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

[freethink2013]

No doubt there will be a lot of cheap coins as china liquidates but anything under 700 is now cheap coins. I think we'll probably hit 550 at some stage but not for long.

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[Hodlor]

Hodlor.

[jojo69]

Hodlor.

[CryptStorm]

Would you guys comment on bitfinex please? Seems like in a bearish state-of-mind, shorting would be a useful tool.

What do you want to be commented on?

The exchange is run by one very friendly, extremely competent engineer, and one asshat (who unfortunately is in charge of their PR).

They have lots of potential, but their biggest problem is reliability: if you plan on trading large-ish amount, I'd recommend trading on bitstamp (their "attached" exchange) directly.

Who is the asshat? Are you talking about Raphael? Because, except on one occasion, I have found him to be very helpful and responsive if not a shade clueless.

Raphael is the, allow me to quote myself, "very friendly, extremely competent engineer". I'll leave it as an exercise for the reader who the asshat is

Would you guys comment on bitfinex please...

What do you want to be commented on?

The exchange is run by one very friendly, extremely competent engineer, and one asshat (who unfortunately is in charge of their PR).

They have lots of potential, but their biggest problem is reliability: if you plan on trading large-ish amount, I'd recommend trading on bitstamp (their "attached" exchange) directly.

Who is the asshat? Are you talking about Raphael? Because, except on one occasion, I have found him to be very helpful and responsive if not a shade clueless.

Thank you guys-- yes, Oda, that helps. Mostly I was wondering about reliability, so I'm still concerned about it. However, it 'sounds' like they are the most reliable exchange that allows shorting (I didn't think Bitstamp does, idk).
And, I imagine that under a couple of hundred coins (not saying) is not large-ish. Whaddya think?

Again, thanks to both of you. :-)

Reliability issues, as I've encountered them, include the ability to use leveraged trading (which has a habit of "breaking" when things move fast, i.e. during a crash) ("breaking" meaning for example, that they have in the past turned it off entirely when they thought markets were overheating -- a huge fauxpas, IMO), and perhaps more importantly, their link to Bitstamp can be problematic: during a rally it happens regularly that they run out of USD on Bitstamp... they're aware of it, they regularly send fresh money there, I'm not accusing them of being amateurs... I just have to point that it is a fact that, regularly, trades can't be executed on Bitstamp when the market moves fast (up, usually).

My recommendation would be: if you have relatively *little* capital, trade on Bitfinex. The ability to use leveraged trading can be helpful then, if you know what you're doing (if you don't, you'll be bankrupt soon.)

If you trade amounts in the range of 100 BTC upwards, I would personally recommend Bitstamp. You lose the ability to use leverage, but then again, slippage is already bas as it is with larger trades, so unless you really *want* to see your order eating through the entire order book, you don't want to use leverage anyway.

That's quite helpful, I really appreciate it. The very thing that you describe about shutting down/breaking when the action gets big, is the reason I've had to rethink how to trade on gox (because it, too, breaks when the action is big). [As an aside, it was I think maz and I that timed our market buys recently, and each of us came back with a number over 4 minutes for execution. I lost thousands of dollars.] Much easier to be putting in passive orders (limits) and go fishing than try to 'run the ball' on these immature exchanges.

One last question, and, forgive me, I'm not trying to be lazy, but does Bitstamp offer shorting? (I realize that leverage is like fishing with dynamite that has a very short fuse)

[CryptStorm]

big chart thing here

This is just how I see it.  I could and I probably am wrong, but this is what I have in my mind, for the short term future.

Agreed.  We are about to move back down.  I expect a new low.

lol, new low is correct. but rather a new low of your btc holdings.

(those of you who did sell above 900  )

Short term trade. Target 750(btce) 800(mtgox) and get out. > 25% move if you got in correctly.

I trade litecoin, so I may end up getting >40%

Whats your target on the downside?

I'm in complete agreement (it's as though I'm learning) -- I'm in at 490 (a bit better than 40% return already), so feeling good, hoping for 800 (830?)
Downside, probably below 400. You?

