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

[MAbtc]

http://video.foxnews.com/v/2609080779001/bitcoin-investigation-is-this-the-end-of-virtual-currency/?playlist_id=921261890001

Bullish or bearish?

Imagine every time someone mentions the dollar and then just has to say that it can be used to buy drugs and other illegal things.
I wish people would get over it. Yes you can buy drugs with Bitcoin. Just like you can with any other currency.
It's such a simple thing to understand. Why can't they?

Not all blacks hanging out for hours in public places are drug dealers either.
It's just that, SR is the vast majority of the market there is no point in denying that.

I highly doubt that.
Maybe a year ago. Now far from.

Far from? So who are all these big name merchants that we're talking about? Are okcupid and wordpress bloating the chain now?

It'll be a while before SR isn't the defining characteristic of the bitcoin "economy".

[ChartBuddy]

[DaSheep]

lol, somebody is manipulating chartbuddy by synchronized adding/removing of orders. You see the ghostlines on bitcoinity though, each time the bid side gains the ask side shrinks and verse visa.
you might want to randomize the sample time

i just looked at my depth logs and I think you're right:

Code:

13-08-16 02:01:01  bid     0.01867759 @ 103.6295
13-08-16 02:01:02  bid    -0.01867759 @ 103.6295
13-08-16 02:01:02  bid     2.46089951 @ 106.0557
13-08-16 02:01:03  bid    -2.46089951 @ 106.0557
13-08-16 02:01:04  bid   -10.96890249 @ 109.1001
13-08-16 02:01:04  bid    10.96890246 @ 109.1001
13-08-16 02:01:04  ask     0.26747649 @ 111.2457
13-08-16 02:01:05  ask    -0.26747649 @ 111.2457
13-08-16 02:01:15  ask     0.57404575 @ 112.1120
13-08-16 02:01:16  ask    -0.57404575 @ 112.1120
13-08-16 02:01:18  bid     2.44486211 @ 106.0606
13-08-16 02:01:19  bid    -2.44486211 @ 106.0606

There are hundreds of them just in the last hour..
So, dafuq is going on?

[Spaceman_Spiff]

It'll be a while before SR isn't the defining characteristic of the bitcoin "economy".

Imho, "gold 2.0" is more defining for the bitcoin "economy" than SR is.

[Walsoraj]

what is the effect of this kind of bid-ask swapping?

[MAbtc]

It'll be a while before SR isn't the defining characteristic of the bitcoin "economy".

Imho, "gold 2.0" is more defining for the bitcoin "economy" than SR is.

what does that even mean

[ChartBuddy]

[DaSheep]

what is the effect of this kind of bid-ask swapping?

I'm not sure it could either be just a really stupid bot with alot of coins or some kind of DOS.

It basically keeps the bid sum / ask sum ratio the same while filling the orderbook with "fake" orders.
Let's say the market starts trending down, which means people are creating more ask orders than bid orders,
now everytime someone places an ask order, i remove the same amount of coins from the ask side.
This would cause the orderbook to keep looking bullish while in fact it's quite bearish.

Or I could do the opposite and create fake orders everytime someone removes an ask order, the orderbook would look the same while in fact it's pretty thin on the ask side.. If i'd want to do a whale buy I could pull all my fake ask orders and I'd just have to buy the little rest of "real" ask orders.

This would require alot of coins though and I'm still not sure if I believe there's someone messing around with >$3m.

Imho, "gold 2.0" is more defining for the bitcoin "economy" than SR is.

what does that even mean

Gold that's more golden than regular gold.

[ShroomsKit]

http://video.foxnews.com/v/2609080779001/bitcoin-investigation-is-this-the-end-of-virtual-currency/?playlist_id=921261890001

Bullish or bearish?

Imagine every time someone mentions the dollar and then just has to say that it can be used to buy drugs and other illegal things.
I wish people would get over it. Yes you can buy drugs with Bitcoin. Just like you can with any other currency.
It's such a simple thing to understand. Why can't they?

Not all blacks hanging out for hours in public places are drug dealers either.
It's just that, SR is the vast majority of the market there is no point in denying that.

I highly doubt that.
Maybe a year ago. Now far from.

Far from? So who are all these big name merchants that we're talking about? Are okcupid and wordpress bloating the chain now?

