Wall Observer - MtGoxUSD wall movement tracker - page 398.

Rothgar

sr. member

Activity: 374

Merit: 250

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Quote from: humanitee on March 26, 2013, 06:13:04 PM

Indeed.

Remember kids, the longer Bitcoin operates, the more valid a store of wealth it becomes. The more "tests of time," so to speak, it will encounter.

What goes up, always came down... until Bitcoin. Cool

Albeit eventually something better than Bitcoin will come out and the price will tank, or maybe not. Maybe it updates to keep up with the quantum revolution. That is easily 15 years or more away.

The more belief we get in the system, the more brilliant it shines.

Bitcoin does not need to update to "keep up with the quantum revolution." It is not reliant on large numbers being hard to factor.

humanitee

hero member

Activity: 1302

Merit: 502

Quote from: molecular on March 26, 2013, 05:46:44 PM

look for example at the 18 day exponential average in this chart:

I'm guessing people are waiting for a smack-down similar to that. They think the price is too high... until it gets higher. Then they think it was low before and why the f... didn't they buy and at some point decide to screw it and actually buy.

It's hard to believe bitcoin can just keep going up ("what goes up has to come down at some point")

Indeed.

Remember kids, the longer Bitcoin operates, the more valid a store of wealth it becomes. The more "tests of time," so to speak, it will encounter.

What goes up, always came down... until Bitcoin. Cool

Albeit eventually something better than Bitcoin will come out and the price will tank, or maybe not. Maybe it updates to keep up with the quantum revolution. That is easily 15 years or more away.

The more belief we get in the system, the more brilliant it shines.

Odalv

legendary

Activity: 1414

Merit: 1000

Quote from: molecular on March 26, 2013, 05:46:44 PM

Quote from: samson on March 26, 2013, 05:40:03 PM

Quote from: ineededausername on March 26, 2013, 05:27:23 PM

Yup, $9.5 mil bids (record) with 53k BTC in asks (relatively low). Takeoff is approaching.

I may be mistaken but why do we have record bids all attempting to buy BTC lower than it's currently selling for ?

What are they waiting for ?

Is there some kind of strange procedure that people follow when purchasing ?

Something like this :

1 Get some fresh USD onto MtGox after a long verification process
2 Place an order which oviously won't be fulfulled as the price is rising beyond your ask price
3 Wait for the price of BTC to go up by several more dollars
4 Make your eventual purchase at your leisure with no urgency to 'buy low' whatsoever

It doesn't sound right to me

look for example at the 18 day exponential average in this chart:

I'm guessing people are waiting for a smack-down similar to that. They think the price is too high... until it gets higher. Then they think it was low before and why the f... didn't they buy and at some point decide to screw it and actually buy.

It's hard to believe bitcoin can just keep going up ("what goes up has to come down at some point")

+1 yes, "It is hard to believe" but to ZERO it is only $75 .. upper limit is still unlimited ($1k, $10k, $100k ... in next 3, 5 or 10 years ?)
is there some other alternative with such as perspective ?

:-)

The-Real-Link

hero member

Activity: 533

Merit: 500

I'd imagine some of it is just people hoping that it'll fall to say, $50-60 so their outstanding orders can be fulfilled. But the longer we hold on flat or rise does make me wonder why people don't simply move what their minimum bid price would be, up. Well, rather I say I figure it's because no one wants to buy something at a more expensive price than needs be.

I suppose in the meantime should the price rocket down, some of these huge buy walls would slow the fall.

But yeah, while it's great that Millions are in the market, if 9 out of 10M want to buy at $30, then yeah, new highs might be hard-pressed.

Edit - good points Molecular.

molecular

donator

Activity: 2772

Merit: 1019

Quote from: samson on March 26, 2013, 05:40:03 PM

Quote from: ineededausername on March 26, 2013, 05:27:23 PM

Yup, $9.5 mil bids (record) with 53k BTC in asks (relatively low). Takeoff is approaching.

I may be mistaken but why do we have record bids all attempting to buy BTC lower than it's currently selling for ?

What are they waiting for ?

Is there some kind of strange procedure that people follow when purchasing ?

