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

[empowering]

But... it's uncanny. Am I seeing things?

Double double bottom fractals!

Brilliant

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[Rampion]

25K BTC volume on Bitcoinbuilder.

the owner of that website is making MILLIONS just by having a website and "guaranteeing" the trades. He processes them manually. He makes 2% on each trade, on both sides of the trade.

Even for bitcoin standards, this is an astonishing easy way of becoming a fucking millionaire.

I bet he is praying for Gox stalling the situation indefinitely

He is doing a pretty good job so far. The payouts are on time, the trades are nearly instant. Can't complain so far.

Guess not everybody is that lucky. Payout not on time, critical bug leaving my balance in minus and no reply to support tickets for close to 48 hours. But he is making good money, no doubt about that.

Kozi, I miss your animated gifs. And I really miss your musical videos. Really.

[kkaspar]

If you had any clue about this market, you'd know that nothing short of zombie apocalypse could destroy Bitcoin. Do you know what "anti-fragile" means?

Well, you are "a true believer".. what can I say. There is no point in converting someones religion.
What I see, is that the majority already has doubts that bitcoin is an pyramid/ponzi scheme. When it turns out that people lost their money on gox, then the media won't care if mtgox is to blame. The story that will get published is that people lost their money who invested in bitcoin, because this is the hot subject. Bitcoin will be known as a tool for crooks like Karpeles for scamming people. Bitcoin enthusiasts will be ridiculed as cultists or just as simple-minded victims. Companies together with serious investors will want to distance themselves as much as possible.
I believe that bitcoin won't entirely die by this, because there will be loads of religious people left behind who won't give up their beliefs. But it will regress into the play money status that can be used to buy drugs. Basically the same it was 2-3 years ago.

[dreamspark]

I guess whoever bought up the ~5000BTC on bitcoin builder has set himself some levels to cash out. 100 btc on 0.34, 0.345, 035, 0.355 etc etc 

[FTWbitcoinFTW]

I guess whoever bought up the ~5000BTC on bitcoin builder has set himself some levels to cash out. 100 btc on 0.34, 0.345, 035, 0.355 etc etc 

wall was removed...

[empowering]

If you had any clue about this market, you'd know that nothing short of zombie apocalypse could destroy Bitcoin. Do you know what "anti-fragile" means?

Well, you are "a true believer".. what can I say. There is no point in converting someones religion.
What I see, is that the majority already has doubts that bitcoin is an pyramid/ponzi scheme. When it turns out that people lost their money on gox, then the media won't care if mtgox is to blame. The story that will get published is that people lost their money who invested in bitcoin, because this is the hot subject. Bitcoin will be known as a tool for crooks like Karpeles for scamming people. Bitcoin enthusiasts will be ridiculed as cultist or just as simple-minded victims. Companies together with serious investors will want to distance themselves as much as possible.
I believe that bitcoin won't entirely die by this, because there will be loads of religious people left behind who won't give up their beliefs. But it will regress into the play money status that can be used to buy drugs. Basically the same it was 2-3 years ago.

Actually a pretty impartial reporting on the BBC about the situaiton... it is quite clear that MtGox is the excange in trouble and not Bitcoin - according to the BBC anyhow... so yeah... guess not.

Also pay attention , the illicit uses for Bitcoin are becoming less and less...

ps If there are "religious" believers, does that make you a Satanist?

[JorgeStolfi]

I don't think we will ever know what was the lasting effect on BTC price of that 10,000 BTC sale on Bitstamp. for almost 6 million dollars.

As I understand it, the effect mostly depends on how much money and how many coins entered or left the "active bitcoin market", the sum of the working budgets of all day traders and other short and medium-term speculators.  That excludes money in the bank, and coins in private wallets, whose owners do not intend to use for frequent bitcoin trading.

From the way the sale happened, I would guess that the seller of those 10 kBTC will not be using those 6 M$ for further bitcoin trading.  On the other hand, at least some of the buyers must have been speculators who bought off their working budgets. Therefore, there must have been a net loss of money from the active bitcoin market, amounting to some fraction of those 6 M$.  By itself, that would tend to bring the price down.  However, the opposite conclusion would hold if the seller were to put all that money into active trading, and some of the buyers were new investors lured by his offer.

I would also think that those 10 kBTC probably were not in the active market before, and now some of them are.  (That round number points to a cold stash, rather than someone's working BTC budget; and It seems unlikely that all the buyers were "hodlers".) Thus the number of BTC in the active market probably increased, and this too would tend to bring the price down.  However, the opposite conclusion would hold if the seller was an active speculator, and at least some of the buyers were "hodlers".

As we saw, the sale had a large effect on the price while it was going on; but that immediate damage was quickly repaired by the market in few minutes (as it usually is).

However the sale probably will have more persistent negative effect, as discussed above.  This effect will not be visible in the price charts; the price will just increase more slowly or decrease faster than it would have done if the sale had not taken place.

[zyk]

Even the Royal family sold those fucking overvalued and overhyped BTC ?


Just watch how LTC/BTC breaks out now -- and don´t tell me again you haven´t been warned..

