Apparently this is the cause of the market surge, inside info based on the following: http://newsbtc.com/2014/03/03/blockchain-info-ceo-nic-cary-big-news-dropping-tomorrow/Blockchain.info CEO Nic Cary: “Big News Dropping Tomorrow” Eric Calouro | March 3, 2014 | 1 Comment Nic Cary Exciting News Tweet That price spike we saw earlier today? There’s probably a good reason for it. Blockchain.info CEO Nic Cary sent out an interesting tweet Monday afternoon with some informaiton to get the bitcoin community’s hearts pumping a little harder: “This is going to be an exciting week,” he proclaimed. “Some big news dropping tomorrow”. Are your palms sweating yet? Of course, no indication on just what that good news is, but it’s most certainly a change of pace from these last few weeks. From bitcoin price drops to the horrifying news that Mt. Gox had lost millions in user funds (and subsequently filed for bankruptcy protection). We’re not going to speculate, but we’d imagine of Cary considers it “big news”, then it most likely is. Also of interest: Cary @-mentioned both the Bloomberg and Market Makers (a TV program on Bloomberg) Twitter accounts. What do you suspect is on the horizon? |
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Ahhhhhhh, ha, this is the reason for the monday morning surge: " http://newsbtc.com/2014/03/03/blockchain-info-ceo-nic-cary-big-news-dropping-tomorrow/Blockchain.info CEO Nic Cary: “Big News Dropping Tomorrow” Eric Calouro | March 3, 2014 | 1 Comment Nic Cary Exciting News Tweet That price spike we saw earlier today? There’s probably a good reason for it. Blockchain.info CEO Nic Cary sent out an interesting tweet Monday afternoon with some informaiton to get the bitcoin community’s hearts pumping a little harder: “This is going to be an exciting week,” he proclaimed. “Some big news dropping tomorrow”. Are your palms sweating yet? Of course, no indication on just what that good news is, but it’s most certainly a change of pace from these last few weeks. From bitcoin price drops to the horrifying news that Mt. Gox had lost millions in user funds (and subsequently filed for bankruptcy protection). We’re not going to speculate, but we’d imagine of Cary considers it “big news”, then it most likely is. Also of interest: Cary @-mentioned both the Bloomberg and Market Makers (a TV program on Bloomberg) Twitter accounts. What do you suspect is on the horizon?" clearly people trading on inside info or inside gossip ... now I have a reason. |
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These teasers are tedious. If you've got an announcement to make, then just make it.
now you see why markets surged, insiders trading on teaser info |
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If you can't find the "missing" money what is to stop all other exchanges from duplicating the disappearing btc trick over and over again?
Nothing stops an exchange from doing this, but such an act will trash its reputation and therefore reduce its profit potential. This mechanic is sufficient to eventually bring the probability of such an event down to a level that customers are happy with on balance. This mechanic is also useful in lowering the barrier to entry for competing exchanges. Reputation? If they take a couple hundred million over 2 yrs, they won't give a F about reputation. Nevertheless, that is NOT the issue, the issue is that they can take it if they want to, that ability must be "balanced" with 'checks and balance', certifications, guarantees, audits, financial security, electronic security, protocol security, transparency, and accountability so as to minimize the possibility of that happening. take a look at this: https://bitcoinaverage.com/markets.htm#USD, http://coinmarketcap.com/ ignored secific exchanges from their btc avg because of the following: btctrade volume data suspect coinbase volume data not published mtgox withdrawals blocked okcoin volume data suspect There is no market "barrier" for integrity, accountability, transparency, and financial security - if you are only worth 2 btc, then only say you are worth 2btc, only show 2btc, and secure that 2btc with all of your might; allow the blockchain to show your name for incoming/outgoing funds this make it easier for everyone to track your performance, and to trace things. |
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This is exactly why we NEED government and regulation
You can't have it both ways. Bitcoin was explicitly invented as a way to exchange tokens of value outside of any regulatory system. Either a money system is outside of the government or its inside of the government. If you have all the functions of government private property rights and justice system involved then there is no need for a decentralized blockchain. It would be a waste of time. You can go one way or the other way, but you can't have both. currently there is decentalized govt regulation, because there are many countried that has acknowledged btc, allowed it to exist, may have even classified it, and have made some rules pertaining to it. In fact, the US govt is not just a rule maker of btc they are also a btc holder, one of the larger holders I might add |
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No financial market of any kind can survive, much less scale, with such shallow security.
