Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33596. (Read 26495183 times)
May 10, 2013, 09:25:25 AM
I really hope this upward breakout didn't come as a huge surprise to anybody. I understand that there is still a lot of - justified - reservation about the question if the post-bubble correction is really over, and users like evolve and slipperyslope certainly like to remind us of that reservation on a daily basis (no offense. I appreciate the posts of you guys), but any serious look at the recent order book totals, the money flow of the past 6 days, or the sentiment on this forum ("I'm gonna buy *so hard* once price hits 90") should have convinced you that, at least short term, the only way was up. What will happen in a longer time frame, next weeks/months, is another question.
May 10, 2013, 09:24:16 AM
more wall.jpg and less text
Pardonnez-moi? I prefer PNG myself but what the hey.
Reach little Bitcoin, reach.
I was thinking that the bubble may have "paused" the growth, thus we might expect a line parallel to but slightly lower than the previous line for ongoing growth.
May 10, 2013, 09:22:57 AM
It's not just the low volume that scares me. This coincided with Gox restricting and/or disabling bots. It appears that not only do the bots move walls to control the price, but they are also responsible for most of the volume.
link?
There are some reports earlier in the thread by users who had bots disabled/restricted. I'll try to find.
Not surprising though. Gox has previously posted on facebook or twitter that they temporarily restricted the bots after a DDOS attack. I believe this was done shortly after the engine upgrade in April. Similar to the present situation, those restrictions also resulted in low volume and stagnant price.
*edit*
some reports around p 337. https://bitcointalksearch.org/topic/m.2087032
For this who missed it. ^
This will probably be the new trend following DDOS attacks. No more panic sells. Rather, Gox disables bots. Price and volume doesn't move until they are re-enabled. Then the pumping and dumping continues.
May 10, 2013, 09:21:04 AM
Looks like the 0.500 bot is back online....
Posted the above at 12:47:07 AM CST. Just before the price started to climb.
As soon as the bots came back online the pumping continued. Big surprise. Some people will never learn.
I see the 0.0123 bot is quite active this morning...
May 10, 2013, 09:14:34 AM
No offense but if you don't hold it, you don't own it. I would never buy paper silver or let someone else watch my silver.
+1. Maybe as a hedge against inflation but there are better investments for that too.
May 10, 2013, 09:13:32 AM
If BTC wants to reach out to the average middle class out there it needs to value itself at $30-50
From a trading perspective yes, but average people aren't looking to trade. Your average person will take an even exchange rate for convenience and low transaction fees, on everyday purchases.
May 10, 2013, 09:12:34 AM
Looks like the 0.500 bot is back online....
Posted the above at 12:47:07 AM CST. Just before the price started to climb.
As soon as the bots came back online the pumping continued. Big surprise. Some people will never learn.
May 10, 2013, 09:11:30 AM
Only way Bitcoin fails is if governments seriously saboteur it by preventing banks from processing fiat transactions in relation to it, but the gamble is that once the establishment tries to assault Bitcoin, the counter force and backlash will serve to propel Bitcoin to the level of a household name and away we go.
This didn't work out to well for online poker. If major government intervention happens as you describe...SELL, SELL, SELL.
May 10, 2013, 09:05:50 AM
If BTC wants to reach out to the average middle class out there it needs to value itself at $30-50
Yeah, it's a real shame that bitcoins can not be divided.
May 10, 2013, 09:05:10 AM
i have started my dump
...
Are you gonna need help wiping afterwards?...
If he is aiming for 30-50, then yes. Help wiping tears.
May 10, 2013, 09:03:32 AM
i have started my dump
...
Are you gonna need help wiping afterwards? ...
May 10, 2013, 09:02:42 AM
If BTC wants to reach out to the average middle class out there it needs to value itself at $30-50
May 10, 2013, 09:02:13 AM
May 10, 2013, 09:00:34 AM
i have started my dump
just did 200
just did 200
Really? Or are you trolling. 14K BTC sold would greatly move the market.
