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

[bri912678]

wowzers very old coins on the move.

crash back  to 420 imminent

Nope. You can't stop the unstoppable.
Every day thousands of people are opening their very first bitcoin wallet.

What if the old coins on the move offsets the thousands of people are opening their very first bitcoin wallet every day? Does that mean the price won't do anything?

[adamstgBit]

wowzers very old coins on the move.

crash back  to 420 imminent

Nope. You can't stop the unstoppable.
Every day thousands of people are opening their very first bitcoin wallet.

What if the old coins on the move offsets the thousands of people are opening their very first bitcoin wallet every day? Does that mean the price won't do anything?

i had not considered that

extremely stable price imminent

456 will be sticky as fuck.

[becoin]

wowzers very old coins on the move.

crash back  to 420 imminent

Nope. You can't stop the unstoppable.
Every day thousands of people are opening their very first bitcoin wallet.

What if the old coins on the move offsets the thousands of people are opening their very first bitcoin wallet every day? Does that mean the price won't do anything?

Even if those coins are meant to be sold the offset will last for a very limited amount of time. You can't stop the unstoppable.

[phoenix1]

wowzers very old coins on the move.

crash back  to 420 imminent

Nope. You can't stop the unstoppable.
Every day thousands of people are opening their very first bitcoin wallet.

What if the old coins on the move offsets the thousands of people are opening their very first bitcoin wallet every day? Does that mean the price won't do anything?

i had not considered that

extremely stable price imminent

456 will be sticky as fuck.

The old coins could also just be change from a smaller tx from an old wallet (ie just noise)... anyone looked at the tx ?

EDIT: Or maybe it's Craig Wright lol

[JayJuanGee]

wowzers very old coins on the move.

crash back  to 420 imminent

Nope. You can't stop the unstoppable.
Every day thousands of people are opening their very first bitcoin wallet.

What if the old coins on the move offsets the thousands of people are opening their very first bitcoin wallet every day? Does that mean the price won't do anything?

i had not considered that

extremely stable price imminent

456 will be sticky as fuck.

hahahahaha

I like your flexibility Adam... you seem to be getting a bit back to your old self.... 



Three completely different predictions in the past 4 hours.

1) $460 imminent
2) brace yourselves for $420
3) we're gonna be sticking at $456 for a while...

Better than watching a WWF match.   

[adamstgBit]

wowzers very old coins on the move.

crash back  to 420 imminent

Nope. You can't stop the unstoppable.
Every day thousands of people are opening their very first bitcoin wallet.

What if the old coins on the move offsets the thousands of people are opening their very first bitcoin wallet every day? Does that mean the price won't do anything?

i had not considered that

extremely stable price imminent

456 will be sticky as fuck.

hahahahaha

I like your flexibility Adam... you seem to be getting a bit back to your old self.... 



Three completely different predictions in the past 4 hours.

1) $460 imminent
2) brace yourselves for $420
3) we're gonna be sticking at $456 for a while...

Better than watching a WWF match.   

lol i feel whimsical today 

[adamstgBit]

wowzers very old coins on the move.

The old coins could also just be change from a smaller tx from an old wallet (ie just noise)... anyone looked at the tx ?

EDIT: Or maybe it's Craig Wright lol

i had the same though.
i wouldn't be surprised if it was him, moving even a small amount of bitcoin from 2009-2010 probably makes the days destroyed chart spike like mad.

[phoenix1]

wowzers very old coins on the move.

The old coins could also just be change from a smaller tx from an old wallet (ie just noise)... anyone looked at the tx ?

EDIT: Or maybe it's Craig Wright lol

i had the same though.
i wouldn't be surprised if it was him, moving even a small amount of bitcoin from 2009-2010 probably makes the days destroyed chart spike like mad.

It probably would, but I dont think we will be hearing from him again anytime soon  #pwned

[bri912678]

wowzers very old coins on the move.

The old coins could also just be change from a smaller tx from an old wallet (ie just noise)... anyone looked at the tx ?

EDIT: Or maybe it's Craig Wright lol

i had the same though.
i wouldn't be surprised if it was him, moving even a small amount of bitcoin from 2009-2010 probably makes the days destroyed chart spike like mad.

I checked the transactions with the most bitcoin days destroyed at the bottom of the page here http://blockr.io/trivia/tx

The highest recent one this year was caused by 20,844 old coins moved on 2016-01-07, but the latest one doesn't even show up in ten pages of results.

This is the one from 2016-01-07

http://blockr.io/tx/info/37d30c9e641ae25dc8bb729caba8c0f136fa743b6d48c5a2431eecedcd57b29a

Has anyone tracked down the transaction(s) responsible for the latest spike?

[gizmoh]

Get your Cheap coins now!

[bri912678]

i found a transaction that probably caused the bitcoin days destroyed spike. It was in block 412183.

