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

[lyth0s]

I usually don't gamble. But my god, 20x leveraged long this shit and couldn't be happier 

20x leverage is a joke. Nobody needs that

Unless your attempting to maximize a return. The way I figure it I'm either going to lose my entire margined amount (I won't stop before I do) or I'm going to win big on my bet. I would 30x it if I could. I wouldn't go much further than that because I *do* believe in a few single digit dollar corrections.

I just don't think that much leverage is healthy. That's all.

If someone needs 20x leverage in order to make enough money to matter then they probably shouldn't be gambling 20x in the first place. Only invest in what you can afford to lose.

Now if you are just playing with small sums here because it's fun and you like trying new things be my guest...

My 20x leverage is a gamble. A gamble is a gamble. I consider all my gambles 100% lost and in the case that I by luck end up winning I like to see large numbers. My trading is never an "investment", my trading is always a "gamble" (I don't have a clue how to trade). I can always afford to lose the amounts I gamble

[Patel]

$46 spread between BTC-e and Huobi 

Can someone explain this?

It's really hard to get fiat into BTC-e apparently.

I don't know.. the spread wasn't even this large in Nov 2013

[billyjoeallen]

So what happens when someone is leveraged 20Xlong and the price drops 5%?  A forced liquidation, which causes the price to drop another percent or two, causing more forced liquidations and so on. A margin call cascade can cause the price to plummet in hours.  Wiped out bulls have no money left to take advantage so it just keeps dropping. 

Hell, even I can't take advantage because my giant pile of fiat is lent out. 

So when does it finally stop? When bears cover their shorts. The problem is that there aren't enough bears left.  Many of them got wiped out in the pump. 

This kind of volatility is terrible for bitcoin. Money with a wildly fluctuating value is not very useful.

[Dilla]

Bitcoin is finding its true value, which will take years. Until then, enjoy volatility. It's not going to steadily increase until Bitcoin finds its place in the world. It's going to be exponential growths and sell offs. This isn't horrible, just how things will go.

[JayJuanGee]

They've been mocking us for well over a year now!

And soon I will again!

Hahahahaha...


Yeah... you can mock us when the price drops from $4,000 to $1,600...   A lot of people will lose their shirts during that upcoming pending and nearly inevitable drop in the BTC prices.

[peonminer]

Where can we get the highest margin trades? I swear I saw an email before of somewhere offering 100x leverage.

[AZwarel]

So what happens when someone is leveraged 20Xlong and the price drops 5%?  A forced liquidation, which causes the price to drop another percent or two, causing more forced liquidations and so on. A margin call cascade can cause the price to plummet in hours.  Wiped out bulls have no money left to take advantage so it just keeps dropping.  

Hell, even I can't take advantage because my giant pile of fiat is lent out.  

So when does it finally stop? When bears cover their shorts. The problem is that there aren't enough bears left.  Many of them got wiped out in the pump.  

This kind of volatility is terrible for bitcoin. Money with a wildly fluctuating value is not very useful.

Here is another commodity with tremendous real life usage with pretty wild long term volatility (yet still the basis of our modern civilization):



I do not want to be a dick, but we had 1-1,5 years of relative price stability, it did not increased adaptation 10 folds or any x*n folds, as suggested by "against volatility" agents.

People answer to unforeseeable events (forced to react, such as a volcano erupts) IMO way greater than "steady slow growth". That is why bitcoin will have many more bubbles/crashes ahead of it till a theoretical equilibrium price achieved after MS adaptation. We are not machines -as humans - , "feelings"*, aka. irrational acting should be counted into the price movement.

*i list principles here as well. Like, no matter what "USD"/BTC we achieve, i will never sell my last few BTC for the next 10 years on principle. Costs aside. If enough people do the same, supply side withers.

[dragonseer]

Just sold @366 USD where are the rest of the profit takers I want to buy back for less dammit 

Damn son, where are your balls.  What are you for halloween, a bitch?

It would be nice when the price goes up to know why it is doing so. I don't pretend to be someone that makes money by trading, for me, this volatility is undermining Bitcoin as an asset ahead of this Marshall's auction as I stated, so I sold off some as a precaution.  

Is this new money coming in? Or a few whales moving the price and enticing existing Bitcoin users to leverage themselves in the hopes this is finally going to take off?

This is a good time to sell some if you like Bitcoin as a currency and an asset. If you like Bitcoin as a lottery ticket, then by all means use your credit cards and HODL  

[lyth0s]

So what happens when someone is leveraged 20Xlong and the price drops 5%?  A forced liquidation, which causes the price to drop another percent or two, causing more forced liquidations and so on. A margin call cascade can cause the price to plummet in hours.  Wiped out bulls have no money left to take advantage so it just keeps dropping. 

Hell, even I can't take advantage because my giant pile of fiat is lent out. 

So when does it finally stop? When bears cover their shorts. The problem is that there aren't enough bears left.  Many of them got wiped out in the pump. 