Something like this :

1 Get some fresh USD onto MtGox after a long verification process
2 Place an order which oviously won't be fulfulled as the price is rising beyond your ask price
3 Wait for the price of BTC to go up by several more dollars
4 Make your eventual purchase at your leisure with no urgency to 'buy low' whatsoever

It doesn't sound right to me

look for example at the 18 day exponential average in this chart:

I'm guessing people are waiting for a smack-down similar to that. They think the price is too high... until it gets higher. Then they think it was low before and why the f... didn't they buy and at some point decide to screw it and actually buy.

It's hard to believe bitcoin can just keep going up ("what goes up has to come down at some point")

samson

legendary

Activity: 2097

Merit: 1070

Quote from: ineededausername on March 26, 2013, 05:27:23 PM

Yup, $9.5 mil bids (record) with 53k BTC in asks (relatively low). Takeoff is approaching.

I may be mistaken but why do we have record bids all attempting to buy BTC lower than it's currently selling for ?

What are they waiting for ?

Is there some kind of strange procedure that people follow when purchasing ?

Something like this :

1 Get some fresh USD onto MtGox after a long verification process
2 Place an order which oviously won't be fulfulled as the price is rising beyond your bid price
3 Wait for the price of BTC to go up by several more dollars
4 Make your eventual purchase at your leisure with no urgency to 'buy low' whatsoever

It doesn't sound right to me

The-Real-Link

hero member

Activity: 533

Merit: 500

Of course I know it works both ways but why be a bear? Saw another huge trade just a bit ago.

molecular

donator

Activity: 2772

Merit: 1019

Wasn't there a really huge bid wall in the low 30s a while back? That huge wall at 51.03 reminds me of that:


  price   |      btc       |          usd
----------+----------------+-----------------------
 51.03000 | 28045.91420000 | 1431183.0016260000000

That's 1.4 million USD in (probably) one order Wink

ineededausername

hero member

Activity: 784

Merit: 1000

bitcoin hundred-aire

Yup, $9.5 mil bids (record) with 53k BTC in asks (relatively low). Takeoff is approaching.

molecular

donator

Activity: 2772

Merit: 1019

Quote from: humanitee on March 26, 2013, 04:30:38 PM

Quote from: molecular on March 26, 2013, 04:27:36 PM

Quote from: mccorvic on March 26, 2013, 04:03:23 PM

Holy crap.

Bids are creeping towards 10mil USD (WHAT?!) while the only action on the ask side are the walls that go up and down. The pressure here is immense.

I'm not sure this measure (bid sum) makes much sense. I just cancelled about $2500 (a lot for me) worth of old bids that never got filled (between $20 and $45). I don't even have to fiat to support these on mtGox, you can just have "invalid" bids. I'm sorry, this is probably common knowledge, but are invalid bids shown in the public order book?

No.

Thanks. This is correct, I confirmed it empirically.

I put 2 orders, 1 open, 1 invalid:


[  4] {f994caed-d6fd-4e42-9fe3-c5e97e2513eb} | bid    1.0      62.62626 - open
[ 11] {16706be4-5953-4ad3-98e8-78c90c3d1003} | bid    1.0      42.42424 - invalid

only the open one shows in the public orderbook (fulldepth)

# select * from fulldepth where price in (42.42424, 62.62626) and poll_id > 2700;
    id    | poll_id |  price   |   amount   |      stamp       | type
----------+---------+----------+------------+------------------+------
 28529939 |    2718 | 62.62626 | 1.00000000 | 1364336282855010 |    1

So now I agree, this is humongeously bullish. At least 9.5 million USD on mtGox (6 million above $50).

EnergyVampire

full member

Activity: 210

Merit: 100

Quote from: mccorvic on March 26, 2013, 05:01:06 PM

Does anyone else see no trades coming through? Clarkmoody and bitcoinity haven't updated for me in for about 5 mins.

EDIT: As soon as I posted I did see a mighty 0.1 buy come up.

I was wondering the same but it appears the other exchanges are rather quiet as well.

Beta-coiner1

hero member

Activity: 532

Merit: 500

Quote from: mccorvic on March 26, 2013, 05:01:06 PM

Does anyone else see no trades coming through? Clarkmoody and bitcoinity haven't updated for me in for about 5 mins.

EDIT: As soon as I posted I did see a mighty 0.1 buy come up.

