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

[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.

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[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..

[hodl_2015]

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.

I could pay through bitwala, so I would not need a Euro bank account and still be able to pay my taxes, but I still would be paying in Euro's.

[ChrisPop]

As the market looks now bitcoin price should continue going sideways until 1st August and moon probably to $3500 then steadily to $5000. It has a triple confirmed support line at ~$2420 so I can hardly see it go below that,but even if it goes that's a great buying opportunity as it will most surely moon after Segwit is implemented. 

[HI-TEC99]

As the market looks now bitcoin price should continue going sideways until 1st August and moon probably to $3500 then steadily to $5000. It has a triple confirmed support line at ~$2420 so I can hardly see it go below that,but even if it goes that's a great buying opportunity as it will most surely moon after Segwit is implemented. 

I'm hoping it goes up a bit after the weekend. The bank wires start getting processed then, and when they reach exchanges the extra fiat might push the price upwards. However, it has been going sideways a long time so maybe it will just continue sideways.

[Biro Bob]

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

Yes. Very refreshing. 

Excellent!

Agreed! I am very pleased to see the death of signatures.

[Chainsaw]

Thanks for picking up the mantle, infofront.
Glad to be back.

[BlindMayorBitcorn]

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

Yes. Very refreshing. 

Excellent!

Agreed! I am very pleased to see the death of signatures.

JJG seems to have less incentive to say a whole lot of nothing. Honestly, we couldn't have planned this better if we tried.