rpietila Wall Observer - the Quality TA Thread ;)

[phoenix1]

Haha .. nice confession! And probably a smart move, if a little on the late side. That ship is sinking ...

So was the plan to start a stampede and cash out on another exchange after it chased Gox up ? (Good idea )
And was it you that dumped after this failed to materialise and we got a dose of bad news today instead ? (Probably another good idea)

Or something else ....

[rpietila]

Haha .. nice confession! And probably a smart move, if a little on the late side. That ship is sinking ...

So was the plan to start a stampede and cash out on another exchange after it chased Gox up ? (Good idea )
And was it you that dumped after this failed to materialise and we got a dose of bad news today instead ? (Probably another good idea)

Or something else ....

There was no plan, I lost 22% on conversion (well the net loss was less because it had always been higher there), and I did not dump anything, nor arrested Charlie Shrem. I am on the sell side now, because I see no upside during the week but the risk of a real crash is higher than ever. This is one of the rare times that I sell pre-emptively with the intention to buy back even at a slight loss if nothing materializes.

[phoenix1]

Haha .. nice confession! And probably a smart move, if a little on the late side. That ship is sinking ...

So was the plan to start a stampede and cash out on another exchange after it chased Gox up ? (Good idea )
And was it you that dumped after this failed to materialise and we got a dose of bad news today instead ? (Probably another good idea)

Or something else ....

There was no plan, I lost 22% on conversion (well the net loss was less because it had always been higher there), and I did not dump anything, nor arrested Charlie Shrem. I am on the sell side now, because I see no upside during the week but the risk of a real crash is higher than ever. This is one of the rare times that I sell pre-emptively with the intention to buy back even at a slight loss if nothing materializes.

I hear you
And you didn't ban BTC in Russia either right ? 

[proudhon]

Haha .. nice confession! And probably a smart move, if a little on the late side. That ship is sinking ...

So was the plan to start a stampede and cash out on another exchange after it chased Gox up ? (Good idea )
And was it you that dumped after this failed to materialise and we got a dose of bad news today instead ? (Probably another good idea)

Or something else ....

There was no plan, I lost 22% on conversion (well the net loss was less because it had always been higher there), and I did not dump anything, nor arrested Charlie Shrem. I am on the sell side now, because I see no upside during the week but the risk of a real crash is higher than ever. This is one of the rare times that I sell pre-emptively with the intention to buy back even at a slight loss if nothing materializes.

Why not SHOTR, rpietila, as it has never been clearer that bitcoin is going to be worth much less than it is now.  Using our proven martingale maxleverage SHOTR strategy you could become even more wealthy, as is confirmed by our facts and all the bad and confirmed news.

[rpietila]

Why not SHOTR, rpietila, as it has never been clearer that bitcoin is going to be worth much less than it is now.  Using our proven martingale maxleverage SHOTR strategy you could become even more wealthy, as is confirmed by our facts and all the bad and confirmed news.

I am with the Most Eminent Highness Crytpo Majesty Goat, in that I never short. Selling 3% is about the most definite statement of bitcoin's current overvaluation that I can bear to execute.

[proudhon]

Why not SHOTR, rpietila, as it has never been clearer that bitcoin is going to be worth much less than it is now.  Using our proven martingale maxleverage SHOTR strategy you could become even more wealthy, as is confirmed by our facts and all the bad and confirmed news.

I am with the Most Eminent Highness Crytpo Majesty Goat, in that I never short. Selling 3% is about the most definite statement of bitcoin's current overvaluation that I can bear to execute.

May God have mercy on your soul. 

[rpietila]

There was no plan, I lost 22% on conversion (well the net loss was less because it had always been higher there), and I did not dump anything, nor arrested Charlie Shrem. I am on the sell side now, because I see no upside during the week but the risk of a real crash is higher than ever. This is one of the rare times that I sell pre-emptively with the intention to buy back even at a slight loss if nothing materializes.

I hear you
And you didn't ban BTC in Russia either right ?  

No comments on the last one

And yes of course I was able to buy back the coins higher in the following rally, but that does not change the fact that the whole operation was a loss of quite a sad magnitude...

[MatTheCat]

LOL, I suppose you covered it at a loss then    It is dropping like a stone as we speak..

Perhaps it's good time to forget the worries and celebrate the fact that we have 2 million bitcoin users in the world!

I shorted (leveraged out my tits of course) at 817, I hid my stop loss at 821, behind a 1500 strong ask wall at 820.

Problem was that I had earlier made a thread when Bitcoin was at 790, stating to go long Bitcoin until 815-820, then short Bitcoin. I got in the usual heated debates with the usual bull-tards that are only capable of seeing up the way, but I was pretty certain I was on to a winner here. I went out for a walk, came back in, and was incredulous at this sudden totally irrational and unforseeable volume spike pushing Bitcoin up to the 830s.

