Wall Observer - MtGoxUSD wall movement tracker

[rebuilder]

No srsly, I don't think I am the only EU money manager that will need to do this day after day in increasing volumes, I am just the loudest I can feel the pain of the others as they cannot scrape enough to buy from anywhere (except Mt.Gox USD with 1 week transfer delay LOL)

Aren't there quite a few holders in Helsinki, I'd have thought you could find sellers locally?

[rpietila]

for a week btc was 50$, yesterday 60, today 75, tomorow 90 ?? is this normal? Bitcoin needed 3 years to touch 20$
I want buy some coins, but i cant. I have fear

Bitcoins are still dirt cheap. Right now, I would consider $ 5000 a fair price per coin. Until then, buyers galore!

If you factor in the risks, and the IRR of 8% per annum, the fair price is "only" about $2000, for which reason I am buying.

[Spaceman_Spiff]

See the tiny "buy" wall at EUR 57.30. It is mine. I want/need to buy, Please sell to me, thank you.

Moving it to 57.70, please take it!

LOL, this Mt.Gox "EUR-exchange" is a joke. When, if ever, is serious money even able to buy into bitcoin?? I bail out now.

There is a solution for your problem, it is called 'higher prices'.

[d5000]

It's not a good day to buy BTC with EUR. At Bitcoin-central the price is fluctuating rapidly between EUR 60 and EUR 64 ... (over USD 80) and at Bitcoin-24 it is about EUR 59...

[rpietila]

No srsly, I don't think I am the only EU money manager that will need to do this day after day in increasing volumes, I am just the loudest I can feel the pain of the others as they cannot scrape enough to buy from anywhere (except Mt.Gox USD with 1 week transfer delay LOL)

Aren't there quite a few holders in Helsinki, I'd have thought you could find sellers locally?

Yes in 1 mile radius from my office there is 5 LocalBitcoins.com merchants including the operator of the service  

And yes, I am buying from the locals when they show up. My ad is also there.

But the demand is overwhelming, there is about $100 million investing power in my immediate clientbase, and they are slowly waking up to Bitcoin. They will start to buy maybe this spring or this autumn. Once I have finished buying for my family and the clients, I will go public about this all-in (by public I mean TV etc. which I annually visit) and then the price better be north of $500 to accommodate the new buyers.

[thezerg]

Anyone keeping up with this Cyprus mess?

It is getting pretty wild. Thanks for showing the world why we need Bitcoin.

Cypress is a searchlight illuminating the system.  
Fundamental assumptions that underlie the media's reporting show why the Euro is breaking down.

First: The idea that if Cyprus "leaves" the Euro -- that is, if the government can't pay its bills in Euros -- then all of its banks depositor's money is magically transformed into "Cybucks".

Second: That a government should be involved in negotiating a loan for a few banks.

Third: That the general population should care how and whether a bank saves itself.  Instead the stakeholders of the bank should be the ones voting on a deposit reduction, chapter 11 or other options.


Bailouts keep "things" smooth and orderly.  But unfortunately they do not cause the social transformation in power structure and methodology required to effect the internal changes required to protect the system from similar subsequent events.  

Bitcoin is that transformation.  The only way for savers in the PIIGS nations to win is to refuse to play :-).

[rpietila]

It's not a good day to buy BTC with EUR. At Bitcoin-central the price is fluctuating rapidly between EUR 60 and EUR 64 ... (over USD 80) and at Bitcoin-24 it is about EUR 59...

I also had a passthrough for about a week but it made such a big loss I needed to close it down, despite that the price was about 4% higher than USD spot rate. So to keep things in order, I mainly buy for myself now, then expand to larger and larger circles.

[TomRado]

Third: That the general population should care how and whether a bank saves itself.  Instead the stakeholders of the bank should be the ones voting on a deposit reduction, chapter 11 or other options.

Problem is the top two banks' stocks are only worth 500M so where to find the 10000M they need? Let the banks go bankrupt and everybody will loose more than 10%.

[rpietila]

No srsly, I don't think I am the only EU money manager that will need to do this day after day in increasing volumes, I am just the loudest I can feel the pain of the others as they cannot scrape enough to buy from anywhere (except Mt.Gox USD with 1 week transfer delay LOL)

Aren't there quite a few holders in Helsinki, I'd have thought you could find sellers locally?

Yes in 1 mile radius from my office there is 5 LocalBitcoins.com merchants including the operator of the service  

And yes, I am buying from the locals when they show up. My ad is also there.

