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

[Phil_S]

Steady on, lads. If you buy all the bitcoins on the exchanges, there won't be enough left to share them round equally.

Communist!  

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[bitserve]

The bitstamp market depth to $10k right now is around $10 million dollars. The Tether marketcap is around $2.2 BILLION. On a slow day, Tether may "print" a cool $25 million which doesn't cost them a dime.

So contrary to your assertion that Tether isn't "jeopardising our lovely honey badger", the fact of the matter is it can eat bitcoin's price for breakfast anytime it wants.

Wait... you are comparing public order book market depth of BTC on a SINGLE exchange (and single currency pair) to full marketcap of Tether while also assuming it is 100% unbacked? So much for comparing apples to oranges!

I am not sure that is a fair comparison.... If you would just vaguely say that "in case Tether is unbacked it could have an undetermined impact on BTC price", that statement would be right though.

[d_eddie]

Here we go? 11k in the weekend?

[bitcoinPsycho]

Here we go? 11k in the weekend?

confirmed

[Dakustaking76]

Cho cho chooooooo fuckerssssss

[d_eddie]

Hey guys, JPMorgan thinks that Bitcoin is a "fraud", but for some reason also believes that Bitcoin ETFs are the "Holy Grail"...

http://www.businessinsider.com/jpmorgan-explains-why-a-bitcoin-etf-is-a-holy-grail-2018-2

 

Business Insider, hm.
I wonder if this is a $500 article or a $1000 article.
In other terms, has it been paid 0.055 or 0.11 BTC?

[toknormal]

Wait... you are comparing public order book market depth of BTC on a SINGLE exchange (and single currency pair) to full marketcap of Tether while also assuming it is 100% unbacked?

I am not sure that is a fine comparison.... If you would just vaguely say that "in case Tether is unbacked it could have an undetermined impact on BTC price", that statement would be right though.

It doesn't matter if it's 100% backed, fractional or zero reserve. I don't really care. What matters is the proportion of bitcoin's valuation which is occupied by counterparty risk and liquidity.

If the valuation is market backed, that's one thing. If it's backed by a single counterparty then it's slowly turning it into a type of bond who's value basis depends more on the fate of a lone corporate entity registered in the Virgin Islands than anything else.

Think of it like the market version of a 51% mining attack. (Except with faked hashrate that didn't cost any electricity).

If I was an adversarial government institution wanting to "take down" bitcoin I can think of worse ways to do it.

[El duderino_]

exciting for the new poll prices      specialy during such pumps

[bitserve]

Wait... you are comparing public order book market depth of BTC on a SINGLE exchange (and single currency pair) to full marketcap of Tether while also assuming it is 100% unbacked?

I am not sure that is a fine comparison.... If you would just vaguely say that "in case Tether is unbacked it could have an undetermined impact on BTC price", that statement would be right though.

It doesn't matter if it's 100% backed, fractional or zero reserve. I don't really care. What matters is the proportion of bitcoin's valuation which is occupied by counterparty risk and liquidity.

If the valuation is market backed, that's one thing. If it's backed by a single counterparty then it's slowly turning it into a type of bond who's value basis depends more on the fate of a lone corporate entity registered in the Virgin Islands than anything else.

Think of it like the market version of a 51% mining attack. (Except with faked hashrate that didn't cost any electricity).

If I was an adversarial government institution wanting to "take down" bitcoin I can't think of a much more effective way to do it.

I don't agree with that. If it were unbacked yes, it would have an (undetermined) impact for sure.

But, if it is BACKED, it doesn't really matter if it goes south (ie: funds seized by government)... It will sink Tether holders, not BTC.

The thing that matters the most is if it was a REAL growth (backed) or an artificial/inflated one (unbacked).

[rjclarke2000]

https://media2.giphy.com/media/3ohnEqJ1XOfvWaSk7e/giphy.gif



Came here for the rockets

[JimboToronto]

Looks like this rally has slowed for now. Back to bed for me.

See y'all at noon.

[HairyMaclairy]

[toknormal]

I don't agree with that. If it were unbacked yes, it would have an (undetermined) impact for sure.

But, if it is BACKED, it doesn't really matter if it goes south....The thing that matters the most is if it was a REAL growth (backed) or an artificial one (unbacked).

It's unbacked. You can take that as a given.

[vroom]

-chart-

what do we see here? please comment your chart for newbies like me.

[mymenace]

-chart-

what do we see here? please comment your chart for newbies like me.

trendline breaking

[mymenace]

Came here for the rockets

[HairyMaclairy]

We have (barely) broken the downward channel which has dominated since $17k.   Even if the pump doesn’t hold, the channel is now vulnerable.  It could be the end of the bear market.

[bitserve]

I don't agree with that. If it were unbacked yes, it would have an (undetermined) impact for sure.

But, if it is BACKED, it doesn't really matter if it goes south....The thing that matters the most is if it was a REAL growth (backed) or an artificial one (unbacked).

It's unbacked. You can take that as a given.

I have my suspicions about it, yes.  But then we would need to talk about/know what percentage is backed/unbacked to have some remote glimpse of what could have been its impact. I don't think there is any simple way to calculate that even to a ballpark figure.

Anyway... let's go back to the party for now?

[hv_]

Oh look. THere's a 200 coin ask wall being eaten on Stamp.

Isn't wall observation fun?

You just earned the last "1 in 200 pages ON TOPIC merits".

 

[Last of the V8s]

Now let's make a bull pennant. I like those.