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

[bitgeek]

Looks like we are going through another lull in pricing.   I hope we aren't following the trend of when we somewhat recovered after our descent from over $1,000.   Remember that, when we came back and hit around $800, only to fall more after?

I think the market as a whole is a ton stronger now, but we will see...

There was a lot of negativity and fear back then, supported by news of MtGox insolvency. I wouldn't count on it happening now.

[1715036018]

1715036018

[blatchcorn]

The bear trap is worse than I expected.  Feel sorry for everyone selling right now

me too, but on the other hand, isn't it quite obvious this is a bear trap?

I mean, you have to be pretty stupid to sell right now.

No, it's not. Bear traps are typically short lived events on high volume, not a slow, low volume, never before seen breaking of a trend where every major indicator reverses.

^^^^
Evidence the bear trap is working

[spooderman]

[keithers]

I want to push the red one, not because I am a bear, but because it looks like the Staples "Easy" button!

[hdbuck]

magicaltux is back on business twitting again.
guess thats why bitcoin price tanked lately

https://twitter.com/MagicalTux

[JimboToronto]

button meme

Can I push the pink "button" with my tongue? Will it moan?

[JorgeStolfi]

This Chinese article seems to have an interview with Bobby Lee (CEO of BTC-China) about shady practices of exchanges, in particular leverage trading, and the "five exchanges" pledge to clean up their act,and the fact that Huobi and OKCoin backtracked on that pledge a month after it. (Was that the cause of the late May rally?)

http://www.btc38.com/btc/altgeneral/2330.html
李启元：融资融币是“不健康的恶意做空”
Bobby Lee: finance financial currency [ leverage trading? ] is "unhealthy malicious short"
2014-06-25 14:00:40

Bitcoin Conference in Hong Kong (Inside Bitcoins HK Conference) 6 月 24 -25 days held on, CEO Bitcoin China (btcChina) trading platform Lǐ Qǐ Yuán (Bobby Lee), on the Bitcoin currency finance financial business, the media, said: Financial currency financing is unhealthy malicious short. When the media asked "A lot of players think: Prices fell short because someone maliciously" is justified when Bobby Lee agreed.

Bobby Lee said: finance financial currency [ leverage trading? fractional banking? ] is unhealthy thing, although some people want to have this speculative function, but does have irresponsible (players).

[ ... ]
 
Bobby Lee also clear said: Chinese law does not prohibit bitcoins. But he also believes that sophisticated financial institutions, various types of transactions are highly regulated, and regulators clearly Bitcoin transactions done enough: You see some of the sophisticated financial institutions, they are monitored very powerful, banks, ah, ah equity line , on the margin there are very strict supervision. But now there is no regulatory bitcoin, some companies let finance financial currency, it is very irresponsible.

Bobby Lee further explained: you put the coins to me, I might secretly loaned out to others, to sell the price down, then later the price down, buy him back, he earned a lot of money. So if he does not make money, he bought it back, then you become a deficit, so the entire finance financial currency is risky.
 
He referred to the "finance financial currency" business, financial transactions in the traditional model, is not uncommon, but bitcoin regulatory environment compared to traditional regulatory margin trading business as a whole is more stringent.
 
China Bitcoin currency financing business financing, generally rise at the end of 2013. The business expanded investor's trading varieties, but also increased frequency of transactions. But the business model, in fact, not new. In the stock, commodity, foreign exchange and other trading ...... varieties, like business has been very mature.
 
However, due to certain factors, early May 2014, China bitcoin five trading platform (Huobi.com, BTC-China, OKCoin, CHBTC, BtcTrade), industry self-regulation was jointly issued a statement bulletin "pause currency finance financial business." But the reason paused, apparently considering various basis and is not entirely consistent. Feedback from investors point of view, it seems to convey some kind of disagreement: Support was expressed for self-declaration also expressed opposition or contempt.
 
Within a month's time, however short-lived, self-declared after the release, Huobi.com and OKCoin has restored financial currency financing business. This makes the self-declared before, looks a bit awkward.
 
The key issue seems to still fall on the interpretation of financial currency financing business itself, Bobby Lee expressed concern: national governments also have ideas on this matter, and this is part of their reason to suppress bitcoin. So we have not done this thing, and we have been very bitcoin China abide by the rules, do not play with the financing of financial credits, but it does have a number of other exchanges in the mess.
 
