also, often people seem to be taking his jokes as serious.

"Wall Observer - MtGoxUSD wall movement tracker - Hardcore"  . . .

I have no idea, but would have thought that this ostensibly lame downturn might be a tactic to make sure enough people sell in anticipation of a fall, so that there's more people ready to buy his coins after he drops the price significantly?

Is it just me or does the wall at $120 seem is way too small to not get trivially chomped by whomever kicked the price up to where it is now?

looks like they have stopped trading!

For the Orient to buy cheap coins for breakfast?

The lag being longer than the turnaround period is forcing allot of this by making people guess at what depth it might bounce in advance

when the charts are flat this forum reminds me of school just a wee bit

No, Gox is fine. I meant flatish, as in not rising or falling notably. 100-110 limbo cold war calms...

It looks to me like high volume correlates with steep gradients more than it does to lows.

Very lucky. I woke up and opened my laptop literally seconds after!   

It's starting to look like we're reaching the tip of the triangle earlier than expected

I hope this isn't too noobvious but doesn't the USD/BTC line strongly support the bears for the next couple of months? I'm sceptical about the alternative likelihood of prolonged sideways action

They're holding the price at 113, whilst bitstamp just saw a $2.5 drop. Coincidence?

me? . . erm, what do you mean please?

good call!

might not have to be a country, rather an office in international waters?  https://bitcointalk.org/index.php?topic=199424.0

+1

is it normal that the $118 wall is showing up in all currencies on mtgox? I got the impression each currency had its own exchange

It looks like the gap between mtgox and bitstamp will widen increasingly until in a few days or weeks when/if mtgox pulls through and isn't shut down, and the dwolla-reaction BTC rushes back in, bitcoin blasts off whilst mtgox suffers a major correction. Damn I wish I had a USD bank account for the arbitrage

easy now. I was actually saying 'when/if' just for the sake of being falsifiable. I don't see it shutting down, but the dwolla exodus panic suggests that allot of people may be thinking otherwise. Just referring that situation, somewhat too laconically I confess

Depends how much cash you want to arb. I was just using bitinstant to do it a couple of hours ago. Made 6% easy. Limits are $500 per transfer, and limited total per day. I only got $876 across. But now, oddly, bitstamp has suddenly been removed from the bitinstant pay options. I don't know if that's a glitch or if they've cancelled bitstamp pays...

Are bitinstant the only ones doing this sort of thing?

It looks to me that apart from the occasional big buy or sell, the volume in bitstamp has been about the same as mtgox for the last 8 hours or so. Probably all those BTC transferred out from mtgox to bitstamp getting nibbled away at are feeding back in again, or bank transfers are coming through there. Either way, bitstamp volume getting more interesting - game changing?

but what about this one?

If you look at the same plot for bitstamp, volume is healthily increasing. I'd say it's just the Gox issues

bitcoincharts and bitcoinity not loading! something about to happen?

aw, shame. Could have been exciting

Why do you reckon they're not planning to rebuy after a bit longer from a manipulated short-term trend reversal?

Can't use gox to predict stamp movements any more   

Those big sellers haven't bought back in yet. I wonder if they've not finished selling, and they're waiting for your prediction to come true before mega-dumping again, or that they have finished selling and they're anticipating some further downtrend before buying back in again. Or, they're really cashing out, and there are more like them to follow for similar reasons (fincen vs illegitimate business etc). Either way, I'd expect us to be testing 115 again within a week or two.

I hope that's a coincidence that it just started dropping right after your post!

It looks like the last 6 hours if yoyo fun is just passing the time until a great big buy or sell happens. I'm guessing that the big players want it lower before they buy back in, or else wouldn't they have bought back by now?

bitstamp is down . . . I hope not buying back in yet wasn't a mistake!

edit - back up. They were down for 10 minutes.

bitstamp is going bananas 

The last two times the graph looked like this, the price rallied.

edit - I've no idea how the order book compares for those instances though

bear trap surely

I was hoping there would be more bouncing. Should bounce at 90 really, but I'm worried it just might not

So you reckon there will be a rally/rebound when the US wakes up? I'm increasingly pessimistic about worthwhile rebounds happening. It's my impression that since the consensus has become more overwhelming that it will drop allot farther, rebounds are getting smaller, even when the US is awake.

Oh well. I bought at 93 and sold around bitstamp's rebound top of 95.2, and am now kicking myself

Let him go dude. I've had him on ignore for a long time now. He's clearly made a life choice to be emotionally retarded, and won't change unless he decides to on his own.

Solar panel super-miner?

Morning bitcoin maddness. Bloody typical. Just as I decide to grow balls and wait for another big dump, this happens!

By this do reckon that bull whales won't buy in again until it goes back down? I can't imagine it dropping below 100 without big bears like Mr Sunday-dump

I'm getting fed up with the 0.0100 bot delaying my expectations

bids too low again. dammit 

no volume. These recent events (edit: the last two big buys) have left too many small-players indecisive. Maybe this could enable enough insane traders with big money to maintain a scary rally for a number of days before dumping into an inevitable 'devastation' phase

walzilla flickering in and out at 105.

