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

[ShroomsKit]

Ask side is getting bigger. We'll see plenty nore dumping today.
Back to 350.

[Wilhelm]

Oh look. A big dump half a hour ago. Someone saw the price slowly going up again and totally freaked out that his coins were becoming worth more so he quickly dumped them and made sure the uptrend would be stopped.

There's no stopping the uptrend, just slowing it down.

Some people think that could actually be good for Bitcoin.

Actually it's stopping the uptrend every single time.

But every time there is an uptrend

[MrPiggles]

here you go, bitcoin wallet that was linked to DPR

https://blockchain.info/address/1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a?offset=50&filter=0

111,000 coins

That wallet was split into 1,100+ wallets each containing exactly 100 btc like so https://blockchain.info/address/1FwoAyL2cLD2cKDd2bh11FtsB7TVjHRFGc

follow the money back, you'll see it goes to the 111k wallet I posted.

[hdbuck]

here you go, bitcoin wallet that was linked to DPR

https://blockchain.info/address/1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a?offset=50&filter=0

111,000 coins

That wallet was split into 1,100+ wallets each containing exactly 100 btc like so https://blockchain.info/address/1FwoAyL2cLD2cKDd2bh11FtsB7TVjHRFGc

follow the money back, you'll see it goes to the 111k wallet I posted.

what are you trying to say?

[Totscha]

"Kraken selected to aid MtGOX Investigation and Liquidation"
http://blog.kraken.com/post/103599171158/mt-gox-bankruptcy

Smells like a big pile of steaming bullshit to me

Could be. There was an earlier announcement which said that Kraken would take over MtGOX and pay customers in bitcoin.  This one is more limited and cautious, but it is still not clear what is certain and what is merely a wish of Kraken and/or the clients, that the trustee may concede or not.  In particular, the statement that clients will be required to open an account at Kraken in order to receive the refunds seems to be just a wish...

Does that mean, pay customers even the stolen amount? or just new amounts?

I'd assume it is to pay whatever coins are still under the control of mtgox, anything else would be crazy. I'm baffled why'd they even want to get involved in the mtgox bankruptcy though... Seems like way more trouble than it is worth.

Personally I think it's great that there will be an actual investigation.

When Powell said: "We’ve decided to volunteer our resources and expertise in an attempt to minimize damage to creditors, restore faith in the Bitcoin community, and demonstrate trusted leadership in the industry,", that explains it all.

We all know getting new customers is something Kraken needs. And that's what they hope to get from this move.

But, hey. At least they're doing something useful for it

lmao. seriously? how you know that?

How do I know what?

I'm not sure about the whole investigation thing. Depends on what info will be made available to them. So no guarantees they will uncover anything.

But the redistribution of the Bitcoins and fiat left on Gox will go through. Why not? I find that useful.

[klee]

More supply again (MtGox 200K BTC + 2nd SR auction):

Down

[MrPiggles]

what are you trying to say?

i was pointing out how wrong shit for brains jorge is

[ChartBuddy]

Explanation

[dropt]

More supply again (MtGox 200K BTC + 2nd SR auction):

Down

It always amazes me that there are panic dumps whenever an article mentions a chunk of coins being manhandled in some way.  Oh no, 50,000BTC are going to be privately auctioned in a month, I better dump!  Hell, with the Mt. Gox coins we don't even know if they'll be sold off or returned, and when.  It certainly isn't going to be tomorrow or the next day.  

It's almost as if people forget that there are millions of BTC out there where even a marginal percentage could just show up on an exchange at any given time.

[JimboToronto]

Oh look. A big dump half a hour ago. Someone saw the price slowly going up again and totally freaked out that his coins were becoming worth more so he quickly dumped them and made sure the uptrend would be stopped.

There's no stopping the uptrend, just slowing it down.

Some people think that could actually be good for Bitcoin.

Actually it's stopping the uptrend every single time.

But every time there is an uptrend

And the bottom has been higher every time since capitulation at $275.

Assuming this one goes past $450, the tops have been higher too.

