I rode that bump from 600-640 (BTCE) but am mostly out again. I don't know what the hell is going on. 
Bots took over, that's what's going on 
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 30800. (Read 26713578 times)
December 20, 2013, 10:21:05 PM
December 20, 2013, 10:20:51 PM
I rode that bump from 600-640 (BTCE) but am mostly out again. I don't know what the hell is going on.
There is something really bizarre about the market right now. I mean, just like that weird wall that came through (that I am so PISSED I did not buy into because I had to leave for a meeting!!!) and the strangeness over in China that noone really knows the impact of.
I mean, more and more I am getting the sense that MOST of China is priced in the markets now.
But that crazy leveraging on Bitfinex, by probably a lot of noobs and idiots, without any new fiat coming in because of the weekend and then Christmas week - it spells lower lower lower.
December 20, 2013, 10:20:07 PM
And at least 9/10 of these buy walls are not real investors but bots and traders playing the game 'follow the market leader and make profits' - it is all completely liquid and changes when btcchina moves - there will always be enough dumpers for every wall.
China's not leading, it's empty. Its looks more like bots correcting to match other exchanges than any trading going on.
TERA is right. When BtcChina moves, the other exchanges move with it. When it stays still, the other exchange keep going in the direction of momentum.
I bought back 100% BTC. But this feels like a complete house of cards to me. Unless this can sustain until new fiat can come into the market. That is the only thing that can save the bitcoin price at this time.
There is now over 10 million in margin trading on Bitfinex, with the average loan rate of over 200%! How long can these traders afford to pay that premium on their money? It looks absolutely insane right now.
Wow, thanks for the information. Interesting weekend ahead, that's for sure.
December 20, 2013, 10:19:45 PM
And at least 9/10 of these buy walls are not real investors but bots and traders playing the game 'follow the market leader and make profits' - it is all completely liquid and changes when btcchina moves - there will always be enough dumpers for every wall.
China's not leading, it's empty. Its looks more like bots correcting to match other exchanges than any trading going on.
TERA is right. When BtcChina moves, the other exchanges move with it. When it stays still, the other exchange keep going in the direction of momentum.
I bought back 100% BTC. But this feels like a complete house of cards to me. Unless this can sustain until new fiat can come into the market. That is the only thing that can save the bitcoin price at this time.
There is now over 10 million in margin trading on Bitfinex, with the average loan rate of over 200%! How long can these traders afford to pay that premium on their money? It looks absolutely insane right now.
December 20, 2013, 10:16:32 PM
I rode that bump from 600-640 (BTCE) but am mostly out again. I don't know what the hell is going on.
December 20, 2013, 10:16:07 PM
bitcoin neds immodium... #nomoredumps #savingmynihgt
December 20, 2013, 10:12:40 PM
And at least 9/10 of these buy walls are not real investors but bots and traders playing the game 'follow the market leader and make profits' - it is all completely liquid and changes when btcchina moves - there will always be enough dumpers for every wall.
China's not leading, it's empty. Its looks more like bots correcting to match other exchanges than any trading going on.
TERA is right. When BtcChina moves, the other exchanges move with it. When it stays still, the other exchange keep going in the direction of momentum.
I bought back 100% BTC. But this feels like a complete house of cards to me. Unless this can sustain until new fiat can come into the market. That is the only thing that can save the bitcoin price at this time.
There is now over 10 million in margin trading on Bitfinex, with the average loan rate of over 200%! How long can these traders afford to pay that premium on their money? It looks absolutely insane right now.
December 20, 2013, 10:11:53 PM
And at least 9/10 of these buy walls are not real investors but bots and traders playing the game 'follow the market leader and make profits' - it is all completely liquid and changes when btcchina moves - there will always be enough dumpers for every wall.
China's not leading, it's empty. Its looks more like bots correcting to match other exchanges than any trading going on.
Gox led that up slope at 1.28 GMT, China didn't pick up on it until 1.42 GMT.
December 20, 2013, 10:11:45 PM
i disagree about btcchina leading.
for example, from 20:25 to 21:00 there was a ramp up which started on gox, and the volume of btcchina was low, but it followed gox. stamp followed later with high volume.
for example, from 20:25 to 21:00 there was a ramp up which started on gox, and the volume of btcchina was low, but it followed gox. stamp followed later with high volume.
December 20, 2013, 10:06:14 PM
And at least 9/10 of these buy walls are not real investors but bots and traders playing the game 'follow the market leader and make profits' - it is all completely liquid and changes when btcchina moves - there will always be enough dumpers for every wall.
China's not leading, it's empty. Its looks more like bots correcting to match other exchanges than any trading going on.
December 20, 2013, 10:05:47 PM
there will always be enough dumpers for every wall.
Not possible. Not enough coins. There is always more fiat. There are often no more coins.
December 20, 2013, 10:01:52 PM
And at least 9/10 of these buy walls are not real investors but bots and traders playing the game 'follow the market leader and make profits' - it is all completely liquid and changes when btcchina moves - there will always be enough dumpers for every wall.
December 20, 2013, 10:01:49 PM
December 20, 2013, 09:59:51 PM
So, this makes ALL THE SENSE IN THE WORLD. BtcChina has $0 new dollars coming into its exchange. But STILL it goes up. Yeah, that makes total sense. Its like every BtcChina trader has agreed not to sell their coins (they can't even arbitrage now) and just have those that are left spend their remaining fiat on BTC to drive the price higher, one 5btc buy at a time.
Meanwhile, the fully functional, fully liquid exchanges just wait to see what China does.
Yeah, that makes perfect sense.
In Bitcoin World.
Meanwhile, the fully functional, fully liquid exchanges just wait to see what China does.
Yeah, that makes perfect sense.
In Bitcoin World.
Think of what happened to gox with their goxbucks. Assuming most traders at btcchina were not from china and were there to trade on 0fees. Now the only way to get out of there is by buying up BTC and transferring it out
December 20, 2013, 09:55:08 PM
Bitcoin: Today's bubble is tomorrow's bear trap.
i like the sound of that, rings true
December 20, 2013, 09:54:19 PM
I mean, being long. How can you be long knowing that all it takes is for a low volume dying exchange to do something and then the entire market follows it with massive volume. If btcchina decides to go down, every exchange will follow it down, drilling through every buy wall.
December 20, 2013, 09:53:32 PM
btcchina needs only to move in a direction, no matter what volume - it could be a 2 btc purchase - and the other exchanges will immediately follow with a collective 1000btc of volume. This does not make any sense to me. Something is seriously defunct with this market. All of the volume is just traders and bots following btcchina. There is hardly any real volume. Can someone explain their rationale of being comfortable being a part of this?
It is almost as if all the traders have decided not to sell until fresh fiat comes in.
Literally, they are all hodling.
December 20, 2013, 09:50:57 PM
Can someone explain their rationale of being comfortable being a part of this?
More coins.
December 20, 2013, 09:49:31 PM
btcchina needs only to move in a direction, no matter what volume - it could be a 2 btc purchase - and the other exchanges will immediately follow with a collective 1000btc of volume. This does not make any sense to me. Something is seriously defunct with this market. All of the volume is just traders and bots following btcchina. There is hardly any real volume. Can someone explain their rationale of being comfortable being a part of this?
December 20, 2013, 09:49:01 PM
Bitcoin: Today's bubble is tomorrow's bear trap.
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