May 10, 2013, 09:00:28 AM
It used to be the majority in this forum were here to buy, mine and use this new currency called bitcoin. It seems there's more and more people around who see this as some sort of a penny stock.
Sell your USD for real money and keep/use that real money is the game, not "realizing equity" at some point.
If you disagree, you should really think about what money is (or should be)
Sell your USD for real money and keep/use that real money is the game, not "realizing equity" at some point.
If you disagree, you should really think about what money is (or should be)
Bitcoin's value as a currency for real world goods right now is entirely contingent on its rate of exchange to USD. It lacks the large scale, mass adoption to be used as a currency all on its own at this time. However, even if one were to buy it to use as a currency, they would still be better holding and waiting for the price to increase before spending.
Some people in BTC communities seem to get upset if you want to buy Bitcoins for a reason besides using them as a currency, as if it defiles the purity of Bitcoin's original intention, but it's not realistic. BTC would still be sub $30 USD if people were buying it exclusively to use as a currency, and it would probably stay there forever. It gets to establish itself as a sovereign currency only after it goes through a phase wherein people establish its value by backing it with their own fiat, whether for investment or speculation or a use as currency.
An unestablished crypto currency will simply not gain the consideration of the population-at-large without going through such a process at this stage in history. The reason is because this is the first time in history there has been a crypto currency. People don't know or understand what it is or how it works, why it isn't a scam, or why it isn't a scheme. People are used to dealing with fiat or metals. Fiat and gold were/are only worth something because people vested value in them, and that too, took a process. It's just that the process is a hundred or a thousand or more years behind us.
With cryptos, that process is unfolding while we sit here typing to each other.
May 10, 2013, 08:59:47 AM
Just a cautious note... if you remember:
When the prices reached 97 earlier this week and bounced back up to 103 and then within seconds to 107
Remember, if you are wanting to sell at 125 or 130...it will be for a few seconds. So dont be greedy!
I wonder how dumb can some one be buying BTC at 120!
When the prices reached 97 earlier this week and bounced back up to 103 and then within seconds to 107
Remember, if you are wanting to sell at 125 or 130...it will be for a few seconds. So dont be greedy!
I wonder how dumb can some one be buying BTC at 120!
May 10, 2013, 08:57:24 AM
May 10, 2013, 08:56:33 AM
i have started my dump
just did 200
just did 200
May 10, 2013, 08:54:05 AM
Asia knows how to do things right. Most airlines in Asia have a policy where flight attendants are 26 years old or younger. Once you hit 27, GTFO of view and go sit behind a desk. Here we're stuck with 50 year old hags who are constantly pissed off.
I think it is more about the attitude than age. Both here in Haikko Manor and in American Airlines, some of the female staff are over 60 years old, and service is like in heaven. They know what they do, and do not get pissed off no matter how busy you are. I think the balance needs to be there, I would personally not be happy if everyone was younger than me - if nothing else, that reminds me of my mortality.
+10
May 10, 2013, 08:51:47 AM
Does anyone else see the possibility of a reversal of the uptrend? It was stopped at $122. It took 15K BTC to bust walls and take asks on the way up. Could that hot money be forced to take profit quickly?
I don't think so. The bid wall has lagged a little since the push to $122. But $115-$120 is pretty solid.
$122 to $125 is 12k BTC. Unless some new money starts making up for lost time, we'll probably bounce around $118-$121 for a bit. We'll see some dumping for sure, but there's enough buying pressure to keep us above $115.
The ask wall doesn't seem to be getting out of the way at any point so far, it will be a lot of little jumps, regrouping, let the bids come forward then it's up again. If the rally continues it will be slower, that jump was 2 days of no action crammed into 3 hours.
If I was selling between $122-$130 right now, I'd be content to wait for the bulls to pay me off. I'd be surprised to see a lot of panic selling, we're more lilkey to pickup some bears to buy up any dumps. Any drop right now is a chance for someone to get back in.
I deleted that post soon after I made it, realizing that if the rally stopped at $122, then the most likely successor pattern is what you said. Thanks for the insight.
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