[ShroomsKit]

More supply again (MtGox 200K BTC + 2nd SR auction):

Down

It always amazes me that there are panic dumps whenever an article mentions a chunk of coins being manhandled in some way.  Oh no, 50,000BTC are going to be privately auctioned in a month, I better dump!  Hell, with the Mt. Gox coins we don't even know if they'll be sold off or returned, and when.  It certainly isn't going to be tomorrow or the next day.  

It's almost as if people forget that there are millions of BTC out there where even a marginal percentage could just show up on an exchange at any given time.

You'd almost think Bitcoin traders are total idiots.

[ShroomsKit]

Oh look. A big dump half a hour ago. Someone saw the price slowly going up again and totally freaked out that his coins were becoming worth more so he quickly dumped them and made sure the uptrend would be stopped.

There's no stopping the uptrend, just slowing it down.

Some people think that could actually be good for Bitcoin.

Actually it's stopping the uptrend every single time.

But every time there is an uptrend

And the bottom has been higher every time since capitulation at $275.

Assuming this one goes past $450, the tops have been higher too.

We'll see. So far little has changed. Just people dumping and dumping some more.
I don't think this will change anytime soon.

[MrPiggles]

Oh look. A big dump half a hour ago. Someone saw the price slowly going up again and totally freaked out that his coins were becoming worth more so he quickly dumped them and made sure the uptrend would be stopped.

There's no stopping the uptrend, just slowing it down.

Some people think that could actually be good for Bitcoin.

Actually it's stopping the uptrend every single time.

But every time there is an uptrend

And the bottom has been higher every time since capitulation at $275.

Assuming this one goes past $450, the tops have been higher too.

We'll see. So far little has changed. Just people dumping and dumping some more.
I don't think this will change anytime soon.

somebody change the fuckin record, please.

[hdbuck]

"Kraken selected to aid MtGOX Investigation and Liquidation"
http://blog.kraken.com/post/103599171158/mt-gox-bankruptcy

Smells like a big pile of steaming bullshit to me

Could be. There was an earlier announcement which said that Kraken would take over MtGOX and pay customers in bitcoin.  This one is more limited and cautious, but it is still not clear what is certain and what is merely a wish of Kraken and/or the clients, that the trustee may concede or not.  In particular, the statement that clients will be required to open an account at Kraken in order to receive the refunds seems to be just a wish...

Does that mean, pay customers even the stolen amount? or just new amounts?

I'd assume it is to pay whatever coins are still under the control of mtgox, anything else would be crazy. I'm baffled why'd they even want to get involved in the mtgox bankruptcy though... Seems like way more trouble than it is worth.

Personally I think it's great that there will be an actual investigation.

When Powell said: "We’ve decided to volunteer our resources and expertise in an attempt to minimize damage to creditors, restore faith in the Bitcoin community, and demonstrate trusted leadership in the industry,", that explains it all.

We all know getting new customers is something Kraken needs. And that's what they hope to get from this move.

But, hey. At least they're doing something useful for it

lmao. seriously? how you know that?

How do I know what?

I'm not sure about the whole investigation thing. Depends on what info will be made available to them. So no guarantees they will uncover anything.

But the redistribution of the Bitcoins and fiat left on Gox will go through. Why not? I find that useful.

gox coins redistribution? not gonna happen. hence cant be useful.

[JimboToronto]

...

Awesome.  Hope you enjoy it. <==no sarcasm.

how would I "enjoy" a beanie baby? I'm not a furry

ya fuckin weirdo

Wait, so you bought it as an investment?  Sorta like Bitcoin, huh? 

I don't think you will win any converts with the Beanie Baby thing, bro. FWIW

Maybe she doesn't want converts...

Just a nice Brony Baby.

[klee]

More supply again (MtGox 200K BTC + 2nd SR auction):

Down

It always amazes me that there are panic dumps whenever an article mentions a chunk of coins being manhandled in some way.  Oh no, 50,000BTC are going to be privately auctioned in a month, I better dump!  Hell, with the Mt. Gox coins we don't even know if they'll be sold off or returned, and when.  It certainly isn't going to be tomorrow or the next day.  

