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

[Ashitank]

Any one news that caused the drop or it just that time of the day or week to Panic sell.

you really didn't see all the 51% posts? lol

I saw those post but come on we all know some thing else caused the drop , Huobi didn't even budge.

[Chancellor]

I saw those post but come on we all know some thing else caused the drop , Huobi didn't even budge.

Just someone decided to sell those BTC1200?

[arepo]

everybody stay calm, we're right on track

lawl @ triangle trying to break out on nighttime volume

be patient guys, one more tiny swing down then breakout in the morning

https://i.imgur.com/9lQPqF6.png

just tracing out a nice bullish consolidation... see you at the top of the wedge!

--arepo

[porcupine87]

I saw those post but come on we all know some thing else caused the drop , Huobi didn't even budge.

Just someone decided to sell those BTC1200?

I don't know, but the volume on stamp was 737btc in one minute. The two minutes before is were 80 and 100btc. The minutes before it were 20btc, 4btc, <4btc. So I think somebody sold arount 750-900btc.

Why do people do that? Why at once?

[porcupine87]

everybody stay calm, we're right on track

lawl @ triangle trying to break out on nighttime volume

be patient guys, one more tiny swing down then breakout in the morning

https://i.imgur.com/9lQPqF6.png

just tracing out a nice bullish consolidation... see you at the top of the wedge!

--arepo

Break out down or up? Anyway. I don't believe in technical analysis. I want to make a bet against your forecast

[micalith]

I saw those post but come on we all know some thing else caused the drop , Huobi didn't even budge.

Just someone decided to sell those BTC1200?

I don't know, but the volume on stamp was 737btc in one minute. The two minutes before is were 80 and 100btc. The minutes before it were 20btc, 4btc, <4btc. So I think somebody sold arount 750-900btc.

Why do people do that? Why at once?

probably just panic

[mmitech]

I saw those post but come on we all know some thing else caused the drop , Huobi didn't even budge.

Just someone decided to sell those BTC1200?

I don't know, but the volume on stamp was 737btc in one minute. The two minutes before is were 80 and 100btc. The minutes before it were 20btc, 4btc, <4btc. So I think somebody sold arount 750-900btc.

Why do people do that? Why at once?

because they can...

[telemaco]

Last hour 38%

https://blockchain.info/pools?timespan=1hrs

[magicmexican]

I wonder if fear of the 51% attack will actually make people just on alts

[Ashitank]

I wonder if fear of the 51% attack will actually make people just on alts

That fear doesn't hold good for any crypto currency does it , what is going to save the alts from same thing not happening again.

[magicmexican]

I wonder if fear of the 51% attack will actually make people just on alts

That fear doesn't hold good for any crypto currency does it , what is going to save the alts from same thing not happening again.

True, but thats a very longterm thinking.

[kwest]

I wonder if fear of the 51% attack will actually make people just on alts

That fear doesn't hold good for any crypto currency does it , what is going to save the alts from same thing not happening again.

Well, there's always the alts that don't rely on mining.

[pietje]

this is how it looks now, the community have to do something about it

Yea its looking good at all, but not that much we can do about it..
It will ruin bitcoin if they actually start double spending on a wide scale.

[micalith]

People mining with GHash have a strong incentive to change pools as it approaches 50%. Mass suicide is too stupid a thing for relatively tech-savvy bitcoin mining people to fall into

[deepceleron]

Remember, 40% of the hashrate makes you $1.2M+ a day, at today's exchange rate. You don't screw with the currency that is bringing in that much money. ghash.io are also merge mining Namecoin with it's 1B difficulty, maybe other alts. They could be 50% of Namecoin.

Makes $500,000 in ASIC die fees seem like chump change.

[arepo]

Break out down or up? Anyway. I don't believe in technical analysis. I want to make a bet against your forecast

well, before everybody started flipping a shit, the picture looked like this:

my model predicts:

a) breakout upwards out of the present ascending triangle to the resistance at $875 - $880 (hard to tell because the $875 low on the 12-hour scale looks like an outlier)

b) this breakout will form a bearish wedge, continuing for another 12-hour period

c) bearish wedge will break down and retest the $775 - $780 support

here's a (rough) diagram of the smallest possible range (movements could be $5 to $10 outside of this range without breaking the model):

===

(price @ bitstamp)


https://i.imgur.com/vg9c7Kv.png

===

happy swing trading!

but now, who knows? right? GHASH COULD BE DOUBLE SPENDING AS WE SPEAK dun dun dunnn...

am i doing it right, guys? the whole panic thing?

--arepo

[ChartBuddy]

Explanation

[micalith]

Break out down or up? Anyway. I don't believe in technical analysis. I want to make a bet against your forecast

well, before everybody started flipping a shit, the picture looked like this:

my model predicts:

a) breakout upwards out of the present ascending triangle to the resistance at $875 - $880 (hard to tell because the $875 low on the 12-hour scale looks like an outlier)

b) this breakout will form a bearish wedge, continuing for another 12-hour period

c) bearish wedge will break down and retest the $775 - $780 support

here's a (rough) diagram of the smallest possible range (movements could be $5 to $10 outside of this range without breaking the model):

===

(price @ bitstamp)


https://i.imgur.com/vg9c7Kv.png

===

happy swing trading!

but now, who knows? right? GHASH COULD BE DOUBLE SPENDING AS WE SPEAK dun dun dunnn...

am i doing it right, guys? the whole panic thing?

--arepo

lol   

[mmitech]

but now, who knows? right? GHASH COULD BE DOUBLE SPENDING AS WE SPEAK dun dun dunnn...

am i doing it right, guys? the whole panic thing?

--arepo

ah ! no, the panic thing is so overused, no one will fall for it again, people think smarter today .... but seriously forget about speculation, how the F$#%& people keep buying into CEX.IO and others even join the pool ? does this new miners even spend time to get educated about the mechanism and concept of Bitcoin's protocol ?

[arepo]

but now, who knows? right? GHASH COULD BE DOUBLE SPENDING AS WE SPEAK dun dun dunnn...

am i doing it right, guys? the whole panic thing?

lol   

in all seriousness, i do recognize that it's a major issue, but i'm confident in the bitcoin community as a whole and the incentives built into the protocol. there is far too much at stake for miners to really be that oblivious and shortsighted to simply not reorganize themselves in order to SAVE BITCOIN (!), and even if they don't, as many have pointed out, outside of some third-party conspiracy against the project, GHASH isn't going to sabotage their own reputation and profits -- the incentives just don't line up.

that being said, the alternating waves of panic and euphoria in this thread are almost frightening in their magnitude...

--arepo