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

[HI-TEC99]

Hey guys

can someone explain the situation with bitfinex, please

If bitfinex wired money to your bank it did it through a chain of banks, each passing the money onto the next one in the chain. There might be four or more banks in that chain, and Wells Fargo Bank was one of the intermediaries in the chain.

Bitcoin.com explain how bitfinex was suing Wells Fargo Bank because it stopped passing money from bitfinex through that chain of banks. However, bitfinex dropped its lawsuit and is now probably finding a new chain of banks to send USD through that excludes Wells Fargo Bank.

It's not unusual for a bank to refuse to take part in wire transfers from another bank. Any business affected by a particular bank's refusal can just wire money through a different chain of banks, but it takes time to arrange a new chain.

https://news.bitcoin.com/bitfinex-withdraws-lawsuit-wells-fargo/

The problem of large banks discontinuing correspondent banking relationships with smaller banks is not an uncommon one.

Thanx for the explanation, just one more question:
So basically, from what we know of, no funds of bitfinex are being held by Wells Fargo. They just don't allow funds to go through and presumably return the funds to the sender, right?

Yes, Wells Fargo isn't holding any bitfinex funds, it's just refusing to process bitfinex related wires. There was a FUD reddit thread that said Wells Fargo was holding millions of bitfinex customer's dollars, but it was bullshit. Bitfinex stated in an announcement that "no U.S. banks are holding any customer funds".

https://www.bitfinex.com/posts

...for now, we do want to dispel some of the misinformation that we have seen on the internet:

No U.S. banks are holding any customer funds.

[Torque]

Last chance to buy sub 1200?

Any news?? What is this

Bitcoin traded to pump ETH and DASH. Nothing to see here, move along...

Why are people buying DASH again? just speculation or something going on that drives the pump?

I know there's some hype with Raiden for ETH I guess that's why, but what's up with DASH again?

A pump is not the same as "people buying". Whales can pump or dump into their own walls, and use fake news to drive the speculation in either direction.

Those shitcoins aren't going anywhere but down in the long term.

[york780]

Last chance to buy sub 1200?

Any news?? What is this

Bitcoin traded to pump ETH and DASH. Nothing to see here, move along...

Why are people buying DASH again? just speculation or something going on that drives the pump?

I know there's some hype with Raiden for ETH I guess that's why, but what's up with DASH again?

A pump is not the same as "people buying". Whales can pump or dump into their own walls, and use fake news to drive the speculation in either direction.

Those shitcoins aren't going anywhere but down in the long term.

Bbutt crypto 2.0?
Bbbutt undervalued?
Muhhh great dev. team and good marketing

[bartolo]

Maybe since bitcoin price is being stable last days some day traders are moving their funds to make some short term profit with altcoins and then re-buy bitcoin again.

[york780]

[JimboToronto]

Good morning Bitcoinland.

I see a wee dip... currently $1181 (Bitcoinaverage).

No big deal.

Why nobody asks for an explanation while the price is going up? 

Because normally the price keeps rising. It's designed that way.

If it falls, it's usually for a reason such as news, FUD, panic, etc.

That makes it unusual and hence newsworthy.

[Biodom]

https://www.theguardian.com/technology/2017/apr/11/meet-the-millennials-making-big-money-riding-chinas-bitcoin-wave

Meet the millennials making big money riding China's bitcoin wave
[He] believes that in 10 years’ time, the value of the cryptocurrency will be “one bitcoin, one house in Beijing”. Minor shocks to the system, like the recent suspension of bitcoin withdrawals in China, are “just like breathing.”

I read that this morning. And they reported this guy doesn't even believe in bitcoin for long term...

Live from the sofa. A day in a bitcoin trader world
Good for a movie

Feels similar to daytraders in 1997-2000. Maybe before the start of a REAL bubble (like 1997-1998).
I wonder who here at btctalk is:
Brandon Gibson (Macbook air) probably a very connected whale
Huai Yang (looks at the large screen while chatting on btc talk on Macbook air?) clears $100K a mo, allegedly
Sun Zeyu (no macbook air) "Sun believes that in 10 years’ time, the value of the cryptocurrency will be “one bitcoin, one house in Beijing”

A Sign of a successfull btc trader=Macbook air...  .

[Denker]

Maybe since bitcoin price is being stable last days some day traders are moving their funds to make some short term profit with altcoins and then re-buy bitcoin again.

Could be an explanation yes. Bitcoin is moving sideways with some more or less dynamiec up and down swings.
Nothing to be worried about. Ver is fuding again. Could be an explanation as well.

[Biodom]

Oke i want to understand whats happening with the price can someone explain ?

Why nobody asks for an explanation while the price is going up?  

because bitcoin is setup in a way that it's price HAS to go up (deflationary) since miners get less and less reward in number of btc in time (as long as difficulty increases every 12-14 days and it almost always does). Miners will not do validation if their costs exceeds reward, hence price has to go up.
It is not guranteed, but so far it has behaved as expected (over long time frames).

[podyx]

Halfwits holding down the price

[abercrombie]

so, what is the current FUD that brought BTC down from over $1200?

[BDO_44]

let's go to 1050, it's healthy for bitcoin 

[Coinnosaurus]

let's go to 1050, it's healthy for bitcoin 

Agree , after a "healthy" rise comes a healthy dump

[Chevas Regal]

Next support check at 1149$, hope it doesn't break it and bounce back to keep the bullish engulfing trend. I have a strong feeling that within 24 hours we will experience a new support check which could be more deep than this one 

[orpington]

Silly, futile dump is over.

Back to the moon.

[Meuh6879]

it's not enough ... and we have a loooooooooooooooooooong week-end.
it will fall.

[york780]

it's not enough ... and we have a loooooooooooooooooooong week-end.
it will fall.

Good catch.
Looks like bullish pressure is fading away a lot faster than I have tought.
Bears are gathering their ammo like I said yesterday.
Whats your target? $1030?

[Ted E. Bare]

Cheap coins over the weekend?

[york780]

Cheap coins over the weekend?

Possible.
Wait I will spread some FUD

FORK FORK FORK!!

Done.
Enjoy.

[silverfuture]

Time to fulfill Afrikoin's prophecy.
I'm already sold out and waiting for $750.

Not 100% on 750 but I'm in fiat unless it pops up convincingly through those walls. It's been a bit of a slow grind down so we'll see where it bottoms out. I hope Africoin is correct.

JJG thought I was a reckless gambler when stating I had gone all fiat @ 1200 USD. I see no reason to play bits of this and that and percentages. I go with momentum and and have no problem reassessing my position and changing if need be.  Not panicking and buying back when it went higher than 1220 took some restraint but I was confident in the position.