Silly me for thinking of Bitcoin primarily as a protocol and not as a market. If anything, the death of Gox will help the long term stability of Bitcoin by discouraging people from leaving either fiat or bitcoins on exchanges. The less daytrading, the stronger Bitcoin will become. JMHO "protocol", "market", or whatever you choose to call it, it cannot scale if it is not safe for the community. The true market price will reflect that lack of security. The protocol says the blockchain sees all, well if humans can't decern it what good is the protocol to humans? Gox departure from the btc economy would have resulted in a true market rally back up to $1000 btc IF the security issue was not an issue. However, rates continued to tumble, not because of gox they were / are dead to the market. It was because we are still not able to use the blockchain to get necessary answers, as such leaving open a gaping hole that would allow any other exchange to walk through it with tons of untraceable btc. The protocol must prove to be a cooperative as well as a reliable witness when it is called upon to testify otherwise it is still an academic experiment not yet ready for real world applications or the real money that goes with that integration. Solve the problem, the market goes up to $1000 for real, fail to solve the problem the market simply continue to ONLY surge based on market manipulation and media hype both of which are unsustainable vehicles for btc life. You will see exchanges step-up in responsible ways in the coming weeks, you will also see the btc protocol reflect a greater appreciation of higher security, and more functionality. |
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It will be interesting to see if this rally will continue or if prices will dip back down to where they started
My guess is that it stays around $630. From experience the BTC usually goes up weirdly fast then a deep drop and stable for a few days. yeah, that old norm was when we were all in the wonderland that the btc protocol could prove all, but now that we realized the protocol might not be reconcilable, or that we might not find the missing 800K btc all of a sudden we are faced with a new reality, a new norm, and a new market price too. Now that we know Gox' numbers were fudged for a long while, now that we know all of the big exchanges fudge their numbers, and now that we know any of them can do the same as gox did, life is no longer the same If $630 becomes the new bottom it will represent an artificially high, and structurally weak, position. I'd really like to know all of the logical, and or actual reasons, why the market spiked today. I monitor the btc market like a hawk, yet to see any justification for the spike. The market is too small not to hear a pin drop in it, so please tell me what happened? |
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Holding my old coins (and the ones I bought during the recent Gox implosion) and trying to free up funds to buy even more while the price is still artificially low.
as long as the gox money is still mission and the blockchain cannot solve the problem, the current market value of btc is artificially HIGH as it stands right now there is absolutely nothing to stop any exchange from 'losing' all of their funds in the same way that gox indicates, implies, and suggests his was lost. No financial market of any kind can survive, much less scale, with such shallow security. If the exchanges don't make some seriously responsible changes, and if the btc protocol doesn't experience some new security features January values will be the high for the year. They have 1 month to initiate meaningful change; these surges are good but they are only fans in a heat wave, we need a storm of goodwill, accountability, transparency, security, etc ... |
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and it's gone
booooooooo, cut that out, it's not gone yet, there's still positive movement ... ... hey there's hope for the dinner crowd, the after news crowd, and the late night crowd, don't give up ... ... eh your're right it's over oh well, that was fun  |
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I don't get it, whats going on?
there is no known logic attributed to the massive upswing, you either get in and hope it swings higher, get in and it swings back down, or just watch the wild and crazy ride weeeeeeeeeee |
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... good to see you again,
since there's no logic behind it...
War always brings flight to safe currencies. If Russia blows the shit out of Ukraine, price will be at $2000 before end of March. Mark my words. war bring flight to stable currencies, btc is farrrr from stable. And given that the gox matter of the missing 800K btc is not resolved, btc is also not safe - you play at your own very high risk. Yea. Those 800k once released could quickly make the price one thounsand or make it 1 dollar. it will only go to $1 if the exchanges don't provide more stability, accountability, transparency, and security to the market, I'm encouraged that they will. BTC will easily hit $1K if the missing btc are found because of the forensic analysis of the blockchain because that will proved that the btc protocol is safe, btc will likely surge to $1400 or there abouts if in addition to that the exchanges do as indicted above, and btc will likely go to $2K if the actual btc protocol is updated with massive security improvement, and all of the other items mentioned above are added. So you see the good and the bad, it all depends on how safe the market place is to operate in. |
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It will be interesting to see if this rally will continue or if prices will dip back down to where they started
what is your prognostication with actual numbers, where do you think will be today's high and low? |
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every part of the $500 - $599 range was examined over the weekend, but suddenly it sprung up and out of that range on Monday -- fantastic
Although I don't know why it occurred, I'm overjoyed that it happened. I sold this morning at $595. and I'm likely to sell again tomorrow morning if it reaches $800, but I'm having a hard time buying at anything above $600 because I don't know the cause of the surge and how long it (surge forces) will be maintained.
