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Question: What happens first:
$65,000 - 51 (87.9%)
$48,000 - 7 (12.1%)
Total Voters: 58

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 26316759 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (170 posts by 1 users with 9 merit deleted.)
fabiorem
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March 07, 2018, 04:56:13 PM

For people to finally learn that price predictions are pure fine grade BS.

Or to not make investment decisions based on advice from random guys on a forum.

Take your pick  Wink


Is McAfee a random guy?

If price predictions are BS, what is the purpose of this board?
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March 07, 2018, 04:56:51 PM

Plummeting

Now not plummeting
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March 07, 2018, 04:58:22 PM

thoughts?

Depending on how that plays out I might even entertain the notion of rolling back segwit.

Huh

The MtGox bankruptcy settlement situation demonstrates one more time that The Law Is An Ass.

It is pretty well established in western law that such settlements be conducted on a cash basis. It seems the Japanese courts administering the MtGox deal will hew to this doctrine. As such, creditors will likely be 'made whole' [sic] by awarding them the Yen value of their MtGox accounts, calculated using the price of Bitcoin on the date of receivership.

Of course, BTC has appreciated exorbitantly since then. Given this, MtGox's residual BTC holdings are well in excess of its debts as calculated as per above. Indeed, the recent sale has generated enough fiat to 'make whole' [sic again] the creditors. After this, there remains ~$1.5 B USD worth of crypto in the MtGox coffers.

Again using the established legal protocols, this BTC will likely be considered the property not of MtGox creditors (i.e., after they have been 'made whole' [sic *3]), but of MtGox itself. While the picture is still cloudy, this may result in the rather perverse situation that Karpeles exits this process a very rich man.

The good news is that the required selling would seem to be over. The questionable news is the fate of the remaining funds (i.e. ~3x-4x more than sold so far) remains in limbo, and may be sold at any time, given case disposition. The Vonnegut-esqe news is that a single individual -- either corrupt, incompetent, or both, but clearly undeserving in any instance -- may end up a billionaire.

The Law Is An Ass.
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March 07, 2018, 05:00:04 PM

I don't know - I have a hard time believing that this is a reaction to the MtGox news.  I'm more inclined to believe that there is some insider information that we'll all learn about days/weeks/months later..

One would think that the Gox news was bullish as we are finding out after the fact and would explain the recent decline. Sure there is more selling to come from the trustee but those coins were always going to enter the market again at some point.
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March 07, 2018, 05:01:48 PM

I don't know - I have a hard time believing that this is a reaction to the MtGox news.  I'm more inclined to believe that there is some insider information that we'll all learn about days/weeks/months later..

It's probably a whale trying to manipulate the market into panicking using a small dump after the gox coins news. Whales often wait for some big news, then try to move the market with a big sell or buy.
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March 07, 2018, 05:02:21 PM

Sure there is more selling to come from the trustee but those coins were always going to enter the market again at some point.

And the best part - the Mt. Gox account holders are likely to buy back their bitcoin with their money! I know I would.
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March 07, 2018, 05:02:36 PM

inb4 Roger Ver is selling off a bit of btc to pump up the price of bcash for his weirdo conference https://www.satoshisvisionconference.com/ 23rd March
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March 07, 2018, 05:03:14 PM

Had a feeling that this would happen as it had rejected 11,600$ thrice during the recent price rally that is why I sold my Bitcoin into Fiat and is now waiting for this storm to calm down. But we should be calm in this situations as nothing comes good when we start panicking. The good thing is I am still holding Fiat and is waiting for it to recover before I start buying Bitcoin again.
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March 07, 2018, 05:03:46 PM

inb4 Roger Ver is selling off a bit of btc to pump up the price of bcash for his weirdo conference https://www.satoshisvisionconference.com/ 23rd March

BTC -6.13%
BCH -10%
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March 07, 2018, 05:08:22 PM

oh and Binance got hacked a bit
oh and BitMEX down
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March 07, 2018, 05:08:37 PM

I think that bitcoin is done...

I am still a holder Ofcourse But this is not a good sign at Well....

Bitcoin has walked on thin ice for a long time already.
Bitcoin is a payment network with 5 million users and annual costs with around 5 billion $ just for the electricity and hardware (leaving out indirect service costs). That makes annual cost around 1000$ per bitcoin user a year. These costs are mostly paid by debt and high hopes of future value. When hope of irrational gains will start to crack, then the faith of debtors will start to crumble together with holders hope of bitcoins high future value. This will eventually create an avalanche that the world of finance hasn't seen yet. It's not a matter of "if", but "when".
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March 07, 2018, 05:11:48 PM

BTC Dominance: 42.2%
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March 07, 2018, 05:12:07 PM

Hello bitcoin, please stop joking! I don't like such jokes!