It'll be a while before SR isn't the defining characteristic of the bitcoin "economy".

I know you will come up with a bunch of excuses instead of admitting you're wrong.
But whatever.
http://bitcoinmagazine.com/bitpay-processes-5-million-in-march-eclipses-silk-road/
Keep in mind this is just from one merchant!

[Richy_T]

lol, somebody is manipulating chartbuddy by synchronized adding/removing of orders. You see the ghostlines on bitcoinity though, each time the bid side gains the ask side shrinks and verse visa.
you might want to randomize the sample time

Hmm. Maybe chartbuddy needs a tinfoil hat to go with the 3d glasses.

[Richy_T]

It'll be a while before SR isn't the defining characteristic of the bitcoin "economy".

Imho, "gold 2.0" is more defining for the bitcoin "economy" than SR is.

Serial numbers are so last-year. I believe cutesy names are the current fashion. "Gold Chatty-Chipmunk" or somesuch.

[ChartBuddy]

[Chainsaw]

I always thought it would be a neat statement to set my ask a few bucks above the spot price of gold.  If enough people got behind such a movement, there'd be this bizarre, giant wall waaaaay out there.

People couldn't help but think about that future price.  "How long til it gets there?"  Planting those psychological seeds, for a more appropriate price point!

[octaft]

I know you will come up with a bunch of excuses instead of admitting you're wrong.
But whatever.
http://bitcoinmagazine.com/bitpay-processes-5-million-in-march-eclipses-silk-road/
Keep in mind this is just from one merchant!

I might be mistaken, but couldn't a lot of that be because people were placing orders for ASIC miners at that time? I would be more interested in how they did in the months after the initial crash.

[ChartBuddy]

[derpinheimer]

what is the effect of this kind of bid-ask swapping?

I'm not sure it could either be just a really stupid bot with alot of coins or some kind of DOS.

It basically keeps the bid sum / ask sum ratio the same while filling the orderbook with "fake" orders.
Let's say the market starts trending down, which means people are creating more ask orders than bid orders,
now everytime someone places an ask order, i remove the same amount of coins from the ask side.
This would cause the orderbook to keep looking bullish while in fact it's quite bearish.

Or I could do the opposite and create fake orders everytime someone removes an ask order, the orderbook would look the same while in fact it's pretty thin on the ask side.. If i'd want to do a whale buy I could pull all my fake ask orders and I'd just have to buy the little rest of "real" ask orders.

This would require alot of coins though and I'm still not sure if I believe there's someone messing around with >$3m.

Impossible, because the price points are the same. To maintain the bid sum, you would never be able to have the exact same bid price as the person adding their own bid there.

Also, I dont see anything odd at all in chartbuddy. Bitcoinity is its typical terrible self and showing things that arent happening as happening in its chart. Its been doing that for weeks [Constant Add/Removal of walls]. Almost every time, it never happened.

[adamstgBit]

crazyshit batman, what you gonna do next?

[Nightowlace]

In regards to the Fox news story;
When the US Government gets involved and starts regulating BTC to the point it is very hard to get, or it is easier to just use the USD Bitcoin will tank and fast. If the US government wants to shut down BTC they will do it just like they did with the poker sites and stop the flow of money.
The mass adoption of BTC will be haulted because the general public in America do not know the first thing about VPNs and are too scared of the government to find away around it. Americans are also so self absorbed and all encompassed in everything that is America including the dollar that BTC is a "fad", something to make some fiat with, and if told they weren't allowed to have it they would just let it go. BTC is not main stream enough yet for there to be mass public outrage demanding that it be legal. Look at all the poker players here who threw a HUGE fit, didn't matter, shut it down regardless.

I am an American. I can tell you when something becomes big enough to land in the lap of the US Government and they can not profit from it, and it also threatens their financial system, it's only a matter of time.

And whoever said that the price will go crazy high if it's banned in America might be right, but without USD and US volume it is only a matter of time.

[01BTC10]

Online poker slowed down after UIGEA but didn't die... far from that. The US is not the center of the world. Europe, Canada, Russia and maybe Asia, central/south america is getting pretty big.

[adamstgBit]

bitcoin don't care if US don't like bitcoin, bitcoin is still going to be worth more than your car, bitcoin doesn't give a shit