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

[ChartBuddy]

Coin

Explanation

[ssmc2]

7/50 MA cross coming up soon.  

[SnokkomBTC]

7/50 MA cross coming up soon.  

prediction ?

[JimboToronto]

Good morning Bitcoinland. Nice to see we're solidly back in the $290s.  

It'd be nice to get past $300 with all its Spartan moontrains etc., and get on with the immediate task at hand: taking $330 and holding it.

[ssmc2]

7/50 MA cross coming up soon.  

prediction ?

Blast through resistance then settle back down around $350.

[el_rlee]

... is due to MMM, and how much is 'natural' buying pressure. Then again, even if MMM is a relevant factor in the current trend, sufficiently strong buying pressure is sufficiently strong buying pressure, no matter how dumb the reason. And for now, that volume looks rather sexy, one must admit.

What's this "MMM" thing going on at the moment? Anybody got a link?

[GreekGeek]

Blast through resistance then settle back down around $350.

you sound a bit too optimistic...
which resistance is that?

[ssmc2]

Blast through resistance then settle back down around $350.

you sound a bit too optimistic...
which resistance is that?

330-340

It does sound a little optimistic right? This is Gentlemen.

[JimboToronto]

... is due to MMM, and how much is 'natural' buying pressure. Then again, even if MMM is a relevant factor in the current trend, sufficiently strong buying pressure is sufficiently strong buying pressure, no matter how dumb the reason. And for now, that volume looks rather sexy, one must admit.

What's this "MMM" thing going on at the moment? Anybody got a link?

https://en.wikipedia.org/wiki/MMM_%28Ponzi_scheme_company%29

More specifically:

https://www.rt.com/news/312782-mmm-mavrodi-financial-pyramid/

They use Bitcoin.

[GreekGeek]

[
What's this "MMM" thing going on at the moment? Anybody got a link?

http://rsa-mmm.net/

[julian071]

Can anyone explain why this 300 USD is so important? If I look at the charts it does seem to be. But how can it when we are really just following the price in Yuan?

[podyx]

I see you celebratin in here

[tarmi]

chinese devaluation of yuan is already priced in.

no choo choo for you bulls, unless you are on mETH.

Says the guy who's underwater on the bulk of his shorts.

Assuming you actually trade the way you talk, which I highly doubt.

no way he can short and profit at this trend... price just drop 10 usd for few hours then rebound back

that's how and when money is made. glad I bought eth.

[yolalanda]

Is it everything that you expected?

http://s11.postimg.org/q7nx1gar7/Capture.png

And I guess that was your accomplice in the wood chipper?

[bobabouey2]

as i understand it one new victim buys btc and sends them to MMM which takes some of the BTC and sells them to pay the older victims

so afterall it should lead to revenue but not necessarily buy pressure

Does he pay out in money? I would expect him to pay out in bitcoin too, for the same reason that he takes bitcoin.

Many of the victims will surely re-invest all their payouts in the scheme, and then add some more money.

Thus the net effect of the ponzi should be to lock up increasing amounts of bitcoin in (a) the members' accounts, (b) in transit, and (c) in Mavrodi's deep pockets.

You may be right in terms of net amount.  But his scam is subtler than that.  He never takes in bitcoin or cash directly, nor pays it out.  Instead, it is a decentralized ponzi.  It involves individuals making requests for contributions, and other people fulfilling those requests directly, using bitcoin or bank transfer.

However, the twist is that before you make a request, you have to make a contribution to someone else who has made a request.  And the amount of money you can request is tied to their own virtual currency, Mavro.  You earn Mavro by making a contribution, and then that Mavro grows over time, and you can accelerate that growth by doing "tasks" (why appear to be social networking, i.e. growing the scam).  I think you may also to be able to "by" Mavro.

Presumably, the way MMM makes money is either in the selling of Mavro, or there is some kind of monetization of tasks.

[ChartBuddy]

Coin

Explanation

[peonminer]

as i understand it one new victim buys btc and sends them to MMM which takes some of the BTC and sells them to pay the older victims

so afterall it should lead to revenue but not necessarily buy pressure

Does he pay out in money? I would expect him to pay out in bitcoin too, for the same reason that he takes bitcoin.

Many of the victims will surely re-invest all their payouts in the scheme, and then add some more money.

Thus the net effect of the ponzi should be to lock up increasing amounts of bitcoin in (a) the members' accounts, (b) in transit, and (c) in Mavrodi's deep pockets.

You may be right in terms of net amount.  But his scam is subtler than that.  He never takes in bitcoin or cash directly, nor pays it out.  Instead, it is a decentralized ponzi.  It involves individuals making requests for contributions, and other people fulfilling those requests directly, using bitcoin or bank transfer.

However, the twist is that before you make a request, you have to make a contribution to someone else who has made a request.  And the amount of money you can request is tied to their own virtual currency, Mavro.  You earn Mavro by making a contribution, and then that Mavro grows over time, and you can accelerate that growth by doing "tasks" (why appear to be social networking, i.e. growing the scam).  I think you may also to be able to "by" Mavro.

Presumably, the way MMM makes money is either in the selling of Mavro, or there is some kind of monetization of tasks.

[bobabouey2]

as i understand it one new victim buys btc and sends them to MMM which takes some of the BTC and sells them to pay the older victims

so afterall it should lead to revenue but not necessarily buy pressure

Does he pay out in money? I would expect him to pay out in bitcoin too, for the same reason that he takes bitcoin.

Many of the victims will surely re-invest all their payouts in the scheme, and then add some more money.

Thus the net effect of the ponzi should be to lock up increasing amounts of bitcoin in (a) the members' accounts, (b) in transit, and (c) in Mavrodi's deep pockets.

You may be right in terms of net amount.  But his scam is subtler than that.  He never takes in bitcoin or cash directly, nor pays it out.  Instead, it is a decentralized ponzi.  It involves individuals making requests for contributions, and other people fulfilling those requests directly, using bitcoin or bank transfer.

However, the twist is that before you make a request, you have to make a contribution to someone else who has made a request.  And the amount of money you can request is tied to their own virtual currency, Mavro.  You earn Mavro by making a contribution, and then that Mavro grows over time, and you can accelerate that growth by doing "tasks" (why appear to be social networking, i.e. growing the scam).  I think you may also to be able to "by" Mavro.

Presumably, the way MMM makes money is either in the selling of Mavro, or there is some kind of monetization of tasks.

Just finished setting up an account to check it out, its actually a bit of a pain.

The tasks do indeed seem to be social networking promoting MMM.  But I'm not sure how they would be monetized by MMM. 

For example, here is the one for bitcointalk:

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[wpalczynski]

REMEMBER REMEMBER THE MOON IN NOVEMBER!!

[gentlemand]

The thing I don't get with this MMM thing is, how do broke ass people living in shacks in South Africa get anywhere near an exchange that counts?