Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 30407. (Read 26711902 times)

As others have pointed out, people buying things with bitcoins (whether through Bitpay or similar service, as seems to be generally the case, or by direct barter) is the same thing as selling them.  Besides acting to lower the price of bitcoin, that is the opposite of "hodling", right?

Ordinary people still have no reason to use bitcoins (rather than old money) to buy things on retailers like Overstock.  So that option should not bring more old money (USD etc) to the Bitcoin market.

Speculators and miners who want to leave the Bitcoin game now have the option to cash out in merchandise (at a few merchants) rather than in old money.  That only makes it a bit easier for them to decide to leave, and hence take old money out of the market.

So the Overstock news is "good news" only for True Believers, who did not need it to believe anyway...

It is evident that all the markets, including China, have been tied together to this day.  Since its volume is 5x that of any other market, its is a reasonable guess that it is the elephant that is dragging the dog rather than the other way around.

Whoever is the leader, the reaction on the others is very quick. Perhaps one can tell who is the leader by looking at the minute-by-minute trade data. 

(Methinks that it does not matter whether the Huobi volume is due to humans or robots. Manual day traders generally use "dumb" strategies that make them behave like robots, only slower ones.)

Because nobody knows what the price is without China. China is responsible for the entire rise from $110. The silk road crash ended when China started buying. There are people who think even that the silk road crash would have continued lower without China, below $110, maybe all the way back to $60. Then China brought the price all the way up to $1250. For the past 3 months every exchange has simply followed the Chinese price like a slave. Now every time there is bad news the price just drops like a rock without any resistance. Then the price recovers because China started buying again - every time. People think "oh now China news has been factored in" but it hasn't. I STILL observe all exchanges following every movement of China like a salve - it is wired into all the bots and the strategies of all the traders - like an automated process. Anyone who thinks China isn't still leading is fooling themselves. So what happens if China is removed from the equation completely? Nobody knows where the drop would end, where real support on other exchanges would kick in, and what the true value is without China. It is some variable anywhere from $90 to $900. It is a mystery. Sure the news adds value but from what basis? Let's say overstock adds $50. $900 + $50 = $950. But also $90 + $50 = $140. Nobody knows so they are cautious.

China was not the primary mover from $110 to $1242

1) a lot of market participants are bearish simple because they are holding 1000% or more profits. so any bad news is a good reason to grab profits. ( this profit taking period feels like its almost over... )

But why on the other hand every fart from China has bigger effect than these news? I would think that we are already 100% over it, but i have feeling we are not yet...?

PS: How can I help to create some global financial problems?