Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32808. (Read 26468731 times)

Why? I'm sharing with you my own personal experience.

Curious amount of buy orders building up. I'm starting to expect a whale dump but by no means, wallzilla yet.

Very strange indeed. Watching the next week unfold is going to be quite entertaining.

Well, that and I think many people panicked and took large losses. Now we do have a more steady buy at gox sell @ [the other three] maintaining the gap.


Yes, there has been, and it took an event that would cause selling on MtGox to temporarily become unfavorable. Not 20% though - we've never seen it that large before. The initial panic on this no withdrawal news brought bitstamp down to 90 while gox was still holding steady near 110.





Also, I think Gox is definitely up to something. The whale wars on the 24th simply make no sense. Something happened there that us outsiders dont know. Rich people dont just throw their money out like that.

There has been such a disparity historically that people are trying to get passive income from OkPay helping others with arbitrage. https://bitcointalksearch.org/topic/mtgox-btc-e-arbitrage-3-profit-171349 It hasn't been just a couple of days.

I don't really have a good reason for the stagnation other than artificial shoring of the price. Now why or who might have done this - I don't know but some unusual stuff is happening at Gox. Hell, for all I know Gox is manipulating the market because they are a key member of The Bitcoin Foundation and they needed to stop U.S. trading because of the California complaint against TBF. They did just file for a FinCEN MSB license. Maybe that's got something to do with it. But that's just a wild assed guess.

To clarify your point: The price rose because some people had fiat waiting to be wired out, so they had to rebuy coins to move to other exchanges and sell there, right?

Yes there has always been a disparity, but < 2% is the norm. This is currently 7% with a high of nearly 20% in the last couple of days.

If coins arent moving to the other exchanges, then why did the gox price rise & stagnate (before falling) while the others fell?

Congratulations! It's good to hear about someone buying something fun with their btc.

Bitcoin Charts price data going back a year will tell you that their has almost always been a disparity between the price at other exchanges and Gox with Gox always being higher. There was even a couple of people assisting with arbitrage using OKPay a while back but the transfer fees eat up a lot of the benefit. I can't remember the exact number but you need at least a 7% OR 9% difference in price for arbitrage to make sense. Gox only stopped cash withdrawals of USD. USD deposits and transfers to Mt. Gox continue so do deposits and withdrawals in other currencies. I don't think coins moving to other exchanges is causing the disparity in price unless that's been happening for more than a year. Your right, when Gox opens up USD withdrawals again its going to get interesting.

Good for you regarding your profits and interesting thoughts on why MTGox has a significantly higher price than other exchanges. I must say, I wholeheartedly agree. Once withdraws on MTGox continue without any impedance, I imagine there will be a bout of arbitrage between exchanges and we settle between 80s and low 90s before there is another bull move.

Ever since mid May we have been seeing the huge weekly dumps ~> then Mt.Gox stops outgoing wires ~> then the huge dumps stop ~> Those coins move to other exchanges bringing the price down below Mt.Gox....

Which is where we are now.

This makes me a bit scared for when Mt.Gox starts transfers again. I wonder how many coins are waiting to be dumped once the wires come back. If I had a huge stash, and was dumping weekly, and Gox all of a sudden halted wires, I would move all my coins out of Gox, and into my wallet. If I needed some cash, or was trying to stick to a cash out plan, I would sell what I could on other exchanges without causing too much slippage. Any of those May/June size dumps on the other exchanges would just be stupid. So when Gox starts wires back up, who knows how much catching up we have to do after stalling all these dumps!

For this reason, I sold all but about 10% of my stash. Two months ago I bought a new Caddy, in full, and put a large down payment on a home, all with bitcoin speculative/minning money, so I'm not complaining much. I will definitely be sticking around for when we get a new reason for panic buying, which I don't see happening anytime soon. Yes, I know, with something as "new" as bitcoin, that new reason could happen tomorrow!

TLDR; Sold most of my coins, now waiting patiently on the sidelines. & MtGox opening wires back up should be a good show!

Needed new post. Chart buddy three in a row is a little boring. Hopefully volume picks up next week. Upside or downside, I don't care. This is getting interesting.

That's what I'm looking at for price. I can't see a drop below $80 or so before a large spike. I'm waiting for $80 to buy back in.

Hard to say. Price isn't really high enough to have a large profit margin however there is a definite downward slope on the price. Maybe down to mid-80s this week before bouncing.