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

[F-bernanke]

fairly decent dump on stamp

[YipYip]

The guy who dumped 2.3k coins

somebody cleaning out the margined longs me thinks for that particular action

There are a couple of actors

500plus.com
bitfinex

I am sure there are more...

All fair in an unregulated market 

[ChartBuddy]

Explanation

[Wary]

what the hell are bits worth anyways? 1 000 satoshi or something? can someone give me a conversion confirmation here? my google-fu is not so great when I'm dring.

Satoshi is cent. Bit is dollar. That is 100 satoshi.

[greenlion]

Here's a tip for those people who keep dumping around 600. If you don't dump the price will go up and your coins will be worth more. Crazy rocket science, i know.

That's a prisoner's dilemma type situation though that could never happen in practice, because one bad actor dumps and takes advantage of the other people holding.

[rpietila]

Here's a tip for those people who keep dumping around 600. If you don't dump the price will go up and your coins will be worth more. Crazy rocket science, i know.

That's a prisoner's dilemma type situation though that could never happen in practice, because one bad actor dumps and takes advantage of the other people holding.

Anyone who dumps here without buying back in short order is as stupid as I was in 9/2013 selling 2,000+ btc, my biggest (and by and large the only) really stupid trade.

[shmadz]

what the hell are bits worth anyways? 1 000 satoshi or something? can someone give me a conversion confirmation here? my google-fu is not so great when I'm dring.

Satoshi is cent. Bit is dollar. That is 100 satoshi.

so in other words,

buying a couple pizzas with 10,000 bits might seem like a good idea today......

[jl2012]

Here's a tip for those people who keep dumping around 600. If you don't dump the price will go up and your coins will be worth more. Crazy rocket science, i know.

That's a prisoner's dilemma type situation though that could never happen in practice, because one bad actor dumps and takes advantage of the other people holding.

Anyone who dumps here without buying back in short order is as stupid as I was in 9/2013 selling 2,000+ btc, my biggest (and by and large the only) really stupid trade.

That's not bad if you could learn from your mistake and 2000BTC was only a small portion of your profile.

[keithers]

We still seem to be stuck right around the $585 levels...that was a brief taste of the $590s, but I think we are still going to bounce back and forth right around $585 for probably the remainder of the night...

[ChartBuddy]

Explanation

[mikeh2]

what the hell are bits worth anyways? 1 000 satoshi or something? can someone give me a conversion confirmation here? my google-fu is not so great when I'm dring.

Satoshi is cent. Bit is dollar. That is 100 satoshi.

which I believe is designed so we are left with 2 decimal places to be more compatible with accounting software etc..  makes sense

.00000101
= 1.01 bits.

when we reach a million dollars per bitcoin, 1 bit will equal 1 dollar  perfect!

[rpietila]

Here's a tip for those people who keep dumping around 600. If you don't dump the price will go up and your coins will be worth more. Crazy rocket science, i know.

That's a prisoner's dilemma type situation though that could never happen in practice, because one bad actor dumps and takes advantage of the other people holding.

Anyone who dumps here without buying back in short order is as stupid as I was in 9/2013 selling 2,000+ btc, my biggest (and by and large the only) really stupid trade.

That's not bad if you could learn from your mistake and 2000BTC was only a small portion of your profile.

Yes, both.

But at this point anyone should just hold on to their coins, since the risk/reward going forward 3 months is just so unbelievably good. I can't think of any reason to reduce the exposure right now. Even selling at 400 had some merit for some, but selling now does not.

(Trading aside - you can try trading an uptrend, I don't, but if you are good go for it. Ask the ones who sold at 547 a few days ago what was their buyback  )

[ShroomsKit]

Here's a tip for those people who keep dumping around 600. If you don't dump the price will go up and your coins will be worth more. Crazy rocket science, i know.

That's a prisoner's dilemma type situation though that could never happen in practice, because one bad actor dumps and takes advantage of the other people holding.

Anyone who dumps here without buying back in short order is as stupid as I was in 9/2013 selling 2,000+ btc, my biggest (and by and large the only) really stupid trade.

That's not bad if you could learn from your mistake and 2000BTC was only a small portion of your profile.

Yes, both.

But at this point anyone should just hold on to their coins, since the risk/reward going forward 3 months is just so unbelievably good. I can't think of any reason to reduce the exposure right now. Even selling at 400 had some merit for some, but selling now does not.

(Trading aside - you can try trading an uptrend, I don't, but if you are good go for it. Ask the ones who sold at 547 a few days ago what was their buyback  )

Only a complete fool would sell now. And a lot if Bitcoin traders are just that.

[freebit13]

Here's a tip for those people who keep dumping around 600. If you don't dump the price will go up and your coins will be worth more. Crazy rocket science, i know.

oh really?

I'm going in Tera mode for now.
Too much resistance. Bid wall removed. Dump incoming. Back to 550  

Yes too much resistance. Can I ask where are you trading?

I don't. I suck at it.

and yet you love to give advice.  

like now?

Am i wrong?

I don't know. you were calling for a dump back to 550 and now you're saying that dumping at 600 is stupid.

I respect that you can change your mind whenever you like, but just don't try to pretend like you know what you're talking about.

(*edit*- sorry shroomsy, that was a bit aggressive. I don't mean to be mean, I'm just mad that I didn't get more fiat in when it was cheap. just like always.)

I think there's been a bit of a misunderstanding here... shroomskit wasn't dumping coins (he doesn't trade apparently) he was calling an incoming dump after the rise. More of a prediction than anything.

I must agree: do people not understand that selling below market price just devalues the rest of their stash?

[blatchcorn]

Interesting discussion as I really should sell some bitcoin right now as my only source of income is the consulting work I do for which I get paid in bitcoin.

Should I hold-off selling even if I really could do with more fiat?  

[ShroomsKit]

Interesting discussion as I really should sell some bitcoin right now as my only source of income is the consulting work I do for which I get paid in bitcoin.

Should I hold-off selling even if I really could do with more fiat?  

There is a difference between making stupid trading decisions and selling because it's your income. You have to eat right.

[Cassius]

Interesting discussion as I really should sell some bitcoin right now as my only source of income is the consulting work I do for which I get paid in bitcoin.

Should I hold-off selling even if I really could do with more fiat?  

I'm in the same boat getting paid some btc for copywriting. When we were in a downtrend it made sense to save a little and send the rest straight through to Stamp to cash out.
Now, it grates to sell in an uptrend. I guess it's simple: hold on for as long as possible, sell what you need to and save the appreciating difference. That's my plan, anyway.

[freebit13]

Interesting discussion as I really should sell some bitcoin right now as my only source of income is the consulting work I do for which I get paid in bitcoin.

Should I hold-off selling even if I really could do with more fiat?  

There is a difference between making stupid trading decisions and selling because it's your income. You have to eat right.

I agree again, and there's also a difference between selling and dumping.

[keithers]

Interesting discussion as I really should sell some bitcoin right now as my only source of income is the consulting work I do for which I get paid in bitcoin.

Should I hold-off selling even if I really could do with more fiat?  

There is a difference between making stupid trading decisions and selling because it's your income. You have to eat right.

Yeah if you need the money for the necessities, there's no harm in selling. Depending on when you were last paid, You probably already have some built in profits

[gizmoh]

Its shroomy's fault folks are dumping, he is a contrarian indicator