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

[magicmexican]

lol

[dreamspark]

The whole gox saga is far from over, head over to the #mtgox-talk IRC if your interested.

Apparently the sunlot group who the article a page back are reffering to are in it for the wrong reasons and if they take over gox users will be scammed again. Recently though OKCoin have been putting together a plan that not only would return user funds but also give them a 49% stake in the company.

OKCoin is a scam too.

Yeah but the way its structured would be much better for Gox customers. I take it you know the details about both proposals?

[nanobrain]

how do you guys pronounce Huobi ?  

"OH boy"

[Davyd05]

Huobi hasn't decided if the pump is on or not lol

Around a 2k dump on Houbi.

see they decided it wasn't quite the pump they wanted

[ChartBuddy]

Explanation

[zby]

The Chinese dumps are not what they used to be.

[dreamspark]

Confirmed. Worst dump ever.

[p0peji]

Confirmed. Worst dump ever.

Isnt it the worst pump ever?

[seldon]

Confirmed. Worst dump ever.

Isnt it the worst pump ever?

They tried both at once.. didn't work.

[Ultros]

Panic hold'd in this roller coaster.

[joburgtaxi]

Oh man I am feeling so disillusioned with BTC at the moment just seems to be going one way and never comes back to the last consolidation/support level. Waiting for my break even price (if it ever comes) then I am outta here!!!

[edwardspitz]

how do you guys pronounce Huobi ?  

I will call it FIRE COIN from now on.... They drop it like it's hot 

[TERA]

Oh man I am feeling so disillusioned with BTC at the moment just seems to be going one way and never comes back to the last consolidation/support level. Waiting for my break even price (if it ever comes) then I am outta here!!!

You are using a self defeating strategy that is impossible to win with.
1. If the downtrend continues, it will never reach your break even point while the downtrend is in force and you will hold on to a losing position indefinitely.
2. If your break even point is reached, that will mean that the downtrend has broken and it will be an uptrend, meaning it will be a terrible time to sell.

The only good moves are:
a. Commit to your position as a long term holding.
b. Sell now or at some point along the downtrend ceiling, taking a small loss. Then buy back later if/when the trend is confirmed to be reversed.

[freebit13]

Oh man I am feeling so disillusioned with BTC at the moment just seems to be going one way and never comes back to the last consolidation/support level. Waiting for my break even price (if it ever comes) then I am outta here!!!

My break-even price is $0, so I'm gonna be around here for a while 

[billyjoeallen]

I don't claim to be an expert in any of these various economic theories, but there seems to be some sense in what BJA is saying - apart from his having to feel some kind of irresistible urge to dish out insults regarding the competency and/or intelligence of regular people.

I do believe that the status quo wealthy will put up quite a bit of a battle in any redistribution of wealth attempts in order that redistribution of wealth is only minimum..

In other words the status quo wealthy use any tools at their disposal by hook or by crook to ensure that redistribution of wealth does NOT leave them hanging high and dry.  They may NOT be too successful with bitcoin b/c the train may leave some of them, but they are going to put up several obstacles along the way and secretly board at later stops.

I think it is quite possible bordering on probable that I am one of the incompetents I am referring to. It's not intended as an insult. It's just part of the theory.

Part of my issue, though, in your framing in competence and/or intelligence is that it seems to assume too much about the wealthy being competent or smart.  Just b/c someone has a lot of power and/or resources at his/her disposal and wants to engage in a large variety of strategies to maintain the status quo and to preserve that wealth and those resources does NOT mean that the person is smarter or more competent.. even though the one with the resources and wealth may win (in spite of not being smarter or more competent).

[joburgtaxi]

Oh man I am feeling so disillusioned with BTC at the moment just seems to be going one way and never comes back to the last consolidation/support level. Waiting for my break even price (if it ever comes) then I am outta here!!!

You are using a self defeating strategy that is impossible to win with.
1. If the downtrend continues, it will never reach your break even point while the downtrend is in force and you will hold on to a losing position indefinitely.
2. If your break even point is reached, that will mean that the downtrend has broken and it will be an uptrend, meaning it will be a terrible time to sell.

The only good moves are:
a. Commit to your position as a long term holding.
b. Sell now or at some point along the downtrend ceiling, taking a small loss. Then buy back later if/when the trend is confirmed to be reversed.

Thanks for the pick me up, I know what you are saying makes sense however my break even point ($575) seems so far away and just getting further everyday, in retrospect was a really stupid place to buy at but what is done is done.

[TERA]

Oh man I am feeling so disillusioned with BTC at the moment just seems to be going one way and never comes back to the last consolidation/support level. Waiting for my break even price (if it ever comes) then I am outta here!!!

My break-even price is $0, so I'm gonna be around here for a while  

My break even price is -($2500)

[windjc]

Some serious indecision on Houbi. I would guess its from three factors.

Money trying to get off exchanges.
Fresh money wanting to buy bitcoin "cheap" to try and usher in a new future after these exchanges get cut off (see Chinese gaming company that bought 40k)
Delusional traders who don't realize money is leaving exchanges and the exchange can't really rally past a certain point anymore and non-delusional traders who are trying to catch the ups and downs as the trend continues.

Note: this is all 100% speculation on my part.

[Davyd05]

Some serious indecision on Houbi. I would guess its from three factors.

Money trying to get off exchanges.
Fresh money wanting to buy bitcoin "cheap" to try and usher in a new future after these exchanges get cut off (see Chinese gaming company that bought 40k)
Delusional traders who don't realize money is leaving exchanges and the exchange can't really rally past a certain point anymore and non-delusional traders who are trying to catch the ups and downs as the trend continues.

Note: this is all 100% speculation on my part.

China is a proper way for the market to experience despair, and even more so to many traders that value China's buying pressure so highly. Let North America or Europe foster the next wave of buying pressure...China has too many problems to worry about with all them usd tbills

Edit: grammar, structure + Huobi seems to be bouncing of fibs on the 1 day charts

[rpietila]

My break-even price is $0, so I'm gonna be around here for a while  

My break even price is -($2500)

Congrats. Mine is only -(low 3 figures).