Wall Observer - MtGoxUSD wall movement tracker - page 420.

molecular

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Quote from: rpietila on March 24, 2013, 12:04:35 PM

Quote from: NamelessOne on March 24, 2013, 11:56:20 AM

New walls at 73 and 75. I look forward to a time when there is enough money on the market the the wall makers will be too fearful to do this crap anymore.

Actually the walls serve an economic purpose of transferring big amounts of BTC from weak (overallocation in BTC) to strong (new entrants) hands. If all the BTC would be sold to small investors only, the market would develop in a nonsolid way. There needs to be old world big money buying large stashes of BTC and this is what the walls are for.

Translation from finnish: nomnomnom tasty big walls nomnom wait 'till my fiat clears nomnom.

rpietila

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Quote from: humanitee on March 24, 2013, 03:16:33 PM

Quote from: rpietila on March 24, 2013, 03:09:51 PM

Many people buying bitcoins now actually have more faith than most current forum members. They dont care shit about price. Bitstamp was hitting $77 last thursday. If I had had money and the volume were there (both negative) I would have bought also. Who knows if the price will dip and how much it will dip, and if the lag allows to trade etc.? I would have never suspected a ->50 shakeout would happen, at the max I would have been able to buy at $65 average rate during the weekend. Who cares really. The outcomes are BTC>1000 and BTC<100 in a few years. The first is a success, the second is a fail. There is no middle ground.

Well, I fail to grasp what exatly makes people sell at $50 but I am sure they had their reasons. Margin call could be one.

I more than agree with you.

Good point about margin calls, I can't blame people for that.

However, if someone sold at the low $50's thinking they'd be Captain Slick and get back in somewhere below that, they are (as I'm sure they're aware at this point) foolish.
Every metric by which you can measure Bitcoin points towards an increase in price.

In response to your opening statement, see proudhon. In fact I just ignored him, and it made me rather sad. I'm convinced he's doing nothing but trolling these days.

I love the bears, but when you can't even provide data or any argument for your position you are simply trolling.

I hope you stocked up on some coin for the run this week, rpietilla. Wink

You know what is the most LOL thing in this bitcoin daytrading... you cannot get the USD out of the exchange!

So basically in every panic, people sell, then they start to wonder how to get the value out - as a verified customer of MtG, I can withdraw up to $50,000 per month. MONTH! Srsly, lol, the only way I can get money out from there is to buy the bitcoins back and figure out something else. So most sellers end up buying back for this reason among others. Their selling does not relieve the pressure at all! Wonder how many bears are chewing their nails with money sitting in the Gox, unable to cash out, still in delusion of $30 prices unwilling to buy in...

Meanwhile $100 millions of new money is going in at the rate of processing kyc checks.

Price is a function of supply and demand. Guessing the direction has never been easier.

Piper67

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Quote from: rpietila on March 24, 2013, 03:09:51 PM

Quote from: Herodes on March 24, 2013, 02:55:21 PM

Quote from: humanitee on March 24, 2013, 01:03:34 PM

Now I'm thoroughly convinced they are grade A morons.

Haha. I often say: "Most people are fucking stupid".

I thought you were just of the random dudes that spat out a negative opinion, but you actually had knowledge to back it up, good on you!

You know the stupid sayings when a soccer team loses 1-2 for instance and one supporter says to the next, haha - I knew your team would lose, how fucking stupid are you! I don't condone that kind of sillyness.

However, at the moment, you're right in everything you say. But at the same time, some people will always not go for the best bargains. You will find people go on saturday evenings to buy expensive pizza on a gas station, while they could've bought it for almost half the price during the week in a normal super market. That's also pretty stupid, but people still do it.

Many people buying bitcoins now actually have more faith than most current forum members. They dont care shit about price. Bitstamp was hitting $77 last thursday. If I had had money and the volume were there (both negative) I would have bought also. Who knows if the price will dip and how much it will dip, and if the lag allows to trade etc.? I would have never suspected a ->50 shakeout would happen, at the max I would have been able to buy at $65 average rate during the weekend. Who cares really. The outcomes are BTC>1000 and BTC<100 in a few years. The first is a success, the second is a fail. There is no middle ground.

Well, I fail to grasp what exatly makes people sell at $50 but I am sure they had their reasons. Margin call could be one.

Over 10k or under 100, but otherwise agree completely.

humanitee

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Quote from: Spaceman_Spiff on March 24, 2013, 03:25:48 PM

Quote from: humanitee on March 24, 2013, 03:16:33 PM

I hope you stocked up on some coin for the run this week, rpietilla. Wink

$85 by wednesday!

$100 by Friday!
(This would blow 3/4's of my mind. 1/4 of it kinda expects it after the last few weeks and continual erosion of the asks.)

