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

[Rampion]

25K BTC volume on Bitcoinbuilder.

the owner of that website is making MILLIONS just by having a website and "guaranteeing" the trades. He processes them manually. He makes 2% on each trade, on both sides of the trade.

Even for bitcoin standards, this is an astonishing easy way of becoming a fucking millionaire.

I bet he is praying for Gox stalling the situation indefinitely

He is doing a pretty good job so far. The payouts are on time, the trades are nearly instant. Can't complain so far.

Guess not everybody is that lucky. Payout not on time, critical bug leaving my balance in minus and no reply to support tickets for close to 48 hours. But he is making good money, no doubt about that.

Kozi, I miss your animated gifs. And I really miss your musical videos. Really.

Heeey i got a fan !

I will use that gif in the Gox's delays thread with your permission

[kkaspar]

Yeah thats it....leave this corrupted, criminal territory where the bitcoinfoundation and Goldman Sucks are thiefing people

and get into Litecoin instead....the cryptocurrency for peer -to-peer honest people !

I also think that when I'll invest back, then I'll probably start fresh with a new crypto. What I don't like about the Litecoin market, is the single entity (or as I like to call him "The Litecoin Butcher") with it's constant 2mil.$+ buy and sell walls at BTC-E LTC market.
Considering the fact that BTC-E owners are unknown, then I seriously doubt that someone will trust this amount of money to them, if that someone isn't an insider. It doesn't make the market very attractive if you know that you are at the mercy of an single entity

[fluidjax]

I don't think we will ever know what was the lasting effect on BTC price of that 10,000 BTC sale on Bitstamp. for almost 6 million dollars.

As I understand it, the effect mostly depends on how much money and how many coins entered or left the "active bitcoin market", the sum of the working budgets of all day traders and other short and medium-term speculators.  That excludes money in the bank, and coins in private wallets, whose owners do not intend to use for frequent bitcoin trading.

From the way the sale happened, I would guess that the seller of those 10 kBTC will not be using those 6 M$ for further bitcoin trading.  On the other hand, at least some of the buyers must have been speculators who bought off their working budgets. Therefore, there must have been a net loss of money from the active bitcoin market, amounting to some fraction of those 6 M$.  By itself, that would tend to bring the price down.  However, the opposite conclusion would hold if the seller were to put all that money into active trading, and some of the buyers were new investors lured by his offer.

I would also think that those 10 kBTC probably were not in the active market before, and now some of them are.  (That round number points to a cold stash, rather than someone's working BTC budget; and It seems unlikely that all the buyers were "hodlers".) Thus the number of BTC in the active market probably increased, and this too would tend to bring the price down.  However, the opposite conclusion would hold if the seller was an active speculator, and at least some of the buyers were "hodlers".

As we saw, the sale had a large effect on the price while it was going on; but that immediate damage was quickly repaired by the market in few minutes (as it usually is).

However the sale probably will have more persistent negative effect, as discussed above.  This effect will not be visible in the price charts; the price will just increase more slowly or decrease faster than it would have done if the sale had not taken place.

These coins could have come from Gox. A rebalancing of the exchange's accounts,  so it is solvent or saleable... who knows. Well this is speculation forum

[Richy_T]

They are.  Just their orders are too small to see on the chart.  

And wall owner is immediately buying cheap, cheap coins.

[billyjoeallen]

If you had any clue about this market, you'd know that nothing short of zombie apocalypse could destroy Bitcoin. Do you know what "anti-fragile" means?

Well, you are "a true believer".. what can I say. There is no point in converting someones religion.
What I see, is that the majority already has doubts that bitcoin is an pyramid/ponzi scheme. When it turns out that people lost their money on gox, then the media won't care if mtgox is to blame. The story that will get published is that people lost their money who invested in bitcoin, because this is the hot subject. Bitcoin will be known as a tool for crooks like Karpeles for scamming people. Bitcoin enthusiasts will be ridiculed as cultists or just as simple-minded victims. Companies together with serious investors will want to distance themselves as much as possible.
I believe that bitcoin won't entirely die by this, because there will be loads of religious people left behind who won't give up their beliefs. But it will regress into the play money status that can be used to buy drugs. Basically the same it was 2-3 years ago.

