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

[thoughtfan]

Hmm...nothing's changed with Gox/Dwolla?
So is there anyway to tell if this rally is because of the public's bullish sentiment, or because US gox users are converting their fiat into btc and hence causing a rise in price?

I believe not.  People getting excited too because ask side orders are thin on the ground.  It could as many appear to believe, be because we're about to hit a nice well-due rise in price.  But how would the ask order side look if people were simply moving their bitcoin off gox?  Mmm!

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[michaelGedi]

Hmm...nothing's changed with Gox/Dwolla?
So is there anyway to tell if this rally is because of the public's bullish sentiment, or because US gox users are converting their fiat into btc and hence causing a rise in price?

1+1 = 2?  


I mean, why not buy coins instead of fiat if there is a lot to be bullish about anyways... My only fear is that if gox news happens to hit bitcoin hard, plus some other negative news (who knows), how much of a dump will occur on exchanges like bitstamp with minimal bid walls.


For now I'm all in though

[Ultraviolet]

Hmm...nothing's changed with Gox/Dwolla?
So is there anyway to tell if this rally is because of the public's bullish sentiment, or because US gox users are converting their fiat into btc and hence causing a rise in price?

IMO whoever was converting all their fiat to BTC and moving it off Gox would have done it during/after the immediate sell off, with the late-to-the-party group doing it before/immediately after that 4 hour DDOS.

Panic/danger sentiment is down and the price is up, so it's much less likely for Gox exodus to be the cause.

Market showed an immense amount of support for 110-115 after the panic news, the red candles, and the DDOS. I think that's why sentiment is more bullish.

[samson]

Hmm...nothing's changed with Gox/Dwolla?
So is there anyway to tell if this rally is because of the public's bullish sentiment, or because US gox users are converting their fiat into btc and hence causing a rise in price?

Buying Bitcoin is converting fiat into BTC.

I see what you're trying to do here, you're talking about some kind of mass exodus from MtGox because people can't withdraw USD from MtGox.

You're completely wrong though. If you want to make a withdrawal from MtGox you simply do a wire transfer.

If you can't afford to to a wire transfer it's because you're trading tiny amounts of USD - this won't affect the price at all in any way whatsoever.

The rally trades have been $10k-$100k - these people don't fund their accounts with Dwolla.

The standard way to move large amounts of money around the world has always been bank wires (SWIFT payments) - Dwolla allows people to send smaller amounts of money for less fees.

So to sum it up : Dwolla is irrelevant in the grand scheme of things.

It's useful (was useful) to people who want to purchase small amounts of BTC ($5k or less) with very low transaction fees.

[wonkytonky]

dwolla just may have started the uptrend again. .. sure we will see some corrections but i think the mid term down trend is over now.

if not fine.. i'm happy with movment.. up or down

[needmorecoins]

Hmm...nothing's changed with Gox/Dwolla?
So is there anyway to tell if this rally is because of the public's bullish sentiment, or because US gox users are converting their fiat into btc and hence causing a rise in price?

Buying Bitcoin is converting fiat into BTC.

I see what you're trying to do here, you're talking about some kind of mass exodus from MtGox because people can't withdraw USD from MtGox.

You're completely wrong though. If you want to make a withdrawal from MtGox you simply do a wire transfer.

If you can't afford to to a wire transfer it's because you're trading tiny amounts of USD - this won't affect the price at all in any way whatsoever.

The rally trades have been $10k-$100k - these people don't fund their accounts with Dwolla.

The standard way to move large amounts of money around the world has always been bank wires (SWIFT payments) - Dwolla allows people to send smaller amounts of money for less fees.

So to sum it up : Dwolla is irrelevant in the grand scheme of things.

It's useful (was useful) to people who want to purchase small amounts of BTC ($5k or less) with very low transaction fees.

Ah ok, not from US so no idea how US people get their money into Gox, or the limitations.

[michaelGedi]

You're completely wrong though. If you want to make a withdrawal from MtGox you simply do a wire transfer.

walls on bitstamp are the largest I've ever seen them though...

[bito]

You're completely wrong though. If you want to make a withdrawal from MtGox you simply do a wire transfer.

There are withdrawal limits for transferring cash out of MtGox though.

https://support.mtgox.com/entries/20919111-AML-Account-Statuses

[samson]

You're completely wrong though. If you want to make a withdrawal from MtGox you simply do a wire transfer.

There are withdrawal limits for transferring cash out of MtGox though.

https://support.mtgox.com/entries/20919111-AML-Account-Statuses

Yes, you have to get 'verified' which for most people won't be an issue.

