Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 14940. (Read 26716316 times)

What hole tho? The impetus for creating Bitcoin against the other existing forms of payment/banking systems was clear.

How about the delusional hole in rationale that says once we have a single crypto payment system that is secure, decentralized, functional, and popular (w/ users, brokers, exchanges, and merchants), that we need another one? Or a thousand more? Ten thousand more?

I tried to merit you 3.14 sMerit. I think we need Merit divisible to at least 8 decimal places.

Remember: NO LUBE !

EDIT: Meh. Pulled my sell wall @ $12.5k, for... reasons.

Even a broken clock is right twice a day..  /s

Naa..not my style JJG..I am actually concerned for Bob. Dealing with end game financials is enough to make anyone on edge. If anything I am still recovering from this Weiss report...left a sour taste I do believe.

Serious question. I'm trying to understand the delusions and fallacies associated with the altcoin market. So far I'm still not getting it.

Or if you just consider it a "buy" because you think it's going to get pumped one day, then just say so. Penny stocks see their day in the sun sometimes too.

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How long will you guys give these also-ran shitcoins before the fallacy of "some future use case blah blah blah" never materializes? A few years? A decade? Two? There is only so long that something can exist on pure hype.

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Oh.. you can gloat now, Toxic.

Yesterday, you were shaking in your boots regarding potential consequences of such an inaccurate BTC price prediction.

I will add that it seems that BTC prices are still in a kind of bouncing around territory, and even largely in the middle our current price consolidation range - perhaps $10k-ish to $13k-ish.

Bobbie..its going to be ok.

Remember: NO LUBE !

EDIT: Meh. Pulled my sell wall @ $12.5k, for... reasons.

For now, the race for leadership is still fully on with Bitcoin having a lead but that’s not carved in stone. It is not said that this will be the case forever. In a use case whereby ‘no fees’ micro transactions are vital, IOTA would clearly have a lead over most other cryptocurrencies, assuming they can get their clusterf* of a wallet and network stability up to standards.

Besides that, having various altcoins around with new variations and technologies popping up all the time is vital for the survival of this digital phenomenon. Adapt continuously or die. So I welcome altcoins instead of loathing them.

...  I see a purpose and place for various altcoins.

Besides that, having various altcoins around with new variations and technologies popping up all the time is vital for the survival of this digital phenomenon. Adapt continuously or die.

The CME futures expire tomorrow, and everyone is panicking that Wall Street will manipulate the price downward to gain the most profit... But it's not that simple; CME has limits on what any given entity can hold, that make it almost unprofitable given the cost of manipulation.

Any entity is limited to owning 1k contracts containing 5btc each. Every $5 move in bitcoin is a $25 profit/loss on a contract. In the recent month, we saw the price move from $19k to $10k potentially tomorrow at expiration - accounting for a $9k price move, meaning $45M possible profit (per entity holding the maximum 1k contracts; every $1k move in btc price equals a $5M profit/loss). I am a realist, and do believe that multiple entities could collect and agree on a direction (for example 10 groups) meaning the profit would be $450M for the month of January. However, open interest today says this isn't happening (more on that below).

To manipulate the price today, it costs about $15M to buy all the btc within $1k of the current price (based on the depth chart in GDAX). The group of 10 entities (referenced above) could agree to spend $15M to move the price lower by $1k, thus gaining the group of 10 a total of $50M (or a $35M profit for the group by spending $15M). This will not hold the price down the $1k, however, and many traders would instantly gobble up the orders at the lower price, meaning the entities would need to do this multiple times to keep the price low. A realistic strategy for Wall Street is going to be to hold their "manipulation money" until right before the market closes, and push price down in the hours leading up to expiration (4pm London time, or 11am Eastern Time for CME futures).

As the market matures and becomes more balanced, these opportunities will be harder to accomplish, but I don’t think it’s unreasonable that this could happen tomorrow, but likely in the 9am-11am hours, and likely immediately rebound back.

Finally, the open interest on the futures expiring tomorrow is currently at 1,459 contracts, meaning the total bitcoin in play here is 7,295 btc or ~$80M, meaning the cost of manipulation will dramatically cut into profits. This also means there is not a group of 10 entities teaming up to manipulate the price.

Just food for thought as people prepare for the Wall Street futures dip tomorrow...

TLDR; I don't think it'll happen, the business case and open interest just isn't there.

Distributed ledger technology, or DLT, is the advancement that underpins an array of new financial products, including cryptocurrencies and digital payment services. Many have identified DLT as the next great driver of economic efficiency. Some have even compared it to productivity-driving innovations such as the steam engine and personal computer.

Our task, as market regulators, is to set and enforce rules that foster innovation while promoting market integrity and confidence. In recent months, we have seen a wide range of market participants, including retail investors, seeking to invest in DLT initiatives, including through cryptocurrencies and so-called ICOs—initial coin offerings. Experience tells us that while some market participants may make fortunes, the risks to all investors are high. Caution is merited.

A key issue before market regulators is whether our historic approach to the regulation of currency transactions is appropriate for the cryptocurrency markets. Check-cashing and money-transmission services that operate in the U.S. are primarily state-regulated. Many of the internet-based cryptocurrency trading platforms have registered as payment services and are not subject to direct oversight by the SEC or the CFTC. We would support policy efforts to revisit these frameworks and ensure they are effective and efficient for the digital era.

The CFTC and SEC, along with other federal and state regulators and criminal authorities, will continue to work together to bring transparency and integrity to these markets and, importantly, to deter and prosecute fraud and abuse. These markets are new, evolving and international. As such they require us to be nimble and forward-looking; coordinated with our state, federal and international colleagues; and engaged with important stakeholders, including Congress.

The real question is why would you consider it a "buy" at all? Does it feel good to have a slick hypothetically functioning payment system that mimics Bitcoin, but no one ever uses to buy things with because there is zero merchant adoption?

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Serious question. I'm trying to understand the delusions and fallacies associated with the altcoin market. So far I'm still not getting it.

Or if you just consider it a "buy" because you think it's going to get pumped one day, then just say so. Penny stocks see their day in the sun sometimes too.

CME first contract closes tommorow, so no doubt the tin-foil hat brigade will be out again.

I'll pre-empt them....

Any large volumes over the next 24 hours can be attributed to Wall Street maniulating the price to profit from this contract closing.
I think we can expect a reversal of this movement once the contract has closed.

"Trading terminates at 4:00 p.m. London time on the last Friday of the contract month"

Strap-in or damp squib?   I dunno.

Thanks, contrarian indicator confirmed. Please tell all your buddies to short with max leverage.