Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 21768. (Read 26609400 times)

where is tarmifart and the other fuckers?

It's go time!

9am in Silicon Valley.

And its bonus season.

Coin
Explanation

It's happening!!! *wigglingHands*

BOOM!

Someone's splashing the gov paper.

Breakout! BREAKOUT!

Did I miss it?

What did I miss?

What's bit coin?

 

I'm guessing we make a run on 240 soon..

Coin
Explanation

Oh that's good.
I suppose it's a gradual process with them, if you think about it they are still a brand new business/exchange.
Like anything really it's going to take them a good amount of time to get off the ground & reach a level that they're happy with.
Give it a few months before we start classing them as a success or not.

MAXM is refilling that bid at 50 when it gets taken. This could be a big volume day.

also: https://twitter.com/TuurDemeester/status/596674848413220864

GBTC broke its daily volume record already, now at 2,870.

It seemed like that to me too, but now there is a higher bid by Maxim, which I guess would mask the lower bid. Isn't it fun to not see the full orderbooks?

Coin
Explanation

Looks like it's gone??

Many people on here were waiting for the first GBTC trade to initiate the resurgence of a bull market. However, the market digested the news and FELL. During US hours on May 4th, the price hovered around $240. Early morning May 5th, the price fell to a low of $231. GBTC, while a step in the right direction for the investability of Bitcoin, has serious shortcomings that prevent it from being the catalyst that everyone wishes it to be.

It is impossible to arbitrage the premium between GBTC and spot. The arbitrage mechanism is what would trigger a price rise. The buying pressure that leads to a premium over Net Asset Value (NAV) needs to find it’s way into the Bitcoin spot market. That happens when market makers, sell GBTC, buy Bitcoin, and deliver the Bitcoin to the fund manager in return for shares of GBTC. That allows the market makers to capture the premium. Even if GBTC had significant volume (only a handful of shares traded), the fund structure prohibits the creation of shares by tendering Bitcoin or cash to the fund manager within two settlement days. The creation process must happen within two settlement days to match the delivery of GBTC shares to the buyer. Then the sale by the market maker will be considered a long sell and not a short sell, which requires the trader to borrow the shares before selling on the open market. Currently it takes one year to create new GBTC shares.

GBTC will not save Bitcoin from the jaws of the bears. The premium it trades at is interesting, but not significant. If the first GBTC trade was your bull market thesis, it is time to go back to the drawing board. GBTC traded, and the market yawned.

thats what  I hope either

Just wait for 5000 btc to trade at 350