+1

but now the number of bitcoins for sale balanced the bids. Also... there's a huge wall at 150 and quite a bit of selling pressure. If the market chews this up, it will be in 200 in a few days. But it's much to chew... exciting

Interesting, no big walls yet resistence is turning out to be quite hard to overcome both up an downwards. Could this be it? Could it finally stabilize and get its so called intrinsic value?

I don't see it comming down in the near future, but that wall at 130 is the longest lived in a loooong time.

Has any wall lasted for as long as that at 130 now?

I don't thing bitcoinity movement bars work very well... I mean, it shows red bars at the same spot both upwards and downwards, it doesn't make sense.

Anyway... selling pressure is getting weaker, looks like those who are waiting to buy at good price will have to wait.  

panic sell initiated

The selling volume is draining. 131...130

It is hilarious how some people are both rich and extremely dumb



WTF

A lot of people selling. Right on time while I wait for my wire transfer to process.


Now everybody calm down and.... PANIC. Sell sell sell sell sell.

He did the same some minutes ago, exactly at 97. That time with 2k BTC (check a few pages back)

It does appear that he doesn't have many more coins to manipulate since he is already decreasing the amount he puts on sale.

This might be a good signal. I think even those who bought at 100 made a good deal. There is a tiny amount of coins for sale compared to the bid sum. This can ramp up pretty rapidly in the next week.

The price has been above 90 for two hours.
Bear trap or are we past this dip?

I for one have no clue this time.

Chewing on that wall, we all know that will be slowly eroded until it collapses. Where is the right spot to buy? The next wall if forming at 85...

why? The bid volume is much greater than the ask volume and that haven't stopping the price from slowly droping? Why would it suddenly go up on monday.

That's a huge wall at 100. Not sure what impact it can have on the market given we're still $10 away from it. It's not like ask have has been pushing as of lately. I for one can't see how that wall can manipulate anything.

All this manipulation talk is getting boring/old.

Have you guys consider for a split second that somebody might really want to sell those coins?

I'm confused, if this is a manipulation attempt, then, when the manipulator places his selling order, will you guys also say it's a manipulation move? Or is it a legitimate sell?
Also, all this work pushing the price up, then he, according you guys' manipulation theories, is able to sell at higher price. I hate to burst your bubbles, but if removes the wall there is no market depth to execute his selling orders at whatever prices he has been trying to push to.

Also, if you have more money than what is necessary to manipulate a market, then  you can only go for peanuts anyway. Market manipulations usually have strategic/political goals behind. Sinking a small player, build or destroy confidence on an niche, media access, etc.   Manipulating to capitalize doesn't really work, if you are the biggest player then you are the most affected by your manipulation.

Just my 2 cents.

That wall will either be consumed (even after a couple of moves) or the money will be thrown directly at executable prices driving the market up. I think the chances of it being just removed followed by a price drop, are low.

So where is all the dumping from yesterdays monumental wall owner?
I guess this is bragging, but turns out I was right, we are 15 usd past it. What happened to all those 'obvious manipulations'?

Two little walls at 124 and 125, the latter have been there all day, I don't think the market will move outside the 110~122 for a while. A climb of a couple of dollar for today. I for one am fine with this progress.

lol @ everybody trying to sound baddass saying "bye bye 110" while that tiny little wall has been rock solid for like five minutes... oh. 115 as I type.

rampion, where do you get those bid and ask sum charts from?

Almost no walls, price not diving nor sky rocketing for very long periods of time...

ATM this thread has no walls to track. This is cool, speculators might be heading up to other commodity.

We do however need more btc adoption in order to make it a good asset with some more stability than what it has now.

Could it possible cool its bursts and booms ans set with a growth of, say, 10%/month? That would be roughly a 2x fold by the end of the year. I for one would be happy with such outcome.

People feel like they are badasses by adopting an atitude like "I want the market to go down, I want blood, I want to win big time while everybody is in an hellfire".
Obviously, it is as difficult to nail the ideal buying spot as it is to hit the bubble peak.
My guess is that there is a lot of people that got burned with the last bubble and now set up their bids and ask orders at very low and high values respectively. If only it would be a simple as that.

I don't want to sound negative, but after the bubble the price hasn't really spiked any time. It appears to me that sometimes it flash crashes and then it takes quite a bit to catch up. There is a tinny little wall at 20 that is probably holding the record of the most difficult to throw down. It has been there for the last two weeks. Today the price scratched it only to quickly drop 10 usd almost immediately after. The bid profile is also quite shy while the ask is getting fatter near by the vertice.


Quite frankly 115 is perfectly fine for me, if only bitcoin would be a currency that could be thought of as a reference value.

