Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33440.

nmersulypnem

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Activity: 238

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Quote from: lucas.sev on June 06, 2013, 06:11:18 PM

Quote from: nmersulypnem on June 06, 2013, 06:09:31 PM

PRO TIP: Do not buy into the Sell Wall. It is designed to bleed money from the bots.

That's interesting information, how does that work?

The volatility bots assume that the price will hover around a certain running average. When they see it dip above or below they are programmed to buy/sell accordingly. If you want to unload a very large number of BTC the optimal strategy is to stabilize/inflate the price with a buy wall for a bit (artificially lowering volatility), wait for the buy orders to build up above you, then sell into them. This will cause some slippage, but by putting a sell wall midway through your big sell the volatility bots will trade into it (incorrectly thinking it's just a momentary fluctuation). That way you sell 20K BTC from, say 119 to 117, and another 5K at 118. ...this maximizes your selling revenues.

EDIT: It looks like he placed his sell wall too high and wasn't able to unload the 1800 BTC. So expect a slow 1800 dump in the coming hours (in globs of 300-500).

lucas.sev

sr. member

Activity: 252

Merit: 250

Quote from: phoenix1 on June 06, 2013, 06:12:57 PM

Quote from: lucas.sev on June 06, 2013, 06:03:50 PM

Quote from: phoenix1 on June 06, 2013, 06:01:18 PM

Excluding political arguments, I see no reason right now. Hence most proponents are hoarding and waiting for the next bubble. And it will probably come. I am not a techy, but my limited understanding leads me to accept that the technology behind it is 'genius', but right now, as a currency ... meh ... it isn't one. It's a speculative investment. Nothing wrong with that ...

I think the SR argument is wearing a bit thin now though ... I do not believe that BTC would fail without SR

I agree that it would not fail, however without it it would be totally in speculators hands. I see no reason either. And I agree that next bubble will come. I hope for it as well of course. In other news: someone dumped ~~2.5k~~ 5k BTC Tongue

It IS almost totally in speculators/innovators/early adopter's hands already ...

Again, I agree. But it's nice knowing that there is one practical use for it, that will continue to be exist even if big money leaves.

humanitee

hero member

Activity: 1302

Merit: 502

Quote from: nmersulypnem on June 06, 2013, 06:06:14 PM

PANIC PANIC PANIC!

SELL SELL SELL.

35K dump... I am so glad I pulled out today.

Might want to check your ass again for that number.

phoenix1

hero member

Activity: 798

Merit: 1000

Quote from: lucas.sev on June 06, 2013, 06:03:50 PM

Quote from: phoenix1 on June 06, 2013, 06:01:18 PM

Excluding political arguments, I see no reason right now. Hence most proponents are hoarding and waiting for the next bubble. And it will probably come. I am not a techy, but my limited understanding leads me to accept that the technology behind it is 'genius', but right now, as a currency ... meh ... it isn't one. It's a speculative investment. Nothing wrong with that ...

I think the SR argument is wearing a bit thin now though ... I do not believe that BTC would fail without SR

I agree that it would not fail, however without it it would be totally in speculators hands. I see no reason either. And I agree that next bubble will come. I hope for it as well of course. In other news: someone dumped ~~2.5k~~ 5k BTC Tongue

It IS almost totally in speculators/innovators/early adopter's hands already ...

lucas.sev

sr. member

Activity: 252

Merit: 250

Quote from: nmersulypnem on June 06, 2013, 06:09:31 PM

PRO TIP: Do not buy into the Sell Wall. It is designed to bleed money from the bots.

That's interesting information, how does that work?

phoenix1

hero member

Activity: 798

Merit: 1000

Quote from: Rampion on June 06, 2013, 05:56:55 PM

You are very mistaken if you think that Bitcoin is a micropayment network headed to compete with PayPal.

Bitcoin is not about that. It's about storing value in a decentralized, cash-like and trust-free way. It's the "decentralized, pseudo anonymous, gold-like cash of the Internet"

If you do not see the potential and the demand for that, think again.

I am not attacking, but if we replace the word 'value' with 'data' in that sentence and remove all references to 'cash' and 'gold' does that not open up a whole new world of possibilities, one of which involves money, and multiple others that place a value on the data stored.

I am relatively new to this and if my understanding is wrong, please correct me, but as I see it your statement is actually limiting the potential of the blockchain.

