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

[ChartBuddy]

Explanation

[1714634027]

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[1714634027]

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[HairyMaclairy]

I'm sure they are fake ids and even if you can trace it to some 16 year old in Russia what do you do next?  Phone up his mom and complain?  It's Bitcoin it's irreversible. 

[TERA]

There is a very strong source of FUD going around right now and it has nothing to do with bitcoin.

[windjc]

There is a very strong source of FUD going around right now and it has nothing to do with bitcoin.

What?

[spin]

and gmaxwell is ?

BTC developer (one of)

Is this him?

https://en.wikipedia.org/wiki/User:Gmaxwell

This is him here: https://bitcointalk.org/index.php?action=profile;u=11425

[windjc]

Today on #bitcoin

gmaxwell: wumpus: yea, I understand they had timed automatic reissues... this was also something I didn't know prior to monday before last and is one of the other reasons my "they couldn't have lost much!" position softened to "I have no freeking clue."
alpha125: gmaxwell: where did you find out abotu the automatic reissues?
gmaxwell: alpha125: from mtgox staff and magicaltux ... I had assumed previously that any reissues were manual via customer support but apparently it was just timed.
gmaxwell: you'll also note that they've kept increasing their fees and then even mad paying fees mandatory.
gmaxwell: This suggested to me that they totally misunderstood their problems. (and— I reported that I believed this months ago too)
gmaxwell: e.g. they noticed lots of txn getting stuck, they didn't understand it was because they were producing invalid txn (even though it was reported to them) and so they thought it was just 'full blocks'
gmaxwell: and they increased their fees from 0.0001 to 0.0005 — which was enough to may more than virtually every txn— and then later to 0.001 which is basically astronomic. And then they made it mandatory.
gmaxwell: of course their stalled txn had nothing to do with fees.

Edit: Just to clarify, only quoted relevant parts (maybe I should have inserted "[...]" where applicable). Full text here: http://pastebin.com/DaSph9uT

What a fucking mess. So this explains he silence. They literally might not know if they are solvent or not.

I can't imagine they were fleeced of hundreds of thousands of coins in this manner. But they were probably fleeced for something substantial. This definitely would explain the silence.

Most rational ones of us believe mark isn't trying to screw people, he's just a massive business idiot. So now we wait and see if they have enough coins to go around.

[HairyMaclairy]

Most rational ones of us believe mark isn't trying to screw people, he's just a massive business idiot. So now we wait and see if they have enough coins to go around.

This.  I'm not mad at him anymore. 





(Although it helps I don't have coins there). 

[boumalo]

Mtgox published a new statement? Where can I find it?

Has it been confirmed that someone stole them their bitcoins?

[seljo]

I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.

[Yololintian]

I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.

The bot is selling, not buying. It's also been on way before gox went below 300.

[roslinpl]

I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.

The bot is selling, not buying. It's also been on way before gox went below 300.

True. We can also say that this is normal :-)

[seljo]

I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.

The bot is selling, not buying. It's also been on way before gox went below 300.

Well no living soul is trading there so...

[merkin51]

Most rational ones of us believe mark isn't trying to screw people, he's just a massive business idiot. So now we wait and see if they have enough coins to go around.

This.  I'm not mad at him anymore. 

(Although it helps I don't have coins there). 

I'm delighted with his idiocy as it's helped bring btc down to (what feels like) a more genuine level, and enabled some "cheap coin" buy in. On the flipside, it's hard now to know what irreparable damage the gox debacle us done to mass confidence in btc. Could be a double-edge sword...

[JorgeStolfi]

And whats wrong with simply using Gox as a cold storage wallet exactly?

[Yololintian]

I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.

The bot is selling, not buying. It's also been on way before gox went below 300.

Well no living soul is trading there so...

Many people are trading on gox, some are even depositing money to buy btc and trade them on bitcoin builder.

[atleticofa]

I'm fucking TIRED of MTGOX!!!


Declare bankruptcy, or accept withdrawals again. But do something!!!!

This uncertainty is fatal to Bitcoin and confidence of the people.

[pietje]

I'm fucking TIRED of MTGOX!!!


Declare bankruptcy, or accept withdrawals again. But do something!!!!

This uncertainty is fatal to Bitcoin and confidence of the people.

Totally agree. This is the worse possible outcome for bitcoin, all the gox uncertainty..

[Davyd05]

I'm fucking TIRED of MTGOX!!!


Declare bankruptcy, or accept withdrawals again. But do something!!!!

This uncertainty is fatal to Bitcoin and confidence of the people.

They are implementing a new tx system.. they don't want to repeat a mistake they've already committed in the past. I can only assume people would prefer them not to rush it and botch it.

This doesn't pose a risk to bitcoin...this just shows people to demand better service, I researched every exchange before choosing where to trade.

[molecular]

Would it not be possible to track the stolen coins and find out what exchange and account was used to sell them?

Probably, if both exchanges cooperate. But if the thieves used Tumblers, it would be damn hard.

If they used malleability to withdraw coins from gox double, they should be verified with gox themselves anyways. If they didn't use fake ids that is..

Yeah, that's what I've been thinking. After magicaltux has fixed his shit, he should have these guys with negative balances in the system.

[JorgeStolfi]

I am surprised that several people failed to see the "tiny" flaw in my "absolutely secure" cold  storage recipe, and called me retard or something.

That post was meant to be just a stupid joke.  Now I am wondering whether something like that may actually have happened at MtGOX.

They repeatedly stated that their clients' bitcoins were safe and that they had them.  But they never said that they could move them out.  On the contrary, they told the Australian guy that that would not be easy...

       <--- take your pick.