WE clearly need more adoption, and more "bitcoin stores" instead of "bitcoin markets", all this trading with the goal of converting to fiat is an illusion.

When did that happen? What do you mean by storm? A dive or a take off?

Selling pressure is still strong near the vertex, t's quite visible by the steepness of the red hill on chartbudy's plots. That there are little coins for sale at higher prices is quite odd. Looks like the market itself won't go anywhere... traders have little to win/lose. Only more demand for coins will drive the price up, or of course, people start to not care about bitcoin and it will loose it's value.

When the price was 40, a lot of people said the price by the end of 2013 would be either 400 or 0. Half a year left... any guesses? Right now it is not showing great potential to bit climbs.

Mmm... I'm a bit worried about the possibility of a violent price drop which appears to be around the corner.

Mtgox' price is 10% inflated, presumably due to high demand of bitcoins for quicker withdraws. So I went and check the other markets, and saw this at bitstamp:



This is not looking very good. I'm not planing to sell the bulk of my bitcoins anytime soon nor am much into trading. Doesn't this feel like th calm before the storm? Is it only me?

Gee, it was a simple market analysis. You guys really need to calm down with the manipulation talk. Honestly, market demand/offer is ALWAYS a stronger force than manipulation. It sounds rather silly to me that people look at the biggest wall on a market and say very securely that it is manipulation. Have it occurred to you guys that the one can only manipulate within his buying power? I.e. one can never manipulate more than one can buy.

Getting on-topic, bitstamp resistance is being crushed at a steady pace, we're getting close to nice price pump up. Of course, with mtgox still processing a much larger volume than any other market, this will probably go much slower than what we've seen in the latest bubble, which is actually a good thing.

One thing that is confusing me is the market profile of btce, why is it so concentrated around the trading point?

Who is lining up to stup up as a major player in bitcoin trading? I don't like the current situation at all, bitcoin economy is very fragile, we need much more adoption and even more large markets.

I very much agree with this. Market wise it's clear that we're going up very soon, but the question is such raise is backed by real value or just speculation. I don't see so many exciting news as of lately. It would be important if many websites and retail stores would start accepting bitcoin.

Spot on. However... a solid infrastructure can ( must? ) be built on top a large ecosystem of users. Traders are kind of meta-users, if adoption starts to spread, then trading it's just there in it's corner and it's no biggie if Gox or whatever market is down.
It worries me to a certain degree that there doesn't appear to be a steady growth of services and stores accepting bitcoins.

Valid point, but in my opinion it is a tad naive to just believe that without a bit of skpeticism. I for one want to be more cautious than that. Gold has been used as a store of value and as a currency thousands of years. Today it lost its utility as a currency for the most part, but it's still a rock solid value store because it's so well established and has an undeniable proof of reliability in price storage.

Ancient physical coins were made of valuable metals, gold being the most prominent. To this day, the value of physical coins is, at least by principle, tied to the value of the material they are made of.
Gold might be mostly a value store today, but t has been a very active currency in the past.

Transactions of small amounts are penalized with bitcoins, set a low reward value on your client and it will take forever to get a  decent number of confirmations. This wasn't even discussed pre lates bubble, and even today it is somewhat a taboo. So we are left with medium to large value transactions, and to be optimistic we say that bitcoins is more like gold. In other words, we fast forward the utility part of a currency and jump in directly to the value store stage.
I'm skeptical about this. Would I see adoption by average joe, I would be much more sure about bitcoin's success.

Looking positively at the current market state, looks like the price is trapped and supply-demand  law is dictating it more reliably.

When and which wall will be eaten.... no clue.

No, people just want to sound badass. It's the absurd attitude of "oh, i'm not afraid of price drops,it's food for me, I earn money with it".

It's pathetic indeed... noobs learn the hard way that trading is just a complicated way to loose money in the long run. Investing is a fundamentally different thing than trading. But those who know how to invest are just a tiny amount of people compared to the huge wave of dumb big mouth pseudo-traders.

It's absurd to look at a 120->50 drop as an opportunity to get 'cheap coins'. What are 'cheap coins'? Where is it written that bitcoins will worth much more than they do now even if they can drop to 50 every now and then? 50 usd might be extremely expensive coins if bitcoin goes down to 1 usd.

Look at the posts yesterday... no mention whatsoever about a price drop. someone dumps a huge amount of BTC on MtGox then suddenly everybody was expecting it and was just waiting for an opportunity to buy coins. Yeah, sure.
Funny thing no one even thinks about the perfect opportunity that the seller caught. There was a massive bid wall, whomever had a big amount of coins to sell could comfortably do it without seeing their order stretching over a 20 dollar wide price range beyond the trading price. It was nothing but the perfect timing to cash out to fiat if you had a big amount of BTC.