Expect things to slow down as Europe sleeps!

mccorvic

hero member

Activity: 518

Merit: 500

Does anyone else see no trades coming through? Clarkmoody and bitcoinity haven't updated for me in for about 5 mins.

EDIT: As soon as I posted I did see a mighty 0.1 buy come up.

humanitee

hero member

Activity: 1302

Merit: 502

Quote from: molecular on March 26, 2013, 04:27:36 PM

Quote from: mccorvic on March 26, 2013, 04:03:23 PM

Holy crap.

Bids are creeping towards 10mil USD (WHAT?!) while the only action on the ask side are the walls that go up and down. The pressure here is immense.

I'm not sure this measure (bid sum) makes much sense. I just cancelled about $2500 (a lot for me) worth of old bids that never got filled (between $20 and $45). I don't even have to fiat to support these on mtGox, you can just have "invalid" bids. I'm sorry, this is probably common knowledge, but are invalid bids shown in the public order book?

No.

molecular

donator

Activity: 2772

Merit: 1019

Quote from: mccorvic on March 26, 2013, 04:03:23 PM

Holy crap.

Bids are creeping towards 10mil USD (WHAT?!) while the only action on the ask side are the walls that go up and down. The pressure here is immense.

I'm not sure this measure (bid sum) makes much sense. I just cancelled about $2500 (a lot for me) worth of old bids that never got filled (between $20 and $45). I don't even have to fiat to support these on mtGox, you can just have "invalid" bids. I'm sorry, this is probably common knowledge, but are invalid bids shown in the public order book?

NamelessOne

legendary

Activity: 840

Merit: 1000

Quote from: rpietila on March 26, 2013, 04:01:57 PM

Quote from: NamelessOne on March 26, 2013, 03:59:01 PM

Moved to the bigger walls now. It also looks like a triangle is forming. At times I wonder if the Wallmaker actually attempts to manufacture triangles by creating and altering massive walls on the bids and asks. Moving the walls tighter and tighter as needed.

How many entities do you believe are able to show a BTC10-15k wall? How many actually do it? Single or multiple manipulators?

I have no clue of course, and only watch what everyone else watches. But I'd imagine there are at least a couple people with that buying power who do the walls, probably others that don't. I tend to think of them as lone wolves or at least a single person controlling the groups money since those walls are never a collection of bids, as they go up and down instantly. I tend to think their goal is to make more coins cheap by placing walls at key times and price points, while also generally 'protecting' the market from lunacy spikes that could cause too much fear. OR there is someone doing one of those, and someone else doing the other. But you can never know for sure so it is damn annoying to watch.

The-Real-Link

hero member

Activity: 533

Merit: 500

Paging Loaded, party of 1. Was that you? ;p Was fortunate to look at the chart and caught the massive trade.

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote from: byronbb on March 26, 2013, 03:05:26 PM

I was wondering if you could create some sort of trading card game where the cards are mined and then people take them and use them in a virtual play ground.

Great way to encourage ~~hoarding~~ saving! Tie the quality of items to size/age of a wallet address.

The older/bigger your balance, the better skin/sword/level you get.

Satoshi would have the Sword of 1000 Truths, of course.

Of course, you could simply arrange for a way to let League of Legends ~~trolls~~ players bet BTC on games and get rich much faster. Cheesy

mccorvic

hero member

Activity: 518

Merit: 500

Quote from: humanitee on March 26, 2013, 04:05:38 PM

Quote from: mccorvic on March 26, 2013, 04:03:23 PM

Holy crap.

Bids are creeping towards 10mil USD (WHAT?!) while the only action on the ask side are the walls that go up and down. The pressure here is immense.

Ask side experiencing wall erectile dysfunction.

Proving what we expected all along: These bear manipulators are really just suffering from defective penile syndrome.

humanitee

hero member

Activity: 1302

Merit: 502

Quote from: mccorvic on March 26, 2013, 04:03:23 PM

Holy crap.

Bids are creeping towards 10mil USD (WHAT?!) while the only action on the ask side are the walls that go up and down. The pressure here is immense.

Ask side experiencing wall erectile dysfunction.

Topic: Wall Observer - MtGoxUSD wall movement tracker - page 398. (Read 1811599 times)