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

[F-bernanke]

07:19 <@MagicalTux> jpy withdrawal delays come from the fact there are more withdrawals than deposit, so we need to convert usd/etc to jpy, then send it to our japanese bank, which takes time and has limits much stricter than other transfer methods

 

What the fuck!!! Who is buying the coins with JPY then??? If there is more jpy selling then buying, the price should just drop.

 Are they for real? fractional reserve banking bitchez!

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[macsga]

Andreas would probably refuse the invitation. If he actually did go, here is how I imagine it would go down.........
"you know what? FUCK YOU GUYS! WE DON'T NEED YOUR PERMISSION!"

<mic drop>

gold

Andreas: The favorite G(r)eek of mine 

[JCviggen]

07:19 <@MagicalTux> jpy withdrawal delays come from the fact there are more withdrawals than deposit, so we need to convert usd/etc to jpy, then send it to our japanese bank, which takes time and has limits much stricter than other transfer methods

 

What the fuck!!! Who is buying the coins with JPY then??? If there is more jpy selling then buying, the price should just drop.

 Are they for real? fractional reserve banking bitchez!

Pretty sure all trading on Gox is in USD and the other currencies you see are calculated by exchange rate. There's no seperate exchanges within the exchange.

[surfer43]

07:19 <@MagicalTux> jpy withdrawal delays come from the fact there are more withdrawals than deposit, so we need to convert usd/etc to jpy, then send it to our japanese bank, which takes time and has limits much stricter than other transfer methods

 

What the fuck!!! Who is buying the coins with JPY then??? If there is more jpy selling then buying, the price should just drop.

 Are they for real? fractional reserve banking bitchez!

Pretty sure all trading on Gox is in USD and the other currencies you see are calculated by exchange rate. There's no seperate exchanges within the exchange.

aww man, I would love to arbitrage repeatedly

[ChartBuddy]

Explanation

[shmadz]

07:19 <@MagicalTux> jpy withdrawal delays come from the fact there are more withdrawals than deposit, so we need to convert usd/etc to jpy, then send it to our japanese bank, which takes time and has limits much stricter than other transfer methods

 

What the fuck!!! Who is buying the coins with JPY then??? If there is more jpy selling then buying, the price should just drop.

 Are they for real? fractional reserve banking bitchez!

Pretty sure all trading on Gox is in USD and the other currencies you see are calculated by exchange rate. There's no seperate exchanges within the exchange.

This was actually one of the things that I think Charlie hinted at but was unable to get his full point across, but that's just my interpretation of the testimony.

I think that Charlie was trying to get to the point that your assets should be held as your assets... meaning, if you deposit bitcoin, you should have an account balance of bitcoin, it should not go into some magic mixing bin and whoever cashes out first, wins.

What we really need is to leave the world of trust. There should be a transparent receipt or proof of transaction (blockchain) that eliminates the need for trust. As long as there is a centralized exchange, and as long as it is under the jurisdiction of "legislators" then you still haven't really gotten away from the trust issue. the "counter-party risk" if you will.

[N12]

MtGox has a combined currency order book. At 2.5% difference from current price, the order book is mirrored. If "foreign" liquidity is used, then the currency will be converted.

Now in the case of JPY, obviously there will be not nearly enough domestic buyers to match the Japanese arbitrageurs' selling. As such, USD can actually flee in this form, as long as a profitable price premium persists. The Japanese sells at a high price to withdraw, and the buyer hands over USD that are converted to JPY by MtGox.

Voila, Emptygox.

[shmadz]

MtGox has a combined currency order book. At 2.5% difference from current price, the order book is mirrored. If "foreign" liquidity is used, then the currency will be converted.

Now in the case of JPY, obviously there will be not nearly enough domestic buyers to match the Japanese arbitrageurs' selling. As such, USD can actually flee in this form, as long as a profitable price premium persists. The Japanese sells at a high price to withdraw, and the buyer hands over USD that are converted to JPY by MtGox.

Voila, Emptygox.

Very interesting. Any guess as to the Cryptsy business model?

many many currencies. playing around could get you burned pretty quick.

I wonder if they keep deposits segregated?

[roselee]

In a way.  You could say Charlie should have done a better Litecoin sales job but I think it's a credit to the man that he just answered all the questions as helpfully and impartially as he could.  He does not appear to be motivated by increasing the value of his own portfolio and came across as both smart and genuine.

