Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[TERA]

I told you few days ago, that bitstamp is going to be closed  due to some illegal activities. That wasnt just a rumor;)

Please, enlighten us.

as far as my sources teold me. Bitstamp is involved is some illegal activity, presumably  some paedophile groups use  bitstamp to exchange money. That is why bitstamp  is going to be closed for investigation etc  next week or so.

If (or really, WHEN) it turns untrue, I hope someone here will remind me to have this guy banned.

that is almost like a bet.  It needs a timeline.. maybe one or two weeks (or NO later than the end of the month), if the closing of stamp does NOT happen, then Chromosoma = banned... he definitely has been spreading a lot of NON-substantive bitcoin is dead FUD>>>>>  that's for sure.

For all you know he could have been told a lie from someone else and truly believed it.

I wonder why you have this seeming burning desire to defend FUD spreaders.  Chromosoma seems to have developed a FUD spreading pattern of behavior.  Further, when a poster is making outrageous and difficult to believe claims, s/he should have some kind of affirmative obligation to provide some sources for that claim.. . or at least some logic concerning why the claim is plausible.. .. IN this case, Chromosoma is NOT only claiming plausible, but s/he is claiming high likelihood bordering on certainty that Stamp will be closing....   Probably, we are giving him/her too much credibility and airtime by merely discussing such baloney assertions.

why do you call Chinese situation FUD? Chinese situation is facts. it's a reality

[seldon]

Looks like someone tried to hack LocalBitcoins:

LocalBitcoins received a very dangerous attack against the site infrastructure on Saturday 3.5.2014.
For now

• All user data and Bitcoins are safe;
• The site will be down for a while as the system is being rebuilt

Details
LocalBitcoins hosting provided received a request to restart the LocalBitcoins.com website server and give access to the server console (root) on Sat May 3 13:32:27. LocalBitcoins team did not initiate this request. For now, it looks like the request was made using spoofed email addresses and other weakness in the hosting provider support system.

• LocalBitcoins team was alerted about the abnormal activity when the hosting provider restarted the server.
• The attacker gained a root access to the server for ~40 minutes before the attacker was kicked out and the server shutdown.
• All data on the website server is encrypted. Manual actions are needed to make this data readable, so the attacker could not gain access to the data even when having a server console access.

It is very unlikely that the attacker gained access to any data;  LocalBitcoins is still performing full investigation on the matter.

• Bitcoins in hot wallet and cold wallet are safe, as LocalBitcoins runs its bitcoind and wallets on a separate server.
• LocalBitcoins team has started to rebuild the website server on fresh hardware.

LocalBitcoins team will make further announcements when the investigation proceeds and the site becomes available again.  We expect to spend at least 24 hours on this. LocalBitcoins team apologizes the issues the downtime may cause to the users.

It sounds like the localbitcoin guys did everything right. Anyways, it is incredible, that people are still able to pull the "reboot my server please" attack in 2014..

[JorgeStolfi]

It is almost 5:00 am in China, and suddenly there is a rally with ~3500 BTC either already bought or in raised bids.  It does not seem to be coming from the West. 

Pumper without chinese bank account is withdrawing bitcoin before the exchange shuts down.

Could be...  I would guess that only a few traders are playing.  The "wall movie" looks more bizarre than usual, doesn't it?

A pity that @ChartBuddy does not show Huobi's order book.  The pictures should be far more interesting than those of Bitstamp.

By the way, here is an idle question (but which may have to do with the reasons behind the Chinese bans):  Suppose that colluding traders A and B have accounts at Huobi, and their goal is transfer 50'000 yuan in cash and/or bitcoins from A's account to B's account through the standard trading interface.  That is, A should make a sequence of mostly bad trades, and B a sequence mostly good ones, so that at the end A's account should have lost that amount, and B's should have gained that amount.  How fast could they do that, roughly?   (For definiteness, assume that both accounts start with 10'000 extra "working" yuan or their equivalent in bitcoins; that no one else is colluding or aware of their goal; and that A is willing to lose several thoudand of his extra yuan to other lucky traders in the process.)

[ChartBuddy]

Explanation

[edwardspitz]

Looks like someone tried to hack LocalBitcoins:

LocalBitcoins received a very dangerous attack against the site infrastructure on Saturday 3.5.2014.
For now

• All user data and Bitcoins are safe;
• The site will be down for a while as the system is being rebuilt

Details
LocalBitcoins hosting provided received a request to restart the LocalBitcoins.com website server and give access to the server console (root) on Sat May 3 13:32:27. LocalBitcoins team did not initiate this request. For now, it looks like the request was made using spoofed email addresses and other weakness in the hosting provider support system.

• LocalBitcoins team was alerted about the abnormal activity when the hosting provider restarted the server.
• The attacker gained a root access to the server for ~40 minutes before the attacker was kicked out and the server shutdown.
• All data on the website server is encrypted. Manual actions are needed to make this data readable, so the attacker could not gain access to the data even when having a server console access.

