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

[eiskalt]

Someone exposed lobbyists working for Mastercard as being responsible for FUD

http://www.forbes.com/sites/perianneboring/2014/05/09/secs-investor-warning-on-bitcoin-could-stifle-innovation/

To me it seems more like Perianne Boring is spreading forbes-FUD.

The possible social benefits of Bitcoin far outweigh the investment threats of Bitcoin. This Investor Alert must stem from the approximate $500 million worth of bitcoin that was lost in the Mt. Gox bitcoin exchange.

There were tons of BTC stolen by fraud/hacks/theft long before mtgox. Central banks around the world issued warnings concerning bitcoin long ago. I guess mastercard lobbied the PBOC as well. 

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[JorgeStolfi]

I don't see anything about PBOC in this article. There is a reporter covering how FXBTC has pulled a gox.

I understood that (1) FXBTC went downn one day earlier than some clients expected and they lost tens of thousands of yuan; (2) The PBoC or other agency has decided that bitcoin exchanges are violating some securities trading laws.

But it is all too confusing. I wish I had learned Chinese when my brain was still soft enough...

[EuroTrash]

ok so let me guess how this might play out:

1. FXBTC played a Gox (fact)
2. Other exchanges might be operating a fractional reserve too (speculation, https://bitcointalk.org/index.php?topic=592760.msg6505570#msg6505570) (meh, call me fudster if you want)
3. Chinese traders are worried that other exchanges might pull a Gox too and hence a part of them will aim for the fiat exit door, depressing the price.
4. 1 and 2 add another reason for PBoC to want to "protect the people" and pull the plug on the other exchanges before a large scale Goxxing happens.
5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.

[akujin]

What?! It dropped already? I expected at least 460... And it's Sunday... Weaksauce  

[windjc]

Why the hell is the market going down? I thought it was all trains and moons?!

Where is Chessnut? I want an explanation immediately.

[BitAddict]

ok so let me guess how this might play out:

1. FXBTC played a Gox (fact)
2. Other exchanges might be operating a fractional reserve too (speculation, https://bitcointalk.org/index.php?topic=592760.msg6505570#msg6505570) (meh, call me fudster if you want)
3. Chinese traders are worried that other exchanges might pull a Gox too and hence a part of them will aim for the fiat exit door, depressing the price.
4. 1 and 2 add another reason for PBoC to want to "protect the people" and pull the plug on the other exchanges before a large scale Goxxing happens.
5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.

I totally agree.

[ChartBuddy]

Explanation

[Davyd05]

Why the hell is the market going down? I thought it was all trains and moons?!

Where is Chessnut? I want an explanation immediately.

Keep shorting what else is there for you to do?

I haven't been paying attention so I'm not sure if Chessnut is leveraged long..but I doubt he' gives a fuck about a $14 swing as the Chinese go to sleep following a deadline that was met with no announcements or actions.

[eiskalt]

ok so let me guess how this might play out:

(...)

5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.

Hmm, "Silk Road bust" happend weeks after reversal of the downtrend. It was a shakeout. Now we are still in a downtrend, which I would expect to go on for at least another 3 to 4 weeks.

[TERA]

lol at the people who were posting their game-plans of how we were breaking out to $600 and then 2 weeks later we'd be at $800 and then 2 weeks later we'd be at $1,000

[akujin]

I wanna see PBOC show it's teeth  

[TERA]

ok so let me guess how this might play out:

(...)

5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.

Hmm, "Silk Road bust" happend weeks after reversal of the downtrend. It was a shakeout. Now we are still in a downtrend, which I would expect to go on for at least another 3 to 4 weeks.

The recovery from the silk road bust was actually the start of when China started buying. Who knows what would have happened without China.

[klee]

ok so let me guess how this might play out:

1. FXBTC played a Gox (fact)
2. Other exchanges might be operating a fractional reserve too (speculation, https://bitcointalk.org/index.php?topic=592760.msg6505570#msg6505570) (meh, call me fudster if you want)
3. Chinese traders are worried that other exchanges might pull a Gox too and hence a part of them will aim for the fiat exit door, depressing the price.
4. 1 and 2 add another reason for PBoC to want to "protect the people" and pull the plug on the other exchanges before a large scale Goxxing happens.
5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.

I totally agree.

Hehe, I am waiting my orders (<=380$) to be filled!!

[klee]

ok so let me guess how this might play out:

(...)

5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.

Hmm, "Silk Road bust" happend weeks after reversal of the downtrend. It was a shakeout. Now we are still in a downtrend, which I would expect to go on for at least another 3 to 4 weeks.

The recovery from the silk road bust was actually the start of when China started buying. Who knows what would have happened without China.

True

[windjc]

Why the hell is the market going down? I thought it was all trains and moons?!

Where is Chessnut? I want an explanation immediately.

Keep shorting what else is there for you to do?

I haven't been paying attention so I'm not sure if Chessnut is leveraged long..but I doubt he' gives a fuck about a $14 swing as the Chinese go to sleep following a deadline that was met with no announcements or actions.

No, but what the bulls should be concerned about is the fact that this latest short rally didn't even get as high as the last short rally and it died on very low volume.

So again, I ask. How do we rally with people buying coins?

[Davyd05]

lol at the people who were posting their game-plans of how we were breaking out to $600 and then 2 weeks later we'd be at $800 and then 2 weeks later we'd be at $1,000

It is a fine balance between you posting the lovely ms paint job of the trend repeating itself until we drop into the ...the volume.

[mmitech]

lol at the people who were posting their game-plans of how we were breaking out to $600 and then 2 weeks later we'd be at $800 and then 2 weeks later we'd be at $1,000

it will still happen regardless what is happening in china, this was counted in many times...

[akujin]

What if China seize those mining hardware in china? Those bastards are printing money  

[eiskalt]

ok so let me guess how this might play out:

(...)

5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.

Hmm, "Silk Road bust" happend weeks after reversal of the downtrend. It was a shakeout. Now we are still in a downtrend, which I would expect to go on for at least another 3 to 4 weeks.

The recovery from the silk road bust was actually the start of when China started buying. Who knows what would have happened without China.

Mtgox would have pushed the price to around1000$ ? Every other exchange would have been following mtgox. 

[klee]

ok so let me guess how this might play out:

(...)

5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.

Hmm, "Silk Road bust" happend weeks after reversal of the downtrend. It was a shakeout. Now we are still in a downtrend, which I would expect to go on for at least another 3 to 4 weeks.

The recovery from the silk road bust was actually the start of when China started buying. Who knows what would have happened without China.

Mtgox would have pushed the price to around1000$ ? Every other exchange would have been following mtgox. 

That's what BTCChina was doing anyway...