I am a true believer, which, considering I rejected both patriotism and Christianity as both insufficiently supported by the evidence, should give you pause. These were beliefs I was indoctrinated with since birth. Empirical skepticism is my modus operandi. So I wouldn't be betting my life savings on something just because I WANT it to work. It will work. If I made a wrong call and the market drops from here, you know who will bail me out? That guy with the sexy mother who hates my guts. He'll buy lower and someone else will buy lower than him. That's anti-fragile. The worse the price gets, the more attractive it is for someone looking to get in cheap.

[MatTheCat]

I don't think we will ever know what was the lasting effect on BTC price of that 10,000 BTC sale on Bitstamp. for almost 6 million dollars.

Interestingly enough, since then there has been an absolute roof at $779 on Stamp, which was where the Chinese seller (his activity times correspond perfectly with Chinese waking hours, with his patience running out at bedtime for him) had his 10K wall for the majority of the night.

As we know, his 'dump' consisted of less than 5K BTC. The other larger half of his sell order, was gradually nibbled away throughout the night by automated bot trades. Gox crashed, cross-exchange bots bid the markets down, then Gox recovered up to around $220, which brought the other exchanges right back up, except Bitstamp proved to be the obstacle, as automated bot trade after autotmated bot trade crashed into $779 sell wall.

$3 million USD of market liquidity on Stamp, was fired into over 5K BTC at $779. It perhaps shouldn't come as a surprise that the market liquidity on Stamp now 'refuses' to go above this price level. One would have to think that most of these automated bot trades were from traders as opposed to holders, and that soon enough $579 will become a bag holders price, and a more organic market sell-off shall ensue.

[TheKoziTwo]

25K BTC volume on Bitcoinbuilder.

the owner of that website is making MILLIONS just by having a website and "guaranteeing" the trades. He processes them manually. He makes 2% on each trade, on both sides of the trade.

Even for bitcoin standards, this is an astonishing easy way of becoming a fucking millionaire.

I bet he is praying for Gox stalling the situation indefinitely

He is doing a pretty good job so far. The payouts are on time, the trades are nearly instant. Can't complain so far.

Guess not everybody is that lucky. Payout not on time, critical bug leaving my balance in minus and no reply to support tickets for close to 48 hours. But he is making good money, no doubt about that.

Kozi, I miss your animated gifs. And I really miss your musical videos. Really.

Heeey i got a fan !

I will use that gif in the Gox's delays thread with your permission

haha do as you want with it 

[kkaspar]

Yeah, I agree tgox most likely is not insolvent , but who knows..

Also the media is becoming more and more of a joke, in my country at least... most edcuated intelligent people take it with a pinch of salt.. such has been the decline of the "news" reporting in the past 15 years... it is not even news anymore it it infotainment

The ones who do not care for news- will not care who r what MtGox is, not remember in 7 weeks time (thanks Adolf)
The ones that watch infotainment and htink it is the news-  they deserve what they get
The ones that used to like the news when it meant something- They will research for themselves

This will all blow over

The media may be a joke in an intellectual aspect, but it does have influence among the majority. Bitcoiners tend to forget how important is this halo of freedom and liberty that glows around bitcoin. Bitcoin is mostly sold by arguments that by investing in bitcoin, you are investing against global banking and you are pro-freedom. Most of bitcoin success has been caused by the failures of global banking and the increasing unpopularity that comes with it. If it turns out that bitcoin is no different, and you still have to trust fraudalent people for it to hold value, then it's very hard to sell bitcoin.

[TheKoziTwo]

Guess not everybody is that lucky. Payout not on time, critical bug leaving my balance in minus and no reply to support tickets for close to 48 hours. But he is making good money, no doubt about that.

Well, you are not the only one who experienced the 'negative balance' bug in Bitcoin Builder.
Though in my case Josh responded to my e-mail in less than 24 hrs and fixed the problem.
(Other than that, everything went OK for me, including withdrawals.)

Ahh cool. I'm glad to know I'm not the only one with this issue and that it was solved. I actually "fixed it" myself by buying back lower, that took the minus balance into plus and even made me a decent profit. Now I'll just have to wait and see if payment goes through today.

[kkaspar]

I am a true believer, which, considering I rejected both patriotism and Christianity as both insufficiently supported by the evidence, should give you pause. These were beliefs I was indoctrinated with since birth. Empirical skepticism is my modus operandi. So I wouldn't be betting my life savings on something just because I WANT it to work. It will work. If I made a wrong call and the market drops from here, you know who will bail me out? That guy with the sexy mother who hates my guts. He'll buy lower and someone else will buy lower than him. That's anti-fragile. The worse the price gets, the more attractive it is for someone looking to get in cheap.

