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

[notme]

Having money at MtGox I'm as worried as much as the last time this came up, not at all.

Finally, someone with some sense.  It seems like this has become the "MtGox Speculation" forum lately.  So many chickens without heads running around.

Are you surprised people are worried?  Bitcoin services don't have a fantastic track record of being "safe and sound", and Gox is bullshitting their customers.  For me, it would be much nicer to have an official statement in which they come clean (for example saying: we can hardly process any payments right now, and we don't know when the business deals or infrastructure to provide payments will come back online.  But to prove we don't have liquidity/solvency issues, we will undergo an audit).

I really don't mind if the majority of my money can't be withdrawn to a bank any time soon, it's there for longterm investment/trading anyway.
But a company that in all likelyhood lies to customers in order to manage perceptions, that doesn't sit right with me..

I'm not going to get into this in another thread.  Their press releases explain the situation clearly.

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[ElectricMucus]

Why don't I feel like joining the gox FUD choir? Have I changed? Or is it something else?

[ChartBuddy]

[Spaceman_Spiff]

I'm not going to get into this in another thread.  Their press releases explain the situation clearly.

The July 4 one in which they say that operations are being resumed, but still almost nobody receives any payment whatsover?  Yeah, very believable   .
Whatever, we don't need to further discuss this here, believe what you want.  It's not like I am totally convinced they are broke, but I don't like the way this is being handled.

[Chalkbot]

Why don't I feel like joining the gox FUD choir? Have I changed? Or is it something else?

It's the cool thing to do now Mucus. You're too non-conformist for that.

[N12]

I really don't mind if the majority of my money can't be withdrawn to a bank any time soon, it's there for longterm investment/trading anyway.
But a company that in all likelyhood lies to customers in order to manage perceptions, that doesn't sit right with me..

Agreed on both accounts.

They need to tell the truth now. There's not a single case of successful withdrawal known to the public, and it's been almost two weeks now since they announced they'd begin handling their backlog. If there is some sort of blockade like Wikileaks had, then we ought to know.

[MAbtc]

Having money at MtGox I'm as worried as much as the last time this came up, not at all.

Finally, someone with some sense.  It seems like this has become the "MtGox Speculation" forum lately.  So many chickens without heads running around.

Indeed. I'm not worried about Gox going belly up. But I am concerned about the perception of prospective depositors. Coming from the online poker realm... the market nosedived when ewallets were cut out, wires became almost non-existent, WU/MG unavailable or with high fees and very low transfer allowances, and companies started taking 8+ weeks to send checks that would bounce on you. Sites couldn't pay out in reasonable time frames with reasonable fees, and new blood became no more. Nothing ever recovers; the US market just perpetually shrinks and the larger networks more exposed to payment processing problems continually lose market share. My experience is that depositors want to go where liquidity is, and are inherently distrustful of companies with small market share. Often the big sites are viewed as the only options.

The other thing that I learned from that experience, and from the last time this happened -- if Gox can't pay out its customers due to payment processing issues, $1 Gox < $1... propping up BTC.

[N12]

Having money at MtGox I'm as worried as much as the last time this came up, not at all.

Finally, someone with some sense.  It seems like this has become the "MtGox Speculation" forum lately.  So many chickens without heads running around.

Indeed. I'm not worried about Gox going belly up. But I am concerned about the perception of prospective depositors. Coming from the online poker realm... the market nosedived when ewallets were cut out, wires became almost non-existent, WU/MG unavailable or with high fees and very low transfer allowances, and companies started taking 8+ weeks to send checks that would bounce on you. Sites couldn't pay out in reasonable time frames with reasonable fees, and new blood became no more. Nothing ever recovers; the US market just perpetually shrinks and the larger networks more exposed to payment processing problems continually lose market share. My experience is that depositors want to go where liquidity is, and are inherently distrustful of companies with small market share. Often the big sites are viewed as the only options.

The other thing that I learned from that experience, and from the last time this happened -- if Gox can't pay out its customers due to payment processing issues, $1 Gox < $1... propping up BTC.

