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

[Kanapka]

The next 24 dollars upwards are critical.

That is correct, break 340 will be important

[ImI]

Lee said: "There is a lot of mining that goes on in China. However, I caution you: do not read too much into the high trading volumes. China has decent high volumes but unfortunately two of my competition exchanges - I never like saying this - but they are artificially inflating their volumes through the technique of wash trades.
Lee said Okcoin and Huobi are known for inflating trading volumes artificially, basically selling from left hand to the right hand.
"They use it for bragging purposes. They try to outdo each other. It's not regulated yet so they don't get slapped on the wrist for doing that. China does have big trading but we are not talking about orders of magnitude higher. If you were to believe the numbers you would think the world is 95% Chinese.

http://www.ibtimes.co.uk/btcc-chief-bobby-lee-bitcoin-not-anti-bank-its-pro-innovation-1525964

[Fatman3001]

I'm trying to say that the next 24 hours will decide which uni you'll send your little fackhers to.

That's a bold proclamation. My yet to arrive offspring will be sent off to sea as cabin boys as soon as they turn 4 regardless of what happens.

I am very curious to see whether we'll have another November to remember or more of pretty much the same.

It's not the first time I've fallen flat on my face. Good way to stay grounded.

[BlindMayorBitcorn]

I'm trying to say that the next 24 hours will decide which uni you'll send your little fackhers to.

That's a bold proclamation. My yet to arrive offspring will be sent off to sea as cabin boys as soon as they turn 4 regardless of what happens.

I am very curious to see whether we'll have another November to remember or more of pretty much the same.

It's not the first time I've fallen flat on my face. Good way to stay grounded.

Put that coffee down! Being grounded is for closers.

[Denker]

6-7h until Chinese starts with their usual business. Place your bets which way they decide to move the market  

There's only one direction. Let's go up baby!
I'm pretty sure we will continue rising in price.

[yolalanda]

Lee said: ... If you were to believe the numbers you would think the world is 95% Chinese.

Disheartening revelations coming fast and hard today. First Fatman tells me 20% of my compats aren't even Slavs, and now ...this.
Just f8ck my life

[ChartBuddy]

Coin

Explanation

[peonminer]

Lee said: "There is a lot of mining that goes on in China. However, I caution you: do not read too much into the high trading volumes. China has decent high volumes but unfortunately two of my competition exchanges - I never like saying this - but they are artificially inflating their volumes through the technique of wash trades.
Lee said Okcoin and Huobi are known for inflating trading volumes artificially, basically selling from left hand to the right hand.
"They use it for bragging purposes. They try to outdo each other. It's not regulated yet so they don't get slapped on the wrist for doing that. China does have big trading but we are not talking about orders of magnitude higher. If you were to believe the numbers you would think the world is 95% Chinese.

http://www.ibtimes.co.uk/btcc-chief-bobby-lee-bitcoin-not-anti-bank-its-pro-innovation-1525964

[!! pop]

Yup, 316. Just a question of time. Prepare.

http://s2.postimg.org/k7xd86lll/pepper1.gif

[Hunyadi]

[hdbuck]

Yup, 316. Just a question of time. Prepare Pepper.

ftfy

[JorgeStolfi]

Lee said: "There is a lot of mining that goes on in China. However, I caution you: do not read too much into the high trading volumes. China has decent high volumes but unfortunately two of my competition exchanges - I never like saying this - but they are artificially inflating their volumes through the technique of wash trades.
Lee said Okcoin and Huobi are known for inflating trading volumes artificially, basically selling from left hand to the right hand.
"They use it for bragging purposes. They try to outdo each other. It's not regulated yet so they don't get slapped on the wrist for doing that. China does have big trading but we are not talking about orders of magnitude higher. If you were to believe the numbers you would think the world is 95% Chinese.

http://www.ibtimes.co.uk/btcc-chief-bobby-lee-bitcoin-not-anti-bank-its-pro-innovation-1525964

He has been sayinng that since he lost the first place among Chinese exchanges...

