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

[jojo69]

When the world learns the number 2 crypto is being run by Mr. Thompson's 9th grade Computer Science class, it gives some big-pocket investors some pause, across the entire sector. 

hah!

[0rganic]

When the world learns the number 2 crypto is being run by Mr. Thompson's 9th grade Computer Science class, it gives some big-pocket investors some pause, across the entire sector. 

hah!

Looks like Brexit is back on the menu.  buckle up lads...

http://www.independent.co.uk/news/uk/politics/eu-referendum-reform-uk-brexit-vote-live-remain-jean-claude-juncker-european-union-a7095601.html

[DaRude]

So this all makes perfect sense, eh?

Weeks and weeks of excitement and price rise on all exchanges.  People were saying China was leading, providing 90% of the volume, and couldn't get enough.

Then an auction ends.

Then an exchange has network problems and goes offline for a bit.

Meanwhile price plummets.

Exchange comes back online.

But now we're at -130/btc, and all trading has essentially come to a complete halt.

Makes perfect sense, right?  But...but.. China demand?? Right??  Fellaz??

I just put bitcoinwisdom on 6h so it shows from the beginning of the run up and I don't see volume going down.  Not at 4h, 2h or 1h either.

BTW I'm not used to anything making sense.

High selloff volume is not the same as high buying volume.  If China buying demand was really there and accounted for 90%, they'd just steamroll over this sell off, actually they would look at it as a huge buying op.

I'm getting sick of people still touting that 'China' is somehow responsible for all the supposed demand.  They aren't, because the whales that ran this up are not Chinese, they simply have open accounts on all worldwide exchanges include the Chinese ones.  That's the dirty secret that the whales don't want you to know.

Huh and here i was thinking that each transaction has a buy and a sell side. So who's buying the coins during those high selloff volumes? And who's selling them at high buying volume?

I wouldn't say they account for 90%, but even 30% in NEW demand would shift this thin market dramatically. It's clear to the casual observer that the previous rallies started on Chinese exchanges (i.e. trading in CNY) true that whale can be anyone just trading on a Chinese exchanges, but due to trades being in CNY we can conclude that not many westerners would trade $ into CNY before purchasing BTC

[ahpku]

Buy some broken shitcoins? Hmm. Sounds like a great idea! Of course I’m the kind of guy that sticks screwdrivers in his ears for sport. But still, excellent advice from Bitcoin News Magazine. Everybody game?

Yes, buy broken shitcoins if the price of said broken shitcoin is increasing at jaw-dropping rate, allowing you to sell that broken shitcoins at a substantial profit later. It's called trading.
That's what this sub is about.
If this sub was called "chose a coin to marry and hodl 'til death doth ye part," you'd have an excellent point.

I forgot this was a thread of savvy investors; by all means.  Have a wafer-thin mint to top it off. Keep us posted.

No, you're wrong again. This is not about investing, investors don't watch for "green dildoes" on exchanges. Investors are far more value-oriented, and daily price fluctuations (wall watching) ain't what they're about.

This thread is about trading, my snide little friend. Where we buy and sell widgets, not because of our unsullied, deep and eternal love for said widgets, but because we love making money. Don't be confused by other traders swearing fealty to shitcoin_X -- that's sales talk, so rubes like you would maybe believe them and buy shitcoin_X, thereby driving up the price.

You know how I know this? Because when I am ideologically/emotionally attracted to something, I do not spend my days pimping it by telling everyone who'll listen how much real money it will be worth one day. Because who corners people and pitches to them how many green American $$$$ their GF or their mom or their cat or Jesus or Muhammad will be worth?
Now guess who does that sort of shit? Go ahead, guess.

[savetherainforest]

For the love of God ... WTF did I just saw in China??? ... For a second there... no one was placing buy orders!!!  

The belly of the Dragon is full...

Moon is coming!!!

[BlindMayorBitcorn]

I'm not a snide rube.

[savetherainforest]

Does any of the China exchanges have some kind of circuit breaker? That just eats up all the cheap coins?

[Torque]

Huh and here i was thinking that each transaction has a buy and a sell side. So who's buying the coins during those high selloff volumes? And who's selling them at high buying volume?

Whales can massively short with leverage, dumping coins back down into their own bid walls, making money the whole way down.

You do know how markets work, right?

[JimboToronto]

LOL Them Finex bidwalls.  

[JayJuanGee]

So this all makes perfect sense, eh?

Weeks and weeks of excitement and price rise on all exchanges.  People were saying China was leading, providing 90% of the volume, and couldn't get enough.

Then an auction ends.

Then an exchange has network problems and goes offline for a bit.

Meanwhile price plummets.

Exchange comes back online.

But now we're at -130/btc, and all trading has essentially come to a complete halt.

Makes perfect sense, right?  But...but.. China demand?? Right??  Fellaz??

You have a bit of a ridiculous style to spew marginal theories. 

You put out these nonsense assertions while attempting to suggest that you are just summarizing some other supposedly dominant and representative group.

Real knowledgeable bitcoiners are not saying the things that you attribute to them, except perhaps on the margins.

[Spaceman_Spiff]

Selloff 2 in progress?

[podyx]

This is not looking good

[BlindMayorBitcorn]

Selloff 2 in progress?

Bloody hell. I should have gone all in shitcoins. Why didn't anybody warn me?!?

[DaRude]

Huh and here i was thinking that each transaction has a buy and a sell side. So who's buying the coins during those high selloff volumes? And who's selling them at high buying volume?

Whales can massively short with leverage, dumping coins back down into their own bid walls, making money the whole way down.

You do know how markets work, right?

Apparently not. But sounds like you've figured it out. You must be a billionaire who figured out how markets work?

Ultimately that money has to come from somewhere for those magical whales to profit, by leverage shorting (even though shorts on finex have been stable for a year now)

[Elwar]

Down we go again. When are the results for the auction going to be released?

Apparently everyone is so embarrassed by the large amount of money they spent per bitcoin.

[glendall]

Crap, we be bleedin' mightily here.

This is tough to watch if your holdin'.

[strawbs]

Wow, this is impressive.

[Spaceman_Spiff]

Wow, this is impressive

My guess is we'll go lower still

[MySecondCunt]

Selloff 2 in progress?

Bloody hell. I should have gone all in shitcoins. Why didn't anybody warn me?!?

Don't grieve, for the earthly gains are fleeting as a morning cloud.  As the early dew it goeth away.
On the other hand, the genuine, lasting satisfaction one acquires by supporting the One True Coin (by buing it with actual money from a righteous bro)? Well, that you can take to the bank!
Which is to say you can keep it, now that you're your own bank!
Enjoy!

[Gyrsur]

Wow, this is impressive

My guess is we'll go lower still

so crypto is done?