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Tinfoil hat time.
Let's assume for the moment that Gox has been completely manipulated since June (when USD withdrawals were stopped).
Did Gox lead the rally to $1000? Was all price growth above $266 driven by people just trying to get their $ out of Gox? Is the current price of $613 just a sham relic of inability to withdraw fiat from Gox?
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You have been paying too much attention to Vladimir Putin again.
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yea I want out of Australia too - I just don't know of any truly independent and non-corrupt place to go to though.
U want out of Australia? U clearly have no idea how good you guys have it there compared to just about everywhere else. While true, it is getting a lot worse; and increasingly so. I just hope people wake up to the fact and turn it around before it's too late. Sadly people are inherently lazy and would rather sit and watch their country fall to shit than get off their ass and do something about it The Ukrainians had a go. I hear some people in Syria and Egypt are trying too. |
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I once worked out that it would cost US$750,000 for one tank of fuel for Greg Norman's yacht.
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My prediction that BSP would be back under 600 by 2pm is not going so well. That's ok I am patient I still think there is nothing behind this rally.
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Having witnessed apparent insider trading on Gox this last week the broader market is watching for further price signals hence the tie between stamp and Gox.
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I would nominate Mark Karpeles to the Oscar for his superb acting in the movie /Honey, I Shrunk the Coins/.
Seriously though: by allowing deposits while suspending withdrawals, MtGOX became a scam site in my book.
Any sensible person would flee from MtGOX at the first opportunity. Yet by posts in this and other threads, many still defend Mark and expect MtGOX to continue trading there once it resumes withdrawals.
I just learned a story about a 'bitcoin investment fund' in a certain Latin American country. The fund took several thousand coins from clients, promising large returns in BTC. Then the owner claimed that the fund had been hacked an all the coins were stolen, and closed the fund. The clients have not yet received their coins back.
What makes the story interesting is that that same person is the owner of that country's main bitcoin exchange. And his clients see nothing wrong with that.
Why is there so much tolerance to dishonesty in the bitcoin community?
Does it have something to do with the libertarian philosophy, in some broad sense of the term? Perhaps those loyal clients think, "The guy is not a scammer, because anyone who lost money to his scam is stupid, and stupid people deserve to lose their money"?
It is a good question Jorge. I think the answer lies in a lack of effective remedies. What *can* you do if someone in a small Latin American country rips you off? Answer is likely nothing. With some people yes the libertarian philosophy does come into play (I won't ask for help because I don't want the State interfering in my affairs) but I believe libertarians as a total proportion of investors are shrinking as the asset pool becomes more widely spread. |
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I took my profits even before the DDOS hit. The rumour this rally is based on is bull fud and the market will be back close to what it was within 8 hours.
I sold a tiny bit myself, but I'm less confident than you are. 1. It's Sunday in Japan. Gox doesn't do anything on weekends. 2. Gmaxwell has said the transactions are just standard Gox dust sweeping transactions. 3. Gox is still today trying to spend immature coins and the transactions are failing as a result. 4. Although the people on this forum appear to be living in the mistaken belief that insolvencies are resolved in a number of weeks, they aren't. They grind out for years. 5. The only decent hope for a rally in the short term is other good news outweighing Gox. It's a Sunday. Major announcements don't get made on Sundays. 6. There is some hope for a good Neo announcement on Monday. Until then risks are to the downside. Again, your big assumption is that Gox is insolvent. If you are wrong the rest of your list can be thrown out the window. Wind - please explain to me why JPY withdrawals have a queue at least a month long. Dude. Everyone wants an explanation for everything and when they can't get one they make up their own. I don't have an explanation for you. But your have nothing but pure speculation to suggest insolvency. Unless you can get me direct access to Mark for 24 hours then I will not attempt to speculate. You can. But that doesn't mean you are any closer to the truth than anyone else. Well fiat withdrawal problems help increase the BTC price so I'll exclude that. But everyone sending Mtgox deposits, maybe some whale realized this and figured they would try and take advantage of the situation. Everyone is following for now... Ok I'll spell it out for you. 1. JPY transactions are being made with at least a one month time lag. 2. If Gox had domestic banking problems the most likely outcome would be no transactions. Not a growing but functional queue. 3. Insolvency is defined as an inability to pay debts as and when they fall due. Unless Gox has the money and is deliberately withholding it, it is by definition currently insolvent. 4. There are only two possibilities with Gox JPY withdrawals: Either Gox has the money and is deliberately withholding it or they are currently insolvent. Neither is a good outcome for investors. 5. There remains the possibility that everyone sending fiat to Gox to try to arbitrage will recapitalise it. And Gox will reemerge from insolvency or what ever it's current state is. Of course those funds remain at risk until Gox earnings from commission exceed what it owes to its arbitrage friends. Until then it's position remains precarious. |
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I took my profits even before the DDOS hit. The rumour this rally is based on is bull fud and the market will be back close to what it was within 8 hours.
