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

[billyjoeallen]

Good morning Bitcoinland. Seems I missed a little drama last night.

I leave to go out for Saturday night with the price hovering around  $440, make it home this afternoon and it's $436. That's not surprising.

What is surprising is that it went all the way up to $451 and then all the way down to $428 before ending right back where it was yesterday.

Meanwhile some people around here are acting as if the price had crashed. NLC is posting Tinkerball pix and Abercrombie is asking if crypto is dead.

Silly little bears. Sigh.

A while ago, they were worth $465. Before that $502. Before that they were worth $1100.  How many times do you think we're gonna fall for this crap? I'm not selling, but I sure as hell ain't buying either. not at these prices.  

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[bargainbin]

...
Yeah I dunno I've never really understood that kind of greed. It's like you can only drive 1 car at a time right so I don't want a red, orange, yellow, and black lambo (though it would be nice to have 1). Actually come to think of it life is pretty fine for me I do own my house and my bmw and usually sit on my ass all day trading bitcoin in my pajamas and listening to music or just do whatever I feel like with my time. Hmmm maybe I'm rich enough already to be happy and ought to just give up this bitcoin thing ? naaaahhhhh    

Lambos are to cars what a porn stars are to sex -- ridiculous, showy, would be embarrassed to be seen in one.
Car freaks I know drive shitboxen/really boring "grown up" cars for daily drivers -- people who race modded P-51s are probably no different -- probably drive something lame too. I mean, if you fly @ 500mph a few feet off the ground, an occasional 180mph blip on the highway won't be much of a rush.
It's not about conspicuous consumption.

The people with money I know aren't necessarily greedy -- they're often stingy, to the point where I wind up adding to the tip when we go out for lunch (because they figured it out *to the penny*). They're into money the same [personal, irrational] way I like '50s to '70s mechanical things that go fast. They don't need the money they make, I don't need to fuck with weird cars so they would handle a hair better & go a few mph faster. Money's not a means to get something else for them, it's an end in itself -- no different than obsessing about weird cars/bikes/toob gear/BTC/old guitars.
Just something they like.

Oh yeah I don't think I'd ever own a lambo I was just using that as an example of an expensive unnecessary thing a greedy person might want. I'd rather have an old 50s chevy hotrod myself if I was going to get something impractical for a toy. Seems like one of those planes would cost an awful lot for basically a toy for an adrenaline rush and to some extent would be a status symbol necessitating some level of greed, maybe that's not the right word, lust for interest in or obsession with maybe would have been more correct? Honestly I didn't look real closely at it I assumed it was a private jet. I still think it's weird to see money as an end in itself. It's supposed to buy you things for utility use and fun. My skis cost like 300. Kayak like 500. All my hiking gear maybe a grand total. Chessboard was like 50 bucks. I guess I have cheap hobbies / interests. Didn't realize I was talking to lambie been kindof avoiding the forum you must be doing well it's been pleasant interacting with you never thought I'd see the day. Did I have a stroke what the F is going on here? heheh

Some people get off on abstract stuff, and money's the abstraction they like to play with. I mean, you play chess for fun, some play EVE, others play IRL Business. They don't stick to pure abstractions (like EVE) for, probably, the same reason I don't stick to making technical drawings -- I wanna actually chuck up a chunk of billet in a lathe/set it up on an old Bridgeport & make piles of metal chips. For fun.

The "rich" people I know aren't even greedy, in the Scrooge sense. They get off on making humongous deals happen -- same way you get off on skiing or climbing; money's just the metal chips made along the way, and a way to keep score.
BTC traders are like that too, I suppose, only the byproduct of their fetish -- the detritus left in the wake of them getting their kicks -- is not piles of money as with teh rich, but poverty, tears, regret & financial ruin

P.S. I'm not talking about the moral implications of having huge sums of money here -- simply how those sums came about for the few people I know.

[ChartBuddy]

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[toknormal]

Referring to my post of earlier today which observed the 2 previous attempts at breaking through the resistance level I called the "Gox Resistance Field", I did a bit more research on the state of the market at those two points in comparison to where we're at now.

What's interesting is that on the two previous attempts, the market showed signs of exhaustion on multiple indicators at once.

However, on this current (3rd) attempt, all those same indicators are coiled into a much more favourable state. Momentum is with us, Relative strength index is in a buyable range (for the first time), volume growth is positive, steady and not overcooked.

Could be interesting. For example, the 3-Day MACD will cross in about 10-20 days at current projections. (Much faster if there's an early rally and slower if we go horizontal). The market can go up and down between now and then but in general there looks to be much more buoyancy in reserve. Exactly what's needed to successfully traverse the fabled and perilous Gox Resistance Field (GORF).

