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

[MikeH]

The Ukrainians had a go. I hear some people in Syria and Egypt are trying too.

western psyops for regime change, you should watch confessions of an economic hitman.

same attempted in Guinea not long ago.. http://www.timesofisrael.com/4-israeli-merceneries-held-in-guinea-for-plotting-coup/

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[HairyMaclairy]

You have been paying too much attention to Vladimir Putin again.

[empowering]

You have been paying too much attention to Vladimir Putin again.

[MikeH]

You have been paying too much attention to Vladimir Putin again.

nah it's been going on long before he arrived on the scene.

[JayJuanGee]

Please Bitcoin, explode to $5000, I want to move to Turkey and buy something like this:

http://www.tuerkei-immo.org/Immobilie-in-Alanya-Details32241.htm#

yea I want out of Australia too - I just don't know of any truly independent and non-corrupt place to go to though.

There are lots of places to live, besides the Anglosphere .. and if you are worried about acquiring or bringing too much property with you, then leave your assets off-shore and stay mobile.. rent rather than own... and live in a place that has a lower cost of living.  .. lots of them.... 190 countries... and maybe more than half could find some suitable arrangement.

Let's see whether I got it right: someone noticed that MtGOX made a tiny transaction, which actually was like several others that they had been doing all along since the lock-in; a transaction which had nothing to do with withdrawals, and moreover was rejected by the network because it contained mined bitcoin that was too fresh -- a bug that MtGOX's software was known to have, and which apparently has not been fixed yet.  That is why the market suddenly got excited and optimistic, and the price jumped up by 10% in a few hours . Correct?

What you are missing is the bigger picture inferred by this testing.

a) Markets don't like uncertainty, don't like seeing exchanges go under because what can happen to one can happen to another. Gox testing reduces uncertainty.
b) Gox testing indicates that they are trying to fix things, not escape with people's money.
c) Gox testing indicates that they might finish said testing and actually resume limited or full service.

The individual price ticks are meaningless, however, collectively, they are meaningful and sentiment might be changing.

Initially, I am thinking what the fuck is "Gox testing" and I suppose that there is some kind of plan in which Gox is supposedly moving forward beyond their Thursday communication - b/c that Thursday communication truly did NOT inspire confidence and inspired the opposite and seemed to have been done on purpose in order that manipulation of the markets could be done.  What truly serious company would issue such NONSENSE... and expect to be taken serious.  The Thursday communication was such a feeling of "fuck you"... that will likely linger.... NOW, you are referring to "Gox testing" which seems to imply that there is some kind of serious plan to move forward and to inspire confidence.  When was this announced?

[Notanon]

yea I want out of Australia too - I just don't know of any truly independent and non-corrupt place to go to though.

U want out of Australia?

U clearly have no idea how good you guys have it there compared to just about everywhere else.

In the last few months, things have started to go down the gurgler. House prices are unsustainable, for one, as they have become overly speculative and the powers that be keep inflating them to try and prevent a price bubble from bursting. And it looks llike we'll be shafted when the TPP comes into effect.

[MikeH]

In the last few months, things have started to go down the gurgler. House prices are unsustainable, for one, as they have become overly speculative and the powers that be keep inflating them to try and prevent a price bubble from bursting. And it looks llike we'll be shafted when the TPP comes into effect.

yeah we have a political party that seems to want to address all these things but they just haven't got a look in, being derided as a conspiracy theory party probably doesn't help.

http://cecaust.com.au

[solex]

MT Gox's green address used internally for customer BTC withdrawals is active for the first time in 2 weeks!

https://blockchain.info/address/1LNWw6yCxkUmkhArb2Nf2MPw6vG7u5WG7q

5 million bitcoins have gone through this address in the last 3 years, so it is very significant.

[JayJuanGee]

U clearly have no idea how good you guys have it there compared to just about everywhere else.

I know it's much worse in the US right now but it seems we've been taken over as well, our countries assets are being liquidated, politicians are corrupt, judges corrupt - they're talking about restricting peoples right to protest (with 2 years jail if you disobey a move on notice), one guy who lives in my city just finished a 3 year jail term for little more than calling Jews racist a youtube video (Brendon O'Connell), we've agreed to bail ins, the news like in the US is just freaking infotainment, no real news..  Yes when you look at the usual options, Australia may be better than most - but I want to be where reality and perception are the same, it may have to be a small freaking island community or something, I don't care, I'm just tired of the lies and corruption.

There is NO one place that is going to bring ALL.  What's your budget?  What's your activities?  What's your income?   Some people say to earn enough in the 1st world to be able to thereafter retire in a place that is less expense so that your earnings will go further.

Volume, what volume? 24 hour stamp volme: 20K... clearly a trap. There are all kinds of resistances in the 600s based on longer charts. Do you really thing we're ready to break through them all just because gox and on this low volume?

