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

[JimboToronto]

People don't know how to recognize a bull market anymore... Buy every correction/dip, profit.
If you're not making money hanging out on bitcointalk and tracking bitcoin you're doing something wrong, lol.

Amen. As my buddy says, it's the best money he's ever been paid for waiting.

[MinermanNC]

Woot! everyone feeling pretty good in here? lol

I am  its looking much more like it today

[Shibashi Nikamoto]

Woot! everyone feeling pretty good in here? lol

I am  its looking much more like it today

why?

price is pretty much the same and bitfinex is not accepting deposits anymore

[lightfoot]

Blah. I just had to send in my taxes for all my bitcoin work. That's a *lot* of recordkeeping to do to keep track of the work, payments, cost of parts, and time. And now I have to deal with the fact that most of those coins have doubled or quadrupled in value which totally screws up my basis points for when I sell them for LTCG.

Oi.

[RoommateAgreement]

I think an underlying vulnerability in the exchange ecosystem right now is Tether, specifically its legality under banking laws in the various countries where exchanges are established and using Tether.  Pegging an electronic token to the USD as a service to depositors is about as close as you can get to a bank without actually being a bank.

tether is simply irrelevant because it is not being uses as much as you think it is. the volume that it has indicates it very well.
this is a new thing that i have been seeing you and a couple of rather newly created accounts are saying! and honestly i can't see how we can even start talking about USDT while there are a lot of other things wrong with these platforms that are much bigger.

[Lecter]

I think an underlying vulnerability in the exchange ecosystem right now is Tether, specifically its legality under banking laws in the various countries where exchanges are established and using Tether.  Pegging an electronic token to the USD as a service to depositors is about as close as you can get to a bank without actually being a bank.

tether is simply irrelevant because it is not being uses as much as you think it is. the volume that it has indicates it very well.
this is a new thing that i have been seeing you and a couple of rather newly created accounts are saying! and honestly i can't see how we can even start talking about USDT while there are a lot of other things wrong with these platforms that are much bigger.

Where are you getting your tether volume data?  Is that volume data the sole reason you claim that it is not "used as much as I think it is"?  Also, are you suggesting that I'm a shill because I have a young account?

[arklan]

Reaching for Gold parity again feel like

Why compare some kind of alsmost infinite material by what it greatest capability is shining, to bitcoin? Bitcoin has a lot more potential. There is only no middleground. In a couple of years it is the moon or the gloom.

electrical/thermal conductivity, corrosion resistance... gold is more then shiny.

[Fatman3001]

ahhhh.... that sweet goxed feeling....

[Qartada]

I think an underlying vulnerability in the exchange ecosystem right now is Tether, specifically its legality under banking laws in the various countries where exchanges are established and using Tether.  Pegging an electronic token to the USD as a service to depositors is about as close as you can get to a bank without actually being a bank.

tether is simply irrelevant because it is not being uses as much as you think it is. the volume that it has indicates it very well.
this is a new thing that i have been seeing you and a couple of rather newly created accounts are saying! and honestly i can't see how we can even start talking about USDT while there are a lot of other things wrong with these platforms that are much bigger.

I don't know why you think that but according to coinmarketcap it has the fourth highest trading volume, only after Bitcoin, Litecoin and Ethereum.  It's responsible for about 4% of the total.

Plus it would have a much stronger effect on certain exchanges - namely Poloniex and Bittrex.  This could have a chain reaction of panic on other exchanges, and combined with Bitfinex seemingly fucking everything up it could be much worse.

[Herbert2020]

I don't know why you think that but according to coinmarketcap it has the fourth highest trading volume, only after Bitcoin, Litecoin and Ethereum.  It's responsible for about 4% of the total.

you are simply making the oldest mistake in the book. the mistake of not looking at the bigger picture. the volume has recently gone up because of 3 main reasons:

1) bitfinex situation is bad and USDT is tethered (lol) to that exchange for the most part so people are selling to get out with USDT since they can not do it with USD

2) the price of USDT tanked. it went down from $1 to $0.96 and that always increases the volume. and that is a 4% decline which is huge in something that is supposed to be worth a fixed $1 value.

3) there is always possibility of reporting fake volume by exchanges to bring themselves up in the lists such as coinmarketcap, it is like free advertising.

now go check the volume in long term. look at them for example in a couple of months back when things were normal and then come back and compare that volume (hint: 500K dollar) with today's volume (hint: 21 mil dollar)

[Lecter]

~$55 spread between Poloniex/BitFinex and Bitstamp/Coinbase.  Normally, arbitrage would squash that kind of a spread.  The only explanation I have is that there are withdrawal issues at Polo (we already know about BF issues) and/or deposit issues at Bitstamp and Coinbase.

2) the price of USDT tanked. it went down from $1 to $0.96 and that always increases the volume. and that is a 4% decline which is huge in something that is supposed to be worth a fixed $1 value.

Where did you see Tether tank to $0.96?

[RoommateAgreement]

I think an underlying vulnerability in the exchange ecosystem right now is Tether, specifically its legality under banking laws in the various countries where exchanges are established and using Tether.  Pegging an electronic token to the USD as a service to depositors is about as close as you can get to a bank without actually being a bank.

tether is simply irrelevant because it is not being uses as much as you think it is. the volume that it has indicates it very well.
this is a new thing that i have been seeing you and a couple of rather newly created accounts are saying! and honestly i can't see how we can even start talking about USDT while there are a lot of other things wrong with these platforms that are much bigger.

