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

[dreamspark]

Did Bitstamp go to 620 in the past few hour? I'm having some Internet issues and can't see.

yeah

Seriously? W00t. Then my order passed. Hello 20 BTC
If you were kidding, then I have no comment. Pure evil

Depends what a few hours is, it hasn't passed $620 for 9 hours or around 3 am GMT.

[Parazyd]

Did Bitstamp go to 620 in the past few hour? I'm having some Internet issues and can't see.

yeah

Seriously? W00t. Then my order passed. Hello 20 BTC
If you were kidding, then I have no comment. Pure evil

Depends what a few hours is, it hasn't passed $620 for 9 hours or around 3 am GMT.

Ahh, nothing then. I had a closer time scale in mind.

[wachtwoord]

Did Bitstamp go to 620 in the past few hour? I'm having some Internet issues and can't see.

yeah

Seriously? W00t. Then my order passed. Hello 20 BTC
If you were kidding, then I have no comment. Pure evil

Depends what a few hours is, it hasn't passed $620 for 9 hours or around 3 am GMT.

Ahh, nothing then. I had a closer time scale in mind.

Oh sorry was that what you meant. I meant today it dropped significantly in price and went lower than 620 (615 at the valley). Maybe I should have been more verbose

[Parazyd]

Did Bitstamp go to 620 in the past few hour? I'm having some Internet issues and can't see.

yeah

Seriously? W00t. Then my order passed. Hello 20 BTC
If you were kidding, then I have no comment. Pure evil

Depends what a few hours is, it hasn't passed $620 for 9 hours or around 3 am GMT.

Ahh, nothing then. I had a closer time scale in mind.

Oh sorry was that what you meant. I meant today it dropped significantly in price and went lower than 620 (615 at the valley). Maybe I should have been more verbose

It's okay It will drop eventually.

[ChartBuddy]

Explanation

[fonzie]

It never be so slow. It always instant or very fast. This time it is too slow. 17 hours without payout.
Also no reply from their support.
Any thing wrong happened in bitstamp? I'm worried about next Gox.

Good luck arbitrageurs. Let´s hope that Bitfinex doesn´t crash below your Stamp entry point before the coins arrive 

[fonzie]

Also a possibility, additional to the the decoupling from Stamp, the big seller from Stamp keeps up the price on Finex with a few of his buy walls there to keep people motivated buyin into his asks on Stamp takin advantage from the arbitrage opportunity.
When bad news hit the fan or solid TA says so most of his buy walls will vanish.

[Cassius]

BBC Technology page on the Expedia story: http://www.bbc.co.uk/news/technology-27810008

What's interesting is
1) that the narrative has changed from uncertainty to a cautious assumption that Bitcoin will become a part of everyday life: "But, the digital currency took another step closer to the mainstream this week, with both Google and Yahoo adding its conversion price to its financial tools. More than 60,000 online retailers now accept bitcoins worldwide."

2) Even the great BBC don't really know what they're talking about and have to rely on others to tell them what to think. This line was obviously taken from a piece a good few months ago that no one bothered to check/update, presumably because they don't understand it and aren't keeping up with it: "There are currently about 11 million bitcoins in existence."

[MatTheCat]

Seriously? W00t. Then my order passed. Hello 20 BTC
If you were kidding, then I have no comment. Pure evil

w00t nothing. My order also triggered but I sold em back cos we are going further down.

If you want to get excited about getting 20 BTC at $620, when we are currently hovering around at $625 on a very thin order book with all the pressure coming from above then that is up to you.

[ChartBuddy]

Explanation

[aminorex]

By the way, I suppose that the prices off-market for "bulk" trades are not much different from the open market price.  If the off-market price was much lower, there would be people buying bitcoins in bulk off-market to sell them little by little on the open market.
Conversely, if the off-market price was much higher.   Is this correct?

Motivated buyers/sellers will pay a high premium for liquidity.  You can't buy 100k BTC from the market and expect a good outcome.  Anyone who is selling 100k BTC is probably NOT looking for a quick flip.  They are looking to establish a large long position without a lot of slippage.  Coins that do not float do not affect the price.  The relationship between the off-market price and the market depends on which party is motivated, and which party is opportunistic.  The impact on market price thereafter depends on whether the seller replenishes, or the buyer reduces.  Suppose that I want 50k BTC, but I am patient.  I find 100k of liquidity at a discount.  If I am capitalized, I will buy 100k and leak 50k into the market, as slowly as my cash flow requirements allow.  Similarly if I wish to reduce by 50k but I find 100k of liquidity at a premium, then I will sell 100k and gradually buy back 50k from the market, to exploit the differential.  Both of these overshoot scenarios are more likely than the arbitrage scenario, because in the arbitrage scenario, the originator of the liquidity would be better served by using the market, patiently, while the liquidity consumer is already known to be desiring a position -- no one is going to the expense of locating good off-market liquidity unless they want the position.  

TL;DR: Liquidity is valuable.  You have to search it out.  That cost is incurred because of a desired end.  It is not free.  (Infer:  The seeker will not act contrary to the implied goal.)

P.S. I used your terminology of "off-market"  which is, pedantically, incorrect terminology.  More colloquial and correct terms would be "off-exchange" or "OTC" in place of "off-market".

[Bronstad]

Seriously? W00t. Then my order passed. Hello 20 BTC
If you were kidding, then I have no comment. Pure evil

w00t nothing. My order also triggered but I sold em back cos we are going further down.

If you want to get excited about getting 20 BTC at $620, when we are currently hovering around at $625 on a very thin order book with all the pressure coming from above then that is up to you.

I'm sure he appreciates your permission for him to be happy.

[JorgeStolfi]

[ ... ]
TL;DR: Liquidity is valuable.  You have to search it out.  That cost is incurred because of a desired end.  It is not free.  (Infer:  The seeker will not act contrary to the implied goal.)

P.S. I used your terminology of "off-market"  which is, pedantically, incorrect terminology.  More colloquial and correct terms would be "off-exchange" or "OTC" in place of "off-market".

Thanks! 

Any guess for what could be the premium for, say 50 kBTC? Closer to ±5%, or to ±50%?

[Richy_T]

In this case, all 13,000,000 bitcoins have to decided to hold (or are lost), which was one of my choices

Holding just means that it's not at the price you want to sell it for (or exchange for equivalent value of goods and services) so yes.

[kodtycoon]

so is this bubble burst or is this normal or what?

[madmat]

so is this bubble burst or is this normal or what?

This is just flat. Bitcoin variations are usually bigger than this micro variation.

[ChartBuddy]

Explanation

[kehtolo]

so is this bubble burst or is this normal or what?

Bubble? are you serious??

[akujin]

LOL! Finally, finex = stamp 



It's not yet Friday the 13th... these chinese are so excited 

[Wandererfromthenorth]

1000+ BTC instadumped on Bitfinex