It's just a matter of sending a copy of your ID and a utility bill and waiting for them to approve it.

[y2kcamaross]

You're completely wrong though. If you want to make a withdrawal from MtGox you simply do a wire transfer.

There are withdrawal limits for transferring cash out of MtGox though.

https://support.mtgox.com/entries/20919111-AML-Account-Statuses

Yes, you have to get 'verified' which for most people won't be an issue.

It's just a matter of sending a copy of your ID and a utility bill and waiting for them to approve it.

you still have a $1,000 daily limit with that, you need some notoarized crap to raise it

[bito]

US$50k+ means a 32 day wait for all your money if you are verified

[samson]

you still have a $1,000 daily limit with that, you need some notoarized crap to raise it

Not quite - you just have to email them to increase it :

The "verified" status is designed for active traders and/or small companies.

After you have been verified, if you would like to request a withdrawal limit increase (up to 10x your current daily limit, and up to 5x your current monthly limit), please contact support@mtgox.com with the below.

[samson]

US$50k+ means a 32 day wait for all your money if you are verified

Considering the limits on Dwolla were $5k I don't think this is going to be an issue for most Dwolla users.

This is why it's not going to affect the price much as the big buyers are already using wire transfers.

[epetroel]

you still have a $1,000 daily limit with that, you need some notoarized crap to raise it

If you are verified you can submit a support request an increase to your daily limit up to $10,000 per day (no notarized crap required).  You are still subject to a $50,000 monthly limit though.

The notarized/apostilled docs are required to move the $50,000 monthly limit up to $500,000.  

[bito]

Not quite - you just have to email them to increase it :

I think you are talking about “Trusted” Status (Level 2).

https://support.mtgox.com/entries/20919111-AML-Account-Statuses

Says "All document required for "trusted” accounts must be notarized with apostille and sent by priority mail to the address at the bottom of this page."

[epetroel]

US$50k+ means a 32 day wait for all your money if you are verified

Considering the limits on Dwolla were $5k I don't think this is going to be an issue for most Dwolla users.

You can only deposit $5k at once with Dwolla, but you can withdraw more (done it many times).  Also, the $5k limit is just per transaction.  After you send 5k, you can just submit another deposit for more if you want.

[oda.krell]

The sustained rally, having broken through the resistance at $116, is now facing resistance at $120 and beyond that $125.

I've said it in another thread, I'll say it again: I really appreciate your posts. Initially I suspected you're posting with a bit of a bearish agenda, but I was wrong: you let evidence guide your analysis, not wishful thinking.

btw, I'm not saying you're not bearish anymore, I suspect you still are, mid-term at least, but I respect your opinion a whole lot more than that of others because you genuinely seem to be interested in predicting shit, not in publishing post-hoc reasons for your trading decisions like most of us shlubs are :P

[Jaroslaw]

Sorry guys i need to dump some coins right now.

[samson]

Not quite - you just have to email them to increase it :

I think you are talking about “Trusted” Status (Level 2).

https://support.mtgox.com/entries/20919111-AML-Account-Statuses

Says "All document required for "trusted” accounts must be notarized with apostille and sent by priority mail to the address at the bottom of this page."

No - here's the exact text from the website  - be sure to read it all - especially the bit near the end where it says you just have to email them to increase the daily limit by upto 10x and the monthly limit by upto 5x :

2. "Verified" Status (Level 1)

Please be advised that if you wish to use SEPA and Wire transfer to transfer your funds, you will have to become a verified member.  

Being “verified” has the following limits:

 

Traditional Currencies

Daily withdrawal limit (24hrs): 10,000 USD (or equivalent)

Monthly withdrawal limit: 50,000 USD (or equivalent)

Bitcoin

Daily Bitcoin withdrawal limit (24hrs): 1,000 BTC

Monthly Bitcoin withdrawal limit: none

Requirements:

A  valid copy of a government issued photo ID and proof of residence (less than 3 months old) - E.g. A utility or phone bill.If your documents are not in Japanese, English, or do not have Latin script, they need to be translated and then notarized before uploading.


The "verified" status is designed for active traders and/or small companies.

After you have been verified, if you would like to request a withdrawal limit increase (up to 10x your current daily limit, and up to 5x your current monthly limit), please contact support@mtgox.com with the below.


Wallet (BTC/USD/ETC):
New Daily Limit:

Wallet (USD/EUR/ETC):
New Monthly Limit:

[Coinseeker]