Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 26715. (Read 26609871 times)

It's a closing pennant pattern. July 24 to August 1, I say. But I may BULL-shit you, as I usually do...

Seeing a rising wedge here, with one leg up to make. That's usually pretty bearish, isn't it? But both bulls and bears are looking pretty weak.

I think that bots that play the spread are the most common of them all. I think they are used on every single exchange out there. Their primary goal (it seems) is to make sure that none of my limit orders are ever filled  

You have a good point about accounting being the cause of Houbi weirdness. Only an accountant would choose to destroy a graph that thousands of people use to make sure that everything is done according to proper accounting principles. Even just for 2.5 BTC! I'm serious.

A while back I was doing API integration between some accounting software and a large web site. The API was a nightmare to work with, but I finally got everything working (customer creation, inventory, products, orders, suppliers etc.). The customer was happy and we launched. Two months and thousands of orders later the customer came back to me and complained that there was an error on all orders that had been payed with a credit card (like 99.2% of them). It turned out that VAT had to be subtracted form the creditcard fee. A tiny error but it had to be corrected. Doh! That was when I learned that one of the main principles of accounting is that you can't just go back and correct mistakes. Even really tiny ones I find this accounting principle kind of funny even though it caused me much frustration. I'm sure this principle will continue to cause headaches and strange workarounds as long as we have anal accountants.  

Explanation

We were able to break through $630. That seems to still be the mark, so it will be interesting to see if we can keep pushing it...

http://heartbit.io/app

Very interesting.

What value do they give their products in BTC if market prices, which are currently measured through exchanges, are mainly linked to traders and market makers?

I think it would be foolish to assume that.  Dell is a private company.  He can take what he likes.  If he is bullish on bitcoin - and Michael Dell is sufficiently tech-savvy to be quite bullish on bitcoin - then it is a clever way to gain bitcoin without driving up the price on an exchange.

Explanation

Well, for example, if they fixed the account balances without entering the fix as a trade, any auditing program that tried to validade the balances against the trade log would have to read a separate file of hand fixes and merge them with the trades. 

In accounting it is standard practice to correct past mistakes on an active ledger by entering a new transaction at the date of the fix, rather than going back and trying to modify the wrong entries.  The latter could cause unbounded trouble and waste of time if anyone got a copy of that ledger, or copied any data from it (such as day totals), before it was modified.

indeed.  And the order book activity is even worse.  I have noticed that, immediately after a "real" sale that lowers the bottom of the spread, some robot immediately sprays a bunch of tiny orders into that gap, most of them spaced 0.01 CNY apart; and soon afterwards it sucks up half of those orders and posts a few more above them.  Ditto after a "real" buy, at the other end of the spread.

At MtGOX, sometimes one could see a robot (not "Willy") making a tiny trade every minute or less, alternating between the two ends of spread.  At OKCoin instead there used to be lots of tiny trades at random prices within the actual spread.

Explanation

Good point and funny story   This day and age you would think they could come up with a more clever solution. Especially since it raises questions about their platform and f*cks with the charts  

I'm have been doing a little digging in the trade data from Huobi. There were 69.300 trades yesterday. It turns out that roughly half the trades where 0.01 BTC or below. 69.5% of all trades were below 0.1 BTC! Trades with small volume like this must come from bots... so lots of bot activity which is no surprise.

In stead of asking, form your own opinion, say it here with the reasoning behind it.

Here is an example: Based on the number of people just asking what the price will be and when, knowing that there are different opinions and at best they will get all possible answers, I can say that the prospected rise of bitcoin due to the network effect is severely hyped up, and will lead to not a steady rise but bubbles, burns, crashes, euphoria, suffering, despair. When? At all times.

Explanation

When will be 700$ ? before new year? What do you think?

Well, those COULD be trades injected by hand to correct recent mistakes -- not necessarily software bugs, but things like fees charged to the wrong account, trades that were mangled by the API going offline, whatever.  For example, say that the management reviewed a client's complaint and agreed that he SHOULD have had his 1.9629 BTC bought or sold at 3930.51 CNY on July 6.  So they entered that trade by hand now, jumping over the order book, since it would be the cleanest way to satisfy the client without breaking all their other accounting and auditing software.

(Did I tell you this story of a friend of mine? Back in the 1960s or 1970s, when people here paid their utility bills at the bank, his parents got an astronomical water bill due to a faulty water meter.  The water company readily admitted the mistake, but gave them an astronomical cashiers's check that they could use only to pay that astronomical bill at the bank --- because "the computer system did not allow fixing the error in any other way".)

Maybe Huobi is trying to implement a Chinese version of Willy the bot? 

It may be; seems hard to tell.  (I would think that day traders (should we call them "minute traders" in the case of bitcoin?) will want to keep all their speculation budget in the exchange, in spite of the risk, since they may need it without prior warning and their revenue is proportional to the amount traded.)

A more important number is how much bitcoin is held by speculators who operate on the scale of days or weeks, rather than minutes.  Those traders probably keep their coins and money off-exchange, but will move them in if the price changes significantly.  Thus the walls at 800$ or 400$ may be a lot taller than what shows in the order books.

Explanation

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