Spaceman_Spiff

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₪``Campaign Manager´´₪

Quote from: humanitee on March 24, 2013, 03:16:33 PM

I hope you stocked up on some coin for the run this week, rpietilla. Wink

$85 by wednesday!

humanitee

hero member

Activity: 1302

Merit: 502

Quote from: rpietila on March 24, 2013, 03:09:51 PM

Many people buying bitcoins now actually have more faith than most current forum members. They dont care shit about price. Bitstamp was hitting $77 last thursday. If I had had money and the volume were there (both negative) I would have bought also. Who knows if the price will dip and how much it will dip, and if the lag allows to trade etc.? I would have never suspected a ->50 shakeout would happen, at the max I would have been able to buy at $65 average rate during the weekend. Who cares really. The outcomes are BTC>1000 and BTC<100 in a few years. The first is a success, the second is a fail. There is no middle ground.

Well, I fail to grasp what exatly makes people sell at $50 but I am sure they had their reasons. Margin call could be one.

I more than agree with you.

Good point about margin calls, I can't blame people for that.

However, if someone sold at the low $50's thinking they'd be Captain Slick and get back in somewhere below that, they are (as I'm sure they're aware at this point) foolish.
Every metric by which you can measure Bitcoin points towards an increase in price.

In response to your opening statement, see proudhon. In fact I just ignored him, and it made me rather sad. I'm convinced he's doing nothing but trolling these days.

I love the bears, but when you can't even provide data or any argument for your position you are simply trolling.

I hope you stocked up on some coin for the run this week, rpietilla. Wink

rpietila

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Activity: 1722

Merit: 1036

Quote from: Herodes on March 24, 2013, 02:55:21 PM

Quote from: humanitee on March 24, 2013, 01:03:34 PM

Now I'm thoroughly convinced they are grade A morons.

Haha. I often say: "Most people are fucking stupid".

I thought you were just of the random dudes that spat out a negative opinion, but you actually had knowledge to back it up, good on you!

You know the stupid sayings when a soccer team loses 1-2 for instance and one supporter says to the next, haha - I knew your team would lose, how fucking stupid are you! I don't condone that kind of sillyness.

However, at the moment, you're right in everything you say. But at the same time, some people will always not go for the best bargains. You will find people go on saturday evenings to buy expensive pizza on a gas station, while they could've bought it for almost half the price during the week in a normal super market. That's also pretty stupid, but people still do it.

Many people buying bitcoins now actually have more faith than most current forum members. They dont care shit about price. Bitstamp was hitting $77 last thursday. If I had had money and the volume were there (both negative) I would have bought also. Who knows if the price will dip and how much it will dip, and if the lag allows to trade etc.? I would have never suspected a ->50 shakeout would happen, at the max I would have been able to buy at $65 average rate during the weekend. Who cares really. The outcomes are BTC>1000 and BTC<100 in a few years. The first is a success, the second is a fail. There is no middle ground.

Well, I fail to grasp what exatly makes people sell at $50 but I am sure they had their reasons. Margin call could be one.

humanitee

hero member

Activity: 1302

Merit: 502

Quote from: Herodes on March 24, 2013, 02:55:21 PM

However, at the moment, you're right in everything you say. But at the same time, some people will always not go for the best bargains. You will find people go on saturday evenings to buy expensive pizza on a gas station, while they could've bought it for almost half the price during the week in a normal super market. That's also pretty stupid, but people still do it.

Indeed.

I don't really mind they sold though, more coin for the strong hands. Just wish I would have had some fiat to buy around $55.

Less coin for the poor hands!

Herodes

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Activity: 868

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Quote from: humanitee on March 24, 2013, 01:03:34 PM

Now I'm thoroughly convinced they are grade A morons.

Haha. I often say: "Most people are fucking stupid".

I thought you were just of the random dudes that spat out a negative opinion, but you actually had knowledge to back it up, good on you!

You know the stupid sayings when a soccer team loses 1-2 for instance and one supporter says to the next, haha - I knew your team would lose, how fucking stupid are you! I don't condone that kind of sillyness.

However, at the moment, you're right in everything you say. But at the same time, some people will always not go for the best bargains. You will find people go on saturday evenings to buy expensive pizza on a gas station, while they could've bought it for almost half the price during the week in a normal super market. That's also pretty stupid, but people still do it.

DougTanner

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Monday rally is starting early.

robocoin

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Quote from: humanitee on March 24, 2013, 01:03:34 PM

Quote from: Ploo on March 24, 2013, 12:56:26 PM

Quote from: humanitee on March 24, 2013, 12:53:42 PM

People who sold in the $50's = grade A morons.

When will this panic selling trend end? You'd think people will have learnt by now yet it keeps happening. Rapid dip down, rapid rebound as people close their short positions while there's still ridiculously cheap coins available. It's always the same.

