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

[JorgeStolfi]

Huobi's order book is insane.  Must be kids playing traders while their parents are away.  Or the traders are all drunk.

Yep never seen it quite like this. Any ideas on the cause?

Here is one: they are traders (possibly unexperienced) who bought at much higher price, say 4000¥.  They have been waiting patiently for the price to go up again to those levels.  But now that the the future of Chinese exchanges is uncertain they got desperate and are clumsily trying to push the price up with those fake bid walls.  But they cannot just leave the bids there, since they definitely do not want to buy.  So they must remove them whenever they have to leave the computer for any reason.

[podyx]

Huobi's order book is insane.  Must be kids playing traders while their parents are away.  Or the traders are all drunk.

Yep never seen it quite like this. Any ideas on the cause?

Here is one: they are traders (possibly unexperienced) who bought at much higher price, say 4000¥.  They have been waiting patiently for the price to go up again to those levels.  But now that the the future of Chinese exchanges is uncertain they got desperate and are clumsily trying to push the price up with those fake bid walls.  But they cannot just leave the bids there, since they definitely do not want to buy.  So they must remove them whenever they have to leave the computer for any reason.

Why would they not be able to send them to their wallet and sell some other time when price is better then?

[ChartBuddy]

Explanation

[p0peji]

Huobi's order book is insane.  Must be kids playing traders while their parents are away.  Or the traders are all drunk.

Yep never seen it quite like this. Any ideas on the cause?

Here is one: they are traders (possibly unexperienced) who bought at much higher price, say 4000¥.  They have been waiting patiently for the price to go up again to those levels.  But now that the the future of Chinese exchanges is uncertain they got desperate and are clumsily trying to push the price up with those fake bid walls.  But they cannot just leave the bids there, since they definitely do not want to buy.  So they must remove them whenever they have to leave the computer for any reason.

Why would they not be able to send them to their wallet and sell some other time when price is better then?

Sell them where? And that is IF the price will be better. 

[LMGTFY]

Here is one: they are traders (possibly unexperienced) who bought at much higher price, say 4000¥.  They have been waiting patiently for the price to go up again to those levels.  But now that the the future of Chinese exchanges is uncertain they got desperate and are clumsily trying to push the price up with those fake bid walls.  But they cannot just leave the bids there, since they definitely do not want to buy.  So they must remove them whenever they have to leave the computer for any reason.

Why would they not be able to send them to their wallet and sell some other time when price is better then?

Sell them where? And that is IF the price will be better. 

Any exchange outside the PRC? As I understand it, China's exchange controls are one-way.

[octaft]

It will be interesting when the consumer group comes into the picture. Circle is working on this area, I believe. I'm looking forward to the day they roll out their services.
If you notice, it seems btc now benefits merchants more than consumers. Merchants save on credit card fees but consumers cannot benefit unless merchants pass down the savings. When consumers benefit, that will be when the consumer group will come in.

The second part of your post pretty well encapsulates how I feel. I would not be betting my bitcoin hopes and dreams on the consumer, as bitcoin is a payment method that is extremely brutal on the consumer. It offers some merchant protection, but nobody gives a shit about protecting the merchant, because what is the merchant going to do? Stop selling their stuff/services and go out of business? Whereas the consumer can simply take their money elsewhere. Why do you think the merchants pay all the credit card processing fees? Nobody cares about the merchant.

[JorgeStolfi]

Here is one: they are traders (possibly unexperienced) who bought at much higher price, say 4000¥.  They have been waiting patiently for the price to go up again to those levels.  But now that the the future of Chinese exchanges is uncertain they got desperate and are clumsily trying to push the price up with those fake bid walls.  [ ... ]

Why would they not be able to send them to their wallet and sell some other time when price is better then?

If the Chinese exchanges are going to close, where would they sell them?  For most Chinese, the non-Chinese exchanges must be as viable as the Chinese ones are for Westerners.

[ChartBuddy]

Explanation

[igorr]

Here is one: they are traders (possibly unexperienced) who bought at much higher price, say 4000¥.  They have been waiting patiently for the price to go up again to those levels.  But now that the the future of Chinese exchanges is uncertain they got desperate and are clumsily trying to push the price up with those fake bid walls.  [ ... ]

Why would they not be able to send them to their wallet and sell some other time when price is better then?

If the Chinese exchanges are going to close, where would they sell them?  For most Chinese, the non-Chinese exchanges must be as viable as the Chinese ones are for Westerners.

Logic,
Chinese people will sell all on Bitstamp.

[Richy_T]

It sounds like the localbitcoin guys did everything right. Anyways, it is incredible, that people are still able to pull the "reboot my server please" attack in 2014..

Indeed. I think their hosting provider should be named and shamed.

[JorgeStolfi]

If the Chinese exchanges are going to close, where would they sell them?  For most Chinese, the non-Chinese exchanges must be as viable as the Chinese ones are for Westerners.