If on the other hand I am actually starting to 'see it', please confirm Wink

nmersulypnem

full member

Activity: 238

Merit: 100

PRO TIP: Do not buy into the Sell Wall. It is designed to bleed money from the bots.

Rampion

legendary

Activity: 1148

Merit: 1018

About time!

lucas.sev

sr. member

Activity: 252

Merit: 250

2k ask wall at 118 Tongue

nmersulypnem

full member

Activity: 238

Merit: 100

PANIC PANIC PANIC!

SELL SELL SELL.

35K dump... I am so glad I pulled out today.

lucas.sev

sr. member

Activity: 252

Merit: 250

Quote from: phoenix1 on June 06, 2013, 06:01:18 PM

Excluding political arguments, I see no reason right now. Hence most proponents are hoarding and waiting for the next bubble. And it will probably come. I am not a techy, but my limited understanding leads me to accept that the technology behind it is 'genius', but right now, as a currency ... meh ... it isn't one. It's a speculative investment. Nothing wrong with that ...

I think the SR argument is wearing a bit thin now though ... I do not believe that BTC would fail without SR

I agree that it would not fail, however without it it would be totally in speculators hands. I see no reason either. And I agree that next bubble will come. I hope for it as well of course. In other news: someone dumped ~~2.5k~~ 5k BTC Tongue

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

phoenix1

hero member

Activity: 798

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Quote from: lucas.sev on June 06, 2013, 05:46:31 PM

Quote from: Rampion on June 06, 2013, 05:40:52 PM

The Silk Road talk is so '2011ish. Came on. People sees that there's much more in BTC, besides of the fact that real economy is still reduced and that it's very speculation driven.

This baby needs to grow a little bit, but it's unstoppable.

The question is why the f--k would I want to internationally transfer my money to Japan, wait 4 days, pay transfer fees, buy one bitcoin and then buy a service I could pay for instantly with paypal? The only reason to go through hassle of getting bitcoin is using silkroad. Please tell me, why else would I want to use bitcoin to buy something over using credit card or paypal.

It is a serious question, I expect a thought out answer.

Excluding political arguments, I see no reason right now. Hence most proponents are hoarding and waiting for the next bubble. And it will probably come. I am not a techy, but my limited understanding leads me to accept that the technology behind it is 'genius', but right now, as a currency ... meh ... it isn't one. It's a speculative investment. Nothing wrong with that ...

I think the SR argument is wearing a bit thin now though ... I do not believe that BTC would fail without SR

lucas.sev

sr. member

Activity: 252

Merit: 250

Quote from: lebing on June 06, 2013, 05:53:02 PM

Quote from: lucas.sev on June 06, 2013, 05:46:31 PM

Quote from: Rampion on June 06, 2013, 05:40:52 PM

The Silk Road talk is so '2011ish. Came on. People sees that there's much more in BTC, besides of the fact that real economy is still reduced and that it's very speculation driven.

This baby needs to grow a little bit, but it's unstoppable.

The question is why the f--k would I want to internationally transfer my money to Japan, wait 4 days, pay transfer fees, buy one bitcoin and then buy a service I could pay for instantly with paypal? The only reason to go through hassle of getting bitcoin is using silkroad. Please tell me, why else would I want to use bitcoin to buy something over using credit card or paypal.

It is a serious question, I expect a thought out answer.

You expect too much.

How did you even get here with this level of understanding of bitcoin?

How do you define 'understanding'? Is your definition 'OMG HEDGE AGAINST FINANCIAL SYSTEM' or the way blockchain works and bitcoins decentralized nature? Maybe you want to answer my question, or do you agree that main use of bitcoin that makes sense is silkroad?

Quote from: TheKoziTwo on June 06, 2013, 05:56:01 PM

Quote from: lucas.sev on June 06, 2013, 05:46:31 PM

The only reason to go through hassle of getting bitcoin is using silkroad

Tell me then why else would I buy something using bitcoin instead of dollars?

Rampion

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Activity: 1148

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Quote from: lucas.sev on June 06, 2013, 05:46:31 PM

Quote from: Rampion on June 06, 2013, 05:40:52 PM

The Silk Road talk is so '2011ish. Came on. People sees that there's much more in BTC, besides of the fact that real economy is still reduced and that it's very speculation driven.

This baby needs to grow a little bit, but it's unstoppable.

