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

[yrtrnc]

Long way to 611!!

[dreamspark]

see I am watching the bids increasing where the fuck this money came from ??!!!! was it all waiting out of the order book ? is it money that came today to exchanges ? I am so confused...

Well maybe it is someone (most probably the same guys pretending to be bears on this forum) who is longtime bullish on bitcoin and has lost his btc on mtgox. His funds might finally have arrived at the exchanges.

You being serious? You really think someone who just lost a significant amount of money on gox just turns around and drops 2 mill on some more coins?

[RicePicker]

I just watched some guy dump 10k LTC on Bitfinex for $11-12 when he could have dumped it on BTC-E for $13.5 then buy bitcoins and bring it back to Bitfinex for more profit. WTF is going on with these markets?

[mmitech]

mmmm I am still skeptical, buy or not buy back !!!!

[p0peji]

see I am watching the bids increasing where the fuck this money came from ??!!!! was it all waiting out of the order book ? is it money that came today to exchanges ? I am so confused...

Well maybe it is someone (most probably the same guys pretending to be bears on this forum) who is longtime bullish on bitcoin and has lost his btc on mtgox. His funds might finally have arrived at the exchanges.

You being serious? You really think someone who just lost a significant amount of money on gox just turns around and drops 2 mill on some more coins?

As long as there is a big profit potential why not? Sunk costs are sunk.

[koryu]

Long way to 611!!

if the whale would buy his 1100 btc now there would not be much asks left the way down.

we have to build up more resistance at 590 before we can go up to 611. but it can happen.

[seleme]

mmmm I am still skeptical, buy or not buy back !!!!

I haven't yet. It's too late for flash profits, that should be done at $570, and I'll wait more to see real trend reversal. I just don't believe the market pushed by single entity.

[Rampion]

Yes, hopefully authorities will do a good job on investigating that angle. It isn't credible that they didn't notice the fiat hole before.

They knew and its documented. As I wrote in September 2013 during a typical argument with sturle:

Defendants are informed and believe that in March and April, 2013 MtGox customers, at the
suggestion of CoinLab, deposited $12,788,701.08 into one or more CoinLab bank accounts;
CoinLab then caused the amount of such funds to be credited to such customers' MtGox
accounts but CoinLab did not transfer the actual funds into the MtGox bank account. As a
result, such customers' MtGox account reflected a higher amount of currency funds available
to such customers than were actually in the MtGox bank account. In April, 2013, and upon
the demand of MtGox, CoinLab transferred a portion of those amounts, $ 7,473,490.29, to the
MtGox bank account, leaving a balance of approximately $ 5,315,210.79 to be transferred to
the MtGox account and which is being wrongfully held by CoinLab.

So they they are admitting they have a big hole, and they do not say anywhere that they had to cover the hole with their own money (I would have stated that clearly in the official document, to wipe out doubt about insolvency - wouldn't have you?). The only hard cold fact they are stating is "such customers' MtGox account reflected a higher amount of currency funds available to such customers than were actually in the MtGox bank account".

The most plausible explanation to the ongoing delays, given the above and the other information available to the public, is that Gox is low on cash and running a fractional reserve.

So, IMO the big question is not "if" they knew they were short of customer's money because it is painfully obvious THEY KNEW, the big question is: WHERE DID THAT MONEY GO???

$5.5M are held by Department of Home Security (the "Dwolla situation") and $5.3M by Coinlab, that's clear. But where did the rest of the money go, as they are claming they have a hole of $22M? We need to factor in that they have made +$10M in trading fees during the last year, so in reality the missing money is at least $32M...

Crazy stuff, you really can't make this shit up.

[dreamspark]

Either way no one can moan about it being boring today 

[seleme]

Long way to 611!!

if the whale would buy his 1100 btc now there would not be much asks left the way down.

we have to build up more resistance at 590 before we can go up to 611. but it can happen.

On other way, same could be said at 570. He got two 1500 walls eaten, and just when you think it has to go down now, there's no support whatsoever, he comes with new walls.

Some of the strangest action I've seen on BTC since it went to triple digits, this whale looks like he has access to unlimited fiat supply 

[darklight]

Starting to struggle now - not many people seem willing to put their bids in front of the wall at this price

[dreamspark]

So, IMO the big question is not "if" they knew they were short of customer's money because it is painfully obvious THEY KNEW, the big question is: WHERE DID THAT MONEY GO???

$5.5M are held by Department of Home Security (the "Dwolla situation") and $5.3M by Coinlab, that's clear. But where did the rest of the money go, as they are claming they have a hole of $22M? We need to factor in that they have made +$10M in trading fees during the last year, so in reality the missing money is at least $32M...

Crazy stuff, you really can't make this shit up.

This is one of the things I dont understand. Yeah okay missing bitcoins could be stolen etc, but where did all the cash go. I bet they received at least 2-3 million in fiat after they shut btc withdrawals and the price crashed. One guy on here sent 800k alone then there was the other guy who sent 55k. It beggars belief it really does.

[seriouscoin]

Long way to 611!!

if the whale would buy his 1100 btc now there would not be much asks left the way down.

we have to build up more resistance at 590 before we can go up to 611. but it can happen.

On other way, same could be said at 570. He got two 1500 walls eaten, and just when you think it has to go down now, there's no support whatsoever, he comes with new walls.

Some of the strangest action I've seen on BTC since it went to triple digits.

what? thats strange to you? Really? Nothing news to me.... thats called market makers.   stop making us bitcoiners looks like nerds trading magic cards

[TERA]

"strange" movement: observing movement that is going against your position.

[seleme]

"strange" movement: observing movement that is going against your position.

FACT 

[MelMan2002]

The wall would probably be eaten but Bitfinex ran out of btc on stamp

[porcupine87]

Starting to struggle now - not many people seem willing to put their bids in front of the wall at this price

Not really. Here and there 50+ btc buys and the bid wall at 602 has increased by 200btc or so a minute ago.

When I look at the volume at btc-e and support to minus 20$, I think the wahles moved to Bitstamp, not btc-e

[seleme]

Long way to 611!!

if the whale would buy his 1100 btc now there would not be much asks left the way down.

we have to build up more resistance at 590 before we can go up to 611. but it can happen.

On other way, same could be said at 570. He got two 1500 walls eaten, and just when you think it has to go down now, there's no support whatsoever, he comes with new walls.

Some of the strangest action I've seen on BTC since it went to triple digits.

what? thats strange to you? Really? Nothing news to me.... thats called market makers.   stop making us bitcoiners looks like nerds trading magic cards

Yes, it's strange to me. I haven't seen lot of $4-5 millions buyers lately.

[seriouscoin]

Long way to 611!!

if the whale would buy his 1100 btc now there would not be much asks left the way down.

we have to build up more resistance at 590 before we can go up to 611. but it can happen.

On other way, same could be said at 570. He got two 1500 walls eaten, and just when you think it has to go down now, there's no support whatsoever, he comes with new walls.

Some of the strangest action I've seen on BTC since it went to triple digits.

what? thats strange to you? Really? Nothing news to me.... thats called market makers.   stop making us bitcoiners looks like nerds trading magic cards

Yes, it's strange to me. I haven't seen lot of $4-5 millions buyers lately.

Again.... market makers..... they dont notice you b4 action do they?

But to satisfy your  sanity, i will tell you another story. Its this idiot who decided to buy back in: https://bitcointalk.org/index.php?topic=496365.0

[TERA]

One could theorize that all of the short term trend reversals in the past 6 months have had something to do with the connection and disconnection of bitfinex and bitstamp.