Well, you can always hope. You also hoped that 530 was the bottom that marked the start of an uptrend. Let's see where these hopes will get you.
I only find it amusing that you present your personal hopes as solid speculations. If it's your goal to amuse people with this entertainment, then no problem.

[MatTheCat]

I am a true believer, which, considering I rejected both patriotism and Christianity as both insufficiently supported by the evidence, should give you pause. These were beliefs I was indoctrinated with since birth. Empirical skepticism is my modus operandi. So I wouldn't be betting my life savings on something just because I WANT it to work. It will work. If I made a wrong call and the market drops from here, you know who will bail me out? That guy with the sexy mother who hates my guts. He'll buy lower and someone else will buy lower than him. That's anti-fragile. The worse the price gets, the more attractive it is for someone looking to get in cheap.

Well, you can always hope. You also hoped that 530 was the bottom that marked the start of an uptrend. Let's see where these hopes will get you.
I only find it amusing that you present your personal hopes as solid speculations. If it's your goal to amuse people with this entertainment, then no problem.

Forum retard, billyjoeallen has been hoping on the wrong side of the trade to come good all the way down from the ATH, and ramming his 'hopes' down everyone elses throats in the process.

Do what I do. Just remind the fanny that he has lost over 50% of his net worth due to his own stupidity.

[adamstgBit]

damn virtex didn't sell... no bids filled     
that drop and recovery was just too damn fast.
i'm still hopeful gox news will hit us with a worthy dip tho...
looking forward to quadruple bottom 

[billyjoeallen]

The media may be a joke in an intellectual aspect, but it does have influence among the majority. Bitcoiners tend to forget how important is this halo of freedom and liberty that glows around bitcoin. Bitcoin is mostly sold by arguments that by investing in bitcoin, you are investing against global banking and you are pro-freedom. Most of bitcoin success has been caused by the failures of global banking and the increasing unpopularity that comes with it. If it turns out that bitcoin is no different, and you still have to trust fraudalent people for it to hold value, then it's very hard to sell bitcoin.

You don't get it. Bitcoin's success won't be determined by fraudsters, hackers, the media, regulators or the Bitcoin foundation. This only determines the speed of adoption. It only allows smart money to get in at a lower price, improvements of the code, increased transparency and diversification of exchanges which will stabilize things in the future. Almost everything that is bad for Bitcoin the the short term makes it better in the long run. It doesn't even matter if some other cryptocurrency takes top spot. Ten years from no when there is still less than 20 million bitcoin and world population is over 12 billion, it will be worth much more than now.

[empowering]

I am a true believer, which, considering I rejected both patriotism and Christianity as both insufficiently supported by the evidence, should give you pause. These were beliefs I was indoctrinated with since birth. Empirical skepticism is my modus operandi. So I wouldn't be betting my life savings on something just because I WANT it to work. It will work. If I made a wrong call and the market drops from here, you know who will bail me out? That guy with the sexy mother who hates my guts. He'll buy lower and someone else will buy lower than him. That's anti-fragile. The worse the price gets, the more attractive it is for someone looking to get in cheap.

Well, you can always hope. You also hoped that 530 was the bottom that marked the start of an uptrend. Let's see where these hopes will get you.
I only find it amusing that you present your personal hopes as solid speculations. If it's your goal to amuse people with this entertainment, then no problem.

Forum retard, billyjoeallen has been hoping on the wrong side of the trade to come good all the way down from the ATH, and ramming his 'hopes' down everyone elses throats in the process.

Do what I do. Just remind the fanny that he has lost over 50% of his net worth due to his own stupidity.

how has he done that ?

[ShroomsKit_Disgrace]

I am a true believer, which, considering I rejected both patriotism and Christianity as both insufficiently supported by the evidence, should give you pause. These were beliefs I was indoctrinated with since birth. Empirical skepticism is my modus operandi. So I wouldn't be betting my life savings on something just because I WANT it to work. It will work. If I made a wrong call and the market drops from here, you know who will bail me out? That guy with the sexy mother who hates my guts. He'll buy lower and someone else will buy lower than him. That's anti-fragile. The worse the price gets, the more attractive it is for someone looking to get in cheap.

