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

[derpinheimer]

I'm catching up here. Is this what happened?
We were going up, someone spread some fake info, the sheep panic sold, info turns out to be fake, price stays down. Correct?

Another perspective:

We we're going down, hit the minor 540 support into a dead cat bounce, then some sheep started panic buying because of all the latest 'hot news'. Now that the hype is  over, we can resume the downtrend.

I wasn't here too see what happened. I guess the answer is simple. Did the selling start when that China "news" came out?

Amazing how there is so much good news and it does nothing to the price while any person can create a fake tweet or whatever to instantly make the price crash.

Bitstamp was trending down after a failed upward breakout. Couple walls totalling about 1.5kBTC popped up before the China news. Then those walls moved down.

That was about it.

[TERA]

I'm catching up here. Is this what happened?
We were going up, someone spread some fake info, the sheep panic sold, info turns out to be fake, price stays down. Correct?

Another perspective:

We we're going down, hit the minor 540 support into a dead cat bounce, then some sheep started panic buying because of all the latest 'hot news'. Now that the hype is  over, we can resume the downtrend.

I wasn't here too see what happened. I guess the answer is simple. Did the selling start when that China "news" came out?

Amazing how there is so much good news and it does nothing to the price while any person can create a fake tweet or whatever to instantly make the price crash.

The big dumping started on the news. However, the de-trending from the rally started this morning before the news.

[aminorex]

I don't think he was asserting rules or trends, simply saying that at present BTC is not being used in China in the way it is in the US or some places in Europe. 

He said

They already cannot use them for anything except trading.

which is categorically false.  It is a blanket statement which does not allow any use other than trading.  I have an existence proof that it is false.

Anyway, the bottom line (IMHO) is the "Party" is going to keep kicking BTC until it is either dead or they own as many as to control it.

This is completely not in evidence.  It is justified only by a hoax.  That's very weak ground to stand upon.

[deadfi$h]

Really? Let's see, more or less likely to sell them if they are given 3 weeks notice to remove them from exchanges... more, or less? likely? It is a difficult one, I know.

Are you saying that it is obvious they would remove coins from the exchanges to bitcoin wallets, or obvious that they would sell every coin in their possession and remove yuan?

Is it also obvious to you how many coins are actually held by the Chinese?

A large percentage of people would sell and remove Yuan, yes. How much is anyone's guess but I think it would be hard to see a scenario in which that happened and price didn't go down.

None of us know exactly how much BTC is Chinese owned but I think we can be fairly confident that it is a not-insignificant amount.

TLDR; A large percentage of a significantly large group of bitcoin users would sell in a short timeframe.

[fotosonics]

Holy crap. Has anyone seen "Atlas Shrugged?" Rearden Metal = Bitcoin

Rearden refused to sell out to gov't buyout offer, subjected to media smear campaign/FUD...

[solex]

TLDR; A large percentage of a significantly large group of bitcoin users would sell in a short timeframe.

So these users immediately knew the news was fake fud and didn't sell?

[macsga]

It's common belief that we're going down before going up. Chances are we do have one more downtrend wave before we go CCMF.

[podyx]

TLDR; A large percentage of a significantly large group of bitcoin users would sell in a short timeframe.

So these users immediately knew the news was fake fud and didn't sell?

I guess these users simply have wised up

I personally has taken all china ban's and things alike not serious

FUD in bitcoin is simply expected

[JorgeStolfi]

Anyway, the bottom line (IMHO) is the "Party" is going to keep kicking BTC until it is either dead or they own as many as to control it.

Actually I am more bullish (?) than that.  From what I have read, I believe that the PBoC is satisfied that bitcoin is safely confined to the exchanges and cannot affect the economy or the yuan in ways that they don't approve.  So I do not expect any further action from them.

[creekbore]

Anyway, the bottom line (IMHO) is the "Party" is going to keep kicking BTC until it is either dead or they own as many as to control it.

This is completely not in evidence.  It is justified only by a hoax.  That's very weak ground to stand upon.