And that's why this whole thing is very bearish on a timescale of weeks/months. You erode the trust in the market leader, you will have eroded trust in the whole sphere.

[ChartBuddy]

[molecular]

At the end of the day the banks (or the rosthchilds whichever u prefer to call it) are not going help a currency thrive that will end them.  Bitcoin will end the banking system and put the power of currency back in the hands of the people.  Instead of our dollars losing value in our wallets we will all have bitcoins that double in value on a yearly basis.  So why would banks try to help.  If we want bitcoin to succed were going to have to do it without banks.  I think i have a way how to do this as well if there are any developers out here trying to start something revolutionary and vital to the bitcoin economy message me

I think it might be a better approach to just make a thread and explain your idea. Noone is going to message you saying: "ok, what is your idea, I'm sure it's great, let's do it!"

[superduh]

you forget that the people who are the loudest are usually the ones with issues and most upset. people who withdrew fine would not be looking around the forums trying to figure out what the issue is. japanese withdrawals have been confirmed from what i gather.
btw, a little birdie told me we are going over 100 any moment

btw, watch the roger vir video re mt gox.

[wachtwoord]

you forget that the people who are the loudest are usually the ones with issues and most upset. people who withdrew fine would not be looking around the forums trying to figure out what the issue is. japanese withdrawals have been confirmed from what i gather.
btw, a little birdie told me we are going over 100 any moment

btw, watch the roger vir video re mt gox.

I've been semi-absent for a while and am surprised by the continued large discrepancy in price between MTGox and bitstamp (and BTC-e to a lesser degree, since for most it's hard to move money there). Is the common opinion this discrepancy is caused by the difficulty in withdrawing from MTGox?

[superduh]

you forget that the people who are the loudest are usually the ones with issues and most upset. people who withdrew fine would not be looking around the forums trying to figure out what the issue is. japanese withdrawals have been confirmed from what i gather.
btw, a little birdie told me we are going over 100 any moment

btw, watch the roger vir video re mt gox.

I've been semi-absent for a while and am surprised by the continued large discrepancy in price between MTGox and bitstamp (and BTC-e to a lesser degree, since for most it's hard to move money there). Is the common opinion this discrepancy is caused by the difficulty in withdrawing from MTGox?

the difference was most likely created due to withdrawal issues with gox. people started getting coins on gox (price up) moving them to bitstamp etc and selling (price down). this difference should disappear once gox figures things out, hopefully.

[ChartBuddy]

[Pale Phoenix]

Even if we stipulate that the apologists are right and Gox is dealing with a minor banking problem, can anyone argue that they have acted professionally and been forthcoming in their communication with customers?

I hope they get their shit together because to many casual users, they ARE Bitcoin. Anyway, the next couple of weeks will be telling, as otherwise patient people will soon start to doubt the safety of their funds.

[notme]

Even if we stipulate that the apologists are right and Gox is dealing with a minor banking problem, can anyone argue that they have acted professionally and been forthcoming in their communication with customers?

I hope they get their shit together because to many casual users, they ARE Bitcoin. Anyway, the next couple of weeks will be telling, as otherwise patient people will soon start to doubt the safety of their funds.

You have to understand Pale Phoenix, that we have been through much worse and are fairly desensitized to Gox's bullshit.

+1

So much for my hopes of talking about something BESIDES MtGox withdrawals today.

[Its About Sharing]

Just to get this out there.   Still not sure where we go but...

[solex]

Just to get this out there.   Still not sure where we go but...

Good chart but I don't understand why high 1 is in the wrong place. It has to be the 136 area.
And that upper blue line should continue down as significantly, it is actually crossed by the recent rally.

[BTCThousandaire]

It looks like Low 1 could be wave 1 and Low 2 could be wave 3. If that is the case then expect a wave 5 to go to about Low 2 or a little lower but less distance than from High 2 to Low 2.

[ElectricMucus]

the price of bitcoin is crashing, SELL SELL SELL!