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

[pjviitas]

I'm bearish because this Gox crap is going to grind on and on and on. 

You know I keep hearing reading a lot of statements like this. Please keep in mind that real people lost incredible amounts of money either due to theft or incompetence. Some of these people lost a good portion of their bitcoin investment, others lost their entire life savings, and some lost more than you could dream of making in a lifetime. This is not just some more bad news, some whale shit crap, some media hype. This is a real and very unfortunate event that took an insanely large amount of money from the members of this community. Whether the were "newbies" who "deserved it for not securing their assets" or "traders" or "old money that trusted the oldest exchange to handle their coins". Please have some respect for the fact that this was absolutely detrimental to a large group of investors, investors and community members that support(ed) bitcoin and put their hard earned money into it. Could you imagine the agony you would feel if you lost the kind of money these guys did? Some of you couldn't stomach the agony of losing 5 bitcoins, let alone a few hundred bitcoins. I have spoken to some of these people first hand, I am one of those people who also lost some coins, I will tell you this; speaking with a long time bitcoiner and hearing his voice crack and crumble as he comes to terms with the fact that he lost more money then he earns in 10 years worth of paychecks is heartbreaking. It is not "Gox crap"

Sorry for the rant but that's my two sense on the topic.

+1

I can't help thinking that there has been some permanent fallout from this...some people got left behind on the GOX event which is sad.

Some people might think ya ya...now lets get back to CCMF to da moon but too many of these types of events can end up having a significant impact on the future of Bitcoin.

[BubbaGumpShrimpinBoatCapn]

I want to know why, with a digital currency like bitcoin, the stolen coins cannot be identified and blocked from use.  If the stolen coins could be disabled, then new coins could be automatically reproduced and restored to funds?  Why does each coin not have a fingerprint of sorts?  Maybe if this idea is antithetical to bitcoin, then another company could create a competing product that was in such a way theft proof, high insurance, etc.

Just wondering.

[surfer43]

In positive news...

Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone.

Did satoshi think the amount would be 800,000?

[thezerg]

I want to know why, with a digital currency like bitcoin, the stolen coins cannot be identified and blocked from use.  If the stolen coins could be disabled, then new coins could be automatically reproduced and restored to funds?  Why does each coin not have a fingerprint of sorts?  Maybe if this idea is antithetical to bitcoin, then another company could create a competing product that was in such a way theft proof, high insurance, etc.

Just wondering.

Who decides that the coins are stolen?  Maybe if I don't like you (or we are competing bidder to acquire a company) I just claim stolen block your coins and later say "oops terrible mistake".

Or I spend my coins and get the product.  Next I claim the coins are stolen.  Get new coins & keep the product.

Suddenly all the coins in your account are unspendable.  You bought them from a reputable exchange so WTF?  Well, someone just noticed that they were stolen from their wallet a week ago.  They've gone through about 50 people between then and now but you are the bag holder.


Its just unworkable.  Best to identify the thief and possibly throw him/her in jail, and extract not the exact coins but equivalent value from the thief through normal means.

[solex]

I want to know why, with a digital currency like bitcoin, the stolen coins cannot be identified and blocked from use.  If the stolen coins could be disabled, then new coins could be automatically reproduced and restored to funds?  Why does each coin not have a fingerprint of sorts?  Maybe if this idea is antithetical to bitcoin, then another company could create a competing product that was in such a way theft proof, high insurance, etc.

Just wondering.

This would destroy Bitcoin's value. Currency has to be safe from censorship.. There has been many threads on the subject, Search for redlisting, whitelisting, blacklisting.

Consider a simple example. You have a 100 coin stash and pay 1 coin for a service, which turns out to be bad so you get into an argument with the vendor. Vendor checks your original transaction and sees a big change amount, and uses his influence to get your remaining coins blacklisted.

[jojo69]

fuck this

I got things to do

see you fuckers in July

[HairyMaclairy]

I'm bearish because this Gox crap is going to grind on and on and on.  

You know I keep hearing reading a lot of statements like this. Please keep in mind that real people lost incredible amounts of money either due to theft or incompetence. Some of these people lost a good portion of their bitcoin investment, others lost their entire life savings, and some lost more than you could dream of making in a lifetime. This is not just some more bad news, some whale shit crap, some media hype. This is a real and very unfortunate event that took an insanely large amount of money from the members of this community. Whether the were "newbies" who "deserved it for not securing their assets" or "traders" or "old money that trusted the oldest exchange to handle their coins". Please have some respect for the fact that this was absolutely detrimental to a large group of investors, investors and community members that support(ed) bitcoin and put their hard earned money into it. Could you imagine the agony you would feel if you lost the kind of money these guys did? Some of you couldn't stomach the agony of losing 5 bitcoins, let alone a few hundred bitcoins. I have spoken to some of these people first hand, I am one of those people who also lost some coins, I will tell you this; speaking with a long time bitcoiner and hearing his voice crack and crumble as he comes to terms with the fact that he lost more money then he earns in 10 years worth of paychecks is heartbreaking. It is not "Gox crap"

Sorry for the rant but that's my two sense on the topic.