Logic,  Chinese people will sell all on Bitstamp.

Arbitragers and some other clients will do that.  But most Chinese clients would need to open a bank account in the West in order to withdraw dollars from Bitstamp, and then will have to convert those dollars to CNY so that they can spend them at home.  Since the price at Bitstamp is unlikely to go much higher than now in the near future, many will rather sell now at Huobi.

[BitAddict]

If the Chinese exchanges are going to close, where would they sell them?  For most Chinese, the non-Chinese exchanges must be as viable as the Chinese ones are for Westerners.

Logic,  Chinese people will sell all on Bitstamp.

Arbitragers and some other clients will do that.  But most Chinese clients would need to open a bank account in the West in order to withdraw dollars from Bitstamp, and then will have to convert those dollars to CNY so that they can spend them at home.  Since the price at Bitstamp is unlikely to go much higher than now in the near future, many will rather sell now at Huobi.

What about Btc-e?

They can sell them for CNH. Of course is not the same than CNY, but they can keep trading with their currency.

[igorr]

If the Chinese exchanges are going to close, where would they sell them?  For most Chinese, the non-Chinese exchanges must be as viable as the Chinese ones are for Westerners.

Logic,  Chinese people will sell all on Bitstamp.

Arbitragers and some other clients will do that.  But most Chinese clients would need to open a bank account in the West in order to withdraw dollars from Bitstamp, and then will have to convert those dollars to CNY so that they can spend them at home.  Since the price at Bitstamp is unlikely to go much higher than now in the near future, many will rather sell now at Huobi.

What about Btc-e?

They can sell them for CNH. Of course is not the same than CNY, but they can keep trading with their currency.

The problem is the next,

In Chinese banks, incoming funds from BTC-e, Bitstamp or any exchange will be baned.

[JorgeStolfi]

What about Btc-e?

They can sell them for CNH. Of course is not the same than CNY, but they can keep trading with their currency.

But can they withdraw the CNH from BTC-e to their mainland bank account?

[igorr]

What about Btc-e?

They can sell them for CNH. Of course is not the same than CNY, but they can keep trading with their currency.

But can they withdraw the CNH from BTC-e to their mainland bank account?

The secondary problem is,
form China will comes a lot new bitcoins to Bitstamp and BTC-e and it will crash the price.
Just check Huobi volumes !

[lemonte]

What about Btc-e?

They can sell them for CNH. Of course is not the same than CNY, but they can keep trading with their currency.

But can they withdraw the CNH from BTC-e to their mainland bank account?

The secondary problem is,
form China will comes a lot new bitcoins to Bitstamp and BTC-e and it will crash the price.
Just check fake Huobi volumes !

FTFY

If the Chinese exchanges are going to close, where would they sell them?  For most Chinese, the non-Chinese exchanges must be as viable as the Chinese ones are for Westerners.

Logic,  Chinese people will sell all on Bitstamp.

Arbitragers and some other clients will do that.  But most Chinese clients would need to open a bank account in the West in order to withdraw dollars from Bitstamp, and then will have to convert those dollars to CNY so that they can spend them at home.  Since the price at Bitstamp is unlikely to go much higher than now in the near future, many will rather sell now at Huobi.

What about Btc-e?

They can sell them for CNH. Of course is not the same than CNY, but they can keep trading with their currency.
[/quote]

The problem is the next,

In Chinese banks, incoming funds from BTC-e, Bitstamp or any exchange will be baned.
[/quote]

They are in most countries, look around at people receiving payments from exchanges and having their accounts banned. That is why I deal with Kraken, the payments come via SEPA from "Payward Ltd"

[uhoh]

What about Btc-e?

They can sell them for CNH. Of course is not the same than CNY, but they can keep trading with their currency.

But can they withdraw the CNH from BTC-e to their mainland bank account?

The secondary problem is,
form China will comes a lot new bitcoins to Bitstamp and BTC-e and it will crash the price.
Just check fake Huobi volumes !

FTFY

Would tend to agree with your change there. Even if the trade volumes are not fake, they're not representative: there are no trading fees. The same coins can be flipped back and forth.

[windjc]

Guys, we look prime for a big dump on Houbi. The buy pressure keeps dwindling and the down trend has been re established for over a week now.  His market will most likely drift until news comes out this week. But I think we test 2555 and lower VERY soon.

[LMGTFY]

Guys, we look prime for a big dump on Houbi. The buy pressure keeps dwindling and the down trend has been re established for over a week now.  His market will most likely drift until news comes out this week. But I think we test 2555 and lower VERY soon.

Odd time for a dump, slap-bang in the middle of a 3-5 day holiday. Do you think they'll hold off dumping until Tuesday, or are you thinking it's more imminent than that?

[kodtycoon]

just saw a guy speaking on an "add" sort of thing on RT about bitcoin!