It's almost as if people forget that there are millions of BTC out there where even a marginal percentage could just show up on an exchange at any given time.

Market is more wise than any individual, it is the perfect voting system.

Whether you wanna admit it or not is your problem.

The fact is that we have confirmed increase in supply:

50k this month + 94k from SR auction.
200k from MtGox  
8k from Australian police

Show me evidence for increased demand (the reason I said 'Down' is because I still see buying pressure only from the usual suspects: speculators and funds, masses are not interested at all).

[fonsie]

This thread is getting annoying An idiot that loves pink unicorns and chinese propaganda pictures + a kid that's fully invested in silver, but keeps crying about some idiot trader that dumps some btc, you would think, it would make him happy instead.

[Totscha]

More supply again (MtGox 200K BTC + 2nd SR auction):

Down

It always amazes me that there are panic dumps whenever an article mentions a chunk of coins being manhandled in some way.  Oh no, 50,000BTC are going to be privately auctioned in a month, I better dump!  Hell, with the Mt. Gox coins we don't even know if they'll be sold off or returned, and when.  It certainly isn't going to be tomorrow or the next day.  

It's almost as if people forget that there are millions of BTC out there where even a marginal percentage could just show up on an exchange at any given time.

Market is more wise than any individual, it is the perfect voting system.

Whether you wanna admit it or not is your problem.

The fact is that we have confirmed increase in supply:

50k this month + 94k from SR auction.
200k from MtGox  
8k from Australian police

Show me evidence for increased demand (the reason I said 'Down' is because I still see buying pressure only from the usual suspects: speculators and funds, masses are not interested at all).

Yes, but you did make one assumption. That those Bitcoins will be dumped on the market very fast. I'm sceptical about that.

1. Auctions have usually been won by long term investors. Why buy at a premium (and they do buy at a premium most of the time) only to dump immediately? That's burning money...
2. Imagine you were a MtGox customer and got 20% of your BTC back. Would you sell most of them immediately? Some people will, but i guess more of them will hold for a higher price to recoup their loss...

[JimboToronto]

This thread is getting annoying An idiot that loves pink unicorns and chinese propaganda pictures + a kid that's fully invested in silver, but keeps crying about some idiot trader that dumps some btc, you would think, it would make him happy instead.

You forgot the all the page 10000 fetishists. 

[klee]

More supply again (MtGox 200K BTC + 2nd SR auction):

Down

It always amazes me that there are panic dumps whenever an article mentions a chunk of coins being manhandled in some way.  Oh no, 50,000BTC are going to be privately auctioned in a month, I better dump!  Hell, with the Mt. Gox coins we don't even know if they'll be sold off or returned, and when.  It certainly isn't going to be tomorrow or the next day.  

It's almost as if people forget that there are millions of BTC out there where even a marginal percentage could just show up on an exchange at any given time.

Market is more wise than any individual, it is the perfect voting system.

Whether you wanna admit it or not is your problem.

The fact is that we have confirmed increase in supply:

50k this month + 94k from SR auction.
200k from MtGox  
8k from Australian police

Show me evidence for increased demand (the reason I said 'Down' is because I still see buying pressure only from the usual suspects: speculators and funds, masses are not interested at all).

Yes, but you did make one assumption. That those Bitcoins will be dumped on the market very fast. I'm sceptical about that.

1. Auctions have usually been won by long term investors. Why buy at a premium (and they do buy at a premium most of the time) only to dump immediately? That's burning money...
2. Imagine you were a MtGox customer and got 20% of your BTC back. Would you sell most of them immediately? Some people will, but i guess more of them will hold for a higher price to recoup their loss...

These coins were out of circulation so basically they were not offering in supply at all.

Now they are back, we can only speculate on the amount that will be sold but markets usually tend to speculate close to the worst case scenario (if not more).

EDIT: What I am trying to say is that markets are psychological amplifiers - overreacting to news regarding supply & demand.