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

[madmat]

So, it was manipulated. Who would have thought

What are the changes now of returning into a real bullmarket... and cross that $700?

Just now, no one knows the result of the action. Bidders should be informed today by USMS. Price could move at this moment, if there are leaks, or unsuccessfull bidders who go to the market or...

[iarsenaux]

Just a quick question from a noob.

Why would the price increase if some groups of people was able to buy on a cheaper price? And what would also be the reason why price would increase if those group or company bought coins on a higher price ( but i guess they wont bid price higher than market value coz if it was me i'd rather buy directly from an exchange ).

[Tzupy]

...
Why would the price increase if some groups of people was able to buy on a cheaper price?
...

Pump now to move the market to a higher support level (if it holds), so when the coins will be transferred from the USMS, sell them for a larger profit?

[klee]

http://www.coindesk.com/bitpay-cto-visa-and-mastercard-will-leverage-bitcoin/
http://letstalkbitcoin.com/blog/post/mastercardfilesbitcoinpatent

Choo Choo....

[Ultros]

http://www.coindesk.com/bitpay-cto-visa-and-mastercard-will-leverage-bitcoin/
http://letstalkbitcoin.com/blog/post/mastercardfilesbitcoinpatent

Choo Choo....

Oh wow.

[bangersdad]

Coinfloor exchange is now accepting UK Fast Payments for deposits - the first UK exchange to do so!

so sameday deposits. 

[madmat]

Coinfloor exchange is now accepting UK Fast Payments for deposits - the first UK exchange to do so!

so sameday deposits. 

You are lucky. Here in France, bitcoin-central is slow. The quickest exchange i know is kraken: 24/48h to get a sepa deposit registered on it.

[joehal]

That would for example be breaking the daily SMA200 conclusively, and almost certainly breaking the previous 680 top.

Hello,

Is this link ok for tracking SMA200 ? And what do you mean breaking ? Crossing above the current price ? Or what ?
http://bitcoincharts.com/charts/bitstampUSD#rg30ztgMza1gSMAzm1g200zm2g25zxzv

[Globb0]

Coinfloor exchange is now accepting UK Fast Payments for deposits - the first UK exchange to do so!

so sameday deposits. 

OO sounds interesting, escaping the bittylicious tax would be good

[ChartBuddy]

Explanation

[JorgeStolfi]

Seems very unlikely that SecondMarket would enter a bid itself.  Can people see why that would be a big ethical problem?

Why? We all know second market wants/need tons of bitcoin and are in for the long run. We also know they are pretty smart investors and they know that buying 30000 bitcoins on an exchange would be problematic. For more than one reason.

1) their funds could be stolen (get goxxed)
2) their funds could be trapped at the exchange for months (withdrawal limit)
3) their bid would increase the price and start a rally (which means they'll have to pay much more)

It's not unethical, it's smart

The list was already admitted to be false, but supposing it were real..

If those three lots supposedly bought by SecondMarket were the syndicate bids, no problem.

If SecondMarket placed bids of their own (as you assumed), there would be a problem.  They knew the syndicate bids, and those bids were more than enough to cover all the lots.  Therefore, bidding below them would be stupid, bidding above them would betray the trust that the syndicate participants deposited on them.  Ditto if they entered the syndicate with bids of their own.

Thus, we should conclude that SecondMarket did not bid, except as representatives of the syndicate.  Which means that their expected fee revenue from the syndicate members was greater than their expected profit from bidding at the auction.

As for them needing coins in the long run, that is not how their fund is supposed to work.  They should buy only when people buy shares of their fund.  Ostensibly they make money from fees, whatever happens to the BTC price.  They could get extra profit by buying coins in advance if they expected the price to rise, but that would put the fund in a risky negative-cash position.  On the other hand they will never find it hard to buy the coins they need at near market price, since OTC price will not be far from it. 

[zimmah]

Seems very unlikely that SecondMarket would enter a bid itself.  Can people see why that would be a big ethical problem?

Why? We all know second market wants/need tons of bitcoin and are in for the long run. We also know they are pretty smart investors and they know that buying 30000 bitcoins on an exchange would be problematic. For more than one reason.

1) their funds could be stolen (get goxxed)
2) their funds could be trapped at the exchange for months (withdrawal limit)
3) their bid would increase the price and start a rally (which means they'll have to pay much more)

It's not unethical, it's smart

The list was already admitted to be false, but supposing it were real..

If those three lots supposedly bought by SecondMarket were the syndicate bids, no problem.

If SecondMarket placed bids of their own (as you assumed), there would be a problem.  They knew the syndicate bids, and those bids were more than enough to cover all the lots.  Therefore, bidding below them would be stupid, bidding above them would betray the trust that the syndicate participants deposited on them.  Ditto if they entered the syndicate with bids of their own.

Thus, we should conclude that SecondMarket did not bid, except as representatives of the syndicate.  Which means that their expected fee revenue from the syndicate members was greater than their expected profit from bidding at the auction.

As for them needing coins in the long run, that is not how their fund is supposed to work.  They should buy only when people buy shares of their fund.  Ostensibly they make money from fees, whatever happens to the BTC price.  They could get extra profit by buying coins in advance if they expected the price to rise, but that would put the fund in a risky negative-cash position.  On the other hand they will never find it hard to buy the coins they need at near market price, since OTC price will not be far from it. 

Oh, i must have misunderstood than.

But i also think the list is fake, i was just making a statement regardless of the validity of the list.

[bangersdad]

Coinfloor exchange is now accepting UK Fast Payments for deposits - the first UK exchange to do so!

so sameday deposits. 

You are lucky. Here in France, bitcoin-central is slow. The quickest exchange i know is kraken: 24/48h to get a sepa deposit registered on it.

and it shows really positive sign from the UK banking industry - as before all deposits were routed thru Poland - whereas now The Royal Bank of Scotland is processing all their deposits..and at the moment its 0% trading fees 

UK banks had been very against bitcoin - i have heard from several local bitcoin traders that have had their UK bank accounts closed just because a buyer put the word "bitcoin" as a reference to the bank deposit.

its very small volume at the moment as its a relatively new exchange - but i am sure will grow very quickly now they take fast deposits.

[jmw74]

The list was already admitted to be false, but supposing it were real..

Admitted where?  It was posted by http://www.reddit.com/user/sourdsmokin and he seems to have made no such admission on reddit at least.

[MoreFun]

FIAT just arrived at stamp, will see the effect.

[Ultros]

FIAT just arrived at stamp, will see the effect.

How can you see that?

[Dragonkiller]

FIAT just arrived at stamp, will see the effect.

How can you see that?

His fiat arrived?

Edit: btw, fiat arrives throughout the day at stamp, not at a set time.

[ShroomsKit]

FIAT just arrived at stamp, will see the effect.

Yup. We're going down. And there is mr wall again.

[ShroomsKit]

I can totally see the idiots crash it right back to 600.

[Krabby]

I can totally see the idiots crash it right back to 600.

I might go leveraged long if that happens.