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

[adamstgBit]

this drop is pretty deep...

we must buy.

[Torque]

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

Big news. Definitely explains the drop.

No, it doesn't

Your right. It totally doesnt explain the lack of buyers AT ALL. Because all of these guys with the money to move the market had no idea this was coming.

[hyphymikey]

You can tell this is mainly one person selling because he keeps moving his wall down during the big dumps.

This is just what we needed, for all the people on Google and Yahoo to see bitcoin crashing on the first days of it being on their websites.

Thanks you dick!

[jl2012]

The auction of Silk Road coins will be the black swan event that ignites the next rocket to new ATH

[anujjain]

Market just touched below the 575 marks, what is going on, are we enetered in the bearish mode.

[bananaControl]

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

Big news. Definitely explains the drop.

No, it doesn't

Exactly. It doesn't. Why would anyone sell because the USMS is auctioning the seized coins? Surely someone who goes through all that trouble acquiring such an amount of coins will not dump them on the market.

The lower the market price, the lower the buyer can get the coins for

This. They'll push the price down for the next two weeks. Hold on tight to your hats guys.

[derpinheimer]

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

Big news. Definitely explains the drop.

No, it doesn't

Your right. It totally doesnt explain the lack of buyers AT ALL. Because all of these guys with the money to move the market had no idea this was coming.

Totally serious. Care to explain?

[spooderman]

LOL this is just perfect. Front run the Gov again, make em get fuck all for their stolen coins. Except, instead of banks front running them before rounds of QE, it's US getting lots of cheap coins

Bitcoin I love you more than ever.

[podyx]

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

Big news. Definitely explains the drop.

No, it doesn't

Your right. It totally doesnt explain the lack of buyers AT ALL. Because all of these guys with the money to move the market had no idea this was coming.

Billionaires are getting a chance to buy a large portion of a mindblowing technology for a great price. You seriously think people will sell their fucking coins just so some rich fuck, that they don't even know, can get em even more cheaper??

[rohnearner]

Bitstamp is on lowerside compared to Btc-e a sight that we don't see often. most of the times bitstamp is 10-20$ higher compared to btc-e .!
Bitstamp @ 578
Btc-e @ 588

[derpinheimer]

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

Big news. Definitely explains the drop.

No, it doesn't

Your right. It totally doesnt explain the lack of buyers AT ALL. Because all of these guys with the money to move the market had no idea this was coming.

Billionaires are getting a chance to buy a large portion of a mindblowing technology. You seriously think people will sell their fucking coins just so some rich fuck, that they don't even know, can get em a bit cheaper??

What does that have to do with what I said? Lack of buyers is not the same thing as abundance of sellers.

[molecular]

whats happening   why are my riches vanishing, NOOoooooooooooooooooooooooooooooooooo! SELL EVERYTHING NOW

no more beers?

[hmmmstrange]

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

OK, lets get the price down as low as possible so Adam can buy one of the lots. 3000 coins would fund the beer giveaways for years to come.

[beetcoin]

FYI guys, the coins will be auctioned off in 10 blocks of about 3,000 coins each... that means, at today's prices, it would be $1.8 million per block... but they'll probably get a discount, so let's say 1.5 million.

i don't think there are many investors willing to pay that kind of money. could it be something set up for wallstreeters with big backings to enter the game at a relatively low price?

[oda.krell]

Are you still looking for "fundamental reasons" for any minor (or sort of minor) price swing?

If so, how come I (and many others, I'm sure) where able to sketch out this drop about 2 weeks ago, looking at the charts alone? All of us just got lucky? Every damn time this happens?

Peace, each one with his religion... 

Maybe your TA has been right; I have not kept track who posted what, among lots of TA pointing to every possible price move in every time frame...

I think we do have at least one candidate "fundamental" for the current fall, the Caixin article of June 12 (China time).  There may be others, in China or in the "West".  Just because we do not know any external cause for a price move, it does not mean that there was no external cause, much less that the move was driven by price history alone.

But in fact we do know, with great confidence, the external causes for most of the major price moves that happened since early 2013, at least.  That should justify looking for the causes of this last rally, no?

I'd say that's the difference between "trigger" and "reason", and what you list are all triggers at best. But you're right, I have no way of proving my way of explaining the market is the correct one. I wouldn't quite call it religion, but I'm okay with "bunk science"

I will however repeat my point: how come, in the absence of knowing the "news du jour" ahead of time, so many of the more experienced traders in here said that we would almost certainly see a major move down after reaching a local peak near 700? Not claiming they would predict the exact price at which that would happen, but the blueprint was repeated often enough.

[podyx]

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

Big news. Definitely explains the drop.

No, it doesn't

Your right. It totally doesnt explain the lack of buyers AT ALL. Because all of these guys with the money to move the market had no idea this was coming.

Billionaires are getting a chance to buy a large portion of a mindblowing technology. You seriously think people will sell their fucking coins just so some rich fuck, that they don't even know, can get em a bit cheaper??

What does that have to do with what I said? Lack of buyers is not the same thing as abundance of sellers.

You're saying rich people aren't buying because they know they will get a shot at the SR coins??
Don't you realize this is bullish??

[Torque]

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

Big news. Definitely explains the drop.

No, it doesn't

Your right. It totally doesnt explain the lack of buyers AT ALL. Because all of these guys with the money to move the market had no idea this was coming.

Totally serious. Care to explain?

So you're quite serious to think that (insider) trading whales couldn't possibly have (insider) advanced knowledge that the Silk Road coins were to hit an FBI auction the end of this month?  That there's no way that they might have been tipped off days ago that the news article was going to hit the web on Forbes?

[nrd525]

So bid for all of them.  If the market price goes down more than 7 dollars, forfeit the deposit and don't pay for them.  I could see this taking a while...

[molecular]

The auction of Silk Road coins will be the black swan event that ignites the next rocket to new ATH

Exactly, like the Silk Road bust ignited the last one.

[bananaControl]

The auction of Silk Road coins will be the black swan event that ignites the next rocket to new ATH

Exactly, like the Silk Road bust ignited the last one.

Surely not until AFTER they've been sold.