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

[fonzie]

btw; mycoin.hk is a combination of exchange, cloud mining, online wallet, games...

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[damiano]

It´s official.

http://www.chinatimes.com/realtimenews/20150208002335-260410

Google translate::

"Hong Kong, " Wen Wei Po" reported bitcoin (bitcoin) again to Hong Kong investors ' loss of hand bad feet " : Hong Kong, a Bitcoin payment platform has suddenly closed down , estimated at nearly 3000 Bitcoin investors may lose everything at any time .

It is understood that when a group of Hong Kong investors in Bitcoin trading platform related office visits , found that have been left vacant , suspected of fraud and pyramid selling , the estimated total amount of all " victims ' losses at any time up to three billion Hong Kong dollars . Today they will collectively Police...."

Thanks to Jorge for breaking the news. Wait until this hits the news worldwide on monday, which will probably trigger the crash to sub 100. We would go there anyways, but a good news story will probably add more momentum and preserves us from more failed pumps and boring sideways action before the crash.

So why aren't the Chinese exchanges dumping like crazy?
3 billion yuan = 2.17 million btc at the current price. 3000 investors means the average investor had 725 btc each

It seems to be 3 billion hong kong dollars = 386 million US dollars = 1.7 million BTC. If these were already stolen and sold though (with just a recent closure) that could help account for all of this downward pressure we've been having.

That downward pressure is just the usual bears shorting.

[fonzie]

It seems to be 3 billion hong kong dollars = 386 million US dollars = 1.7 million BTC. If these were already stolen and sold though (with just a recent closure) that could help account for all of this downward pressure we've been having.

Lol, yeah as if the market could absorb 1,7 million coins in a few days(or months)  .... Have you seen the orderbooks?

Anyways, most of the money that is gone was probably FIAT(CNY).

[fonzie]

That downward pressure is just the usual bears shorting. the fact that bulls are out of money and no one is buying.

FTFY

[Fatman3001]

eye opening interview on bitcoin's current state from futurologist Vinay Gupta...

https://bitcoinmagazine.com/18000/bitcoin-is-teaching-realism-to-libertarians-an-interview-with-old-school-cypherpunk-vinay-gupta/

I think it is worthwhile to add this snippet. This criticism makes sense.

Everybody thought Bitcoin was gonna bring them freedom and liberty, but what it has brought them are three different kinds of entrapment. Let’s take these lessons, and make a Bitcoin that is useless to Wall Street, that doesn’t automatically create a cartel of miners, and that doesn’t leave a power vacuum for development which some Foundation will fill.

Read thru all the twaddle written by the GNU-people during the 80s and 90s and look at where GNU/Linux is now. The technology will carve its own path if there is any merit to it.

[lyth0s]

It seems to be 3 billion hong kong dollars = 386 million US dollars = 1.7 million BTC. If these were already stolen and sold though (with just a recent closure) that could help account for all of this downward pressure we've been having.

Lol, yeah as if the market could absorb 1,7 million coins in a few days(or months)  .... Have you seen the orderbooks?

Anyways, most of the money that is gone was probably FIAT(CNY).

Yes multiple months to over a year is what I'm talking about. And the market obviously has not absorbed all the selling pressure (from whatever created the imbalance) and hence the price decline that is without question. If someone was running a long con the idea would be to siphon off BTC little by little and sell it on other exchanges in your other name or in the names of close family members/friends etc. Something like this could have started a downward pressure in 2013 shortly after the company opened.

[explorer]

https://www.youtube.com/watch?v=LtZmr6zZCcs&feature=share

I used to be able to do the same thing in the US, deposit money in a bank account and get btc.

And he reuses the same address

Used to be able to fund my exchange acct here in Canada that way too, but banks kept closing their accounts.  Withdraw cash, cross street to their branch, deposit.  Simple.  Now it is a 10 day process (labelled 3-5 business days, but good luck with that)  And the fees are more than .027btc.   That won't even get you a coffee at Starbucks here 

[ChartBuddy]

Coin
Explanation

[samsonn25]

It´s official.

http://www.chinatimes.com/realtimenews/20150208002335-260410

Google translate::

"Hong Kong, " Wen Wei Po" reported bitcoin (bitcoin) again to Hong Kong investors ' loss of hand bad feet " : Hong Kong, a Bitcoin payment platform has suddenly closed down , estimated at nearly 3000 Bitcoin investors may lose everything at any time .

