Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33513. (Read 26461504 times)

In the Erisian Archives is an old memo from Omar to Mal-2: "I find the Law of Fives to be more and more manifest the harder I look."

A few months ago I wrote a Java websocket/socket.io client for Mt. Gox that processes the depth chart to explore my notions about depth and tick data. The ChartBuddy 3-D depth chart periodically posted here shows the time dimension like I wanted - so no point in going further. But I did learn enough about the Mt. Gox API to very deeply appreciate the cleverness employed by Clark Moody who ties together Mt. Gox trades and depth changes.

The Mt. Gox HTTP API allows the client to poll the server in order to obtain partial or the full depth list of bids and asks. Then its websocket/socket.io API allows the client to subscribe to trades, depth changes, and lag. Subsequently the client receives notification of depth changes, which is the change and new amount of the limit bid or ask orders at a certain price at a certain time, i.e. the time the limit order was issued/cancelled. What is crazy is that Mt. Gox drops the connection, or otherwise loses synchronization between the trades and the depth chart. Clark Moody's realtime charting app dynamically fixes all this up. Its not precise - but it is very satisfactory, by polling the server to replace the client depth info when it gets out of sync.

I can answer detailed protocol questions about the Mt. Gox API as regard to charting data, but not much at all regarding the trading functions.

I say Wednesday is the day in which we will see where we are heading at.

Bit boring watching the price right now.

There hardly seems to be any selling. The 124 is relentlessly being pursued. Quite a bit of resistance around 122. Little resistance around 124 - 125, just bears sitting there waiting to be eaten.

I think not much is going to change until late afternoon.

An American Zimbabwe? That's a mathematical Certainty. Questionable however is the time frame.

Slow and steady rise for the past 3 days.

Oh, I figured the unix time thing. I just wasn't sure what it signifies.

Ask sum slowly creeping down

I have bids all the way down, from $115 to $32. I really don't think they will be all filled (that would be too good to be true, I would be really surprised and pleased if we go below $50), but during the last crash I learned that I have to follow my own lessons. That means that is important not to let greed to take over - I thought I could sell my hard earned BTC during the crash to buy them later cheaper - and I failed miserably selling them at the very bottom, and had to buy back at a considerable loss. I promise this won't happen again. I will just hold on the mofos, and I will take the chance to buy at every dip.

When traders say that bitcoin has passed from weak hands to strong ones, they are describing a mechanism that prolongs a bubble collapse.

Certain traders holding losing positions (the weak hands) stop-loss sell to new buyers who can withstand a bit of a drop (the strong hands), until the latter in turn sell as they become the weak hands - right?

I believe that the bubble collapse will take the approximately the same duration as the bubble expansion phase - approximately three months. Plenty of time for more capitulations before the final bottom of this bubble - I think.

Then we have the same strategy. I'm also trying to multiply my BTC trading this bubble, but not selling any BTC, only buying (last time I tried to sell I sold at $80.5 hoping to buy back at $70ish just a few days ago, you know how that worked out )

I really expect a bigger correction during this week, selling pressure is quite high, and obviously new money stopped pouring in (or it just slowed down when compared to the times we were in parabolic growth).

As everyone here probably knows, I am a long term bull attempting to multiply my bitcoins by trading this bubble, which compels me to adopt bearish tactics as the opportunity presents.

Yeah. "Nothing to see here people, move along..."


There's no way the Chinese populace would be interested in a disinflationary virtual currency, right! Right?  

Hint hint: http://brontecapital.blogspot.co.uk/2012/06/macroeconomics-of-chinese-kleptocracy.html

Especially not when the friggin state news agency goes and instructs them to pay attention.

But... Why? It makes absolutely no sense, right! Or does it?

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Could mass adoption of disinflationary money-supply digital currency be the (missing) key to continued depreciation of the yuan?

--> [Read. This. Now.]

In general:

• Could a government ensure sustained competitiveness of industry and exports by embracing mass adoption of cryptocurrency?
• Could a government promote cryptocurrency as a giant, real-life Gold sink?


Per Wikipedia, The Chinese government banned using virtual currency to buy real-world items in 2009 but, crucially, not the reverse.

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Currency War.

It was pretty clearly manipulated.  All those moving walls.

I would say 160 is possible, but then this is BTC. So it will do whatever it wants to do.

BTW, what does everyone think the top will be before we dive downwards again?

I say 180

Doesn't follow. Speculating now could get him more of those $300k bitcoins later. He just wouldn't go all out, at any time, ever, for whatever reason.

I think you need to check your maths ...  Price at $300k * 11 million = $3.3 Trillion market capitalisation on my calculator
It's still a long way off though lol

So, you think the capitulation is over and we are on the way up?

Man, bulls turning bears and bears turning bulls, I'm really puzzled

No one knows how many btc would be traded if 1 was worth 10k, 100k, or 300k. Anyone made a comparison with how many were traded when they were worth 3, 10, 30, 100 etc.

In any event, that would require an investment of half a trillion into bitcoins. In 5 - 10 years maybe. In 5 - 10 months? I don't think so. We need to get to 1k for a bitcoin first, then 2k, 5k, 10k, then 50k, then 100k, then 200k, then 400k. Give it a century.