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

[chromosoma]

Yes, maybe that is the purpose of this bot, to measure market response e.g. how much the programmed curve differs from the reality=> how strong is the market.

It is like  a therapist moving  your hand, to see how your muscles react

[fonzie]

That's actually the rounded top, one of the most bearish patterns

FTFY 

[Adrian-x]

we know its you (and possibly another 7 billion skeptics)

Not really.

The skeptics and their governments may ban bitcoin from commerce and finance, but that is not what I meant.  The skeptics may define the environment, but it is the miners who will ultimately decide how bitcoin will evolve.  Not Satoshi, not the Shrem Karpeles & Friends Foundation, not the speculators, not the hoarders.

[fud]
So, what will Greed whisper to the miners' ears?
[/fud]

The users play a bigger role than you give credit, miner's will mine the coin with the most value and the value comes from liquidity and market depth created by the users. If miners who hold little influence on developers hijack Bitcoin it will fork for the greater benifit of it's users.

[fonzie]

If someone ever wondered why that volume on Huobi is that high, just watch BTC-E.  1m chart
I suspect that ~ 70-80% of that volume is from that one bot buyin and sellin to himself.

[JorgeStolfi]

[fud]
So, what will Greed whisper to the miners' ears?
[/fud]

The users play a bigger role than you give credit, miner's will mine the coin with the most value and the value comes from liquidity and market depth created by the users. If miners who hold little influence on developers hijack Bitcoin it will fork for the greater benifit of it's users.

Not quite. Miners will do whatever gives more benefit to themselves.  Is the 21 million BTC cap good for them?

[ChartBuddy]

Explanation

[KFR]

[fud]
So, what will Greed whisper to the miners' ears?
[/fud]

The users play a bigger role than you give credit, miner's will mine the coin with the most value and the value comes from liquidity and market depth created by the users. If miners who hold little influence on developers hijack Bitcoin it will fork for the greater benifit of it's users.

Not quite. Miners will do whatever gives more benefit to themselves.  Is the 21 million BTC cap good for them?

Any miners that don't like it can mine blocks for a different chain.  Nobody will follow them - I thought we covered this yesterday.

[aminorex]

Not quite. Miners will do whatever gives more benefit to themselves.  Is the 21 million BTC cap good for them?

Yes, it is.  Without it, their BTC would become worthless.

I'm quite sure that BTC will be destroyed by miners one day, not because it is in their interest, but because people do things which are against their own interests.  But that will not happen before we can switch to a more distributed protocol with higher immunity.

[billyjoeallen]

Looking at the volume, it appears to be one of the tremors before the big quake. The recovery to $445 is on no volume at all. I pulled one of my re-buy orders until I find out what the hell is going on. How can there be that many limit buy orders with no market-order buying?

There appears to be much expectation for a major liquidity event in the downward direction. There is a minute chance that this is a head-fake by whales, but I seriously doubt it.
If you can't spot the sucker at the poker table, then you are the sucker. I'm folding my hand to conserve chips.

[Adrian-x]

i told my landlord about bitcoin as an investment because i believed it was a good investment. she invested 12.5 k € in may 2013 and sold above 1000 beginning of december, profiting € 100 k .  boy, i feel so guilty.

Good for her... but what about the guy who bought from her at above 1000 in December?  He too was told it was a good investment, but lost more than 55,000 € at this point...

Jorge a good example of greed being consumed. If the guy bought Bitcoin because he believed it has value why would he sell at a loss. If he himself was fearful and greed motivated him to buy with little understand of Bitcoin, he is a not functioning effectively (part of the problem we have in society today) in effect Bitcoin took greed and created more abundance. i.e. his greed was destroyed and he made more Bitcoin available at his expense, but if he was able to control his greed and save an understanding in why Bitcoin has value helps, he will convert his greed into scarcely - delayed gratification, a discipline lacking today.

Of those who thought 1000 Bitcoin for $5 in 2010 had value, I see parallels like 600whatt's landlord and I'm satisfied 97.3% have sold almost all realizing under 900% profit on capital risked.

[oldm8]

If someone ever wondered why that volume on Huobi is that high, just watch BTC-E.  1m chart
I suspect that ~ 70-80% of that volume is from that one bot buyin and sellin to himself.


Well I did wonder how bitstamp managed to return 6000 btc volume when the exchange was shut for most of yesterday. Bots and a few traders already logged in. Your suspicion is probably right.

[igorr]

Bitcoin can not jump without MtGox.

[JorgeStolfi]

Is the 21 million BTC cap good for them?

Any miners that don't like it can mine blocks for a different chain.  Nobody will follow them - I thought we covered this yesterday.

No, you assumed that some "bad" miners would try do that in order to destroy bitcoin or whatever, and claimed that the "good" miners would not let them do that.  I am asking about your "good" miners.  is the 21 M BTC limit good for them?

[adamstgBit]

Is the 21 million BTC cap good for them?

Any miners that don't like it can mine blocks for a different chain.  Nobody will follow them - I thought we covered this yesterday.

No, you assumed that some "bad" miners would try do that in order to destroy bitcoin or whatever, and claimed that the "good" miners would not let them do that.  I am asking about your "good" miners.  is the 21 M BTC limit good for them?

keeping the core rules intact is good for them.

[Adrian-x]

[fud]
So, what will Greed whisper to the miners' ears?
[/fud]

The users play a bigger role than you give credit, miner's will mine the coin with the most value and the value comes from liquidity and market depth created by the users. If miners who hold little influence on developers hijack Bitcoin it will fork for the greater benifit of it's users.

Not quite. Miners will do whatever gives more benefit to themselves.  Is the 21 million BTC cap good for them?

I'm betting they will do what is best for themselves I'm depending on it, there are a lot of sheep miners. I'm one, I support one of the biggest pools but I'll drop them in a second if it threatened my savings.

[Spaceman_Spiff]

Is the 21 million BTC cap good for them?

Any miners that don't like it can mine blocks for a different chain.  Nobody will follow them - I thought we covered this yesterday.

No, you assumed that some "bad" miners would try do that in order to destroy bitcoin or whatever, and claimed that the "good" miners would not let them do that.  I am asking about your "good" miners.  is the 21 M BTC limit good for them?

My guess is they want to mine something with value ...

[KFR]

Is the 21 million BTC cap good for them?

Any miners that don't like it can mine blocks for a different chain.  Nobody will follow them - I thought we covered this yesterday.

No, you assumed that some "bad" miners would try do that in order to destroy bitcoin or whatever, and claimed that the "good" miners would not let them do that.  I am asking about your "good" miners.  is the 21 M BTC limit good for them?

Yes.  Yes it is. 

[freebit13]

Is the 21 million BTC cap good for them?

Any miners that don't like it can mine blocks for a different chain.  Nobody will follow them - I thought we covered this yesterday.

No, you assumed that some "bad" miners would try do that in order to destroy bitcoin or whatever, and claimed that the "good" miners would not let them do that.  I am asking about your "good" miners.  is the 21 M BTC limit good for them?

Isn't that exactly what makes the currency deflationary?

[adamstgBit]

well that settles that

[KFR]

Only until he brings it up again in a few weeks.