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

[galdur]

[JayJuanGee]

guess what, a ton of people were selling coins on loan on Bitswamp (that is how they manipulated the price so low over the last 6 months) ... and now bitswamp has conveniently 'lost' coins ... i.e. the swamp is net short of coins.

go figure, it is not rocket science, someone has been selling non-existent coins and the swamp administered it. Good luck to anybody willing to deal with the swamp, you'll need it.

Yes!!!!!   Your observations seem to be very logical and grounded in facts,.... NOT.... 


And, Marcus of Augustus, how is the receptivity in your tin foil hat? 


Are you getting other vibes regarding the ways of the bitcoin world about which you would like to share with us?

oh, yeah goldfoil working great.

Are we going to have yet another parade of apologists for a broken exchange trotted out every so often with the usual BS "just trust us", "everything's fine" ... Swamp only has to redeem the small percentage of rubes who actually ask for their coinz back until ... hey what's that!!? nup sorry all coinz gone chaps ... ta-ta.

man, people are stupid, they deserve every exchange rip-off they get.

Don't get me wrong because I am sympathetic to what you are saying.  For one, I believe that it is very problematic to have these various centralized methods in which we are entrusting our coins and our private keys.  Second, as you suggested there is also the problem of these centralized systems engaging in various forms of fractional reserve banking, which are forms of fraud. 

On the other hand, I believe that the evidence is NOT strong enough to absolutely conclude that either fractional reserve banking or fraud is taking place in the ways that you simplistically described.  Nonetheless, there are various incentives for these various centralized entities to cheat, especially, if they believe that they are either NOT going to get caught or that they can adequately camouflage such cheating or that there are NOT adequate rules/regulations in place to clearly and unambiguously legally prohibit their conduct.

[ChartBuddy]

Explanation

[Richy_T]

I would choose this weekend to get 48 hours behind on my internetting :/ Jumping ahead just to find out WTF is up with bitstamp. Looks bad. 1 year after Gox. Almost like it's a deliberate attack on Bitcoin itself. Guard your coins.

[maranello1561]

If this is life without Bitstamp, then I for one, hope it never comes back online. Good riddance to that Slovenian dump of an exchange and its smug co-founders

[rebuilder]

If this is life without Bitstamp, then I for one, hope it never comes back online. Good riddance to that Slovenian dump of an exchange and its smug co-founders

I don't follow.

[paymenow]

If this is life without Bitstamp, then I for one, hope it never comes back online. Good riddance to that Slovenian dump of an exchange and its smug co-founders

+1

GO ... wait a minute, who else is left? Does this mean that we have to live with Bitcoin exclusively as THE money supply?  I feel so insecure without my USD or EUR around me...

[ejinte]

Do you think they will reset the orderbook before they open again?

[cbeast]

This is our final warning to create a new model for exchanges.

[ChartBuddy]

Explanation

[tvbcof]

guess what, a ton of people were selling coins on loan on Bitswamp (that is how they manipulated the price so low over the last 6 months) ... and now bitswamp has conveniently 'lost' coins ... i.e. the swamp is net short of coins.

go figure, it is not rocket science, someone has been selling non-existent coins and the swamp administered it. Good luck to anybody willing to deal with the swamp, you'll need it.

I never had much love for Bitstump after they told people "You remember those funds you sent us?  We're going to need an identity theft kit from you if you want them back."  IIRC, even Gox gave people fair warning.  I was all done with exchanges before Bitstump came on-line so I was only watching from the sidelines.

[esse83]

guess what, a ton of people were selling coins on loan on Bitswamp (that is how they manipulated the price so low over the last 6 months) ... and now bitswamp has conveniently 'lost' coins ... i.e. the swamp is net short of coins.

go figure, it is not rocket science, someone has been selling non-existent coins and the swamp administered it. Good luck to anybody willing to deal with the swamp, you'll need it.

I never had much love for Bitstump after they told people "You remember those funds you sent us?  We're going to need an identity theft kit from you if you want them back."  IIRC, even Gox gave people fair warning.  I was all done with exchanges before Bitstump came on-line so I was only watching from the sidelines.

Lets not forget about their fee fraud (https://bitcointalk.org/index.php?topic=597647.0) and lying about producing financial audits every quarter (links down because of hack).

Additionally, a financial statement audit is in progress.
https://www.bitstamp.net/article/Bitstamp-BTC-Proof-of-Reserves-May-2014/

4. Bitstamp is now performing quarterly financial audits and will post our financial reports on our web site.
https://www.bitstamp.net/article/Statement-by-Bitstamp-regarding-MtGox-insolv/

[kenji]

do you believe bitstamp become insolvent just like mtgox?

[aminorex]

do you believe bitstamp become insolvent just like mtgox?

no

[adaseb]

No this is just nothing but plain short covering. It will bounce a little and then head towards the $200

[gizmoh]

No this is just nothing but plain short covering. It will bounce a little and then head towards the $200

Yea right its covering to higher levels 22,011.32 BTC 

[cbeast]

I am all in now. This theft would have killed any altcoins. Honeybadger don't care.

[gizmoh]

I really doubt Stamp has to resort to market buys to get that BTC. They probably can buy it in bulk from one of their partners. 19K is a lot, but not a crazy amount either.

I really wonder why you would put 19k in a hot wallet. Even when you have to transfer them to clients.
19k live ammo is a bit high.


I would have kept much better safety with those coins.

Yeah, agreed - no idea why they kept 19K in a hot wallet.

I presume the hacker waited for the optimal moment during panic dumping where incoming transfers to clients stamp address were high, so he cleared the recent deposits not just the hot wallet for withdrawals.. Their server got p0wned basically..

[cbeast]

I'm ready to see high speed trading die in a fire to be replaced by real world p2p trading.

[inca]

No this is just nothing but plain short covering. It will bounce a little and then head towards the $200

You know rather than guessing you can just see that btc swap contracts are only very slightly below their all time high level, right? Currently over 22000 contracts.

Www.bfxdata.com