It's the same when the walls show up. Everybody is a market analysis specialist and is 100% sure of their stupid explanation of how every wall is 'obviously market manipulation'. I find it quite entertaining, just look at the market the last couple of weeks. Bitstamp wall is 2~3 weeks old and has held there with the price scratching it every now and then, MtGox wall gets consumed. Manipulation theorists could simply shut up, but they are already busy saying that they have always been bears.

Almost 1% of the total bitcoins that exist.
I think a proportionaly large sell offer of any other currency would have the same effect to that currency.

Unfortunately USD doesn't need Bitcoin. By itself, it does a great job free falling.

How do we get past bitstamps 130 wall though?

Mehhh...

There's no warranty whatsoever that that wall will ever be eaten.
Is there even enough fiat on bitstamp's order book in total to execute it?

I see a lot of will by the bitcoin comunity but the price is surely having a hard time going up.

I won't sell but this optimism taken for granted... dunno. I'm skeptical.

On the other hand, there is quite a bit of pressure, the wall has already been scratched a couple of time. I guess if we break past it, it will be a breeze till we reach 200, and then it's f**king on.

Common sense?

Look at bitstamp, there is a HUGE amount of resistence on the ask side.
Mtgox is balanced, anyone that is in for speculation is giving up. The prie is pretty much trapped below 130.

I think adam is predicting that at 115 people start feeling that there is a good margin to take some profit. I for one think 115 is a reasonable bottom for the moment. A few pages back I asked "how do we beat the 130 wall at bitstamp?" and you replied "let time do its thing".
I don't know what its thing is, but unless some major event takes place, it doesn't appear to be any way up.

True. However, if bitcoin is going to have wider adoption, the price has to go up to accommodate a larger slice of world economy.

How does a currency provides the nuts and bolts for an economy that has a value flow larger than it?

This little bounce does't really convince me.
There is solid offer volume but the bid is touching the vertex with a fragile thin spike. I think in days to come we might slowly go down like we have been the last couple of weeks.
Today, in the afternoon there was a handful of bitcoin related good news, looks like many companies are discretely preparing to get in, things might take off like we all wish, but when?

Do we kill the boredom with the good old prediction about 2013 closing price? 350usd is my bet.

Looks like that logarithmic chart was a good prediction.

Price is going down... what is left of the hype/bubble is being scrapped. A part of me regrets i didn't make a quick buck during the bubble. Oh well.

Wow.. it bounced all the way up to 99!!!!

This is surprising. Could it be that BTC finally found some of that so called 'real value'? It does appear that speculation has less and less room for crazy dives/rallies. Could this be true? I have no clue, what do you guys think?
I would never guess we would scratch 100 any time soon after today's drop. I was wrong.

This is very inaccurate.

"Power to the rich... no different than..."

'Rich people' are the largest subset of 'powerful people'. If you accept the concept of money then, according on you, there is no form of money that would be different. The only way of being different would be not to exist since it would always give more power to the rich as that is pretty much its purpose.

Now, bitcoin was open from day one. The genesis block was released without blockchain premining, anyone could jump in given enough knowledge and a computer. Those who thought it was a good investment are not regretting it by now. At the most they are regretting they didn't keep more coins.
Fast forward to today. If a rich person wants to buy a large amount of coins, (s)he will have to spend a LOT of fiat compared to early adopters.
Also, rich people can't just have the privilege of minting more bitcoins, whatever bitcoins are minted, they have to have the the acceptance of the network.
If people is worried about a network take over, a program could be put together for people to buy small mining units to promote decentralization.

We're already past the point where half of the coins are in circulation. But think about the bold bit of your quote. You are suggesting they could kill bitcoins by giving to bitcoin owners the market value in fiat.
That is not killing it, that is embracing it. They would need to buy many bitcoins, I don't know what your definition of slowly is, but you are suggesting they would provide continuous demand for BTC. By the time they dump them, the markets will gratefully eat them and ask for more.

Sure it's boring but it wouldn't expect it to be anywhere outside 95-115 for the next week or so. There was a bit of buying pressure building up, but it only got the price up a handful of dollar. The order book looks pretty balanced now. Patience is the the word my fellow bitcoiners.

@electromucus
It was obvious for everybody, the order book was rather unbalanced. But we're at 106 as we speak, it's not like it was easy to spot the peak.

Alright, I'm sick of that silly graph with the prive layed on a scale of "time since began".

That f.king graph has been posted every 8 hours or so since the a couple of weeks after the last  burst. Gee, I get it, a few folks heard about this 'logarithmic scale' thingy and now they think they are Albert Einstein. Sorry to burst your bubble (pun intended) but most of the people in here went to school.

Why would you post plots that are factually wrong?