[European Central Bank]

Talking of Gox, is there anyone here who's in line for a payout? If you are then what are you gonna do when it arrives?

[Laosai]

Referring to my post of earlier today which observed the 2 previous attempts at breaking through the resistance level I called the "Gox Resistance Field", I did a bit more research on the state of the market at those two points in comparison to where we're at now.

What's interesting is that on the two previous attempts, the market showed signs of exhaustion on multiple indicators at once.

However, on this current (3rd) attempt, all those same indicators are coiled into a much more favourable state. Momentum is with us, Relative strength index is in a favourable range (for the first time), volume growth is positive, steady and not overcooked.

Could be interesting. For example, the 3-Day MACD will cross in about 10-20 days at current projections. (Much faster if there's an early rally and slower if we go horizontal). The market can go up and down between now and then but in general there looks to be much more buoyancy in reserve. Exactly what's needed to successfully traverse the fabled and perilous Gox Resistance Field (GORF).

Very interesting reasonning, thanks for sharing and doing what this thread is made for

[BlindMayorBitcorn]

One of my snarky comments just won me a donut on Reddit. Why don't you people ever reward my efforts with dessert foods?

[ChartBuddy]

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[billyjoeallen]

http://bitcoinist.net/core-devs-and-classic-adopters-alike-disagree-with-roundtable-resolutions/

Do you think this article has been translated into Chinese yet?

[spud21]

Talking of Gox, is there anyone here who's in line for a payout? If you are then what are you gonna do when it arrives?

The lawyers fees have eaten away a quarter of the funds already and they are stretching their investigation out forever. After the final lawyers fee has been paid there will probably only be enough left to buy a bag of jelly beans. What can you buy with the price of the one jelly bean each person will probably get back?

[BlindMayorBitcorn]

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[European Central Bank]

The lawyers fees have eaten away a quarter of the funds already and they are stretching their investigation out forever. After the final lawyers fee has been paid there will probably only be enough left to buy a bag of jelly beans. What can you buy with the price of the one jelly bean each person will probably get back?

I sure hope that ain't the case. Is that documented somewhere? Surely there are some type of rules about how much ends up in admin pockets?

[sAt0sHiFanClub]

The lawyers fees have eaten away a quarter of the funds already and they are stretching their investigation out forever. After the final lawyers fee has been paid there will probably only be enough left to buy a bag of jelly beans. What can you buy with the price of the one jelly bean each person will probably get back?

I sure hope that ain't the case. Is that documented somewhere? Surely there are some type of rules about how much ends up in admin pockets?

 

Now that deserves  a whole box of donuts.

[billyjoeallen]

The lawyers fees have eaten away a quarter of the funds already and they are stretching their investigation out forever. After the final lawyers fee has been paid there will probably only be enough left to buy a bag of jelly beans. What can you buy with the price of the one jelly bean each person will probably get back?

I sure hope that ain't the case. Is that documented somewhere? Surely there are some type of rules about how much ends up in admin pockets?

Yes, but the rules are written by lawyers. Most of those coins will be sold off to pay the lawyers, who have an incentive to charge as many administrative fees as possible. It's like having a silk road auction series all over again.  Bearish.

[spud21]

The lawyers fees have eaten away a quarter of the funds already and they are stretching their investigation out forever. After the final lawyers fee has been paid there will probably only be enough left to buy a bag of jelly beans. What can you buy with the price of the one jelly bean each person will probably get back?

I sure hope that ain't the case. Is that documented somewhere? Surely there are some type of rules about how much ends up in admin pockets?

I might have got my maths wrong, I only skimmed the document, but you can read the latest report for the creditors here. The expenses are on the last pages of that document, you have to scroll to the bottom to find them.

https://www.mtgox.com/img/pdf/20160217_report.pdf


Whatever proportion of the money has been eaten by lawyers must be substantial judging by those figures.

[BlindMayorBitcorn]

Isn't number 11 his cat?

[European Central Bank]

Woah. That's some substantial expenditure. Does anyone know if the bitcoins recovered are also being shared between people who lost USD, JPY and other currencies? I haven't seen any mention of any of that money being clawed back. 

[ImI]

Whatever proportion of the money has been eaten by lawyers must be substantial judging by those figures.

its basically 1/9th of the overall amount.

1.200.000.000 yen = 10mio US$

200.000 BTC * 440 US$ =88mio US$

that means 1/9th have been eaten so far. thats ok with me.

not counting the fiat they had at the moment of bankruptcy...

[ChartBuddy]

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[valta4065]

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Opened my long 8 seconds too late :/