Current system: Whales exist, they try to prey on you, when they fail you are forced to bail them out.
Bitcoin system: Whales exist, they try to prey on you.
holy shit, Holliday for president
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32005. (Read 26732519 times)
November 19, 2013, 12:52:44 PM
Current system: Whales exist, they try to prey on you, when they fail you are forced to bail them out.
Bitcoin system: Whales exist, they try to prey on you.
holy shit, Holliday for president
November 19, 2013, 12:51:48 PM
I agree this price cannot be sustained. No level headed investor is going to buy in at the top of a huge rally like this. Investing 101 says buy low and sell high, and most investors realize this. They are not going to continue to dump money into it on a huge upswing like this. It has gone up way too high & too fast to be sustained.
I would be very surprised not to see a flash crash down to the $300-$400 range this week. I expect this to happen any moment now. You can already see the market adjusting, but I doubt it will stop at $560. Even at $560 it's gone up too high & too fast to be sustained. Sorry bulls, but Bitcoin is not ready to be steady at >$550 just yet. This is just the middle of yet another bubble... this is not the first and it will not be the last.
/speculation
I would be very surprised not to see a flash crash down to the $300-$400 range this week. I expect this to happen any moment now. You can already see the market adjusting, but I doubt it will stop at $560. Even at $560 it's gone up too high & too fast to be sustained. Sorry bulls, but Bitcoin is not ready to be steady at >$550 just yet. This is just the middle of yet another bubble... this is not the first and it will not be the last.
/speculation
Keep in mind there are OTC folks wanting to pay a lot more than gox.
There were some US$1200 sales in the last 24hours. Localbitcoin is may hit gold parity today.
http://bitcoincharts.com/charts/localbtcUSD#rg1zig5-minztgSzm1g10zm2g25zvzl
i was feeling like shaking the monkeys out da trees this morning..looks like a better footing now!
*you talking LA prices ..i'm in Pasadena ~=)Yeah, a guy last week wanted 5000 coins OTC. There was a 1000 coin buyer today. Get outta the house, I can't fill those orders.
Fast coins are worth more than cheap coins. Exchange coins are slow coins. How long does it take to move money to the exchange, and how many % have you lost in that time in the current market environment... 100%?
Big premium on OTC.
November 19, 2013, 12:49:12 PM
sell all your coins and get off .... you will be happier
He can sell them to me... cheap.Sure - $10,000 each - pm me
wow you are one special bear.
November 19, 2013, 12:48:07 PM
Not suggesting any conspiracy - just that there's a community of interest amongst players with big holdings that see small fry - like me - as prey. I can't personally see that as being much of any change from the way the current "system" runs.
Current system: Whales exist, they try to prey on you, when they fail you are forced to bail them out.
Bitcoin system: Whales exist, they try to prey on you.
November 19, 2013, 12:45:38 PM
I agree this price cannot be sustained. No level headed investor is going to buy in at the top of a huge rally like this. Investing 101 says buy low and sell high, and most investors realize this. They are not going to continue to dump money into it on a huge upswing like this. It has gone up way too high & too fast to be sustained.
I would be very surprised not to see a flash crash down to the $300-$400 range this week. I expect this to happen any moment now. You can already see the market adjusting, but I doubt it will stop at $560. Even at $560 it's gone up too high & too fast to be sustained. Sorry bulls, but Bitcoin is not ready to be steady at >$550 just yet. This is just the middle of yet another bubble... this is not the first and it will not be the last.
/speculation
I would be very surprised not to see a flash crash down to the $300-$400 range this week. I expect this to happen any moment now. You can already see the market adjusting, but I doubt it will stop at $560. Even at $560 it's gone up too high & too fast to be sustained. Sorry bulls, but Bitcoin is not ready to be steady at >$550 just yet. This is just the middle of yet another bubble... this is not the first and it will not be the last.
/speculation
Keep in mind there are OTC folks wanting to pay a lot more than gox.
