Look at that wall on Stamp!

Someone, for whatever reason, is desperate to keep the price down on Stamp! Incredible stuff!

Looking for cheaper coins, whoever you are?

Wow.

EDIT: And blip! It's gone! 13:31

EDIT2: Back again!! 13:32

Don't be shaken by this silly behaviour!

Please, cool it down with the superfluous threads … Create a personal thread or something instead of making 1 or 2 every day.

edit: Actually, I'll leave this open.

Thanks! I do think it's important to let people know what is going on with the bid and sell walls if it looks funny!

Isn't that kind of the purpose of the wall observer thread?

Quote from: Rannasha on January 07, 2014, 01:08:26 PM

Isn't that kind of the purpose of the wall observer thread?

That thread truly is "all-purpose"! Cheesy

Someone is throwing up walls to give people the heebie jeebies. Just sit tight and do what you were planning to do without this phenomenon people!

For me that's HODL! Cheesy

Quote from: T.Stuart on January 07, 2014, 12:29:50 PM

Whilst China has led the run-up's in the past few days, Bitstamp has lead the sell off's. Of course, the magical thing about Bitstamp is that you can actually get money out the fkn place. so for anyone looking to cash out, Stamp is the place to do it. I wonder how many Chinese Bitcoin speculators with some form of access to foreign currency markets will be looking to cash out into foreign currencies at Bitstamp?

For spike ups, look to China, for corrections, look to Bitstamp. This seems to be the story for the time being anyhow.

Quote from: MatTheCat on January 07, 2014, 02:21:27 PM

Quote from: T.Stuart on January 07, 2014, 12:29:50 PM

I disagree. While all exchanges can of course lead depending on circumstances, Bitstamp has been very strong recently upwards too, playing the leading role in recent rallies.

If you were watching the walls you would have seen what happened here. Sudden very strong downward pressure being put on Stamp with unusually tall sell walls going up bang in the middle of the spread every minute and then disappearing when the price moved down a little. Then bang up again. For 45 minutes.

Clear case of someone trying to push down and create a panic. It didn't work and when they took the lid off Stamp blew up like a fountain!

Jeez.

The bulls are always right on the way up but the bears are always right on the way down.

Quote from: T.Stuart on January 07, 2014, 02:26:07 PM

I disagree. While all exchanges can of course lead depending on circumstances, Bitstamp has been very strong recently upwards too, playing the leading role in recent rallies.

If you were watching the walls you would have seen what happened here. Sudden very strong downward pressure being put on Stamp with unusually tall sell walls going up bang in the middle of the spread every minute and then disappearing when the price moved down a little. Then bang up again. For 45 minutes.

Clear case of someone trying to push down and create a panic. It didn't work and when they took the lid off Stamp blew up like a fountain!

You are rationalising to fit your paradigm. This is just the same as all the "Bitcoin hits $1000 on Zynga news" bullshit. In reality, Bitcoin was trending up long before the Zynga announcement and spiked, failing to break above key resistance levels across all exchanges and most significantly on the Chinese exchanges. Bitcoin is now on it's way down with or without the help of some sell wall on Bitstamp. The next key support level seems to be $670 - $730 ish. If past Bitcoin behaviour to resistance and support levels is anything to go by, the next good buy in point could well be around here, but buyers should be aware that they may only be buying into a temporary bounce.

Quote from: T.Stuart on January 07, 2014, 02:26:07 PM

If you were watching the walls you would have seen what happened here. Sudden very strong downward pressure being put on Stamp with unusually tall sell walls going up bang in the middle of the spread every minute and then disappearing when the price moved down a little. Then bang up again. For 45 minutes.

Isn't that just someone trying to use Bitstamps silly alternative for a market order, their "Instant order". They describe it as:

Quote

When you place an instant order, we add an order at the current bid or ask price (depending on the type of the order). If there is not enough bitcoins available at that price, your order will remain open until someone sells or buys additional bitcoins at that price. Our trading engine will then reposition your order every 10 minutes to the current order book offer.

This sounds like what you're describing: A wall right at the current price, that sits there for a bit and then disappears and moves down with the price.

Quote from: Rannasha on January 07, 2014, 02:48:46 PM

Quote from: T.Stuart on January 07, 2014, 02:26:07 PM

Isn't that just someone trying to use Bitstamps silly alternative for a market order, their "Instant order". They describe it as:

Quote

This sounds like what you're describing: A wall right at the current price, that sits there for a bit and then disappears and moves down with the price.

