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

[MatTheCat]

Yes, like I said, you're doing something very very wrong.

I'll say this only once: Buy the 15 BTC, withdraw them from the exchange, put them in a cold wallet and go do something else for a few years.

No, I will not.

I am 70% certain that Bitcoin will correct from here. A correction down to $550 wouldn't be out of ordinary given the chart conditions and since the long term Jan 2013 support line is currently at about $565, a breach of this line would raise serious doubts about the sustainability of the current Bitcoin price and primary uptrend which has been in force since Jan 2013. I know that the likes of Bitfinex can smash through these trendlines as though they didn't matter and then spring back up (or down) with all the leveraged traders having been swiftly deprived of their USD, but if Stamp goes through these supports, it could herald in a whole different ball game.

[JimboToronto]

I'll say this only once: Buy the 15 BTC, withdraw them from the exchange, put them in a cold wallet and go do something else for a few years.

You forgot to mention to quit trolling this forum.

[wachtwoord]

I'll say this only once: Buy the 15 BTC, withdraw them from the exchange, put them in a cold wallet and go do something else for a few years.

You forgot to mention to quit trolling this forum.

I added emphasis 

[ChartBuddy]

Explanation

[MoreFun]

So you traded 150 BTC and you don't own any. You're doing something really really wrong.

I could own 15 BTC right now. That is all I could have ever owned since weeks and actually less than that had I chose to hold in the upper $600s. That is the extent of the fiat whcih I am holding on the exchanges for now. But guess what? I don't want to own any Bitcoins right now. Bitcoins for me is zero sum game much like poker. I jumped onboard just in time to catch the last 40% of the bull-run, made a pile of money, and have since found that trading a corrective bear market is a whole lot trickier than an impulsive bull market. You are talking about the next bubble like it's a foregone conclusion whereas I am looking at a long term support that has been tested far too frequently of late that is currently hovering just $40 below spot.

Yes, like I said, you're doing something very very wrong.

I'll say this only once: Buy the 15 BTC, withdraw them from the exchange, put them in a cold wallet and go do something else for a few years.

Don't bother, we will listen to his ranting in a year or two when he could own 2 BTC with the same money.

[Kupsi]

1. can anyone confirm that the US Marshalls won't sell a batch of 29k BTC to a single bidder, but smaller batches to multiple bidders? I can't really tell from the auction listing.

There are 10 batches.

This auction is for 9 blocks of 3,000 bitcoins (“Series A Blocks”) and 1 block of 2,656.51306529 bitcoins (“Series B Block”).
Series   Bitcoins per Block      Blocks Available    Total Bitcoins Available in Series
A           3,000.00000000      9                           27,000.00000000
B           2,656.51306529      1                            2,656.51306529

Total  29,656.51306529


You must use the Bid Form that will be provided to eligible registered bidders only. Your bid must reflect the number of Series A Blocks (up to a maximum of 9 blocks) and Series B Blocks (up to a maximum of 1 block) that you wish to purchase. A bid on more than one block from the Series A Blocks means that the bidder will accept any number of blocks up to the number of blocks for which he/she/it bid (e.g. a bid to purchase 5 blocks of Series A means that bidder will accept 1, 2, 3, 4 or 5 Series A Blocks at the per block offer price).

The prevailing bids will be determined by the following criteria:
1. The eligible bidder who offers the highest price will be the prevailing bidder;
2. If there are multiple bids at the highest price, the first bid received will prevail; and
3. If fewer than all of the Series A blocks are sold to the highest bidder, the remaining blocks will be sold to the successive highest bidders until all blocks are sold.

[runam0k]

1. can anyone confirm that the US Marshalls won't sell a batch of 29k BTC to a single bidder, but smaller batches to multiple bidders? I can't really tell from the auction listing.

2. would the auction act like a primer of a panic rally?

1. They will sell to the highest bidder or bidders, period.

2. Tough to tell.  On the one hand, these are super clean, easy to acquire coins.  It's blind bidding from people long on Bitcoin, so I'd expect higher than market.  That said, we may never know exactly what was paid and by whom.  Either way, the sale further legitimises Bitcoin.  It's good press.

[rocks]

Yes, like I said, you're doing something very very wrong.

I'll say this only once: Buy the 15 BTC, withdraw them from the exchange, put them in a cold wallet and go do something else for a few years.

No, I will not.

