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

[chrsjrcj]

http://www.reddit.com/r/Bitcoin/comments/1tfcad/there_were_an_awful_lot_of_bitcoin_days_destroyed/

I still don't understand this post. Was it large chunks moved hence 'days destroyed' or was it many small amounts?

It means hodl on to your coins, because a sleeping giant has been released

https://blockchain.info/tx/f7579501a9db901f0b4acd96b83ef18bcf796268bd29fdff6dd615ebeec05294

[byronbb]

http://www.reddit.com/r/Bitcoin/comments/1tfcad/there_were_an_awful_lot_of_bitcoin_days_destroyed/

I still don't understand this post. Was it large chunks moved hence 'days destroyed' or was it many small amounts?

"So a high number of bitcoin days destroyed means that either old coins that haven't moved for a long time are moving, or that someone with a large number of bitcoins are spending them (or both)."

In this case you can actually tell that it's old coins.
The total output volume yesterday was about 1 million BTC, which is below the recent average. The days destroyed were about 134 million, which is WAY above average. Therefore you can assume that most of the coins transacted were "regular" young coins, but some of them were very very old.

To back this up, blockchain.info has a feature that filters days destoryed by coin age. If you filter with a minimum of 1 year, those transactions account for 131 million out of 134 million total days destroyed yesterday. Since most of the coins moved on an average day are just a few days old, this further suggests that a significant amount of coins more than 1 year old were moved.

Assuming no more than 100,000 old coins are involved (probably much less), they would have to be at least 3.5 years old. So it seems likely that a very big miner from 2009/2010 just moved a lot of coins for the first time since mining them.

So to speculate to what purpose one moves a ton of old coins.

Option 1: Moved to exchange. Uh oh spagettios.
Option 2: Sold to private investor/second market.
Option 3: Wallet house cleaning.
Option 4: Buy a yacht/island.

[ChartBuddy]

[MaxwellsDemon]

http://www.reddit.com/r/Bitcoin/comments/1tfcad/there_were_an_awful_lot_of_bitcoin_days_destroyed/

I still don't understand this post. Was it large chunks moved hence 'days destroyed' or was it many small amounts?

It means hodl on to your coins, because a sleeping giant has been released

https://blockchain.info/tx/f7579501a9db901f0b4acd96b83ef18bcf796268bd29fdff6dd615ebeec05294

This can't be it, these are brand new coins...

It's probably a bunch of small transactions. As mentioned on reddit, the big 2009/2010 miners usually kept each 50 BTC block reward in a separate address, so it's possible the mystery whale moved them out in separate transactions for each address.

[TERA]

Here goes again. All exchanges following btcchina's movement on 200 coins of volume. What a joke.

[jojo69]

IS THIS REALLY ALL THERE IS?

[solex]

http://www.reddit.com/r/Bitcoin/comments/1tfcad/there_were_an_awful_lot_of_bitcoin_days_destroyed/

I still don't understand this post. Was it large chunks moved hence 'days destroyed' or was it many small amounts?

It means hodl on to your coins, because a sleeping giant has been released

https://blockchain.info/tx/f7579501a9db901f0b4acd96b83ef18bcf796268bd29fdff6dd615ebeec05294

This can't be it, these are brand new coins...

It's probably a bunch of small transactions. As mentioned on reddit, the big 2009/2010 miners usually kept each 50 BTC block reward in a separate address, so it's possible the mystery whale moved them out in separate transactions for each address.

Could it be the FBI moving DPR's remaining 400k coins @ average 1 year old?

[MaxwellsDemon]

http://www.reddit.com/r/Bitcoin/comments/1tfcad/there_were_an_awful_lot_of_bitcoin_days_destroyed/

I still don't understand this post. Was it large chunks moved hence 'days destroyed' or was it many small amounts?

It means hodl on to your coins, because a sleeping giant has been released

https://blockchain.info/tx/f7579501a9db901f0b4acd96b83ef18bcf796268bd29fdff6dd615ebeec05294

This can't be it, these are brand new coins...

It's probably a bunch of small transactions. As mentioned on reddit, the big 2009/2010 miners usually kept each 50 BTC block reward in a separate address, so it's possible the mystery whale moved them out in separate transactions for each address.

Could it be the FBI moving DPR's remaining 400k coins @ average 1 year old?

Possible, but that would probably spike the total transaction volume quite a bit. Seems to make more sense that it's a smaller sum but very old.
Also, I thought DPR had much less than 400k coins...

[solex]

http://www.reddit.com/r/Bitcoin/comments/1tfcad/there_were_an_awful_lot_of_bitcoin_days_destroyed/

I still don't understand this post. Was it large chunks moved hence 'days destroyed' or was it many small amounts?

It means hodl on to your coins, because a sleeping giant has been released

https://blockchain.info/tx/f7579501a9db901f0b4acd96b83ef18bcf796268bd29fdff6dd615ebeec05294

This can't be it, these are brand new coins...

It's probably a bunch of small transactions. As mentioned on reddit, the big 2009/2010 miners usually kept each 50 BTC block reward in a separate address, so it's possible the mystery whale moved them out in separate transactions for each address.

Could it be the FBI moving DPR's remaining 400k coins @ average 1 year old?

Possible, but that would probably spike the total transaction volume quite a bit. Seems to make more sense that it's a smaller sum but very old.
Also, I thought DPR had much less than 400k coins...

A hall of smoke and mirrors is clearer, but it seems he had as many as 600k and the FBI seized 25% of them in October.
https://bitcointalk.org/index.php?topic=307463.0

[Krabby]

Boo.

[MaxwellsDemon]

A hall of smoke and mirrors is clearer, but it seems he had as many as 600k and the FBI seized 25% of them in October.
https://bitcointalk.org/index.php?topic=307463.0

I believe they seized almost 30k of customer's funds:

https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX

Plus 144k of DPR's money:

https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH

The 600k figure was an estimate of the total revenue Silk Road had ever made. It doesn't account for tens of thousands of Bitcoins that he had spent over the years (on things like server expenses, paid employees, fake hitmen etc...).

[ChartBuddy]

[TERA]

Such China. Much rise. Spectacular volume. Wow. See on you the moon.

[jojo69]

Boo.

genius

[TERA]

[CryptStorm]

This. So much wow.

[MikeH]

[OldGeek]

So, what's going on now?  MtSux and Stamp drifting on small volumes while BTC-e rising on moderate volume.  No weekend dump so. . . short covering?  Bears exhausted from the wait?  Boredom?  Inquiring minds and all that.

[ChartBuddy]

[CryptStorm]

So, what's going on now?  MtSux and Stamp drifting on small volumes while BTC-e rising on moderate volume.  No weekend dump so. . . short covering?  Bears exhausted from the wait?  Boredom?  Inquiring minds and all that.

Yes, much wow, exactly. Exhausted Bored bear go sleep now. Cheers!

No forget, much profit, so Doge!