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

[Denker]

Welcome back gentlemen. Feel free to message me if you have requests, suggestions, concerns, etc.

And we're back! Awesome!
Congratulations by the way!
As the old thread is back I will construe this as a positive sign for Bitcoin's further development in terms of price and technology!

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[Elwar]

oh vey! really? no taxes?
 

I recently asked the IRS if I could pay taxes in Bitcoin. They said unfortunately no, taxes need to be paid in US currency as that is the reason for US currency to exist.

You really did that?

Anyway, it is somewhat an obvious and irrelevant thing. I can't pay my taxes in Bitcoin... neither in USD or any other assets except EUR.

But... if you ever due payment, they will take/confiscate ANY asset, liquidate it and use it to pay the debt. Be it USD, stocks, cars, real state... or Bitcoin.

Does anyone truly pay their taxes with the money in their pocket?

Or do they use a third party service to send their money to the IRS?

[DARKHOLDER]

Thank God - it's back!
Was going through withdrawals!

Market can now resume the upward climb...

Its back!  So where goes btc? up or down?

[gentlemand]

http://www.trustnodes.com/2017/07/09/mark-karpeles-former-ceo-bankrupt-bitcoin-exchange-mt-gox-heads-trial

Mark Karpeles off to trial finally. Perhaps we'll actually get some factoids out the eternal mystery that is gox.

[JimboToronto]

Good morning Bitcoinland.

There's not much different today with the price of Bitcoin, still sliding along sideways... currently $2555USD (Bitcoinaverage).

The big news of course is that this thread is back.

I'd like to thank Theymos for finding a positive resolution and I'd also like to thank all those who filled in during the interim.

We may not all have agreed with the methods used by some but they were all trying to keep up the tradition of a casual place for news, discussion, and silliness, all right here in the speculation folder, not buried in off-topic.

Good job. Bravo.

[White sugar]

http://www.trustnodes.com/2017/07/09/mark-karpeles-former-ceo-bankrupt-bitcoin-exchange-mt-gox-heads-trial

Mark Karpeles off to trial finally. Perhaps we'll actually get some factoids out the eternal mystery that is gox.

When will people finally get some of their money back?

[gentlemand]

http://www.trustnodes.com/2017/07/09/mark-karpeles-former-ceo-bankrupt-bitcoin-exchange-mt-gox-heads-trial

Mark Karpeles off to trial finally. Perhaps we'll actually get some factoids out the eternal mystery that is gox.

When will people finally get some of their money back?

Ask Liquidator San. Perhaps the payouts are dependent on the trial's outcome. I dunno. It is technically solvent now so I'm not sure what's hilding up progress.

[julian071]

Welcome back gentlemen. Feel free to message me if you have requests, suggestions, concerns, etc.

Thanks, much appreciated. Thanks for the poll too.

[White sugar]

It is only or aren't the signatures being shown in this topic, and only here

[soullyG]

Yep, I can't see any signatures either...and it's actually quite nice 

[Ted E. Bare]

We back mofos!

[JimboToronto]

Yep, I can't see any signatures either...and it's actually quite nice 

Yes. Very refreshing. 

[Hunyadi]

Yep, I can't see any signatures either...and it's actually quite nice 

Yes. Very refreshing. 

Excellent!

[Chef Ramsay]

Nice to see the gate to the bitcoin playground wide open again. Destiny called upon infofront and he stepped up! This can only mean great things moving forward. My condolences to dearly departed adam.

[Torque]

So I guess we should abandon the newer 2.0 thread and come back here? I'm good with that.  


This looks like it could be a very revolutionary thing:

https://saltlending.com/

[arklan]

no signatures? ...right. *drops his entirely*

[STT]

oh vey! really? no taxes?
 

I recently asked the IRS if I could pay taxes in Bitcoin. They said unfortunately no, taxes need to be paid in US currency as that is the reason for US currency to exist.

That is a sovereign citizen type action which is impossible but apparently a 'thing'    I have heard of people wanting to declare an entire state free, I dont see it happening though buts its more feasible.   Puerto Rico just had a vote in favour of becoming a state I think, people still ignoring USA debts and dollar is strong relatively till that breaks.   A much weaker dollar would be extremely bullish for bitcoin price, not yet apparent

Anyway the price for bitcoin is neutral I think, above 2500 as support but below a positive trend that might have price resume upwards medium term.

On Kraken I think its in a triangle kind of reducing range which we then expect to breakout.   It has higher lows but is also a pattern of lower highs

[hv_]

So I guess we should abandon the newer 2.0 thread and come back here? I'm good with that.  


This looks like it could be a very revolutionary thing:

https://saltlending.com/

Ohh merge back the minor fork? We all learn here, go ahead.

[HI-TEC99]

http://www.trustnodes.com/2017/07/09/mark-karpeles-former-ceo-bankrupt-bitcoin-exchange-mt-gox-heads-trial

Mark Karpeles off to trial finally. Perhaps we'll actually get some factoids out the eternal mystery that is gox.

When will people finally get some of their money back?

Ask Liquidator San. Perhaps the payouts are dependent on the trial's outcome. I dunno. It is technically solvent now so I'm not sure what's hilding up progress.

I think some company is still trying to sue Gox for $75 million, and I read that Bitcoinica had coins stored on Gox. The whole thing's a mess.

A company called Coinlab wants $75 million from Gox, and Karpeles is offering it $5 million to settle.

https://news.bitcoin.com/mark-karpeles-open-letter-coinlab-settle-lawsuit-5m/

...because Coinlab is suing Mt Gox for $75 million the defunct trading platform’s customers may not see their money for a very long time.

This is where I found out about the the Bitcoinica coins on Gox. It's from a thread where people are still discussing how to get their coins back from Bitcoinica.

So the 9th liquidators report is interesting.  
Claims against Bitcoinica are: 91,300 BTC
$248,000 cash
$276,000 leveraged trading positions (hmm, I wonder if they are ignoring people with negative trading positions?  Maybe not a big deal as they were probably 1/10th of this amount)

But the MtGox trustee values the claims at $6.8 million (USD)!

The bitcoins were only worth around $10 when Bitcoinica went bankrupt, so this claim is equal to all the cash ($524k) and roughly 6.3 million left over for 91k bitcoins - or $690/bitcoin.

If the liquidation ever goes through, it looks like the NZ liquidators will get a sizable amount of money.

This $690/bitcoin is also a major increase from the previously announced value of $483.  So either they changed the Bitcoin valuation or Bitcoinica had a sizable number of bitcoins on the exchange that weren't subject to claims.  Maybe this is best explained by the leveraged trading positions!  As those trading positions should have been backed by purchases of bitcoins.  

If you take $6.8 million, subtract the $250k cash.  You have $6.55 million.  Divide by $483 - and you get 135,600 BTC.  So it is possible that the open positions were equal to 44,300 BTC long (and you have to remember that back then they were only worth $10 - so it wasn't as crazy as this would be now).  That makes more sense than the liquidators changing their valuation of BTC. If they changed their valuation all the time based on market conditions, they'd never be able to liquidate.

[RayX12]

and.... we are back!   
Thanks infofront..