Either craptofuck dies down alltogether or LTC leads from now on

[empowering]

^^ I bet whatever he just said was a pile of shit : ) 

[kkaspar]

Actually a pretty impartial reporting on the BBC about the situaiton... it is quite clear that MtGox is the excange in trouble and not Bitcoin - according to the BBC anyhow... so yeah... guess not.

Also pay attention , the illicit uses fir Bitcoin are becoming less and less...

ps If there are "religious" belivers, does that make you a Satanist?

Just see what happens when sh*t actually hits the fan. What will sell in the media are the sad looking fathers of 3+ who are telling their stories how bitcoin promised them riches but instead took everything. There will be conspiracy theories how the banking indistry is behind these media reports, but actually what matters is what sells the most.
This is if MtGox does turn out insolvent. I'm not so certain that they are insolvent and this could be a more complex scheme of market manipulation.
Anyway, a smart trader won't trade during these periods of uncertainty. A risk happy trader will, but I think that "gambling" is the better word for it. So, I find it funny that some people are actually making serious predictions and are flattering themselves if they get anything right.

[zyk]

If you had any clue about this market, you'd know that nothing short of zombie apocalypse could destroy Bitcoin. Do you know what "anti-fragile" means?

Well, you are "a true believer".. what can I say. There is no point in converting someones religion.
What I see, is that the majority already has doubts that bitcoin is an pyramid/ponzi scheme. When it turns out that people lost their money on gox, then the media won't care if mtgox is to blame. The story that will get published is that people lost their money who invested in bitcoin, because this is the hot subject. Bitcoin will be known as a tool for crooks like Karpeles for scamming people. Bitcoin enthusiasts will be ridiculed as cultists or just as simple-minded victims. Companies together with serious investors will want to distance themselves as much as possible.
I believe that bitcoin won't entirely die by this, because there will be loads of religious people left behind who won't give up their beliefs. But it will regress into the play money status that can be used to buy drugs. Basically the same it was 2-3 years ago.

Yeah thats it....leave this corrupted, criminal territory where the bitcoinfoundation and Goldman Sucks are thiefing people

and get into Litecoin instead....the cryptocurrency for peer -to-peer honest people !

[fonzie]

Bitcoinbuilder & Mt.Gox combined is a dream come true for every pump and dumper(aka serious investors ).

[fonzie]

Good news everyone!


16:44 <@ne0futur> until unverified accounts used the malleability backdoor to get double paid

Nice. So MtGox remote support person William Waisse ("ne0futur) just admitted on the official #mtgox IRC channel that unverified accounts were used to steal unknown amounts of BTC.

Good news everyone!

From the official #mtgox support channel on irc.freenode.org:

16:39 < _DejaVu_> ne0futur: "old acocunts were still allowed to deposit and withdraw btc until recently" <-- what is recently? 2 weeks ago?
16:39 -!- valparaiso is now known as valparaiso_afk
16:42 < Tr|> _DejaVu_ since the lock down, I am in this boat also..
16:43 <@ne0futur> orweinberger: and what is your problem ?
16:43 <@ne0futur> _DejaVu_: yes a few weeks ago
16:44 <@ne0futur> until unverified accounts used the malleability backdoor to get double paid

There you have it, folks. William Waisse, a remote MtGox support person working from his home in Peru, just admitted that yes, people did manage to get double paid and yes, unverified accounts where used to do this.

....

[TheKoziTwo]

25K BTC volume on Bitcoinbuilder.

the owner of that website is making MILLIONS just by having a website and "guaranteeing" the trades. He processes them manually. He makes 2% on each trade, on both sides of the trade.

Even for bitcoin standards, this is an astonishing easy way of becoming a fucking millionaire.

I bet he is praying for Gox stalling the situation indefinitely

He is doing a pretty good job so far. The payouts are on time, the trades are nearly instant. Can't complain so far.

Guess not everybody is that lucky. Payout not on time, critical bug leaving my balance in minus and no reply to support tickets for close to 48 hours. But he is making good money, no doubt about that.

Kozi, I miss your animated gifs. And I really miss your musical videos. Really.

Heeey i got a fan !

[zyk]

^^ I bet whatever he just said was a pile of shit : ) 

Your problem is that you don´t want to answer for yourself the question who sold all those BTC for a 100 bucks at Gox !

Not having an answer to that makes you even dumpfounded when everything you will see the see the rearview mirror has already

made your BTC´s loosing out.  You are right, better close the eyes before reality bites you  

[aminorex]

^^ I bet whatever he just said was a pile of shit : ) 

Right again!

[seleme]

^^ I bet whatever he just said was a pile of shit : ) 

pretty much that 

[ChartBuddy]

Explanation

[andy-bc]

Guess not everybody is that lucky. Payout not on time, critical bug leaving my balance in minus and no reply to support tickets for close to 48 hours. But he is making good money, no doubt about that.

Well, you are not the only one who experienced the 'negative balance' bug in Bitcoin Builder.
Though in my case Josh responded to my e-mail in less than 24 hrs and fixed the problem.
(Other than that, everything went OK for me, including withdrawals.)

[dreamspark]

wall was removed...

A fair chunk was eaten, the trade history at the time showed a few large trades. One was 570ish