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

[gentlemand]

They've dug some wells in far off lands and provided some surreal sporting moments. I think their market cap is well deserved. And it all ultimately feeds back to BTC. I'll guess that most are using alts to increase their BTC holdings.

sure, that's cool.

as long as you're aware that the supply will continue to increase, like, forever?

just try to imagine infinity, it's actually harder than it seems.

*edit* - assuming we're still talking about doge, that is.

I ain't saying it has a great deal of merit as an actual financial proposition. Their community has been a welcome and valuable change to the standard crypto vibe though.

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[ChartBuddy]

Explanation

[calmindifference]

http://willyreport.wordpress.com/

So basically, each time, (1) an account was created, (2) the account spent some very exact amount of USD to market-buy coins ($2,500,000 was most common), (3) a new account was created very shortly after. Repeat. In total, a staggering ~$112 million was spent to buy close to 270,000 BTC – the bulk of which was bought in November. So if you were wondering how Bitcoin suddenly appreciated in value by a factor of 10 within the span of one month, well, this is why. Not Chinese investors, not the Silkroad bust – these events may have contributed, but they certainly were not the main reason. But more on that later.

lol

If you bought BTC at > 130 USD then you were swindled.

[shields]

They've dug some wells in far off lands and provided some surreal sporting moments. I think their market cap is well deserved. And it all ultimately feeds back to BTC. I'll guess that most are using alts to increase their BTC holdings.

sure, that's cool.

as long as you're aware that the supply will continue to increase, like, forever?

just try to imagine infinity, it's actually harder than it seems.

*edit* - assuming we're still talking about doge, that is.

You should keep in mind that the supply of both BTC and DOGE will continue forever within your lifetime.

[JorgeStolfi]

http://willyreport.wordpress.com/

So basically, each time, (1) an account was created, (2) the account spent some very exact amount of USD to market-buy coins ($2,500,000 was most common), (3) a new account was created very shortly after. Repeat. In total, a staggering ~$112 million was spent to buy close to 270,000 BTC – the bulk of which was bought in November. So if you were wondering how Bitcoin suddenly appreciated in value by a factor of 10 within the span of one month, well, this is why. Not Chinese investors, not the Silkroad bust – these events may have contributed, but they certainly were not the main reason. But more on that later.

lol

Amazing... 

[fonzie]

http://willyreport.wordpress.com/

So basically, each time, (1) an account was created, (2) the account spent some very exact amount of USD to market-buy coins ($2,500,000 was most common), (3) a new account was created very shortly after. Repeat. In total, a staggering ~$112 million was spent to buy close to 270,000 BTC – the bulk of which was bought in November. So if you were wondering how Bitcoin suddenly appreciated in value by a factor of 10 within the span of one month, well, this is why. Not Chinese investors, not the Silkroad bust – these events may have contributed, but they certainly were not the main reason. But more on that later.

lol

Amazing...  

Bitcoin price massive artificially pumped? Who would have thought that!  
See you @ 150$

 

I´m 100% sure similar things have not happened in other (Chinese) exchanges!

[JorgeStolfi]

Re the Willy report:  Is this the moment in the animated cartoon when the guy is about to realize that he has stepped off the cliff and has been standing on thin air for a while?   

[JorgeStolfi]

I´m 100% sure similar things have not happened in other (Chinese) exchanges!

I think it is fairly certain that the owners were trading at their own exchanges,  against their clients.  Why would they not do it?

[fonzie]

I´m 100% sure similar things have not happened in other (Chinese) exchanges!

I think it is fairly certain that the owners were trading at their own exchanges,  against their clients.  Why would they not do it?

This also. But i assume that they have used Yuan made out of thin air to do this.
One could wonder where all that fresh money all of a sudden comes into these chinese exchanges, when almost all of the deposits have been blocked.

[RUEHL]

It's not too late, in June the days of purchasing sub 600 will be all but a pipe dream.

http://www.cryptocoinsnews.com/news/bitcoin-set-overtake-paypal-2014/2014/05/25

[ChrisML]

I am guessing it's this Fonzie butthurted crying I missed the choo choo fellow again, whom is posting shit again.

Ah man, hows your mothers basement doing? You allowed to get out yet?

Oh wait, cant see no messages. Cause Ignored and stuff.  

[Walsoraj]

Re the Willy report:  Is this the moment in the animated cartoon when the guy is about to realize that he has stepped off the cliff and has been standing on thin air for a while?   

Nothing will change. The bitcoin community is a cult that has repeatedly proven capable of shrugging off the lack of any reasonable foundation to their beliefs.

[wachtwoord]

Re the Willy report:  Is this the moment in the animated cartoon when the guy is about to realize that he has stepped off the cliff and has been standing on thin air for a while?   

yes but this is Bitcoin, so it might be that the lie bootstrapped us to a higher price. I'm not sure though. I'm also not sure whether the report is factual (I just read it completely and it seemed coherent).

[Hunyadi]

Re the Willy report:  Is this the moment in the animated cartoon when the guy is about to realize that he has stepped off the cliff and has been standing on thin air for a while?   

Oh shit! BTC has no value! Manipulation in MtGox! Total surprise! 