I am 70% certain that Bitcoin will correct from here. A correction down to $550 wouldn't be out of ordinary given the chart conditions and since the long term Jan 2013 support line is currently at about $565, a breach of this line would raise serious doubts about the sustainability of the current Bitcoin price and primary uptrend which has been in force since Jan 2013. I know that the likes of Bitfinex can smash through these trendlines as though they didn't matter and then spring back up (or down) with all the leveraged traders having been swiftly deprived of their USD, but if Stamp goes through these supports, it could herald in a whole different ball game.

You sound similar to my thinking when I first got into bitcoin in 2012. The price had crashed to $2 in 2011 and then bounced back to $5ish. I wanted to buy about the dollar amount you are playing with but wanted to wait for $4 again so I could get 20% more coins. If just bought I would have several thousands of btc today.

The difference between $600 or $500 today is meaningless, just as the difference between $6 and $4 was in early 2012.

Bitcoin will either be adopted by many people or be abandoned. Invest an amount you are willing to lose and leave it at that.

[JimboToronto]

we may never know exactly what was paid and by whom. 

Surely they must divulge the final total received, if not the result of the individual auctions.

[ChartBuddy]

Explanation

[wachtwoord]

1. can anyone confirm that the US Marshalls won't sell a batch of 29k BTC to a single bidder, but smaller batches to multiple bidders? I can't really tell from the auction listing.

2. would the auction act like a primer of a panic rally?

1. They will sell to the highest bidder or bidders, period.

2. Tough to tell.  On the one hand, these are super clean, easy to acquire coins.  It's blind bidding from people long on Bitcoin, so I'd expect higher than market.  That said, we may never know exactly what was paid and by whom.  Either way, the sale further legitimises Bitcoin.  It's good press.

The blind bidding will result in a lower price. It's impossible to bid each other up. Ask people that work in auction houses

[aminorex]

So you traded 150 BTC and you don't own any. You're doing something really really wrong.

He's booking in fiat.  And yes, that is something really really wrong.

[roslinpl]

Explanation

this situation reminds me about:


well... Bitcoin price is "Rebels" and "Empire" will be those who are bearish... in this case.

What will make a price go over $700?

We need to support harded! Better! Stronger! and forever!

[aminorex]

love the new sig btw.

He trusts random strangers on the internet, who are operating an unregulated exchange.  WTF.  Crimea river, and call it de Nile.
I lost coins in the Gox insolvency.  You don't see me whinging about it.

[samsonn25]

Explanation

this situation reminds me about:


well... Bitcoin price is "Rebels" and "Empire" will be those who are bearish... in this case.

What will make a price go over $700?

We need to support harded! Better! Stronger! and forever!

You would have to spend millions and millions of dollars to buy the coins people are selling under $700 to make the price go above 700

[rjp55]

I need to find the message board with the traders who are doing the schooling, not being schooled

HODLING AS ALWAYS ANYWAY...

[ChartBuddy]

Explanation

[Richy_T]

You would have to spend millions and millions of dollars to buy the coins people are selling under $700 to make the price go above 700

Probably not. Once things start moving, people will move their asks. Then there's the panic buyers who will help you out. You just have to make it convincing.

[CEG5952]

Still looking pretty bullish. Bears couldn't push it down even with those big ask walls on Huobi. There's a lot of support here. I'm holding, and considering a small leveraged long.... if I can get swap that isn't outrageous.

[JayJuanGee]

If I were to buy 25,000 coins in one day, like today, on a single exchange (Bitstamp) I'd push the price too high. Bitstamp has sell orders of about 15k BTC up to $1250, for example.

I presume someone could buy 25k if one uses at least 3 exchanges (Bitstamp, daily volume 4000 BTC; Bitfinex, daily volume 4800 BTC; btc-e, daily volume 3000 BTC souirce: http://bitcoincharts.com/markets/). If you were to use just 10% of total volume daily (12800 BTC), which means 1280 BTC bought per day, would mean that you need 20 days to accomplish your goal without moving the market that much. And during that time the price could go up up up.

So, I'm asking myself: would the bidders offer $650 per coin? That would be a nice dollar cost average, since you cannot really buy 29k in a batch.

Anyhow, 2 questions:

1. can anyone confirm that the US Marshalls won't sell a batch of 29k BTC to a single bidder, but smaller batches to multiple bidders? I can't really tell from the auction listing.

2. would the auction act like a primer of a panic rally?

Regarding number 1 above: 

I believe that for any single bidder to win all of the 29k+ US Marshalls' coins, then that bidder would have to have 10 bids that are the highest.  I doubt that any single bidder wants all of the coins b/c if any single bidder were that determined to win all the bids s/he would likely have to bid at least 30% above market rate to assure such and even that premium bidding of 30% above market would NOT be assured to receive all of the coins, but s/he would know that anyone winning coins would have to bid higher than him/her.