I'm expecting the Sunday dumper to dump a day or two later after there's been a 'no Sunday dump, yay' rally

That 8% thing is typical Pembury greed preying on local hipsters. Their carbonara pizza looks amazing and filled with goodness until you touch it and it deflates to an empty nothing. I'll not be giving them my BTC

If gox are being truthful about this only lasting for 2 weeks, this won't be so drastic, as waiting for 2 weeks for gox priced bitcoins might work out better than selling them off cheaper in other exchanges. That is IF it really only lasts for 2 weeks

I was hoping mtgox Euros prices might follow the USD less sluggishly.

I agree not to advise investing in LTC for now, sure. But trading is a good idea right now. I made 20% profit on my BTCs by buying and selling LTC in the last 2 days, and I'm basically a noob at trading. Definitely worth doing again when/if gox announces doing LTC officially.

Yup. announced, but not yet adopted is what I'm insinuating.  Wait and see I guess

Whatever the worth of this Winkle affair, I'm still undecided as to its actual effect on the market. Negligible volume on the exchanges reflects indecision too. Like the stillness before an execution ...

Yes, there are those positives, but the exchanges have become less subject to 'maybe if' news lately. It won't turn bull without hard evidence of significant benefits to the market.

likely to bounce fairly well off the mid-70s before going deeper though surely?

I find it really hard to predict the top of these seemingly artificial long steady bull trap rises. Only telling factor I can think of is they'll keep going until the bid depth fills up enough to be worthwhile for a big dumper. Any other factors which may help estimate this?

that's a pretty steep wall not to bounce off of...

edit:, though yes, I'd guess not to high 70s from 71, but at least mids

Yeah allot of dropping without bouncing earlier, so hard to judge it. It's looking more bouncy today though. temptation is leading me to risk a small amount on this one

damn. my bitstamp bid was 30c too low. Gotta pull it. Can't trust there to be second bounces in this maelstrom

volume is surely too low to sustain this long-term. It looks to me like it's corrected about right for having been over sold, and is ready to get back to the slow slide down again soon. This is just based on my intuition, and what some of the more convincing mid-term bears on this thread have explained previously.

missed the bottom, and was sooo convinced we were still in downtrend, that I broke my own rules, and didn't buy back in when it passed where I had originally sold. Look out for than damn greed, it clouds judgement!    

I think it looks like these big players will carry on buying like this until enough people believe it's a reversal, i.e. break 110 or so., then wait until the price gets high enough to reap again

Their intention might be to stimulate rallying so they can sell allot higher

win win for them 

big whales tricking smaller whales into believing big whales will carry on buying, until they can't tell each other apart, and little whales carry it up to 110? Increasingly, I think that any transactions less than 1kBTC have very little bearing in this current phase.

I'm starting to think just new investors thinking 'BTC price finally going up again'

problem is, allot of those miners won't get ROI for many months. Knowing this, I would expect most (except for those who took out loans) to choose to wait for higher prices before getting their fiat back.

Thanks for explaining all that and sharing your perspective on new overexcited miners. If the proportion of fiat-seeking miners, including the pro setups amounts to a significant proportion, I can agree that we'd easily average well below 100 for the rest of the year, and surely carry on that way well into 2014 until something other than SR and mining becomes significant.

OT: I'm glad I didn't hop on that one as I wouldn't have been at the front of the list. I got a small number of USB Erupters because of being able to get them straight away, and figure that the hobby will have been worth, even if it means waiting a year or two to break even. They really should be selling those for a fraction of the current price to be fair...

Better GPU mine those litecoin before they get ASICs too!

Fair point, and quite encouraging. But that won't happen until they're convinced we've reached the bottom.

Whenever that happens, I look forward to the buyers vs commercial-miners battle!

one for the conspiracy buffs:

If gox is in deed resolving their bank transfers issue now, it seems very well timed. Stopping withdrawals happened as the bear market was gathering steam. Now that it's up, and arguably more bullish, transfers are 'allowed' again.

I'm not sure I am ready to believe my own BS just yet, but the timing seems really good to suggest a gox bear-buffer manipulation strategy.

There's been allot going on, and I've been feeling fairly confident about long-term bullishness, but after a recent conversation with a sceptic, I realised that I haven't got much more than dangerous inductive reasoning to convince anyone that bitcoin will continue to rise another order of magnitude from here. The straight line on that log graph of BTC value since its inception doesn't mean it will carry on growing like that for ever, especially as many factors change as it grows. I've heard talk about VCs getting involved, but haven't really seen much evidence for that other than the Winkie-twins featurette.

- The principles that 'ensure' its significant value increase seem to depend principally on mass adoption. A start for that is serious big businesses, but they won't adopt something so volatile, and without their adopting it, it will not stabilise other than by transient unconvincing manipulation.

- If you want to buy BTC in say, Argentina, I can't imagine anyone wanting to sell BTC for Argentine currency, so I can't see how it could be adopted there by any more than a small privileged group. And I don't really buy into the trickle down effect.

- Post-bubble realisations are certainly quenching allot of the investment hype and get rich quick input, and will do so increasingly in the next few months as people realise that mining is only worth it if you can afford development contracts with a chip manufacturer or the like. And I don't see enough confidence in the market to start a truly sustainable up-trend.

I see BTC getting bigger, but I'm beginning to fear that this may be the beginning of its asymptote, as a niche that will always be awesome, but won't get mass adoption leading to $1000+ per BTC without some sort of extreme revolutionary event of the kind our governments are adequately well equipped to prevent.

