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

[windjc]

had a feeling we'd drop from the 1200's to mid 800s - shame I never follow my gut and got back in around $990.

seems having more than double the volume on the buyers side of the order book doesn't mean squat when people dump at market during high lag.

Most of that order book volume is looking for cheap coins anyways. There certainly has not been much depth near the ask.

[hmmmstrange]

My next record available in bitcoin n delivered in a drone.

https://twitter.com/SnoopDogg/status/407350025677586433

[windjc]

My next record available in bitcoin n delivered in a drone.

https://twitter.com/SnoopDogg/status/407350025677586433

hmmmstrange

[MikeH]

Most of that order book volume is looking for cheap coins anyways. There certainly has not been much depth near the ask.

I was comparing the top rows on clark moody, grouping by $5-10 and watching the top rows - it was a lot higher on the buyers side til we dropped to like $900.

I dunno, I guess when there's rapid movement in either direction people just buy and sell at market so they don't miss the boat.

[OldGeek]

Hell yeah!  Back online.

[OldGeek]

Was that the biggest bear trap ever on gox?

[hmmmstrange]

My next record available in bitcoin n delivered in a drone.

https://twitter.com/SnoopDogg/status/407350025677586433

hmmmstrange

If this tweet aint bullish, i dont know what is. If he throws in some Zhou Tonged samples i'll buy it.

[MahaRamana]

So media phase was last week, so we are now at the top, so thus, we can then conclude sub 100 by next week. 

I would say we are in the take-off phase - at the junction between "Smart Money" and "Institutional Investment".
We will see.

[niothor]

Was that the biggest bear trap ever on gox?

No that was the Panda trap , at 10 is the Bear trap and on Thursday at 11 the bull trap.

[seljo]

This is how I see it... time to get me a volkswagen...

[niothor]

This is how I see it... time to get me a volkswagen...

Better than a toyota.
Imagine a graph with their logo!

[Sitarow]

My next record available in bitcoin n delivered in a drone.

https://twitter.com/SnoopDogg/status/407350025677586433

hmmmstrange

Indeed

[Mevius]

The trend isn't very positive the last few days. Not sure it will hold or correct itself.

[Rampion]

Sheep marketplace turned out to be a scam, operator is now desperately tumbling at least 96k BTC.

http://www.reddit.com/r/SheepMarketplace/comments/1rvlft/i_just_chased_him_through_a_bitcoin_tumbler_and/

http://www.reddit.com/r/SheepMarketplace/comments/1ru5ir/founda_wallet_containing_98million_worth_of_coins/

[niothor]

Sheep marketplace turned out to be a scam, operator is now desperately tumbling at least 96k BTC.

http://www.reddit.com/r/SheepMarketplace/comments/1rvlft/i_just_chased_him_through_a_bitcoin_tumbler_and/

http://www.reddit.com/r/SheepMarketplace/comments/1ru5ir/founda_wallet_containing_98million_worth_of_coins/

So , does it make to the top 3 bitcoin related scams?
Also , have to love this on Forbes: "When a black market calls itself Sheep; its no surprise when someone gets fleeced"

[wachtwoord]

I would say we are in the take-off phase - at the junction between "Smart Money" and "Institutional Investment".
We will see.

We're still much much earlier than that. people vastly overestimate these things.

[CMMPro]

The stupid thing is that you can't tumble that many coins without saturating the tumbler...you would have to somehow mix those coins into a mathematically significant volume of coins that they would be reasonably obscured....maybe 1m xbt(?) at 10:1.

Even then I think they would be traceable with some data visualization tools. The volume is just too big to move quickly.

[bitleif]

We're still much much earlier than that. people vastly overestimate these things.

Why do people keep misinterpreting this graph as if it applied to the entirety of Bitcoin? It's just local for this bubble in particular. If you think it applies to Bitcoin as a whole then does that mean you think Bitcoin itself is a gigantic bubble?

[bitcodo]

BUT

A real crash will have the following characteristic:
- price will have risen really high, really quickly over several weeks
- 100,000s of bitcoins are brought to the market by large manipulators that are sure of their ability to tip it over
- Some bitcoins will be sold to induce the forced closure of leveraged positions, resulting in a flashcrash
- Price will quickly bounce back to almost where it was
- The following day/night lots of bitcoins will be sold to destroy the market sentiment and start a panic
- Exchanges, information services, this forum, etc. will be ddosed, mass media publicity will be enormous and negative
- Price will plummet so that about 3 weeks' gains will be erased (about 75% from the high), although it will remain above the previous ATH (in this case $266) by a clear margin.

I won't go into details why it happens this way, but a big reason is that exchanges utterly lack liquidity and btc/usd-rate is therefore at a mercy of manipulators.

Rpietila is scaring me!

[niothor]

BUT

A real crash will have the following characteristic:
- price will have risen really high, really quickly over several weeks
- 100,000s of bitcoins are brought to the market by large manipulators that are sure of their ability to tip it over
- Some bitcoins will be sold to induce the forced closure of leveraged positions, resulting in a flashcrash
- Price will quickly bounce back to almost where it was
- The following day/night lots of bitcoins will be sold to destroy the market sentiment and start a panic
- Exchanges, information services, this forum, etc. will be ddosed, mass media publicity will be enormous and negative
- Price will plummet so that about 3 weeks' gains will be erased (about 75% from the high), although it will remain above the previous ATH (in this case $266) by a clear margin.

I won't go into details why it happens this way, but a big reason is that exchanges utterly lack liquidity and btc/usd-rate is therefore at a mercy of manipulators.

Rpietila is scaring me!

Yeah , he is scaring me too , but I bet we have different reasons for this.