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    [Daily Discussion] Tuesday, March 20, 2018 Bitcoin Markets

    March 20, 2018

    [Daily Discussion] Tuesday, March 20, 2018 Bitcoin Markets

    [Daily Discussion] Tuesday, March 20, 2018

    Posted: 19 Mar 2018 09:06 PM PDT

    Thread topics include, but are not limited to:

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    • Quick questions that do not warrant a separate post

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    submitted by /u/AutoModerator
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    Virtual currency defined as legal currency in Wyoming.

    Posted: 19 Mar 2018 08:07 PM PDT

    Hey everyone! I have recently decided to get as direct to the sources from what I have been seeing and hearing in the news regarding crypto. Recently I Interviewed Tyler Lindholm, a State Representative from Wyoming. He had a large part in constructing the crypto bills that were passed just recently. They are the first in the world to do this and it may have a huge impact.

    6:00- We start to talk about the Bills.

    10:20- Set up file 111. This is very interesting.

    12:00- Virtual currency defined as a legal currency in Wyoming.

    http://bitbetterhavemymoney.com/legal-currency-in-wyoming-interview-with-state-representative/

    submitted by /u/stulkenm
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    US GOV: The 2018 Joint Economic Report is positive on Crypto

    Posted: 19 Mar 2018 12:18 PM PDT

    See pages 201 - 227

    • The Report estimates the substantial direct costs and longer-term indirect loss incurred to the economy and critical infrastructure from cyberattacks and threats. The Report suggests blockchain as a potential tool for securing America's digital infrastructure.
    • Blockchain technology—providing cybersecurity and many other potential benefits—broke into the mainstream in 2017 driven by widespread interest and surging valuations in digital currencies such as Bitcoin and Ethereum.
    • These new innovations and markets presented America's regulatory and legislative institutions with unique challenges as well as technology that could revolutionize the world's digital landscape and economy.

    https://www.congress.gov/115/crpt/hrpt596/CRPT-115hrpt596.pdf

    submitted by /u/jarederaj
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    Suspicion of Wash-trading on Bitfinex (Altcoin USD pair); possibly happening on BTCUSD as well

    Posted: 19 Mar 2018 08:39 PM PDT

    This post relates to possible washtrading in relation to the QTUMUSD pair on Bitfinex. If you observe the QTUMUSD 4 Hour charts on Bitfinex (you can find this chart here: https://cryptowat.ch/markets/bitfinex/qtum/usd), you will see that over the last 5 candles (with this current 4 Hour candle yet to conclude), almost 150k Qtum was transacted cumulatively, signifying a very high transactional activity for this particular trading pair (average daily transaction volume is generally in the 15-20k range).

    The current order books on Bitfinex for this pair are however, incredibly thin. As an interested buyer, you couldn't possibly market purchase even 20k of Qtum without suffering unreasonable amounts of slippage. We are talking about being able to push the price to at least 300% of its current price with a 20k Qtum market buy (worth 400k USD at today's price). The order books are that thin for this pair on Bitfinex.

    Now I understand that order books are not static, and as the price of Qtum increases, additional sell orders may be put on the order books, making the sell side thicker. Still, I had a personal experience of how much slippage can possibly occur on this pair even with relatively small orders.

    On the 14th of March, I made a market buy of 1.2k Qtum on Bitfinex. The lowest price that this order was executed at was USD$16.8, and the highest price was USD$23.151. My 22k USD order singlehandedly pumped the price up almost 40%.

    Given these observations, I can't fathom how 150k of Qtum can be bought and sold over a 20 hour timeframe without at least causing more drastic changes in the price of Qtum. The only conclusion I can reach is that someone, or some group, is buying and selling Qtum from and to themselves, essentially wash-trading.

    Moral of the story: There is a high chance that either traders/trading pools or Bitfinex itself is doing wash-trading on certain altcoin pairs in order to generate false transactional volume/activity and to manipulate market prices. It is also entirely possible that a certain amount of wash-trading happens with the higher liquidity pairs, such as BTCUSD and ETHUSD. I'd advise extreme caution when investing or trading on Bitfinex, especially with the low liquidity altcoin pairs.

    submitted by /u/jmjavin
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    Question on margin trading on Kraken

    Posted: 20 Mar 2018 12:08 AM PDT

    Hi,
    Can someone help me figuring this out:
    Let's say my account balance on Kraken is $1000 and I'm shorting $2500 worth of BTC. I understand that I will need at least 3x leverage to be able to do that, but is there any reason not to use the max - 5x leverage in this (or every) case? Even though 3x is enough, 5x puts margin call/liquidation range further, are tehre any cons to using higher leverage? As I understand the profit/loss would be higher/lower based on how much money/BTC I "borrowed" and not on the leverage itself, correct?
    Thank you in advance for the help.

    submitted by /u/FoldMode
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    Have we eluded the death cross?

