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Author Topic: Wall Observer - MtGoxUSD wall movement tracker  (Read 1652406 times)
DublinBrian
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July 17, 2012, 11:21:52 AM
 #641

It's silly that a few USD 100K can push the price of bitcoin around by 10+% or so on a single day. Just shows how small and undeveloped this market is.
Why is that "silly"?

"A few USD 100k" is a lot of money in the bitcoin community, because unlike fiat, large quantities of bitcoin credit cannot be magicly created out of thin air. Thats what gives bitcoin value, and why your corrupt fiat money is worthless toilet paper.

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July 17, 2012, 11:54:27 AM
 #642

Thoughts:

What have we learned from this, and what does it mean for the price in months to come?

First of all, we don't need instability for many reasons. (one of my own reasons is that I am still in acquire mode)

Some large player comes in with massive walls to manipulate the price up for a better selling price, and he probably got it. Could he get away with that again? How soon?

Watching the price jump around last night, I felt like if nothing else some new resistance has been established at 9.x as there will be a lot of last night's buyers looking to get back out without a loss on the books. Maybe that's not a bad thing: 9 is the new 6?

Lastly, if there was a way to short BTC, it wouldn't be as easy to manipulate the market like this.

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July 17, 2012, 06:31:43 PM
 #643

It's silly that a few USD 100K can push the price of bitcoin around by 10+% or so on a single day. Just shows how small and undeveloped this market is.
Why is that "silly"?

"A few USD 100k" is a lot of money in the bitcoin community, because unlike fiat, large quantities of bitcoin credit cannot be magicly created out of thin air. Thats what gives bitcoin value, and why your corrupt fiat money is worthless toilet paper.



+1

now think for a minute how much would 10millions coins (all the bitcoin) go for on this market

100million, or 1 billion?  Tongue

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July 17, 2012, 07:15:14 PM
 #644

now think for a minute how much would 10millions coins (all the bitcoin) go for on this market

100million, or 1 billion?  Tongue

There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well.

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July 17, 2012, 07:29:58 PM
 #645

now think for a minute how much would 10millions coins (all the bitcoin) go for on this market

100million, or 1 billion?  Tongue

There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well.

ya that's what i was fishing for

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July 17, 2012, 09:46:17 PM
 #646

now think for a minute how much would 10millions coins (all the bitcoin) go for on this market

100million, or 1 billion?  Tongue

There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well.

As bearish as I am and remain, I've still got a nice stash of bitcoins in offline storage that intend to keep forever, even though recent price movements have been tempting me to sell.
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July 17, 2012, 09:47:10 PM
 #647

now think for a minute how much would 10millions coins (all the bitcoin) go for on this market

100million, or 1 billion?  Tongue

There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well.

As bearish as I am and remain, I've still got a nice stash of bitcoins in offline storage that intend to keep forever, even though recent price movements have been tempting me to sell.

So your bear in your avatar is really a bull wearing a bear suit?

LAWL! Grin Grin Grin

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CoinDiver
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July 17, 2012, 10:31:51 PM
 #648

There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well.

Someone could induce market instability so that no one could actually use bitcoin for anything other than speculation.

http://mises.org/daily/3229
BTC:1PEyEKyVZgUvV4moXvCD5rQN21QETGPpLc
ElectricMucus
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July 17, 2012, 10:36:41 PM
 #649

Proudhon is a longterm bull and a midterm bear.

the best kind  Smiley

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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July 18, 2012, 12:49:20 AM
 #650

DING DING DING
     9$

ineededausername
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July 18, 2012, 12:57:33 AM
 #651

DING DING DING
     9$

and there we go, we got $9 without huge 50k bid walls or huge 40k BTC buys.  This is the natural price.

(BFL)^2 < 0
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July 18, 2012, 01:02:06 AM
 #652


mccorvic
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July 18, 2012, 01:04:36 AM
 #653

GUYS! It's already down to $8.95.  This is obviously a sign of impending crash! /sarcasm

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sadpandatech
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July 18, 2012, 01:26:06 AM
 #654

GUYS! It's already down to $8.95.  This is obviously a sign of impending crash! /sarcasm

oh shit, $8.91. come on friggin orderbook execute my sell!! *trollface*

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
ineededausername
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July 18, 2012, 01:54:04 AM
 #655

aaah, another drop Sad

why the hell didn't we go to $10?! Wink

(BFL)^2 < 0
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July 18, 2012, 01:55:06 AM
 #656

There sure is a lot of resistance at $9.


adamstgBit
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July 18, 2012, 01:56:24 AM
 #657

aaah, another drop Sad

why the hell didn't we go to $10?! Wink

We are sticking to the game plan

drlatino999
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July 18, 2012, 02:35:51 AM
 #658

44K staggered wall makes an appearance

Sappers clear the way
mccorvic
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July 18, 2012, 02:48:29 AM
 #659

There sure is a lot of resistance at $9.

Gotta be resistance somewhere.

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July 18, 2012, 02:49:42 AM
 #660

Hard to say how long this wall stay with us (the 40k one at 8.9$) but I think its supporting us to 10$, before someone wants to crash the market again, arrrrrr
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