Where are you getting your tether volume data?  Is that volume data the sole reason you claim that it is not "used as much as I think it is"?  Also, are you suggesting that I'm a shill because I have a young account?

no i did not mean it like that. sorry.
i am simply reporting my perosnal observation. based on things on read on the forum, things i see on charts and things i see while i am on the exchanges trading.

when i talk to other traders in here or in groups none of them like tether and they prefer using fiat instead. and the volume that i usually check on exchanges (not lately but so far in the past 2 years) are low. much lower than you expect it to be.

[JayJuanGee]

ahhhh.... that sweet goxed feeling....

Yep.  what stupid ass false analogies people like to make, to attempt to present some kind of impending DOOM scenario.

Yeah, bitcoin is about ready to crash.. and I am feeling so scared about it, and is that why there is so much ongoing buying pressure - because we are feeling "goxed?"  We have a false sense of security and the price is going up on all exchanges? 

Let's get to the reality of the matter.  Even though prices on Bitfinex are higher than other locations, they are not leading any kind of bitcoin pump - instead we seem to have Bitstamp attempting to hold back. .but in the end, ongoing and continuing upwards price pressures that are having difficulties holding back this baby!!!!!!




HODL peeps, and don't SODL   ---- Don't let these big blocker nut job FUD spreaders scare you out of your coins!!!!

[JayJuanGee]

1) bitfinex situation is bad and USDT is tethered (lol) to that exchange for the most part so people are selling to get out with USDT since they can not do it with USD
 

Call me a dummy, but I do not understand this point.

Does Bitfinex offer Tether? 

I have never seen that option on my Bitfinex account.

If Bitfinex does not offer Tether, then how could people use Tether to move their funds out of Bitfinex?

What am I missing?

[Lecter]

1) bitfinex situation is bad and USDT is tethered (lol) to that exchange for the most part so people are selling to get out with USDT since they can not do it with USD
 

Call me a dummy, but I do not understand this point.

Does Bitfinex offer Tether?  

I have never seen that option on my Bitfinex account.

If Bitfinex does not offer Tether, then how could people use Tether to move their funds out of Bitfinex?

What am I missing?

Bitfinex does not offer Tether.  However, Tether and Bitfinex are owned by the same parent company.  It's all moot, because Tether is effectively disconnected from the banking system until further notice.  My hunch is the banks realized that Tether was basically running as an unregulated bank, like Liberty Reserve 2.0. Guilt by association, so the banks disconnect from Bfx as well (that part is speculation).  The only way to get funds off Bitfinex is to buy BTC with fiat, which is why the price is so high.  Similar situation with Polo since Tether is fucked right now.  Interesting note, the legal statement at tether.to makes it very clear that Tether is under no obligation to convert tokens to USD.  Bitfinex has been leading this rally for quite some time, so what happens now?

[spooderman]

Alright JJG you're going back on ignore.

I've spent the last few months fighting back against BU trolls and explaining segwit to people, I join some others to express concern about the situation with finex and get labelled a "big block nut job."

Anyone with any real input want to weigh in on what's happening with finex? Is there any way to reliably withdraw USD out?

[york780]

Alright JJG you're going back on ignore.

I've spent the last few months fighting back against BU trolls and explaining segwit to people, I join some others to express concern about the situation with finex and get labelled a "big block nut job."

Anyone with any real input want to weigh in on what's happening with finex? Is there any way to reliably withdraw USD out?

I dont think so. I dont use Finex but cant you just trade your btc for altcoins to get them out or something?

[Lecter]

Alright JJG you're going back on ignore.

I've spent the last few months fighting back against BU trolls and explaining segwit to people, I join some others to express concern about the situation with finex and get labelled a "big block nut job."

Anyone with any real input want to weigh in on what's happening with finex? Is there any way to reliably withdraw USD out?

JJG is heavily invested in BTC and wants to profit, thus he cheerleads.  Can't blame him, he's acting in his own best interest.

You can withdraw CHF (Swiss Francs) and HKD (Hong Kong Dollars) from Bitfinex as an alternative to crypto withdrawals.  All fiat deposits are suspended.

[spooderman]

Alright JJG you're going back on ignore.

I've spent the last few months fighting back against BU trolls and explaining segwit to people, I join some others to express concern about the situation with finex and get labelled a "big block nut job."

Anyone with any real input want to weigh in on what's happening with finex? Is there any way to reliably withdraw USD out?

JJG is heavily invested in BTC and wants to profit, thus he cheerleads.  Can't blame him, he's acting in his own best interest.

You can withdraw CHF (Swiss Francs) and HKD (Hong Kong Dollars) from Bitfinex as an alternative to crypto withdrawals.  All fiat deposits are suspended.

All deposits are suspended? Is that what you meant to say?

That would make the price rise more genuine at least.

[york780]

Alright JJG you're going back on ignore.

I've spent the last few months fighting back against BU trolls and explaining segwit to people, I join some others to express concern about the situation with finex and get labelled a "big block nut job."

Anyone with any real input want to weigh in on what's happening with finex? Is there any way to reliably withdraw USD out?

JJG is heavily invested in BTC and wants to profit, thus he cheerleads.  Can't blame him, he's acting in his own best interest.

You can withdraw CHF (Swiss Francs) and HKD (Hong Kong Dollars) from Bitfinex as an alternative to crypto withdrawals.  All fiat deposits are suspended.

All deposits are suspended? Is that what you meant to say?

That would make the price rise more genuine at least.

Some say that this is the reason why btc moved up. People cant get their money out so they buy more to move their money thats stuck.