Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[JorgeStolfi]

Yes, and that is what I meant: if someone with billions to spare offered to buy 25 million bitcoins, the protocol would be immediately changed to create them, with the full cooperation of miners AND approval of developers.

I disagree. It would damage the reputation and hence value irreparably. But there's no way to prove either way.

Many people have told me that.  But "many" may be a thousand bitcoiners, perhaps, who care for the Core Values; and they may not include any big holders.  The other 99% of the bitcoin community (including the Chinese day-traders, who may still be setting the price) probably don't understad why a change in the protocol would be a bad thing, or don't care.

Note that increasing the supply of bitcoins is bad for the price only if the demand remains the same.  If there were enough new demand, increasing the supply would not prevent the price from increasing, too.

[Jammalan the Prophet]

i found the culprit

[luckygenough56]

I decided to start trading again after Christmas, after losing my job just before the holiday period, I needed to make some income.  

It was a very very very bad idea.  I got 2 margin calls as I took more and more risks.  My liquidation price started at $70 but soon reached the maintenance after my capitol declined fast.  I had 50% LTC 30% BTC and the rest in $.

The second margin call came today, I kind of thought sub $266 was not going to happen and sub $170 was impossible.  liquidation was $75  
on the second call but as I only had LTC left it halved in value and the liquidation price happened at $169.

The thing is the second margin call was unavoidable.   I tried several times to log into bitfinex but the site appeared down yesterday.  I tried to login a few times but couldn't.  I searched on the forum for anyone posting finex was down, but nothing here or reddit,  It was only after thinking to use a proxy a few hours later that I could reach the site.  

I'm not saying bitfinex temporarily blocked access to my account, but for several hours it was not accessible from my home IP address. This has never happened before.  And after I logged in through a proxy it was soo slow and huge loss anyway so closing the position would have almost been the same as liquidation anyway.  

Im out of the crytpo world now, not in a position to rebuy even half a coin at present, and to be honest I have lost trust in the finex exchange.  

I'm sure some people will want to laugh at me, or point out how funny it is.  But for me it's devastating, good luck to the rest of you, I hope you all get where you need to be and the future is bright for you.

I'm sure i'm not alone in feeling the pain this week.  

 

nobody will laugh at you, on the contrary. I hope you'll get back on your feet man. Crypto the way as it is now is just a magistral scam.

[NotHatinJustTrollin]

PANIC



https://twitter.com/Lord_Ashdrake/status/555484313706577920

[turtoro]

PANIC



https://twitter.com/Lord_Ashdrake/status/555484313706577920

Please explain in non tech terms

[Bisha]

Even though prices are probably being - at least partially - manipulated, don't you think there's actually buying pressure building on? This could be the change we all wanted, from a bear to a bullish market, the begging of a rally. The thing is, honestly I just don't know if this is what I actually think or if it's just what I use to try and find comfort.

[turtoro]

Yes but what does this have to do with Bitcoin. I seriously hope you don't believe that these people then would move to Bitcoin or something.

The question was merely what would be the most bullish for Bitcoin. I believe the collapse of the Greek economy would most definitely be that. I would expect some to move (some of) their money to Bitcoin but the majority movement would be speculators as it was with Cyprus.

I never seen any evidence that Cyprus was the reason for Bitcoin to go up even 1 dollar.
And nobody in Greece is stupid enough to put their money in a highly volatile hard to use currency that has been going down for a year.

Anybody who ever has, or is saying that Cyprus was the cause for the April run up, feel free disregard their opinions in the future and/or laugh in their face.

Ill elaborate if anyone needs an explanation.

Tldr though; its complete bullshit

[macsga]

I'm starting to think the Four Punch Raiders may have lost control of this market. They need to remember the Hustler's Axiom:
You can sheer a sheep LAMB many times, but you can skin CHOP him only once.

FTFY
macsga's axiom

[billyjoeallen]

I'm starting to think the Four Punch Raiders may have lost control of this market. They need to remember the Hustler's Axiom:

You can sheer a sheep many times, but you can skin him only once.

I ain't buyin' another goddam coin to assist in the short squeeze but I'll short like hell after the pop. BUT this time there may not be a short squeeze. I think there is a real possibility that there will be another drop and the FPRs will get long squeezed themselves.

I thought you were buying even if it fell to $10?

I'm long now, but I'm not buying more until the four punch raids stop. This last one was too big. For now I am content with my stash and making money front-running these assholes. To be honest, I simply can't afford to put any additional money at risk.

How many btc do you think it would take to execute one of these four punch raids?

I think relatively few considering the total BTC market cap. It has always been easier to destroy than to create, and with shorting possible, the incentive is there as well. I don't think these are government people or banksters. They are simple profiteers. They combine viral campaigns, trolling and possibly insider information and stolen coins to effectively amplify their impact. It's quite impressive really from a purely amoral strategic point of view.

The short answer: only a few hundred thousand coins.

a few hundred thousand -- that's quite a few coins I think. Unless you mean a few hundred thousand on leverage, which would only require an order of magnitude less in starting capital.

They prolly started with much less, but have easily doubled up or more during every raid making them ~16X more powerful than when they started- 32X if you count this last one. These are technically skilled traders to begin with who would be profitable traders even if they weren't market movers and market makers. When you have skill to begin with, it takes much less ammo to push the market in the direction it wants to go anyway. Even I could walk it up and walk it back on a slow day with very low volume and--as has been pointed out several times--am just a hick fireman.

