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

[MAbtc]

@MAbtc - Some very fair points although holding "debt" from gateways is the exact same thing as having BTC or USD in Gox or Stamp.  No difference whatsoever.  In fact, isn't it the Gox USD IOU's that are causing all this mess?

Yes, I have made this point before. I don't disagree at all. My point is the opposite -- that bitcoin exchanges are unsafe. I think people should be very aware of the risks of keeping significant value on these exchanges, as well as the risk of holding IOUs from ripple gateways.

I make this point in comparison to holding bitcoins in a wallet, or fiat cash in hand. The only way to mitigate this risk within Ripple is to hold XRP, which is plagued with problems as stated above.

[1714204543]

1714204543

[Coinseeker]

@MAbtc - Some very fair points although holding "debt" from gateways is the exact same thing as having BTC or USD in Gox or Stamp.  No difference whatsoever.  In fact, isn't it the Gox USD IOU's that are causing all this mess?

Yes, I have made this point before. I don't disagree at all. My point is the opposite -- that bitcoin exchanges are unsafe. I think people should be very aware of the risks of keeping significant value on these exchanges, as well as the risk of holding IOUs from ripple gateways.

I make this point in comparison to holding bitcoins in a wallet, or fiat cash in hand. The only way to mitigate this risk within Ripple is to hold XRP, which is plagued with problems as stated above.

Ahh gotcha.  Fair enough. 

[byronbb]

I would contend being owed btc by gox is different than usd. The btc is held in cold and hot storage whereas the usd is held by a bank that does not hold 100% of deposits.

[ChartBuddy]

[MAbtc]

I would contend being owed btc by gox is different than usd. The btc is held in cold and hot storage whereas the usd is held by a bank that does not hold 100% of deposits.

I don't think it has anything to do with the bank's reserve policies.

What is clear from the regulatory atmosphere is that traditional banks are not open to bitcoin. Would you keep all your money with banks that won't process your payments? The problem for Gox is, obviously, that no banks want to touch them, and for good reason. That doesn't mean Gox can't pay you; like other grey/black markets (e.g. online poker for US), it just may take 3, or 6, or 8 months.

Regardless, I trust Gox's bank 100x more than I trust Gox. In my mind, if the risk is liquidity, it's much more likely that Gox will leave us holding the bag, not its bank. (I think this is extremely unlikely anyway)

No different than dollars, Gox only needs to keep as much BTC on hand as is required for payouts. Same as USD. They can do whatever they want; it's not as if they keep an open ledger than can be independently audited. It's all unsafe, regardless of banks. This is a highly unregulated market -- your BTC is not safe, your USD is not safe. If it comes to it, you'll be lucky to get pennies on the dollar for your USD balance years later, zilch for your BTC balance, if Gox goes down. At least banks have legally required reserve ratios. What is the legally required reserve ratio for BTC? 

[muyuu]

Must watch the walls at Bitstamp too. Apparently it surpassed MtGox for the first time in volume.

[ellard]

http://www.rtcons.com/wall/15911.19.png

How are these charts interpreted?

[QuestionAuthority]

How are these charts interpreted?

You don't interpret them. You put chartbuddy on ignore and use this: http://trading.i286.org/

[molecular]

You don't interpret them. You put chartbuddy on ignore and use this: http://trading.i286.org/

I have to say I completely switched to bitcoinity.org. reason: switching between bitstamp and gox is easy.

EDIT: I find bitstamp more exciting to watch. Also picture looks much more bullish imo.

[ChartBuddy]

[ellard]

http://www.rtcons.com/wall/15911.19.png

How are these charts interpreted?

You don't interpret them. You put chartbuddy on ignore and use this: http://trading.i286.org/

So they are just art?

[molecular]

How are these charts interpreted?

You don't interpret them. You put chartbuddy on ignore and use this: http://trading.i286.org/

So they are just art?

They are the cumulated orderbook volume (bids and ask) over time

[ellard]

http://www.rtcons.com/wall/15911.19.png

How are these charts interpreted?

You don't interpret them. You put chartbuddy on ignore and use this: http://trading.i286.org/

So they are just art?

They are the cumulated orderbook volume (bids and ask) over time

Thank you for the explanation.

[adamstgBit]

How are these charts interpreted?

You don't interpret them. You put chartbuddy on ignore and use this: http://trading.i286.org/

So they are just art?

They are the cumulated orderbook volume (bids and ask) over time

[vokain]

good consolidation team!

[4mherewego]

So how many bitcoins has the new wall guy bought so far?

[adamstgBit]

hitting buy btn to watch bitstamp rocket! :  * 1,000BTC $$ *, watching mtgox stay 7$ over bitstamp, priceless  

Buy Buy BUY!

 

[ChartBuddy]

[molecular]

inspired by adams chartbuddy conglomeration post, I just made a chartbuddy video starting mid-may.

http://youtu.be/ifKS-UebUCI

for some reason the quality currently sucks really bad (doesn't on my end). maybe it'll get better once the youtube re-encoder has finished his duties for higher qualities or something.

[notme]

inspired by adams chartbuddy conglomeration post, I just made a chartbuddy video starting mid-may.

http://youtu.be/ifKS-UebUCI

for some reason the quality currently sucks really bad (doesn't on my end). maybe it'll get better once the youtube re-encoder has finished his duties for higher qualities or something.

Awesome.  If only you could align the prices between charts it would be even better.  But I imagine that would be a pain.