What I find interesting is that they basically halted trading by shutting the site down.
Why halt trading? If there are not deposits nor withdrawals that should not matter on buying or selling.
Seems suspect to me.
They want to manipulate the market by preventing panic sells. Lower prices in the longer term aren't good for their revenues which are based on percentage fees. |
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You see, on 2013 the price always going up. Reaching 2 amazing all time high. While on 2014 the price only decreasing. And now we're under $300, just like early 2013.
2013 had two Bitcoin bubbles - the Silk Road drug bubble and the China exchange controls evasion bubble. The Silk Road crowd is in jail, and the People's Bank of China cut off the air supply of the China bubble. Another bubble would require a new use case for Bitcoin. None was found in 2014. Not accurate, there was another bubble in between that went from 12 to 266. |
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Speculators are again burnt by using a centralized exchange for a decentralized payment system.
I know Bitstamp's security and Ibelieve it's hard to compromise cold wallets but still, a big minus on the image of Bitcoin. Bitcoin will never take off unless ALL centralized exchanges die.
Centralized exchanges can offer multi-signature for trustless Bitcoin deposits. |
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Hey man, BTC isn't lose yet.
See here: 1JoktQJhCzuCQkt3GnQ8Xddcq4mUgNyXEa
1JYTUJZMTsJkqDfLzBG1bGcaBngLgSPAoQ
1PuSoNughjE4zTdRQS2sDhLEFbVgkB3kS7
16vXP31udcx67Xk9KZJNAq2JM6i4hFSGyh
1Drt3c8pSdrkyjuBiwVcSSixZwQtMZ3Tew
1ABobw22YXGu4vKtysgX9AKRqz3fUFWv4E
1GVtpiTSEwC1vUe3UGFRBHjGTrWVFuiArs
Here there are 220.000 Bitcoin, more or less this is the cold storage of Bitstamp. So, relax man and see what will happen the next hour. Btc are not stolen.
Good catch. If we can assume that they have been in control of the coins at the time they last rested, we can be sure that they control them. |
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Please note: Their cold wallet is not affected.
So they say. Words cannot be trusted, only Bitcoin address signatures can. |
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Bitstamp preparing to take bitcoin to $100 with this move.
Pretty much. Bitcoin exchanges' failure to provide trustworthy service directly reflects on liquidity and prices. |
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I believe Bitstamp will sort this out. …
Does that remind me of a posting around the beginning of 2014? Only then somebody wrote, "I believe Mt. Gox will sort this out." Those criminals need to prove they have cold wallet funds pronto. |
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Yeah, well, now noone can do shit.
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1: They need to prove right now how much money they have in cold storage
2: Bitstamp needs to be actually audited (by financial professionals) on a regular basis in the future
3: IMPLEMENT MULTI-SIGNATURE FOR WITHDRAWALS
If 3 doesn't happen, this will keep happening forever. We have the tools, but we haven't forced our complacent, amateurish, borderline criminal exchanges to adopt them.
It's time to pressurize them.
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there are exchanges like bitalo.com out there that do not take control over the coins at all but have user-side generated keys that are stored only in encrypted form on the servers, combined with full multi-signature wallets and backup transaction so that you can get the coins back, even when the site loses all data or goes completely offline.
People just need to use it :-)
Good initiative, thanks for showing us that this can work, and illustrating how irresponsible and borderline criminal established exchanges are for not adopting such practices. Think about what Bitstamp have been working on instead: A fancy chart UI for trading and an Android app. Meanwhile, they can't even ensure or prove that cold wallet coins aren't lost. |
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1: They need to prove right now how much money they have in cold storage
2: Bitstamp needs to be actually audited (by financial professionals) on a regular basis in the future
3: IMPLEMENT MULTI-SIGNATURE FOR WITHDRAWALS
If 3 doesn't happen, this will keep happening forever. We have the tools, but we haven't forced our complacent, amateurish, borderline criminal exchanges to adopt them.
It's time to pressurize them.
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The good thing with the price going down is that we are either getting closer to exponential moneymaking OR bitcoin is headed for $0 and we can all forget about this shit and do something else with our lives  False dichotomy, Bitcoin could also just linger around sideways and waste the rest of your life.  |
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Wow so many muppets everywhere. Bitcoin will only bottom when all the BTFD-er sheeple are taken to the woodshed by the big boys. We need a capitulation for a new bull run to start. Until then its just drip drip drip. Death by a thousand cuts
The capitulation myth. Just like the weak hands myth. It is repeated at every crash and yet it never happens. You people are slow learners. Very slow. I wished that the myth of ShroomsKit finally leaving would actually come true. Same. Fucking idiot liar. |
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Compared to a one day drops of 16% on Nov13/2014, 35% on Dec7/2013 or 50% on Nov19/2013 (Bitstamp) or even greater one day drops on Gox, like 60% on Jun12/2011 or Apr10/2013?
16% spread over two days is small potatoes by comparison.
Some people here are indeed losing touch with reality.
This time around, the torture isn't magnitude or speed. The torture is time and persistence. Over a year of bear market, and now the former alltime high breached, for the first time ever. |
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Bitstamp | Total bids: 2616909 USD. Total asks: 26962 BTC. Ratio: 97.05565 USD/BTC.
😈
Not sure how much relevant is this Blitz? With all this selling there is alot of fiat on the sideways... Waiting for the right moment. I think that real problem is that ask sides on all the markets are still thin. Imposible to make a large (4k+) buy back without moving the market for 40$. 12k to 400$ on Bitstamp and Bitfinex, 19k shorts on finex... And we still haven't seen the real buying back. This will be fun  Of course it's not much relevant, it is no more than a snapshot. However, there's been a divergence for quite some time:  |
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Bitstamp | Total bids: 2616909 USD. Total asks: 26962 BTC. Ratio: 97.05565 USD/BTC.
😈
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Dumb question: If you can't liquidate your holdings, only sell them on secondary markets, how is buying on secondmarket now any smarter than buying on gox after their "withdrawal issues" started?
That is a rather indelicate question to ask. Just because the goxBTC were fetching 20% of face value in the bitcoinbuilder market, it does not mean that the smbitBTC will necessarily go the same way. If you're implying what I initially thought you are implying: Damn, you're evil, man. |
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The feds will have another auction of ~100k BTC soon, right? Maybe Draper will have the guts to average down that time, but judging from his cowardly behaviour at the second (most recent) auction, it's doubtful.  |
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