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

[JayJuanGee]

Regarding the article that I just posted above (and repeated below), let me elaborate a little bit.

There may be some ongoing concerns in the bitcoin market about the fate of Bitfinex.  It appears that they have not even resumed margin trading, yet.  Or maybe I just cannot see margin trading because of being a US customer?

Also, I had thought that Bitfinex should implement some kind of fee free incentives, such as zero fee trading for a period of time, but what do I know?


http://www.coindesk.com/bitfinex-bitcoin-recovers-volume-perception-battle-rages/

Market is still trying to figure out the value of the BFX coins, too?  And, surely Bitfinex will have to inspire some confidence in order to keep up the value of those BFX coins... and I think that they got a lot of their value and their extra revenue from margin trading, but who knows what got them into trouble, exactly (besides the official story involving bitgo)..  

As an aside, Bitgo seems to have brought some attention to themselves too when the started to delete some of their insurance pages... I mean, many of us were blaming Bitfinex, but then Bitgo got some potential guilt too, when they start to white wash pages from their public information.




Edit:  

Since I feel like I am on a roll, let me add another link here, too,  related to discussion of the effect of the Bitfinex situation on the current bitcoin market.

Below is a new reddit thread that is asserting evidence of an inside job and asserting shenanigans by Bitfinex.

http://www.reddit.com/r/Bitcoin/comments/4y9bcu/bitfinex_embezzlement_101_cook_the_books_make/

I don't have any kind of problem with feeling skepticism of Bitfinex's official story, yet I do NOT find the claim that they admit that two of their managers are amongst the top BFX coin holders as convincing that there is any inside job going on. Maybe managers should not be trading because of potential conflicts of interest in their using their knowledge to trade, but that is not the exact claim at the moment.

I do find that Bitfinex admitting that a couple of their managers are amongst high level BFX coin holders merely means that Bitfinex managers were involved in BTC trading on their platform and they had lost some money due to the hack.. and I suppose Bitfinex wants to use that kind of information to mean that Bitfinex did not engage in an inside job because some of their managers lost some of their money, too.  Fair enough, no?

[Holliday]

What about dark pools?

Dark pools is scam. There is no reason to buy BTC and don't want price to go up after your purchase, unless you're a BTC enemy.

Unless you want to purchase more next week and hope to get the most for your money.

Flawed logic, for you'll not buy now but wait next week and get the most for your money.

If you know what the price will be next week...

...never mind.

[Elwar]

They have the exact same thing as STEEM coming out that uses Bitcoin.

And you don't have to wait 2 years to get paid (when STEEM no longer exists).

Satoshi said that putting every data set into the blockchain doesn't scale. Why would anyone use bitcoin to store the data of a social network? It hurts scaling, cost, decentralization etc.

http://www.yours.network and Lightning will demonstrate micropayments that don't overload the blockchain.

Yes, but where is the data stored?

On the cloud?

I haven't looked at the specs yet. It still needs LN for it to work so there is some time before the release.

[XCASH]

^I'm more of a snakes and ladders man, myself.
Incidentally, I heard there was some actual news about rekcahxfb. He seems (lol?) to have sent a thousand coins to a girl (lol). Those coins were from 2013, so probably an old scammer masquerading as a new one.

And so it goes.

All I know about it is from this post by rekcahxfb_authentic.

Congratulations to 1NYT1f6Mbty6iZiHPQtM5fDSmSKk6e2HKN who has been 'randomly' selected to win 1000 BTC!

https://blockchain.info/tx/af467a1dac5c0f80f606d51596f3f5bff361533a96345bd21754cada15487c2e

A thousand Bitcoins were sent to this address, but it's already full of messages begging for free coins. The thousand Bitcoins haven't been moved out of it, so the recipient might be hodling for now.

https://blockchain.info/address/1NYT1f6Mbty6iZiHPQtM5fDSmSKk6e2HKN

[European Central Bank]

A thousand Bitcoins were sent to this address, but it's already full of messages begging for free coins. The thousand Bitcoins haven't been moved out of it, so the recipient might be hodling for now.

https://blockchain.info/address/1NYT1f6Mbty6iZiHPQtM5fDSmSKk6e2HKN

i'm gonna take an insanely wild guess and state that the recipient just might be the same person who sent them. i'm crazy like that.

[Elwar]

A thousand Bitcoins were sent to this address, but it's already full of messages begging for free coins. The thousand Bitcoins haven't been moved out of it, so the recipient might be hodling for now.

https://blockchain.info/address/1NYT1f6Mbty6iZiHPQtM5fDSmSKk6e2HKN

i'm gonna take an insanely wild guess and state that the recipient just might be the same person who sent them. i'm crazy like that.

That was that dude trying to get some tail.

http://motherboard.vice.com/read/was-a-bizarre-600k-bitcoin-lottery-really-a-marriage-proposal-rekcahxfb

[BathSaltsDealer]

Finex now #7 by 24hr. volume.