*uninstalling delta & blockfolio*
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March 07, 2018, 05:13:47 PM

Pretty sure we lost 1k in price in less than 1 hour
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March 07, 2018, 05:15:44 PM


Plummeting recommenced
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March 07, 2018, 05:17:36 PM

Was binance hacked
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March 07, 2018, 05:17:49 PM


This will eventually create an avalanche that the world of finance hasn't seen yet. It's not a matter of "if", but "when".

The bitcoin world has seen plenty of "avalanches" including 90% retraces and more.
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March 07, 2018, 05:18:41 PM

Will the bearwhales attack 10k again this weekend? I'm gambling on 'yes' by putting up a low buy order. If that doesn't get filled, fine too.

I said THIS WEEKEND goddamnit =(
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March 07, 2018, 05:20:35 PM

Holy shit something major is going on here wtf
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March 07, 2018, 05:21:28 PM
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The MtGox bankruptcy settlement situation demonstrates one more time that The Law Is An Ass.

It is pretty well established in western law that such settlements be conducted on a cash basis. It seems the Japanese courts administering the MtGox deal will hew to this doctrine. As such, creditors will likely be 'made whole' [sic] by awarding them the Yen value of their MtGox accounts, calculated using the price of Bitcoin on the date of receivership.

Of course, BTC has appreciated exorbitantly since then. Given this, MtGox's residual BTC holdings are well in excess of its debts as calculated as per above. Indeed, the recent sale has generated enough fiat to 'make whole' [sic again] the creditors. After this, there remains ~$1.5 B USD worth of crypto in the MtGox coffers.

Again using the established legal protocols, this BTC will likely be considered the property not of MtGox creditors (i.e., after they have been 'made whole' [sic *3]), but of MtGox itself. While the picture is still cloudy, this may result in the rather perverse situation that Karpeles exits this process a very rich man.

The good news is that the required selling would seem to be over. The questionable news is the fate of the remaining funds (i.e. ~3x-4x more than sold so far) remains in limbo, and may be sold at any time, given case disposition. The Vonnegut-esqe news is that a single individual -- either corrupt, incompetent, or both, but clearly undeserving in any instance -- may end up a billionaire.

The Law Is An Ass.

If the Court will reject the Civil Rehabilitation, and continue with bankruptcy, you would be mostly correct. But the Court seems likely to accept CR, it's more a matter of timing.
Please read this: https://wiki.mtgoxlegal.com/en/home/frequently-asked-questions/
I am copy-pasting here the Fisherman analogy from the page linked above, I think it's funny:

A rare type of fish (pisces bitcoinii) is caught every year, by local fishermen (depositors). The fish must be stored in a climate-controlled warehouse so that it will continue to taste good. Fishermen rent space in a common warehouse (Mt. Gox) that also serves as a market, to store their catch of fish during the last season. Some fish-buyers and fishermen also store money (fiat) in the warehouse for short periods of time, but the warehouse is mainly used to store fish (bitcoins).

One year, the warehouse owner (Mark) took a long vacation to Macau (did something irresponsible), and left nobody guarding the warehouse. While he was gone, 75% of the fish and all of the money were taken by thieves. The remaining fish are mixed up so it’s unclear who they belong to (unsecured assets). When the warehouse owner notices this, he declares bankruptcy.

The fish are taken by the bankruptcy trustee, who prepares to sell them and distribute the money from the sale to the fishermen. He takes a very long time though, because a bookie is demanding the fish be sold to pay the warehouse owner’s gambling debts (Coinlab). The next year, the fish that are caught are mostly infected with worms. The price of last year’s fish catch skyrockets, and is 50 times higher than the previous year! One of the largest reserves of this fish is in the possession of the trustee. And meanwhile, the fishermen are in danger of losing their boats because they have no money, and some have taken out loans with high interest.

The bankruptcy trustee proposes to sell all the fish, pay the fishermen based on last year’s price, and then give the remaining money to the warehouse owner. This outrages the fishermen, who believe that they should be the ones to benefit, since it is their fish that are now in such high demand. It was the warehouse owner’s negligence that caused the theft, and he would be made very rich indeed if the trustee’s plan moves forward. Meanwhile, the bookie is still wasting the court’s time, claiming the fish need to be sold to pay off the warehouse owner’s gambling debts.

The fishermen aren’t sure if next year’s catch of fish will be infected with worms or not. If they are, the price will go up even more, but if not, the price will plummet, and the fishermen would all like to be able to sell at least some of their fish while the price for them is high.
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