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

[JorgeStolfi]

WOW BTCChina jumped from 1900 BTC volume to 11200 in just few hours

But look at the transaction log:


2014-01-30 16:34:06 | 4836.00 | 40.402
2014-01-30 16:33:57 | 4835.99 | 40.523
2014-01-30 16:33:49 | 4836.00 | 40.645
2014-01-30 16:33:40 | 4835.99 | 40.767
2014-01-30 16:33:30 | 4836.00 | 40.890
2014-01-30 16:33:21 | 4835.99 | 41.013
2014-01-30 16:33:12 | 4836.00 | 41.136
2014-01-30 16:33:02 | 4835.99 | 41.259
2014-01-30 16:32:53 | 4836.00 | 41.383
2014-01-30 16:32:44 | 4835.99 | 41.507
2014-01-30 16:32:34 | 4836.00 | 41.632
2014-01-30 16:32:24 | 4835.99 | 41.757
2014-01-30 16:32:15 | 4836.00 | 41.883
2014-01-30 16:32:06 | 4835.99 | 42.008
2014-01-30 16:31:56 | 4836.00 | 42.134
2014-01-30 16:31:47 | 4835.99 | 42.261
2014-01-30 16:31:45 | 4836.00 |  4.000
2014-01-30 16:31:38 | 4836.00 | 42.388
2014-01-30 16:31:29 | 4835.99 | 42.515
2014-01-30 16:31:19 | 4836.00 | 42.643
2014-01-30 16:31:10 | 4835.99 | 42.771
2014-01-30 16:31:00 | 4836.00 | 42.900
2014-01-30 16:30:52 | 4835.99 | 43.028
2014-01-30 16:30:43 | 4836.00 | 25.776


There is obviously a strongly negative feeling in this forum against Huobi and OKCoin, and very warm feelings about BTC-China. People keep claiming that Huobi's volume is fake (even though strong evidence of fakery has been shown only at other exchanges); and seem very happy that BTC-China is back in business (even though it will be just another Chinese-only(?) exchange).

May I ask why this bias? Personal reasons, or some technical features that I cannot see?

[seleme]

BTC China was first big Chinese exchange, that's why people have soft spot for it.

[hd060053]

btcchina was responsible for the ATH, thats why we like it.

Huobi, on the contrary, lead the crashes.


--> bias explained

[JorgeStolfi]

btcchina was responsible for the ATH, thats why we like it.

Huobi, on the contrary, lead the crashes.

--> bias explained

                                             Ah.

Thanks!...

[pickaname]

https://i.imgur.com/UJ6lqeb.jpg


Idk what you guys see...but I think Bobby Lee is just tryin to be all picasso to spread the holiday cheers. See no threat.

[KeyserSoze]

Do you have kids? I think that may have some impact on your calculations.

I find this part about the family a little odd in that implies one's family would care more about the Bitcoins than dad's/husband's life. I guess it varies from family to family. Surely most of us want to provide for our family however if someone were being tortured I imagine the animal instinct of self-preservation would kick in whether we feel warm and fuzzy about it or not.

If you have a stash and you are the only one with the password but even you "can't access it" and you are killed, who will be able to get the stash? If the stash requires multiple signatures and one of the parties dies with the password, who gets the stash?

[fonzie]

BTC-E says: China? GTFO

[stylin]

WOW BTCChina jumped from 1900 BTC volume to 11200 in just few hours

But look at the transaction log:


2014-01-30 16:34:06 | 4836.00 | 40.402
2014-01-30 16:33:57 | 4835.99 | 40.523
2014-01-30 16:33:49 | 4836.00 | 40.645
2014-01-30 16:33:40 | 4835.99 | 40.767
2014-01-30 16:33:30 | 4836.00 | 40.890
2014-01-30 16:33:21 | 4835.99 | 41.013
2014-01-30 16:33:12 | 4836.00 | 41.136
2014-01-30 16:33:02 | 4835.99 | 41.259
2014-01-30 16:32:53 | 4836.00 | 41.383
2014-01-30 16:32:44 | 4835.99 | 41.507
2014-01-30 16:32:34 | 4836.00 | 41.632
2014-01-30 16:32:24 | 4835.99 | 41.757
2014-01-30 16:32:15 | 4836.00 | 41.883
2014-01-30 16:32:06 | 4835.99 | 42.008
2014-01-30 16:31:56 | 4836.00 | 42.134
2014-01-30 16:31:47 | 4835.99 | 42.261
2014-01-30 16:31:45 | 4836.00 |  4.000
2014-01-30 16:31:38 | 4836.00 | 42.388
2014-01-30 16:31:29 | 4835.99 | 42.515
2014-01-30 16:31:19 | 4836.00 | 42.643
2014-01-30 16:31:10 | 4835.99 | 42.771
2014-01-30 16:31:00 | 4836.00 | 42.900
2014-01-30 16:30:52 | 4835.99 | 43.028
2014-01-30 16:30:43 | 4836.00 | 25.776


There is obviously a strongly negative feeling in this forum against Huobi and OKCoin, and very warm feelings about BTC-China. People keep claiming that Huobi's volume is fake (even though strong evidence of fakery has been shown only at other exchanges); and seem very happy that BTC-China is back in business (even though it will be just another Chinese-only(?) exchange).

