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

[Rampion]

Wallzilla killed the volume.

I'm really curious as to why there's a wall in many currencies.

Gox has only one market for all currencies.  The bids/asks in any given currency are converted to show in all other currencies, with a exchange fee built in.  The fee does not go to Gox, since they ironically are not licensed to exchange between various fiat currencies. Instead the fee goes to their bank, which does the actual fiat exchange.

The upshot is that if you place a bid in USD it shows up in Pounds, Euros, Baht, whatever else as well.

Source: MagicalTux in irc a few weeks ago.

That's how it works. It's in their FAQ, BTW

[Rampion]

Wallzilla killed the volume.

I'm really curious as to why there's a wall in many currencies.

Gox has only one market for all currencies.  The bids/asks in any given currency are converted to show in all other currencies, with a exchange fee built in.  The fee does not go to Gox, since they ironically are not licensed to exchange between various fiat currencies. Instead the fee goes to their bank, which does the actual fiat exchange.

The upshot is that if you place a bid in USD it shows up in Pounds, Euros, Baht, whatever else as well.

Source: MagicalTux in irc a few weeks ago.

This is the most natural thing a multi-currency exchange should do. Of course if they take too high fees, others can do arbitrage for cheaper. Basically if the fee is 1%, an actual $$ wall should be 1% stronger than the auto-arbitrage-€-wall. A "buy 1000Ƀ@$120" would be a "buy 1000Ƀ@$119.8" in all other currencies. If you can exchange $$ for €€ cheaper, you can squeeze your offer in between.

USD


EUR


What explains that the walls are different size in different currency?

They are adjusted to relative volume.

[Its About Sharing]

This bad news really has damaged things from a TA point of view. I think that if the price doesn't crash, despite breaking significant supports, that it will rally up.

What bad news? (Sorry, I've been away)

Yeah, what bad news?

Most of it:
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/05/31/why-didnt-bitcoin-users-freak-out-in-may/

The Liberty Reserve incident is what likely took out the support, and killed the rally.

I think most of the guys here believe in what BTC is and what it represents. I just see continued buying pressure coming from many, no matter the price. Of course if you have thousands of shares, that might not be true. In that case I'd be working on PR, before the fiat currency (USD, Euro, etc.) collapse. In general, instead of putting extra money into a bank account with a 1% interest rate (which is losing buying power), just put a little here and there back into BTC.

Basically, we need to remind people of this opportunity and keep tabs.

I recommend writing down the following:
Date of recommendation for BTC
Name of person recommended to
Price of BTC on that day.

Then, every year or huge increase after that, you must remind these people (with an adjusted "profit" amount (I quote it, because it's much much more than profit, it's a revolution)...

[Zephir]

Wallzilla killed the volume.

I'm really curious as to why there's a wall in many currencies.

Gox has only one market for all currencies.  The bids/asks in any given currency are converted to show in all other currencies, with a exchange fee built in.  The fee does not go to Gox, since they ironically are not licensed to exchange between various fiat currencies. Instead the fee goes to their bank, which does the actual fiat exchange.

The upshot is that if you place a bid in USD it shows up in Pounds, Euros, Baht, whatever else as well.

Source: MagicalTux in irc a few weeks ago.

That's how it works. It's in their FAQ, BTW

That´s not right.
Every currency has its own market on Gox.
Look at the Canadian Dollar chart or at the polish Zloty at Gox and compare it with the USD,GBP or EUR chart.
Every market has another volume.

[niothor]

Wallzilla killed the volume.

I'm really curious as to why there's a wall in many currencies.

Gox has only one market for all currencies.  The bids/asks in any given currency are converted to show in all other currencies, with a exchange fee built in.  The fee does not go to Gox, since they ironically are not licensed to exchange between various fiat currencies. Instead the fee goes to their bank, which does the actual fiat exchange.

The upshot is that if you place a bid in USD it shows up in Pounds, Euros, Baht, whatever else as well.

Source: MagicalTux in irc a few weeks ago.