Until ~2013-12-15 BTC-China's (B) volume was the largest, follwed by OKCoin's (O) then Huobi's (H). Then the Chinese govt closed the bank accounts of BTC-China and OKCoin, while Huobi continued to operate using the CEO's personal bank account.  The volume at these two crashed to nearly zero while that of Huobi more than doubled.

Eventually OKCoin got new bank accounts in Jan/2014 and recovered more than 2/3 of its pre-closure volume.  Meanwhile BTC-China tried using some voucher system, and remained with near-zero volume for another 8 months, until they got bank accounts too.

The volumes of Huobi and OKKoin varied relatively little since Dec/2014 to the start of the "MMM rally" in Sep /2015.  BTC-China on the other hand had a huge increase in volume from Sep/2014 to Apr/2015; then dropped back to roughly the same volume it had before the surge, and remained constant until Sep/2014, like the other two. At that time it was still a distant third place.

Roughly, in kBTC/week:

  Dec/2013, before decree:  B  350   O  320   H  260   Total  930
  Dec/2013, after decree:   B    0   O    0   H  600   Total  600
  Feb/2015:                 B 1310   O  830   H  620   Total 2760
  Sep/2015:                 B  160   O  730   H  420   Total 1310 

So, Mr. Lee, was YOUR volume inflated before the Dec/2013 decree? Why did OKCoin's "wash trades" stop when their bank account was closed?  Was YOUR volume 80% fake between Sep/2014 and Apr/2015?  

[ElectricMucus]

So, Mr. Lee, was YOUR volume inflated before the Dec/2013 decree? Why did OKCoin's "wash trades" stop when their bank account was closed?  Was YOUR volume 80% fake between Sep/2014 and Apr/2015?  

I wouldn't be surprised if pretty much everything coming from any Bitcoin exchange ticker is manipulated by the operators and I think short of raiding the servers of these "companies" there is nothing that can be used as concrete indicator for either possibility.

[ChartBuddy]

Coin

Explanation

[JorgeStolfi]

I wouldn't be surprised if pretty much everything coming from any Bitcoin exchange ticker is manipulated by the operators and I think short of raiding the servers of these "companies" there is nothing that can be used as concrete indicator for either possibility.

Maybe not even then...  I wonder if the Japanese police has got a clear picture of what happened to the 600 kBTC that disappeared from MtGOX.  The crimes that they have charged Mark with so far do not shed light on that question.

[nicked]

During my 20 days, 5 hours and 59 minutes in this forum, I've come to two conclusions.
1- Half of the people here are comedians.
2- The other half have no sense of humor.

[HI-TEC99]

I wouldn't be surprised if pretty much everything coming from any Bitcoin exchange ticker is manipulated by the operators and I think short of raiding the servers of these "companies" there is nothing that can be used as concrete indicator for either possibility.

Maybe not even then...  I wonder if the Japanese police has got a clear picture of what happened to the 600 kBTC that disappeared from MtGOX.  The crimes that they have charged Mark with so far do not shed light on that question.

The police don't comment on any ongoing investigations, and it can appear they are getting nowhere because of it. They can't give the game away if they are getting somewhere, but need to gather more evidence. They already have enough to charge him with embezzling fiat, and they could be close to getting enough evidence to charge him with stealing Bitcoins.

[rjclarke2000]

During my 20 days, 5 hours and 59 minutes in this forum, I've come to two conclusions.
1- Half of the people here are comedians.
2- The other half have no sense of humor.

I find this very unfunny

[r0ach]

Every single post is:

1)  "wahhhh I went full fiat like an idiot and the price went up so now I need to think of any excuse possible for it to go down because I don't want to pay any markup"

2)  "I'm a greedy idiot and tried to short at 290 and it blew the doors off my shorts so time to spam any excuse I can think of for it to go down and I pray to god it doesn't go to 400"

[gentlemand]

Not all the time. I enjoy discussing celebrity faeces when I get the chance.