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

[dEBRUYNE]

How do you think Stamp hack will affect bitcoin price when they open trades again?

Will price drops?

TY!

If this was 2013 or earlier, news like BitStamp hack would have caused immediate dumping on all exchanges, but there's only been a slight depress in the price following release of the news. If anything that suggests to me Stamp's reopening will not have any real effect, but who knows.

Maybe we'll have a Gox-like inflation on Bitstamp upon reopening.... but this time, traders on other exchanges may not follow such a rally the way they did on Gox last year.

Is there a thread that discusses the Bitstamp hack at length? What are the facts that we know?

Most info can be found on reddit (www.reddit.com/r/bitcoin). It was speculated on reddit that this (https://blockchain.info/address/1L2JsXHPMYuAa9ugvHGLwkdstCPUDemNCf?offset=0&filter=0) was the hacker's adress. But that adress has, although small, inputs after bitstamp halted trading. So maybe they just moved the coins themselves? The high fees make that questionable however.

[1713934601]

1713934601

[1713934601]

1713934601

[1713934601]

1713934601

[1713934601]

1713934601

[phoenix1]

Most info can be found on reddit (www.reddit.com/r/bitcoin). It was speculated on reddit that this (https://blockchain.info/address/1L2JsXHPMYuAa9ugvHGLwkdstCPUDemNCf?offset=0&filter=0) was the hacker's adress. But that adress has, although small, inputs after bitstamp halted trading. So maybe they just moved the coins themselves? The high fees make that questionable however.

I can't think of any reasons why this would preclude it being the alleged hacker's alleged address. Not saying it is or isn't, just saying that further inputs neither proves nor disproves anything. All is still very much in the realms of speculation.

My own thoughts are that if this address did indeed belong to BitStamp, or was completely unconnected to the incident, they would have said so by now, given the (negative) publicity and rumours surrounding it. It would be in their best interests, no ?

[Fatman3001]

Meanwhile, network hash rate accelerates upward  

Someone must have fallen and hit their head. I can't believe that many are still making money mining.  

[JerryCurlzzz]

Meanwhile, network hash rate accelerates upward  

Someone must have fallen and hit their head. I can't believe that many are still making money mining.  

I think that well-positioned miners are still making very good money selling at this rate. Casual miners in the west -- not so much. But established miners with good access to new generation chips and cheap electricity (in China, etc), I believe can still be profitable. I remember seeing numbers thrown around, but cannot recall them now, though.

[dakota neat]

So now Bitstamp has to buy back its 18K BTC on the market asap

[DonQuijote]

https://www.tradingview.com/v/Dx9hLqQ1/

This is suggesting that ~$235-240 will be the bottom and a price of $5k to look forward to in just a few months

Can you imagine that?... doesn't seem very realistic at this point

5 months ago:
https://www.tradingview.com/v/1w92kX89/

[gizmoh]

So now Bitstamp has to buy back its 18K BTC on the market asap

Buying 18k on Finex, thereby strangling the shorters  

[Tzupy]

So now Bitstamp has to buy back its 18K BTC on the market asap

Not necessarily. They could dump inexistent coins and buy them back later at a much lower price. A sort of reverse Willy.

[Son0fLamb]

Meanwhile, network hash rate accelerates upward  

Someone must have fallen and hit their head. I can't believe that many are still making money mining.  

I think that well-positioned miners are still making very good money selling at this rate. Casual miners in the west -- not so much. But established miners with good access to new generation chips and cheap electricity (in China, etc), I believe can still be profitable. I remember seeing numbers thrown around, but cannot recall them now, though.

Once the chips are taped out, they will mine--that's sunk costs.  Take KNC, for instance.  As long as (selfhosting costs) + (cost of gluing the chips to boards} < price of coins mined, mining is going to happen.
Doesn't mean KNC will make money (may not recoup investment), but the losses would be far greater if the chips were tossed into dumpsters.

[samsonn25]

https://www.tradingview.com/v/Dx9hLqQ1/

This is suggesting that ~$235-240 will be the bottom and a price of $5k to look forward to in just a few months

Can you imagine that?... doesn't seem very realistic at this point

5 months ago:
https://www.tradingview.com/v/1w92kX89/

The chart is no too proportional

[JorgeStolfi]

If this was 2013 or earlier, news like BitStamp hack would have caused immediate dumping on all exchanges, but there's only been a slight depress in the price following release of the news.

Could it be that (ahem!) China still sets the price, and the Chinese do not care about Bitstamp?

[samsonn25]

So now Bitstamp has to buy back its 18K BTC on the market asap

Not necessarily. They could dump inexistent coins and buy them back later at a much lower price. A sort of reverse Willy.

Traders do this everyday.  Called shorting

Actually the coins are borrowed from long holders or equity is put in place as collateral.

[Fatman3001]

Meanwhile, network hash rate accelerates upward  

Someone must have fallen and hit their head. I can't believe that many are still making money mining.  

I think that well-positioned miners are still making very good money selling at this rate. Casual miners in the west -- not so much. But established miners with good access to new generation chips and cheap electricity (in China, etc), I believe can still be profitable. I remember seeing numbers thrown around, but cannot recall them now, though.

Yes, but a hundred dollar drop from a month ago when it was already tight. And now they are increasing hashrate? If the price doesn't bounce back hashrate will have to flatten again, if not fall. Not all of the network is in China, yet.

[Tzupy]

So now Bitstamp has to buy back its 18K BTC on the market asap

Not necessarily. They could dump inexistent coins and buy them back later at a much lower price. A sort of reverse Willy.

Traders do this everyday.  Called shorting

Actually the coins are borrowed from long holders or equity is put in place as collateral.

I know it's called shorting, I'm doing it too. But Bistamp could do this on a large scale without collateral and front run the market.

[samsonn25]

I think large mining operations are fcked with rising diff

With mostly the overhead costs

Owner/manufacturers like Bitfury, Knc, and Bitmain lose less because they can get the equipment at pretty much the lowest cost.

[ChartBuddy]

Explanation

[Gyrsur]

Explanation

we know it!

[Fatman3001]

Explanation

we know it!

Stamp needs to get online and give us some numbers soon, or this mofo is going to sink like an anvil.

[findftp]

Explanation

we know it!

Stamp needs to get online and give us some numbers soon, or this mofo is going to sink like an anvil.

I'm very happy to only have 0,07 BTC over there which I received for trading some worthless shit ripple I once got in the past for beta testing.
Since I had to verify I went to finex, fuck that shit.
I'm happy to trade on finex and btc-e

Never lost a coin on any exchange other than making mistakes with trading
Overall profit ofcourse

[Fatman3001]

Explanation

we know it!

Stamp needs to get online and give us some numbers soon, or this mofo is going to sink like an anvil.

I'm very happy to only have 0,07 BTC over there which I received for trading some worthless shit ripple I once got in the past for beta testing.
Since I had to verify I went to finex, fuck that shit.
I'm happy to trade on finex and btc-e

Never lost a coin on any exchange other than making mistakes with trading
Overall profit ofcourse

I don't give a sh#@$t about Bitstamp, but I would prefer that their implosion doesn't send Bitcoin further down the drain.