Well, you can always hope. You also hoped that 530 was the bottom that marked the start of an uptrend. Let's see where these hopes will get you.
I only find it amusing that you present your personal hopes as solid speculations. If it's your goal to amuse people with this entertainment, then no problem.

Forum retard, billyjoeallen has been hoping on the wrong side of the trade to come good all the way down from the ATH, and ramming his 'hopes' down everyone elses throats in the process.

Do what I do. Just remind the fanny that he has lost over 50% of his net worth due to his own stupidity.

how has he done that ?

Holding. With the D prev to the L

[zyk]

Yeah thats it....leave this corrupted, criminal territory where the bitcoinfoundation and Goldman Sucks are thiefing people

and get into Litecoin instead....the cryptocurrency for peer -to-peer honest people !

I also think that when I'll invest back, then I'll probably start fresh with a new crypto. What I don't like about the Litecoin market, is the single entity (or as I like to call him "The Litecoin Butcher") with it's constant 2mil.$+ buy and sell walls at BTC-E LTC market.
Considering the fact that BTC-E owners are unknown, then I seriously doubt that someone will trust this amount of money to them, if that someone isn't an insider. It doesn't make the market very attractive if you know that you are at the mercy of an single entity

At one point btc-e will run with the money as well....for them its even easier than for Mark...the future is in second market exchanges

or a lot of small ones which will have LTC right from the beginnig, cause there is too much money at the older ones and too much

incentive for just running with it-----the central banks by their warnings even are endorsing it--- just watch the show at GOX

[oda.krell]

You gotta love how MR. Civility shows he's just as vulgar as the rest of us when he's almost right. Congrats, Bro. Now you're still wrong and you have no moral high ground. I've made more fiat, more BTC, and shown you to be a hypocrite. If that's what it takes to be a dumb fuck, I'll take it.

You have taken over a 50% haircut on your total worth in the past 2 months u fkn loser, which kind of proves your good fortune has been entirely based on luck.

Why don't u just STFU and finally stop embarrassing yourself?

Don't know about Mr Allen, but where do you get it from that because we're in a bear market your total worth has to have taken a 50% hair cut?

[empowering]

I am a true believer, which, considering I rejected both patriotism and Christianity as both insufficiently supported by the evidence, should give you pause. These were beliefs I was indoctrinated with since birth. Empirical skepticism is my modus operandi. So I wouldn't be betting my life savings on something just because I WANT it to work. It will work. If I made a wrong call and the market drops from here, you know who will bail me out? That guy with the sexy mother who hates my guts. He'll buy lower and someone else will buy lower than him. That's anti-fragile. The worse the price gets, the more attractive it is for someone looking to get in cheap.

Well, you can always hope. You also hoped that 530 was the bottom that marked the start of an uptrend. Let's see where these hopes will get you.
I only find it amusing that you present your personal hopes as solid speculations. If it's your goal to amuse people with this entertainment, then no problem.

Forum retard, billyjoeallen has been hoping on the wrong side of the trade to come good all the way down from the ATH, and ramming his 'hopes' down everyone elses throats in the process.

Do what I do. Just remind the fanny that he has lost over 50% of his net worth due to his own stupidity.

how has he done that ?

Holding. With the D prev to the L

Ah...  I see so using a crystal ball then.

[Davyd05]

You gotta love how MR. Civility shows he's just as vulgar as the rest of us when he's almost right. Congrats, Bro. Now you're still wrong and you have no moral high ground. I've made more fiat, more BTC, and shown you to be a hypocrite. If that's what it takes to be a dumb fuck, I'll take it.

You have taken over a 50% haircut on your total worth in the past 2 months u fkn loser, which kind of proves your good fortune has been entirely based on luck.

Why don't u just STFU and finally stop embarrassing yourself?

Don't know about Mr Allen, but where do you get it from that because we're in a bear market your total worth has to have taken a 50% hair cut?

regardless I don't think Billy was a full holder or hodler like my self, and my net worth didn't halve lol

[koryu]

so guys, just came back online... can someone keep me updated?

someone sells 5000 btc on stamp but the marked is not really impressed. specially the chinese dont care much.

is this bullish or bearish? who sells 5k at once, will he sell another 5k? any more news?

ty