I'm fairly ignorant on this subject, but so are the 99.9% who haven't gotten on board. So the question is, how can we be certain this will really go allot higher. 200-300, maybe for a while, but 1000?...

I think these figures reflect the ASICs reduced decentralisation situation rather than decreased interest in bitcoin. GPUs turned off or switched to litecoin, and much higher bitrate per node/miner, of which there are less?  (sorry I couldn't shrink the images tried putting [img width=100] in many different places...)

Ignoring the old short/mid-term up vs down debate, I'll restate a question I asked during the quiet weekend, about the assumed long-term bullishness. I got a few answers and an interesting discussion emerged about the Argentine situation, but I didn't get the answer that might convince a sceptic that bitcoin will really go to the next stage in the long term.

OK, just googled that. I see. It's good to see the hype fading so we can see something closer to the true colours at least.

I'm not reading so much into it. I thought it's just the minimum sized no-slippage buy possible. Plus, if it gets sold into, another one can go up. Not a bad strategy to prevent from frightening sheep or bots

I'm starting to get convinced that they've orchestrated a genuine trend reversal. Doing it like this, not allowing capitulation, might serve to reduce volatility. A gradual process on people becoming convinced that it's not going back to 80 again, means re-investment more evenly spread out.

silly idea?

Feels like big dumpers are consenting to wait to see if we can reach the necessary momentum for them to dump at sustainable prices.

I wouldn't have the patience to wait till bloody Christmas.

Depends what you're waiting for. There will be at least a big miner or SR dealer or two wanting their fiat for life things much sooner than all that. I'm just apprehensive at not having seen a really big dump yet despite the bid side being ripe for a harvest

Volumes eh. I was very lucky that my wire transfers didn't get through until after the crash!

Anyway, my limited experience here has led me to expect fairly big dumps fairly frequently providing that the bid side gets steep and price isn't going choo choo. Other than manipulators, I figured that there might be some of the bigger BTC earners out there preferring fiat for now rather than speculating in this post-bubble and probable/debatable bear market. Do you reckon I'm wrong to expect a big dump any day?

psilocybin must-read

http://www.pnas.org/content/109/6/2138.full



This 'BTC does what it wants' is killing me. Have the bears been hoodwinked? Tempted to just buy and come back this time next year...

I would have thought that their aim would be to get us more than just past that support, convincing enough people to take over the buying from them. Then they could wait to dump much higher once the enthused smaller buyers are exhausted.

I also like the long-termist strategy best (although I'm fairly conservative about where the asymptote maximum price will be), but I fear that there is likely enough big-player incentive to want to make a bull-trap profit, dumping hard, then reloading on cheaper coins again, especially if it's perceived by many to be a legitimate bear market. It might even make sense to ride it for all it's worth until a very convincing bottom has been reached, in order for the subsequent bull market to be all the more successful in the long run. For example, such a bull market would be less likely to suffer further drops once the bitcoin economy is more established. I'm pretty new to all though though, but this seems to ring true to me atm

If you're right, and there are more than just a handful of big investors, what I've said might at least be a contingency.

It was 'low volume' until these big buys started increasing in frequency. Now it seems that small fish are still low volume, resulting in sideways action awaiting the big buys.

I wasn't around pre-'bubble' and am curious about volume comparison. Before the bubble hype got too silly, was it like this, or were the little fishies more active than we're seeing now?

So there was more volume activity across the full spectrum of transaction sizes before the bubble ramp-up got out of hand? It looks like small fish volume acceleration has begun since the last 7 hours and is being tested. Testers best not blow that candle out before it spreads!

this 'head and shoulders' you are debating about seems allot like the 'head and shoulders' a few people identified a couple of weeks ago with a similar upwards slant:

This one (top) doesn't support the 'return to mean' theory:


Even if the 'correction/deflation' goes a fair bit below the line, I still don't see it going as far as $50, unless adoption is reaching saturation, which I doubt

Whales can exit through Tradehill.com

oh, wait a minute, tradehill is temporarily suspended.

ergo tradehill whales hit gox

What does 62/38 mean?

OK, I'll be more explicit. Why put 62/38 as odds? It seems very specific, considering margin for estimation and error, where something like 6/4 might make more sense to me.

bitcoinity down . . . shame trading.i286 doesn't work for Bitsamp

big ask walls on btcchina and gox not really getting nibbled. Disappointingly shallow, rapidly recovering dump incoming!

You can SEPA from a UK account, but I think you have to convert to euros, which costs more than wiring pounds to Bitstamp's excellent exchange rate. SEPA is faster though, yes

edit: Citi-bank does euro and dollar accounts. That would be the way to go with your'e doing allot of trading or arbitrage

as money can't enter gox, I'm a bit confused as to why bitstamp and bitcchina aren't just carrying on with rallying upwards... Any ideas?

ah, so much for that enigma!

waiting to see if it's just finding it's place between bitstamp and gox, or really correcting

all exchanges, and even LTC, all looking like they're downward trending. I can't remember seeing them all synchronised downwards like this since the recent booming began. concerned

same here. still hurts, but not as much as loosing BTC

Best to keep some action in multiple exchanges for the sake of redundancy. Getting Stamped or Goxed, but never Stamped, Goxed, and Btc-e'd at the same time

can anyone recommend a good btc price alarm which I could use to report btcchina price changes?

