Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33244. (Read 26463874 times)

I know exactly why it went up... Last night I said f*** it and sold at 124.xx, so of course it rises to 126 today...

Well the ask wall on bitstamp doesn't look so scary anymore now.

Yeah, a tiny $120k wall looks like a super wall at Bitstamp

Do you remember our good old Wallzilla, with his $2M wall, pumping the price up before his dump?

Just to give some context, $2M is exactly x2 the total amount of fiat sitting on Bitstamp's order book.

Imagine how that wall would look on Bitstamp

1000BTC buy wall @ 120 just appeared on Bitstamp.  

Haha the first government that starts fighting. I say: Bring it!

If BTC is banned in China that is terrible new, no two ways around that. We want to be able to use BTC for purchases and stuff. It will be underground there but the point is to have a new global money system, maybe not "the" system.

Nikkei crashing I agree is good news for BTC and for those who don't agree with just printing money. It is stealing from savers.

The Gox lawsuit was great as it got people on their toes and started a diversification that was needed. Further this is opening up opportunities for other exchanges.

Well, we know at least the security part of BTC is safe. The unsafe parts lie at the users level and of course in a bigger way at the government level.

Regarding that last point, look at what is happening to currencies all over the world. Essentially we have "managed" hyperinflation! Confidence is all that is keeping the system up. If a few more
stock market crashes happen like in Japan today, this ship can topple and that lack of confidence would just open up the flood gates to Bitcoin and other stores of value (see Cyprus - I spelled it right this time, please note). Now, in that way, what do you have to lose? (A government closing it down? A price crash? ) You need some store of wealth. Gold and Silver work but the banks and/or hedge funds have been naked short selling them and you can be sure that will continue as they do not want people to lose confidence in the Dollar, Euro, etc.
But people are still buying them up. So, safe to me is a relative thing. The whole reason why BTC is here right now.

When the stock markets start crashing the currencies will be right behind them (maybe not in that order) and then you will see a disconnect between dollars/Euros/etc. and gold/silver/btc. You will want to be holding something in your control, not a governments or states or military's.

Thanks, but I think I've got it now. It's simpler than that.

One re-bases the order book so MMR is 1. lets call it $125. A $100 dollar bid at $10 dollars gets weighted by 0.08. An equally weighted ask of $100 would be priced at $1562 (the price at which current MMR represents only 8%.)

So who do I need to beg for historical daily snapshots of the full depth API?

Exactly. If there is, say, 4% inflation, then the 7% drop is actually a 11% drop in actual value. (Clearly there wasn't 4% inflation today, I was just using it to illustrate a point).

This sounds really really interesting. Who is going to give us easy online access first? 

Relax about China; the Chinese have been figuring out how to get around the CCP's censorship for years. Sure, it means an adoption boom is unlikely but we'll still see some support from China. Maybe those interested will just move to OTC.

China attempting to block bitcoin traffic = good news for bitcoin(they legitimize it by banning it)

Nikkei crashing 7% = good news for bitcoin (if you have been following Japan recently you'll know why)

Most of the "bad news" is really good news. Heck, the Gox lawsuit and Dwolla seizure was good news, and people moving away from Gox is good news. Finally folks are starting to realize that we live in bizarro-world where everything is the opposite of what it seems.....

Reload the page... Bitcoinity fails bad at updating the graph live.

Inflation would be priced in, since the Nikkei is denominated in yen. It would just make the index go higher. Also, a 7% drop in the entire index is huge. That means many stocks fell much further.

The issue is that they are printing a ton of money and the value in the money dropped 7%. Now, notice that it has gone up a sizable amount previously this year, but still.

When you take into account that there is not-yet-fully-realized inflation in the money supply, that loss ends up looking a lot bigger.

The bolded is like saying "Hey, why is everybody running away, he only fired 10 shots and is almost out?"  

Do you realize what a 7% drop in Japans stock market is like, right after all the Quantitative Criticism they have received lately? Further, the European markets were down 2%, not sure about now.
The Plunge Protection Team (aka Federal Reserve) is at work on the American markets I'm sure.

Global confidence is low, and a few more drops like the above can set off a catastrophe. Just think of what losing 7% of value must be like to some people...

IAS

That only partially explains this. The issue is that dollar volume is still roughly in the same range it always was.

IMO that only means that both fiat and coins are saying "bye bye" to MtGox, slowly but steadily.

Something weird here:



Look at that chart. Both the bid and ask amounts are declining. But then you notice that a "tick" down for bids is drawn in such a way that it is much more than a "tick" down for the asks. Yet, the price is going up. The only logical conclusion that can be drawn from this is that people are slowly realizing that being in the Gox orderbook (which is public knowledge and reported as market depth) is an inherent disadvantage, and thus while the bid and ask sums are declining the trades are still being executed through market orders or very-close-to-market-orders.

Thanks for the info.

How are you tracking Bitcoin.de's available coins? I see it available on their marketplace section of the website, but is there also a record of it? (You have one maybe???)
I just looked and there are 4369 coins available. I think the other day it was at 7k but can't be sure.

That's the thing about China, you can get wiped out by the CCP at any time, and once it begins you can't do anything about it. People who are throwing huge sums of BTC into Asic Miner shares don't seem to realize that. The risk of ruin from being totally wiped out in an AM investment is multiple times higher than being totally wiped out in a straight BTC investment is. But people are thrilled to get 0.02B in dividends, so they get what they deserve.