He did say digital theft?
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Looks like we could be getting a sunday slump instead of a sunday pump this weekend..
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I think 400 is more likely, I fear the mtgox coins will be sold.
But as some say, when is hype, sell, and when fear, buy.
Gox coins won't be sold for a while so I wouldn't factor that into your short term predictions. To OP who knows all it takes is another China FUD bomb and the sheep will panic. The charts and sentiment are both becoming more bullish by the day though.
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Couldn't live without Ninite now days.
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It would be rude not too
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Why the hell does the logo need changing anyways? Who came up with this?
I read it was to do with it being a recognised symbol or in unicode or something of the like.
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The liquidators wil not sell on an exchange, they will sell below market price at auction , likely in blocks.
It is very likely that a large portion of these coins will end up being sold on exchanges for quick profit.
The chances of a Japanese liquidator paying out Bitcoins is very unlikely to say the least. There is also all the fiat owed to consider which needs to be repaid as well.
The time scale for his is likely years too. The simple fact is there is going to be a higher supply of coins which the market will need to soak up if there isn't new fiat to meet the increased supply, price will drop. How much by who knows but simple economics means it will.
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What do you guys think about this:
If the 200k BTC are liquidated, the funds raised will be distributed to the creditors (who a primarily Gox depositors). These are the same people who just lost 750k BTC. Would you expect some of these people to re-purchase bitcoins once they receive their share of the fiat [which ironically was raised by selling their bitcoins in the first place lol] thereby increasing demand?
To me, the direction of the anticipated price movement is not clear.
While I agree there will be some who use some of the fiat to purchase coins I would think that a lot of people burned by gox simply want nothing to do with BTC and will be happy with any amount received to soften the blow. Its all so complicated and hard to speculate on but given the fact that the liquidators will likely settle for way less than market price means that the customers aren't likely to get too much back after every things said and done and again likely not for few years
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My buddy recommends electrum wallets to newbies, but I haven't seen it mentioned here to protect from at least losing your coins accidentally. Is there something wrong with it that I don't know about?
I have used eletrum for some time now. Very easy to use and a deterministic seed is very helpful. I use a combination of an offline computer for signing transaction and an online watch only wallet. This gives me the security I need while still being able to send transactions.
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how soon do you think they'll be selling them?
Bankruptcy can take ages, it wouldn't surprise me if we were talking a few years.
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Manipulation definitely is easier on lower volume.
We're still just following China around like a lap dog though so any manipulation would be coming from there.
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How fking sick is this.. if they have "found" the "missing" bitcoins, just hand them out! They still have the account data and all they need. Selling the bitcoins is bullshit. Those who held Fiat at their account should get fiat if possible, those who held bitcoin should get bitcoin if possible, isn't it that simple really?
What is Japanese states and banks take on bitcoin and cryptocurrencies?
Its not simple for a number of reasons one being they didn't "find" them all. Where do you think the fiat to pay people who had fiat in their accounts is going to come from? Furthermore do you really think a Japanese liquidator is going to pay people back in Bitcoin ? Well it could easily be Distributed eavenly. If they lost 400,000 and found 200,000 why not just repay 50% of everybodies innitial holdings? If People lost fiat or BTC doesn't matter they could easily calculate the value and just pay it out. Its been discussed ad nauseam but one of the reasons is to do with Bitcoin not being legal currency as well as the fact they have huge fiat debts that they must cover as well. Bankruptcy is messy at the best of times but when assets are in a form that most people don't even understand, let alone are able to use and legally guarantee they are going to the right recipient it gets even messier. I don't claim to be an expert but if you want to learn more about the reasons its going like this as well as other questions you may have head over to the #mtgox-talk irc channel.
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If they sell 200k they are not going to do this through an exchange using a market order. It's far easier to sell 10K or 50K chunks of bitcoin to buyers at 80% market price or something.
Agree but that doesn't stop those people dumping them for instant 20% profit. Welll ehhhh ..... Sell 10K or 50K instantly you will lose more then 20%. Also why would you assume whales would directly dump them? A lot of startups like Winklevoss, secondmarket, etc. want those coins so they can make stocks out of them. Probably governments secretly want bitcoins because they want power over people. I didn't say instantly dump them as in market sell but dump them over the course of a few days. Lots of reasons such as instant guaranteed profit, the general drop in the market would mean you could buy the majority of them back. Why would you assume that wouldn't be the case? Taking your theory then where selling 10k would drop the price 20% only 5% of those coins need to find there way to market for the price to drop and that number heading to general exchanges is very likely. They're all theories and we won't know exactly what happens for quite a while I'd imagine but to think that 200k coins suddenly being out in the wild is not something that could drop the price is a bit naive. I do think that there will be some dumping of the coins by weak hands, I don't think it will effect the price that much. Looking at their incentives it is obvious in my opinition - Curator wants to get rid of the coins quick and it's not his money so sell with a loss. - The buyer gets cheap coins and has the time to sell it slowly (if he doesn't hodl). Sell it too fast and bitcoin goes into the shitter. The market might be going sideways for a while. The bottom line is as always supply and demand. The current price is based on the current supply and demand, increase the supply and if demand doesn't increase in line with it the price goes down, its that simple really.
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How fking sick is this.. if they have "found" the "missing" bitcoins, just hand them out! They still have the account data and all they need. Selling the bitcoins is bullshit. Those who held Fiat at their account should get fiat if possible, those who held bitcoin should get bitcoin if possible, isn't it that simple really?
What is Japanese states and banks take on bitcoin and cryptocurrencies?
Its not simple for a number of reasons one being they didn't "find" them all. Where do you think the fiat to pay people who had fiat in their accounts is going to come from? Furthermore do you really think a Japanese liquidator is going to pay people back in Bitcoin ?
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If they sell 200k they are not going to do this through an exchange using a market order. It's far easier to sell 10K or 50K chunks of bitcoin to buyers at 80% market price or something.
Agree but that doesn't stop those people dumping them for instant 20% profit. Welll ehhhh ..... Sell 10K or 50K instantly you will lose more then 20%. Also why would you assume whales would directly dump them? A lot of startups like Winklevoss, secondmarket, etc. want those coins so they can make stocks out of them. Probably governments secretly want bitcoins because they want power over people. I didn't say instantly dump them as in market sell but dump them over the course of a few days. Lots of reasons such as instant guaranteed profit, the general drop in the market would mean you could buy the majority of them back. Why would you assume that wouldn't be the case? Taking your theory then where selling 10k would drop the price 20% only 5% of those coins need to find there way to market for the price to drop and that number heading to general exchanges is very likely. They're all theories and we won't know exactly what happens for quite a while I'd imagine but to think that 200k coins suddenly being out in the wild is not something that could drop the price is a bit naive.
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The western exchanges still follow the Chinese around like a dog on a leash so there influence is not waning in the slightest.
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If they sell 200k they are not going to do this through an exchange using a market order. It's far easier to sell 10K or 50K chunks of bitcoin to buyers at 80% market price or something.
Agree but that doesn't stop those people dumping them for instant 20% profit.
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I think trading alt coins but its very risky. Its all good catching the 400% pumps but its not nice taking a 80% haircut on the dumps.
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Glad it was a positive outcome. One way to make sure there are no mistakes like that is to stamp passwords or keys into a piece of metal that way there can be no problems reading them.
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The rally does seem to coincide with the release of the ATM news, the question is whether it will peter out with no new fiat or a steady grind upwards.
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