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

[Heater]

Last one:

https://twitter.com/parabolictrav/status/936770842075152386

Parabolic Trav‏ @parabolictrav

Entering the first target box. Watching the weekly to confirm no reversal by Sunday. If we end Sunday well, I expect we repeat this weeks performance next week. We're in the parabolic feedback loop and it doesn't stop until it implodes.

[lightfoot]

When you're alone, and life is making you lonely
You can always go
Downtown
When you've got worries, all the noise and the hurry
Seems to help, I know
Downtown
Just listen to the music of the traffic in the city
Linger on the sidewalk where the neon signs are pretty
How can you lose?...

Cause I live....

Downtown: Where you're life's a joke
You live Downtown, where there is no hope
You live Downtown, where depression is status quo....
Down on skid row.....

(Little Shop of Horrors)

[lightfoot]

Two Chicago-based exchanges to begin trading bitcoin futures in December

watch for the fireworks

So I have a question about the futures trading: Will these idiots actually have to buy and hold bitcoins in order to buy or sell, or are they just betting on the price like a numbers racket?

[explorer]

Two Chicago-based exchanges to begin trading bitcoin futures in December

watch for the fireworks

So I have a question about the futures trading: Will these idiots actually have to buy and hold bitcoins in order to buy or sell, or are they just betting on the price like a numbers racket?

Nothing to do with bitcoin, unless they choose to hedge shorts by holding actual BTC.  It is a cash settled derivative bet.

[Heater]

Two Chicago-based exchanges to begin trading bitcoin futures in December

watch for the fireworks

So I have a question about the futures trading: Will these idiots actually have to buy and hold bitcoins in order to buy or sell, or are they just betting on the price like a numbers racket?

It's cash settled so they don't have to own any physical at any stage, but that won't prevent arb trading.

http://www.cmegroup.com/trading/bitcoin-futures.html

CME Globex and CME ClearPort: 5:00 p.m. – 4:00 p.m. CT Sunday – Friday

I presume this means 23 hour/day trading 6 days per week?

The other interesting thing is the price limits:

   
Price limits for a given Business Day are calculated in relation to a reference price, which generally will be set at the most recent Bitcoin Futures settlement price, calculated at 4:00 p.m. London time each Business Day. The reference price may be adjusted at the sole discretion of the Exchange to incorporate BRR changes on non-trading days. A price limit of 20% above or below the reference price and special price fluctuation limits equal to 7% above or below the reference price and 13% above or below the reference price apply. Trading will not be permitted outside of the 20% range above or below the reference price.

The CME will shutdown trading if limits are exceeded, but the crypto exchanges will keep going - we could get a divergence. Image a week where it rises more than 20% every day => Hyperbitcoinisation ensues.

[lightfoot]

So by settled it means they have to either buy or sell real bitcoin. Otherwise it's just a way for people to just drive prices based on complete fantasy (as opposed to actually having to buy bitcoin for example)

Hm.

[bullioner]

So I have a question about the futures trading: Will these idiots actually have to buy and hold bitcoins in order to buy or sell, or are they just betting on the price like a numbers racket?

The latter - it's a bucket shop.  How legal, no idea.

[HairyMaclairy]

So the CME futures are driven by their daily close index which is once per day.  And that’s public data we should be able to calculate ourselves. 

[HairyMaclairy]

So by settled it means they have to either buy or sell real bitcoin. Otherwise it's just a way for people to just drive prices based on complete fantasy (as opposed to actually having to buy bitcoin for example)

Hm.

Cash settled.  No bitcoin to trade hands. But if you are naked shorting you are mad.

[Rosewater Foundation]

^Hyperlinks are broken now. Prolly the NSA

You have to do it like this:

https://en.wiktionary.org/wiki/drôle

with the [ url ] [ / url ] thing

Naw, I can feel the heat closing in, feel them out there making their moves.

[Heater]

So by settled it means they have to either buy or sell real bitcoin. Otherwise it's just a way for people to just drive prices based on complete fantasy (as opposed to actually having to buy bitcoin for example)

Hm.

No - cash settled. They are betting on the price index. Like the weather futures where they bet on the temperature and what not.

[realsteelboy]

Little bit of movement, honey badger stirring??

[Heater]

Little bit of movement, honey badger stirring??

He must have had a big night or still has snake venom in his system that needs to clear out. He'll be on the rampage again soon.

[itod]

So by settled it means they have to either buy or sell real bitcoin. Otherwise it's just a way for people to just drive prices based on complete fantasy (as opposed to actually having to buy bitcoin for example)

Hm.

No - cash settled. They are betting on the price index. Like the weather futures where they bet on the temperature and what not.

Not quite like the weather, they can not make it snow out of the clear blue sky, but they will certainly have some BTC on the exchanges to defend their bets. Volatility will go through the roof. In the long term honey badger don't care, but we will see some spectacular action, that is for sure.

[Heater]

So by settled it means they have to either buy or sell real bitcoin. Otherwise it's just a way for people to just drive prices based on complete fantasy (as opposed to actually having to buy bitcoin for example)

Hm.

No - cash settled. They are betting on the price index. Like the weather futures where they bet on the temperature and what not.

Not quite like the weather, they can not make it snow out of the clear blue sky, but they will certainly have some BTC on the exchanges to defend their bets. Volatility will go through the roof. In the long term honey badger don't care, but we will see some spectacular action, that is for sure.

I'm not sure if volatility will go up or down - let's see.

It will be interesting to see what the volume numbers are and how it stacks up against the top exchanges.

[jojo69]

Last one:

https://twitter.com/parabolictrav/status/936770842075152386

Parabolic Trav‏ @parabolictrav

Entering the first target box. Watching the weekly to confirm no reversal by Sunday. If we end Sunday well, I expect we repeat this weeks performance next week. We're in the parabolic feedback loop and it doesn't stop until it implodes.

finally, a sober, responsible treatment of our situation

I think I like this Trav guy

[Heater]

So now we know the real reason why a smart guy like Jamie Dimon hates Bitcoin so much!

Look out Zuck - you are next - 500k incomming!


https://twitter.com/MacroScope17/status/937472979553972224

[Rosewater Foundation]

idk man. I'm so used to someone periodically trying to troll me out of coins, maybe I see things that aren't there.
But that "it could even reach $100k" comment was too much for me. If Jamie Dimon isn't currently knee deep in coins, I'd be surprised.

[HairyMaclairy]

idk man. I'm so used to someone periodically trying to troll me out of coins, maybe I see things that aren't there.
But that "it could even reach $100k" comment was too much for me. If Jamie Dimon isn't currently knee deep in coins, I'd be surprised.

He said very early on that his daughter had bought some. 

[Rosewater Foundation]

idk man. I'm so used to someone periodically trying to troll me out of coins, maybe I see things that aren't there.
But that "it could even reach $100k" comment was too much for me. If Jamie Dimon isn't currently knee deep in coins, I'd be surprised.

He said very early on that his daughter had bought some. 

You think I'm paranoid

You all think I'm paranoid

And now the bloody NSA is here

Watching me