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

[TERA]

I came on here today to see 10 different people posting 10 different charts with 10 different sets of weird indicators/lines all with an arrow shooting way up into the sky. I'll take that as indication that it's NOT Time to bet the farm just yet.

[peonminer]

@Peonminer. sfyl

Yep. Waiting on 157 ETH withdrawal. TXID and not showing on the blockchain. @JShock says around t-minus 8 hours til it's fixed. Fingers crossed. I even said, "Mein Fuhrer, please hear my cry!". Oddly enough, I got an answer after that.

How much did you lose to MMM? You're really stuck on that one operation.

Are you asking me?  I do not knowingly "invest" in pyramid schemes, just as I do not gamble. (Last time I did, it was some US$ 200 into the Brazilian branch of Amway, in the early 1990s, because of pressure from a family member whose feelings we did not want to hurt.)  

But I find the scams and scammers the most interesting part of bitcoin. Mark Karpelès, Josh Zipkin, Josh Zerlan, Josh Garza (hm, is there a pattern there?), Danny Brewster, Craig Wright... Each case is more incredible than the previous one: if made into movies, they would be dismissed by critics for the outlandish plots...

But why do you think that the MMM theory is wrong?  Have you checked the story of the previous ponzis by Sergei Mavrodi, in Russia and China?  Check the amounts involved, and compare to the bitcoin market cap...

There may be merit yet! I'm not bashing. Usually if a member is stuck on something ponzi-ish like MMM, they've taken quite a beating. Yep, I've been burned just like most. I am glad to say though, my earnings out weigh the burnings.

I do enjoy your theories Jorge, they shed probable light on a very manipulated appearance.

[JorgeStolfi]

Anyone know what proportion of BTC is produced in China/held in China/sold out of China ?

Without this info I don't know that I can put too much store in this theory Jorge.

There is practically no reliable info on the bitcoin economy, in particular on the flow and ownership of bitcoin by country. (This is a serious problem for would-be investors.)

We can only note that more than 67% of all new bitcoins are mined by Chinese pools, which probably comprise mostly Chinese miners; and that bitcoin has practically no use inside China, except as an instrument of speculative trading inside the exchanges.  Until last October, variations of trading volume at those exchanges did not seem to be reflected in the USD transaction volume, which may mean that there was little deposit and withdrawal at those exchanges. 

There is efficient arbitrage between the Chinese and non-Chinese exchanges. If Chinese miners sold their coins only in Chinese exchanges, that would tend to depress the price there.  Then the arbitragers would immediately move those excess coins to non-Chinese exchanges, until the prices got equalized.

So, I would guess that it does not matter where the Chinese miners sell: the net effect is that a large fraction (if not most) of the bitcoins mined in China are eventually bought and hoarded by non-Chinese investors.

[Globb0]

[Fatman3001]

Isn't that growth in hash rate just both beautiful and impressive. I can't believe the hash rate was so low in Q4 of 2013 compared to today, while it seemed incredibly high at the time. The current hash rate is really below imagination, so much computing power!

https://blockchain.info/charts/hash-rate?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

So it was 1000 PetaFLOPS back then. And that IS impressive:

http://www.forbes.com/sites/reuvencohen/2013/11/28/global-bitcoin-computing-power-now-256-times-faster-than-top-500-supercomputers-combined/

But now it's 7961281.54 PetaFLOPS.

http://www.bitcoinwatch.com/

[Fatman3001]

I came on here today to see 10 different people posting 10 different charts with 10 different sets of weird indicators/lines all with an arrow shooting way up into the sky. I'll take that as indication that it's NOT Time to bet the farm just yet.

Things have changed since you were here. TA is out, lineage is in.

[Cconvert2G36]

@Peonminer. sfyl

Yep. Waiting on 157 ETH withdrawal. TXID and not showing on the blockchain. @JShock says around t-minus 8 hours til it's fixed. Fingers crossed.

Hope you get your $150 back from craptsy... why are you still using them? There's been big waving red flags for months now. 

[redhack]

Price is low price will rise. I'm happy to see other people also think like me. Mark my words, we'll see 500 dollars before Christmas.

