Wall Observer - MtGoxUSD wall movement tracker

[Zomdifros]

Is it just me or is Bitcoin starting to look more like a religion with every passing day?
http://www.youtube.com/watch?v=OMAI-OIxLPo

[Richy_T]

But for those of you who are considering buying USD, remember not to invest more BTC than you can afford to lose. Remember that you're dealing with an experimental currency that's only been around in its current form for about 40 years (and I'd add that the initial results of that experiment have not been promising). So be careful!

QFT

[jwzguy]

Is it just me or is Bitcoin starting to look more like a religion with every passing day?
http://www.youtube.com/watch?v=OMAI-OIxLPo

It's just you. Bitcoin is the exact opposite of religion. It's open source and provable.

[Zomdifros]

Is it just me or is Bitcoin starting to look more like a religion with every passing day?
http://www.youtube.com/watch?v=OMAI-OIxLPo

It's just you. Bitcoin is the exact opposite of religion. It's open source and provable.

Blasphemy!

[ineededausername]

Much of the new ask volume is due to large walls between 150-600.

Hmm, a bear could just add 1000 coins for sale at 1,000,000,000 to manipulate that chart.

But lol at the large walls, some one must expect this to really pop.

Big player confident in $150 being hit?  Let's go everyone

[giszmo]

Much of the new ask volume is due to large walls between 150-600.

Hmm, a bear could just add 1000 coins for sale at 1,000,000,000 to manipulate that chart.

But lol at the large walls, some one must expect this to really pop.

Didn't I just read some claim that on Gox you can put 1000 walls 1000$ each as long as you have $1000 on Gox? And if you withdraw your $1000 your walls wouldn't even disappear? I mean yes I was also bullish for these charts but with them not having anything to do with the actual money available how would I even be able to tell how much money I will get when I sell my dollars when all this is fake? So who's providing false info? The wall posters or those who claim the falls may be fake?

[mccorvic]

Much of the new ask volume is due to large walls between 150-600.

Hmm, a bear could just add 1000 coins for sale at 1,000,000,000 to manipulate that chart.

But lol at the large walls, some one must expect this to really pop.

Didn't I just read some claim that on Gox you can put 1000 walls 1000$ each as long as you have $1000 on Gox? And if you withdraw your $1000 your walls wouldn't even disappear? I mean yes I was also bullish for these charts but with them not having anything to do with the actual money available how would I even be able to tell how much money I will get when I sell my dollars when all this is fake? So who's providing false info? The wall posters or those who claim the falls may be fake?

I think some users have tested it and found it not to be the case.  Plus, if you could, we'd see a LOT more than just 10mil in bids.  People would be manipulating the frak out this.

[mccorvic]

Much of the new ask volume is due to large walls between 150-600.

Hmm, a bear could just add 1000 coins for sale at 1,000,000,000 to manipulate that chart.

But lol at the large walls, some one must expect this to really pop.

Didn't I just read some claim that on Gox you can put 1000 walls 1000$ each as long as you have $1000 on Gox? And if you withdraw your $1000 your walls wouldn't even disappear? I mean yes I was also bullish for these charts but with them not having anything to do with the actual money available how would I even be able to tell how much money I will get when I sell my dollars when all this is fake? So who's providing false info? The wall posters or those who claim the falls may be fake?

I think some users have tested it and found it not to be the case.  Plus, if you could, we'd see a LOT more than just 10mil in bids.  People would be manipulating the frak out this.

Something is going on though because I saw a bunch of bids in the 90-92 range cancelled about 1-3 seconds before the dumping started.  

Most likely hood those walls were owned by the dumpers themselves.  They like to put up decent walls to encourage more people to put bids in front of them and then pull them right as they dump.

[Dargo]

Is it just me or is Bitcoin starting to look more like a religion with every passing day?
http://www.youtube.com/watch?v=OMAI-OIxLPo

It's just you. Bitcoin is the exact opposite of religion. It's open source and provable.

Bitcoin itself isn't a religion. The religion part comes with the idea that "Bitcoin will save the world and make me rich."

[humanitee]

A market recap for the past 12 weeks for those who missed it:


Bid depth won't quit Bitcoin, neither should you. 

[Zangelbert Bingledack]

"I'm starting to think that bitcoin as a store-of-value might end up being more attractive than bitcoin as a medium-of-exchange." -Gavin Andresen, 10-17-2010

Yes, that seems to be happening now. However, if MOE function falls too much it will quell SOV advancement (i.e., slow the price rise), which will allow MOE function to grow again, which will eventually spur SOV growth, which will interfere with MOE (but less now, since market cap is bigger), etc. So they may take turns leapfrogging each other.

[Piper67]

Is it just me or is Bitcoin starting to look more like a religion with every passing day?
http://www.youtube.com/watch?v=OMAI-OIxLPo

Bitcoin is a religion like bald is a hair colour

[phelix]

Much of the new ask volume is due to large walls between 150-600.

