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

[Rosewater Foundation]

I'm shitposting myself into the poorhouse.

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[JayJuanGee]

I'm impressed how the market absorbed all those Goxx coins, especially at the 6k-7k range.

Bullish AF!

Yeah, but I believe that GOX started with 200k BTC, and over the past 3 months, they sold about 35k BTC.. which is hardly a blip in BTC's trading volume...  I think that there is fear about what they are going to do with the other 165k BTC, right?  Which I doubt that they are going to announce before they do anything, such as sell, right?

[HairyMaclairy]

165k is less than 1% of supply.  If the market shits itself because of a fear that 1% of coins might be sold, then the market needs to grow up.  

[BTCMILLIONAIRE]

165k is less than 1% of supply.  If the market shits itself because of a fear that 1% of coins might be sold, then the market needs to grow up.  

If volume is usually in the 10% range of the total supply then throwing an extra 1% on the market would increase volume by 10% (and thus to 11%). Let's say that of the 10% volume half is buy and half is sell pressure. If you now add 1% total supply to the sell side your sell pressure increases to 6%, which is now 20% higher than the buy pressure. This 20% figure is a bit more significant than 1% and in this case is more visible than the amount of extra coins are as a function of total supply.

tl;dr liquidity matters

[explorer]

165k is less than 1% of supply.  If the market shits itself because of a fear that 1% of coins might be sold, then the market needs to grow up.  

If volume is usually in the 10% range of the total supply then throwing an extra 1% on the market would increase volume by 10% (and thus to 11%). Let's say that of the 10% volume half is buy and half is sell pressure. If you now add 1% total supply to the sell side your sell pressure increases to 6%, which is now 20% higher than the buy pressure. This 20% figure is a bit more significant than 1% and in this case is more visible than the amount of extra coins are as a function of total supply.

tl;dr liquidity matters

And we allll know what happens when it gets turned up to eleven!

[Lopumbo]

165k is less than 1% of supply.  If the market shits itself because of a fear that 1% of coins might be sold, then the market needs to grow up.  

that just shows how shallow the market is

if less than 1% of supply can push the price ~70% down, one might wonder what happens if 2-3 whales just cash out, that can happen every day 

[HairyMaclairy]

165k is less than 1% of supply.  If the market shits itself because of a fear that 1% of coins might be sold, then the market needs to grow up.  

If volume is usually in the 10% range of the total supply then throwing an extra 1% on the market would increase volume by 10% (and thus to 11%). Let's say that of the 10% volume half is buy and half is sell pressure. If you now add 1% total supply to the sell side your sell pressure increases to 6%, which is now 20% higher than the buy pressure. This 20% figure is a bit more significant than 1% and in this case is more visible than the amount of extra coins are as a function of total supply.

tl;dr liquidity matters

Well said.  However the salient point is that the market demonstrates its immaturity by being so thinly traded.  Keep in mind we are dipping by the mere threat of the sale of 165k coins.  

Edit:  Lopumbo beat me to it by 9 seconds.  

[Rosewater Foundation]

Bitcoin “market cap”: $250 billion
Sale amount required to crash Bitcoin by over 65%: approximately $0.5 billion
House of cards, anyone? When a few whales finally decide to cash out, the party is over.

[HairyMaclairy]

Bitcoin “market cap”: $250 billion
Sale amount required to crash Bitcoin by over 65%: approximately $0.5 billion
House of cards, anyone? When a few whales finally decide to cash out, the party is over.

No, it will bounce like it has ten thousand times before - Bitcoin is Anti-Fragile.  OG whales are starting to get a bit thin on the ground, Loaded notwithstanding.  

[BTCMILLIONAIRE]

165k is less than 1% of supply.  If the market shits itself because of a fear that 1% of coins might be sold, then the market needs to grow up.  

If volume is usually in the 10% range of the total supply then throwing an extra 1% on the market would increase volume by 10% (and thus to 11%). Let's say that of the 10% volume half is buy and half is sell pressure. If you now add 1% total supply to the sell side your sell pressure increases to 6%, which is now 20% higher than the buy pressure. This 20% figure is a bit more significant than 1% and in this case is more visible than the amount of extra coins are as a function of total supply.

tl;dr liquidity matters

And we allll know what happens when it gets turned up to eleven!

https://www.youtube.com/watch?v=KOO5S4vxi0o

Bitcoin “market cap”: $250 billion
Sale amount required to crash Bitcoin by over 65%: approximately $0.5 billion
House of cards, anyone? When a few whales finally decide to cash out, the party is over.

Where do I sign up for a 65% discount sale?

[Rosewater Foundation]

You guys play blindman's bluff until the cows come home. My eyes are wide open

[explorer]

You guys play blindman's bluff until the cows come home. My eyes are wide open

BMB!  WAKE UP!  you're dreaming again.  Same nightmare as before?

[BTCMILLIONAIRE]

You guys play blindman's bluff until the cows come home. My eyes are wide open

When did you flip from hodl to panic? lol

[JayJuanGee]

Where do I sign up for a 65% discount sale?

The sale already happened.. .... don't you remember about 1 month ago -  $5,920?  Maybe you cannot remember because the sale was 70% rather than 65%?

You guys play blindman's bluff until the cows come home. My eyes are wide open

The chickens come home to roost...  

fuck the cow.  They can stay in the pastures and fend for themselves, or get eaten by bears.  

You guys play blindman's bluff until the cows come home. My eyes are wide open

When did you flip from hodl to panic? lol

If u did not get the memo, Rosewater is on constant trigger panic alert.  It's a full-time status for him, and any BTC price move of greater than 2.83% is going to nearly put him into the cupboards, with chocolate on his face.  Wait, is that chocolate?

[HairyMaclairy]

Here we are playing chicken with the old trendline again.    Magnets.  Its all done with magnets.  



Oh yeah, longs / shorts remain solidly bearish at 1.59.  No sign of a bounce yet.

On the Dark Forest chart, we continue to sit comfortably near the middle of the rolling foothills. 

[TERA2]

Was it all a glade?

[Rosewater Foundation]

You guys play blindman's bluff until the cows come home. My eyes are wide open

BMB!  WAKE UP!  you're dreaming again.  Same nightmare as before?

[HairyMaclairy]

Was it all a glade?

Why are you using the past tense?

[HairyMaclairy]

Oh good. Trump says gun violence is caused by video games. Glad we cleared that up.  Way to go, Republicans.

[Karartma1]

Was it all a glade?

Definitely.

This board is fun to read, a lot of different kind of information can be obtained here, plenty of very interesting topics, often not closely related to Bitcoin - analytics, retrospective views, news, opinions, old news which you never were aware about at the time, lots of other stuff.
At the very least, this thread is good to read to improve English skills, which suffer a lot while reading some other topics of this same forum  

Indeed I started to read this board to get price predictions, but then realized the predictions are the least interesting (and the least reliable too!!) part of discussions here . The rest is much more valuable.

Keep this up, guys!

P.S. And McAffee is indeed a random guy, btw. Doesn't seem trustworthy to me, honestly.

Worry not fellow.
We are with you until the very end of time.
Sometimes we bite, sometimes we party but most of the time we don't give a shit.
Welcome

Good Morning, by the way.