It is very unlikely that the attacker gained access to any data;  LocalBitcoins is still performing full investigation on the matter.

• Bitcoins in hot wallet and cold wallet are safe, as LocalBitcoins runs its bitcoind and wallets on a separate server.
• LocalBitcoins team has started to rebuild the website server on fresh hardware.

LocalBitcoins team will make further announcements when the investigation proceeds and the site becomes available again.  We expect to spend at least 24 hours on this. LocalBitcoins team apologizes the issues the downtime may cause to the users.

It sounds like the localbitcoin guys did everything right. Anyways, it is incredible, that people are still able to pull the "reboot my server please" attack in 2014..

I don't mean to scare people, but if the attacker gained root access the attack was not just a (failed) hacking attempt but really serious. I doubt that everything was encrypted on the server, so the attacker may have had time to gain valuable insight into their systems that could be used for future exploits. I think it is good that Localbitcoins are being open about it, and it sounds like they are on top of the situation. But if the attacker has had a peek into their code it could be a bit of a nightmare for their security team.

[cech4204a]

I told you few days ago, that bitstamp is going to be closed  due to some illegal activities. That wasnt just a rumor;)

Please, enlighten us.

as far as my sources teold me. Bitstamp is involved is some illegal activity, presumably  some paedophile groups use  bitstamp to exchange money. That is why bitstamp  is going to be closed for investigation etc  next week or so.

If (or really, WHEN) it turns untrue, I hope someone here will remind me to have this guy banned.

that is almost like a bet.  It needs a timeline.. maybe one or two weeks (or NO later than the end of the month), if the closing of stamp does NOT happen, then Chromosoma = banned... he definitely has been spreading a lot of NON-substantive bitcoin is dead FUD>>>>>  that's for sure.

For all you know he could have been told a lie from someone else and truly believed it.

I wonder why you have this seeming burning desire to defend FUD spreaders.  Chromosoma seems to have developed a FUD spreading pattern of behavior.  Further, when a poster is making outrageous and difficult to believe claims, s/he should have some kind of affirmative obligation to provide some sources for that claim.. . or at least some logic concerning why the claim is plausible.. .. IN this case, Chromosoma is NOT only claiming plausible, but s/he is claiming high likelihood bordering on certainty that Stamp will be closing....   Probably, we are giving him/her too much credibility and airtime by merely discussing such baloney assertions.

why do you call Chinese situation FUD? Chinese situation is facts. it's a reality

Captain: what is FUD ?

[Odalv]

How it looks on log scale:


Same line on linear scale:


Same line on larger time scale:


:-) just interesting

[edwardspitz]

I told you few days ago, that bitstamp is going to be closed  due to some illegal activities. That wasnt just a rumor;)

Please, enlighten us.

as far as my sources teold me. Bitstamp is involved is some illegal activity, presumably  some paedophile groups use  bitstamp to exchange money. That is why bitstamp  is going to be closed for investigation etc  next week or so.

If (or really, WHEN) it turns untrue, I hope someone here will remind me to have this guy banned.

that is almost like a bet.  It needs a timeline.. maybe one or two weeks (or NO later than the end of the month), if the closing of stamp does NOT happen, then Chromosoma = banned... he definitely has been spreading a lot of NON-substantive bitcoin is dead FUD>>>>>  that's for sure.

For all you know he could have been told a lie from someone else and truly believed it.

I wonder why you have this seeming burning desire to defend FUD spreaders.  Chromosoma seems to have developed a FUD spreading pattern of behavior.  Further, when a poster is making outrageous and difficult to believe claims, s/he should have some kind of affirmative obligation to provide some sources for that claim.. . or at least some logic concerning why the claim is plausible.. .. IN this case, Chromosoma is NOT only claiming plausible, but s/he is claiming high likelihood bordering on certainty that Stamp will be closing....   Probably, we are giving him/her too much credibility and airtime by merely discussing such baloney assertions.

why do you call Chinese situation FUD? Chinese situation is facts. it's a reality

Captain: what is FUD ?

FUD = Statements that cause fear, uncertainty, and doubt

[cech4204a]

I told you few days ago, that bitstamp is going to be closed  due to some illegal activities. That wasnt just a rumor;)

Please, enlighten us.

as far as my sources teold me. Bitstamp is involved is some illegal activity, presumably  some paedophile groups use  bitstamp to exchange money. That is why bitstamp  is going to be closed for investigation etc  next week or so.

If (or really, WHEN) it turns untrue, I hope someone here will remind me to have this guy banned.

that is almost like a bet.  It needs a timeline.. maybe one or two weeks (or NO later than the end of the month), if the closing of stamp does NOT happen, then Chromosoma = banned... he definitely has been spreading a lot of NON-substantive bitcoin is dead FUD>>>>>  that's for sure.