My apologies it was a thoughtless remark. I should know better (I do know better).

You have my sympathy. If anything it was an expression of anger because I have some knowledge of how the Japanese bankruptcy system works and it simply is not up to Western standards.  I am angry that Mt Gox has gone for bankruptcy protection and that management is permitted to remain in place.  I am also angry that for the moment it appears that no detailed balance sheet will be forthcoming and no decent explanation of the theft will be provided because the Japanese system is built around saving face and sweeping everything under the carpet.  Mr Karpeles could not have picked a better country to blow up an exchange if he had tried.

Regarding the time frame please take it as an observation that the bankruptcy proceedings will continue for one to two years and that this will invite extended media coverage particularly if Mr Karpeles is jailed which is a distinct possibility.  Putting two members of the Bitcoin Foundation Board in jail *cough Shrem* for financial fraud would not be good for image particularly as Mr Nakamoto would be one of the few remaining members and he does not attend board meetings for some reason.  

The Bitcoin Foundation had to be dragged kicking and screaming to get Karpeles to resign and some of them are still in denial that he was running a ponzi scheme.   Right now I am starting to feel like the entire Bitcoin Foundation board is a pack of crooks.  which means the Bitcoin Foundation Board needs a serious kick up the ass but I have too many other projects on the go to devote time to that.  

Nonetheless my anger at Gox and the Bitcoin Foundation for actively defending him despite serious evidence of wrong doing does not detract from my sympathy for the clients of the exchange who got done over by one of the biggest financial frauds this decade.  

[HairyMaclairy]

Sorry for the rant but that's my two sense on the topic.

Nice rant.  Well-taken, I hope. 

However, from the tone of this particular thread in the past week or two, all you are likely to get back is nasty, brutish and short.  The degree of solidarity and humane compassion the wall observers demonstrate through a capitulation is reminiscent of 10 crabs in an 8 crab bucket.

Not this bear. I apologised.

[empowering]

Sorry for the rant but that's my two sense on the topic.

Nice rant.  Well-taken, I hope. 

However, from the tone of this particular thread in the past week or two, all you are likely to get back is nasty, brutish and short.  The degree of solidarity and humane compassion the wall observers demonstrate through a capitulation is reminiscent of 10 crabs in an 8 crab bucket.

Not this bear. I apologised.

Care Bear 

[ChartBuddy]

Explanation

[MANofthePEOPLE]

Going to bed soon, good idea to put sell order around 590-600? Doesn't seem to be going higher than that

[Richy_T]

Unlike in Western societies, where a public apology is taken as an admission of guilt

I'll take that as a admission of guilt, no you ?

Give the guy a break. He can't even afford to buy a shirt that fits properly...

[JorgeStolfi]

Move on, move on, there are no unicorns to see here, just an ordinary malleability bug, it is all taken care of now.

[scarass]

I'm surprised. No bounty on MK's head yet?

[ChartBuddy]

Explanation

[hmmmstrange]

I'm surprised. No bounty on MK's head yet?

scarass, you worried about mark putting a bounty on your head?

[solarflare]

I wonder, who else watch this thread constantly even though they only hold and buy, never sell ?

[Mythul]

So is MK the new Jordan Belfort now ? I bet 1 bitcoin there will be a movie about him in 2 years! And he will write a book.

[surfer43]

So is MK the new Jordan Belfort now ? I bet 1 bitcoin there will be a movie about him in 2 years! And he will write a book.

His Wikipedia article was created today! 

[tailor]

Based on approximate three months of various uncertainties in the China ban situation that took us from early December into late January and then the Mt. Gox situation through the month of February.... .... and also based on the fact that the BTC network has been expanding, growing and developing during this time while investors have been waiting on the side-lines b/c of the uncertainties... that is my sense of the situation... and my sense that as soon as some of these uncertainties are resolved.. which they seem to have been largely resolved, we are going moon-ish... or at least suborbital moon into the $750 to $850 range first.. and then into the $1500 range... absent some further impediments.....      

Do you have a different sense of the current situation?

My sense is that nobody has a clue what's going to happen, and that looking at the same set of facts most predictions will tend to align with the wishes of the person making the prediction.