It is understood that when a group of Hong Kong investors in Bitcoin trading platform related office visits , found that have been left vacant , suspected of fraud and pyramid selling , the estimated total amount of all " victims ' losses at any time up to three billion Hong Kong dollars . Today they will collectively Police...."

Thanks to Jorge for breaking the news. Wait until this hits the news worldwide on monday, which will probably trigger the crash to sub 100. We would go there anyways, but a good news story will probably add more momentum and preserves us from more failed pumps and boring sideways action before the crash.

So why aren't the Chinese exchanges dumping like crazy?
3 billion yuan = 2.17 million btc at the current price. 3000 investors means the average investor had 725 btc each

It seems to be 3 billion hong kong dollars = 386 million US dollars = 1.7 million BTC. If these were already stolen and sold though (with just a recent closure) that could help account for all of this downward pressure we've been having.

Could  also be the people  who bought between  150 and 200 last  month sell to keep profit  or those  who  bought  240 to  310 want to lose less.  Gambling

[DefendKebab]

Notice those Finex buywalls are fake , down we go.

[bassclef]

eye opening interview on bitcoin's current state from futurologist Vinay Gupta...

https://bitcoinmagazine.com/18000/bitcoin-is-teaching-realism-to-libertarians-an-interview-with-old-school-cypherpunk-vinay-gupta/

I think it is worthwhile to add this snippet. This criticism makes sense.

Everybody thought Bitcoin was gonna bring them freedom and liberty, but what it has brought them are three different kinds of entrapment. Let’s take these lessons, and make a Bitcoin that is useless to Wall Street, that doesn’t automatically create a cartel of miners, and that doesn’t leave a power vacuum for development which some Foundation will fill.

Read thru all the twaddle written by the GNU-people during the 80s and 90s and look at where GNU/Linux is now. The technology will carve its own path if there is any merit to it.

Yeah the guy is obviously jaded and slightly arrogant having worked for the NSA and other governmental bodies. And he has a disdain for Libertarians, which doesn't exactly come off as convincing and colors his argument as ignorant. And now he's on team Ethereum. Hmmmm...

[Miz4r]

It´s official.

http://www.chinatimes.com/realtimenews/20150208002335-260410

Google translate::

"Hong Kong, " Wen Wei Po" reported bitcoin (bitcoin) again to Hong Kong investors ' loss of hand bad feet " : Hong Kong, a Bitcoin payment platform has suddenly closed down , estimated at nearly 3000 Bitcoin investors may lose everything at any time .

It is understood that when a group of Hong Kong investors in Bitcoin trading platform related office visits , found that have been left vacant , suspected of fraud and pyramid selling , the estimated total amount of all " victims ' losses at any time up to three billion Hong Kong dollars . Today they will collectively Police...."

Thanks to Jorge for breaking the news. Wait until this hits the news worldwide on monday, which will probably trigger the crash to sub 100. We would go there anyways, but a good news story will probably add more momentum and preserves us from more failed pumps and boring sideways action before the crash.

So why aren't the Chinese exchanges dumping like crazy?
3 billion yuan = 2.17 million btc at the current price. 3000 investors means the average investor had 725 btc each

It seems to be 3 billion hong kong dollars = 386 million US dollars = 1.7 million BTC. If these were already stolen and sold though (with just a recent closure) that could help account for all of this downward pressure we've been having.

There were no 3 billion hong kong dollars or 1.7 million BTC on mycoin.hk. Anyone who believes that crap needs to get their head examined. If there were really 3000 Chinese people involved in that Ponzi scheme than I'd say maybe the equivalent of a few million USD were lost, not 386 million lol. No way mycoin.hk was that big and 3000 people had the equivalent of 386M USD on there, you people are too gullible about what news media write down. Anyway I'm not sad to see a Ponzi collapse, and the people who lost money there are idiots and had this coming.

[aztecminer]

It´s official.

http://www.chinatimes.com/realtimenews/20150208002335-260410

Google translate::

"Hong Kong, " Wen Wei Po" reported bitcoin (bitcoin) again to Hong Kong investors ' loss of hand bad feet " : Hong Kong, a Bitcoin payment platform has suddenly closed down , estimated at nearly 3000 Bitcoin investors may lose everything at any time .

It is understood that when a group of Hong Kong investors in Bitcoin trading platform related office visits , found that have been left vacant , suspected of fraud and pyramid selling , the estimated total amount of all " victims ' losses at any time up to three billion Hong Kong dollars . Today they will collectively Police...."

