Wall Observer - MtGoxUSD wall movement tracker - page 324.

Piper67

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Quote from: zby on April 02, 2013, 07:07:33 AM

Quote from: DougTanner on April 02, 2013, 06:41:51 AM

This week is going to be batshit insane, practically no walls, massive media attention Cool

Although, I'm starting to get worried the lack of asks will cause a one-day gain of > 50% value and trigger a huge sell-off like in 2011 when people peg that as the peak. Was anyone here following the walls as closely as we are now? What did the ask/bid charts look like during that fateful day?

It was quite the reverse - no bids and huge ask wall that was being eaten, it looked like a huge dark blue tsunami wave hovering over the tiny white streak of bids.

Don't you just love newbies coming in to tell us how this is just like 2011? Grin

zby

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Quote from: DougTanner on April 02, 2013, 06:41:51 AM

This week is going to be batshit insane, practically no walls, massive media attention Cool

Although, I'm starting to get worried the lack of asks will cause a one-day gain of > 50% value and trigger a huge sell-off like in 2011 when people peg that as the peak. Was anyone here following the walls as closely as we are now? What did the ask/bid charts look like during that fateful day?

It was quite the reverse - no bids and huge ask wall that was being eaten, it looked like a huge dark blue tsunami wave hovering over the tiny yellow streak of bids.

samson

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Quote from: DougTanner on April 02, 2013, 07:00:03 AM

Yes, that's how I feel too, it means all the available Bitcoins are sitting off the charts, waiting to be sold in market orders after a peak is detected. A good % of those newbies who bought massive amounts in the last 3 months have got to be asking themselves "is 100% profit good enough, do I really want to risk losing it all"?

If the price goes down by $10 to $15 i have a feeling we would be inundated with realistic asks.

If the asks are there then the price can rise sensibly and so the cycle continues.

DougTanner

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Quote from: samson on April 02, 2013, 06:45:24 AM

Quote from: DougTanner on April 02, 2013, 06:41:51 AM

This week is going to be batshit insane, practically no walls, massive media attention Cool

Although, I'm starting to get worried the lack of asks will cause a one-day gain of > 50% value and trigger a huge sell-off like in 2011 when people peg that as the peak. Was anyone here following the walls as closely as we are now? What did the ask/bid charts look like during that fateful day?

No asks / very low asks is a very bad warning sign for me.

It suggests a peak of speculative greed. So the price is purely based on speculation and nothing else. This will end well Roll Eyes

Yes, that's how I feel too, it means all the available Bitcoins are sitting off the charts, waiting to be sold in market orders after a peak is detected. A good % of those newbies who bought massive amounts in the last 3 months have got to be asking themselves "is 100% profit good enough, do I really want to risk losing it all"?

samson

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Quote from: DougTanner on April 02, 2013, 06:41:51 AM

This week is going to be batshit insane, practically no walls, massive media attention Cool

Although, I'm starting to get worried the lack of asks will cause a one-day gain of > 50% value and trigger a huge sell-off like in 2011 when people peg that as the peak. Was anyone here following the walls as closely as we are now? What did the ask/bid charts look like during that fateful day?

No asks / very low asks is a very bad warning sign for me.

It suggests a peak of speculative greed. So the price is purely based on speculation and nothing else. This will end well Roll Eyes

Zangelbert Bingledack

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That said, the price of Litecoins is outrageous right now. Since there are 84 million LTC to be mined in total, that is like a BTC price of $8, which is a twelfth of what Bitcoin is at now. There is no freakin' way Litecoin is a twelfth as valuable as Bitcoin, by any measure at all. However, since they are about the same the price could equilibriate to something like one-fifth of the BTC price if nothing goes wrong, though that seems ridiculously optimistic.

In any case, any gain in Litecoin is a gain for Bitcoin as well. If it continues with its present function, it will probably be as big as it needs to be to provide an adequate hedge for BTC price. A third redundant coin won't join, because the hedging, tumbling, and testnet/backup functions it could provide would be minimal at the margin.

DougTanner

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This week is going to be batshit insane, practically no walls, massive media attention Cool

Although, I'm starting to get worried the lack of asks will cause a one-day gain of > 50% value and trigger a huge sell-off like in 2011 when people peg that as the peak. Was anyone here following the walls as closely as we are now? What did the ask/bid charts look like during that fateful day?

Zangelbert Bingledack

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Litecoin is not a threat to Bitcoin. In fact it makes it more useful because speculators can hedge into litecoins whenever they think the BTC price is bubbly, and do this without dealing with fiat or fiat regulations. It's also a better tumbler than S.DICE because transferring between them "air-gaps" the two blockchains. And of course it's a backup and second "testnet" with many similar characteristics. These three aspects make Bitcoin far more valuable, so Litecoin or at least one non-Bitcoin cryptocurrency will always thrive.

The fear is that this will inflate the money supply, but it won't (at least not more than 2x, which takes us back to only last month in market cap), because there is no such value for a third cryptocurrency, unless it adds really useful functionality.

samson

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Quote from: ?? on ??

Quote from: Kupsi on April 02, 2013, 06:03:13 AM

Quote from: deeplink on April 02, 2013, 05:53:28 AM

Does anyone believe this Mtgox is going to support LTC rumor which caused the LTC spike?

I don't know. But if it's true, I think Mark Karpeles should leave the Bitcoin foundation board.

Lol. Supporting usd is fine. Ltc is not. Why you hate crypro?

Personally I don't see why MtGox don't sell all the Crypto Currencies which have been around for any length of time.

It would bring a lot more customers in for them and create liquidity in the smaller alts.

Kupsi

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9.9.2012: I predict that single digits... <- FAIL

Quote from: ?? on ??

Quote from: Kupsi on April 02, 2013, 06:09:21 AM

Quote from: ?? on ??

Quote from: Kupsi on April 02, 2013, 06:03:13 AM

Quote from: deeplink on April 02, 2013, 05:53:28 AM

Does anyone believe this Mtgox is going to support LTC rumor which caused the LTC spike?

I don't know. But if it's true, I think Mark Karpeles should leave the Bitcoin foundation board.

Lol. Supporting usd is fine. Ltc is not. Why you hate crypro?

I want the board members to focus 100% on Bitcoin. It's a Bitcoin foundation, not a cryptocurrency foundation.

You are anti gox using anything other than btc, even fiat? You know gox is an exchange and not a person right?

Gox can exchange every cryptocurrency they want. I have no problem with that. But I don't want any of the board members of Bitcoin foundation to support/promote other cryptocurrencies.

ehoffman

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