I love how people keep spreading FUD about how Bitcoin is based on an outdated protocol... when it is open source, and the core developers keep adding to it and improving it every single day. Kinda like saying Linux is based on an outdated version of UNIX.  |
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Yeah, God forbid that the price of bitcoin actually stabilizes so it can be used as a viable currency. Who would actually want that anyway. /sarcasm Only: Off Radar Money Changers Black Market Participants Attention Seekers and the damn fucking greedy give two hoots about Bitcoin. If it isn't turning a nominal USD profit then it will get sold off. What we have is not a stable market. But greedy bastards holding out waiting on another big price surge. If it doesn't kick in, then increasing amounts of Bitcoin will start hitting the market and it will go down in value, right down to where the greedy with a longer term outlook think it is a good price, but they too have a tolerance thershold which will be broken if Bitcoin doesn't rise in value and turn them a buck. Don't be fooled by the Bitcoin idealists. All of them early adopters to a man. It's easy to be idealistic when you are 10000% up, perhaps not so easy when you are one of the unfortunates who was convinced by Bitcoin Nutter to go all in at $800, and that is if you didn't exit the market in the $500s, which you probably did. If Bitcoin is not going up in value, then it must go down in value. Aside from appreciating in value, Bitcoin has no use to 90% of those holding it. I'm not a Bitcoin Nutter as you say, but I am long on bitcoin's future. Matt, I actually think it'll be around a lot longer than you will, lol. Or you'll probably still be around a few years from now, somehow trying to make a few bucks on it's ups and downs. I mean if Bitcoin never makes it as a viable and stable currency in the long term, then NO CRYPTOCURRENCY will ever make it. And the price has to go WAY up from here before it can stabilize. To the point where the sharks and the market makers no longer control the market, because instead it'll reside with the masses. Actually, I first bought at $400's (during the Nov rise), but continued buying as it went up. Even bought a few at 1000. But then sold 35% of my holdings at $850, and then bought them all back at $510. So overall, I think I'm doing pretty well. The only mistake I really made was not selling them all when the price hit 1100, but then again I was a bitcoin newb and hindsight is always 20/20. |
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It's almost as if someone is manipulating to keep it at 666, lol.
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Yeah, God forbid that the price of bitcoin actually stabilizes so it can be used as a viable currency. Who would actually want that anyway. /sarcasm |
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Well to be fair to traders, you can't really trade from a remote wallet. The coins have to be in an exchange wallet and ready to buy/sell frequently. The price swings so fast, and sending BTC from a remote wallet to an exchange wallet can take anywhere from 5-10 mins to in some cases an hour. By the time you are ready to sell them you may have missed the opportunity.
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I must admit i saw the prices going lower after waking up to the Gox news. The dip to $400 unfortunately happened when i was asleep so for me it doesn't count, i managed to buy in this dip at $475 with some Fiat.
Same here, bought just before the dive to $400. Still managed to get some more under $500. We might go sideways for a while instead of steadily up, but didn't it do the same after June's final capitulation? |
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The assumption is, the price would be crashed so wall st can load up on BTC. Maybe the price is being 'crashed' so that wall st can load up on GOX itself. They saw who was running it they saw it was flaky. The fucked with his exchange until he got scared. Now Mark is the one that has finally capitulated and given in and sold gox for pennies on the bitcoin. That would be how wall st does it  Or maybe Wall St isn't happy entering a market where they know that Joe Blow is sitting with around 90% of all BTC in cold storage. Wall St want these BTC out of cold store and into their hands. For this they need to to totally fuck the market down a price level they would be happy to buy in at (double digits perhaps), and they will keep it their forcing Joe Blow to admit defeat and dump all his coins. I've discussed this theory before and i believe it has some legitimacy. I find it hard to believe once Wallstreet comes with Billions of dollars they'd immediately jump in at the first chance and buy like crazy, for sure some sort of manipulation will play out that tanks the market for them to buy in low. I believe that may have been what just happened. Also, seems to me that bitcoin related startups is where the money is really at, especially if Wall Street could invest in creating exchanges (or BUY one outright, wink wink).  |
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When the shorts come out with extreme emotion saying it'll crash lower, you know the bottom was already found. |
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Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.
Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".
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Wow, and with no explanation? This Mark K. guy's PR abilities just keep getting better and better! Outstanding leadership in that company for sure!
Are you really this dumb to think hes actually running a company? This "company" was done 2 weeks ago. I guess you didn't catch the extreme sarcasm in my post |
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Wow, and with no explanation? This Mark K. guy's PR abilities just keep getting better and better! Outstanding leadership in that company for sure!
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The recovery has started.  Next stop $1000!!!  Annnnd just like that, the pump and dump is over. |
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This is just in, secondmarket had all their funds on mtgox.
Source? Also, what about their coins, I'm assuming off-exchange wallet? |
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Seriously? Sorry smoothie, but a guy that's been around these boards since 2011 and the best TA you can come up with is a freakin' 2-month range for final capitulation? My 13 year old daughter could have surmised that just from looking at a few historical charts for about 5 minutes. Nail it down to the exact week and I'll be impressed. Lol please bring your daughter to the forum and have her do it. Talk is cheap as usual. Perhaps you missed my recent call on gox 3 weeks prior to their withdrawal halt or my $600 prediction where I put up 2 BTC and won. I'm not here to impress you as the world doesn't revolve around you. Lol Hey man, not trying to pick a fight. But if I predicted a full two month window for capitulation (which in my mind, it'll happen within the next 15 days) and posted that on this board I would have absolutely been laughed at. A lot of other members with very little TA skills have already surmised that. |
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Seriously? Sorry smoothie, but a guy that's been around these boards since 2011 and the best TA you can come up with is a freakin' 2-month range for final capitulation? My 13 year old daughter could have surmised that just from looking at a few historical charts for about 5 minutes. Nail it down to the exact week and I'll be impressed. |
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Looking at the TA (I am not an expert, maybe I am wrong) the bottom is sitting somewhere between 400-460, but with Gox BS and all the negativity around I wont be surprised if we hit 300-350 (maybe flash crash?)... I am more and more reconsidering my position, now I got some Fiat on Bitstamp and I have open orders till 430, so lets see how that plays out.
Before I was so sure about not breaking the 600's, but after going back and reading all predictions again, I feel so ignorant about my past statements...
Welcome back from ignore. Yes, bottom is somewhere between 300-460, but the exact guessing can make you up to 50% richer... Risto, just curious: Do you think any positive news regarding Mt. Gox could raise the absolute bottom floor price range, or do you think it will hit that bottom range regardless? I'd like to believe that Gox news (positive or negative) is already factored in, and capitulation to the bottom range you describe will happen regardless. But Gox is still a bit of a wildcard IMO. I'm not sure how much public sentiment is attached to it at this point. For example, they could resume withdrawals and then shortly after a recovery could ensue, only to have them announce a "closing up shop" a few months later... which might affect another sharp drop in price... |
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The big problem with the 370s is that it takes too long to get there. We'll be into the next adoption wave by that time. Also, when if the Gox coins are freed, there will be both dumping and Gox correlation lift in the exchanges. That seems much more likely to mark the end of the downtrend than any other identifiable future event, and it would be challenging to burn off enough demand to hit the 370s in the 2-3 weeks which mark the reasonable forward bound on that event.
Agree with everything you said. But had to fix one line above for ya. There's absolutely NO guarantee that Gox will resume withdrawals, they may never. They could very well just be stalling, and the decision has already been made (aka via their lawyers). And even if they do it will most likely be severely restricted... meaning only a trickle of coins will come out, so these won't able to be dumped in mass quantities all at once on other exchanges. |
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...