7    Bitfinex   BTC/USD    $ 2,273,800    $ 574.71    3.84 %    Recently

sad trombone.

[DonQuijote]

how affect bitfinex? where I can see an analysis of what happened in bitfinex ?

https://bitcoinmagazine.com/articles/after-the-bitfinex-hack-here-s-why-bitstamp-is-sticking-with-bitgo-1470669567
https://www.bitfinex.com/posts
this is basically all that we know.

i dont think there is any formal public information/analysis of what happened in bitfinex.

I appreciate your help, this link has completed the information I needed 

[soullyG]

Some interesting details revealed from the investigators who caught the corrupt Silk Road agents -

http://arstechnica.com/tech-policy/2016/08/stealing-bitcoins-with-badges-how-silk-roads-dirty-cops-got-caught/

[JimboToronto]

A very early good morning Bitcoinland.

Still no appreciable change... $579 on BitcoinAverage. Waiting, waiting...
______

@ soullyG:

Thanx for the crooked SR agent story link. Fascinating reading.

There's no limit to human greed and sleaziness. Giving someone a badge seems to increase it.

[Karartma1]

A very early good morning Bitcoinland.

Still no appreciable change... $579 on BitcoinAverage. Waiting, waiting...
______

@ soullyG:

Thanx for the crooked SR agent story link. Fascinating reading.

There's no limit to human greed and sleaziness. Giving someone a badge seems to increase it.

Hi Jimbo... yes time to wait.

By the way, to quote Robert De Niro from the Untouchables

You Ain't Nothing but a Lot of Talk and a Badge

That happens all the time 

[kobilica]

Remember people, Mt.Gox was manipulated and this is why price skyrocketed. They BTC that was bought was bought with NO FIAT, so it was all artificial.

If you remove this bubble from graph, you can see clearly where BTC is heading. It's clear uptrend. Price wants to go up and it will go up.

[TReano]

Quick! Somebody post a rocket!

Hurry! 

[kobilica]

Nah, it's more like rocket which then falls down but then there is better rocket which goes up even more =) (what I want to say, there will be no rocket, it will be slow uptrend, unless another great manipulation happens)

[Gyrsur]

Quick! Somebody post a rocket!

Hurry! 

does this count too?

[JayJuanGee]

Finex now #7 by 24hr. volume.

7    Bitfinex   BTC/USD    $ 2,273,800    $ 574.71    3.84 %    Recently

sad trombone.

At this point, we cannot completely attribute the cause of the loss of volume - yet a fair inference does come from loss of confidence.   On the other hand, before the "hack", quite a bit of Bitfinex's volume seemed to have come from margin trading, which appears to have not been re-enabled, yet.

[oldm8]

Margin Trading has been active for a while and longs have increased about $2 million in last 7 days shorts are currently about 1.5K btc

https://www.bitfinex.com/stats

Finex now #7 by 24hr. volume.

7    Bitfinex   BTC/USD    $ 2,273,800    $ 574.71    3.84 %    Recently

sad trombone.

At this point, we cannot completely attribute the cause of the loss of volume - yet a fair inference does come from loss of confidence.   On the other hand, before the "hack", quite a bit of Bitfinex's volume seemed to have come from margin trading, which appears to have not been re-enabled, yet.

[oldm8]

Thanks for the link - a good read over my coffee.

Some interesting details revealed from the investigators who caught the corrupt Silk Road agents -

http://arstechnica.com/tech-policy/2016/08/stealing-bitcoins-with-badges-how-silk-roads-dirty-cops-got-caught/

[biggus dickus]

Margin Trading has been active for the last 6 days. All the API keys were all revoked after the hack, so anyone using a bot has to get new ones to start trading again.

After 6 days most bot traders who intend to start using Bitfinex again will have sought new keys, but a few stragglers might rejoin over the coming week and increase the volume a little more.

Margin Trading has been active for a while and longs have increased about $2 million in last 7 days shorts are currently about 1.5K btc

https://www.bitfinex.com/stats

Finex now #7 by 24hr. volume.

7    Bitfinex   BTC/USD    $ 2,273,800    $ 574.71    3.84 %    Recently

sad trombone.

At this point, we cannot completely attribute the cause of the loss of volume - yet a fair inference does come from loss of confidence.   On the other hand, before the "hack", quite a bit of Bitfinex's volume seemed to have come from margin trading, which appears to have not been re-enabled, yet.

[JayJuanGee]

Remember people, Mt.Gox was manipulated and this is why price skyrocketed. They BTC that was bought was bought with NO FIAT, so it was all artificial.

If you remove this bubble from graph, you can see clearly where BTC is heading. It's clear uptrend. Price wants to go up and it will go up.

Putting too much emphasis on MTGOX for the previous price rise seems to be too much, but I agree with your overall assessment that at this time, there is upwards BTC price pressures.