Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 29629. (Read 26720543 times)

It is 8 pm already in China and volume is very low, about 2 kBTC/h.  Looks like the price is going to stay where it is, for the rest of the day.

However, last time they had such low volume was on feb/09.  Could this be just the quiet before the storm, again?

What does everyone think is the cause for the massive continuous dump of btc on gox? I think it is just someone or a few ppl with tens of thousands of coins selling them for whatever reason, but I hear that some people think its manipulation and an entity is selling to itself to drive the price down. I see no way the latter case can actually be effective other than losing a major percentage of that entity's total goxbux/goxcoins. Sure, driving the price down will cause some panic selling (which in this scenario the manipulator tries to pick these panic-sold coins up), especially in the first stages of the detachment of gox prices to everywhere else, but when the price keeps going down and down on gox but not anywhere else, far less people are going to be selling their goxcoins in panic. The mega whale seller also cut down significant support all through 600s to 200s, and it will not be possible for it to buy back even 30% of those coins for the same price, judging by the orderbook ask depth. On the other hand, it seems as if most of the current supply of goxbux is dwindling under the great supply of btc the megawhale is dumping onto gox. To me this doesn't seem like manipulation but a huge increase in supply of btc if gox ever enables withdrawals, which through arbitrage will bring the prices much lower on other exchanges.
Also, does anyone have any other plausible justifications of the constant selling from the mega-whale?

Too many words not enough pictures of llamas.

There might be some truth in it though.

Kinda like when we found out our bumbling incompetent suburbanite mayor was a crackhead. It helped explain a lot of his actions.

 

brain fart, cacao :]

I sure hope that was a simple misspelling. 

Lack of volatility seems to be correlated with an increase in the quality of the posts.

I'm starting to like this.

true, corporations like Nestle still use coca derived from child slavery - and that's not modern day low pay slavery, but long hours, no pay and no escape.

gox trades have never worked for me on any of these sites.

For days when everything stinks: http://presstokill.com/coins/ (they have a listen to gox too)

Slavery has never been abolished, just monopolized.

Give it a bit longer and you might see some fairly large transactions like this 35KBTC one:



This isn't the largest I've seen, just the largest I've screencapped.

http://blogs.wsj.com/moneybeat/2014/02/17/bitcoins-crisis-is-turning-point-for-currency/





last summer it was down to $ 68,-
now, in its worst crisis, it is at $ 636,-

hodlers have balls of steel. 

haha, yeah - reminds me of Stefan Molyneux..

1. get rid of government
2.
3. profit and peace for mankind

that's even awesomer: http://presstokill.com/coins/

And when there was cheap slave labor. A worthy example of 'free' market capitalism, indeed.

yea that's what I was referring to as well but the total number of bitcoin users will stabilise at some point and so will the price, if deflationary at all at that point it will be a very low % which won't be incentive enough to hold as an investment.

when there was no income tax!

I love the way he assumes that even if this happened - google created a coin - which they would never do for a bazillion reasons - that anyone would use it no matter how good it was. LOL. The concept of group dynamics and open source and first mover advantage is completely lost on this guy. He's got a lot of learning to do.