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

[Holliday]

16000 unconfirmed tx lol

My node has 2600.

l2filterspamlol

[mixan]

$694 again? I think it will drop to $650 as someone has predicted earlier yesterday when this whole drop started 24 hours ago.
This is looking certain now.
Thread that was created an hour after it started (23 hours ago):
https://bitcointalk.org/index.php?topic=1669799.0

[Torque]

I could see the next ATH being preceeded by something like a "Silk Road Flash Crash" to $400 where China completely outlaws Bitcoin and all the Chinese exchanges shut down but then BTC bounces all the way back to $700 anyway within days or weeks. I'm not saying it's going to happen but it would be amusing.

I personally think that you are giving the Chinese quite a bit more credit than they deserve, and I don't really believe that they have as much market mover power as you are making them out to have (though I will concede that reasonable people can differ on this point and still be reasonable, so I am not necessarily asserting that you are being unreasonable in your belief and assertion).

You don't fully understand the meaning of this. The point of the silk road crash was that it recovered and proved that Silk Road was not significant like people thought. They were finally ready to go the moon once Silk Road was completely behind them.

Or maybe...

In Oct. 2013 a big whale(s), armed with insider knowledge that in just 2 months time the U.S. Fed was going to give the "thumbs up" to Bitcoin being treated as a legal commodity instead of a ban, decided to short the fragile market with max leverage to open up a position timed with the Silk Road news.  This did two things, 1) set up their long position heavily armed with coins at the lowest market price, and 2) margin call all of the existing longs out of the market.

Once they had control of the market, which wasn't too difficult since at the time ~85% of all the exchange biz went through Mt. Gox, they were ready to run up the market to the moon, knowing full well the news from the U.S. Fed in 2 months time was going to be extremely good.  And it was extremely positive, pushing the market even higher. Perhaps they were controlling the Willy Bot too.

Then at the peak of the bubble, they yell "China bans bitcoin!" while epicly shorting/dumping, catching the dump at ~400, ride the bounce back up to ~900, then 6 weeks later they yell "Mt. Gox is insolvent!" and short/dump again.

It was perfect and beautiful.

Now paging JJG who's going to condescendingly reply to this and tell me that I'm an idiot, that my theory has no merit, that he's the smartest person here, blah, blah,blah...  

[Cassius]

^^^ I'm of the opinion that the simplest explanation is usually the best, and you shouldn't attribute to malice that which is adequately explained by stupidity. Silk Road crash may have paved the way for a stellar rise, but the market was showing signs of wanting to go north anyway.

[JimboToronto]

Good morning Bitcoinland.

I see there's been no further panic selling after yesterday's well-timed (to coincide with a normal correction) rumors/FUD about China banning Bitcoin.

It seems that the weaklings have been washed out and we're consolidating toward the next move up.

Now the price is hovering around $700... currently $699.97 on Bitcoinaverage.

Who was it who said yesterday that the target price was $699.99? LOL 

[JayJuanGee]

I could see the next ATH being preceeded by something like a "Silk Road Flash Crash" to $400 where China completely outlaws Bitcoin and all the Chinese exchanges shut down but then BTC bounces all the way back to $700 anyway within days or weeks. I'm not saying it's going to happen but it would be amusing.

I personally think that you are giving the Chinese quite a bit more credit than they deserve, and I don't really believe that they have as much market mover power as you are making them out to have (though I will concede that reasonable people can differ on this point and still be reasonable, so I am not necessarily asserting that you are being unreasonable in your belief and assertion).

You don't fully understand the meaning of this. The point of the silk road crash was that it recovered and proved that Silk Road was not significant like people thought. They were finally ready to go the moon once Silk Road was completely behind them.

I agree with you about the silk road point and an upcoming china ban crisis (fake or not) possibly causing a subsequent spike, and maybe I was just attempting to make another not quite related point, but bouncing off of your post was not really the greatest way to accomplish my own point. 

[JayJuanGee]

Now paging JJG who's going to condescendingly reply to this and tell me that I'm an idiot, that my theory has no merit, that he's the smartest person here, blah, blah,blah...  

I'm gonna concede defeat on this one.       

[ImI]

lol the good ol "china bans bitcoin" song

[redsn0w]

[TERA]

We're going to keep hearing "Chiba bans Bitcoin" until they actually do.

[bitebits]

We're going to keep hearing "Chiba bans Bitcoin" until they actually do.

And then realize they can't.

[Globb0]

lol the good ol "china bans bitcoin" song

Its just lucky they cant pronounce bitcoin properly. So far they have accidentally banned batcoin, betcoin and bitchcoin   

[TERA]

We're going to keep hearing "Chiba bans Bitcoin" until they actually do.

And then realize they can't.

Sure you can have romanticized thoughts about how Bitcoin is impervious to the government with current technology but the reality is the Chinese government has many ways in which they could basically decimate the level of Bitcoin usage in China:
1. Shut down exchanges and stop all Bitcoin relared wire transfers from banks.
2. Firewall all Bitcoin sites,  flag all Bitcoin software as malware in operating systems, firewall tor exit nodes, don't route bitcoin traffic, stop postal shipments from wallet vendors,  etc. Only the most sophisticated hackers will still be able to use bitcoin.
3. Pass laws against bitcoin use with penalties of jail and fines. The Chinese are very obedient and fearful of their government and will comply.

[bitebits]

^ And that is why Bitcoin still has such a tiny market cap. The probability of your fud is discounted in the price already.

[Ted E. Bare]

Bull Vs. Bear battle at the moment.

[JimboToronto]

Bull Vs. Bear battle at the moment.

Battle? More like a dance.



 

[podyx]

A weekend rally tomorrow?

[JimboToronto]

A weekend rally tomorrow?

Hopefully. We're already almost halfway back from yesterday's little panic.

It's not quite as fast as the recovery from the Silk Road Bust panic that preceded the autumn 2013 rally, but it shows that the bull is ready to keep charging.

[luckygenough56]

guys bitcoin is illegal in China look :

https://twitter.com/cnLedger/status/793675026402717698

[Ted E. Bare]

That is one legitimate data center.