Known financial commentator Xiao Lei is expressed similar concerns, he believes, currency financing business financing can be short, the equivalent of financial derivatives, if not the bank for hosting all of the funds entrusted in the trading platform hosting, it is prone to illegal fund-raising and other financial risks: "In fact, greater market fluctuations in the volume of business financing when the financial currency, fee income trading platform to bring Bitcoin is also very impressive, and the opening of business finance financial currency trading platform for bitcoins it is less risky. '
 
Xiao Lei said: At present the central bank's financial attributes bitcoin completely stifled Bitcoin sharply reduced liquidity for Bitcoin trading platform has a greater impact, however small this event for Bitcoin itself influence.
 
About Bitcoin regulation, often involving real-name system, anti-money laundering, the approving authority units ...... so a series of rules developed. Interpretation of the status quo trading platform differences arise, it is understandable today. I believe that with industrial development and in-depth study of the legal experts, the future trading patterns and regulatory bottom line will be more clear.

[Parazyd]

magicaltux is back on business twitting again.
guess thats why bitcoin price tanked lately

https://twitter.com/MagicalTux

That about sums it up, yeah

[alexeft]

fuck it i'm buyin

 

[JorgeStolfi]

Another interesting tidbit from China:

http://www.btc38.com/btc/altgeneral/2329.html
香港比特币大会小组讨论——比特币在中国：现在与未来
Hong Kong Bitcoin Conference Panel Discussion - Bitcoin in China: Present and Future
2014-06-25 13:50:26

Xu Star (OKCoin CEO): "This example of it: the central bank issued a circular said banks can not support Bitcoin transaction, but the bank itself also needs to make money, so they will help us to circumvent this policy to continue to cooperate.

Mining has done well, a lot of mines, China occupies 30-40% of the market, so that China has great influence, if you can force the operator to come together is very powerful. China now needs more cooperation, whether you like it or not, China will be an important role in the field of Bitcoin. Once over the front, regulators will have more responsibilities and tasks."

[ Google translation ]

[ChartBuddy]

Explanation

[akujin]

Nice huobi! Dump it! 

[roslinpl]

Nice huobi! Dump it! 

I don't think that huobi has got anything to do with that :-)


Price is just shaking :-) typical.

[kireinaha]

Bid submissions for the SR coin auction are now closed, so we can no longer claim it's interested parties attempting to keep the price down until Friday 

[Krabby]

Bid submissions for the SR coin auction are now closed, so we can no longer claim it's interested parties attempting to keep the price down until Friday 

Can people who have already bid cancel their bid if the price gets too low and they want out?

[adamstgBit]

Bid submissions for the SR coin auction are now closed, so we can no longer claim it's interested parties attempting to keep the price down until Friday 

Can people who have already bid cancel their bid if the price gets too low and they want out?

no

[kodtycoon]

Bid submissions for the SR coin auction are now closed, so we can no longer claim it's interested parties attempting to keep the price down until Friday 

convenient that the price falls right down just before the close of bidding

[adamstgBit]

[empowering]

Bid submissions for the SR coin auction are now closed, so we can no longer claim it's interested parties attempting to keep the price down until Friday  

Is it not "bid registration" that is now closed... bidding is 27th ?


Phase II: Online Auction Period
Date: Friday, June 27, 2014, from 6:00 AM EDT to 6:00 PM EDT

Only eligible registered bidders may participate in the online auction. In order for your bid to be considered by the USMS, you must send a signed pdf copy of the Bid Form to a separate email address that will be provided to eligible bidders only within the online auction period window, which extends from June 27, 2014 at 6:00 AM EDT until 6:00 PM EDT. Bids received before or after the online auction period will not be considered. Bids that do not conform to the following instructions will not be considered.


Details.

[kireinaha]

Nobody with enough money to buy a block of 3,000 coins is going to bid over the top of the current value on major exchanges. The bitcoin market has been so anemic for months now that all we're going to see are a few low ball offers, and whoever wins will take the lot for a very nice discount. Face it guys, we all want to see a rally, and it will likely happen eventually, but smart money isn't going to dive in on something that is so uncertain in the near term.