May I ask why this bias? Personal reasons, or some technical features that I cannot see?

What is happening is that BTCChina has recently instituted a reward for market-making (google market-maker). This means that a whale can set huge buy and sell orders very close to each other and make money off of others buying and selling into them. This happens on Wall Street all the time, and now Bobby Lee has actually incentivized it. It's a genius move in my opinion, it reduces volatility and increases liquidity.

Now a bot that hasn't taken this recently-added incentive into account is buying and selling into the market-making bots' orders. I am not surprised they found a bot to exploit, BTCChina has been dead for a while. It's probably running off a formula based on volume and its own volume is tricking it into buying and selling. The bot is slowly losing a lot of money though, when the owner wakes up in the morning he will be pissed lol.

[FTWbitcoinFTW]

WOW BTCChina jumped from 1900 BTC volume to 11200 in just few hours

But look at the transaction log:


2014-01-30 16:34:06 | 4836.00 | 40.402
2014-01-30 16:33:57 | 4835.99 | 40.523
2014-01-30 16:33:49 | 4836.00 | 40.645
2014-01-30 16:33:40 | 4835.99 | 40.767
2014-01-30 16:33:30 | 4836.00 | 40.890
2014-01-30 16:33:21 | 4835.99 | 41.013
2014-01-30 16:33:12 | 4836.00 | 41.136
2014-01-30 16:33:02 | 4835.99 | 41.259
2014-01-30 16:32:53 | 4836.00 | 41.383
2014-01-30 16:32:44 | 4835.99 | 41.507
2014-01-30 16:32:34 | 4836.00 | 41.632
2014-01-30 16:32:24 | 4835.99 | 41.757
2014-01-30 16:32:15 | 4836.00 | 41.883
2014-01-30 16:32:06 | 4835.99 | 42.008
2014-01-30 16:31:56 | 4836.00 | 42.134
2014-01-30 16:31:47 | 4835.99 | 42.261
2014-01-30 16:31:45 | 4836.00 |  4.000
2014-01-30 16:31:38 | 4836.00 | 42.388
2014-01-30 16:31:29 | 4835.99 | 42.515
2014-01-30 16:31:19 | 4836.00 | 42.643
2014-01-30 16:31:10 | 4835.99 | 42.771
2014-01-30 16:31:00 | 4836.00 | 42.900
2014-01-30 16:30:52 | 4835.99 | 43.028
2014-01-30 16:30:43 | 4836.00 | 25.776


There is obviously a strongly negative feeling in this forum against Huobi and OKCoin, and very warm feelings about BTC-China. People keep claiming that Huobi's volume is fake (even though strong evidence of fakery has been shown only at other exchanges); and seem very happy that BTC-China is back in business (even though it will be just another Chinese-only(?) exchange).

May I ask why this bias? Personal reasons, or some technical features that I cannot see?

What is happening is that BTCChina has recently instituted a reward for market-making (google market-maker). This means that a whale can set huge buy and sell orders very close to each other and make money off of others buying and selling into them. This happens on Wall Street all the time, and now Bobby Lee has actually incentivized it. It's a genius move in my opinion, it reduces volatility and increases liquidity.

Now a bot that hasn't taken this recently-added incentive into account is buying and selling into the market-making bots' orders. I am not surprised they found a bot to exploit, BTCChina has been dead for a while. It's probably running off a formula based on volume and its own volume is tricking it into buying and selling. The bot is slowly losing a lot of money though, when the owner wakes up in the morning he will be pissed lol.