    Posted: 19 Mar 2018 02:06 PM PDT

    Was the recent bounce enough to keep us positioned above the death cross, or is it still to early to tell?

    submitted by /u/Longlang
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    PDF Beginners - What To Do With Bitcoin Crashing? (& G20 Whale Price/News Manipulation)

    Posted: 19 Mar 2018 06:09 PM PDT

    PDF Beginners - What To Do With Bitcoin Crashing? (& G20 Whale Price/News Manipulation)

    Everyone seemed very positive about the article (thank you!), so I went for the PDF. Feedback appreciated.

    Can download PDF on here, the link itself keeps getting the post flagged unfortunately.
    https://www.bitcoinbuythefuckingdip.com/single-post/2018/03/19/PDF-What-to-do-when-Bitcoin-CRASHES-G20-Whale-Manipulation

    T(dot)me/theBitStandard

    submitted by /u/fcukjerry
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    Gemini withdrawal: ACH vs Wire question

    Posted: 19 Mar 2018 05:26 PM PDT

    I was just wondering why anyone would choose to withdraw via ACH instead of Wire, since Wire arrives in one business day.

    Thanks

    submitted by /u/Stormy1997
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    Whatever happened to Mike Novogratz?

    Posted: 19 Mar 2018 11:48 AM PDT

    He was all over bitcoin in December, appearing on every show. Now you don't see him anywhere. Did he sell? Is he a believer or was he just pumping?

    submitted by /u/darkstarman
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    2018 Cryptocurrency Crash (Elliott Wave): Equinox

    Posted: 19 Mar 2018 12:16 PM PDT

    2018 Cryptocurrency Crash (Elliott Wave): Equinox

    Crosspost: https://bitcointalk.org/index.php?topic=2711461.msg32696295#msg32696295

    History

    —08-JAN-2018: Elliott Wave, https://redd.it/7ptsg3

    —12-JAN-2018: Crypto Black Monday, https://redd.it/7pxg0d

    —24-JAN-2018: Dotcom vs Crypto, https://redd.it/7skzff

    —21-FEB-2018: Bear Market Resumes, https://redd.it/7z8u6n

    —13-MAR-2018: Fare Thee Well Ten Thousand, https://redd.it/842ssd

    —19-MAR-2018: Equinox, https://redd.it/85m5tr

    Bitcoin has declined almost 40% from the 11700 (Bitfinex) high set on 05-MAR-2018, to the low of 7240 set on 18-MAR-2018.

    The first leg of the decline (i.e. from 11700 to 8342) was a quick steep 3-day sell-off; whilst the second leg of the decline (i.e. from 9900 to 7240) formed what appears to be a 6-day "Falling Wedge" pattern. Interesting to note, the second leg of the decline is precisely a 0.786% Fibonacci relationship to the first leg —wonderous phinance!

    With price/RSI positive divergence on multiple hour timeframes, there appears enough waves to suggest an interim bottom is in place; and the expectation suggests choppy sideways price action for perhaps during the course of a week.

    The decline from 11700 to 7240 may retrace between a Fibonacci 38.2% (i.e. 8944) to 50% (i.e. 9470), with the average being at 9207. Thereafter, a new bout of selling is expected to resume quite rapidly targeting the 78.6% Fibonacci retracement of the entire Bitcoin market at 4257.

    Esoteric trivia: 20-MAR-2018 marks the equinox where the Earth is in 'balance' with equal length of day & night everywhere —quite the sentiment of cryptocurrencies which are precariously balancing on a tightrope! Grizzly bears and black bears also awaken from hibernation at the start of Spring in the northern hemisphere!

    Analysis is purely guesswork with speculative Elliott Wave model indicative of price & structure, not time; as follows:

    BTC (4-hr): https://i.imgur.com/sK4FDXT.png

    BTC (Weekly): https://i.imgur.com/HWm8a6S.png

    BTC (Daily): https://i.imgur.com/BVz5LFt.png

    submitted by /u/12345abcde00001
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    Trump just banned government backed cryptocurrency.

    Posted: 19 Mar 2018 11:41 AM PDT

    President Donald Trump banned U.S. purchases of a cryptocurrency Petro ( Venezuelan governments oil-backed cryptocurrency)

    This is the first time the US has banned trading a cryptocurrency and also the first time there has been a fully gov't backed crypto.

    IMPORTANT: Trump is obsessed with trade deficits now so it's a fair move. US money going to that is guaranteed trade defect. I think it is safe to say that Trump is against cryptocurrencies but I reckon he would support the technology behind US based cryptocurrencies, as they create new jobs. I do not think this is a good indicator of the future of crypto but I did some thinking and I reckon this could very well just be a strategic politic move to gain more control of Venezuela.

    This will most likely be addressed at the upcoming G20 summit. This group has an admin attending it and they will be posting live updates on the event. https://www.facebook.com/groups/116014865776792/

    submitted by /u/ToothFairyTea
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