Height   Time                 Trans-ns   Sum                  Days Destroyed
412183   2016-05-17 18:14:55   3113   124,993.47355705 BTC   46,925,708

https://bitinfocharts.com/bitcoin/block/412183/000000000000000001c9a2816ed2e303209e3982f6f5f584618307b7d9a94096

According to bitinfocharts it's the #3 Richest Bitcoin Address moving coins.

https://bitinfocharts.com/bitcoin/address/3Kg7Cmooris7cLErTsijq6qR1FH3cTiK2G

The same address provoked a reddit thread when it previously moved coins a year ago. Nobody proved who owned it, but the last poster guesses it belongs to a big exchange. During the latest transaction it sent 67,272 BTC back to itself, and 1,527.77775556 BTC to each of 18 addresses. I only studied one, but it had so many small transactions passing through it that I assume it's an exchanges hot wallet.

This is the transaction.

https://bitinfocharts.com/bitcoin/tx/a13ee5aff1a82d3bcb928dfcf558b97dc41b085bd95c98f189ffa53f303bdc49

This is a quote from the reddit thread about it moving coins a year ago.

https://www.reddit.com/r/Bitcoin/comments/2rrplt/big_coin_movement_just_now_cause_i_know_people/

Given the timing and the fact that a lot have ended up here https://blockchain.info/address/3Kg7Cmooris7cLErTsijq6qR1FH3cTiK2G yet a bunch are still here https://blockchain.info/address/3HyULbPVM739jPVk4i3PKZ4LibhYP1HsLc it seems like a hot and cold wallet and given the size of the funds it looks like an exchange to me.

[yefi]

i found a transaction that probably caused the bitcoin days destroyed spike. It was in block 412183. [...]

Interesting, thanks. That would suggest more people are withdrawing BTC than depositing at whichever exchange that is.

[adamstgBit]

Get your Cheap coins now!

>50% off

buy Buy BUY!!!!!!

[adamstgBit]

i found a transaction that probably caused the bitcoin days destroyed spike. It was in block 412183. [...]

Interesting, thanks. That would suggest more people are withdrawing BTC than depositing at whichever exchange that is.

ya it kinda seems like an exchanges had to dip into their ultra cold storage.
if poeple are indeed starting to remove coins off the exchanges... well then 

[gentlemand]

has there ever in human history been a correlation between days destroyed and price movement? I'm willing to bet no. this trope is almost as tired as merchant adoption = horrific selling pressure.

[dumbfbrankings]

Well boyz...

We get to sit here stagnating with artificially "full" blocks thanks to Maxwell and Co, while etherbutters are mooning away with hookers and blow...

Sure glad we got a nice big Blocksteamer plopped on top of what was supposed to be our halving party.       

 

[yefi]

has there ever in human history been a correlation between days destroyed and price movement? I'm willing to bet no. this trope is almost as tired as merchant adoption = horrific selling pressure.

While I've not the answer to that, here they used it to correctly conclude that an old Mtgox wallet had been found, weeks prior to any formal announcement. It can therefore be used to gain an informational advantage.

[TERA]

It's pretty obvious that the current ether rise is due entirely to the DAO. Having 15% of a coin bought out (not traded) in a matter of weeks puts quite an unusual strain on the market. I wouldn't be suprised if the DAO launch was timed entirely to try to paint a triangle on the charts. However, once the DAO sale is over, I expect ETH to come crashing back down and it might look more like a double top. You can see this due to the near matching high volume of the two peaks (as counterintuitive as that might sound). My question is what will happen to the value of a DAO token?

[gizmoh]

It's pretty obvious that the current ether rise is due entirely to the DAO. Having 15% of a coin bought out (not traded) in a matter of weeks puts quite an unusual strain on the market. I wouldn't be suprised if the DAO launch was timed entirely to try to paint a triangle on the charts. However, once the DAO sale is over, I expect ETH to come crashing back down and it might look more like a double top. You can see this due to the near matching high volume of the two peaks (as counterintuitive as that might sound). My question is what will happen to the value of a DAO token?

https://steemit.com/crypto-news/@dan/is-the-dao-going-to-be-doa

With The DAO the same principles are at work. Every time a project is funded, the amount of ETH backing the DAO tokens falls and is replaced with speculative IOU from a contractor. What is worse, when the ETH is sold to fund the projects the value of all ETH falls. Since The DAO keeps its savings in ETH, the actual cost of funding a proposal includes any loss value caused by selling ETH.

Considering many of the investors in the DAO also hold ETH there is a conflict of interest in their voting preferences. Most individuals will see the short-term cost (loss of liquidity) of authorizing spending to be much higher than the long-term benefit. After all, authorizing a $1 million dollar project will cause the DAO to lose 1% of its capital today and would likely move the Etheruem price by more than 1% down as everyone attempts to front-run the sell pressure created by the project. In the long-run the project may add value to Etheruem and the DAO, but the long-run is often years away.

[Cassius]

i found a transaction that probably caused the bitcoin days destroyed spike. It was in block 412183. [...]

Interesting, thanks. That would suggest more people are withdrawing BTC than depositing at whichever exchange that is.

ya it kinda seems like an exchanges had to dip into their ultra cold storage.
if poeple are indeed starting to remove coins off the exchanges... well then 

It's also possible it's a proof-of-reserves audit. I think that's happened a couple of times before.
Either way, 50m BTC days destroyed is a lot. Call it a generous 20m of background noise and 30m extra. If that really is from back in 2010 you're still looking at 15k BTC moving house.