And the major risk and what i think happend now is a Information asymmetry
Someone has inside news and play around

[Denton]

WOW BTCChina jumped from 1900 BTC volume to 11200 in just few hours

But look at the transaction log:


2014-01-30 16:34:06 | 4836.00 | 40.402
2014-01-30 16:33:57 | 4835.99 | 40.523
2014-01-30 16:33:49 | 4836.00 | 40.645
2014-01-30 16:33:40 | 4835.99 | 40.767
2014-01-30 16:33:30 | 4836.00 | 40.890
2014-01-30 16:33:21 | 4835.99 | 41.013
2014-01-30 16:33:12 | 4836.00 | 41.136
2014-01-30 16:33:02 | 4835.99 | 41.259
2014-01-30 16:32:53 | 4836.00 | 41.383
2014-01-30 16:32:44 | 4835.99 | 41.507
2014-01-30 16:32:34 | 4836.00 | 41.632
2014-01-30 16:32:24 | 4835.99 | 41.757
2014-01-30 16:32:15 | 4836.00 | 41.883
2014-01-30 16:32:06 | 4835.99 | 42.008
2014-01-30 16:31:56 | 4836.00 | 42.134
2014-01-30 16:31:47 | 4835.99 | 42.261
2014-01-30 16:31:45 | 4836.00 |  4.000
2014-01-30 16:31:38 | 4836.00 | 42.388
2014-01-30 16:31:29 | 4835.99 | 42.515
2014-01-30 16:31:19 | 4836.00 | 42.643
2014-01-30 16:31:10 | 4835.99 | 42.771
2014-01-30 16:31:00 | 4836.00 | 42.900
2014-01-30 16:30:52 | 4835.99 | 43.028
2014-01-30 16:30:43 | 4836.00 | 25.776


There is obviously a strongly negative feeling in this forum against Huobi and OKCoin, and very warm feelings about BTC-China. People keep claiming that Huobi's volume is fake (even though strong evidence of fakery has been shown only at other exchanges); and seem very happy that BTC-China is back in business (even though it will be just another Chinese-only(?) exchange).

May I ask why this bias? Personal reasons, or some technical features that I cannot see?

What is happening is that BTCChina has recently instituted a reward for market-making (google market-maker). This means that a whale can set huge buy and sell orders very close to each other and make money off of others buying and selling into them. This happens on Wall Street all the time, and now Bobby Lee has actually incentivized it. It's a genius move in my opinion, it reduces volatility and increases liquidity.

Now a bot that hasn't taken this recently-added incentive into account is buying and selling into the market-making bots' orders. I am not surprised they found a bot to exploit, BTCChina has been dead for a while. It's probably running off a formula based on volume and its own volume is tricking it into buying and selling. The bot is slowly losing a lot of money though, when the owner wakes up in the morning he will be pissed lol.

How is the bot losing money if he's selling and buying to himself?

[fonzie]

There are actually fees on BTCChina.   If tit ain´t no BTCChina bot and belongs to someone who has to pay them.

[Denton]

There are actually fees on BTCChina.

But according to their press release the fees taken from the "market taker" are given to the "market maker" while BTCChina takes nothing.

[fonzie]

At least we have a new market leader  

http://bitcoinity.org/markets/list?currency=ALL&span=24h

If this is going to continue they´re going to have a 99.9% market share by tomorrow...

[adamstgBit]

here's my take on the market action

some poeple think since deposits are coming back online for BTCCHina that means we moving up way up

some poeple think that the government won't allow this and the party will be over before it starts

these two forces clash, and BAM we have extreme volume low movement.

the market looks like this ATM:

[Richy_T]

Plausible deniability.

Precisely.  I'd like an alternate password for my encrypted keys which yields plaintext keys to an alternate wallet.  I need to have wallets which are associable to me.  But I would like to remove the wrench vulnerability on those wallets.

Built into the BTC wallet or just as a way to store the keys?

[wilfried]

what do you think of
https://btc.sx/
?

is it true its run by banksters?

[bull1692]

So if BTC-China is now accepting deposits, are we still in the train station because it's the middle of the night in China?

[dgarcia]

here's my take on the market action

some poeple think since deposits are coming back online for BTCCHina that means we moving up way up

some poeple think that the government won't allow this and the party will be over before it starts

these two forces clash, and BAM we have extreme volume low movement.

the market looks like this ATM:

Cool description!

 

[Richy_T]

Plausible deniability.

Precisely.  I'd like an alternate password for my encrypted keys which yields plaintext keys to an alternate wallet.  I need to have wallets which are associable to me.  But I would like to remove the wrench vulnerability on those wallets.

A private is just 256 bits. So in theory, all you need to do is generate 256 bits from a passphrase (simplest is just use an 32-character phrase) and XOR it with the private key. This is your encrypted key. Now generate a different 256 bits from a different passphrase and XOR it with the encrypted key. This is your alternate private key. Heck, the encrypted key in this would be a valid private key itself. In fact, you could generate any number* of private keys this way.

Sound reasonable?

*If you generate too many, you may make it crackable.

[manfred]

So if BTC-China is now accepting deposits, are we still in the train station because it's the middle of the night in China?

It's the Chinese new year and not much happens until 10th February (businesses closed....)