That's a good point actually. A sell off at Bitstamp can happen differently to GOX in that way.

But these walls were disappearing for a minute or two at a time then shooting back. An automatic calculation by the trade engine shouldn't take minutes.

Quote from: MatTheCat on January 07, 2014, 02:44:15 PM

Jeez.

The bulls are always right on the way up but the bears are always right on the way down.

Quote from: T.Stuart on January 07, 2014, 02:26:07 PM

I disagree. While all exchanges can of course lead depending on circumstances, Bitstamp has been very strong recently upwards too, playing the leading role in recent rallies.

If you were watching the walls you would have seen what happened here. Sudden very strong downward pressure being put on Stamp with unusually tall sell walls going up bang in the middle of the spread every minute and then disappearing when the price moved down a little. Then bang up again. For 45 minutes.

Clear case of someone trying to push down and create a panic. It didn't work and when they took the lid off Stamp blew up like a fountain!

I guess all this nov-oct rally was temporary bounce on the way to inevitable collapse, am I correct??

Quote from: Salivan on January 07, 2014, 03:16:35 PM

I guess all this nov-oct rally was temporary bounce on the way to inevitable collapse, am I correct??

What inevitable collapse are you talking about?

There'll be no collapse... They are only some people who hope that the price will go down briefly so they can buy cheap

Then they will come back saying: "well, all these up and downs inevitably will make BTC worth 1500 USD by the end of the week...

Quote from: Salivan on January 07, 2014, 03:16:35 PM

I guess all this nov-oct rally was temporary bounce on the way to inevitable collapse, am I correct??

Not at all.

I was bullish on Bitcoin right up until the point came where (for everyone except the Bitcoin nutter) the tide had clearly turned.

Bitcoin could one day grow to a five figure value. Or it could collapse in the face of legislative pressure back down to double or even single digits.

I really don't know what the fuck is going to happen long term, but when the time is right, I would be prepared to place a large bet that it goes '2 da moon', but that time is not now.

If Bitcoin without China would be valued at around $350 by now, then what price will Bitcoin discover post Jan 2014, when China is largely out of Bitcoin. In your calculation, feel free to factor in any wild undershoot prices that come about as a result of market capitulation panic.

Not even a screenshot? ...

Quote from: MatTheCat on January 07, 2014, 03:39:27 PM

Quote from: Salivan on January 07, 2014, 03:16:35 PM

I guess all this nov-oct rally was temporary bounce on the way to inevitable collapse, am I correct??

I don't know how to factor china effect it is obvious.
I guessed somewhere that it will suppress prices below $1000 till end of january, I was wrong.
Anyway I am amused by those calls of doom and gloom whenever the tide temporarily turns.
For those who didn't catch my point overall I am bullish

Quote from: e521 on January 07, 2014, 03:41:13 PM

Not even a screenshot? ...

I too was disappointed in OP. Undecided

Quote from: Salivan on January 07, 2014, 03:52:14 PM

Up 89%, down 50% up 60% down 70%, up 90% and the story continues.......

.....several opportunities to make or break a fortune, all within the space of the last 4 weeks.

Bitcoin is like a psychotic rattlesnake at the moment and who really knows where it will strike next and to what extremities. It amazes me that with something as volatile as Bitcoin, how people can still apply the same normalcy bias to it as though it were just another everyday thing.

My mate said to me sometime in early Dec; "I can't see Bitcoin ever going below $1000 ever again"

I said; "Don't go fkn deluding yourself!"

At the time, I was bullish, and earning a pretty penny trading Bitcoins both on Bitstamp and shifting them on for a premium on LocalBitcoins. All my greatest hopes would have been pinned on the mania lasting forever. If it had done so as the majority of the perma-bulls assured me it would, then I would have been forced to pack in my day job (and it is a pretty damn well paying 'day job'), but i could never allow myself to be so naive and events have proven my precaution to be well warranted.

Perhaps if you are one of those who have been riding the Bitcoin gravy train since sub $100 times, then it becomes increasingly hard to have a sober outlook towards Bitcoin?

Sure, widespread uptake, adoption, and development based upon the Bitcoin protocol may well take Bitcoin to unforseen heights, or legislative pressure from western governments may bury it. But that is all to come. What is on the plate just now is the China syndrome. I hear lots of people dismiss the significance of China's scheduled exit from open market Bitcoin trading, but I have never heard a convincing argument why.