Cheers

Thanks, I tried it on my tablet, but it's not connecting to btcchina atm. Seems generally flakey with connections to exchanges, though my tablet is super-cheap and unreliable.

works a charm   

They're pouring in!

I'm guessing the peak is just about waiting until 5pm (or a pre-emptive time before then) California time for bank transfers to stop arriving.

Am I wrtong to be expecting this to correct further now   

[/img]
I got it, but dunno how to post a pic file as such

Oh, I could have sworn you were referring to Bertrand Russel's chicken

not waiting for the weekend?

So a large number of people are holding off, waiting for a repeat of last weekend so they can buy at the bottom of the weekend dip with their newly transferred fiat.

Therefore, less crazy growth, and consequentially, a less significant weekend dip. Maybe even weekend panic buying on Sunday as they all realise that it's not going to dip like last weekend.

the recovery to that last dump was pretty swift (Stamp). Dunno whether to expect another dump wave or not now

I wouldn't say it's oversold as far as weekend dips would be expected with recent choochoo-madness

would have liked a bigger correction to keep the wrath of the bubble-pop gods at bay for longer . . .

That's just Gox loosing its market share. Bitstamp has much higher respective volume, add should be expected

btc-e seems down now

lol!

I think allot of earlyish adopters are selling small percentages, but more of the newer money is still holding out as it's not yet at teh point of returning investment without selling a large percentage.

sign up at the btcchina web site. Very easy. Extracting CNY to anywhere other than China, not so easy

following Germany's example. good good. For once!

It has been a real pleasure lurking here. more lol-worthy pics than ever. Carry on crypto!  

WAKE UP!  you're obviously dreaming  

+1

And what's the problem with that sneering guy behind him!?

hah!

   tsk tsk

couldn't sleep, finally decided to check the charts (3am GMT). Interesting mixture of regret at not catching the opportunity, and also releif at having lost nothing.

So which exchange pulled the trigger, or was it coordinated?

Spoil her a bit! Cause for celebration all this.

I know I'll be in the dog house if I don't spoil my gf, lest she force me to choose between her and bitcoin!

what's the link for the senate hearing?

thanks

at least markets smart enough to ignore stamp-glitch rise there

China diving

IMO it in everyone's best interest (including manipulators, not including April-style conspiracy theories or 2011-stype Ponzi fears) that we had this major correction, but not for it to be seen as a bubble-pop, in order to make even better profits if/when it really pops once well into the 4-figures. Whether you prefer fiat or BTC, it's surely more beneficial for the correction to end around about the current price, give or take.

Sure, some new money will be more careful after stamp's pitfall, but if this is perceived as a correction, not a crash/pop, I expect a huge influx of new money nonetheless

One would have to write a long comparative essay to convey this though   

lol   

^ this

however, I'm still not ruling out a large bull trap

so the exchanges are gradually finding prices that are closer to one another. This means the west having this rise, and China kind of staying put. It does make the china market look like it's having a nice healthy stay at what might be its 'bottom', contrasting the west's apparent premature rise . . .

not easy to choose whom to listen to and in which circumstances! Better to hesitate when holding if not sure. Well done  

allot of talk of holding, but if the price gets into 4 figures, my uber-careful coward trading (decimals per week when not crazy volatile like now) would be enough to start shifting my basic life costs to bitcoin where available. I get the feeling that the number of us in a similar situation is fast reaching critical mass.

I'm not convinced we're out of the woods until China eats that wall at 5000CNY

I'm guessing 5000, but I really can't see it either way.

Even dropping 20000 across the exchanges would only yield a higher low, further confirming the uptrend anyway, no?

IMO craziness starts when the btcchina wall at 5000 falls

right, I can go to bed now   

https://bitme.com/donate

I wonder if it's well received, whether the red cross might start accepting if someone proposes it to them

oh dear, it's the weekend. No more new money in until Monday

I may have read somewhere (here?) that Chinese banks are open on Saturdays though...

Did someone beat rptietila to it I wonder . .

whatever, if it keeps selling after first triangle forms, I declare manipulation!

in deed. Furthermore, the alleged 'double top' is only on gox, and was created by a single player's dumping (and whatever panic dumping ensued). Hardly the kind of double top which signals a trend reversal

nice post!

if it's manipulators, they're ensuring cup and handle formation. Better to cause a Big Crash in the thousands and fall a greater percentage, than now, which would be premature imo.

maybe they're buying in anticipation of Monday morning's return to choo choo

It's just for fun, surely. No need to take it so seriously imo

some might interpret that you're implying that climate change isn't real btw . . . .

I dabble a fair bit in altcoins. Why? Well, I don't care, I just want bitcoins!

I usually play with alts when bitcoin is indecisive or on the turn, and trade extremely carefully (mostly with litecoin), for a relatively small but safeish margin. Such careful day trading has added up my bitcoins nicely, whereas I've learnt not to day trade BTC/USD except for during obvious corrections. I find that I can better predict BTC/LTC daily/hourly swings than BTC/USD. Never go to sleep holding any alts.

is there a safer option (other than paper wallets) where they don't have to download the whole blockchain?

edit: sorry OT

It's an issue as it takes a few days, and many mobile devices can't afford that sort of spare space

Thanks, will check it out.

