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

[samsonn25]

So how do you think this $1.6M purchase in Bitcoins with Bitpay influenced the market? www.siliconbeat.com/2014/08/12/tech-entrepreneur-pays-1-6-million-in-bitcoins-for-tahoe-parcel/

it really all depend on how Bitpay process these transaction and on how you set your Bitpay account, usually most merchants needs cash in order to operate normally so they converts 100% of the transaction to fiat, but there is who set their accounts to keep a percentage of any transaction in Bitcoin, so the owner of this estate could cash a small percent and held the rest in Bitcoin ?

I really don't know how Bitpay/coinbase process their transactions, it would be interesting to know about that.  

I have a bitpay account, and yes you can set the % of what you want to keep in BTC and the rest is converted to fiat. The percent you keep in BTC gets sent to an address you specify, you cannot sell them later through bitpay though. I am not sure if Coinbase is the same but I'm not sure why they wouldn't have this feature.

Coinbase only let you buy and sell at market price (the highest when buying and the lowest when selling), and they charge 1% each way.

[wachtwoord]

Of course we have volume now compared to the last few weeks; everyone is running for the exits! I don't think that's the type of volume most people here have been waiting for, no matter how the bulls try to twist it...

Just shaking out the weak hands (That one is dedicated to Gloomskit).

We've been doing that for quite a while. In a bit we'll be picking up weak hands once more and repeat the cycle.

[kireinaha]

Shroomy, Fallllllling, could one of you keep an eye on things while I step away from troll duty temporarily for lunch? Thanks.

[JorgeStolfi]

It seems likely that the price Draper paid was somewhat below market (574--590$ on Bitstamp, Jun/27, 06:00--18:00), partly because it would be a rational bid, but mostly because if he had paid at or above market he would probably have said so, to support the price.  Said another way, one possible explanation for why he and Siebert refused to reveal their bids is that the price they offered would have been "bad news" for the market.

Do you understand the concept of lying?

I have seen it demonstrated, yes.   (I have been following threads on two famous mining rig manufacturers who do it in an industrial scale.  Oh boy.)

But some businessmen still care about their reputation.  Tim Draper's bid *may* be leaked one day, e.g. through a FOIA request or by anyone who saw his bid; if he had lied about it then, he would risk being marked as a liar.

When I find that someone told me a flat-out lie, I will stop believing anything that says, and I would not do business with him if I can avoid it at all.  I believe there are still many people who react this way to lies.

In fact, the thing I find most amazing in those threads is that clients of those companies still pay attention to what the CEOs write -- clients who prepaid 6000$ or more for a miner and have been told "it will be there next week" for the last 9 months.

[ChartBuddy]

Explanation

[molecular]

lol:

[Sandia]

400 new shorts just opened on Bitfinex...and BITSTAMP fell $5.  Bfx is only down $1.50.  Weird.

Edit: even weirder, there were more LTC swaps opened in the last hour than USD or BTC. Glitch.

[molecular]

Whatever is happening we seem to be having volume.

We're not going to die from boredom after all. Yay!

[wachtwoord]

Whatever is happening we seem to be having volume.

We're not going to die from boredom after all. Yay!

Checklist for take-off:

Testing reverse thrusters .... Check

[NotLambchop]

... but mostly because if he had paid at or above market he would probably have said so, to support the price.  Said another way, one possible explanation for why he and Siebert refused to reveal their bids is that the price they offered would have been "bad news" for the market.
...

Do you understand the concept of lying?

Not sure how lying factors into this.  Explain?

You say he didn't pay above market because if he did he would say so to push up the price. And I'm saying even if he paid less he could just claim he overpaid to achieve the same thing.

Most people prefer not to lie unless they have to.  The downside of being caught in a lie simply outweigh the potential gains.  And, of course, there are a few creeps who don't lie because they feel it's immoral.

[Dump3er]

Shroomy, Fallllllling, could one of you keep an eye on things while I step away from troll duty temporarily for lunch? Thanks.

[fonsie]

lol:

Look at this idiot.

