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

[windjc]

Does anybody also have a bad feeling about this? The Chinese will continue dumping for years...
At least we know now who the wall guys are.

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Think about this. There have been 100's millions of dollars invested in that mine.  There is NO WAY that that mine is not HODLing a large % of their coins. NO ONE is going to invest 100's of millions into a business that can only exists of two years (because of halving). In case you are too stupid to understand what I am saying, let me try to make it more clear. If the owners of that mine only wanted to mine bitcoin and sell it for a quick and small profit, because they didnt really believe in bitcoin, then their business model would be to invest hundreds of millions into a business that would only last 2 years at the most and only return a small % profit.

Thats INSANE. Whoever is financing that mine believes more in bitcoin than 99% of the bulls on this forum. You better damn believe they are holding onto a lot of it.

Your statement rests upon a number of assumptions but I love the way you get in a pre-emptive insult to anyone who may challenge you -- classic windy.

Right. Congrats on taking the side of Fallling.

People invest 100s of millions in short term low profit businesses.

Makes a lot of sense.

My assumptions are that the cost is in the 100s of millions. That the profit margins on today's prices aren't huge. What else did I assume exactly?

I've personally seen cooresponsdence with large miners who say they only sell a % of coins while keeping a large %

How many people here have invested even 6 or 7 figures into a business? Did you do it for short term low % profits in a business niche you were just speculating in?

I'd love to hear someone say yes. Because I've invested this amount into multiple businesses and never for high risk, short term profits.

[JayJuanGee]

When one person messes up, it affects a few. When Government messes up, if affects millions.

Yep, appears to be another meaningless truism.. without any real legs but supports an anti-govt thesis.

I'll bite.  How many people were killed by violence in the past 200 years (v_total)?  How many of those were killed by direct acts of a government (v_govt)?  
What is the ratio between (v_total - v_govt) / n_humans and v_govt / n_govt ?  If you divide the latter by 2 million, is it smaller than the former?

Off the top of my head, from general knowledge of history, I will estimate 320 million=v_total, 300=million v_govt, the number of  governments at 1000,
and the number of people at 10 billion.  2/1000 violent deaths per human, 300000 violent deaths per government.  The ratio is then 1:150,000,000.

Yeah, Richy_T's comment seems well justified.  I would have to have non-cancelling compounded errors in the region of 2 orders of magnitude for it to be even slightly inaccurate.  It does not appear meaningless.  It appears factual.

I'm not sure how or even if it meaningfully supports an "anti-govt thesis", however.

Throughout millennia, man fought his fellow man.  But in the year of Our Lord two thousand and fourteen, before Ab passed onto Elul, Philosopher King aminorex The Inciteful (or Insightful, the texts are unclear and spelling is hard) hath revealed a great truth onto Man:  All of this time. it was Teh Man who turned brother against brother, made Man spill the blood of Man!
Spoke aminorex thusly:

"Yo!  Only governments can start wars.  So no governments--no wars!   Get rid of Teh Man, and bask in peace everlasting!"

   "Awesome!" the people cheered, "How?"

"Well..." spoke aminorex, "Bitcoin!"

  ""

"Look...  I got a Bitcoin bank in Cyprus.  All I WE need is a few coins, and then more Revolution and PROFIT than you could shake a stick at!  U dig science?  Then lemme drop some on U: (v_total - v_govt) / n_humans and v_govt / n_govt.  Fight The Power!
U in or what?!"

  "We totally_dig, under_stand, and we in!!1!  Where 2 send mony4revolution while we get rich?!"


...And there was much rejoicing, hot grils [who were, like, totally watching the whole time] got all in2it and every1 lived happily ever after.

    ~The End~

+1    I couldnt have said it any better, myself... 

[ChartBuddy]

Explanation

[Phillis]

time to test the walls with some nibbles

[rebuilder]

So, about them walls... Is the Bitstamp one at 515 having chunks of 500 BTC added and removed all the time or is the datafeed buggy?

[JayJuanGee]

Does anybody also have a bad feeling about this? The Chinese will continue dumping for years...
At least we know now who the wall guys are.

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Think about this. There have been 100's millions of dollars invested in that mine.  There is NO WAY that that mine is not HODLing a large % of their coins. NO ONE is going to invest 100's of millions into a business that can only exists of two years (because of halving). In case you are too stupid to understand what I am saying, let me try to make it more clear. If the owners of that mine only wanted to mine bitcoin and sell it for a quick and small profit, because they didnt really believe in bitcoin, then their business model would be to invest hundreds of millions into a business that would only last 2 years at the most and only return a small % profit.

Thats INSANE. Whoever is financing that mine believes more in bitcoin than 99% of the bulls on this forum. You better damn believe they are holding onto a lot of it.