I don't know. I'm as surprised as you. I was busy as hell yesterday and only saw the graph shortly after the $52 mark was hit and I told my friend who immediately went on Coinbase and bought.

Quote from: Herodes on March 24, 2013, 12:58:48 PM

Quote from: humanitee on March 24, 2013, 12:53:42 PM

People who sold in the $50's = grade A morons.

Would you've said the same if we were now trading in the low 40's ? Aftertiming is after all the biggest science of man. Although everything looks good, there's no guarantee that we in fact will have a big sellout, that will trigger more sales, and lead to a state were people seriously think we're having a crash, and thus acellerating said crash. Although, it admittedly seems that as of right now, there will always be buyers if the price goes low enough. All indicators are pointing up.

When I saw the price yesterday I told my friend and girlfriend those people are fucking idiots. I even said last week I could see us hitting $50 because of how overextended the bid side was, but there was no way in hell we were going lower. Volume has been epic up to this point. Every person who bought all the way up from $17 is gonna be defending these prices so long as the demand remains high. Did you not see every foreign Bitcoin exchange going above $80 last week? That's what makes me comfortable with these prices. People are willing to pay much, much more, in increasingly larger volume.
"LOL Sell coins at $50 when others are paying $80"

How dense are people?

edit: Just saw the number of Mt. Gox tickets:

And this quote from tux: "Just checked the queue, there are 5500 accounts pending verification at this very moment."

Now I'm thoroughly convinced they are grade A morons.

Its hard to get June 2011 and August 2012 out of the heads. Also, Bitcoin is a high risk asset, it can trigger stop loss orders extremly fast. Hard fork? NSA playing satoshi dice until the network collapses? A lot of questions. How much profit since the beginning of the year? Shit. Volatility? fuck. A currency? lol, maybe tomorrow. Insiders? Open your eyes. This bull run can go on for years, no problem with that. Don't be suprised when your savings are cut in half or worse. We probably can't react in time, in case of protocol failure or major attack. Until then, we can all insult proudhon^^ And make bull petting cypherdawgy-style^^

Fundamentals are very different compared to last year. bla bla bla
I go for $100/BTC within a month.

(I have no glue, if my english works here )

rpietila

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Quote from: Herodes on March 24, 2013, 12:55:05 PM

Quote from: rpietila on March 24, 2013, 12:04:35 PM

Quote from: NamelessOne on March 24, 2013, 11:56:20 AM

New walls at 73 and 75. I look forward to a time when there is enough money on the market the the wall makers will be too fearful to do this crap anymore.

Actually the walls serve an economic purpose of transferring big amounts of BTC from weak (overallocation in BTC) to strong (new entrants) hands. If all the BTC would be sold to small investors only, the market would develop in a nonsolid way. There needs to be old world big money buying large stashes of BTC and this is what the walls are for.

Walls may also serve the purpose of keeping prices down until the ones controlling the walls have more USD cleared for purchasing bitcoins. Or they could just happily be purchasing bitcoins slowly below their wall price, and then knock down the walls and sell into the ensuing rally to secure a profit, then wash-rinse-repeat.

Could be. In a bull market there is so much money to be had, even that may profit everyone involved. Many traders (Luno for example) do not even intend to capture 100% of the bull move, rather only trade when the risk/reward ratio is stacking on your favor. That is a worthy strategy, although I prefer to be 100% invested in silver and bitcoin, as I don't trust fiat.

Oh, it just amplifies how bad trader I am, how come I didn't use all my stash on the ask side to look scary.. maybe it's because I am not scared of such things. Stupid me.

I think I need to practice these tricks next week... Wink

humanitee

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Activity: 1302

Merit: 502

Quote from: Ploo on March 24, 2013, 12:56:26 PM

Quote from: humanitee on March 24, 2013, 12:53:42 PM

People who sold in the $50's = grade A morons.

When will this panic selling trend end? You'd think people will have learnt by now yet it keeps happening. Rapid dip down, rapid rebound as people close their short positions while there's still ridiculously cheap coins available. It's always the same.

I don't know. I'm as surprised as you. I was busy as hell yesterday and only saw the graph shortly after the $52 mark was hit and I told my friend who immediately went on Coinbase and bought.

Quote from: Herodes on March 24, 2013, 12:58:48 PM

Quote from: humanitee on March 24, 2013, 12:53:42 PM

People who sold in the $50's = grade A morons.

Would you've said the same if we were now trading in the low 40's ? Aftertiming is after all the biggest science of man. Although everything looks good, there's no guarantee that we in fact will have a big sellout, that will trigger more sales, and lead to a state were people seriously think we're having a crash, and thus acellerating said crash. Although, it admittedly seems that as of right now, there will always be buyers if the price goes low enough. All indicators are pointing up.