There were some US$1200 sales in the last 24hours. Localbitcoin is may hit gold parity today.
http://bitcoincharts.com/charts/localbtcUSD#rg1zig5-minztgSzm1g10zm2g25zvzl
i was feeling like shaking the monkeys out da trees this morning..looks like a better footing now!
*you talking LA prices ..i'm in Pasadena ~=) November 19, 2013, 12:45:12 PM
Has anyone tried exploiting the difference between the USD exchanges en the chinese exchange? Moving your coins over there, selling and then waiting until it drops to buy back in... Then moving back. Does anyone daytrade on there?
Arbitrage doesn't work this way.
You can wait indefinitely for the price to crash to the other exchanges level.
So its even higher risk and you end up with less USD equivalent when you return back to US exchanges.
Those aren't money laundering. Bitcoin is too tiny to launder money. Bitcoin is just a baby, and it is out in the open, exposed.
I know the folks that launder money, they don't use bitcoin. They use Chase, HSBC, BofA, UBS.
You are right they pay a vig. US$1.9Billion to uncle sam on $670B, the top dog in the protection racket paid by HSBC
http://www.reuters.com/article/2012/12/11/us-hsbc-probe-idUSBRE8BA05M20121211
13Billion paid by Chase today. (they set aside 23Billion just for their lawyers to keep them all out of jail)
Bitcoin is peanuts to the money laundering folks, not worth their time.
They pay fines bigger than bitcoin's entire M1
Money laundering happens behind closed doors, not on a public internet block chain that doesn't even need to be subpeona'd and can't fit in a paper shredder. The Money laundering bugaboo is a big lie.
November 19, 2013, 12:43:48 PM
sell all your coins and get off .... you will be happier
He can sell them to me... cheap.Sure - $10,000 each - pm me
November 19, 2013, 12:43:01 PM
There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
life is too short to be pissed by conspiracy theory, sell all your coins and get off .... you will be happier
I never intuitively understand the market's reason for selling the news, but, it's what it does, and, it's a very good sign of legitimacy IMO and more good things to come. Think of it as a haircut, if that helps. But, yes, we all need to get back to work building out the infrastructure for the financial model that is beating the shit out of fiat.
Good point. I guess I/most people don't think about the markets when they think about the money/store of value in their pockets. Damn - I'm in the wrong thread!
November 19, 2013, 12:42:50 PM
sell all your coins and get off .... you will be happier
He can sell them to me... cheap. 
November 19, 2013, 12:42:27 PM
imho reactions on the other exchanges to price movements on the chinese exchange have decreased in the last days. i prepare for some correction.
But not tonite
But not tonite
November 19, 2013, 12:39:54 PM
There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
life is too short to be pissed by conspiracy theory, sell all your coins and get off .... you will be happier
Not suggesting any conspiracy - just that there's a community of interest amongst players with big holdings that see small fry - like me - as prey. I can't personally see that as being much of any change from the way the current "system" runs.
You're ok, just stop thinking like a small fry. You found bitcoin didn't you?
November 19, 2013, 12:38:08 PM
There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
life is too short to be pissed by conspiracy theory, sell all your coins and get off .... you will be happier
Not suggesting any conspiracy - just that there's a community of interest amongst players with big holdings that see small fry - like me - as prey. I can't personally see that as being much of any change from the way the current "system" runs.
November 19, 2013, 12:37:19 PM
There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
life is too short to be pissed by conspiracy theory, sell all your coins and get off .... you will be happier
I never intuitively understand the market's reason for selling the news, but, it's what it does, and, it's a very good sign of legitimacy IMO and more good things to come. Think of it as a haircut, if that helps. But, yes, we all need to get back to work building out the infrastructure for the financial model that is beating the shit out of fiat.
November 19, 2013, 12:34:54 PM
There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
Bitcoin conspiracy theories have never panned out. Occam's razor applies well to markets.
November 19, 2013, 12:30:16 PM
There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
life is too short to be pissed by conspiracy theory, sell all your coins and get off .... you will be happier
November 19, 2013, 12:28:45 PM
Keep in mind there are OTC folks wanting to pay a lot more than gox.
