Bitcoin Forum

Bitstamp apparently received significant investment from Pantera:
http://www.reuters.com/article/2014/03/17/bitcoin-bitstamp-pantera-idUSL3N0ME26A20140317 (http://www.reuters.com/article/2014/03/17/bitcoin-bitstamp-pantera-idUSL3N0ME26A20140317)
Yet apparently the market does not consider that noteworthy news which is astonishing, after the Gox debacle.

OTOH gold was going down the last few days. Is Bitcoin finally syncing with gold?

guess we need tons of more good news to outweigh the gox desaster.  :(

It's old news, they only published a lame statement from a small company saying ''yeah, they got their shit'' without any other proof.

That was without commitment or proof. I completely agree that statements that do not come with evidence or commitment should generally be ignored. The new part of the Reuters news is that it comes with a $10 Million commitment by a well known hedge fund.

Thus we can be quite confident that Stamp is solid which wasn't the case until Monday. Given that, a drop of about 8% right after that news came out seems quite surprising.

Here's what I wrote before about that, in the wall thread:

This will take some time before it will influence price. It's not the bullish equivalent to a flash crash event... what I mean is, I'm not expecting price to turn around 180 degree tomorrow. But this combination of solid 'old' money chasing the new one, not just the size of the Pantera/Fortress fund at registration, but also that little nugget about Bitstamp, makes me pretty confident that those scenarios we discuss here once in a while, like yesterday, those that paint the picture of a painfully drawn-out bear market that can last several more months to a year (you know the people who see it like that, Mat, or Lucif) simply are not a realistic option anymore.

* * *

Also, confirmed or not is not the point. A lot of "unconfirmed" bearish news influence price, and the same holds for bullish items. The difference is that this one will take time to sicker in. It'll probably work in the mid term to give back some confidence that at least some exchanges are (mostly) trustworthy, which in turn will (mid term) increase buying pressure. But more swings to the downside are completely possible until then, in my opinion.

To be fair surely its to be expected that an exchange has all their customer funds. Why would an exchange actually being an exchange cause the price to rise. Also until there is a way to verify your own balance then an audit like this doesn't mean much. Its certainly better than no audit at all but to have an effect on the price.

My opinion is that a lot of this good news is being digested and is all adding to the fuel for another run up. At the moment after gox and other pieces of bad news people are simply waiting for it to take off rather than trying to catch the falling knife. This was obvious in the run up from $550 to $700.

that's true, alot of people here go around and claim Bitstamp rep on the audit, but really there is no evidence. Don't get me wrong, i love Bitstamp's service. However i'm losing trust in most of these exchanges.

oh btw, another Canadian exchange just got hacked and btc stolen yesterday.