For all you know he could have been told a lie from someone else and truly believed it.

I wonder why you have this seeming burning desire to defend FUD spreaders.  Chromosoma seems to have developed a FUD spreading pattern of behavior.  Further, when a poster is making outrageous and difficult to believe claims, s/he should have some kind of affirmative obligation to provide some sources for that claim.. . or at least some logic concerning why the claim is plausible.. .. IN this case, Chromosoma is NOT only claiming plausible, but s/he is claiming high likelihood bordering on certainty that Stamp will be closing....   Probably, we are giving him/her too much credibility and airtime by merely discussing such baloney assertions.

why do you call Chinese situation FUD? Chinese situation is facts. it's a reality

Captain: what is FUD ?

FUD = Statements that cause fear, uncertainty, and doubt

Thanks man much easier to read

[TERA]

Same line on larger time scale:


:-) just interesting

I have been following the lines you posted for the past 5 months expecting a reversal there but now it is clear that is BROKEN by looking at the weekly chart and the declining volume.  Now where is the NEXT support?

[p0peji]

Same line on larger time scale:


:-) just interesting

Next stop 150$?

[Odalv]

I know, .... worst case scenario $350/BTC at the end of year ? (and $2,000 in 2016  :-) )

[JayJuanGee]

I told you few days ago, that bitstamp is going to be closed  due to some illegal activities. That wasnt just a rumor;)

Please, enlighten us.

as far as my sources teold me. Bitstamp is involved is some illegal activity, presumably  some paedophile groups use  bitstamp to exchange money. That is why bitstamp  is going to be closed for investigation etc  next week or so.

If (or really, WHEN) it turns untrue, I hope someone here will remind me to have this guy banned.

that is almost like a bet.  It needs a timeline.. maybe one or two weeks (or NO later than the end of the month), if the closing of stamp does NOT happen, then Chromosoma = banned... he definitely has been spreading a lot of NON-substantive bitcoin is dead FUD>>>>>  that's for sure.

For all you know he could have been told a lie from someone else and truly believed it.

I wonder why you have this seeming burning desire to defend FUD spreaders.  Chromosoma seems to have developed a FUD spreading pattern of behavior.  Further, when a poster is making outrageous and difficult to believe claims, s/he should have some kind of affirmative obligation to provide some sources for that claim.. . or at least some logic concerning why the claim is plausible.. .. IN this case, Chromosoma is NOT only claiming plausible, but s/he is claiming high likelihood bordering on certainty that Stamp will be closing....   Probably, we are giving him/her too much credibility and airtime by merely discussing such baloney assertions.

why do you call Chinese situation FUD? Chinese situation is facts. it's a reality

This particular statement by Chromosoma was NOT about China.  S/he said that Bitstamp was going to be shut down... without providing hardly any substantiation(s) for such assertion...

Further, any subject matter can be used by FUD spreaders - even when they are combining true matters with untrue matters in order to build their case - such as claims that bitcoin is going to zero.  This particular latest assertion by Chromosoma did NOT involve China, yet.

[TERA]

It all depends on how much time it takes to decline. Theoretically it could either drop immediately to $120 or go sideways for a year at $400.

I don't know which will happen. All I know is that the next 1-2 years is not going to be productive for traders.

[Odalv]

It all depends on how much time it takes to decline. Theoretically it could either drop immediately to $120 or go sideways for a year at $400.

I'll prefer drop to single digits :-) .. and then I'll buy thousands.

[edwardspitz]

i dont think the last bottom will be tested, i think it will be somewhere above it

When it went down below $400 there was a lot of buying pressure and price quickly went up (and the move was backed up by volume). But meanwhile $450 has become the new "normal", so going below $400 again may not have the same affect (if it happens again). I think you wrote somewhere that we might go to $370. If the "fractal" repeats again then we can only hope that $370 holds. I personally think there is a good chance you are right, but it is not really based on anything other than what I feel is most likely.

Edit: English is not my first language 

[ChartBuddy]

Explanation

[BitChick]

I know, .... worst case scenario $350/BTC at the end of year ? (and $2,000 in 2016  :-) )

Best case scenario?   $2,000 in June?  $350,000 in 2016? 

It is always good to see the positive in things. 

[gentlemand]

It all depends on how much time it takes to decline. Theoretically it could either drop immediately to $120 or go sideways for a year at $400.

I don't know which will happen. All I know is that the next 1-2 years is not going to be productive for traders.

Calling the next 1-2 years is very bold and more than slightly ludicrous.

[cech4204a]

i think all off you are wrong, nobody can predict price of BTC. And i can bet on this. it can go to 5$ in a day and back to 400$, it can also go to 1000$ in a day and back to 400$, you will never know unless you are big fish in the pond and you have some real deal piece of information or some big ammount of money.