Wall Observer - MtGoxUSD wall movement tracker

[Yuhfhrh]

Go Europe!  

Does something not make sense here?

You are seeing the euro to USD conversion. The high for the day is always U.S. only, where the last price is for everyone.

Edit: I'll also mention that every time I've seen this happen these past 6 months, USD has followed along. Bullish.

[420]

this time I don't think it's bullish or a premonition

[Yuhfhrh]

I don't think it's necessarily bullish or a premonition

Not necessarily, but has been in the past.

[Yuhfhrh]

BAM!


Edit: Aaaand its gone?

[molecular]

if you accept that bitcoin is "pure money" then you have to accept that euro is also "pure money"

It might be pure, but it's debatable wether the Euro is money at all

[420]

if you accept that bitcoin is "pure money" then you have to accept that euro is also "pure money"

It might be pure, but it's debatable wether the Euro is money at all

Bitcoin is the only money

[robocoin]

Guys, you finally found me on MTG/EUR. EUR/USD has it's own rally for quote some time now: )
Anyways, there was some nice argumentation going on on the last 6 pages. Great threat, no need to post a lol cat now. The smaler numbers when trading EUR or GBP also mean smaler fees / bigger spread/ less risk. Now we only need to break this wall at 9.73€ to make it rain. But in general MTG/EUR is less volatile.

[myself]

if you accept that bitcoin is "pure money" then you have to accept that euro is also "pure money"

It might be pure, but it's debatable wether the Euro is money at all

well it is, the euro have done something that only gold standard can do force politicians to take unpopular measures, without euro Spanish, Italian and Greece politicians would devalue their currency allot, the euro and Germans dont allow them to do that and the result is quite "funny" and similar to what a gold standard can do

[adamstgBit]

We are entering a stable period, despite the increased demand, due to profit taking.
I believe the profit taking is minimal, and will not deplete the increased demand. So I predict the stable period will be short lived (no more then 2 weeks) and we will head higher once its done.
 

Just in case anyone missed my lasted prediction  

I call it:

Buying out the Bears
at a fair price

[Spekulatius]

Guys, you finally found me on MTG/EUR. EUR/USD has it's own rally for quote some time now: )
Anyways, there was some nice argumentation going on on the last 6 pages. Great threat, no need to post a lol cat now. The smaler numbers when trading EUR or GBP also mean smaler fees / bigger spread/ less risk. Now we only need to break this wall at 9.73€ to make it rain. But in general MTG/EUR is less volatile.

Hang on, isnt there the same spread, fees and liquidity with all currencies on MtGox, because they are all pooled together?

[420]

Guys, you finally found me on MTG/EUR. EUR/USD has it's own rally for quote some time now: )
Anyways, there was some nice argumentation going on on the last 6 pages. Great threat, no need to post a lol cat now. The smaler numbers when trading EUR or GBP also mean smaler fees / bigger spread/ less risk. Now we only need to break this wall at 9.73€ to make it rain. But in general MTG/EUR is less volatile.

Hang on, isnt there the same spread, fees and liquidity with all currencies on MtGox, because they are all pooled together?

then the jumps are people accidentally paying too much for bitcoin, miscalculated their conversion ratio?

[adamstgBit]

Guys, you finally found me on MTG/EUR. EUR/USD has it's own rally for quote some time now: )
Anyways, there was some nice argumentation going on on the last 6 pages. Great threat, no need to post a lol cat now. The smaler numbers when trading EUR or GBP also mean smaler fees / bigger spread/ less risk. Now we only need to break this wall at 9.73€ to make it rain. But in general MTG/EUR is less volatile.

Hang on, isnt there the same spread, fees and liquidity with all currencies on MtGox, because they are all pooled together?

then the jumps are people accidentally paying too much for bitcoin, miscalculated their conversion ratio?

Where do these walls come from on the EUR market?

Wild guess:
Its MtGox placing the walls themselves to add lucidity to their EUR market
When a wall is taken down on the EUR market, MtGox buys the coins off the USD market
They place the walls on EUR market high enough for them to be able to do this without losing money
This is all done automatically.

could it be?

[Yuhfhrh]

Guys, you finally found me on MTG/EUR. EUR/USD has it's own rally for quote some time now: )
Anyways, there was some nice argumentation going on on the last 6 pages. Great threat, no need to post a lol cat now. The smaler numbers when trading EUR or GBP also mean smaler fees / bigger spread/ less risk. Now we only need to break this wall at 9.73€ to make it rain. But in general MTG/EUR is less volatile.

Hang on, isnt there the same spread, fees and liquidity with all currencies on MtGox, because they are all pooled together?

then the jumps are people accidentally paying too much for bitcoin, miscalculated their conversion ratio?

Where do these walls come from on the EUR market?

Wild guess:
Its MtGox placing the walls themselves to add lucidity to their EUR market
When a wall is taken down on the EUR market, MtGox buys the coins off the USD market
They place the walls on EUR market high enough for them to be able to do this without losing money
This is all done automatically.

could it be?

This is what happens, its been confirmed before. Its all automatic.

[420]

so walls are unreliable

[Rotsor]

so walls are unreliable

No, walls are not unreliable. Walls in less popular currencies are just much further apart, as can be seen on mtgoxlive because Mt.Gox charges a hefty percentage for currency conversion.

[420]

so walls are unreliable

No, walls are not unreliable. Euro walls are just much further apart, as can be seen on mtgoxlive because Mt.Gox charges a hefty percentage for currency conversion.

okay they deal mainly USD everything else has to convert to USD before trade?

[Yuhfhrh]

so walls are unreliable

No, walls are not unreliable. Euro walls are just much further apart, as can be seen on mtgoxlive because Mt.Gox charges a hefty percentage for currency conversion.

okay they deal mainly USD everything else has to convert to USD before trade?

Not everything, you can have a sell order of 1BTC for 10EUR, and someone could buy that 1BTC for 10EUR without ever converting to USD. Its just when there isn't enough market depth in the other currency, they start buying/selling into USD orders.

[420]

Who does, the buyers?

[adamstgBit]

so walls are unreliable

No, walls are not unreliable. Euro walls are just much further apart, as can be seen on mtgoxlive because Mt.Gox charges a hefty percentage for currency conversion.

okay they deal mainly USD everything else has to convert to USD before trade?

Not everything, you can have a sell order of 1BTC for 10EUR, and someone could buy that 1BTC for 10EUR without ever converting to USD. Its just when there isn't enough market depth in the other currency, they start buying/selling into USD orders.

you bet me to it, was going to say:

they allow you to trade your EURs for Bitcoin directly, its just that the big walls on EUR MtGox are owned by MtGox, when you buy or sell into their walls, they turns around and buys or sells on the USD market.

[adamstgBit]

Who does, the buyers?

mtgox