When I saw the price yesterday I told my friend and girlfriend those people are fucking idiots. I even said last week I could see us hitting $50 because of how overextended the bid side was, but there was no way in hell we were going lower. Volume has been epic up to this point. Every person who bought all the way up from $17 is gonna be defending these prices so long as the demand remains high. Did you not see every foreign Bitcoin exchange going above $80 last week? That's what makes me comfortable with these prices. People are willing to pay much, much more, in increasingly larger volume.
"LOL Sell coins at $50 when others are paying $80"

How dense are people?

edit: Just saw the number of Mt. Gox tickets:

And this quote from tux: "Just checked the queue, there are 5500 accounts pending verification at this very moment."

Now I'm thoroughly convinced they are grade A morons.

Herodes

hero member

Activity: 868

Merit: 1000

Quote from: humanitee on March 24, 2013, 12:53:42 PM

People who sold in the $50's = grade A morons.

Would you've said the same if we were now trading in the low 40's ? Aftertiming is after all the biggest science of man. Although everything looks good, there's no guarantee that we in fact will have a big sellout, that will trigger more sales, and lead to a state were people seriously think we're having a crash, and thus acellerating said crash. Although, it admittedly seems that as of right now, there will always be buyers if the price goes low enough. All indicators are pointing up.

Ploo

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Activity: 125

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Quote from: humanitee on March 24, 2013, 12:53:42 PM

People who sold in the $50's = grade A morons.

When will this panic selling trend end? You'd think people will have learnt by now yet it keeps happening. Rapid dip down, rapid rebound as people close their short positions while there's still ridiculously cheap coins available. It's always the same.

Herodes

hero member

Activity: 868

Merit: 1000

Quote from: rpietila on March 24, 2013, 12:04:35 PM

Quote from: NamelessOne on March 24, 2013, 11:56:20 AM

New walls at 73 and 75. I look forward to a time when there is enough money on the market the the wall makers will be too fearful to do this crap anymore.

Actually the walls serve an economic purpose of transferring big amounts of BTC from weak (overallocation in BTC) to strong (new entrants) hands. If all the BTC would be sold to small investors only, the market would develop in a nonsolid way. There needs to be old world big money buying large stashes of BTC and this is what the walls are for.

Walls may also serve the purpose of keeping prices down until the ones controlling the walls have more USD cleared for purchasing bitcoins. Or they could just happily be purchasing bitcoins slowly below their wall price, and then knock down the walls and sell into the ensuing rally to secure a profit, then wash-rinse-repeat.

humanitee

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Activity: 1302

Merit: 502

People who sold in the $50's = grade A morons.

rpietila

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Quote from: NamelessOne on March 24, 2013, 12:29:46 PM

Quote from: rpietila on March 24, 2013, 12:04:35 PM

Quote from: NamelessOne on March 24, 2013, 11:56:20 AM

New walls at 73 and 75. I look forward to a time when there is enough money on the market the the wall makers will be too fearful to do this crap anymore.

Actually the walls serve an economic purpose of transferring big amounts of BTC from weak (overallocation in BTC) to strong (new entrants) hands. If all the BTC would be sold to small investors only, the market would develop in a nonsolid way. There needs to be old world big money buying large stashes of BTC and this is what the walls are for.

But they are rarely bought. Lately a little, but usually they are pulled before they can be bought. Just a fear tactic to manipulate for whatever reason.

Why is there need to fear? I think the current situation of a persistent undervaluation of BTC is better than that of a bubble as in 2011. This way I will be confident to buy until $100, because then I think the bubble will take off and the abyss of the subsequent crash will anyway be higher than $100.

I hope you realize that without early large holders selling, this would blow to $300 in a week and then crash. There already was a full day when I could not find enough to buy (BTC500 in Bitstamp was an impossibility).

NamelessOne

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Quote from: rpietila on March 24, 2013, 12:04:35 PM

Quote from: NamelessOne on March 24, 2013, 11:56:20 AM

New walls at 73 and 75. I look forward to a time when there is enough money on the market the the wall makers will be too fearful to do this crap anymore.

Actually the walls serve an economic purpose of transferring big amounts of BTC from weak (overallocation in BTC) to strong (new entrants) hands. If all the BTC would be sold to small investors only, the market would develop in a nonsolid way. There needs to be old world big money buying large stashes of BTC and this is what the walls are for.

But they are rarely bought. Lately a little, but usually they are pulled before they can be bought. Just a fear tactic to manipulate for whatever reason.

Beta-coiner1

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Quote from: proudhon on March 24, 2013, 10:14:55 AM

Bull trap.

I guess we're in a rally then!

I'm very bullish about this mid-week and concerning the 20% tax in accounts in Cyprus adding to the volatility and possible increase this week.

Topic: Wall Observer - MtGoxUSD wall movement tracker - page 420. (Read 1811596 times)