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

[fonzie]

If Bitstamp/Bitfinex goes the way of Gox there will be at least BTC-E(trustworthy as fuck) around.
No need to worry!

[Erdogan]

But then, what is "honorable" about bitcoin?

The honorable thing is to allow yourself and others to have sound money.

Calling bitcon "solid money" is a lie, pure and simple.  There is nothing to sustain its value, no reason to believe that cryptocoins will succeed, no reason to believe that bitcon will not be superseded by other coins.   "Fiat money wannabe" is the most optimistic description one can use, gievn what we have seen so far.

Sound money. It is a thing. You can look it up.

[porcupine87]

What just happened on Bitstamp? 64 btc order down to 633, doesn't make sense. Anyone can confirm it's just a btcwisdom glitch, or did the trade actually hit 630 for real?

WTF?! Just checked on tradingview, they show it as well. Bitstamp trading enging fucked up?!

Like MoreFun said. The Api shows, that there were 2 trades went through. Check a few trades earlier or https://www.bitstamp.net/api/transactions/ (633.64)

So let me get this straight... if this were NOT a bitstamp trading error fuck up, then every single order down to $633.64 should have been filled, and that would have taken about 3,000 bitcoins to fill all of those orders from $680 to $633.64 (unless some big fish pulled their order(s))..   

Thereafter, if some such big fish had put in a 3k sell, it would have taken several minutes for traders to recreate new orders... therefore, a glitch in the system.

I wonder if the 2 trades really happend, so that 2 people just have this 13 coins less and 2 people have the 13 coins more. You cannot know that for now?

[aminorex]

guys...what do u think how safe is that u have fiat for longer time on bitfinex ?

It's as safe as anything where a counter-party defection requires you to pursue legal recourse against a Hong Kong LLC owned by Italians.
Maybe more so, since they are rich Italians now.

[JayJuanGee]

There is resistance at $700 and support at $662 and $642 in this range.

Substantial resistance it seems.  Back to range-trading mode.  Might do better long in LTC.

Do you still believe that litecoin is good at $17 or $18 - b/c there was a sudden upward adjustment from $14 to $22 and then back down to the $17 area.... ... maybe we will get $25 out of Litecoin in the coming weeks - due to some increased litecoin adoption?    Thereafter, it may go parity (i mean parallel) with BTC, again?

[kkaspar]

Are you telling me that one of the biggest exchanges losing their customers money didn't cause a reversal from a downtrend that was caused by the loss of demand in China? How can this be? :O This is impossible!

Sounds like you missed the rally and hope to get another crack. GTFO. The correction to $530 was because of China. Gox took us down to $400. These things can overlap.

Yes, you are absolutely right. I'm angry because there won't be any volatility any longer in the crypto scene to make money at the expense of fools. So I just invented this so called "demand in China" and how it's loss caused a boring 2 month long dead cat bounce.
But I'll try to correct my ways and listen to the TA wizards here who have skillz of drawing linez.

[KeyserSoze]

guys...what do u think how safe is that u have fiat for longer time on bitfinex ?

It's been fine for me so far but I expect to lose everything on there at some point via some sort of Goxxing. My only goal is to double what I have on there then pull out my original deposit before the event. But it's going slowly because I don't trade heavily.

[Richy_T]

This is why you can rest assured there is no 21 million Bitcoin cap on BTC. People buy; the coins get stolen from someone who doesn't care about their coins as much as they do and dumped in the market for the victims to rebuy ad infinitum.

ftfy

[Erdogan]

But then, what is "honorable" about bitcoin?

The honorable thing is to allow yourself and others to have sound money.

Calling bitcon "solid money" is a lie, pure and simple.  There is nothing to sustain its value, no reason to believe that cryptocoins will succeed, no reason to believe that bitcon will not be superseded by other coins.   "Fiat money wannabe" is the most optimistic description one can use, gievn what we have seen so far.

People who value it's properties will sustain it's value. Once it's properties are no longer valuable, people will no longer sustain it's value. I expect it's properties to become more valuable as governments continue to increase capital controls.

Could you define "solid money" for us?

To Jorge: There is nothing to sustain its value, except that people prefer to own it. This is perfect. No relation to the real world. Pure money.

There is a timestamp in each block, but it is not needed for the transactions or for the function of the blockchain, except to regulate the mining difficulty. A cheap and incontrovertible piece of data.

[Walsoraj]

Bitstamp offering special trading services to VIP members?

[Yololintian]

Are you telling me that one of the biggest exchanges losing their customers money didn't cause a reversal from a downtrend that was caused by the loss of demand in China? How can this be? :O This is impossible!

Sounds like you missed the rally and hope to get another crack. GTFO. The correction to $530 was because of China. Gox took us down to $400. These things can overlap.

Yes, you are absolutely right. I'm angry because there won't be any volatility any longer in the crypto scene to make money at the expense of fools. So I just invented this so called "demand in China" and how it's loss caused a boring 2 month long dead cat bounce.
But I'll try to correct my ways and listen to the TA wizards here who have skillz of drawing linez.

China didn't have anything to do with the downtrend in February, and there is no reason to suppose demand in China is decreasing. The biggest issue with China recently was the uncertainty of what would happen on January 31st (which amounted to nothing); and all we did in January was fluctuate around $800 while worrying about the possibility of something on the 31st. February's downtrend was caused by uncertainty in mtgox and other exchanges, lies about the extent of transaction malleability, some finally mtgox's insolvency. Those issues have mostly been resolved at this point. I wouldn't wait for cheap (sub 600) coins anymore at this point. I think the downtrend is over, unless we get more seriously bad news, which is never unlikely in the bitcoin world.

[Mythul]

What a great day for Bitcoin !