Edit: I just saw the continued dialogue above-- pays to read, I 'spose. :-) ("stealing" he says, hehehehe)

490 is very nice, which exchange though?

gox

[Loaded]

Picked up a large amount of BTC that would otherwise have hit the market, at the CNY rate.

Its not very difficult to bring large amounts of USD into China on a private plane. I have a close relationship with my A&P.

[Chalkbot]

Picked up a large amount of BTC that would otherwise have hit the market, at the CNY rate.

Its not very difficult to bring large amounts of USD into China on a private plane. I have a close relationship with my A&P.

High five.

[TERA]

This isn't like April where the second low was higher than the initial crash and the bottom was confirmed. The last low was the LOWEST so far. We are in a DOWNTREND. So anything is possible. You thought before that 575 was bottom and then every single wall got demolished and it hit 475. The mtgox order book was halved in hours. Then it recovered only because it was following btcchina. The question is now where are the real investors waiting to scoop up all the cheap coins on nonchinese exchanges and not following BtChina? When you see that happen then there is a real bottom.

[seljo]

Picked up a large amount of BTC that would otherwise have hit the market, at the CNY rate.

Its not very difficult to bring large amounts of USD into China on a private plane. I have a close relationship with my A&P.

High five.

One question only... are you hodling?

[KFR]

Picked up a large amount of BTC that would otherwise have hit the market, at the CNY rate.

Its not very difficult to bring large amounts of USD into China on a private plane. I have a close relationship with my A&P.

Well played sir. 

[mb300sd]

Picked up a large amount of BTC that would otherwise have hit the market, at the CNY rate.

Its not very difficult to bring large amounts of USD into China on a private plane. I have a close relationship with my A&P.

In case anyone's wondering, an A&P is an aircraft mechanic.

[Chalkbot]

Picked up a large amount of BTC that would otherwise have hit the market, at the CNY rate.

Its not very difficult to bring large amounts of USD into China on a private plane. I have a close relationship with my A&P.

In case anyone's wondering, an A&P is an aircraft mechanic.

I get it now. This sounds like some spy shit.

[nanobrain]

Picked up a large amount of BTC that would otherwise have hit the market, at the CNY rate.

Its not very difficult to bring large amounts of USD into China on a private plane. I have a close relationship with my A&P.

I said yesterday that Loaded was going to bash some sense into the Chinese with a briefcase of cash....and lo it came to pass.  
But have you slept yet?

[bassclef]

Picked up a large amount of BTC that would otherwise have hit the market, at the CNY rate.

Its not very difficult to bring large amounts of USD into China on a private plane. I have a close relationship with my A&P.

In case anyone's wondering, an A&P is an aircraft mechanic.

I thought he was referring to the discount supermarket chain.

Playing the finale of Bruckner Symphony #1 in your honor, Loaded. Nice job.

[Rampion]

Picked up a large amount of BTC that would otherwise have hit the market, at the CNY rate.

Its not very difficult to bring large amounts of USD into China on a private plane. I have a close relationship with my A&P.

Single or multiple sellers?

[spooderman]

Wow gd morning China! Back to chew chew once again. I wish I didn't have to work. I used to literally read every post on here (apart from Walsoraj - obviously)

edit: 800 tonight?

[seldon]

The big question is: Is Loaded the Winkledouches?

Would be a nice twist... why is there no bitcoin-movie yet?

[seldon]

Meanwhile, price hits 24h top.. sorry for interrupting

[Rampion]

The big question is: Is Loaded the Winkledouches?

I'd bet for "no", they seem to have different styles.... But I won't bet too much.

[KFR]

The big question is: Is Loaded the Winkledouches?

Would be a nice twist... why is there no bitcoin-movie yet?

This.  The dramatis personae are eccentric and wonderful and the plot is borderline unbelievable science fiction of the highest order. 

I would like to see both the ham Hollywood version and the indie nine hour documentary please.