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Author Topic: Wall Observer - MtGoxUSD wall movement tracker  (Read 1648972 times)
ManBearPig
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April 16, 2013, 07:50:34 AM
 #23501

Maybe LulzSec orchestrated a DDoS on the atomic integrity of gold - take that US Government!

Ahem, sorry.

I tweet crypto nonsense: https://twitter.com/DunningKruger_
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Ares
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April 16, 2013, 07:55:33 AM
 #23502



I believe this is a necessary and inevitable cleansing.

Before this recent climb to 266, who were the ones with 4 figure amounts of coins? Largely, "weak hands". Now, I just witnessed multiple 4-figure btc sell-offs, and asked myself, who is buying? The answer: serious investors (yes, there are a lot who are just selling and buying back lower, but for the other cases...). Billionaire Kevin O'Leary, for example, was on the media the other day saying he was looking to invest 1%+ into bitcoin. He is not alone.

I believe we are witnessing the shift from the scared to the strong which had to happen sooner or later and "shook out the weak hands".

You can't say the fundamentals haven't significantly improved since the last bubble.

I bet it holds at $50

 Grin my quote from another thread
just1nmc
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April 16, 2013, 07:57:04 AM
 #23503

Big buys going on in the $50s. Have to admit, it's an attract price considering how fast the crash has been.

I don't think we'll see much support build up at higher prices though.
keewee
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April 16, 2013, 07:58:36 AM
 #23504


1keewee2vRp63UWvPBynT55ZYw6SUCKDB
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April 16, 2013, 08:00:29 AM
 #23505



I believe this is a necessary and inevitable cleansing.

Before this recent climb to 266, who were the ones with 4 figure amounts of coins? Largely, "weak hands". Now, I just witnessed multiple 4-figure btc sell-offs, and asked myself, who is buying? The answer: serious investors (yes, there are a lot who are just selling and buying back lower, but for the other cases...). Billionaire Kevin O'Leary, for example, was on the media the other day saying he was looking to invest 1%+ into bitcoin. He is not alone.

I believe we are witnessing the shift from the scared to the strong which had to happen sooner or later and "shook out the weak hands".

You can't say the fundamentals haven't significantly improved since the last bubble.

I bet it holds at $50

 Grin my quote from another thread

disagree, I would bet the vast majority of sellers are just trying to buy back in cheaper, creating a mountain of a snowball effect. In fact I bet this entire crash started with that in mind.
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April 16, 2013, 08:03:56 AM
 #23506

looking like we hit bottom at 50.01 on gox. rebound is holding steady with exponential average at 57 ish.
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April 16, 2013, 08:07:15 AM
 #23507

its 4:00am people from the other side of the world are waking up to CHEEP ASS bitcoin, and i'm going to be a mess tomorrow at work!  Grin bitcoin....

so who took out loans at 120$ / BTC and is now in DEEP shit?
its to bad it had to end this way.

just1nmc
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April 16, 2013, 08:14:00 AM
 #23508

If anyone wants some positive news from today:

http://thenextweb.com/insider/2013/04/16/okcupid-partners-with-coinbase-to-become-the-latest-web-service-to-support-bitcoin/

7 million users, not bad  Smiley
ManBearPig
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April 16, 2013, 08:16:08 AM
 #23509

You do have to ask yourself, what entry point does the big money wait for? $50? Lower?

And is a 25% (edit) upswing in an hour stabilised?

Answers on a postcard please, first one drawn from the hat wins a satoshi.

I tweet crypto nonsense: https://twitter.com/DunningKruger_
Ente
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April 16, 2013, 08:16:35 AM
 #23510

its 4:00am people from the other side of the world are waking up to CHEEP ASS bitcoin, and i'm going to be a mess tomorrow at work!  Grin bitcoin....

so who took out loans at 120$ / BTC and is now in DEEP shit?
its to bad it had to end this way.

