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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25259856 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (157 posts by 13 users deleted.)
stompix
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February 01, 2018, 12:39:04 PM

I understand this.

Nevertheless, the 1-2% of Bitcoin market cap that Tether encompasses could only drive down prices by 10% probably.

Express.co.uk was saying 30-80%. Not surprising, given that they're one of the worst FUD sites of all, but that's just extreme.

The issue shouldn't be a big deal, basically. Not nearly as big a deal as others are making it out to be.

Willy and Markus bought about 250 000 to 450 000 coins (!?!), you know what happened after.
We don't know how those usdT were used and what they bought with it.

And anyhow, in times of FUD you have to multiply every effect by 100.....

I agree. This tether issue proves most users are still chained to the old system. They dont see bitcoin as a possible substitute for fiat currency in the future, but only as a way for quick profits.

Sorry, but I think 99% of us knew that before Tether was even launched.
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PoolMinor
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February 01, 2018, 12:40:45 PM

Can you guys at least f*cking focus on the current buy/sell statistics? That's what I'm here for.
All these useless predictions are really driving the level of this thread down. Everyone is calling new future lows for what? To be able to say 'I told you so' later?
Yes much like my predictions from 2015
https://bitcointalk.org/index.php?topic=178336.msg12234559#msg12234559


and 2016

https://bitcointalk.org/index.php?topic=178336.msg16007110#msg16007110

Good. So considering the recent movements and upcomming events like Chinese New Year, you advice to buy/hold/sell?

China will be banning Bitcoin again, right around February 15 as per my prediction in micgoossens prediction giveaway.

https://bitcointalk.org/index.php?topic=178336.msg26801210#msg26801210
Enjel
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February 01, 2018, 12:41:19 PM

I understand this.

You clearly do not  Cheesy

You clearly don't Cheesy

Draw an extrapolation. I've done this, and if 2 billion USD were suddenly dumped (say Tether value is 0) then the price would probably decrease by about 10%.

Anyone claiming 30% or higher is a FUDster, trying to get cheap coins or blow something out of proportion.

Seems to be working, sadly.

We've seen in the last 3 weeks that 15-20 Million $ are enough to move the market by 7-10%. Look at the past "pumps" at 10k$ and the needed volume.
Dumping 2 Billion would crash BTC to 3 digits...

I'm sorry, but this is SO INCORRECT.

Here's why:

Check out GDAX. 2% of the volume (just to be generous). Right now 70 million USD of BTC can be sold down to 7000 USD/BTC.

Multiply that by about 50, and you get 3.5 billion USD of Bitcoin, more than 2 billion.

So across exchanges (not just one exchange! Who cares?) Bitcoin wouldn't even drop to 7k if 2 billion were suddenly dumped on it.

Your claim that Tether would drop BTC to triple digits is so mistaken, it's ridiculous.

BTW, we also know that after massive dumps, buy orders quickly accumulate back again. I'd guess around 8k.

So that's how I come to the conclusion that USDT, WITHOUT FUD, wouldn't even drop the Bitcoin price 15% if it were truly priced in at total fraud.
Neo_Coin
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February 01, 2018, 12:42:30 PM

ETH always the best performance  Wink

codewench
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February 01, 2018, 12:42:59 PM

380,670,753   Feb 01 09:37 AM   Huobi
1DUb2YYbQA1jjaNYzVXLZ7ZioEhLXtbUru   329,339,572   Feb 01 09:37 AM   Bittrex
1Co1dhYDeF76DQyEyj4B5JdXF9J7TtfWWE   270,000,000   Dec 21 '17, 06:14 AM   Poloniex
...

These exchanges presumably had to buy the tether with real $$ in order to list tether on their exchanges in the first place. Whether the money tether received is still  tucked away or not is anyone's guess but unless tether gave all these exchanges free tether, your $50 - $100 million doesn't make sense.