But the demand is overwhelming, there is about $100 million investing power in my immediate clientbase, and they are slowly waking up to Bitcoin. They will start to buy maybe this spring or this autumn. Once I have finished buying for my family and the clients, I will go public about this all-in (by public I mean TV etc. which I annually visit) and then the price better be north of $500 to accommodate the new buyers.

lol at "better be north of 500"

Yeah my verbalistix is unsurpassable  Btw you regularly in Thailand, how about meetup, I visit about 2/year..?

[mccorvic]

The magic hour is upon us.  Will there be another WTFBBQPWN explosion today?  We'll just have to wait and see...

[elux]

The Guardian - 2.19pm GMT - A summary:

• The Cyprus parliament has twice delayed a planned vote on the rescue package hammered out by Cypriot leaders yesterday.
The debate was due to start 6 hours ago, but is in limbo as frantic behind-the-scenes talks continue.

• Government insiders have told us the plan could dramatically change again, and include a tax on savers. (see here)
It appears, though, that Cyprus would spare those with less than €100,000 in the bank.

• According to Bloomberg, rich depositors (with over €100k) at Cyprus's two biggest banks could suffer losses of up to 40%. (See here)

• Russia has declined to offer fresh support to Cyprus, following the finance minister's two-day visit to Moscow. Talks are over, according to the Russian finance minister

• Germany's chancellor, Angela Merkel, has voiced her opposition to Cyprus nationalising pension funds to fund its €6bn portion of its bailout.
Merkel told her MPs that Cyprus had to realise that its business model was dead (more here)

• Details of Cyprus's plans for capital controls have emerged. They include dramatic restrictions on Cypriots and businesses in the country, including:
* unspecified limits on daily cash withdrawals,
* a total ban on accessing cash in ‘timed’ savings accounts,
* limits on cashing cheques, and
* restrictions on movements of capital, payments, and transfers.

SOURCE: http://www.guardian.co.uk/business/2013/mar/22/eurozone-crisis-cyprus-bailout-russia-vote#block-514c6528b5795d794abf42ad

[laughingbear]

Unless some of those sell walls are pulled, I dont see us getting to 75 this morning

[rpietila]

Unless some of those sell walls are pulled, I dont see us getting to 75 this morning

I think they will be bought in 8 hours or so. Hopefully I am wrong, I have some money coming to the exchanges hopefully soon.

[TomRado]

Last dip before we go all rocket again

Regarding Cyprus: Such an irony to first make Jean-Claude Juncker the President of the Euro Group. As the prime minister of Luxembourg he lead a country that lives by the same business model as cyprus: low taxation and low regulation. Now they say that business model is dead. Only in Cyprus? A few years ago London's financial sector was the model for Germany to follow, 10% GDP out of financial services. Well, it's ironic

[mccorvic]

I think they will be bought in 8 hours or so.

Any real reason to think that, or is it just a guess?

[Gabi]

Euro prices higher than dollar? Maybe buying pressure from Europe is increasing!

[justusranvier]

Euro prices higher than dollar? Maybe buying pressure from Europe is increasing!

Maybe Dollars are having a hard time reaching the exchanges.

[Zomdifros]

Euro prices higher than dollar? Maybe buying pressure from Europe is increasing!

Maybe Dollars are having a hard time reaching the exchanges.

Aren't there 4200 people in line waiting to be cleared to use MtGox? As the Japanese business day is already over, I doubt much fiat will reach the exchange.

[rpietila]

I think they will be bought in 8 hours or so.

Any real reason to think that, or is it just a guess?

Estimate based on money flow to the exchanges. The sellers need to change their behavior if they want the price to keep stable. I don't except such sacrificial behavior from their part. The current 5-10% per day is sustainable for weeks if the demand grows as it has done since February.

The bottleneck is that we have too little capacity in the exchanges, plus people are rightfully afraid of them as they habitually steal customers' funds and btc. Therefore liquidity is bad. The big money cannot yet come in.

Otoh, Friday is usually a subpar day, I would give it a 30% chance that the wall in 74 will hold. Bitstamp will likely go berserk as usual when the Europeans get off work, eat their dinner and see their deposit cleared. It's been sluggish the whole day.

[rpietila]

As for me, I couldn't care less if the price went down. I have tons of clients behind me waiting to get a piece of the action, which they cannot do right now due to the lag of KYC processing in the exchanges, lag in deposits, etc. The lower the better.

Cyprus will blow up anytime soon, you forgot..