I put half of my cold-wallet coins on bitfinex.
Average buy at 92$.
Close to margin call now.

AND HOLDING!

Ente
UKMark
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April 16, 2013, 08:19:57 AM
 #23511

I believe it's being creamed, drawing buyers in, letting it settle, and then skimming the top - whatever was bought from those large buy walls at 50's has already been dumped on the right!

rpietila
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April 16, 2013, 08:31:00 AM
 #23512

I'm just wondering who's going to be willing to sell coins at these prices.

BTC21k for $50, BTC65k for $40, BTC116k for $30...

Of course bids can be pulled. Guess we'll be seeing soon.

The downside of pulling bids is, you end up chasing the price once it takes off. Bitstamp is one of the second largest exchanges, and I remember one time not too long ago that it was completely cleared of all asks in excess of BTC100. I went to sleep, not being able to buy my daily quota.

The big fish swim slowly. Besides they often think in terms of coins, not fiat. It is no wonder the Winklewii bought 108,000 coins. It is a percent of the supply outstanding.

For anyone with $30M of more (HNWI), it is more a question, what number of coins they want to buy, than at what price. Many are content to buy them significantly higher if ever there is supply at those prices. Too bad there wasn't, so they needed to bring the price down to acquire the number of coins they want. It is collateral damage that they also got them cheaper  Cheesy

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April 16, 2013, 08:39:20 AM
 #23513

The big fish swim slowly. Besides they often think in terms of coins, not fiat. It is no wonder the Winklewii bought 108,000 coins. It is a percent of the supply outstanding.

And they will not let their investment and image be damaged. I would bet a good part of the wall at $50 is theirs.

In a week they might announce they own two percent because of smart/informed trading during the crash.

just1nmc
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April 16, 2013, 08:40:51 AM
 #23514

Bids at $50 are still rising. Way too early to say anything but there's definitely thousands of coins being bought in the 50s.

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April 16, 2013, 08:40:55 AM
 #23515

The coin volumes are absolutely wicked high right now:




For comparison, here is the 2011 crash, coin volumes were much lower (even though prices were also much lower), except for the final bottom at $2 there is a huge spike in volume:




If I had to guess, we will bottom in the next few weeks at prices not too far from this. I would be very surprised to see anything below $30. From there we will stabilize and after some time beginning climbing upwards again. Just for fun, I'll add a prediction of breaking the ATH this year.

Yeah, people are so afraid of the slow decline that it might not happen.

keewee
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April 16, 2013, 08:48:25 AM
 #23516

The coin volumes are absolutely wicked high right now:


Hell yeah! Getting close to half a million traded today  Smiley

1keewee2vRp63UWvPBynT55ZYw6SUCKDB
Jaques
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April 16, 2013, 08:49:39 AM
 #23517

how much coins are trapped in bitcoin-24.de?

edit: 21K?
Bitsaurus
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April 16, 2013, 08:50:43 AM
 #23518

Well why hold it and watch it go to $32 when you can sell it and rebuy between $16 and $50 (whatever you feel is better).

just1nmc
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April 16, 2013, 09:00:26 AM
 #23519

Well why hold it and watch it go to $32 when you can sell it and rebuy between $16 and $50 (whatever you feel is better).

If someone hasn't sold by now, it's getting less and less appealing to do so. Trying to double up by selling at $50 is assuming it will reach the bottom most people are looking to buy at.

I'm not saying it can't happen, but it's becoming more of a gamble the lower the price is. People who wanted to sell and buy back cheaper should've already sold.
Bitsaurus
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April 16, 2013, 09:09:00 AM
 #23520

Well I was answering the question of why panic selling as opposed to slow selling like in 2011.  If you're going to dump and you know it will go down, dump early.

Those who are trying to catch the bottom are catching knives, but now the knives aren't as sharp.

Still you don't correct a bubble in 5 days, it will go lower still, but might hit $100 again before that.

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