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

[HairyMaclairy]

Beecoin Crash at 0.072.  Might be a good trade

More to come.  Still ripening in the sun.

[gentlemand]

WTF is the deal with these korean exchanges, are they a new hub for chinese money or something like that?

No one outside Korea can get fiat in or out. South Koreans probably aren't the biggest fans of Chinese people either.

This Chinese proxy thing is a myth IMO.

The reason Korean exchanges act like China is because they operate like China. And I think the Korean authorities will pull another China themselves fairly soon.

[kurious]

WTF is the deal with these korean exchanges, are they a new hub for chinese money or something like that?

That's the theory, yeah.

We are seeing prices in Australia and Korea getting wildly out of line.  Both countries are highly educated, wealthy and agressive early adopters of tech.  Starting to think they are the tip of the arrow.

What is weird is that there is a what, $6000 arb opportunity - and no one is taking it.  It's the biggest arb I have seen in BTC.

Bithumb is at $22,500 USD.  Jeez.

[lightfoot]

Is anyone else starting to feel a little sick?

I'm looking at the unconfirmed transactions, 208,000 right now.

So what will happen next week? Moon or ocean?

[Rosewater Foundation]

Beecoin Crash at 0.072.  Might be a good trade

More to come.  Still ripening in the sun.

0.05. I can feel it down in my plums.

[BTCMILLIONAIRE]

$23k in Korea lmao. This is getting absurd.

[LewisPirenne]

So it's 2.5 mio BTC/KRW ($23K) on Bithumb and 2.4 mio BTC/JPY ($21.5K) on BitFlyer.  Even GDAX almost got to USD$20K.  Global BTC daily volume almost $20 billion and network buckling under 200K tx pending, with most of spam tx out of mempool now due to timeout.  

So when are we going to see even the old hands on deck, who got thru all these years somewhat unscathed, become scared?    

[kurious]

WTF is the deal with these korean exchanges, are they a new hub for chinese money or something like that?

No one outside Korea can get fiat in or out. South Koreans probably aren't the biggest fans of Chinese people either.

This Chinese proxy thing is a myth IMO.

The reason Korean exchanges act like China is because they operate like China. And I think the Korean authorities will pull another China themselves fairly soon.

So is it virtual USD?

Edit: I mean I see prices quoted in USD, but is it actually Won?

[HairyMaclairy]

Only US$3,000 arb into Australia.

[gentlemand]

So is it virtual USD?

It's real KRW and unless you can open a Korean bank account, and you can't, you don't get to play with it.

It's been like it for a long arse time, this is from 2015 - https://medium.com/cryptonight/investigating-the-great-korean-bitcoin-arbitrage-opportunity-32e4e547a730

If it could be cracked it would've been.

[explorer]

So it's 2.5 mio BTC/KRW ($23K) on Bithumb and 2.4 mio BTC/JPY ($21.5K) on BitFlyer.  Even GDAX almost got to USD$20K.  Global BTC daily volume almost $20 billion and network buckling under 200K tx pending, with most of spam tx out of mempool now due to timeout.  

So when are we going to see even the old hands on deck, who got thru all these years somewhat unscathed, become scared?    

Unless you are margin trading, what is there to be scared of?

[BTCMILLIONAIRE]

So it's 2.5 mio BTC/KRW ($23K) on Bithumb and 2.4 mio BTC/JPY ($21.5K) on BitFlyer.  Even GDAX almost got to USD$20K.  Global BTC daily volume almost $20 billion and network buckling under 200K tx pending, with most of spam tx out of mempool now due to timeout.  

So when are we going to see even the old hands on deck, who got thru all these years somewhat unscathed, become scared?    

Unless you are margin trading, what is there to be scared of?

Missing out on double moons? There's some insane money to be made that nobody will ever pick up from perfect trades.

[kurious]

So is it virtual USD?

It's real KRW and unless you can open a Korean bank account, and you can't, you don't get to play with it.

Ok, thanks, I get it.  There must be some looking to find a way at this rate differential, though.

[HairyMaclairy]

Beecoin Crash at 0.072.  Might be a good trade

More to come.  Still ripening in the sun.

0.05. I can feel it down in my plums.

House of Cards, starring Roger Ver. 

[Icygreen]

So is it virtual USD?

It's real KRW and unless you can open a Korean bank account, and you can't, you don't get to play with it.

There's also a very real chance that even if you could arb this, you'd end up buying higher after long confirmation times and 3 day wire transfer.  

[LewisPirenne]

I doubt that old hands are scared of price movement since BTC can pull a 80% and hodlers wouldn't even blink.  

But it may pull a premature over-reaction from one of government (e.g. South Korea) and having huge spike in tx when network capacity is only around 500K (even with Segwit) may put pressure on dev team to do something rash without thorough testing.  

[fabiorem]

Beecoin Crash at 0.072.  Might be a good trade

More to come.  Still ripening in the sun.

0.05. I can feel it down in my plums.

House of Cards, starring Roger Ver. 

More like House of Forks.

[yefi]

Yeah - I sent the BTG from Coinomi to Bittrex and even with passport etc, I could still only take out up to 0.4 BTC a day.   Yuk!

Really? Are you enhanced? I've got like a 100 BTC limit.

[Rosewater Foundation]

Yeah - I sent the BTG from Coinomi to Bittrex and even with passport etc, I could still only take out up to 0.4 BTC a day.   Yuk!

Really? Are you enhanced? I've got like a 100 BTC limit.

I got human enhancement package number 347, bio-luminescent nutsack. Highly recommended.

[BTCMILLIONAIRE]

I doubt that old hands are scared of price movement since BTC can pull a 80% and hodlers wouldn't even blink.  

But it may pull a premature over-reaction from one of government (e.g. South Korea) and having huge spike in tx when network capacity is only around 500K (even with Segwit) may put pressure on dev team to do something rash without thorough testing.  

Governments aren't supposed to have anything to really say in crypto. That's what it was created for.