Ah, that's more like it.

It's really for people who are testing the waters with not so significant amounts of bitcoin

any reasoning behind this statement?    

What do you mean by lack of bids? I see what looks like a healthy cumulative slope of bids $700+

And just as I was about to add further to the bull attack on rpietila by saying walls are fickle, so shouldn't be considered as much as cumulative asks/bids, the bitstamp ask wall looses patience like the previous one!    

edit: shameless patting myself on the back there. easy now

the wall at bitstamp which thought it had won about 5.5 hours ago (somewhere about $835), sold, causing a rapid recovery, and subsequent rise to above the price the wall had been blocking.

I'd say that the gox wall isn't going to fold so easy, but if it were to, we'd see >900 very soon after

Stamps gradually num numming away on upwards. Gox $900 wall waiting patiently.

How nice of the BTC train to wait for LTC passengers to disembark before hurtling off.

gosh, this is all a bit much. Anyone care to call the top? I just hope it doesn't correct while I'm sleeping. No stop-loss things set up yet

 

lolling loads. All the millionaires have gone so giddy  

Bitstamp las a loooong way to go. Same number of asks to $1000 as gox has to $1250

all this euphoria is making me nervous

gox has lost the plot

it's bullish that neither stamp nor gox were crippled with all this volume

Alan Rickman saying 'phew'!!   anyone get that?

The west just needs a few days to get over the $1000 giddiness

There are a few threads on the quantum computing issue worth looking through. I hadn't found them, so started https://bitcointalk.org/index.php?topic=208147.msg2179677#msg2179677

Anyway, apparently it's not actually a serious problem that couldn't be fixed

yikes. slooow down bitcoin please. I'd rather crash later than sooner

by soon you mean in the next few hours right

bitcoin time

I don't get it. Why are stamp and gox pulling in opposite directions?

ah, that makes sense.

I actually did a face-palm tho. Obviously stamp is correcting after popping its 1000 cherry. I just needed to zoom out a bit

I reckon it won't have nearly as much of a dampening effect as it would have 2 months ago

nice healthy correction, ever prolonging the ultimate top   

true. My girlfriend was suggesting that there needs to be a special dating service for the btc forum addicts. I hoped that wasn't a threat!

no need to conceal, really. I know of two at least who are not hiding.

Though it's surely quite a bore putting up with the more juvenile chauvinism humour of naive geek-boys I'm sure. I can't complain as I was once guilty of such silliness.

Note that I absolutely love the double bottom posts   

oh dear god

http://www.okcupid.com/match?keywords=bitcoin&only_text=1

no matter mate, At least bitcoiners have a sense of humour!

exceedingly annoying commentator. I'm half way through. Does he EVER describe anything, or just list a load of anecdotes, like a cheap pyramid scheme video ??

edit: sorry I couldn't finish it. Really got on my tits

Don't worry, it's linear on the log chart

pshsh. This is organised. It's only too many tabs when you can't see what they are. 40% of RAM still available

I like the tin foil hat theory that manipulators make what is ostensibly a bubble-pop attempt that fails, causing very healthy correction, every couple of weeks, further re-enforcing the longer-term bullish sentiment

in deed. And seeing as for the biggest whales, cashing out equates to crashing out with horrible slippage, it's in their best interests that this become a currency, so they can use the full worth of their wealth. That's got the be the end game

isn't it $20 billion?

so many statements. So few explanations!

I get $21 billion from 21million BTCs worth ~1000 each, thus 21 billion  . . .   yawn

edit: OK, I see

If that's it, it's extremely bullish. Holding my breath...

I'm tempted to increase my profits form this by playing with the piggy-bears, but I don't have the balls for it, as a buy-back-in whale could run me over at any time

I hope none of you got run over there!

edit: Stamp especially

When I step back, by 20/20 vision sees triangles forming. Are you suggesting that they should see the price dropping further?

But the news has already updated to say it's not such bad news. With that, I can't see latecomers panic selling when the charts also look like they might be bottoming.

It seems favourable, except this time, it will happen faster

you trolling or wot bruv

China rallying all on its own   

I thought screw it and sold my return of investment, which was about an order of magnitude more than I could afford to lose.

The original investment was too big, especially as my prospects of income are slim for the next few months. I got my money back, and now have about 5 times that investment, in bitcoins left over.

edit: basically, I could afford to loose about 10% of my fiat at the time of investing in bitcoin, but decided to risk allot more. That was a good decision. Trying to day trade in April and May wasn't! lol

Not so sure it's down to resistance so much as the general meandering of indecisive sideways motion. If/when that tiny wall at 1100 finally drops, I would expect a gradual rally acceleration

edit: worst timed post ever!   

smells like panic. Maybe prompted by Bitstamp's technical problems today.

and China seems to be dropping a fair bit too. Retest the bottom?

zooming out is generally a good idea, yes. But I wouldn't agree that it's 'idiotic' to inspect short-term action by using the 1 or 3 min.

edit: I've made most of my BTC profits by calling turning points successfully from the 1 min charts

No coins incoming, and the price is kind of sideways, possibly down a little. So when they fix it does the price tank, or will it be coincidentally fixed once the price has recovered . . . ?

or, they're waiting for the order book to fill up

so much for cashing out my 'break-even' investment last night. This weekend may really test my resolve not to buy back in with cheap coinage

LTC, btcchina, and btc-e have broken through the floor. Bitstamp and Gox, it's up to you . . .

time for a bounce upwards bull trap thing about now non?