I sold a tiny bit myself, but I'm less confident than you are. 1. It's Sunday in Japan. Gox doesn't do anything on weekends. 2. Gmaxwell has said the transactions are just standard Gox dust sweeping transactions. 3. Gox is still today trying to spend immature coins and the transactions are failing as a result. 4. Although the people on this forum appear to be living in the mistaken belief that insolvencies are resolved in a number of weeks, they aren't. They grind out for years. 5. The only decent hope for a rally in the short term is other good news outweighing Gox. It's a Sunday. Major announcements don't get made on Sundays. 6. There is some hope for a good Neo announcement on Monday. Until then risks are to the downside. Again, your big assumption is that Gox is insolvent. If you are wrong the rest of your list can be thrown out the window. Wind - please explain to me why JPY withdrawals have a queue at least a month long. |
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I took my profits even before the DDOS hit. The rumour this rally is based on is bull fud and the market will be back close to what it was within 8 hours.
I sold a tiny bit myself, but I'm less confident than you are. 1. It's Sunday in Japan. Gox doesn't do anything on weekends. 2. Gmaxwell has said the transactions are just standard Gox dust sweeping transactions. 3. Gox is still today trying to spend immature coins and the transactions are failing as a result. 4. Although the people on this forum appear to be living in the mistaken belief that insolvencies are resolved in a number of weeks, they aren't. They grind out for years. 5. The only decent hope for a rally in the short term is other good news outweighing Gox. It's a Sunday. Major announcements don't get made on Sundays. 6. There is some hope for a good Neo announcement on Monday. Until then risks are to the downside. |
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Ukrainian government has fallen. President has fled.
Must be bullish for Bitcoin. He will need to hide assets, yes? No direct impact short term. But their monetary system will be farked. May be some use for bitcoin for domestic transactions in coming months. |
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Ukrainian government has fallen. President has fled.
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I took my profits even before the DDOS hit. The rumour this rally is based on is bull fud and the market will be back close to what it was within 8 hours.
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Au contraire dear fonz ... GS are notorious for recommending/downgrading assets against the best interests of their clients, for the very purposes of front-running them. Typically on the juiciest of plays. The very fact GS are covering bitcoin in a report is the news. Their statement that it is "too volatile for serious investors" ... means stay away until we establish our positions first. Volatility is life blood for these guys. +1 had to smile when i read that THEY say it is too volatile for investing for SERIOUS investors. Guess these guys are buying, especially with regarding to the TIMING of their assessment Surely not the Goldman Sachs that brought us the Abacus CDO which was one of the doggiest of the dogs? http://sevenpillarsinstitute.org/case-studies/goldman-sachs-and-the-abacus-deal |
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Oh no sum ting wong with the gox pump again. Who couldve seen that one coming? What's worse is the sheep buying into stamp at 580 just because goxcoin was rallying, with clearly no room on the chart to go past 600 before the next slaughter. not sure whether to feel sorry for them, or not.
Markets are so predictable they either go up or down. It would be much more fun if they could move in three dimensions. |
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I would not be surprised if there were currently 14 million+ Gox coins in circulation.
Is there any site that shows the complete ask depth at Gox? All I can find is Gox has 550k coins to $168 which is not out of the realm of possibility but still.
*serious question who wants to go around and add up the ask books of all exchanges and compare it to the 11.5 million coins in existence. Might get a very interesting number. I might ask Jorge he would love that.
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Not interested in shares but have cancelled my sell side limit orders and flipping into hold mode (keeping buy side orders). I'll wait and see what happens Monday with this Neo experiment. If this goes well could be quite bullish. Thank you for posting details.
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No one has provided any evidence they have competent coding either.
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There is a difference between thinking some coins are missing and knowing the reason why.
Although using some of your tens of millions on running a proper audit trail might be a good start.
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