That's why I put the IMHO in there.  The CPC keep making proclamations about BTC, which considering their pragmatic approach to most things, means they want to either drive it underground completely or want to own it.  The fact these edicts started around the time BTC gained parity with gold suggests the latter -- they are divesting their retirement portfolios

As I said, just a theory based on my knowledge of China but no less weak ground than the 'to da moon' stuff you publish -- if we want to work on evidence then I'll keep pulling out the ever-dwindling bid-sum

[Peter R]

Holy crap. Has anyone seen "Atlas Shrugged?" Rearden Metal = Bitcoin

Rearden refused to sell out to gov't buyout offer, subjected to media smear campaign/FUD...

I think I've been on the forum too long these past few days and today I've finally become delusional.  I see Atlas Shrugged and Hunger Games playing out in front of my eyes.  

For example, this video of Obama's recent talk where nobody claps reminds me of the crowd from District 11 that all salute Katniss with their hands, in an unspoken gesture that "something is wrong with the power structures of the world."

http://www.zerohedge.com/news/2014-03-26/what-happens-if-us-president-stops-speaking-and-nobody-claps

Secession movements in Crimea, Venice (Italy), Scotland, Caledonia, and many other places represent the districts getting restless.  

The search for Satoshi Nakamoto represents the question "Who is John Galt?"

The fact that once you become consumed by bitcoin you become unproductive at your non-bitcoin engineering duties represents the migration of technical skill to Galt's Gulch in Colorado.  

Bitcoin is simultaneously Rearden Metal and the MockingJay.  It is Rearden Metal because it is better than the status quo, yet the MSM and establishment defame it relentlessly.  Bitcoin is the MockingJay because it represents a morphing and backfiring of a centralized organization's attempt to manipulate what should be a natural process.  

But I think the bitcoin revolution will be peaceful.  Unlike HungerGame or Atlas Shrugged, the antagonists are financially incentivized to abandon their slowly crumbling institutions.  In fact, I think some are already on the side of bitcoin.  The IRS ruling was ideal, ZGL-coins may eliminate reporting requirements for day-to-day transactions, and institutional investors can benefit form the reduced capital gains rates.  Senator Manchin is suddenly favourable to bitcoin, just like how Lawsky eventually came on board.  The Winklevoss ETF will be approved and high-quality exchanges will appear in New York and London.  The USD has hit the iceberg, but like the Titanic, most are still dancing under the illusion that the ship is unsinkable.  But more and more hear the crackles and find a lifeboat.  Ironically, the more people that come on board the life boats, the bigger and more luxurious they become.  

[ShroomsKit]

I'm catching up here. Is this what happened?
We were going up, someone spread some fake info, the sheep panic sold, info turns out to be fake, price stays down. Correct?

Another perspective:

We we're going down, hit the minor 540 support into a dead cat bounce, then some sheep started panic buying because of all the latest 'hot news'. Now that the hype is  over, we can resume the downtrend.

I wasn't here too see what happened. I guess the answer is simple. Did the selling start when that China "news" came out?

Amazing how there is so much good news and it does nothing to the price while any person can create a fake tweet or whatever to instantly make the price crash.

The big dumping started on the news. However, the de-trending from the rally started this morning before the news.

Ah ok.

[fotosonics]

Holy crap. Has anyone seen "Atlas Shrugged?" Rearden Metal = Bitcoin

Rearden refused to sell out to gov't buyout offer, subjected to media smear campaign/FUD...

I think I've been on the forum too long these past few days and today I've finally become delusional.  I see Atlas Shrugged and Hunger Games playing out in front of my eyes.  

For example, this video of Obama's recent talk where nobody claps reminds me of the crowd from District 11 that all salute Katniss with their hands, in an unspoken gesture that "something is wrong with the power structures of the world."

http://www.zerohedge.com/news/2014-03-26/what-happens-if-us-president-stops-speaking-and-nobody-claps

Secession movements in Crimea, Venice (Italy), Scotland, Caledonia, and many other places represent the districts getting restless.  