[JorgeStolfi]

This guy showed his hand weeks ago.

I have stated my position several times, but for those who did not see it:

* Cryptocoins are a great invention, and I wish that they succeed in their original goal -- a method of payment through the internet, especially across national borders, that is safe, cheap, convenient, fast, etc.  I wish that, and I would love to use them if and when I think that they are better for me than credit cards or other existing means.  I wish that, but I do not think that the chances are good. (One shoudl never confuse "desire" with "expectation".)

* I am not a libertarian. I believe that governments are useful and necessary, and we should fight to democratize and improve them rather than abolish them. I see the libertarians' idea of getting rid of governments as sheer lunacy. (For one thing, if you don't have your own strong democratic government, other people will gladly and forcibly lend you theirs.)  And I see their hope that bitcoin will let them build their utopia outside the reach of governments as lunacy squared.

* Adults have the right to do whatever they want with their money (within limits of law and ethics, of course), including investing it in whatever they like, gambling it, or even throwing it away. 

* In particular, I do not care care if someone buys a lottery ticket when he is fully aware of the odds, or trades it with some fellow gambler who is equally aware of them. 

* However, if I see someone buying a lottery ticket because he thinks it is a good investment, I feel this Darwinian duty (magnified by professional habit) to inform that fellow primate about the odds, expected value, and all that.  If the guy does not believe me, then, shrug,  that is his problem.  And, of course, I consider myself excused of that duty if  I think that the guy may steal my bananas, or if he snarled some unfriendly noises at me.

* Finally, when someone tries to convince others to buy lottery tickets, by telling them that it is a good investment, when his motive is actually to make a profit out of their "investment" -- then that guy is a scammer, and should go to jail.

[Richy_T]

but but but i though Bitcoin was a safe haven where everybody love each other, hug under rainbows and ride unicorns  

Someone please photoshop this in front of Risto's mansion...

Double kudos if you get the pink Rolls Royce in also.

[KeyserSoze]

* Finally, when someone tries to convince others to buy lottery tickets, by telling them that it is a good investment, when his motive is actually to make a profit out of their "investment" -- then that guy is a scammer, and should go to jail.

Time to arrest everyone in the United States except for the 6 states which do not have a lottery.

[billyjoeallen]

* I am not a libertarian. I believe that governments are useful and necessary, and we should fight to democratize and improve them rather than abolish them.

Governance is more than useful. It's absolutely necessary, but that doesn't mean a monopoly provider of governance is necessary or more useful than the alternatives. Democracy can only reduce the tyrannical aspects of governance to the degree that it reduces its effectiveness overall, and it's not even very good at doing that. Democracy is the dominance of the minority by the majority by definition.

[FTWbitcoinFTW]

Finally, when someone tries to convince others to buy lottery tickets, by telling them that it is a good investment, when his motive is actually to make a profit out of their "investment" -- then that guy is a scammer, and should go to jail

Maybe in your country, but in Europe, most of the lottery business are state exclusivity, a tax on dream...
So should we put all gov's in jail ?

[porcupine87]

So here my prediction. We are seeing 800$ in 5 to 7 days I just saw that the 600$ got beaten after a quick rise, assuming that around 600$ was no resistence. After the correction the resistence built up and it was hard to jump over that 600$ again. After passing it, it rose to 700 quickly again, so around 700 was no resistence. After the correction we're facing the same problem.

-> I like such prediction, and they seem to be popular here 

[kkaspar]

Are you telling me that one of the biggest exchanges losing their customers money didn't cause a reversal from a downtrend that was caused by the loss of demand in China? How can this be? :O This is impossible!

Sounds like you missed the rally and hope to get another crack. GTFO. The correction to $530 was because of China. Gox took us down to $400. These things can overlap.

Yes, you are absolutely right. I'm angry because there won't be any volatility any longer in the crypto scene to make money at the expense of fools. So I just invented this so called "demand in China" and how it's loss caused a boring 2 month long dead cat bounce.
But I'll try to correct my ways and listen to the TA wizards here who have skillz of drawing linez.

China didn't have anything to do with the downtrend in February, and there is no reason to suppose demand in China is decreasing. The biggest issue with China recently was the uncertainty of what would happen on January 31st (which amounted to nothing); and all we did in January was fluctuate around $800 while worrying about the possibility of something on the 31st. February's downtrend was caused by uncertainty in mtgox and other exchanges, lies about the extent of transaction malleability, some finally mtgox's insolvency. Those issues have mostly been resolved at this point. I wouldn't wait for cheap (sub 600) coins anymore at this point. I think the downtrend is over, unless we get more seriously bad news, which is never unlikely in the bitcoin world.

It was game over for bitcoin in China when it was announced that there is no future for legal business supported by bitcoin. It ment that no serious investors who want to keep solid relations with the government won't touch bitcoin. The market that is left is basically walking on a thin line, only waiting for getting shut down and possibly prosecuted. Only thing that created the long dead cat bounce was denial, desperation and stupidity. If you have been looking at the charts then you know that overall demand has constantly been dropping, with only thing holding the price up is that there aren't many people who are willing to sell cheap. But this in turn is causing a decrease in volume and only way to stimulate the market is lowering the price little by litle...this will reach a critical point when the "will of the hodlers" will break and there will be a nice fall.
Anyway, I'm not arguing about this anymore, I have found that sarcasm is more suitable for this place. I'm tired of the "line drawers" calling for new and new bottoms for these past 2 months. You do whatever you wish and believe whatever you believe.

[conspirosphere.tk]

unless we get more seriously bad news

Bitcoin Bank Flexcoin to Close After $600,000 Bitcoin Theft http://ino.to/1hGPtTv