Your statement rests upon a number of assumptions but I love the way you get in a pre-emptive insult to anyone who may challenge you -- classic windy.

Right. Congrats on taking the side of Fallling.

People invest 100s of millions in short term low profit businesses.

Makes a lot of sense.

My assumptions are that the cost is in the 100s of millions. That the profit margins on today's prices aren't huge. What else did I assume exactly?

I've personally seen cooresponsdence with large miners who say they only sell a % of coins while keeping a large %

How many people here have invested even 6 or 7 figures into a business? Did you do it for short term low % profits in a business niche you were just speculating in?

I'd love to hear someone say yes. Because I've invested this amount into multiple businesses and never for high risk, short term profits.

I generally agree with your point that this is longer term and meaningful (rather than pump and dump) and that they are probably NOT liquidating their whole stash of BTC right away (less than 25% would probably be even too much to liquidate at the current prices), but I am NOT really clear about where you get your estimate of $100s of millions invested in this project. 

There is $1 million a month in anticipated electricity costs - but couldn't the building, equipment and labor be assembled, acquired and utilized for much less than $100 million.. even in the $50million range? 

By the way, I would imagine that built into their business plan would be upgrading their mining computers within a couple of years.. and maybe long term in bitcoin would be 5 years-ish and then a back up plan, in the event that the bet does NOT pay off?

[Hunyadi]

So, about them walls... Is the Bitstamp one at 515 having chunks of 500 BTC added and removed all the time or is the datafeed buggy?

Pulled or buggy?

e: it's back.

[JayJuanGee]

So, about them walls... Is the Bitstamp one at 515 having chunks of 500 BTC added and removed all the time or is the datafeed buggy?

Seems to be constantly adding and removing BTC b/c the volume of actual buys and sells has NOT been very high in the last 24-48 hours.  

I mean the volume overall seems to be up a bit as compared with 3 weeks ago, but generally, the volume has NOT gone up in recent days, even though the walls have been bigger in the last 24-48 hours.

In other words there seems to be a lot of posturing going on, and whether that posturing will translate into actual transactions will only be a matter of time.  This week?  next week?  next month?  I am becoming more inclined to believe (speculate) that the price will be successfully held down in this $480 to $530 range until early into September..

[mmitech]

the price is not looking good, I don't think it will hold for a long time.

[falllling]

the price is not looking good, I don't think it will hold for a long time.

walls are dumping now! $4xx soon!

[seljo]

Whats the point of these fukkin walls? Like ok bitcoin you can't go over 515 it's forbidden or it's  just building pressure for the rocket?

[windjc]

Whats the point of these fukkin walls? Like ok bitcoin you can't go over 515 it's forbidden or it's  just building pressure for the rocket?

Pushing the price lower into their own bids.

[falllling]

Whats the point of these fukkin walls? Like ok bitcoin you can't go over 515 it's forbidden or it's  just building pressure for the rocket?

bitcoin is going to nowhere but down, why? because there are less buyers than sellers

so what if some sellers can't sell coins in time after a long time waiting? they make big walls or dump coins on the market directly causing a flash crash

[windjc]

Whats the point of these fukkin walls? Like ok bitcoin you can't go over 515 it's forbidden or it's  just building pressure for the rocket?

bitcoin is going to nowhere but down, why? because there are less buyers than sellers

so what if some sellers can't sell in time after waiting? they make big walls or dump coins on the market directly causing a flash crash

That's not what your wife told me last night.

[ChartBuddy]

Explanation

[mmitech]

Whats the point of these fukkin walls? Like ok bitcoin you can't go over 515 it's forbidden or it's  just building pressure for the rocket?

Pushing the price lower into their own bids.

It is also risking losing 2000BTC if market goes against you, but in this case, there is no buyers, so it could be some traders with balls....we will see how patient they are.

[mmitech]

That's not what your wife told me last night.

I can feel the desperation, answering the troll this way tells allot about your emotional state at this point 

[falllling]

Whats the point of these fukkin walls? Like ok bitcoin you can't go over 515 it's forbidden or it's  just building pressure for the rocket?

Pushing the price lower into their own bids.

It is also risking losing 2000BTC if market goes against you, but in this case, there is no buyers, so it could be some traders with balls....we will see how patient they are.

3.6k is just the number on the table, more than 30k hidden sell wall will crash anyone who try to buy up the price

[falllling]

That's not what your wife told me last night.

I can feel the desperation, answering the troll this way tells allot about your emotional state at this point  

he should have listened to me, i told everyone this is a fake recover when we were at $517 - $520
now he lost quite a lot $$$ because of his fake get rich quick dream

[DutchTrades]

Whales are fucking with our braines, so dump holders will sell at a low price, and then the whales could pick them up