsga]

Yes, he wrote there is a big increase of Greece users (https://twitter.com/nejc_kodric).

Interesting... Macsga, there sure is a business opportunity for you or?

That would be "or".
With the banks closed, there are very few ways to move cash around and cooperate with an exchange in order to purchase BTC. Localbitcoins works but because of the demand the prices are significantly higher (rates are up to 300eur per piece). Unfortunately, the ways to move cash out of the country are only a couple at the moment, even though I expect the opposite will be needed within a short time period.

As they say here "No matter how much [money], they are always over"...

[Natalia_AnatolioPAMM]

A break downwards here could get ugly.

very very ugly. hopefully it won't happen

[Meuh6879]

Where is the china investor ? Buy bitcoins now ! 
http://www.zerohedge.com/news/2015-07-02/china-crash-accelerates-drags-composite-under-4000-us-futures-flat-ahead-nonfarm-pay

[Dilla]

Let's hope $250 holds

[BlackSpidy]

We're going to stay above the log downtrend line, but we're not going too far away from it in a while. I give it a week, and no price below $240 for liftoff.

[BitcoinNewbie15]

I don't know if Bitcoin will have another leg down or another leg up. Bitcoin has been a little surprising lately with its increased volatility. I personally am hoping that Bitcoin doesn't return to its price levels it was at a few weeks back.

[ChartBuddy]

Coin
Explanation

[JimboToronto]

Good morning Bitcoinland.

Still going sideways I see.

Do we have to wait until next week for our next leg up?

[aztecminer]

I don't know if Bitcoin will have another leg down or another leg up. Bitcoin has been a little surprising lately with its increased volatility. I personally am hoping that Bitcoin doesn't return to its price levels it was at a few weeks back.

we are moving into the holiday weekend... either way leg up or leg down we're doing it! some of us are the bigtimers while others are waiting until just after the very last moment to stand in the atm line.... be sure to wear comfy shoes because it might be a long wait everyday waiting to get your $60.00 out the bank during the "big block of cheese day" holidays.....

[macsga]

That would be "or".
With the banks closed, there are very few ways to move cash around and cooperate with an exchange in order to purchase BTC. Localbitcoins works but because of the demand the prices are significantly higher (rates are up to 300eur per piece). Unfortunately, the ways to move cash out of the country are only a couple at the moment, even though I expect the opposite will be needed within a short time period.

As they say here "No matter how much [money], they are always over"...

300€ per btc local/person?
Those with money on exchanges are doing a killing right now! Maybe I will decide to go on holidays to Greece and took few btc with... free holidays   Btw. Tourists can take money out?

Tourists have unlimited money supply, cause "Tourism=Profit". I believe they can withdraw virtually any amount from their credit cards when they're in Greece. The problem is that the domestic funds are somewhat "locked" from moving outside of the country. Which -you know- it's a problem when you want to buy BTCs...

[ChartBuddy]

Coin
Explanation

[j753k]

Just got my Trezor, its freaking awesome.  Way smaller than I expected.  I recommend buying from Amazon though as it took my friend nearly 3 weeks to receive his straight from the Trezor site.

[hodlmybtc]

Good morning Bitcoinland.

Still going sideways I see.

Do we have to wait until next week for our next leg up?

250 then up imo.

https://bitcointalk.org/index.php?topic=1105886

[LFC_Bitcoin]

Just got my Trezor, its freaking awesome.  Way smaller than I expected.  I recommend buying from Amazon though as it took my friend nearly 3 weeks to receive his straight from the Trezor site.

I've been thinking about getting one for ages. Think I'm going to bite the bullet & get one in the next week or two. I've done a lot of research/reading about them. I think it's brilliant that the private keys are never exposed to the internet & if you lose or damage your trezor you don't lose your bitcoins as you can recover them with your 12 or 24 word seed/password. Well worth the money imo.
Sorry for going off topic guys but has anybody else got one, care to share your experiences?