[wachtwoord]

... but mostly because if he had paid at or above market he would probably have said so, to support the price.  Said another way, one possible explanation for why he and Siebert refused to reveal their bids is that the price they offered would have been "bad news" for the market.
...

Do you understand the concept of lying?

Not sure how lying factors into this.  Explain?

You say he didn't pay above market because if he did he would say so to push up the price. And I'm saying even if he paid less he could just claim he overpaid to achieve the same thing.

Most people prefer not to lie unless they have to.  The downside of being caught in a lie simply outweigh the potential gains.  And, of course, there are a few creeps who don't lie because they feel it's immoral.

Well, depending on whether the feds need to release this info at some point (he should know for sure) it can be a very easy lie opportunity if what you say is correct. I'm not so sure price would have gone up if he announced overbidding. The market seems very disconnected from fundamentals or any sort of related news.

[molecular]

Whatever is happening we seem to be having volume.

We're not going to die from boredom after all. Yay!

Checklist for take-off:

Testing reverse thrusters .... Check

lol!

next up: get rid of excess weight.

[fonsie]

I can't even distinguish between fonzie and fonsie anymore.

Probably because they're off their meds.

I like it when they talk to themselves.

 

You're quite the moron if you think I'm the same person as fonzie, just a confirmation we are dealing with some low IQ individuals who can't read...

[JorgeStolfi]

So how do you think this $1.6M purchase in Bitcoins with Bitpay influenced the market? www.siliconbeat.com/2014/08/12/tech-entrepreneur-pays-1-6-million-in-bitcoins-for-tahoe-parcel/

That is ~2800 BTC.  Not a lot, in terms of market, I would say.  (Because of arbitrage, the effect of a bitcoin sale on the price depends on the combined order books of all exchanges in the world, even if Bitpay only sells at one exchange.)

[aminorex]

400 new shorts just opened on Bitfinex...and BITSTAMP fell $5.  Bfx is only down $1.50.  Weird.

Edit: even weirder, there were more LTC swaps opened in the last hour than USD or BTC.

Well which would YOU short?

[NotLambchop]

...
Well, depending on whether the feds need to release this info at some point (he should know for sure) it can be a very easy lie opportunity if what you say is correct. I'm not so sure price would have gone up if he announced overbidding. The market seems very disconnected from fundamentals or any sort of related news.

I think the original point was that since there is a possible boon in admitting to paying over market (i think we agree on that), and no possible downside, a rational player would disclose paying above market.  The winning bidder made no such disclosure, so it's reasonable to assume that the price paid was below market.  

[mmitech]

the next video is a gift for perma-bulls (I found it in the dark thread), being a bear doesn't mean I hate Bitcoin, I love making profit therefore I love Bitcoin    



Click the picture to watch the video




while I hate Max keiser and Roger ver the rest seems to be ok, on a side note shrem gained some weight   

[inca]

Sorry man, I went to bed shortly after this post. but... Take a look at the mining pool chart, all big miners are pools, that pay out individuals, so they would not be able to buy those coins. The biggest private pool mines less the 20% of the coins. That is the biggest chunk

OTC trades for large amounts of clean/virgin coins would be at an hefty premium I guess. Enough for pool owners to trade their virgin coins for cheaper used coins on an exchange. But it was just a guess.
Any other idea on who and why is dumping is welcome.

Besides the sellers themselves I doubt anyone around here knows exactly why they do it.

Get cheaper coins through panic
Coin mixing through exchanges
Altcoin preminers taking profit
Stolen coins constantly being sold
GABI trying to achieve a low base
T/A whales trying to paint capitulation to start a new bubble
Exchanges selling fees and buying some back cheaper
Attempt at a long squeeze
Whales giving up and taking profits
Wall street trying to fuck over traders
Dump once a month to buy OTC cheaper

Unless you are the dumper, or the exchange operator and can see who is doing what, we will likely never know. The fundamentals haven't changed, so the only thing I know with a strong chance of being true is that they are doing it to profit, not because "bitcoin is dead"

Great post..