As you may imagine, both my prediction thread and my inbox was flooded with 'well-wishers' congratulating me on my 'pro-call'

I am currently short, but I was gambling on the 765 support not holding (which it didn't), but the 750 Ask wall on Stamp slipped totally from my memory. I am still in the green, but no dazzling gains to speak off.

[rpietila]

I shorted (leveraged out my tits of course) at 817, I hid my stop loss at 821, behind a 1500 strong ask wall at 820.

Problem was that I had earlier made a thread when Bitcoin was at 790, stating to go long Bitcoin until 815-820, then short Bitcoin. I got in the usual heated debates with the usual bull-tards that are only capable of seeing up the way, but I was pretty certain I was on to a winner here. I went out for a walk, came back in, and was incredulous at this sudden totally irrational and unforseeable volume spike pushing Bitcoin up to the 830s.

As you may imagine, both my prediction thread and my inbox was flooded with 'well-wishers' congratulating me on my 'pro-call'

I am currently short, but I was gambling on the 765 support not holding (which it didn't), but the 750 Ask wall on Stamp slipped totally from my memory. I am still in the green, but no dazzling gains to speak off.

Yes it was quite hilarious that my totally unbullish action in Gox sparked the other whale to panic and the herd in Stamp followed and your prediction failed as bitcoin gained 5%, whatisit - 500 million dollars market cap.. <3 Bitcoin 

Btw I had a BTC400 ask wall in Stamp in 750 but pulled it when it crashed towards it. Actually should have kept it in place though...

I'm actually thinking that we could possibly see a crash of 20% starting from 815 in the next 24 hours. Anything smaller than that I would not buy as bitcoin is in a precarious position.

[Tzupy]

Why not SHOTR, rpietila, as it has never been clearer that bitcoin is going to be worth much less than it is now.  Using our proven martingale maxleverage SHOTR strategy you could become even more wealthy, as is confirmed by our facts and all the bad and confirmed news.

I am with the Most Eminent Highness Crytpo Majesty Goat, in that I never short. Selling 3% is about the most definite statement of bitcoin's current overvaluation that I can bear to execute.

May God have mercy on your soul. 

+1, but...

From this stage of the market, with a mild bear market like in 2013, rpietila can expect to lose 50% of his coins' value until the bottom of wave C.
He probably can afford that, and if he and his friends would sell all now, the slippage would be terrible and crash the markets to single digits.
So far there is not enough information to estimate the severity of the bear market, only further price drops will set a clear path.
IMO only a very bearish event, comparable in magnitude to the hacking of MtGox in 2011, could result in a bear market of that severity.

[phoenix1]

Fair play to you for taking the hit and pulling out of Gox - this blight on the BTC ecosystem needs to go down. I am assuming from your words that you have taken cashed out completely. Did you receive the BTC without problems ?

[cAPSLOCK]

Fair play to you for taking the hit and pulling out of Gox - this blight on the BTC ecosystem needs to go down. I am assuming from your words that you have taken cashed out completely. Did you receive the BTC without problems ?

Even though Gox has shrunken significantly the combination of the public perception that it sets the actual BTC price combined with the erroneous conception that it is the leading exchange makes it's eventual demise possibly painful for us...

[phoenix1]

Fair play to you for taking the hit and pulling out of Gox - this blight on the BTC ecosystem needs to go down. I am assuming from your words that you have taken cashed out completely. Did you receive the BTC without problems ?

Even though Gox has shrunken significantly the combination of the public perception that it sets the actual BTC price combined with the erroneous conception that it is the leading exchange makes it's eventual demise possibly inevitably painful for us...

FTFY

Agreed. But its continued existence makes many a mockery of most of the BTC 'buy-lines'.
No transparency. Probable insolvency. Holding funds hostage. Suspected fractional reserve banking/outright fraud etc etc

Gox is the antithesis of what BTC is supposed to be about and the bigger BTC gets in the public eye, the bigger the hit it will take when Gox goes, which it will. Better sooner than later so that people have time to forget.

Lest we get stuck in exactly the same trap as the legacy system of not being able to take the blows on the chin and burying everything under the carpet until there is a mountain in the living room.

[rpietila]

Did you receive the BTC without problems ?

I heard that they had quite many problems with that last weekend. I decided to help the community with my statistics.

[phoenix1]

Did you receive the BTC without problems ?

I heard that they had quite many problems with that last weekend. I decided to help the community with my statistics.

Nice work 

[rpietila]

11.26M to $500, things have started moving. 

[oooo]

Now: Arturo Fuente Figurado abt 10cm. I have lately enjoyed the short ones.

