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

[Miz4r]

Walzilla Jr. moved his wall back to $120 on Bitstamp, I think he got tired of endlessly chasing the price and will resume when price comes down again.

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[tHash]

As this is our own FUD-spreading thread, let me quote you the email that the Blockchain.info operator got from Twilio, regarding a possible action against Bitcoin in China:

Hi Ben,

We got further information from our carrier confirming that business such as bitcoin is not a proper financial tool in China and the Authority may treat bitcoin as an illegal business. Unfortunately the China Telecom Authority has requested that all bit-coin traffic to China be blocked.

As the provider of the phone number, Twilio is responsible for assuring the carriers that no more traffic related to bitcoin will be sent to China. Therefore, I have removed your international SMS permission to China. Please do not turn this on or try sending SMS messages to mobile numbers in China. Doing so will very likely lead to immediate account suspension.

Again I'm sorry for the convenience. Please let me know if you have any additional questions.
Thanks,
Twilio Customer Support

Source: https://bitcointalk.org/index.php?topic=40264.msg2243603#msg2243603

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Oh, they have been going on and on for a while already, I'm not too worried: http://www.youtube.com/watch?v=J7GFfJVo_KY

The consensus seems to be that the post on reddit was just to try and troll the price down.   It was made by a user with 1 post, and there is no further confirmation.   I would say wait to hear it from a reputable source before we worry too much anyway.   Not that we should worry, because if there is one thing that makes people want something all the more, it is to tell them that they aren't allowed . . .

[Rampion]

As this is our own FUD-spreading thread, let me quote you the email that the Blockchain.info operator got from Twilio, regarding a possible action against Bitcoin in China:

Hi Ben,

We got further information from our carrier confirming that business such as bitcoin is not a proper financial tool in China and the Authority may treat bitcoin as an illegal business. Unfortunately the China Telecom Authority has requested that all bit-coin traffic to China be blocked.

As the provider of the phone number, Twilio is responsible for assuring the carriers that no more traffic related to bitcoin will be sent to China. Therefore, I have removed your international SMS permission to China. Please do not turn this on or try sending SMS messages to mobile numbers in China. Doing so will very likely lead to immediate account suspension.

Again I'm sorry for the convenience. Please let me know if you have any additional questions.
Thanks,
Twilio Customer Support

Source: https://bitcointalk.org/index.php?topic=40264.msg2243603#msg2243603

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Oh, they have been going on and on for a while already, I'm not too worried: http://www.youtube.com/watch?v=J7GFfJVo_KY

The consensus seems to be that the post on reddit was just to try and troll the price down.   It was made by a user with 1 post, and there is no further confirmation.   I would say wait to hear it from a reputable source before we worry too much anyway.   Not that we should worry, because if there is one thing that makes people want something all the more, it is to tell them that they aren't allowed . . .

The source is Been Reeves aka piuk, the guy running blockchain.info. Check the source link, the reddit guy copied and pasted the email Ben received from Twilio.

[SlipperySlope]

The rally broke through resistance at $123 and has paused near $127. Volume continues to be modest.

[cedivad]

I love the short TF trend lines i see in this topic... It remembers me how PRO I'm compared to the average guy here
[/modesty]

[fitty]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

[niothor]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

You're gonna get a bear tag for this!

[ManBearPig]

I know exactly why it went up... Last night I said f*** it and sold at 124.xx, so of course it rises to 126 today...

You sold 5 days into a consolidation channel when every damn time BTC consolidates for that long on low volume, it rises?

[zemario]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

You're gonna get a bear tag for this!

Gee, it was a simple market analysis. You guys really need to calm down with the manipulation talk. Honestly, market demand/offer is ALWAYS a stronger force than manipulation. It sounds rather silly to me that people look at the biggest wall on a market and say very securely that it is manipulation. Have it occurred to you guys that the one can only manipulate within his buying power? I.e. one can never manipulate more than one can buy.

Getting on-topic, bitstamp resistance is being crushed at a steady pace, we're getting close to nice price pump up. Of course, with mtgox still processing a much larger volume than any other market, this will probably go much slower than what we've seen in the latest bubble, which is actually a good thing.

One thing that is confusing me is the market profile of btce, why is it so concentrated around the trading point?

Who is lining up to stup up as a major player in bitcoin trading? I don't like the current situation at all, bitcoin economy is very fragile, we need much more adoption and even more large markets.