There were some US$1200 sales in the last 24hours. Localbitcoin is may hit gold parity today.
http://bitcoincharts.com/charts/localbtcUSD#rg1zig5-minztgSzm1g10zm2g25zvzl
You can't really trust the Localbitcoins charts. That trade may or may not have actually happened.
November 19, 2013, 12:28:34 PM
I can't get any money in to buy - spent all gox bux, nothing left in stamp - and it just takes too long to get funds in. Used to use transferwise to get money into Bitstamp - but that is now impossible, I have no way of getting funds in within a reasonable time frame (even if the damn exchange was functioning!)
We can be bullish (I am) but if noobs and even people like me can't buy..... Where does the cash come from to push the price up in the next 3-5 days?
Agree when the new money floods in it's gonna fly, but meantime it's frustrating to be unable to buy more
I am watching, powerless to join the Spartans who have held firm and join the fight to take on the bears.... *
*Mixed metaphor, but you get me.
We can be bullish (I am) but if noobs and even people like me can't buy..... Where does the cash come from to push the price up in the next 3-5 days?
Agree when the new money floods in it's gonna fly, but meantime it's frustrating to be unable to buy more
I am watching, powerless to join the Spartans who have held firm and join the fight to take on the bears.... *
*Mixed metaphor, but you get me.
November 19, 2013, 12:28:21 PM
Bid side on Bitstamp is extremely thin. On the contrary, the ask side is very healthy in the $600-$700 range.
BTW: a 10 BTC "dump" brought us down to $580 from $600 - $20 slippage for a 10 BTC sell, wow, this market is a joke
BTW: a 10 BTC "dump" brought us down to $580 from $600 - $20 slippage for a 10 BTC sell, wow, this market is a joke
That's because nobody can get into Bitstamp atm to trade except for a very few lucky people. Bid/ask depth is still looking the way it was a couple of hours ago when the price was just starting to recover, so no wonder bid side is looking empty and asks are looking good.
Ooopps.... A 2.3BTC buy took us to $640 on Bitstamp. What a joke
I guess the ask side is looking just as bad then lol. Anyway who cares Bitstamp is simply not working atm except for a few clowns who managed to get in somehow and do some silly trades.
November 19, 2013, 12:27:36 PM
There's a part of me thinking that, at least in the eyes of the non devotee, Bitcoin has just embarrassed itself. Pissed it's pants in the playground of public opinion out of over excitement. The day after just about the best PR anyone could have ever expected we've proved conclusively how fucked our infrastructure is - how manipulated our markets are - how sentimental the idea of a crypto currency as the guarantee of any stable value is. Not only are the markets rigged, effectively run by an unholy cartel of early adopters, Miners Guilds and ASIC manufacturers: but the three biggest Exchanges in the world consist of a perpetual motion machine running on thin air, a market who's operation is so opaque that not even the most heroic of commentators appear to have one_fucking_clue of what is going on with it and a clunky start-up in a country with a banking system on the brink of bankruptcy.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
Way to go BTC - mass adoption here we come. Not.
ps. Still on the train - just pissing in the boiler so to speak.
November 19, 2013, 12:26:56 PM
Bid side on Bitstamp is extremely thin. On the contrary, the ask side is very healthy in the $600-$700 range.
BTW: a 10 BTC "dump" brought us down to $580 from $600 - $20 slippage for a 10 BTC sell, wow, this market is a joke
BTW: a 10 BTC "dump" brought us down to $580 from $600 - $20 slippage for a 10 BTC sell, wow, this market is a joke
That's because nobody can get into Bitstamp atm to trade except for a very few lucky people. Bid/ask depth is still looking the way it was a couple of hours ago when the price was just starting to recover, so no wonder bid side is looking empty and asks are looking good.
Ooopps.... A 2.3BTC buy took us to $640 on Bitstamp. What a joke
That shows large quantity BTC deals are private and OTC.
Bitstamp is mainly for some noobs on here.
Jump to: