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Author Topic: Wall Observer - MtGoxUSD wall movement tracker  (Read 1805447 times)
just1nmc
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April 16, 2013, 03:12:57 AM
 #23341

Am I reading this chart right that someone just sold over 9000 bitcoins?

Not sure if it was 9000, but it was a shitload  Smiley

The only reason you dump that many coins at once is to drive the price down so you can re-buy at a lower price point. Someone with that many coins, isn't "panic selling".

It will probably spike back up and the process continues. =)

The other reason is that dumping the coins slowly would allow the price to go down, possibly costing more than it's worth. The big bidwalls are making panic selling easier.

Agreed. There's been a bunch of 3-4K coin dumps today. I find it hard to believe it's a whole bunch of big investors panic selling. If you wanted to force the price lower, 3-4K sells pushing the price down quickly, suckering in panic sellers, is pretty much the way to do it.

There's also quite a few people who aren't big investors, but also have that many coins. Someone on reddit hit over $1 million a couple weeks ago, with a fairly small initial investment. They planned on cashing out slowly.

Seeing a crash like this could easily lead someone to selling it all off at once.  
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ineededausername
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April 16, 2013, 03:14:08 AM
 #23342

Is there some bad news I'm unaware of, that would make it rational to move down 30% in a day?

(BFL)^2 < 0
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April 16, 2013, 03:14:15 AM
 #23343

I'm an idiot. Tongue
I got the buy and sell mixed up and sold at 66 instead of bought and brought at 70 instead of sold >.<

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April 16, 2013, 03:14:52 AM
 #23344

Is there some bad news I'm unaware of, that would make it rational to move down 30% in a day?

there was bombing attack in Boston though I think it started to dip earlier

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dree12
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April 16, 2013, 03:15:39 AM
 #23345

Is there some bad news I'm unaware of, that would make it rational to move down 30% in a day?

The price was moving up almost 30% in a day, even though there was no really "good news" to support it. This slip is the correction. Bitcoins remain overvalued IMHO.
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April 16, 2013, 03:15:51 AM
 #23346

I'm an idiot. Tongue
I got the buy and sell button mixed up and sold at 66 instead of bought and brought at 70 instead of sold >.<

it happens to me often...

btc-e probably costed me 5-10% going down now, had all ready for good trade.

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April 16, 2013, 03:16:48 AM
 #23347

Am I reading this chart right that someone just sold over 9000 bitcoins?

Not sure if it was 9000, but it was a shitload  Smiley

The only reason you dump that many coins at once is to drive the price down so you can re-buy at a lower price point. Someone with that many coins, isn't "panic selling".

It will probably spike back up and the process continues. =)

The other reason is that dumping the coins slowly would allow the price to go down, possibly costing more than it's worth. The big bidwalls are making panic selling easier.

Agreed. There's been a bunch of 3-4K coin dumps today. I find it hard to believe it's a whole bunch of big investors panic selling. If you wanted to force the price lower, 3-4K sells pushing the price down quickly, suckering in panic sellers, is pretty much the way to do it.

$5 by the end of the weekend, as I said before Smiley. These people have a lot of coins, and are unloading not to buy cheap, but to get out of the game while still there is some value on the BTC.

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April 16, 2013, 03:20:05 AM
 #23348

Am I reading this chart right that someone just sold over 9000 bitcoins?

Not sure if it was 9000, but it was a shitload  Smiley

The only reason you dump that many coins at once is to drive the price down so you can re-buy at a lower price point. Someone with that many coins, isn't "panic selling".

It will probably spike back up and the process continues. =)

The other reason is that dumping the coins slowly would allow the price to go down, possibly costing more than it's worth. The big bidwalls are making panic selling easier.

Agreed. There's been a bunch of 3-4K coin dumps today. I find it hard to believe it's a whole bunch of big investors panic selling. If you wanted to force the price lower, 3-4K sells pushing the price down quickly, suckering in panic sellers, is pretty much the way to do it.

$5 by the end of the weekend, as I said before Smiley. These people have a lot of coins, and are unloading not to buy cheap, but to get out of the game while still there is some value on the BTC.

Yup, get out, BTC is worth $0 now, I am dumping everything!  It'll just keep going down to nothing.  Those large 50k+ BTC bidwalls in the teens will get pulled, as will the millions of dollars above them in the orderbook.  Bitcoin doesn't work anymore.

