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

[JustAnotherSheep]

Its feels horrible to be full of worthless GoxBux seeing the train leave. Isnt it?
The trend is more bullish than ever, after double bottoming at 500.

Double bottom? What double bottom?

[Rampion]

Bid side on Bitstamp is extremely thin. On the contrary, the ask side is very healthy in the $600-$700 range.

BTW: a 10 BTC "dump" brought us down to $580 from $600 - $20 slippage for a 10 BTC sell, wow, this market is a joke

That's because nobody can get into Bitstamp atm to trade except for a very few lucky people. Bid/ask depth is still looking the way it was a couple of hours ago when the price was just starting to recover, so no wonder bid side is looking empty and asks are looking good.

Ooopps.... A 2.3BTC buy took us to $640 on Bitstamp. What a joke

[CoinHoarder]

Keep in mind there are OTC folks wanting to pay a lot more than gox.
There were some US$1200 sales in the last 24hours.  Localbitcoin is may hit gold parity today.
http://bitcoincharts.com/charts/localbtcUSD#rg1zig5-minztgSzm1g10zm2g25zvzl

Money launderers don't mind paying a vig, especially to buy a decentralized currency. I imagine they'd pay even more of a vig for BTC than they would through their other methods of money laundering (hence > BTC China's current price).

[gizmoh]

Has anyone tried exploiting the difference between the USD exchanges en the chinese exchange? Moving your coins over there, selling and then waiting until it drops to buy back in... Then moving back. Does anyone daytrade on there?

Arbitrage doesn't work this way.
You can wait indefinitely for the price to crash to the other exchanges level.
So its even higher risk and you end up with less USD equivalent when you return back to US exchanges.

[Nemesis]

Bid side on Bitstamp is extremely thin. On the contrary, the ask side is very healthy in the $600-$700 range.

BTW: a 10 BTC "dump" brought us down to $580 from $600 - $20 slippage for a 10 BTC sell, wow, this market is a joke

That's because nobody can get into Bitstamp atm to trade except for a very few lucky people. Bid/ask depth is still looking the way it was a couple of hours ago when the price was just starting to recover, so no wonder bid side is looking empty and asks are looking good.

Ooopps.... A 2.3BTC buy took us to $640 on Bitstamp. What a joke

That shows large quantity BTC deals are private and OTC.

Bitstamp is mainly for some noobs on here.

[ag@th0s]

There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.

Way to go BTC - mass adoption here we come. Not.

ps.  Still on the train - just pissing in the boiler so to speak.

[Miz4r]

Bid side on Bitstamp is extremely thin. On the contrary, the ask side is very healthy in the $600-$700 range.

BTW: a 10 BTC "dump" brought us down to $580 from $600 - $20 slippage for a 10 BTC sell, wow, this market is a joke

That's because nobody can get into Bitstamp atm to trade except for a very few lucky people. Bid/ask depth is still looking the way it was a couple of hours ago when the price was just starting to recover, so no wonder bid side is looking empty and asks are looking good.

Ooopps.... A 2.3BTC buy took us to $640 on Bitstamp. What a joke

I guess the ask side is looking just as bad then lol. Anyway who cares Bitstamp is simply not working atm except for a few clowns who managed to get in somehow and do some silly trades.

[kurious]

I can't get any money in to buy - spent all gox bux, nothing left in stamp - and it just takes too long to get funds in.  Used to use transferwise to get money into Bitstamp - but that is now impossible, I have no way of getting funds in within a reasonable time frame (even if the damn exchange was functioning!)

We can be bullish (I am) but if noobs and even people like me can't buy.....  Where does the cash come from to push the price up in the next 3-5 days?

Agree when the new money floods in it's gonna fly, but meantime it's frustrating to be unable to buy more

I am watching, powerless to join the Spartans who have held firm and join the fight to take on the bears....  *

*Mixed metaphor, but you get me.

[rebuilder]

Keep in mind there are OTC folks wanting to pay a lot more than gox.
There were some US$1200 sales in the last 24hours.  Localbitcoin is may hit gold parity today.
http://bitcoincharts.com/charts/localbtcUSD#rg1zig5-minztgSzm1g10zm2g25zvzl

You can't really trust the Localbitcoins charts. That trade may or may not have actually happened.

[Nemesis]

There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.

Way to go BTC - mass adoption here we come. Not.

ps.  Still on the train - just pissing in the boiler so to speak.

life is too short to be pissed by conspiracy theory, sell all your coins and get off .... you will be happier

[bassclef]

There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.

Way to go BTC - mass adoption here we come. Not.

ps.  Still on the train - just pissing in the boiler so to speak.

Bitcoin conspiracy theories have never panned out. Occam's razor applies well to markets.

[CryptStorm]

There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.