In an exchange, you're generally trading with another customer, not the exchange. (The stock market has market makers who are obligated to step in when there is no opposing party. I don't know if crypto exchanges have the same thing or not. If so, then some small portion of transactions will be with the exchange.) Further anything you hold at the exchange is in the exchange's wallet. The above addresses are likely the exchanges' cold storage wallets.

So - this implies that most of the USDT on exchanges was brought there by customers. A tiny portion may have been bought by exchanges as a starter pool. Some unknown portion may be profit earned from the spread.
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February 01, 2018, 12:43:01 PM

When I went all-in on bitcoin at $200, the word bagholder was seen every other post in this thread.  Therefore, one can presume there will be no bitcoin bull market until the word bagholder makes a return, while it is currently completely extinct.  After a year or two of people calling Torque and JayJuanGee bagholders, someone will then decide to try and pump and dump it again.
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February 01, 2018, 12:46:05 PM

I understand this.

You clearly do not  Cheesy

You clearly don't Cheesy

Draw an extrapolation. I've done this, and if 2 billion USD were suddenly dumped (say Tether value is 0) then the price would probably decrease by about 10%.

Anyone claiming 30% or higher is a FUDster, trying to get cheap coins or blow something out of proportion.

Seems to be working, sadly.

We've seen in the last 3 weeks that 15-20 Million $ are enough to move the market by 7-10%. Look at the past "pumps" at 10k$ and the needed volume.
Dumping 2 Billion would crash BTC to 3 digits...

I'm sorry, but this is SO INCORRECT.

Here's why:

Check out GDAX. 2% of the volume (just to be generous). Right now 70 million USD of BTC can be sold down to 7000 USD/BTC.

Multiply that by about 50, and you get 3.5 billion USD of Bitcoin, more than 2 billion.

So across exchanges (not just one exchange! Who cares?) Bitcoin wouldn't even drop to 7k if 2 billion were suddenly dumped on it.

Your claim that Tether would drop BTC to triple digits is so mistaken, it's ridiculous.

BTW, we also know that after massive dumps, buy orders quickly accumulate back again. I'd guess around 8k.

So that's how I come to the conclusion that USDT, WITHOUT FUD, wouldn't even drop the Bitcoin price 15% if it were truly priced in at total fraud.

Also if everybody were to exit Tether, price of BTC should rise not fall..... Unless Tether are not only "unbacked" by real USD but backed by other cryptocurrency assets including BTC... then they would be the ones that are selling to maintain the peg of of $1 USD. If that were the case I hope they end up in jail.
luckygenough56
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February 01, 2018, 12:46:36 PM

Hello bitcoinland, still sinking with the ship i see.

Not like you had a chance to sell at 20000 then 17000, then 13000...
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February 01, 2018, 12:49:29 PM

Hello bitcoinland, still sinking with the ship i see.

Not like you had a chance to sell at 20000 then 17000, then 13000...

Yea, I don't care if you're trading widgets hand made by God, the second you see a parabolic blow-off top, you dump everything and walk away from the market.

edit:  and LOL @ the Bitfinex spoofer's fraudulent wall.  This scammer should be in prison.  All the fucking tether scams and manipulation and bullshit originate from these idiots running Bitfinex.
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February 01, 2018, 12:50:14 PM

There's always an ample opportunity to sell within 30% of the bubble ATH. I dont know why I bother trying to pre-empt it during the rally - I lose so much.
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February 01, 2018, 12:51:31 PM

Also... he claimed that 15-20 million could pump the market up by up to 10%....

Tell me how buying ~2000 Bitcoins will pump up the whole market by 10%...? It would barely do that on one exchange.

We're not Mt.Gox anymore - there are tons of exchanges. If one actually goes down for some massive scandal, who cares? Just trade somewhere else!

I'm assuming that you could only possibly be talking about Bitfinex. I'm talking about Bitcoin, however.
RayX12
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February 01, 2018, 12:53:40 PM

Time to send some cash to exchanges to catch those wicks!   Grin Grin
Go sellers go!

