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

[fonsie]

Silver is going up fast again. So happy i moved all my coins into silver. I bought at the very bottom.

soon:

I hate all these silver dumpers, they are so stupid.

then:

Stupid silver hodlers, I sold all of mine at the top to buy BTC.

Whatever he says, he's always late and has a proven track record for buying at the top. So expect a violent crash in silver  

In a couple of years he will probably cash in his silver, just to be told it was fake and in fact he bought ALU coins.

Way to go Shroomie, it worked, you bought silver at the very top of a dead cat bounce and you made it crash.

[bitebits]

0.25BTC bot going crazy on Bitfinex, never noticed before: every 7 seconds 0.25 btc are bought.

MtGOX had such a robot too (not to be confused with the more famous Willy); it bought 0.1 BTC every 20-30 seconds, IIRC.  It was turned on during certain periods last December and January.  And I recall spotting another such robot at OKCoin.  They may have accounted for 10% of the volume on some days.

Stolfi, noone can stop the pump bots. Given the lack of laws in this area, it is inevitable that Bitcoin will be manipulated to new highs, even if it doesn't get there legitimately.

The bot now changed to buying 1/100m share of the total every existing bitcoins every 7 seconds.

Could this be a way of accumulating larger quantities of bitcoins, without really moving the market too much or running the risk to get dumped on (bid wall)?

[MrPiggles]

Stolfi, noone can stop the pump bots. Given the lack of laws in this area, it is inevitable that Bitcoin will be manipulated to new highs, even if it doesn't get there legitimately.

Stolfi has bet his reputation on the fact bitcoin is gonna fail, if it was driven to new highs by fake volume he'd probably kill himself.

[NotLambchop]

...
Could this be a way of accumulating larger quantities of bitcoins, without really moving the market too much or running the risk to get dumped on (bid wall)?

Every buy could be.  Unlikely, improbable, but not impossible

[NotLambchop]

...
Stolfi has bet his reputation on the fact bitcoin is gonna fail, if it was driven to new highs by fake volume he'd probably kill himself.

Lol @ thinking that normal people are emotionally invested in this pump & dump

[MrPiggles]

Sometimes I'm almost tempted to see what LambChop is saying, but then I think nahhh

Posted by: NotLambchop
This user is currently ignored.

[NotLambchop]

Sometimes I'm almost tempted to see what LambChop is saying stop lying, but then I think nahhh

FTFY

[JorgeStolfi]

noone can stop the pump bots. Given the lack of laws in this area, it is inevitable that Bitcoin will be manipulated to new highs, even if it doesn't get there legitimately.

May be... but those dime and quarter bots won't do it.  The buys of that Bitfinex quarter bot are still less than the miners's output (~4500 BTC/day, lately).

I do not believe that the 2013-11 bubble was created by Willy.  China was visibly leading it, and we know that there was a surge of demand there, by a specific segment of the population.  I believe that Willy was just doing arbitrage between MtGOX and China (possibly with virtual dollars on its side), i.e. just importing the Chinese demand.

Looking at the prices of the MtGOX "dime bot" transactions, I thought that its purpose may have been to keep the price drifting up during the intervals when there would be no activity otherwise, especially in the 1 minute chart.  In that case it may have been buying from itself. If it was run by the house, it would not even pay fees.  Its OKCoin cousin may have had the same purpose.

[rebuilder]

Sometimes I'm almost tempted to see what LambChop is saying, but then I think nahhh

Posted by: NotLambchop
This user is currently ignored.

This
But problem is that others are quoting him...

That's nothing a couple more presses of the ignore button won't cure...

[janos666]

Ah, I wish I could automatically filter out every posts which has the "ignore" word in the text. But then I would practically ignore this post of mine as well which could be interpreted like I am schizophrenic.
(I never use the ignore feature on real persons, no matter what. I believe it's there to mute bots which is sometimes handy on some forums but not here.)

[rebuilder]

Ah, I wish I could automatically filter out every posts which has the "ignore" word in the text. But then I would practically ignore this post of mine as well which could be interpreted like I am schizophrenic.
(I never use the ignore feature on real persons, no matter what. I believe it's there to mute bots which is sometimes handy on some forums but not here.)

I don't see much difference between the output of  a bot and that of most people I have ignored. The variance in content is close to 0, even if the delivery sometimes varies.

[noobtrader]

wow it seem ppl are waiting for december auction then it will rally or dive   

[NotLambchop]

...
I don't see much difference between the output of  a bot and that of most people I have ignored. ...

Two possible reasons for this:
  1. There is no difference
  2. You have the acumen of a rusty bucket.
Keep taking pride in willful ignorance & shitting up the thread with "I lost thousands by ignoring my betters, durr!!1!"--I couldn't care less.

[BlindMayorBitcorn]

...
Stolfi has bet his reputation on the fact bitcoin is gonna fail, if it was driven to new highs by fake volume he'd probably kill himself.

Lol @ thinking that normal people are emotionally invested in this pump & dump

via Imgflip Meme Maker

[NotLambchop]

^

[ChartBuddy]

Explanation

[MrPiggles]

...
Stolfi has bet his reputation on the fact bitcoin is gonna fail, if it was driven to new highs by fake volume he'd probably kill himself.

Lol @ thinking that normal people are emotionally invested in this pump & dump

via Imgflip Meme Maker

If this idiot thinks they're not invested why do they invest all their time on the speculation thread.

also please don't quote ReptileChops or you're goin on ignore too

[JorgeStolfi]

Stolfi has bet his reputation on the fact bitcoin is gonna fail, if it was driven to new highs by fake volume he'd probably kill himself.

I have never claimed that the price will not reach new highs.

I still believe that bitcoin will never become a significant currency, and its price will eventually drop to zero, as its intended role will be filled by some other instruments.  I think that it will survive for another few years, at least.  However, I would not risk guessing what the price will do until then, neither in the next few hours or the next couple of years.

There may still be another 10x bubble, even this year, who knows.  We just saw the price jump 90 dollars in 2 days because of an ambiguous sentence by that OKCoin tech guy; and then crash again as people turned skeptic about its meaning.

The price is obviously driven by demand and supply, but the demand is entirely driven by people's expectation that it will be widely adopted or e-payments in the future, and (recursively) by expectations of future bubbles. I don't know how to predict those expectations.

[NotLambchop]

...
Stolfi has bet his reputation on the fact bitcoin is gonna fail, if it was driven to new highs by fake volume he'd probably kill himself.

Lol @ thinking that normal people are emotionally invested in this pump & dump

via Imgflip Meme Maker

If this idiot thinks they're not invested why do they invest all their time on the speculation thread.
...

I'm here to watch you rage as you stubbornly lose money--in other words, for teh lel.
So now you know

[JorgeStolfi]

wow it seem ppl are waiting for december auction then it will rally or dive   

The price dropped ~50 dollars on June 13, when the previous auction was announced; and immediately recovered when it became known that a single bidder had bought all the coins.  Most people concluded from that fact that the closing price was above market.  Tim Draper's statements further reassured them that the coins would not be dumped on the open market.

I did not see any significant drop this time.  Perhaps the market now assumes that such auctions will have no net effect, and ignores them.

On the other hand, there is no guarantee that all the coins will again be scooped by a single bidder.  So far, Tim Draper got a huge paper loss on that purchase, and it seems that he will only enter a syndicate this time (meaning that he intends to bid for less than one lot).  Some of these 50'000 coins may be bought, well below-market, by short-term traders who will promptly dump them for quick profit.  If the coins go to several bidders, the mere suspicion that some may be dumpers may be enough to trigger a drop.