This kind of volatility is terrible for bitcoin. Money with a wildly fluctuating value is not very useful.

Stop your whining and grow a pair. Millionaires can push the market much more than my small 20x leveraged long will do. If the entire future of bitcoin's value was subject to some traders deciding to go 20x long it would have already been destined to fail anyways. The technology is where the value is, not the current price or how people hedge around it.

[ChartBuddy]

Coin

Explanation

[billyjoeallen]

Bitcoin is finding its true value, which will take years. Until then, enjoy volatility. It's not going to steadily increase until Bitcoin finds its place in the world. It's going to be exponential growths and sell offs. This isn't horrible, just how things will go.

It won't have much of a place in the world @ 7 TPS.  That kind of capacity can only support ~605,000 people making one transaction per day.  I personally make about three blockchain transactions/day. 

[natewelt]

2500

[billyjoeallen]

Stop your whining and grow a pair. Millionaires can push the market much more than my small 20x leveraged long will do. If the entire future of bitcoin's value was subject to some traders deciding to go 20x long it would have already been destined to fail anyways. The technology is where the value is, not the current price or how people hedge around it.

Millionaires don't get to be millionaires by buying something that has already gone up 40% in a week.  They already bought if they're buying at all and now it's the dumb money pouring in.  there may well be enough greater fools for you to profit, but the technology is a network that has a SEVEN TRANSACTIONS PER SECOND LIMIT.  If any of these newcomers try to take their coins out of the exchange and do something with them, the network will crash.  604800 transactions/day max. 

I have a pair. Grow a brain.

[Fatman3001]

 Fuck Me Backwards!!!

$380+

[lyth0s]

Stop your whining and grow a pair. Millionaires can push the market much more than my small 20x leveraged long will do. If the entire future of bitcoin's value was subject to some traders deciding to go 20x long it would have already been destined to fail anyways. The technology is where the value is, not the current price or how people hedge around it.

Millionaires don't get to be millionaires by buying something that has already gone up 40% in a week.  They already bought if they're buying at all and now it's the dumb money pouring in.  there may well be enough greater fools for you to profit, but the technology is a network that has a SEVEN TRANSACTIONS PER SECOND LIMIT.  If any of these newcomers try to take their coins out of the exchange and do something with them, the network will crash.  604800 transactions/day max.  

I have a pair. Grow a brain.

You're extremely short sighted. Be sure to sell your bitcoins as soon as you feel the bull run is over and there is no more "dumb money" pouring in, in order to maximize your dollar profits. Once you have sold out of this extremely limited  network with its 7 tps limit let us know and then you are welcome to join the ranks of NLC as an outside critic.

Edit: "Millionaires don't get to be millionaires by buying something that has already gone up 40% in a week." --Do you think I got into bitcoin just this week?

[JorgeStolfi]

You say it because you are sad that you got no profit with the recent bull attack because you have no Bitcoins

I bought 0.00000000 BTC when I first learned abot bitcoin -- in nov/2013, when the price was ~1200$.  So, even though my investment was fairly modest, and (as you already know) I have been able to double my holdings every day since then, I am still quite disappointed by the loss of almost 70% of the money that I put into this coin.

[AZwarel]

Just sold @366 USD where are the rest of the profit takers I want to buy back for less dammit  

Damn son, where are your balls.  What are you for halloween, a bitch?

It would be nice when the price goes up to know why it is doing so. I don't pretend to be someone that makes money by trading, for me, this volatility is undermining Bitcoin as an asset ahead of this Marshall's auction as I stated, so I sold off some as a precaution.  

Is this new money coming in? Or a few whales moving the price and enticing existing Bitcoin users to leverage themselves in the hopes this is finally going to take off?

This is a good time to sell some if you like Bitcoin as a currency and an asset. If you like Bitcoin as a lottery ticket, then by all means use your credit cards and HODL  

Lottery. I do hodl for now* :-) And yes, there are new adopters (as they were for the last 6 years); for some reason people here can not imagine that others catch the BTC fewer as well, but they do. It is indeed growing exponentially (if you manage to "convert" only 2 guys near to you, than that is exponential!).

*actually am buying asap. I totally see this going out of control, if not in the short run, in the long run. I genuinely think we will NEVER gonna see the 2hundreds again in the long run (1-2 deep spikes might happen, unlikely). Like ever. Again.

[Cconvert2G36]

$3 $1 left until $400 equiv in yuan...  

The entire exchange landscape is miles ahead of what it was the last time we had mania like this. The rails in and out have been heavily upgraded in the last two years.

[Hunyadi]

$380 buff @finex 

[billyjoeallen]

Edit: "Millionaires don't get to be millionaires by buying something that has already gone up 40% in a week." --Do you think I got into bitcoin just this week?

We're not talking about you. We're talking about the millionaires that are supposedly going to continue the pump so you can profit off your 20X long.