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

[Parazyd]

https://twitter.com/jeff_smith01/status/476652314221367297

This is nice. Let's hope they do something fast

[raid_n]

I thought that the problem with the 51% is the allowing transaction confirmations rather than whether your pool receives a block award... but it has to do with being able to transact with money that you do NOT have to then steal and then to undermine confidence in the network b/c you control the approvals of the transactions.

The problem with an entity having more than 50% of the hashing power is that it basically can decide the winning chain.
Below 50% it can't go off and do its own thing as it needs others to contribute. With more than 50% it will always eventually make a chain that is longer than a competing one

[JorgeStolfi]

Regarding silk road coins, if you had around $1.809.000 and bough BTC for it, would you sell them straight away? I don't think so. Anyone buying those coins will be longterm holders.

I have this notion (please correct me) that government auctions of other kinds of property, such as cars and houses, generally are closed well below the respective market prices.

It seems that the people who bid at government auctions usually include "professionals" who buy only to resell.  Those people place bids significantly below market price; if there are no higher bidders, they have made their day; otherwise they just retrieve their deposit and move on to the next auction.  People who are not "professionals" tend to be scared away by the bureaucratic requirements and the large deposit.

Since there will be some delay between sending the payment and receiving the coins, the bidders will also have to factor into their bids the likelihood of the market price falling in that interval and then taking months to recover. 

In summary, it is by no means assured that the auction will close above market. I rather expect the opposite.

[YipYip]

Quiet Please ....600 passing ...choo choo

[BTCfan1]

600 passing ...choo choo

[mooncake]

The trend for the past 9 hours is quite unusual. Usually, we see either of 3 scenarios: (1) Sharp spike (represented by long green candles) (2) Sharp drop (represented by long red candles) or (3) Sideways (Represented by short candles). For the past few hours, we saw short green candles. It is as though someone (or some bots) are snapping up BTC gradually and systematically.

[ChartBuddy]

Explanation

[Searing]

600 passing ...choo choo

LMAO

The bitcoin info network was just 'digesting' the snack the Fed's offered in seized coin

(heh not sure how to tell but i'd bet China took more then 1 piece of the pizza (damn it!)

Searing

[Parazyd]

You're all spreading FUD.

Now you're gonna say that Bitstamp is gonna die like MtGox

[TERA]

So this was the silk road event october 2013:




And this the current event unfolding:


Striking similarities.

Who is painting these charts? Is it really "us"?

The shape is similar but the magnitude, volume, and position within the trend are not. The silk road crash was an unnatural even that occured as a bullish penant was in progress of breaking out to the upside.  Today's dip happened as a natural overdue market correction was occuring and we are not in a well established bull trend.

[TERA]

The shape is similar but the magnitude, volume, and position within the trend are not.

I think it is almost exactly the same position in the trend. It's only up from here.

It's not the same position because we were in the progress of doing the initial breakdown correction rather than break upwards. The weekly MACD wasn't even green, whereas in 2013 the weekly MACD had already been green for two candles. Also, we have yet to even test the major resistance at $850. Yes, there are two resistances in 2014 vs one in 2013.

[falllling]

some are happy when their bitcoins drop from $630 and dead cat bounce to $60x

[falllling]

some will be happy too when bitcoin finally drop to $0.1 then dead cat bounce back to like say, $0.5

it's not that bad, isn't it 

[podyx]

some will be happy too when bitcoin finally drop to $0.1 then dead cat bounce back to like say, $0.5

it's not that bad, isn't it  

LOL

[deadley]

600 passing ...choo choo

It's a big relief for BTC holder.

[TERA]

Look back in the chart and you'll be suprised how many bounces you can find that are shaped just like a 'silk road recovery', but they are not a 'silk road recovery' because they do not have the same volume, are not in the same magnitude, or are not occuring as a month long bullish pennant consolidation is breaking upwards within a 1W uptrend.

[ChartBuddy]

Explanation

[Miz4r]

The shape is similar but the magnitude, volume, and position within the trend are not.

I think it is almost exactly the same position in the trend. It's only up from here.

It's not the same position because we were in the progress of doing the initial breakdown correction rather than break upwards. The weekly MACD wasn't even green, whereas in 2013 the weekly MACD had already been green for two candles. Also, we have yet to even test the major resistance at $850. Yes, there are two resistances in 2014 vs one in 2013.

Well you can't expect a perfect similarity of course, but the similarities are there and the effect could well be the same as in that this event could kickstart a bigger rally next. A correction was overdue but the market was procrastinating like a bored teenager, and now the FBI gave the market the kick in the butt it needed to get the correction going so it can finally move on. The trend was up and I don't think this is going to stop the 1w MACD from crossing upwards, it will imo most likely accelerate the process the market was going to go through anyways just like the SR crash did.

[NewLiberty]

Current Pool distribution:
https://blockchain.info/pools?timespan=24hrs

Eligius under attack from someone with hash power to waste.
https://bitcointalk.org/?topic=441465.msg7282674#msg7282674

[sidhujag]

So this was the silk road event october 2013:




And this the current event unfolding:


Striking similarities.

Who is painting these charts? Is it really "us"?

I dont see any similarities considering the personality of bitcoin .. Pull up eurusd and gbpjpy to see 2008 charts and how they relate to other pairs and crashes all very similar.