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

[fonzie]

How many of you really think Gox doesn't have the coins/money to cover the transactions? or do you think this is just a technical issue with their wallet?

Technical Issue, for sure!




 

[tonyq]

[hyphymikey]

GOX is not out of fiat or BTC, they just choose to hold onto it incase they have to turn it over to the authorities. I suspect a few VIPs are getting coins and fiat out of GOX with no trouble.

[FTWbitcoinFTW]

One of them ?

[traderCJ]

How many of you really think Gox doesn't have the coins/money to cover the transactions? or do you think this is just a technical issue with their wallet?

I think the probability is North of 50%.  Mark Karpeles is a lousy coder and it wouldn't surprise me if the ship has been leaking BTC for quite some time now.  My hunch is they have been tapering fiat withdrawals and now BTC withdrawals simply because the auditing program is poorly designed and there isn't enough BTC/$ left to cover withdrawal requests.  That's not to say they won't find a workaround on Monday.  Plenty of big investors would lend BTC to Gox just to keep them above water, with the promise of company shares, better quality control, etc.

[hyphymikey]

Someone on Stamp needs to either reconfigure their bots or learn how to trade. Never market buy into a crash. Thats just idiotic.

[MAbtc]

Hold and buy more.
Otherwise, you will lose sooner or later.

Yeah. That's a nice myth on this board...

...but nothing more than that.

No, that has been the best strategy so far. Plus, if most people do this, guess where the price is heading.

It's the best strategy for losing traders. That is all.

[7thKingdom]

Wow, the bitstamp order books are crazy right now.

Go away for an hour and the whole thing flips.  One minute theres crazy sell pressure, the next there's none and there's all these buy walls.  I love this action.

[empowering]

Actually I think you will find 2014 is the year Bitcoin rises.

[pinky]

Someone on Stamp needs to either reconfigure their bots or learn how to trade. Never market buy into a crash. Thats just idiotic.

Maybe his intention was to stop sell off - ah, these bitcoin millionaires.

[hyphymikey]

Someone on Stamp needs to either reconfigure their bots or learn how to trade. Never market buy into a crash. Thats just idiotic.

Maybe his intention was to stop sell off - ah, these bitcoin millionaires.

Well they succeeded….. for now.

[deadfi$h]

It's the best strategy for losing traders. That is all.

Nope. Most bitcoiners are actually holders. Otherwise, the price wouldn't be where it is.

Many bitcoiners may be holders but I think you fully misunderstand the point.

[JorgeStolfi]

Daily volumes of BTC trade to/from USD and other national currencies (in kBTC):


               !    Tue !   Wed !   Thu !   Fri !   Sat !   Sun !   Mon !   Tue !   Wed !    Thu !    Fri !                     
  EXCHANGE     !  01/28 ! 01/29 ! 01/30 ! 01/31 ! 02/01 ! 02/02 ! 02/03 ! 02/04 ! 02/05 !  02/06 !  02/07 ! Currencies considered
 
  BitFinEx     |  13.62 |  3.87 |  8.18 |  3.91 |  4.54 |  3.15 |  3.45 |  3.36 |  5.22 |  21.11 |  66.36 | USD                 
  MtGOX        |  11.82 |  7.21 |  6.60 |  4.45 |  5.13 |  2.28 |  3.37 |  5.40 |  8.20 |  21.54 |  58.89 | USD,EUR,GBP,AUD,JPY 
  Bitstamp     |  20.04 |  7.04 | 13.13 |  7.73 |  8.30 |  4.07 |  4.93 |  7.59 |  8.48 |  20.65 |  42.79 | USD                 
  BTC-e        |  16.82 |  6.53 | 12.54 |  4.65 |  6.30 |  4.74 |  5.75 |  4.51 |  6.55 |   9.72 |  31.84 | USD,EUR,RUR       
  Bitcoin.DE   |   0.49 |  0.33 |  0.47 |  0.35 |  0.33 |  0.35 |  0.51 |  0.27 |  0.31 |   0.61 |   1.30 | EUR                 
  Kraken       |   0.54 |  0.24 |  0.37 |  0.20 |  0.23 |  0.15 |  0.21 |  0.29 |  0.23 |   0.59 |   1.45 | EUR                 
  CaVirtEx     |   0.22 |  0.21 |  0.25 |  0.24 |  0.24 |  0.20 |  0.08 |  0.17 |  0.18 |   0.39 |   1.07 | CAD                 
  CampBX       |   0.20 |  0.07 |  0.06 |  0.05 |  0.23 |  0.16 |  0.10 |  0.12 |  0.16 |   0.21 |   0.82 | USD                 
  Crypto-Trade |   0.01 |   .   |  0.01 |   .   |  0.01 |  0.01 |   .   |  0.01 |  0.01 |   0.04 |   0.05 | USD                 

  SUBTOTAL     |  63.76 | 25.50 | 41.61 | 21.58 | 25.31 | 15.11 | 18.40 | 21.72 | 29.34 |  74.86 | 204.57 |                     

  Huobi        |  92.88 | 32.14 | 29.27 | 15.26 | 28.86 | 26.27 | 24.77 | 18.65 | 19.55 |  39.97 | 131.91 | CNY                 
  OKCoin       |  52.37 | 29.11 | 18.56 | 17.11 | 20.38 | 20.00 | 18.09 | 12.77 | 12.33 |  26.07 |  74.37 | CNY                 
  BTC-China    |   6.45 |  1.94 |  1.99 |  1.17 |  2.31 |  2.21 |  1.70 |  1.33 |  1.54 |   4.09 |  17.66 | CNY (NOTE 1)         