"It is good to make regulation clear for bitcoin businesses, it will create a much better foundation for them to build on. But next to helping the bitcoin businesses there should also be some focus in helping the customers. Which legal rights do we as customers have when dealing with bitcoin businesses. Should bitcoin businesses be accountable for the funds of its customers, my personal feeling would be yes. The current uncertainty is one of the reasons the bitcoin prices have been so volatile. Just look at what Mt Gox is doing to the market at the moment. It was a huge exchange where people put a lot of trust and money into, and now its burning down due to "technical problems" and people losing hope they will ever fix those. Customers panic sell/buy because they have no idea if they will ever see their USD/CNY or BTC back. Due to lack of legislation many bet on going FIAT, driving the price of a gox btc to the ground, hoping they can sue Mt Gox should it go bankrupt. And there are many more exchanges currently being used which operate in very questionable legal area's. Even though criminals might welcome those exchanges, it would be good for normal people to be able to use legit bitcoin businesses, who don't face possible seizure by law enforcement and allow for some legal "insurance" that their money cant be stolen without legal consequence for the business owners."
See the legislation case that he is building? I do.
Link? I don't see that comment anywhere from Lawsky: http://www.reddit.com/user/BenLawskyAlso, lots of people mentioned MtGox. I posted about exchanges fairly early. Edit: That quote you have there is not from Lawsky. It's from "da_unique" who was responding to Lawsky. Threading misread... Sorry about that, you are correct... I misread the author of that quote. |
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Overall I'm hopeful and positive. But I can't help shake the feeling that something is very wrong with the way this U.S. regulation stuff is going...
<tinfoil hat>
1. Charlie Shrem gets arrested at the airport literally a day before the NY legislation hearings begin
2. The Charlie Shrem arrest is brought up more than once by B. Lawsky in the hearings
3. The legislators saved the bitcoin naysayers and 'doom and gloomers' for the last day of the hearings, including law enforcement chiming in negatively
4. Mt. Gox is under investigation by the FBI, seized U.S. bank accounts due to Mt. Gox likely not implemented proper AML and KYC for its customers since 2011
5. Mt. Gox is now likely insolvent, hackers absconding with customers bitcoins and $$$, and the price tanks to around $100 TODAY
6. B. Lawsky schedules to have an AMA on Reddit TODAY, the very same day that Mt. Gox is having its worst crisis
Coincidence? I just don't think so. I think the U.S. is slowly building their anti-bitcoin case here. Or a case for over-the-top regulation that would be hard or expensive for companies to comply with. I really hope that I'm wrong.
The tell will be how many times that B.Lawsky brings up the Mt Gox fiasco in the AMA.
</tinfoil hat>
EDIT: No one on the AMA even mentioned Mt. Gox in their questions. But B.Lawsky made a point to say this directly:
"It is good to make regulation clear for bitcoin businesses, it will create a much better foundation for them to build on. But next to helping the bitcoin businesses there should also be some focus in helping the customers. Which legal rights do we as customers have when dealing with bitcoin businesses. Should bitcoin businesses be accountable for the funds of its customers, my personal feeling would be yes. The current uncertainty is one of the reasons the bitcoin prices have been so volatile. Just look at what Mt Gox is doing to the market at the moment. It was a huge exchange where people put a lot of trust and money into, and now its burning down due to "technical problems" and people losing hope they will ever fix those. Customers panic sell/buy because they have no idea if they will ever see their USD/CNY or BTC back. Due to lack of legislation many bet on going FIAT, driving the price of a gox btc to the ground, hoping they can sue Mt Gox should it go bankrupt. And there are many more exchanges currently being used which operate in very questionable legal area's. Even though criminals might welcome those exchanges, it would be good for normal people to be able to use legit bitcoin businesses, who don't face possible seizure by law enforcement and allow for some legal "insurance" that their money cant be stolen without legal consequence for the business owners."
See the legislation case that he is building? I do.
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