That's how it works. It's in their FAQ, BTW

That´s not right.
Every currency has its own market on Gox.
Look at the Canadian Dollar chart or at the polish Zloty at Gox and compare it with the USD,GBP or EUR chart.
Every market has another volume.

Q. Do you keep independent ask/bid tables for different currencies?

A. No, ask/bid tables for different currencies are not independent. All currencies are relative to whichever currency has the highest volume, which is based on said currencies current market price in bitcoin. Every trade is in one pool and in fact, not are not separate currency markets. This allows users the added benefit of trading in "the greater market" -in currencies they understand- while not limiting them to smaller currency markets.

 

For example, if a buy order for bitcoins is placed in EUR, the order can be executed against another user selling bitcoins in any currency and not necessarily only against another user selling bitcoins in EUR.

[Rampion]

Wallzilla killed the volume.

I'm really curious as to why there's a wall in many currencies.

Gox has only one market for all currencies.  The bids/asks in any given currency are converted to show in all other currencies, with a exchange fee built in.  The fee does not go to Gox, since they ironically are not licensed to exchange between various fiat currencies. Instead the fee goes to their bank, which does the actual fiat exchange.

The upshot is that if you place a bid in USD it shows up in Pounds, Euros, Baht, whatever else as well.

Source: MagicalTux in irc a few weeks ago.

That's how it works. It's in their FAQ, BTW

That´s not right.
Every currency has its own market on Gox.
Look at the Canadian Dollar chart or at the polish Zloty at Gox and compare it with the USD,GBP or EUR chart.
Every market has another volume.

Think before you type.

First, Bitcycle told you he is quoting Karpeles from IRC, so you should give him some credit.

Secondly, I'm telling you to check it in Gox's FAQ

Thirdly, and most important, look at the different currencies at Gox. You will see that if there was independent ask/bids for every currency, there would be no liquidity in any market except the USD. Then, check the walls. Isn't it strange for you that you have walls of the same proportion in every currency?

And finally, check MtGox's FAQ:

Q. Do you keep independent ask/bid tables for different currencies?

A. No, ask/bid tables for different currencies are not independent. All currencies are relative to whichever currency has the highest volume, which is based on said currencies current market price in bitcoin. Every trade is in one pool and in fact, not are not separate currency markets. This allows users the added benefit of trading in "the greater market" -in currencies they understand- while not limiting them to smaller currency markets.

For example, if a buy order for bitcoins is placed in EUR, the order can be executed against another user selling bitcoins in any currency and not necessarily only against another user selling bitcoins in EUR.

EDIT: well, niothor was quicker than me

[fr33d0miz3r]

So what, who will try to break the wall?



Dear bears, you will not succeed! Because of

[Zephir]

Wallzilla killed the volume.

I'm really curious as to why there's a wall in many currencies.

Gox has only one market for all currencies.  The bids/asks in any given currency are converted to show in all other currencies, with a exchange fee built in.  The fee does not go to Gox, since they ironically are not licensed to exchange between various fiat currencies. Instead the fee goes to their bank, which does the actual fiat exchange.

The upshot is that if you place a bid in USD it shows up in Pounds, Euros, Baht, whatever else as well.

Source: MagicalTux in irc a few weeks ago.

That's how it works. It's in their FAQ, BTW

That´s not right.
Every currency has its own market on Gox.
Look at the Canadian Dollar chart or at the polish Zloty at Gox and compare it with the USD,GBP or EUR chart.
Every market has another volume.

Think before you type.

First, Bitcycle told you he is quoting Karpeles from IRC, so you should give him some credit.

Secondly, I'm telling you to check it in Gox's FAQ

Thirdly, and most important, look at the different currencies at Gox. You will see that if there was independent ask/bids for every currency, there would be no liquidity in any market except the USD. Then, check the walls. Isn't it strange for you that you have walls of the same proportion in every currency?