He's no public speaker - nor should he need to be really if he doesn't want to.  There's more than enough support within the Litecoin community to offer support in that department as things progress.

yes me to thinks he did a good job
todays problems are rooted in greed
he showed he is not greedy

[ChartBuddy]

Explanation

[billyjoeallen]

Where's da bears? Thought you'd get those cheap coins? Sorry, I got 'em first. Go ahead, short again.

 I drink your milkshake.

[dgarcia]

Where's da bears? Thought you'd get those cheap coins? Sorry, I got 'em first. Go ahead, short again.

 I drink your milkshake.

Wrong question.

Where da bulls? Where is a small new top? Only a teeny-weeny new top?
835,00$ on stamp?

Or do we call a rebounce from 725 to 810 now freakin' bullish? Outraged bullish?

[Davyd05]

Where's da bears? Thought you'd get those cheap coins? Sorry, I got 'em first. Go ahead, short again.

 I drink your milkshake.

Wrong question.

Where da bulls? Where is a small new top? Only a teeny-weeny new top?
835,00$ on stamp?

Or do we call a rebounce from 725 to 810 now freakin' bullish? Outraged bullish?

I call it buy support in the 7xx range. However, bull bears will have the epic showdown jan 31st when China says nothing

Kung Hei Fat Choy

[dgarcia]

Where's da bears? Thought you'd get those cheap coins? Sorry, I got 'em first. Go ahead, short again.

 I drink your milkshake.

Wrong question.

Where da bulls? Where is a small new top? Only a teeny-weeny new top?
835,00$ on stamp?

Or do we call a rebounce from 725 to 810 now freakin' bullish? Outraged bullish?

I call it buy support in the 7xx range. However, bull bears will have the epic showdown jan 31st when China says nothing

Kung Hei Fat Choy

I realy hope so. I would prefer a Bull-Market.

For now I see it neutral with bearish tendencies.

[ChartBuddy]

Explanation

[billyjoeallen]

Where's da bears? Thought you'd get those cheap coins? Sorry, I got 'em first. Go ahead, short again.

 I drink your milkshake.

Wrong question.

Where da bulls? Where is a small new top? Only a teeny-weeny new top?
835,00$ on stamp?

Or do we call a rebounce from 725 to 810 now freakin' bullish? Outraged bullish?

Look, I'm sorry if you can lose money faster than I can make it. It's like with women. Chase them and they run. But if you're in the right place at the right time, just wait around confidently and they will fight each other for you. Also, in both cases, IT HELPS TO HAVE SOME FUCKING COINS. 

[merkin51]

I'm neither bull nor bear because, quite frankly, I haven't got a fucking clue what I'm doing. I guess I'm a bell. Anyway, we're still not seeing this huge crash which lots of people keep telling me is going to happen, and 31st is two days away... surely it's got to happen pretty quickly, as there doesn't seem to be too much more negative news on the horizon?

[seanneko]

I'm neither bull nor bear because, quite frankly, I haven't got a fucking clue what I'm doing. I guess I'm a bell. Anyway, we're still not seeing this huge crash which lots of people keep telling me is going to happen, and 31st is two days away... surely it's got to happen pretty quickly, as there doesn't seem to be too much more negative news on the horizon?

If there is a crash, it will be nothing but manipulation. If people seriously thought that there would be a crash on the 31st, shouldn't they be selling now in anticipation of it? Clearly there's not going to be a rally in the meantime, so there's nothing to miss out on. People are hodling* because they know there's no legitimate reason for a crash.

China is priced in to the market. It was priced in long ago.

* I am slightly drunk.

[dgarcia]

Look, I'm sorry if you can lose money faster than I can make it.

This is the same prematured nonsense I heard from ShroomsKit. Why you Permabull-Guys are always thinking, if one is seeing a potencial bear market, he'll be so stupid and extreme waiting for uncertain, maybe never coming, big disasters(250 - 400). Instantly, these - you'll miss the train posting -. (or familiar meanings)

I sold at 810, rebought at 745, nevertheless potencial short/mid term bearmarket is resuming until we have leastwise a teeny-weeny new higher high.

[ChartBuddy]

Explanation