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

[fragout]

Tether website gone offline. $30 million "hack" last night. Not liking this

I cannot imagine what taking USDT out of play would do to the ecosystem at this point.

Thats only part of the potential problem. If they (bitfinex/tether) were issuing tether without any backing ($670 million remember) and using margin on top of that to pump btc, We are in a lot bigger trouble. Not only will everyone who holds tether have a worthless token but we have no idea what any coin is actually worth in the real market.
Its been 24hours since bitfinex said they would be releasing an official statement.

I might be getting paranoid here but it feels like de ja vu (goxed)

I don't think it's paranoia if it's happened before. More like suspicion or realism
Worst case scenario it does look like a Willy/Gox situation, with QE USDT being used to inflate BTC prices. But I don't think it will be that bad. Even if USDT is a fractional reserve, which would be no trivial thing, it accounts for a relatively small proportion of the market and broader demand is growing fast.
Not a picnic, but no Gox/China ban scenario either.

Broader demand is growing because btc is mooning all year long which is making constant headlines. USDT is on almost all exchanges and $670 million with X10 margin is far from a small proportion of the market. Imagine the headlines if the sudden price rise this year is attributed to tether.
When gox happened btc was a much smaller eco system. If it happens again, its going to take years to recover if ever.

[1715613371]

1715613371

[Cassius]

Tether website gone offline. $30 million "hack" last night. Not liking this

I cannot imagine what taking USDT out of play would do to the ecosystem at this point.

Thats only part of the potential problem. If they (bitfinex/tether) were issuing tether without any backing ($670 million remember) and using margin on top of that to pump btc, We are in a lot bigger trouble. Not only will everyone who holds tether have a worthless token but we have no idea what any coin is actually worth in the real market.
Its been 24hours since bitfinex said they would be releasing an official statement.

I might be getting paranoid here but it feels like de ja vu (goxed)

I don't think the market will miss a beat. The FUD is by design, the FUDsters need another reason to short/dump the market and cause another panic. It's getting comical at this point. After every rally, there is always some "magical FUD" that appears out of nowhere and gets everyone all frazzled.

You guys need to chillax. Also, why do you guys consider Bitfinex to be the center of the Bitcoin universe? They suck, everyone knows it, no one trusts them, and hardly anyone I know even trades there.

I'd rather say that it's not the right time for this 'news' to make an impact.
The market will probably rise until it gets too far ahead of itself does its full bubble thing. Then it will need a trigger to implode.
Back in 2014 the market shrugged off good news just like it is shrugging off bad news now.

[Torque]

I don't think the market will miss a beat. The FUD is by design, the FUDsters need another reason to short/dump the market and cause another panic. It's getting comical at this point. After every rally, there is always some "magical FUD" that appears out of nowhere and gets everyone all frazzled.

You guys need to chillax. Also, why do you guys consider Bitfinex to be the center of the Bitcoin universe? They suck, everyone knows it, no one trusts them, and hardly anyone I know even trades there.

I'd rather say that it's not the right time for this 'news' to make an impact.
The market will probably rise until it gets too far ahead of itself does its full bubble thing. Then it will need a trigger to implode.
Back in 2014 the market shrugged off good news just like it is shrugging off bad news now.

Let me help you out a little here.

Mark my words, there WILL be another FUD-driven dump coming. Likely on or before 12/14. Or even shortly thereafter. But there will be another huge dump (likely -30%), and it will try to get people to panic sell. The FUDsters are likely already planting the seeds for this crap. It's probably to help out their Wall Street buddies to get in to Bitcoin by opening big short positions.

There, I said it. Prepare accordingly. Let's all make this the one major FUD dumpage that we all saw coming a mile away.

Now can we stop with all the hand-wringing?

[Cassius]

I don't think the market will miss a beat. The FUD is by design, the FUDsters need another reason to short/dump the market and cause another panic. It's getting comical at this point. After every rally, there is always some "magical FUD" that appears out of nowhere and gets everyone all frazzled.

You guys need to chillax. Also, why do you guys consider Bitfinex to be the center of the Bitcoin universe? They suck, everyone knows it, no one trusts them, and hardly anyone I know even trades there.

I'd rather say that it's not the right time for this 'news' to make an impact.
The market will probably rise until it gets too far ahead of itself does its full bubble thing. Then it will need a trigger to implode.
Back in 2014 the market shrugged off good news just like it is shrugging off bad news now.

Let me help you out a little here.

Mark my words, there WILL be another FUD-driven dump coming. Likely on or before 12/14. Or even shortly thereafter. But there will be another huge dump (likely -30%), and it will try to get people to panic sell.

There, I said it. Prepare accordingly.

I'm talking about the end of a bubble phase, not a dump - even a major one - along the way. And yes, I'd expect at least another major dump before $10k.

[Dotto]

The red wand is my hardware wallet

[fabiorem]

It seems the new FUD from bear camp is about tether.

https://www.reddit.com/r/Bitcoin/comments/7efxp5/the_tether_fud_made_more_tether_congratulations/

Updated version of "all the world's money" chart: http://money.visualcapitalist.com/worlds-money-markets-one-visualization-2017/

Global money supply: $90.4 trillion. From these, only 8% is physical money.

Derivatives: $544 trillion.

Just apply the tether FUD to derivatives. If the derivatives dont blow up the financial system, so tether will not blow up bitcoin as well.

[Paashaas]

Another ATH...nice!

[RayX12]

Another ATH...nice!

ha ha ha.. very nice indeed-- bears are  

[ghandi]

[petahashminer]

ATH ??

 

[hv_]

ATH ??

 

Confirmed

[Phil_S]

Just 20% more and...



8333 * 1.20 = 10000

[Dabs]

And add to that the "real" bitcoin futures derivatives and later on the exchange traded funds derivatives, and the large banking fractional reserve derivatives.

[AlexGR]

Updated version of "all the world's money" chart: http://money.visualcapitalist.com/worlds-money-markets-one-visualization-2017/

He's got the silver data wrong. Above ground supplies are not 17bn usd, that's around 1 year of mining supply if we round it to 1 bn ounces - although IIRC it's nearer 800mn ounces / 25.000 tons/year.

Above ground silver (excluding landfills / non-economically recoverable) should be 1mn tons+, or 546bn+ USD.

[DARKHOLDER]

Next target 8500$ soon..

[jojo69]

G'mornin', honkeys !

/holds 9mm sideways, does really poor, off beat rap gestures to greet Bob/

[JimboToronto]

Good morning Bitcoinland.

Another day another ATH... currently $8356USD/$10665CAD (Bitcoinaverage).

Total old coin worth is $9804USD/$12520CAD (Coinmarketcap).

Down $500, up $600. I'll never get tired of this.

Go Bitcoin go.

[vortex1878]

Update on my Iota withdrawal from Bitfinex: Nothing.
Pending for 44 hours after approval now. Sent three reminders on my support ticket. No reply.
Great.

[soullyG]

Wooo another ATH, I love it when the real world distracts you from Bitcoin and you get a nice surprise when you return  

[Im not a robot]

You guys need to chillax. Also, why do you guys consider Bitfinex to be the center of the Bitcoin universe? They suck, everyone knows it, no one trusts them, and hardly anyone I know even trades there.

If hardly anyone trades there, then why do they have the highest trading volume? If BFX really has a QE scandal and BFX leads the markets then the markets have a QE scandal.

It seems to me the order books on other exchanges are often meaningless with the major pairs and that the book that most accurately portrays market direction is the BFX book.