The rally yesterday was unfortunately caused by me  I was trying to negotiate a withdrawal of EUR 300k from Mt.Gox. Due to their troubles, it seemed that I would not receive the money on time so I had to buy back the coins.

Do you feel that Mt Gox withdrawal issues are temporary? Curious to know whether the 300K withdrawal was prompted by the withdrawal issues, or whether it was merely a part of your trading strategy?


Thanks.

[EuroTrash]

11.26M to $500, things have started moving.  

Also higher volumes are there. But the 1D chart still shows lower highs and lower lows. Could it be that new money is not really coming in at all / the volume is only caused by the same players on exchanges swapping coins over and over, trying to outsmart each other?

[MatTheCat]

11.26M to $500, things have started moving.  

Also higher volumes are there. But the 1D chart still shows lower highs and lower lows. Could it be that new money is not really coming in at all / the volume is only caused by the same players on exchanges swapping coins over and over, trying to outsmart each other?

Welcome to Bitcoin post Dec 5th 2013!

[jubalix]

According to the bitcoin wealth distribution thread, there are more than 11,000 individuals with more than 100 BTC. If the BTC price reaches 1 million dollars in 2016 as RP predicts, the number of 100 millionaires in the world will have increased by 38 percent (29,000 currently + 11,000 = 40,000). That would be the most rapid and dramatic wealth redistribution in history. It is difficult to imagine - my prediction is only 100,000 dollars per BTC - but I would be happy to be proven wrong.

well not really, see individuals do not really hold that much wealth compered to the state, and state instituions. It takes over a trillion $ a year just to keep NY state education system going, See Mr. Bloomberg on point when he responded that his wealth was just a drop in the bucket, if that in response to why he did not just fix the state education system. As Bloomberg said people do not comprehend the scale of public monies. For example Bill Gates has collected $10 off everyone for a OS, which is really nothing compared to your daily cost of living every day, day after day. The redistribution of the private wealth is like changing a round error to the distribution of wealth. The problem is people have been educated to look at the "new gods" gates, Zberg, Jobs" and aspire to be and are told to aspire. This is the biggest lie ever. In fact there are many people smarter and harder working, it just came down to being in the right place at the right time. If Jobs was born and lived in siberia, it wasn't going to happen.

The idols are held out to perpetrate the myth that you too can achieve this sort of wealth or even a minute fraction of it if you work hard, come up with an idea. This message is made out in many way some overt some subtle, eg school, movies continually tell you you can win out, and be what you want. The reality is the system is completely stacked against you, by historical advantages, vested interests, and  quota systems of Unversity as state regualtors from fields licensed fields of work, mainly in health, which in fact eats up perhaps the largest share of Govt spending in many countries, in combination with education.

There is so much in error, the more I look the F....ked up it is.

Orwells comment

"If you want a vision of the future, imagine a boot stamping on a human face - forever."

has never been more true, except it is worse than he imagined. The boot turned out to be invisible, so you can see everything you cannot have, and are told that you have to much. You are told you are free and so it is your fault, the government provided the freedom so you made your own choice, the government thus has no blame.

The Justice sustem is a farce, excluding the majority in many ways.

Look at books like "afluenza" complete rubbish, we get trinkets, plastic crap, yes too much of that. The real value things however health care, houses, access to opportunity become less obtainable every passing year. And they are so easy to solve. Eg why oh why we do not learn medicine as a core subject for ages 8 - 18 would allow us to treat ourselves much more competently than any GP could ever hope to. The saving by prevention would be massive. It would be the biggest leap forward in human health probably ever.

Bitcoin at 1 million a coin, will still not be that much, but it will be a start. Consider that Forex in London does 1.6T day and about twice that globally a day.

Consider that every venture to date has required someone stand infront of a bank, or the already wealthy and beg/obtain money. Gates, Zberg, Jobs and any one else you care to name all relied on a bank somewhere or the already wealth to give them FIAT, gold or whatever to get of the Ground, except of course Satoshi. What Satoshi has done, is incalculable. I think some one else would have hit upon a solution eventually, but the idea of "satoshi" rather than the individual. This is the closet think we have had in a long time to self actualisation and escaping from the invisible boot, and also the invisible hand, the latter because we will all become the invisible hand. At 1 million the transfer of wealth occurs in the private sphere. The interesting thing a good proportion of those who first got in and held to this point will be the type to actually make the whole system stronger.  Bitcoin is uniquely self reinforcing, in a way nothing else has been. I am not saying Bitcoin will do it, it could be an alt, but the idea is out, and proven to be be able to go to $10B Mkt cap. Just a few years ago this would have been laughed at by everyone who "knew". This is a watershed for human history, it will probably go down in history as one of the most pivotal moments.