Way to go BTC - mass adoption here we come. Not.

ps.  Still on the train - just pissing in the boiler so to speak.

life is too short to be pissed by conspiracy theory, sell all your coins and get off .... you will be happier

I never intuitively understand the market's reason for selling the news, but, it's what it does, and, it's a very good sign of legitimacy IMO and more good things to come. Think of it as a haircut, if that helps. But, yes, we all need to get back to work building out the infrastructure for the financial model that is beating the shit out of fiat.

[ag@th0s]

There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.

Way to go BTC - mass adoption here we come. Not.

ps.  Still on the train - just pissing in the boiler so to speak.

life is too short to be pissed by conspiracy theory, sell all your coins and get off .... you will be happier

Not suggesting any conspiracy - just that there's a community of interest amongst players with big holdings that see small fry - like me - as prey.  I can't personally see that as being much of any change from the way the current "system" runs.

[CryptStorm]

There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.

Way to go BTC - mass adoption here we come. Not.

ps.  Still on the train - just pissing in the boiler so to speak.

life is too short to be pissed by conspiracy theory, sell all your coins and get off .... you will be happier

Not suggesting any conspiracy - just that there's a community of interest amongst players with big holdings that see small fry - like me - as prey.  I can't personally see that as being much of any change from the way the current "system" runs.

You're ok, just stop thinking like a small fry. You found bitcoin didn't you?

[wilfried]

imho reactions on the other exchanges to price movements on the chinese exchange have decreased in the last days. i prepare for some correction.
But not tonite

[JimboToronto]

sell all your coins and get off .... you will be happier

He can sell them to me... cheap.

[ag@th0s]

There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.

Way to go BTC - mass adoption here we come. Not.

ps.  Still on the train - just pissing in the boiler so to speak.

life is too short to be pissed by conspiracy theory, sell all your coins and get off .... you will be happier

I never intuitively understand the market's reason for selling the news, but, it's what it does, and, it's a very good sign of legitimacy IMO and more good things to come. Think of it as a haircut, if that helps. But, yes, we all need to get back to work building out the infrastructure for the financial model that is beating the shit out of fiat.

Good point.  I guess I/most people don't think about the markets when they think about the money/store of value in their pockets.  Damn - I'm in the wrong thread!

[ag@th0s]

sell all your coins and get off .... you will be happier

He can sell them to me... cheap.

Sure - $10,000 each - pm me 

[NewLiberty]

Has anyone tried exploiting the difference between the USD exchanges en the chinese exchange? Moving your coins over there, selling and then waiting until it drops to buy back in... Then moving back. Does anyone daytrade on there?

Arbitrage doesn't work this way.
You can wait indefinitely for the price to crash to the other exchanges level.
So its even higher risk and you end up with less USD equivalent when you return back to US exchanges.

Those aren't money laundering.  Bitcoin is too tiny to launder money.  Bitcoin is just a baby, and it is out in the open, exposed.

I know the folks that launder money, they don't use bitcoin.  They use Chase, HSBC, BofA, UBS.  
You are right they pay a vig.  US$1.9Billion to uncle sam on $670B, the top dog in the protection racket paid by HSBC
http://www.reuters.com/article/2012/12/11/us-hsbc-probe-idUSBRE8BA05M20121211

13Billion paid by Chase today. (they set aside 23Billion just for their lawyers to keep them all out of jail)

Bitcoin is peanuts to the money laundering folks, not worth their time.
They pay fines bigger than bitcoin's entire M1

Money laundering happens behind closed doors, not on a public internet block chain that doesn't even need to be subpeona'd and can't fit in a paper shredder.  The Money laundering bugaboo is a big lie.

[haightst]

I agree this price cannot be sustained. No level headed investor is going to buy in at the top of a huge rally like this. Investing 101 says buy low and sell high, and most investors realize this. They are not going to continue to dump money into it on a huge upswing like this. It has gone up way too high & too fast to be sustained.

I would be very surprised not to see a flash crash down to the $300-$400 range this week. I expect this to happen any moment now. You can already see the market adjusting, but I doubt it will stop at $560. Even at $560 it's gone up too high & too fast to be sustained. Sorry bulls, but Bitcoin is not ready to be steady at >$550 just yet. This is just the middle of yet another bubble... this is not the first and it will not be the last.

/speculation

Keep in mind there are OTC folks wanting to pay a lot more than gox.
There were some US$1200 sales in the last 24hours.  Localbitcoin is may hit gold parity today.
http://bitcoincharts.com/charts/localbtcUSD#rg1zig5-minztgSzm1g10zm2g25zvzl

i was feeling like shaking the monkeys out da trees this morning..looks like a better footing now!   *you talking LA prices ..i'm in Pasadena ~=)