The question is why the f--k would I want to internationally transfer my money to Japan, wait 4 days, pay transfer fees, buy one bitcoin and then buy a service I could pay for instantly with paypal? The only reason to go through hassle of getting bitcoin is using silkroad. Please tell me, why else would I want to use bitcoin to buy something over using credit card or paypal.

It is a serious question, I expect a thought out answer.

Seriously?

You are very mistaken if you think that Bitcoin is a micropayment network headed to compete with PayPal.

Bitcoin is not about that. It's about storing value in a decentralized, cash-like and trust-free way. It's the "decentralized, pseudo anonymous, gold-like cash of the Internet"

If you do not see the potential and the demand for that, think again.

TheKoziTwo

legendary

Activity: 1552

Merit: 1047

Quote from: lucas.sev on June 06, 2013, 05:46:31 PM

The only reason to go through hassle of getting bitcoin is using silkroad

lebing

legendary

Activity: 1288

Merit: 1000

Enabling the maximal migration

Quote from: lucas.sev on June 06, 2013, 05:46:31 PM

Quote from: Rampion on June 06, 2013, 05:40:52 PM

The Silk Road talk is so '2011ish. Came on. People sees that there's much more in BTC, besides of the fact that real economy is still reduced and that it's very speculation driven.

This baby needs to grow a little bit, but it's unstoppable.

The question is why the f--k would I want to internationally transfer my money to Japan, wait 4 days, pay transfer fees, buy one bitcoin and then buy a service I could pay for instantly with paypal? The only reason to go through hassle of getting bitcoin is using silkroad. Please tell me, why else would I want to use bitcoin to buy something over using credit card or paypal.

It is a serious question, I expect a thought out answer.

You expect too much.

How did you even get here with this level of understanding of bitcoin?

lucas.sev

sr. member

Activity: 252

Merit: 250

Quote from: Rampion on June 06, 2013, 05:40:52 PM

The Silk Road talk is so '2011ish. Came on. People sees that there's much more in BTC, besides of the fact that real economy is still reduced and that it's very speculation driven.

This baby needs to grow a little bit, but it's unstoppable.

The question is why the f--k would I want to internationally transfer my money to Japan, wait 4 days, pay transfer fees, buy one bitcoin and then buy a service I could pay for instantly with paypal? The only reason to go through hassle of getting bitcoin is using silkroad. Please tell me, why else would I want to use bitcoin to buy something over using credit card or paypal.

It is a serious question, I expect a thought out answer.

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: lebing on June 06, 2013, 05:35:18 PM

Quote from: nmersulypnem on June 06, 2013, 05:14:52 PM

Quote from: ineededausername on June 06, 2013, 05:12:22 PM

All that needs to happen for the price to start rocketing again is for the big VCs to back a fully-registered, convenient-to-use, stable and secure exchange, eliminating all uncertainty from the market. Is that so far out of the question?
Every major down-spike in the last few weeks has been due to the government or MtGox doing something wrong, but with all the VC money flowing in, things are going to get better.

I can't wait to see what Bitcoin looks like on New Year's Day 2014

The last two 10% drops were not related to any news event. ...also, there is no VC that is going to put significant amounts of cash into something that is so heavily influenced by illegal activity. At the moment, the Bitcoin economy is still used 90% for Silk Road purchases.

Tell that to Chamath P and Fred Wilson.

This.

The Silk Road talk is so '2011ish. Came on. People sees that there's much more in BTC, besides of the fact that real economy is still reduced and that it's very speculation driven.

This baby needs to grow a little bit, but it's unstoppable.

lebing

legendary

Activity: 1288

Merit: 1000

Enabling the maximal migration

Quote from: nmersulypnem on June 06, 2013, 05:14:52 PM

Quote from: ineededausername on June 06, 2013, 05:12:22 PM

All that needs to happen for the price to start rocketing again is for the big VCs to back a fully-registered, convenient-to-use, stable and secure exchange, eliminating all uncertainty from the market. Is that so far out of the question?
Every major down-spike in the last few weeks has been due to the government or MtGox doing something wrong, but with all the VC money flowing in, things are going to get better.

I can't wait to see what Bitcoin looks like on New Year's Day 2014

The last two 10% drops were not related to any news event. ...also, there is no VC that is going to put significant amounts of cash into something that is so heavily influenced by illegal activity. At the moment, the Bitcoin economy is still used 90% for Silk Road purchases.

Tell that to Chamath P and Fred Wilson.

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