LOL. Wouldn't want those sheep who bought at $585 to get slaughtered, right? Go play in your giant triangle. No bull trap frightens you. Bull trap frightens you. Making money frightens you because you might lose it. Were you the hall monitor in middle school?

I am anticipating that we are going to linger between $580 and $620... for a while, then maybe we will dip down to $520... and then depending on GOX news and resolution... we may go UP or DOWN from there... but ultimately, we are going UP with GOX or without GOX... but if GOX screws this around a lot, we may linger in the $300 and $400s for a month or two before getting back into the $1,000 price ranges and above... ... where we are likely to go to $2k at some point during 2014

What you are missing is the bigger picture inferred by this testing.
a) Markets don't like uncertainty, don't like seeing exchanges go under because what can happen to one can happen to another. Gox testing reduces uncertainty.
b) Gox testing indicates that they are trying to fix things, not escape with people's money.
c) Gox testing indicates that they might finish said testing and actually resume limited or full service.
The individual price ticks are meaningless, however, collectively, they are meaningful and sentiment might be changing.

Er.... from the comments in that reddit thread, I understood that the transaction attempted by MtGOX was not a test after all, just one of many small transactions that they have been doing since the lock-in.  Did I understand wrong?

Perhaps the news "MtGOX is testing!" spread further and farther than the "Oops, soory"?

of course MT Gox gotta be testing and making some efforts to make an appearance of trying to correct their situation

I once worked out that it would cost US$750,000 for one tank of fuel for Greg Norman's yacht.  

That sounds impossible.  

[JayJuanGee]

MT Gox's green address used internally for customer BTC withdrawals is active for the first time in 2 weeks!

https://blockchain.info/address/1LNWw6yCxkUmkhArb2Nf2MPw6vG7u5WG7q

5 million bitcoins have gone through this address in the last 3 years, so it is very significant.

I agree. That seems like significant news.  Accordingly, maybe we are going to receive another announcement?  By when though  on Sunday?  Monday?  or sometime thereafter? 

I would think that Mr. Gox would want to announce something, rather than keeping us in the dark, like their last communication of Thursday seemed purposeful to do.

[RicePicker]

Nice little dump on stamp.

[ShroomsKit]

Nice little dump on stamp.

I was watching that. Seeing all these sell orders appear in seconds can i assume it's mainly bots when that happens?

[JayJuanGee]

Nice little dump on stamp.

What is little?  3K BTC?

Nice little dump on stamp.

I was watching that. Seeing all these sell orders appear in seconds can i assume it's mainly bots when that happens?

For example, if I put my sell order at $2, and I am selling 3 or 4K in BTC, then there will be a rapid decline to fill all the orders.. maybe down from $620 to $500, or something like that..., no?

[HairyMaclairy]

Tinfoil hat time.

Let's assume for the moment that Gox has been completely manipulated since June (when USD withdrawals were stopped).

Did Gox lead the rally to $1000?  Was all price growth above $266 driven by people just trying to get their $ out of Gox?  Is the current price of $613 just a sham relic of inability to withdraw fiat from Gox?

[ChartBuddy]

Explanation

[smoothie]

Looking to make 0.5 BTC bets:  My take - Mt Gox will restore and withdrawls before Tuesday the 18th 12 PM Eastern.

Your take - Mt Gox does not restore withdrawals before Tuesday the 18th 12PM.

I have 3.5 BTC ready to go.

PM any questions

0.5 BTC bet accepted. Mt. Gox won't enable all withdrawals till feb 18 2014.

Shake

Accepted

Witnessed.

[Vycid]

Tinfoil hat time.

Let's assume for the moment that Gox has been completely manipulated since June (when USD withdrawals were stopped).

Did Gox lead the rally to $1000?  Was all price growth above $266 driven by people just trying to get their $ out of Gox?  

Since most of the price increase happened around the time of the Senate hearing, I think we can definitively say "no".

[JayJuanGee]

Tinfoil hat time.

Let's assume for the moment that Gox has been completely manipulated since June (when USD withdrawals were stopped).

Did Gox lead the rally to $1000?  Was all price growth above $266 driven by people just trying to get their $ out of Gox?  Is the current price of $613 just a sham relic of inability to withdraw fiat from Gox?

Even if you assume that Gox was completely manipulated, part of the reason for the October, NOvember and December rallies was due to the Chinese and the lack of confidence in the dollar.

Chinese came into BTC and pushed the prices upward... NO?

[Vycid]

Gox/Stamp ratio is approaching BitcoinBuilder BTC/GoxBTC. Not sure what that means.

Before long it may start making sense for bears to move coins into Gox so they can sell for cash and wait for the drop.

[KeyserSoze]

When an internet store does that sort of thing, don't we call it a scam site?

I'd personally rather wait until Gox actually defaults, disappears or gets sued into jail before I call it a scam. Perhaps you're not familiar with the Butterfly Labs rigmarole?