Thanks to Jorge for breaking the news. Wait until this hits the news worldwide on monday, which will probably trigger the crash to sub 100. We would go there anyways, but a good news story will probably add more momentum and preserves us from more failed pumps and boring sideways action before the crash.

So why aren't the Chinese exchanges dumping like crazy?
3 billion yuan = 2.17 million btc at the current price. 3000 investors means the average investor had 725 btc each

It seems to be 3 billion hong kong dollars = 386 million US dollars = 1.7 million BTC. If these were already stolen and sold though (with just a recent closure) that could help account for all of this downward pressure we've been having.

There were no 3 billion hong kong dollars or 1.7 million BTC on mycoin.hk. Anyone who believes that crap needs to get their head examined. If there were really 3000 Chinese people involved in that Ponzi scheme than I'd say maybe the equivalent of a few million USD were lost, not 386 million lol. No way mycoin.hk was that big and 3000 people had the equivalent of 386M USD on there, you people are too gullible about what news media write down. Anyway I'm not sad to see a Ponzi collapse, and the people who lost money there are idiots and had this coming.

ok this is the rumor. do we buy or sell on this rumor ?? i think is not HAMMER TIME yet so that means we should be selling .

[samsonn25]

There is probably only 10-15% float of all the entire  btc in existence.  Hard to believe since the other 85-90% is in cold storage.

[Globb0]

or just lost

[ElectricMucus]

If this was an exchange like site they probably added the total amount of fiat in all currencies and the total amount of coins together to arrive at this figure.
Anyway yeah mtgox was probably bigger.

[lyth0s]

It´s official.

http://www.chinatimes.com/realtimenews/20150208002335-260410

Google translate::

"Hong Kong, " Wen Wei Po" reported bitcoin (bitcoin) again to Hong Kong investors ' loss of hand bad feet " : Hong Kong, a Bitcoin payment platform has suddenly closed down , estimated at nearly 3000 Bitcoin investors may lose everything at any time .

It is understood that when a group of Hong Kong investors in Bitcoin trading platform related office visits , found that have been left vacant , suspected of fraud and pyramid selling , the estimated total amount of all " victims ' losses at any time up to three billion Hong Kong dollars . Today they will collectively Police...."

Thanks to Jorge for breaking the news. Wait until this hits the news worldwide on monday, which will probably trigger the crash to sub 100. We would go there anyways, but a good news story will probably add more momentum and preserves us from more failed pumps and boring sideways action before the crash.

So why aren't the Chinese exchanges dumping like crazy?
3 billion yuan = 2.17 million btc at the current price. 3000 investors means the average investor had 725 btc each

It seems to be 3 billion hong kong dollars = 386 million US dollars = 1.7 million BTC. If these were already stolen and sold though (with just a recent closure) that could help account for all of this downward pressure we've been having.

There were no 3 billion hong kong dollars or 1.7 million BTC on mycoin.hk. Anyone who believes that crap needs to get their head examined. If there were really 3000 Chinese people involved in that Ponzi scheme than I'd say maybe the equivalent of a few million USD were lost, not 386 million lol. No way mycoin.hk was that big and 3000 people had the equivalent of 386M USD on there, you people are too gullible about what news media write down. Anyway I'm not sad to see a Ponzi collapse, and the people who lost money there are idiots and had this coming.

I am not taking any action on this information and it makes no difference to me if it is true or not. I'm just speculating in the speculation sub-forum,  who would have thought?

[lyth0s]

If this was an exchange like site they probably added the total amount of fiat in all currencies and the total amount of coins together to arrive at this figure.
Anyway yeah mtgox was probably bigger.

Yeah, but as a scam artist you wouldn't directly move fiat from your fake name/information to your real identity through a bank transfer. You would want to buy an asset, then anonymously move the asset to place where you can later claim it. Since this place was already involved in bitcoin it would have been easier to take the fiat and buy some bitcoins, tumble them and then move them to other exchanges to cash out the fiat +/- keep some bitcoins for later.

[Fatman3001]

Ok people, listen up!

I need to cash out some of my stash soon so I need this mofo to rise ASAP!

[Miz4r]

ok this is the rumor. do we buy or sell on this rumor ?? i think is not HAMMER TIME yet so that means we should be selling .

It's "buy the rumor and sell the news". No matter what the rumor or news is. Just buy the rumor, and then sell the news. Works always, guaranteed.