(BFL)^2 < 0
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April 16, 2013, 03:21:48 AM
 #23349

btc-e, so reliable so far and dies in such moment Sad

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April 16, 2013, 03:21:54 AM
 #23350

Not sure if you're all being serious.
Are you actually selling?

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April 16, 2013, 03:22:46 AM
 #23351


There's also quite a few people who aren't big investors, but also have that many coins. Someone on reddit hit over $1 million a couple weeks ago, with a fairly small initial investment. They planned on cashing out slowly.

Seeing a crash like this could easily lead someone to selling it all off at once.  

Yeah but it's happening all day long. They're really going to cash out with a 4k sell market order? I find it hard to believe that large dumps like that are just people freaking out.

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April 16, 2013, 03:23:14 AM
 #23352

Am I reading this chart right that someone just sold over 9000 bitcoins?

Not sure if it was 9000, but it was a shitload  Smiley

The only reason you dump that many coins at once is to drive the price down so you can re-buy at a lower price point. Someone with that many coins, isn't "panic selling".

It will probably spike back up and the process continues. =)

The other reason is that dumping the coins slowly would allow the price to go down, possibly costing more than it's worth. The big bidwalls are making panic selling easier.

Agreed. There's been a bunch of 3-4K coin dumps today. I find it hard to believe it's a whole bunch of big investors panic selling. If you wanted to force the price lower, 3-4K sells pushing the price down quickly, suckering in panic sellers, is pretty much the way to do it.

$5 by the end of the weekend, as I said before Smiley. These people have a lot of coins, and are unloading not to buy cheap, but to get out of the game while still there is some value on the BTC.

Yup, get out, BTC is worth $0 now, I am dumping everything!  It'll just keep going down to nothing.  Those large 50k+ BTC bidwalls in the teens will get pulled, as will the millions of dollars above them in the orderbook.  Bitcoin doesn't work anymore.

Given that bitcoin's value depends on trustworthy and functional contacts with the traditional banking system, yeah, it kinda doesn't work.
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April 16, 2013, 03:27:26 AM
 #23353

Red bar after red bar after red bar... This isnt going to let up anytime soon.  Sub 50s this week easily.

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April 16, 2013, 03:28:42 AM
 #23354

How long until you think it will rebound?
(As in can I get 10k from my bank in time tomorrow?)

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April 16, 2013, 03:28:45 AM
 #23355

$5 by the end of the weekend, as I said before Smiley. These people have a lot of coins, and are unloading not to buy cheap, but to get out of the game while still there is some value on the BTC.

If you want to get out of the game, why would you do large dumps to induce panic selling thus costing yourself more money? Large coin dumps like this have been going on for years. It's the best way to create volatility.

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ineededausername
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April 16, 2013, 03:28:50 AM
 #23356

Red bar after red bar after red bar... This isnt going to let up anytime soon.  Sub 50s this week easily.

Actually, so many red bars usually ends in capitulation and the start of a rally.  Look at historical charts.

(BFL)^2 < 0
seleme
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April 16, 2013, 03:29:09 AM
 #23357

Not sure if you're all being serious.
Are you actually selling?

selling and buying, selling and buying etc... that protected my property for whole night but might be worth nothing if btc-e stays down for next hour or two.

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alexanderanon
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April 16, 2013, 03:31:36 AM
 #23358


Yup, get out, BTC is worth $0 now, I am dumping everything!  It'll just keep going down to nothing.  Those large 50k+ BTC bidwalls in the teens will get pulled, as will the millions of dollars above them in the orderbook.  Bitcoin doesn't work anymore.

Imagine the headlines...

"Bitcoin goes to zero, no one really sure why"

"Entire Bitcoin economy evaporates in less than 2 weeks"

"Satoshi bails, declares Bitcoin 'all just a joke, I swear'"
adamstgBit
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April 16, 2013, 03:36:15 AM
 #23359

How long until you think it will rebound?
(As in can I get 10k from my bank in time tomorrow?)

it wont be "rebounding"... look around, this is clearly the death of bitcoin.  Cool

nimda
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April 16, 2013, 03:37:43 AM
 #23360

How long until you think it will rebound?
(As in can I get 10k from my bank in time tomorrow?)

it wont be "rebounding"... look around, this is clearly the death of bitcoin.  Cool
Ah... the buy signal.

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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