So if I want to place a buy order an check within a month or two, what's a good value?
60?

Where is the minimum?

Mmmm, quite a bit of resistance on the bid size. We'll see... I for one am not in a rush.

I would like to be that positive, but why is that so?

wall at 80 taking some beating and getting weaker, asks building up next by the vertex.... T-minus ?? minutes to ~78

Or it could keep on dive to the point where they start to doubt it will ever bounce and get screwed even harder.

Right now it's quite entertaining to watch the order book movement on mtgox. A lot of badasses placed orders on 50-60 when we were ~80. Funny how a a tiny amount of offer order that quickly spreat to 100+ USD is enough to exposes badasses' tiny balls.

Chaotic panic buying order pulling is going on right now. It will be an easy ride till 50 and beyond.

bit wall has been pulled, replace and moved around continuously. LOL,
I managed to make quick little buck with this micro rally.
Mussle to break the 80 wall is nowhere to bee seen though. Probably time for the slow slide to continue.

Lol, that wall is hilarious. I don't really believe in market manipulation, pump-and-dump, and other conspiracy theories. For me there is money (btc, fiat, whatever) and there is putting your money where your mouth is. I bought a few coins for 70 this week. At this moment I would definitely like that wall to be broken and the price to go up, but all these shy flash walls are obviously weak and their owner lacks balls. What's puzzling me the most at this moment is: why hasn't the price dropped, it has been smelling the wall for what, 3 days?

ROFLMAO

Mmmm.... The market appears to be distilling quite well.

Could this be the bottom? It's looking good, not many would expect the bounce here, but it does appear that people is regaining trust.

Argh darn... I bought some coins thinking people would start panic buying, looks like it wasn't such a good decision. But after this week I'm not sure we will see 60~70 ever again. I might be wrong but it looks like people is steady regaining confidence.

No, a 10k coins buy order was executed. People might call it manipulation, but whomever this manipulator is, (s)he bought 10k coins at 100 instead of 94. That is 60.000 USD difference.
I'm not sure I understand how this would be manipulation. Who are you going to manipulate if you're clearly the biggest player? What's the goal of manipulating a market which depth is too shallow for your orders? I don't intend this as sarcasm, I just can't see any logic into such manipulation theories.

Supidity is a strong word, caution is advised when using it.
Maybe you could explain how exactly do you suggest to buy 10k coins for a cheaper price?

I genuinely doubt you understand that for a order to be executed, the market has to have enough depth for it. At which point in time are you referring to as 'cheaper'? Could you be specific, and maybe dig up one of chartbuddy's posts as evidence? As we speak, for a 10k order to be executed you must bid at a price of 105 usd. So much for cheaper.

Ok, you do misunderstand the way the market works.
If you have a large amount of bitcoins (or any other good in an open market) to trade, you have to bid at a value that will cover enough offers in the order book. The current price is in fact the price of the last transaction. It's just a rough indicator as the market is purely based on supply and demand.
Say someone just went into the market and bought 100 coins at 50 usd. You look at the market price and say "oh cool, 50 usd, let's buy". But the next sell offer could be at, say, 120usd.

The quote you made of my last post doesn't make sense, quite rightly so, I trying to point out how that manipulation theory falls short of basic logic. My point is exactly that, the buyer obviously bought at the price the market dictate. He spend 60.000 more than the price of the last transaction because it was the only possible way for him to buy that many coins. He could not possibly buy them for 94, there was not that many coins for sale at that price, there hasn't been for quite a quile.

Why would big transactions be manipulation? Because they are big? That is potato logic.

I bought a little bit of coins a few days ago. For the case the price steadily climbing, I got myself some coins that can turn out to be cheap, yet they are the most expensive ones I have ever bought.
Either way, there is a fairly reasonable probability that this was the bottom.

I did almost the same. Taking a small profit as things are starting to look like we're in for another long slide. I kept a few coins though, in case we unexpectedly go up.

Despite that, I would prefer if this bounce was the one. Don't care so much about bearish opportunities. Screw that.

Gee, so many bears pissed off. Don't bitch, and stop with the "pushing the price" non sense. If you do believe in manipulation theories, then sell before the wall is pulled?

It is kind of entertaining, people "know that it is manipulation", or get annoyed with one guys order. Quite frankly, if you have it all figured out, why don't you silently take advantage of it? Honest question.

The guy putting up the wall has his money where his mouth is. I suggest all you people theorizing about pump and dump manipulation dump your coins before him to show him.

Of course, you need to have the money AND the gut to do it.

This thread is still alive! Oh the memories. This is epic. Is this the biggest ever thread on the history of this kind of bulletin board forum websites? Speculate on that.

Love the poll, replied 'IDK'.