[shmadz]

Re the Willy report:  Is this the moment in the animated cartoon when the guy is about to realize that he has stepped off the cliff and has been standing on thin air for a while?   

Nothing will change. The bitcoin community is a cult that has repeatedly proven capable of shrugging off the lack of any reasonable foundation to their beliefs.

precisely,

the cult of curiosity about what could be possible if we were to allow the public to have a say in how their money is governed. It's palpable.

even if only a "significant minority" (say one in ten, or one in five) were to even question the issue of traditional money creation, then I would consider that we are at least trending towards truth discovery.

[dreamspark]

http://willyreport.wordpress.com/

So basically, each time, (1) an account was created, (2) the account spent some very exact amount of USD to market-buy coins ($2,500,000 was most common), (3) a new account was created very shortly after. Repeat. In total, a staggering ~$112 million was spent to buy close to 270,000 BTC – the bulk of which was bought in November. So if you were wondering how Bitcoin suddenly appreciated in value by a factor of 10 within the span of one month, well, this is why. Not Chinese investors, not the Silkroad bust – these events may have contributed, but they certainly were not the main reason. But more on that later.

lol

Not my words just a copy paste but...

"Just a quick note... I've built quite a few systems, and at times I build the administrating function into the customer function.
It's hard to explain and hard to give an example... but imagine I build an exchange and incur fees in bitcoin, say 1%. The way I'd run my company finances is to build an admin account and with every bitcoin transaction, 1% goes to that account. This account is then set up on the exchange to sell at batch periods a certain amount of the bitcoin that I want to have in dollars to pay for company expenses.
Instead of taking my bitcoin to bitstamp and selling it there, or putting my bitcoin in a 'IkmoIkmo' account and selling it through there (of which 1% would recurringly go back to the account), I'd build it into the system using a customer account with some high ID and privileges like having 0 fees.
Now I'm not saying there's no inside job or that it isn't fishy. What I am saying is that I've been programming for a decade and I can easily see how a solo-engineer iterating on a flawed trading engine would use crappy and fishy accounts like these to do things that are otherwise completely normal and legal like having a company account sell bitcoin fees, or batching transactions of actual user-activity under one account-ID, or working with other exchanges to share liquidity and e.g. letting BTC-E sell coin to the Mt.Gox orderbook under a certain id for 0 fees, in exchange for the same service at BTC-E, thereby sharing the load and creating a redundant system (which is nice), etc etc.
In other words, it's weird, it's fishy, it's Mt. Gox, but it's not proof of some kind of fraudulent trading in and of itself. It can mean a whole lot of things and I'm happy to see more information come out."

[ChartBuddy]

Explanation

[gentlemand]

Re the Willy report:  Is this the moment in the animated cartoon when the guy is about to realize that he has stepped off the cliff and has been standing on thin air for a while?  

Nothing will change. The bitcoin community is a cult that has repeatedly proven capable of shrugging off the lack of any reasonable foundation to their beliefs.

Er, after months and months and countless posts I finally get it. Why don't you take a lovely holiday and see what a beautiful world it is out there?

[Walsoraj]

http://willyreport.wordpress.com/

So basically, each time, (1) an account was created, (2) the account spent some very exact amount of USD to market-buy coins ($2,500,000 was most common), (3) a new account was created very shortly after. Repeat. In total, a staggering ~$112 million was spent to buy close to 270,000 BTC – the bulk of which was bought in November. So if you were wondering how Bitcoin suddenly appreciated in value by a factor of 10 within the span of one month, well, this is why. Not Chinese investors, not the Silkroad bust – these events may have contributed, but they certainly were not the main reason. But more on that later.

lol

Not my words just a copy paste but...

"Just a quick note... I've built quite a few systems, and at times I build the administrating function into the customer function.
It's hard to explain and hard to give an example... but imagine I build an exchange and incur fees in bitcoin, say 1%. The way I'd run my company finances is to build an admin account and with every bitcoin transaction, 1% goes to that account. This account is then set up on the exchange to sell at batch periods a certain amount of the bitcoin that I want to have in dollars to pay for company expenses.
Instead of taking my bitcoin to bitstamp and selling it there, or putting my bitcoin in a 'IkmoIkmo' account and selling it through there (of which 1% would recurringly go back to the account), I'd build it into the system using a customer account with some high ID and privileges like having 0 fees.
Now I'm not saying there's no inside job or that it isn't fishy. What I am saying is that I've been programming for a decade and I can easily see how a solo-engineer iterating on a flawed trading engine would use crappy and fishy accounts like these to do things that are otherwise completely normal and legal like having a company account sell bitcoin fees, or batching transactions of actual user-activity under one account-ID, or working with other exchanges to share liquidity and e.g. letting BTC-E sell coin to the Mt.Gox orderbook under a certain id for 0 fees, in exchange for the same service at BTC-E, thereby sharing the load and creating a redundant system (which is nice), etc etc.
In other words, it's weird, it's fishy, it's Mt. Gox, but it's not proof of some kind of fraudulent trading in and of itself. It can mean a whole lot of things and I'm happy to see more information come out."

Never go full bulltard.

[wachtwoord]

Thank you Mark karpales, for bootstrapping Bitcoin price to the middle 3-digit level it is today!