Are you buying into this new upswing, are you selling out of it, or are you just looking?
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... good to see you again,
since there's no logic behind it...
War always brings flight to safe currencies. If Russia blows the shit out of Ukraine, price will be at $2000 before end of March. Mark my words. war bring flight to stable currencies, btc is farrrr from stable. And given that the gox matter of the missing 800K btc is not resolved, btc is also not safe - you play at your own very high risk. |
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... good to see you again, please sit down for a moment I see your friends $800, $900, and I think I see $1000 driving up now ...  enjoy it while it lasts folks, since there's no logic behind it that I could see I enjoy with caution |
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wishes do come true, the market broke out of the rut
it is likely a surge but I'll take it, it was tough working in that confined space
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I think the situation with Gox was depressing the market and now that we have a known outcome (bankruptcy) the market can move on.
if that was the case the markets would have responded earlier, as we expected. This is certainly not a market correction, it's a market surge based on a concerted effort The Gox matter is still a major unkown because it isn't about the bankruptcy it's about the "missing money" and our inability to find it This surge is a needed cold rain on a hot arid day |
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Why not?
everything has a reason, knowing the reason for things enables us to has a sense of stability I've got my finger on the market, I did not expect such an enormous jump in the market it is clearly a manipulation however by who and how Don't get me wrong, I appreciate the surge, but I also know it's just that a surge, it's not a true gain for btc because there is no apparent reason for the up tick. I accidentally purchased at 596 when I was trying to sell at 596 so I did both and now it looks like both were good moves |
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Get used to a $450-$700 range for the next few months at least
oh, I'm fine with that, I'll trade in that range every second, i'm counting on the volatility, the currently market avg I look to for guidance appears stuck in the range of $565 - $595, it's been bouncing about in that range for 20 hrs now. Earlier today I was trying to buy at $562 but in the middle of the transaction it went to $568. Since I don't use an exchange with limit options I've got to babysit trades. well the rate went as low as $535 it's now on it's way back up to $595, my hope it that it reaches about $600 before 9am Monday, that's a tall order considering the the tight swings but let's see. |
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Just another theory which might be part of the puzzle.. 1) Both the REAL BTC and USD were long ago channeled out of MtGox, MtGox operating a fractional reserve (somewhere between june 2013 when Karpeles proved he had 424k BTC under his control and now 2) He kept just enough funds in the hot wallet to be able to pay out withdrawals with whatever more he made out of fees 3) Intentionally he delayed withdrawals, leading to the USD price on gox shooting up, allowing him to do arbitrage with the complicity of another exchange and people close to him, traveling to receive the USD directly in japan and channel it back to the exchange conspiring 3.b) There was also probably a bot running on MtGox profiting from the smallest difference in buy/sell, being able to trade at no fees. Another way of manipulation used, was to deliberate shoot the price up and down in sharp spikes, sending signals to other exchanges, and being able to buy/sell with pre-knowledge of where the price would go. Since the goxBTC/goxUSD were not real anyway and via manipulation he had a large piece of them, it was easy for him to control where the price goes. 4) At some point when there was not much to be made anymore with this scheme, as people would simply not deposit USD anymore into MtGox he decided to pull the plug of BTC deposits as well 5) The intention to pull the plug on BTC deposits was to create a panic and shoot the BTC price down on MtGox. This allowed him to buy up a lot of cheap goxBTC along with what he already had on the exchange. Those goxBTC and goxUSD were already worthless as not backed up by REAL btc/usd. They were just IOUs 6) Knowing the goxBTC he holds is worthless, he dumped them all in one go, creating another mass panic and shooting the price down to 91.5 USD, allowing him to buy even more BTC at the bottom, followed by a sharp spike up, creating another panic. Rinse and repeat until he has shaken out the very last bit of most customers both in goxUSD and goxBTC. 7) The final kill blow was when he again used the now massive amounts of goxBTC to shoot the price down to 135 and close shop  Now that shop was closed, he could file bankruptcy and claim he owes people only 135 per BTC as this was what they were trading for at this point before shutting it down. Not allowing others to channel money in and buy the price up again 9) With all the manipulation he managed to drive down the liabilities to his customers down to a minimum 10) People thinking they lost all, in shock, will be grateful to even get 135 per BTC once this is over. They will be willing to sign anything anything to get at least something out, preventing them from further demands in the future 11) Gox will rise up again under a new label Gox.com, now having millions of scammed BTC and USD in their pockets, while having had to pay only 1/10th of liabilities to the former customers Insightful, hopefully I'll be able to give a proper response on return |
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