Stamp's new engine held up beautifully  

I do find it funny that the exchanges are all politely waiting for old granny gox to catch up

stamp seems fine. I just tested with a tiny order. Maybe just the ticker gone

You wouldn't be saying this if you'd been wathing btc-e on bitcoinwisdom for the last 30 minutes.

It was like mini-whale sex

I would like to see if the west can successfully ignore China's panic selling tonight/today, but I'm going to bed

bull trap closing

I thought the same, but not so sure now. It looks more like a triangle is forming. Only after it's formed will we know if it's a trap I think

right, so I'm hoping that this is the dead cat bounce which might confirm that we reached the bottom, rather than a sucker's bull trap. Either way, I would be amazed if we don't revisit 500s by the end of the weekend

lol

850ish give or take 30, but idk

so where are the profit takers whom bought near the bottom ?

well placed sir. I'm rather keen though on seeing action from the shoulder-making profit takers, to confirm the end of this trap

btc-e  WTF!!   

I'm making crazy btc profits out of it popping up and down like that!

why so? links?

My WTF comment was referring to the insane BTC/USD up and down whale action that went on there  http://bitcoinwisdom.com/markets/btce/btcusd

to answer your question,
[/quote]
"Of course there were many trades in between less rewarding..    "
[/quote]

yeah, I think we're talking about two different things. Neither the LTC/USD nor LTC/BTC markets went crazy with extremely fast whale buys and seels in dhort succession as ocurred in teh BTC/USD morket. Check bitcoinwisdom on 1m. It was liek when gox went crazy just after their 0% fees started last weekend

well., whatever the reason, I don't care. I just hope I catch something like it happening again. 

epic correction vs bubble pop

Rallying up to never return would suit me fine, but when I zoom out to the 4h chart, I'm not so convinced. If this thing doesn't go to 300-400, it's not a bubble pop that sentiment would seem to be implying.

Too few who have sold are biting this bait. calling the whales's bluff

next bottom 400, after a few bump bull traps?

   how peculiar

i think so, just after some bites got taken out of it.

Do you know if there have been any accounts of this sort of thing (people's money being stolen by the exchange), or is the concern that btc-e will just up and leave some day?

I'm going to go out on a limb and say that's it folks. It's recovery time

I'd guess this time it's just Europeans waking up and taking some profits

I've been concerned that manipulators might crash the price on Monday in an attempt to demoralise and negate the prospects of new fiat arriving at the exchanges. That could cause the kind of bear market necessary for them to fully buy back 5 or 6 figures amounts of cheaper BTC.

I can't work out whether that would be a mistake or not, given that the China news turned out to not be as bad as western reaction hype first interpreted

possible explanation for china tending to less bearish: they can transfer fiat into the exchanges, 24/7.

Now awaiting the completion of this triangle. My guess is we get another wave of selling, while it's still advantageous to do so before Monday's western exchange fiat begins to arrive.

If I'm wrong, no matter as I'm set up to be content whether it rises or falls

Maybe some big players/manipulators want even more cheap coins, and might not have bought back in yet. Demoralising the market with another successful sell off would place them well for buying back lower, though I recognise that it's a risky idea given some of the strong resistance demonstrated

Stamp down too it seems

edit: or at least too sluggish to use

hmm, better now. wee hickup

estimates for the next turn?

I'm guessing it won't get as far as testing 800, but will get close, before trying to burst Stamp's $900 again. If not, it's a big bull trap and we headed to 600s.

for bitstamp, yes, and not before a bit more of a lenghy but not too deep dip

 

we're all expecting a dip. You know what that means . . .

all in good time. It's not surprising to see reluctance to buy at the moment. It's the kind of thing that will pick up gradually. Volume's not actually that bad considering how many people have already played their hands

erm... choo choo

Do you think christmas buyers will sober up so soon?

fair. Also, Gox is coming up against resistance at the same time.  However, I'm not so sure about it pulling back to below ~670 with this trend reversal

I got the impression that the last time the alts, including LTC pumped, BTC soon followed. Seems counter-intuitive so I've been assume that I was wrong, but did anyone else notice it last time?

yay, choo choo, but I'm really not comfortable with the significant break outs being led by Huobi, as was the case here. It feels like thin ice

+1

or both?

erm.. nobody here mentionning facebook yet. Bigger than Zinga right?

http://bitcoinboard.net/facebook-accepts-bitcoin-on-advertising-platform/

panicking from the 51% attack FUD . . ?

probably just panic

People mining with GHash have a strong incentive to change pools as it approaches 50%. Mass suicide is too stupid a thing for relatively tech-savvy bitcoin mining people to fall into

lol   

Oh well. As we approach '51%' levels, BTC price will drop as people panic sell, causing miner stock to drop inevitably, and they'll learn their lesson

Yes, this seems likely the case on this occasion. We'll see over the next couple of days

yup   https://blockchain.info/pools?timespan=24hrs

that's the start of the community reaction. This price dive might spur on the rest

Most people know that Unicredit is in good standing though. I'd say it's probably got allot to do with btce introducing reduced trading fees, as low as .1%

I think that kills localbitcoins with their 1% fees

yeah, I figured 1% for a rating without escrow (cash) was a bit steep for my liking.

his speech flowed more easily with the positive stuff. the negatives were more read from his notes, less favoured...