And finally, check MtGox's FAQ:

Q. Do you keep independent ask/bid tables for different currencies?

A. No, ask/bid tables for different currencies are not independent. All currencies are relative to whichever currency has the highest volume, which is based on said currencies current market price in bitcoin. Every trade is in one pool and in fact, not are not separate currency markets. This allows users the added benefit of trading in "the greater market" -in currencies they understand- while not limiting them to smaller currency markets.

For example, if a buy order for bitcoins is placed in EUR, the order can be executed against another user selling bitcoins in any currency and not necessarily only against another user selling bitcoins in EUR.

EDIT: well, niothor was quicker than me

Well both of you are right.
I have just compared the markets on bitcoinity.
I´ve read it on the FAQ too.
Thanks.

[Rampion]

Wallzilla to the rescue

[Zephir]

Just another question.
Why is the wall not on every currency at bitcoinity?

[Rampion]

Just another question.
Why is the wall not on every currency at bitcoinity?

It's on every currency but its "height" depends on relative volume, thus you may see it much smaller in some currencies.

For the two currencies with bigger volume (USD and EUR) you will usually see the walls with pretty much the same proportion.

[Miz4r]

So what, who will try to break the wall?



Dear bears, you will not succeed!

That cameraman must have been in a world of hurt after being hit by all that wood and water coming at him.

I think the wall will stay where it is, there's not enough pressure down or up to really move things. Hope things get cleared up around Gox soon to restore confidence in the exchanges so people start trading again.

[Zephir]

Just another question.
Why is the wall not on every currency at bitcoinity?

It's on every currency but its "height" depends on relative volume, thus you may see it much smaller in some currencies.

For the two currencies with bigger volume (USD and EUR) you will usually see the walls with pretty much the same proportion.

Thank you very much.
Now I understand it.

[KS]

Just another question.
Why is the wall not on every currency at bitcoinity?

It's on every currency but its "height" depends on relative volume, thus you may see it much smaller in some currencies.

For the two currencies with bigger volume (USD and EUR) you will usually see the walls with pretty much the same proportion.

Thank you very much.
Now I understand it.

The volumes are the same but the walls are not exactly at the same place because of exchange rate variations and other fees so they don't line up exactly and you see more miniwalls than the one big wall in USD.

If you try and buy, say 10K BTC, the price should be the same in the various currencies when you factor in said fees. Just play with bitcoinity and try and get to the same amount of coins, you should see an amount in fiat within 1or 2%.

[ChartBuddy]

[TsuyokuNaritai]

Just another question.
Why is the wall not on every currency at bitcoinity?

It's on every currency but its "height" depends on relative volume, thus you may see it much smaller in some currencies.

For the two currencies with bigger volume (USD and EUR) you will usually see the walls with pretty much the same proportion.

So... this also means that the walls are bigger than they look?

As in, if the charts say a wall has 1k BTC, and USD was say 50% of the total Gox volume, then the actual wall size is 2k BTC?

[Its About Sharing]

I'd like to see us stay above $127 or so, as that seems to be a support/resistance level from April 20-22. Would much rather be sitting on it that pushing at it.  

Next resistance level I see is that $135 range from April 3, 4 and 27.

Nice call from May 24th Its about sharing,
Its about sharing

 

[prof7bit]

So... this also means that the walls are bigger than they look?

As in, if the charts say a wall has 1k BTC, and USD was say 50% of the total Gox volume, then the actual wall size is 2k BTC?

No. A 2k฿ order appears as 2k฿ in every market. It just might *look* smaller or bigger because of different zoom factor and the other orders surrounding it when looking at the different charts. Just look at the naked numbers of BTC order size, the orders are identical everywhere.

[zemario]

Looking positively at the current market state, looks like the price is trapped and supply-demand  law is dictating it more reliably.

When and which wall will be eaten.... no clue.

[Seal]

Looking positively at the current market state, looks like the price is trapped and supply-demand  law is dictating it more reliably.

When and which wall will be eaten.... no clue.

Looks like liquidity is picking back up. Look out for some healthy swings soon. We've seen a massive increase in trading volume lately. Hang on tight!