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

[adamstgBit]

omg the wall!

the end is near

buy all the bitcoins.

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[derpinheimer]

Withdrawals will be allowed by friday.

People receive BTC's/USD, people see that it's been received, people start buying cheap ass coins, people sell the cheap coins 4 hours later for $695,- on gox.

And we continue our lovely journey of the crypto's.

I think everyone agrees gox will go nuts if withdrawals are confirmed. The question is whether or not that will happen.

[adamstgBit]

not sure i get why the market is acting the way it is.
it should place walls on the low, waiting for gox  to allow withdrawals and catch the coins being arb.
instead the walls are moving to the front line b4 the party has even started...

but why!?

cheap gox coin are sure to be liquidated on stamps soon...

[chriswilmer]

not sure i get why the market is acting the way it is.
it should place walls on the low, waiting for gox  to allow withdrawals and catch the coins being arb.
instead the walls are moving to the front line b4 the party has even started...

but why!?

cheap gox coin are sure to be liquidated on stamps soon...

Front running a rally?

[derpinheimer]

not sure i get why the market is acting the way it is.
it should place walls on the low, waiting for gox  to allow withdrawals and catch the coins being arb.
instead the walls are moving to the front line b4 the party has even started...

but why!?

cheap gox coin are sure to be liquidated on stamps soon...

Shouldn't be more than 30k coin arb. Not that big of a deal

[wpalczynski]

Any people with holdings on GOX should be documenting their BTC/Fiat balances (ex: Screenshot) just in case they go offline.  In the event of any litigation it might be your only avenue to prove your case.

Regards.

you'd think there would be SOME rise in price on gox in anticipation of the btc withdrawals coming back online soon.

seems everyone has lost all hope for gox

It seems like the worry has shifted to Gox ultimately filing bankruptcy.   In that event, investors would be likely to sell all the can to get back into fiat, so that they may have a reasonable claim in court.  Since governments, and therefore the courts have not laid out specific guidelines on whether or not bitcoin is a currency, the likelihood of being able to recoup fiat from a bankruptcy is greater than the likelihood of being able to recoup btc.

[MAbtc]

Withdrawals will be allowed by friday.

People receive BTC's/USD, people see that it's been received, people start buying cheap ass coins, people sell the cheap coins 4 hours later for $695,- on gox.

And we continue our lovely journey of the crypto's.

I think everyone agrees gox will go nuts if withdrawals are confirmed. The question is whether or not that will happen.

It will happen. I'd like to know the cap, though, and I think it's extremely relevant. Given an adequate reconciliation process prior to hot wallet reloads, there is no rational excuse for restricting withdrawals based on amount. I suspect that Gox's past reconciliation controls were quite poor, especially given that the failed transaction bug appears to stretch back into the last few months of 2013.

[ChartBuddy]

Explanation

[segeln]

crazy

[ElectricMucus]

Jorge is wrong; bitcoin would be a zero sum game if it operated inside a closed system, it clearly does not.

Bitcoin provides a superior medium of exchange and makes private international value transfer more efficient, by orders of magnitude, as but one example. These increased efficiencies are net gains for the wider economy and for economic actors outside the bitcoin ecosystem. Some of the increased value bought about by these efficiencies naturally flow to Bitcoin, the asset, since that is part of the mechanism they derive from. Note also that some of that net value increase flows to bitcoin, the payment network, in the form of venture capital, new businesses and amazingly volunteer coding time.

Bitcoin is absolutely Not a zero sum game. That is a stupid, shallow statement from someone with very little understanding of economic systems, or a hidden agenda to push.

It is analogous to saying the back-hoe digger is not providing any advanced utility over men with shovels and no one can make money from building and using back-hoe diggers.

who is joe?

[marcus_of_augustus]

who is joe?

do you mean jorge? (hint read slowly with eyes open)

JorgeStolfi ... some self-styled 'academic' who showed up here recently pontificating (wrongly) about bitcoin.

[JorgeStolfi]

Checking the Chinese Slumber Method predictions for feb/19

The prediction was not bad; but the simpler forecast "the price will not change" would have fared much better...

Prediction posted on: Tuesday 2014-02-18, 21:57 UTC
Prediction valid for: Wednesday 2014-02-19, 19:00--19:59 UTC

Checking the prediction for Huobi

Huobi's predicted price:  3725 -- 3825 CNY (3775 plus or minus 50)
Huobi's actual price (L -- H): 3820 -- 3845 CNY (3832 plus or minus  12)
Error center-to-center: 58 CNY

The prediction is the rightmost blue rectangle on the chart below.  The yellow and olive-brown dots are the mean prices at 19:00 UTC every day.  The yellow line is the trend that was assumed for the prediciton.


Checking the prediction for Bitstamp

Bitstamp's predicted price: 605 -- 625 USD (615 plus or minus 10)
Bitstamp's actual price (L -- H): 628 -- 636 USD (632 plus or minus 4)
Error center-to-center: 17 USD

The yellow and olive-brown dots are Huobi's prices at 19:00 UTC every day, divided by R = 6.12.

[ElectricMucus]

who is joe?

do you mean jorge? (hint read slowly with eyes open)

JorgeStolfi ... some self-styled 'academic' who showed up here recently pontificating (wrongly) about bitcoin.

ok thanks,

Jorge Stolfi is a full professor of computer science at the State University of Campinas, working in computer vision, image processing, splines and other function approximation methods, graph theory, computational geometry, and several other fields.

He's a computer scientist who's made a statement about the economic aspect of Bitcoin, congrats you "debunked" a out of profession statement of somebody!
Come back if he writes something about the protocol or software.

[neilol]

6am in Tokyo.. huge walls spring up on Gox..

Who bets we see width-drawls of BTC resume in the next 48 hours?

[billyjoeallen]

who is joe?

do you mean jorge? (hint read slowly with eyes open)

JorgeStolfi ... some self-styled 'academic' who showed up here recently pontificating (wrongly) about bitcoin.

ok thanks,

Jorge Stolfi is a full professor of computer science at the State University of Campinas, working in computer vision, image processing, splines and other function approximation methods, graph theory, computational geometry, and several other fields.

He's a computer scientist who's made a statement about the economic aspect of Bitcoin, congrats you "debunked" a out of profession statement of somebody!
Come back if he writes something about the protocol or software.

Bitcoin seems intuitively faulty to people who do not understand Austrian economics the same way heliocentric theory seemed intuitively bad to non-astronomers a few hundred years ago. The truth is only obvious once the paradigm shift has been made.

[Ivanhoe]

Enough with this waiting, let's get the party started.

[fonzie]

6am in Tokyo.. huge walls spring up on Gox..

Who bets we see width-drawls of BTC resume in the next 48 hours?

lollol

99% of all transactions on Gox are fake and made up
Gamblin with money due to "walls" on Gox
Seems legit

[Syke]

OK, technically it is not a Ponzi but only a pyramid scheme.  But for the late entrants it is the same thing...

For someone so well educated, you sure don't know the basics of what Ponzi and Pyramid schemes are.

[ElectricMucus]

Bitcoin seems intuitively faulty to people who do not understand Austrian economics the same way heliocentric theory seemed intuitively bad to non-astronomers a few hundred years ago. The truth is only obvious once the paradigm shift has been made.

lol you people just keep giving and giving.

[adamstgBit]

20% of bitcoiners reported that the FUD was getting to them!

new poll