The search for Satoshi Nakamoto represents the question "Who is John Galt?"

The fact that once you become consumed by bitcoin you become unproductive at your non-bitcoin engineering duties represents the migration of technical skill to Galt's Gulch in Colorado.  

Bitcoin is simultaneously Rearden Metal and the MockingJay.  It is Rearden Metal because it is better than the status quo, yet the MSM and establishment defame it relentlessly.  Bitcoin is the MockingJay because it represents a morphing and backfiring of a centralized organization's attempt to manipulate what should be a natural process.  

But I think the bitcoin revolution will be peaceful.  Unlike HungerGame or Atlas Shrugged, the antagonists are financially incentivized to abandon their slowly crumbling institutions.  In fact, I think some are already on the side of bitcoin.  The IRS ruling was ideal, ZGL-coins may eliminate reporting requirements for day-to-day transactions, and institutional investors can benefit form the reduced capital gains rates.  Senator Manchin is suddenly favourable to bitcoin, just like how Lawsky eventually came on board.  The Winklevoss ETF will be approved and high-quality exchanges will appear in New York and London.  The USD has hit the iceberg, but like the Titanic, most are still dancing under the illusion that the ship is unsinkable.  But more and more hear the crackles and find a lifeboat.  Ironically, the more people that come on board the life boats, the bigger and more luxurious they become.  

Well said, and I hope you're right.

[el_rlee]

I'm catching up here. Is this what happened?
We were going up, someone spread some fake info, the sheep panic sold, info turns out to be fake, price stays down. Correct?

Another perspective:

We we're going down, hit the minor 540 support into a dead cat bounce, then some sheep started panic buying because of all the latest 'hot news'. Now that the hype is  over, we can resume the downtrend.

I wasn't here too see what happened. I guess the answer is simple. Did the selling start when that China "news" came out?

Amazing how there is so much good news and it does nothing to the price while any person can create a fake tweet or whatever to instantly make the price crash.

The big dumping started on the news. However, the de-trending from the rally started this morning before the news.

Ah ok.

Yeah, the insider trading (of the people spreading the "news") started of course before it was published...

[billyjoeallen]

Holy crap. Has anyone seen "Atlas Shrugged?" Rearden Metal = Bitcoin

Rearden refused to sell out to gov't buyout offer, subjected to media smear campaign/FUD...

and just like with Hank Reardon, they will discover that I will burn down the factory before I sell my coins too cheaply due to their ham-fisted strong-arm tactics. If USG wants to buy my coins, they can get in the order queue like everybody else.

[windjc]

I'm catching up here. Is this what happened?
We were going up, someone spread some fake info, the sheep panic sold, info turns out to be fake, price stays down. Correct?

Another perspective:

We we're going down, hit the minor 540 support into a dead cat bounce, then some sheep started panic buying because of all the latest 'hot news'. Now that the hype is  over, we can resume the downtrend.

The thing is, if this "downtrend" we just "resumed" - if it was flipped upside down, would be a very suspicious uptrend. I doubt you would be buying into it, would you TERA?  Let's say, if we flipped the chart upside down and put 1150 as the price. Who's buying?

[BubbaGumpShrimpinBoatCapn]

I'm catching up here. Is this what happened?
We were going up, someone spread some fake info, the sheep panic sold, info turns out to be fake, price stays down. Correct?

Another perspective:

We we're going down, hit the minor 540 support into a dead cat bounce, then some sheep started panic buying because of all the latest 'hot news'. Now that the hype is  over, we can resume the downtrend.

This is the impression I am getting. 

[Pruden]

Secession movements in [...], Scotland, Caledonia.   

I know latin synonyms are all the go on this thread, but let's not take it too far.

Did you mean Catalonia by any chance? 

[billyjoeallen]

WTF?? I'm new to bitfinex, but the spot price just blew through my $558.9 limit order price and the whole thin disappeared like it wasn't ever there! no trade took place. I'm confused.

[FTWbitcoinFTW]

I swear to make the same chair before this summer with all the wannabear in this thread