For those of you not able to watch/listen, sorry, I've no time to give details, but it so far looks like a shoo-in to me. Hence, Adam loosing his shit  

chair: what about the bad guys
speaker 1: the blockchain makes their transactions traceable, so they're easier to catch. Ergo, no further restrictions necessary

someone there needs to grow a pair and mention HSBC and Mexican drug cartel money laundering, being better preventable with bitcoin-like systems, than the system which allowed them to go on

the Chair. is definitely pro-bitcoin. His hard questions are just him doing his job well

just 'cause he's mislead regarding the money laundering mission doesn't mean he's anti-bitcoin. He wants a solution that can tick certain boxes. It's encouraging that the panel have given fairly good suggestions for solutions to having bitcoin companies well regulated without suffering old fashioned bureaucracy. The idea of automation, or codification of regulations has been received and understood by the Chair as far as I can see. Thus, it will very likely become an area of development for the regulation framework, which would be very encouraging

FREEDOM!!  (go usa)    

those not representing BTC favourably seem to have been picked from a pool of retards. Is this a stitch-up against anti-BTC eegits or was it just too hard to find a decent devil's advocate?

I can see that Bitstamp lead this rally from about 8:30am GMT, which is encouraging if we agree that non-China led rallies are an especially good sign.

Similarly to September's 'stability' period preceding a major rally, maybe most of the large off-exchange tradings have now been done, so the breaks are being released

gotta love that apophenia

I'm genuinely fascinated with fib patterns as indicators of emergent properties in systems. I doubt I'll ever find the time to do a decent objective study for apophenia vs statistically significant predictable patterns. Hats off to those of you who do   

pretty much most of this ^

and to my mind, this creates the conditions necessary for any successful price stability manipulation

now 4 blocks mines since (https://blockchain.info/blocks). how many confirmations does Gox require? 4 or 6?

erm.. good point (no, I left Gox months ago). I'm a bit foggy this morning. Stamp is 4, am I right? If so, I's give us 10 or so minutes to see whether panic selling will take another jump or not, on Stamp/Huobi etc

1k wall on stamp

'the world'!?  I think you'll find that most of the world has been up for quite a few hours already

I would tend to agree. It looks to me that primary cause of the rebound slowing is that playful 1k wall, and big players aren't ready to buy it up. Maybe 500s is the target

loss of trust for exchanges due to getting goxxed might cause a short dip, but the pricing in of the Secondmarket good news should counter that in the medium term. Add to that, that people in the UK now no longer need to bother with exchanges to buy bitcoins (http://www.coindesk.com/can-now-pay-cash-bitcoin-28000-uk-stores/), plus China seems to be carrying on, I find it hard to see much more bearish sentiment from now on

this is ridiculous! The 'bug in bitcoin' Gox is blaming for their problems has been known for a while already, and has not been causing problems for others.

Crashing at least enables Gox to buy back all the coins they had lost ...

wow, panickers actually think bitcoin is broken    

huobi rebounded already

Made a humble 1 BTC profit with my remaining fiat to play with. It's fiat again now. Could have made allot more had I not already bought at several stages of this bear market, and too chicken shit to sell

I'd say it's just a flash-crash with fast recovery if Stamp passes $660

it's bullish in that bitcoin isn't broken, and bearish in that it suggests that gox are hiding something.  

This has been my opinion also, since they first announced stopping bitcoin withdrawals, but that maybe they're also crashing the price to buy back bitcoins too

this BTC withdrawals issue looks like ramping up to another FUDish crash thing, if someone decides to make a more official announcement as they sell...

This means that the mallable issue has been resolved right? (https://bitcointalk.org/index.php?topic=460876.msg5091537#msg5091537), so as solex suggests, probably just a case of waiting for the exchanges to confirm it

I'm still amazed to see how Gox could feasibly go to zero, whilst the others might only reach $500

so, gox going down, everyone else going up. Have we finally disengaged from gox price for good?

does anyone here have a theory on why gox price isn't dropping with the rest now? It seems to be doing roughly what I'd have expected had withdrawals been fixed without announcing it officially

oh yeah, I'd kind of been neglecting the potency of Bob. I can relax now then

they're dumping now too

nah. panic buying time

goxcoins are still for sale. wtf

http://bitcoinity.org/markets/bitcoinbuilder/GOXBTC

 

Where would you recommend I go to best understand this waves A, C etc stuff I keep hearing about?

I reckon that's the idea. Manipulators trying for a longer period of 'stability' by doing this?

