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

[JorgeStolfi]

Since Coinbase has zero fees, shall we assume that its volume is fake, and exclude its price from indices and charts?  

[inBitweTrust]

Where did you see "BTC is privately insured"?

The BTC has been privately insured since November 2013 and is old news :
https://exchange.coinbase.com/
https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

"Coinbase is insured against employee theft and hacking in an amount that exceeds the average value of online bitcoin it holds at any given time."

I.e. only their hot wallet is insured, not the client deposits

Yes usd client deposits are indeed insured but with FDIC- https://support.coinbase.com/customer/portal/articles/1780543

FDIC Insurance
Customer funds stored in Coinbase USD Wallets are held with an FDIC-insured financial institution.  

BTC is privately insured , USD is FDIC insured.

[blade87]

Let's see if we can hold the "magical $266" holds this time. Or is it no longer relevant?

[ChuckBuck]

How come it seems like the beartrolls are having a field day in here?  Because the recent dump this morning?

Isn't BTC up roughly 25% from end of day Friday?  Weren't we at $230 then?




So many questions....

[AirFlame]

Coinbase Fail HD

http://youtu.be/LBpDwZeEmSc

[JorgeStolfi]

"FDIC Insurance"
"Customer funds stored in Coinbase USD Wallets are held with an FDIC-insured financial institution. " 

Yes, I read that.  But read it carefully.  Does it say "Customer USD balances are insured by the FDIC", or does it say something else?

[BayAreaCoins]

How come it seems like the beartrolls are having a field day in here?  Because the recent dump this morning?

Isn't BTC up roughly 25% from end of day Friday?  Weren't we at $230 then?

...


So many questions....

Futures moving up too.

[Morecoin Freeman]

3rd leg down about to happen

[Kipsy89]

How come it seems like the beartrolls are having a field day in here?  Because the recent dump this morning?

Isn't BTC up roughly 25% from end of day Friday?  Weren't we at $230 then?

...


So many questions....

Futures moving up too.

Sell the news? I don't know it's really strange, man. I guess it's just a typical correction going on right there. Nothing more. It had to be expected after the overnight pump. I think we're still in a good situation and will continue on the bull's path to the moon!

[NotHatinJustTrollin]

Good day to you bitcoiners, looks like the pump&dump had more steam than I thought.

But anyway, does that pic tell you anything my friends?

[inBitweTrust]

"FDIC Insurance"
"Customer funds stored in Coinbase USD Wallets are held with an FDIC-insured financial institution. "  

Yes, I read that.  But read it carefully.  Does it say "Customer USD balances are insured by the FDIC", or does it say something else?

If the funds are held in a FDIC insured institution they are insured by the FDIC up to 250k. I already spoke to one of their customer service reps to clarify.

[AirFlame]

Well better $277 than $152 

[ensurance982]

"FDIC Insurance"
"Customer funds stored in Coinbase USD Wallets are held with an FDIC-insured financial institution. "  

Yes, I read that.  But read it carefully.  Does it say "Customer USD balances are insured by the FDIC", or does it say something else?

If the funds are held in a FDIC insured institution they are insured by the FDIC up to 250k. I already spoke to one of their customer service reps to clarify.

Does that number apply to each and every customer's funds separately or to the funds in general? 250k in general would be quite a rip-off, but 250k per customer is a nice starting point. Maybe not enough for Wall Street, but still a good thing!

[Malin Keshar]

How come it seems like the beartrolls are having a field day in here?  Because the recent dump this morning?

Isn't BTC up roughly 25% from end of day Friday?  Weren't we at $230 then?

...


So many questions....

Futures moving up too.

Sell the news? I don't know it's really strange, man. I guess it's just a typical correction going on right there. Nothing more. It had to be expected after the overnight pump. I think we're still in a good situation and will continue on the bull's path to the moon!

Might be just a correction, but the fact it happened exactly when the the moon countdown reached 0 is too much coincidence for me

[Afrikoin]

$260 retracement. 6 hours till Asia opens is enough time to bring down oversold levels on 6h bitfinex. This is a retracement. question is 23%, 38% or 50%

[inBitweTrust]

Does that number apply to each and every customer's funds separately or to the funds in general? 250k in general would be quite a rip-off, but 250k per customer is a nice starting point. Maybe not enough for Wall Street, but still a good thing!

FDIC covers 250k per depositor or user per institution/bank.  When you visit wallstreet you will notice that many atm receipts on the sidewalk show close to 250k balances (used to see many 90-95k balances before FDIC was increased) specifically because the wealthy know how to limit their liability and spread their funds around many banks to insure everything is insured. Expect the same with coinbase and gemini(when it opens).

Those that don't realize this , simply discount coinbase as just another exchange without realizing the full implications. The US is filled with millionaires needing another bank to park their cash into that is insured and what they can invest in.

Now that the NYSE is involved with coinbase and it is FDIC insured they won't mind diversifying their portfolios further. Another matter that is not being fully appreciated is the marketing power coinbase has by having not just those big VC companies backing them but the NYSE itself. Any user that things bitcoin is a ponzi or passing fad can be reminded that the NYSE disagrees with them. It is no longer BTC vs USD or BTC vs the SP500 , because BTC has been approved by the insiders. This may not immediately translate into a huge amount of new users but will have a profound effect in the coming months .

[NotHatinJustTrollin]

We can safely say that the Coinbase 2015 pump&dump is officially over.

Thanks for playing. We appreciate your collaboration.


Now it's time to dump again.





lol

[Afrikoin]

How come it seems like the beartrolls are having a field day in here?  Because the recent dump this morning?

Isn't BTC up roughly 25% from end of day Friday?  Weren't we at $230 then?

...


So many questions....

Futures moving up too.

Sell the news? I don't know it's really strange, man. I guess it's just a typical correction going on right there. Nothing more. It had to be expected after the overnight pump. I think we're still in a good situation and will continue on the bull's path to the moon!

Might be just a correction, but the fact it happened exactly when the the moon countdown reached 0 is too much coincidence for me

traded CME grain futures for a while. This happened some times. Sell offs on US market open after good news. The retracement all the way up. I think this is the same thing here

[strawbs]

I think last night's pump was simply caused by some people buying based on the Coinbase news, expecting it to cause a bull run, without realising that everyone else already knew about it ages ago, so the price was already factored in. Now the price is simply correcting itself back to yesterday's price c.250.

[Bassica]

Alright people, get your triggerfinger in place! We're getting close, 265 will be the max EV BI spot