Hmm, a bear could just add 1000 coins for sale at 1,000,000,000 to manipulate that chart.

But lol at the large walls, some one must expect this to really pop.

I have played with various functions to weigh the bids/asks according to how close to the current price they are but have not yet found a good solution. Also gets difficult to explain the chart. Still, I am open for suggestions.

[ineededausername]

http://www.youtube.com/watch?feature=player_embedded&v=OMAI-OIxLPo

Cyprus Anthem -- by ZhouTonged

[Richy_T]

"I'm starting to think that bitcoin as a store-of-value might end up being more attractive than bitcoin as a medium-of-exchange." -Gavin Andresen, 10-17-2010

Yes, that seems to be happening now. However, if MOE function falls too much it will quell SOV advancement (i.e., slow the price rise), which will allow MOE function to grow again, which will eventually spur SOV growth, which will interfere with MOE (but less now, since market cap is bigger), etc. So they may take turns leapfrogging each other.

The great thing about bitcoin is that it can turn from being a store of value to being a medium of change on a dime (pardon the pun). Want to save for a rainy day? Do so. Need to spend it? Do so. In many ways, it's a new paradigm.

[Piper67]

"I'm starting to think that bitcoin as a store-of-value might end up being more attractive than bitcoin as a medium-of-exchange." -Gavin Andresen, 10-17-2010

Yes, that seems to be happening now. However, if MOE function falls too much it will quell SOV advancement (i.e., slow the price rise), which will allow MOE function to grow again, which will eventually spur SOV growth, which will interfere with MOE (but less now, since market cap is bigger), etc. So they may take turns leapfrogging each other.

The great thing about bitcoin is that it can turn from being a store of value to being a medium of change on a dime (pardon the pun). Want to save for a rainy day? Do so. Need to spend it? Do so. In many ways, it's a new paradigm.

Yes, "store of value", "medium of exchange" and "payment processor" are just facets of Bitcoin. We're used to thinking in those terms because that's how money has been and how it has moved until now. But, in spite of the naysayers, Bitcoin truly is a different concept, which gathers all of the above (and perhaps some others that we haven't even thought about yet) into one simple and elegant solution.

Gavin's a wonderful developer, but this falls into realms that maybe aren't his strongest suit.

[Spaceman_Spiff]

"I'm starting to think that bitcoin as a store-of-value might end up being more attractive than bitcoin as a medium-of-exchange." -Gavin Andresen, 10-17-2010

Yes, that seems to be happening now. However, if MOE function falls too much it will quell SOV advancement (i.e., slow the price rise), which will allow MOE function to grow again, which will eventually spur SOV growth, which will interfere with MOE (but less now, since market cap is bigger), etc. So they may take turns leapfrogging each other.

The great thing about bitcoin is that it can turn from being a store of value to being a medium of change on a dime (pardon the pun). Want to save for a rainy day? Do so. Need to spend it? Do so. In many ways, it's a new paradigm.

Yes, "store of value", "medium of exchange" and "payment processor" are just facets of Bitcoin. We're used to thinking in those terms because that's how money has been and how it has moved until now. But, in spite of the naysayers, Bitcoin truly is a different concept, which gathers all of the above (and perhaps some others that we haven't even thought about yet) into one simple and elegant solution.

Gavin's a wonderful developer, but this falls into realms that maybe aren't his strongest suit.

I disagree.  I can see bitcoin becoming the digital equivalent of gold, backing other faster, cheaper to transfer (sure you can send feeless at the moment, but for how long?), centralized digital currencies if no solutions are found for the scalability issue.  That being said, there is probably room for a whole lot of creativity to fix problems.

[mccorvic]

A new, interesting pattern.  Bids are continuing to rise to all new highs (over 11mil now) but asks also rising (though still now where near where they were two weeks ago and on par with last weekend).  Bulls still have advantage, but signs point to continued slug fest.

[Spaceman_Spiff]

A new, interesting pattern.  Bids are continuing to rise to all new highs (over 11mil now) but asks also rising (though still now where near where they were two weeks ago and on par with last weekend).  Bulls still have advantage, but signs point to continued slug fest.

I am guessing we'll battle it out around $100 for a while.

[mccorvic]

A new, interesting pattern.  Bids are continuing to rise to all new highs (over 11mil now) but asks also rising (though still now where near where they were two weeks ago and on par with last weekend).  Bulls still have advantage, but signs point to continued slug fest.

I am guessing we'll battle it out around $100 for a while.

I think we can break it down in three ways:

1.  Bears/Bulls battle it out with incremental sells/buys and price stays same or move up slowly.
2.  Bears dump, price falls quickly and flash back to where it was before dump and battle continues.
3.  Bulls spark a huge buy rally, whether single buyer or bunch of buyers buy at same time by accident, sparks a panic buy and prices reaches next level and we stay there.

Thus, bull advantage.  The only bear option really is to keep price where we are at now.