I can see a nice bounce potentially happening here, but don't see any reason why we'd then suddenly be in a bull market. Can anyone give a convincing argument to suggest otherwise?

did anyone else see that infinity sized sell wall on bitstamp? I saw is on bitcoinity - couldn't find the top zooming out, then it was pulled/disapeared

unbelievable 30k!

what '2.0' coins do you refer to? Any charts of their value rocketing?

allot of them sold a long time ago, so buy I'd reckon

This here makes sense to me:


So sideways-ish for the next 2 months or so

I'd be happier if the speculation nutters don't get too carried away with this one. I'd rather it go sideways for a couple more months while the mass adoption rolls out

the public reluctance you speak of is why we need sideways-ish for a while. Don't want them to see it as a purely speculative commodity, thus not get involved if they think they've missed the CCMF train

Or maybe it's the best place to do a large sell for minimum slippage

hahaa!  

there was a similar very small difficulty increase in July, when the bitcoin price was relatively high

the 15min chart looks way too much like the last two bubbles. Loving this fractal shit

most likely. It's only Saturday evening GMT. The 'weekend dip' factor has only just started

Now THAT'S how you quote someone on the ignore list!   

hopium in deed!

tl;dr  the author might have bought some coin at what he hopes is the bottom, and so tries to tell us that stability is coming.

Assuming bitcoin survives (I think so), volatility will surely decrease as liquidity increases, but I reckon the kind of stability needed for big business to hold bitcoin is not yet on the horizon.

yup, and the 'smaller' traders and speculators specifically. Although an effective buffer for whale movements, and maybe even increasingly effective, I'm not so sure that the small traders effect is really going to be the major force to bring stability.

I guess that the increasing involvement of bigger business would have the more significant and necessary greater stabilising force to attract bigger business... chicken-egg!

at exactly 3:00pm GMT

Where does it say that? What I see on that link is "31.50 / No Inside (1 x 1 )" and lots of N/A.

I see. Thanks

is it just me or has someone big been creating support at around 240-245 ever since  the 25th of March? Manipulation or a great buying opportunity for a metawhale to buy against the final wave of a determined bear market?

No new shit has happened, other than gradual growing Bitcoin infrastructure and useful apps to facilitate mass adoption. None of it has been quite enough though to reverse the bear market yet.

When compared to previous big dumps, this is more of a slowish grind than a mass panic dump. Big players waiting for next week's wall street action?

I'm pretty sure it's just the same thing as for the last few months, a heavy bear market. Whether due to retailers accepting bitcoin and converting it into fiat, manipulation, miners, hacked bitcoin sells, or a combination of all the above, not enough has yet changed to reverse the trend. It's changing for sure, but fairly gradually.

Would be nice, but it's arguably no different that the 'double bottom' we thought we had in early November. Volume is a bit more now, but everything else looks very much the same

easy: buy all the coins, manipulate the market.

chessnut said he got x20 at OKcoin

and then they pumped back up again. blip?

It makes me think about the one on coinbase last week. It's good to see giant bid walls being played with again

some Chinese electricity company must surely realise soon that accepting and holding bitcoin would be a ridiculously successful strategy. Or is that banned?

A wee 5000BTC bid at $350 on BIT apparently.https://bitcointalk.org/index.php?topic=337486.1320
I find that weirder than the btc-e action tbh

+1

yup, I imagine it being touted as the first 'legitimate bubble'

have any of you managed to log in to Kraken or Poloniex since this Cloudfare problem?

Thanks. good to know it's not totally wrecked.

Damn missed this morning's anticipated correction dump by a matter of seconds. Looks like we'll not have to wait too long for the next rise and correction. As long as this Cloudfare thing turns out to be not as bad as I at first worried (look snot as bad already), my guess for the next correction dump opportunity would be once it's reached somewhere around $1400-1500, merely based on inductive extrapolation.

Hmmm. ETF wouldn't be too happy to see blatant insider trading. Could that be grounds for not favouring the green light?

https://twitter.com/BTCTN/status/840148448703799296
https://medium.com/@bithernet/bitclub-why-are-you-doing-malleability-attack-now-6faa194b2146#.teeczh1ki



I wouldn't imagine that the toxic state of the bitcoin community would be too favourable for an ETF

yes, that is hopeful, but the hard fork debacle etc has been going for ages

which link are you watching, with your trigger finger at the ready?

There have been many links posted, but I'm not sure where the news will be announced to first...

still looks like the healthy correction we've been needing anyway. so far... fingers crossed it doesn't go and get silly now

It was pretty difficult to not make fantastic returns on it to be fair. I trebled my BTC worth, now back down to double. Not complaining

eh!? BTC is currently sideways. Not tanking

I'm a bit disappointed at how easily it has gone through 1300. I was hoping for more volatility.

ah, you're probably right about that one.

hey, some of those alts are pretty serious. Not all pumpandump.

the last two bubbles saw the alts crash AFTER bitcoin. No idea whether that'll be the case again this time, but I do have a contingency plan for it

beautiful

Hey, I've not been frequenting the forums as much as I used to. Can one of you explain why there's such vitriolic anti-ETH sentiment here? It seems to be more than just the usual competitive banter

Ripple is indeed fully centralised greed machine, which I think has a chance of turning out like the Lloyds insurance group, where allot of people loose allot of money as soon as one point of failure (in this case, the necessary TRUST in Ripple management) is compromised. Although it had a pre-mine, Ethereum isn't centralised like Ripple, and from what I heard, the mining is less centralised than Bitcoin currently is, though I read that quite a while ago so things might have changed since then.

The infinite Ether coins thing, I agree, doesn't sit well with me, but I gather there's a functional necessity for that. Some day I'll get round to reading more white papers...

But yeah, I see where people are coming from now, thanks Jimbo