[Globb0]

Isn't that growth in hash rate just both beautiful and impressive. I can't believe the hash rate was so low in Q4 of 2013 compared to today, while it seemed incredibly high at the time. The current hash rate is really below imagination, so much computing power!

https://blockchain.info/charts/hash-rate?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

So it was 1000 PetaFLOPS back then. And that IS impressive:

http://www.forbes.com/sites/reuvencohen/2013/11/28/global-bitcoin-computing-power-now-256-times-faster-than-top-500-supercomputers-combined/

But now it's 7961281.54 PetaFLOPS.

http://www.bitcoinwatch.com/

That is cool, if only we could have used the power for good

[Hyperjacked]

I came on here today to see 10 different people posting 10 different charts with 10 different sets of weird indicators/lines all with an arrow shooting way up into the sky. I'll take that as indication that it's NOT Time to bet the farm just yet.

Things have changed since you were here. TA is out, lineage is in.

No TA is in...

Can you explain your TA?

[peonminer]

@Peonminer. sfyl

Yep. Waiting on 157 ETH withdrawal. TXID and not showing on the blockchain. @JShock says around t-minus 8 hours til it's fixed. Fingers crossed. I even said, "Mein Fuhrer, please hear my cry!". Oddly enough, I got an answer after that.

Hope you get your $150 back from craptsy... why are you still using them? There's been big waving red flags for months now.  

[sniveling]

@Peonminer. sfyl

Yep. Waiting on 157 ETH withdrawal. TXID and not showing on the blockchain. @JShock says around t-minus 8 hours til it's fixed. Fingers crossed.

Hope you get your $150 back from craptsy... why are you still using them? There's been big waving red flags for months now. 

I had to wait weeks for a withdrawal while the price crashed lower and lower. Hopefully the same won't happen to the ETH withdrawal, but I'd refuse to give them my business anymore. There's something rotten going on when your withdrawals are withheld for a long time. We saw it before with Gox.

[Fatman3001]

I came on here today to see 10 different people posting 10 different charts with 10 different sets of weird indicators/lines all with an arrow shooting way up into the sky. I'll take that as indication that it's NOT Time to bet the farm just yet.

Things have changed since you were here. TA is out, lineage is in.

No TA is in...

Can you explain your TA?

Nah..[t]he problem with flapping my gums is ppl take my TA and steal it like the mt gox Mark k days... that's why I keep it close to the vest...

[ChartBuddy]

Coin



Explanation

[Hyperjacked]

I came on here today to see 10 different people posting 10 different charts with 10 different sets of weird indicators/lines all with an arrow shooting way up into the sky. I'll take that as indication that it's NOT Time to bet the farm just yet.

Things have changed since you were here. TA is out, lineage is in.

No TA is in...

Can you explain your TA?

Nah..[t]he problem with flapping my gums is ppl take my TA and steal it like the mt gox Mark k days... that's why I keep it close to the vest...

So...what? Lol!

[Fatman3001]

All this BS trash talk with a bunch of homeless retail investors is making me want to FAT finger this thing!!!

Do it.
Fat finger this thing to the fucking moon!

Yeah, Jack! I'm leveraged short. Hurt me, please hurt me.

[marcus_of_augustus]

... the next chunk of chinese change is getting ready to chug through the pipeline.

If you guyz haven't figured it out yet, they are buying btc in china and selling btc in the west ... and working the underlying general rise in their favour to soak up the entry/exit costs and arbitragers going the other way making out with too much. This is bitcoin fulfilling a need, some guyz want to get money out of the big red communist empire and btc works well for them. Learn to ride the waves pumped out by these movements, each one leaves us higher than the last, that's the tide coming in, not the waves.

[peonminer]

Breakout at 4:20PM CST?

[Hyperjacked]

I'm gonna put another log on the fire...and mix up a drink

[Cconvert2G36]

When the network gets near hitting capacity of ~220,000 tx per day, the rally gets its head lopped off... coincidence?

https://blockchain.info/charts/n-transactions

Any future rally will be meaningfully constrained by this "safety feature".