[Dragonkiller]

PANIC



https://twitter.com/Lord_Ashdrake/status/555484313706577920

Please explain in non tech terms

bitcoins that have not moved in a long time are moving - maybe to an exchange to be sold.

edit: it's not that big of a deal though. no need to panic.

[coins101]

BFL causing the sell pressure?

http://www.reddit.com/r/Bitcoin/comments/2sdwf8/butterfly_labs_is_the_culprit/

[macsga]

PANIC



https://twitter.com/Lord_Ashdrake/status/555484313706577920

Please explain in non tech terms

bitcoins that have not moved in a long time are moving - maybe to an exchange to be sold.

edit: it's not that big of a deal though. no need to panic.

Putting things in perspective, sometimes helps:

https://blockchain.info/de/charts/bitcoin-days-destroyed?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

[Dragonkiller]

PANIC



https://twitter.com/Lord_Ashdrake/status/555484313706577920

Please explain in non tech terms

bitcoins that have not moved in a long time are moving - maybe to an exchange to be sold.

edit: it's not that big of a deal though. no need to panic.

Putting things in perspective, sometimes helps:

https://blockchain.info/de/charts/bitcoin-days-destroyed?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

yes, hence my edit 

[BTCtrader71]

I'm starting to think the Four Punch Raiders may have lost control of this market. They need to remember the Hustler's Axiom:

You can sheer a sheep many times, but you can skin him only once.

I ain't buyin' another goddam coin to assist in the short squeeze but I'll short like hell after the pop. BUT this time there may not be a short squeeze. I think there is a real possibility that there will be another drop and the FPRs will get long squeezed themselves.

I thought you were buying even if it fell to $10?

I'm long now, but I'm not buying more until the four punch raids stop. This last one was too big. For now I am content with my stash and making money front-running these assholes. To be honest, I simply can't afford to put any additional money at risk.

How many btc do you think it would take to execute one of these four punch raids?

I think relatively few considering the total BTC market cap. It has always been easier to destroy than to create, and with shorting possible, the incentive is there as well. I don't think these are government people or banksters. They are simple profiteers. They combine viral campaigns, trolling and possibly insider information and stolen coins to effectively amplify their impact. It's quite impressive really from a purely amoral strategic point of view.

The short answer: only a few hundred thousand coins.

a few hundred thousand -- that's quite a few coins I think. Unless you mean a few hundred thousand on leverage, which would only require an order of magnitude less in starting capital.

They prolly started with much less, but have easily doubled up or more during every raid making them ~16X more powerful than when they started- 32X if you count this last one. These are technically skilled traders to begin with who would be profitable traders even if they weren't market movers and market makers. When you have skill to begin with, it takes much less ammo to push the market in the direction it wants to go anyway. Even I could walk it up and walk it back on a slow day with very low volume and--as has been pointed out several times--am just a hick fireman.

Surely they don't risk all of their capital every time. One miscalculation or piece of bad luck and you get wiped out.

[macsga]

PANIC



https://twitter.com/Lord_Ashdrake/status/555484313706577920

Please explain in non tech terms

bitcoins that have not moved in a long time are moving - maybe to an exchange to be sold.

edit: it's not that big of a deal though. no need to panic.

Putting things in perspective, sometimes helps:

https://blockchain.info/de/charts/bitcoin-days-destroyed?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

yes, hence my edit 

This is an indicator I look the most (together with hashrate). I was trigger happy. Apologies.

[Fatman3001]

What's the most bullish thing imaginable? I would like some brainstorming please.

The US government announces plans to buy 25 million bitcoins over the next 3 months.

It sounds like they should read the white paper first :/

TL;DR

Where is it The Honorable Doctor Professor Jorge Stolfi works again? I need to know so I can advice my children never to apply there.

pretty sure it's an argentinian school. south american for sure.

It´s Brasilian...

I saw, Sao Paulo aka "Thug City". Explains a lot.

[octaft]

Anybody who ever has, or is saying that Cyprus was the cause for the April run up, feel free disregard their opinions in the future and/or laugh in their face.

Ill elaborate if anyone needs an explanation.

Tldr though; its complete bullshit

I never thought that, nonetheless I wouldn't mind hearing you explain why you feel that way.

[Specular]

Can someone explain these "four punch raids" or point me to where this is outlined?

I think I know what this is referring to, but I am not 100%.

[Fatman3001]

Ok, 300k was a bit too optimistic, but we will soon have 250k on finex.

[Warren Buffert]

instead we got no attack at all

Bitstamp was hacked last week and lost 19,000 bitcoins. That doesn't count as an attack?

government regulation

I thought a major appeal of bitcoin was that it was free from government control. So how is that a good thing?

microsoft/Dell/expedia, and so forth and much more... but the price collapsed and the sentiment is as if bitcoin is going to hell.

Microsoft, Dell, and Expedia are not accepting bitcoins. They are accepting USD through a third party payment processor. Only after bitcoiners begged them to accept their coins did they relent. And it's because it didn't cost much to integrate and they know that there will only be a a tiny trickle of people using the option.

This is actually bad for bitcoin, because it essentially demonstrates that real businesses are not willing to accept bitcoins unless they're dumped immediately for cash. Bitcoin is far too volatile and prone to theft to be viable as a real currency.