Topic: rpietila Wall Observer - the Quality TA Thread ;) - page 93. (Read 907212 times)

The price can be considered low, depending on the historical values and the investment into it etc etc... difficult to compare the other various coins to bitcoin because bitcoin is, at least up until now, so much heads and shoulders ahead of any of the competition including any that have even a fraction of its dwindling market cap.  but to some extent they are all dwindling together at varying rates but none are really catching up to bitcoin in any meaningful way, at least NOT so far.. but our assessment could be different in 6 months or a year or two years or five years.

Yeah, but we cannot necessarily conclude liquidation.. could be just moving .. .. or just in case or even having had negotiated some Over the Counter sale... or made a down payment on a castle?  Hard to really know if we cannot connect one of the addresses with some entity in order to know a little more about the entity and potentially some of their real world behaviors.... otherwise we are engaging in pure speculation without any direct evidence or reasonable inference of anything, no?

There is something of that kind suggested for development, it is called pooled reserves, but I doubt it will ever come to real world adoption.

Bitcoin is all about confidence. The last weeks, months it took a real battering with every new coin coming out claiming to do things better and is in a position like Bitcoin was in 2011. Some of them have totally shotty code but the day is long. Without confidence it enters into a dead spiral, no price is low. Lucky i dont have 90 % of my money riding on it so i can bash it and the little money i did have on something i got back.

All I can tell is:
- Its move coincided with the appearance of the sell wall a few hours ago.
- about 35,300 coins were deposited to this address from https://blockchain.info/address/19Gt9VKmmyMpMHEv6dkf8ddwmwddoSoJ8w on April 3, 2013
- Those 35k coins appear to have been accumulated in chunks of several thousand at a time between 8/2012 and 10/2012, when the price was 10-12 USD / BTC

So, potentially, it's someone who bought 35k bitcoins for about $350,000 in fall 2012, and liquidating now. Why? idk.

EDIT: fixed my math 

The exact mechanism does NOT matter too much, but what Otoh and others seem to be proposing are mechanism upon which to audit exchanges or at least prevent them from (or lessen the likelihood that they can) engaging in variations of fractional reserve banking (or misrepresenting the number of coins that they actually hold).  If one system does NOT work then better to figure another system that can work to achieve such objectives... to work towards positive potential solutions rather than just asserting that won't work.

But whose address is this and to where was it sent?  I am NOT very knowledgeable about how to read those addresses or decipher potential owners of the addresses... I mean we would be able to determine if such coins were sent to an exchange or sent to a known address - but we may not be able to determine if the coins are just sent from one private address to another private address, no?

Exchanges maintain a Data base and not the coins, what you demand is not a safe practice, a safe practic would be exactly what most exchanges are doing now, you deposit your funds they have your address on watch, when you get 3 confirmations (or 6 depends on the exchange) they input an entry to the database (or alter it) changing your old balance to your new one.... all the coins are offline and safe from heist.


anything else would be asking for trouble and can make management of funds and technical more complicated.

I imagine this is an indication you are interested in accumulating BTC again.

Don't know.


Having a smiley does not seem to work. Yes, I mentioned now the first time that even Bitcoin castle may be for sale, if Bitcoin becomes cheap enough. If I sell it for Bitcoins, it just changes ownership to stronger hands, and can still become the center of Bitcoin universe.

Selling to an outsider would be a pity, but luckily that does not ever happen unless Bitcoin is thoroughly destroyed first, meaning that the castle also becomes useless for its intended purpose. 

Are you implying the wall is from an early Bitcoin adopter trying to get more coins? Any chance a US government attempt at trouncing Bitcoin value?

Do you have specific people in mind?

Your last sentence.....You are selling your Estonia castle? This was to be the center of the Bitcoin universe, can you please elaborate?

The wall was gone , don't worry .

Could this be the source of the 30k BTC?

https://blockchain.info/address/159SCycgn8weAy2XGUEhD6V1RTFni7E3iq?filter=1

I am assuming that the wall is caused by one entity. Such entities capable of selling BTC30,000 exists, but they are few in number. I would put the figure at 30 potential sellers.

The number goes much lower if we consider the risks involved in selling so many coins in Bitstamp.

It is hardly a forced sale, because it is unlikely that such a position would have been financed by debt such that it must now be sold at a loss, and if this were the case, a wall would likely not be the way to realize the value.

It is hardly a panic sale, because the people with 30,000 are not prone to panic selling. If they were, they would have had ample opportunities to show their panicky nature in 2011, 2012, 2013 and 2014. (And people buying in 2014 who are prone to panic, never had the $20-$30 million needed to begin with - panicky people cannot amass so much money).

I can only conclude that it is a scare wall, intended to bring the price down for accumulation. It is used during weekend when no new money is coming, mitigating the risk for an outright buy. In case of nibble, it can be safely pulled.

No matter who has already bought so many and wants to buy more, I see it as a natural and inevitable development in Bitcoin's way to be more widely adopted.

By the way, I have a castle for sale for bitcoins. Serious inquiries to PM please

And your thoughts on that?

I just observed a wall of 30,000 BTC in Bitstamp. It was offered for sale at $300.

This is a very high wall, which has not been seen before in Bitstamp. Even in the old Gox era, 30k was a rare occurrence, the typical walls at that time (early 2013) were 10-20k.

The fiat value of the wall ($9 million USD) beats the historical walls of a few $100k's hands down.

We can safely assume that is inaccurate by a factor of 10 and still the paranoid delusion that GLD is larger than all gold ever mined is not even remotely close to correct. "Gold ever mined" is fairly irrelevant, I would agree, but that was the claim.

"People can only learn more about Bitcoin [tanking], unlearning is not possible."--The Supernode, What I Meant To Say Was

What is Risto's thoughts on this price drop?

$266 already proved this. Only those that r smart will know what i say.