  SUBTOTAL     | 151.70 | 63.19 | 49.82 | 33.54 | 51.55 | 48.48 | 44.56 | 32.75 | 33.42 |  70.13 | 223.94 |                     

  TOTAL        | 215.46 | 88.69 | 91.43 | 55.12 | 76.86 | 63.59 | 62.96 | 54.47 | 62.76 | 144.99 | 428.51 |                     



All numbers were collected by hand from the site http://bitcoinwisdom.com. Beware of possible errors.

For each exchange, the numbers include only the trade volume to/from the currencies listed in the rightmost column. Trade between BTC and other cryptocoins, such as LiteCoin, is NOT included.

Coinbase is said to use Bitstamp for currency conversion.

Dates on the header line are UTC. Specifically, "01/15" means "from 01/15 00:00:00 UTC to 01/15 23:59:59 UTC". (Beware that Bitcoinwisdom uses your local time, so the date may appear to be off by 1 day.  For example, if you are 2 hours west of Greenwich, it may show "01/14 22:00" when the UTC time is "01/15 00:00".)

(NOTE 1) On 2014-01-30, BTC-China had a burst of extremely fast, regular and atypical transactions, all with similar amounts (a few tens of BTC) and prices (~4836 CNY), adding up to about 41,050 BTC.  The burst started suddenly around 17:00 UTC and and stopped suddenly around 19:30 UTC. Presumably those transactions were made by a faulty robot trading against itself or some other robot, and did not represent actual exchange of money and bitcoins between distinct individuals. Therefore those anomalous transactions were subtracted from the BTC-China volume for Jan/30.

[MatTheCat]

If BTC can't leave Gox, why would the other exchanges drop?  I'd say that if coins can't leave an exchange, it is no longer a player.

Yeah.

All this talk of Gox driving down the market but the lionshare of sell-off volume has been on the exchange where fiat is cashed out the easiest and fastest, Bitstamp.

[empowering]

It's the best strategy for losing traders. That is all.

Nope. Most bitcoiners are actually holders. Otherwise, the price wouldn't be where it is.

Many bitcoiners may be holders but I think you fully misunderstand the point.

People hodling Bitcoins are not traders as such... more investors, speculators, savers.

There is a difference.

[dgarcia]

It's the best strategy for losing traders. That is all.

Nope. Most bitcoiners are actually holders. Otherwise, the price wouldn't be where it is.

Many bitcoiners may be holders but I think you fully misunderstand the point.

Well, it is hard to lose trading if you don't trade.
And I think it is stupid to believe that you can beat this market. Maybe some can, some are lucky, perhaps there are even obvious opportunities where it is stupid to hold, but all in all I'm convinced it is the best strategy for (nearly) everyone.
So, yes, maybe he is right

If you are slow and lazy Buy & Hold is a very good strategy. And it's stress-free (very valuable).

 But it's far away from beeing the holy grail.

[JorgeStolfi]

Friday Feb/07, what a day.

Volume surged on all exchanges. Even BTC-China traded ~18 kBTC, growing even as percentage of China's total.

Compared to Thursday, volume increased a bit less outside China than inside China.
The Middle Kingdom had fallen to a bit less than 50% of total, today it was a bit more than 50%.

BitFinEx was the most active outside China, well ahead of MtGOX.

MTGox had ~49,460 BTC traded for USD, ~5600 BTC traded for EUR, ~2300 BTC traded for JPY.

[MAbtc]

It's the best strategy for losing traders. That is all.

Nope. Most bitcoiners are actually holders. Otherwise, the price wouldn't be where it is.

That doesn't address anything that was said. And such a situation doesn't negate the potential profits to be made trading.

[MAbtc]

It's the best strategy for losing traders. That is all.

Nope. Most bitcoiners are actually holders. Otherwise, the price wouldn't be where it is.

Many bitcoiners may be holders but I think you fully misunderstand the point.

People hodling Bitcoins are not traders as such... more investors, speculators, savers.

There is a difference.

I acknowledge that. What I don't acknowledge is that holding is the "best strategy". That is patently false for anyone who has beaten buy-and-hold.

[deadfi$h]

It's the best strategy for losing traders. That is all.

Nope. Most bitcoiners are actually holders. Otherwise, the price wouldn't be where it is.

Many bitcoiners may be holders but I think you fully misunderstand the point.

Well, it is hard to lose trading if you don't trade.
And I think it is stupid to believe that you can beat this market. Maybe some can, some are lucky, perhaps there are even obvious opportunities where it is stupid to hold, but all in all I'm convinced it is the best strategy for (nearly) everyone.
So, yes, maybe he is right

If you are slow and lazy Buy & Hold is a very good strategy. And it's stress-free (very valuable).

 But it's far away from beeing the holy grail.

I think people forget that there will eventually be an end to this meteoric launch in value. I'm not saying it's now but buy and holders will get burned hard whenever that comes about. So "safe" is a relative term.