When bood?  Kiss Kiss Kiss Kiss
PoolMinor
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February 01, 2018, 12:54:21 PM


Also if everybody were to exit Tether, price of BTC should rise not fall..... Unless Tether are not only "unbacked" by real USD but backed by other cryptocurrency assets including BTC... then they would be the ones that are selling to maintain the peg of of $1 USD. If that were the case I hope they end up in jail.

It's not that people would exit Tether, it is that the price of tether against US dollar would be worthless after a reveal of no (or lack of) backing.


How many worthless Tethers would it take to buy a BTC?
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February 01, 2018, 12:59:33 PM

Theoretically the only thing that keeps tether tethered to $1 is TetherBank buying any/all tether's at $1. Without this facility I am amazed that Tether is still where it is. I think it's being held there by bots that are programmed to trade USDT pairs based on USD prices.
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February 01, 2018, 01:00:20 PM


Also if everybody were to exit Tether, price of BTC should rise not fall..... Unless Tether are not only "unbacked" by real USD but backed by other cryptocurrency assets including BTC... then they would be the ones that are selling to maintain the peg of of $1 USD. If that were the case I hope they end up in jail.

It's not that people would exit Tether, it is that the price of tether against US dollar would be worthless after a reveal of no (or lack of) backing.


How many worthless Tethers would it take to buy a BTC?

The USDT is partially backed, is it not? I'm sure they have a few hundred million in there at least...

...so I honestly don't get what the problem is... most people are not going to ever cash out their USDT - it's called Tether for a reason. Even 100 million reserve should be plenty.

The whole banking system is fractionally reserved, so why should USDT be such a scandal?


I feel as if people are acting as if they *should* believe something, not because it would be truly catastrophic.
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February 01, 2018, 01:00:45 PM

WHO could have possibly seen this coming:

That's what we call the Goldman Suplex.  When they bomb it down to the 50% retracement and make people believe they're getting a good deal so they all take longs, while the people sitting on 200,000 coins that were the only thing propping up the market are all dumping on the longs and it implodes down to the 38% retracement or lower wiping out everyone.


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February 01, 2018, 01:02:01 PM
Last edit: February 01, 2018, 01:24:03 PM by rezurect007


2000 BTC Wall splits:
1000@9300
1000@8500 - Appears and disappears repeatedly
https://i.imgur.com/zoMnrF0.png
conspirosphere.tk
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February 01, 2018, 01:04:16 PM

While the drama-queens are having their day, some are filling their own bags:


https://data.bitcoinity.org/markets/books/USD
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February 01, 2018, 01:04:24 PM

2000 BTC wall @9500

2000 BTC Wall splits:
1000@9300
1000@8500

He's not called "the Bitfinex spoofer" for nothing.  This entire market is nothing but a fraud orchestrated by that one single entity on Bitfinex.  It's been like that FOREVER, since the price was $200, and then they introduced TETHERS on top of that to make it fraud^2.  I'm not sure how this entity has not been hunted down by a govt agency yet.  One plausible scenario is that it's a govt sanctioned entity like the ESF doing it.  

In the GATA archives, it came out that the govt attempted to create massive volatility in metals on purpose to make the general public think they weren't a stable store of value or something, so they could be doing the same thing in bitcoin - orchestrating pump and dumps on purpose.  Other people believe this entity is just a Chinese pump and dumper named "Zhao Dong".
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February 01, 2018, 01:07:22 PM

Check out GDAX. 2% of the volume (just to be generous). Right now 70 million USD of BTC can be sold down to 7000 USD/BTC.

correct

Quote
Multiply that by about 50, and you get 3.5 billion USD of Bitcoin, more than 2 billion.

No it doesn't work that way. There are 1-2 leading exchanges and the rest follows through arbitrage. If Bitfinex or GDAX dumps hard, every exchange would dump.
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