[niothor]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

You're gonna get a bear tag for this!

Gee, it was a simple market analysis. You guys really need to calm down with the manipulation talk. Honestly, market demand/offer is ALWAYS a stronger force than manipulation. It sounds rather silly to me that people look at the biggest wall on a market and say very securely that it is manipulation. Have it occurred to you guys that the one can only manipulate within his buying power? I.e. one can never manipulate more than one can buy.

I think you're the manipulator trying to manipulate us into thinking we are not manipulated.

Of course i was joking about the bear tag but you know what happens to the people who try to minimalize the AWESOME news about bitcoin.

[Ivanhoe]

Bulls on Bitstamp are shifting a gear up.

[fitty]

I think you're the manipulator trying to manipulate us into thinking we are not manipulated.

Of course i was joking about the bear tag but you know what happens to the people who try to minimalize the AWESOME news about bitcoin.

I'm a bull. I was trying to minimize the bad news about Bitcoin in China. Try to keep up. 

[thoughtfan]

First an overview chart I like with weekly weighted moving averages showing the 'massive' spike as a blip we're in the process of healthily recovering from.  At the same time it's showing the spectacular volume drop week on week that appears to have very little bearing on the price.



Next zooming in on the last six days I just like how neat that is...



And finally, the most exciting for me is the change in volume balance and catching up of prices by the three closest exchanges to mtgox, bitstamp in particular currently at over a quarter of the total USD exchange value on bitcoincharts.com



Assuming more than a tiny amount of what was mtgox's volume has gone off exchange altogether to OTC or whatever and that it's currently only 62% of the overall volume the comparative low volume of mtgox from before may not be as drastic as it may first appear.

[arne]

I know exactly why it went up... Last night I said f*** it and sold at 124.xx, so of course it rises to 126 today...

You sold 5 days into a consolidation channel when every damn time BTC consolidates for that long on low volume, it rises?

Yeah, I read that thing on Reddit (http://www.thegenesisblock.com/bitcoin-trading-are-we-primed-for-a-major-move-higher/).
Don't you need more information than that it happened twice before? In such a young market 'every damn time' doesn't mean so much.

[niothor]

I think you're the manipulator trying to manipulate us into thinking we are not manipulated.

Of course i was joking about the bear tag but you know what happens to the people who try to minimalize the AWESOME news about bitcoin.

I'm a bull. I was trying to minimize the bad news about Bitcoin in China. Try to keep up. 

Then , rejoyce on this , chinese already know about bitcoin , and there are quite a few who have enough bitcoins now =))).
It was a package worth of around 60k$ ordered on silkroad , late march if i remember..

[kiko]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

You're missing the point. That's 1,200,000,000 cars that now won't be bought with bitcoin, because the people with money in China (the one's who own businesses) will do as they are told and not accept bitcoin. They would rather keep their businesses.

[bassclef]

Bulls on Bitstamp are shifting a gear up.

And the other exchanges are right behind.

[Odalv]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

Today China's population is over 1344 million. (compared to 313 million United States of America, Population)

EDIT: 538M does not have a fridge but 806M has :-)
EDIT2: almost 3 times more fridges than US has :-)

[fitty]

I know exactly why it went up... Last night I said f*** it and sold at 124.xx, so of course it rises to 126 today...

You sold 5 days into a consolidation channel when every damn time BTC consolidates for that long on low volume, it rises?

General reply that has nothing to do with mb300.

People forget to factor in fees when they sell. Selling at $124, means you have to get back in at $122.50 just to break even. Realistically to sell at $124 you have to feel like it's going to slide down to $120 to make it worth your while.

I've seen a lot of people who "take profit" and then buy right back in near the same price. Ignoring the fact they just lost a decent chunk of money in fees. A lot of those people with asks between 126-130 will buy right back in. Cancel the ask, save the fees, sell when it peaks. =)

[Its About Sharing]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

Be careful of statistics, they can show anything you want. Speaking of which...

China has 1.35 Billion People and the US has 315 Million. Now, the US is far and away the biggest BTC using country.
Now try to put your numbers together with my numbers. Remove 40% of the Chines population just on account of the fridges for surely if you don't have a fridge you won't have a computer. But hmmm, maybe you will have an android phone. Anyway, we'll play it safe. So, there is another 810 million people, that is 2.67 times the American population. Without going any further, see where I am going? And if we continue to have currency issues peoples awareness is just going to grow.

How many BTC you think we got anyway?