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

[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.

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.

Lets not forget that if that site as anything like gox an unknown percentage of coins and/or fiat might not have existed in the first place. If you for instance would add the amount of fake fiat "consumed" by Willy and Markus or add Chinese type double volume accounting into the mix you can arrive at nonsensical figures.
Even so I think it's possible that the number is correct in a sense that this could be the amount of money "owed" to the scam victims, albeit much of it does not really exist.

[Tuck Fheman]

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.

[picolo]

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.

It works most of the time but the timing must be excellent and the dicipline very strong to turn a good profit long term with this strategy.

[ChartBuddy]

Coin
Explanation

[Sitarow]

4:11PM EST

[Brewins]

4:11PM EST

thanks for the smaller graphic

[fonzie]

So this is how the average chinese bitcoiner looks like:  




http://www.scmp.com/news/hong-kong/article/1707565/investors-fear-hk3b-losses-closure-bitcoin-trading-company

"In December, the company changed its trading rules, forbidding investors to cash in all their bitcoins unless they manage to find more clients."


@JorgeStolfi, do you know if BIT investors meanwhile are allowed to cash out, or is it still prohibited?

https://twitter.com/barrysilbert/status/551553942745006080

[Sitarow]

4:11PM EST

thanks for the smaller graphic

NP

[aztecminer]

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.

ah alright i got it. i knew was something like that.

[unununium]

So this is how the average chinese bitcoiner looks like:  




http://www.scmp.com/news/hong-kong/article/1707565/investors-fear-hk3b-losses-closure-bitcoin-trading-company

"In December, the company changed its trading rules, forbidding investors to cash in all their bitcoins unless they manage to find more clients."


@JorgeStolfi, do you know if BIT investors meanwhile are allowed to cash out, or is it still prohibited?

https://twitter.com/barrysilbert/status/551553942745006080

Bad luck...

[LFC_Bitcoin]

It could be a good thing if that exchange has gone down.
More coins are lost which limits supply hence a price rise.

[NotHatinJustTrollin]

It could be a good thing if that exchange has gone down.
More coins are lost which limits supply hence a price rise.

Yeah but the coins are not "lost", the scammers have them, and you can only guess what they are gonna do with them  

[BlindMayorBitcorn]

It could be a good thing if that exchange has gone down.
More coins are lost which limits supply hence a price rise.

Only a degen bitcoiner would look at the ruin of others as the silver lining to his own bag. Kuddos

[Eamorr]

Not even the Pope himself would be able to move the price $10 away from $220.

It's so tight out there at the moment.

[fonzie]

It could be a good thing if that exchange has gone down.
More coins are lost which limits supply hence a price rise.

One should consider the possibility that a lot of potential chinese BTC investors will be scared due to this news. They will probably think twice before putting anything into it. Bitcoin will always get labeled as that "ponzi thing" in China from now on. At least for the average chinamen. And these are the people bigger fools, that bitcoin would  desperatley need now to end the bear market. It will be interesting to see if the PBOC decides to do something now? Maybe more regulations, ban or something else. For all we know a lot of these exchanges aren´t working really transparent and are possibly acting fractional reserve.
Bullish?

[octaft]

It could be a good thing if that exchange has gone down.
More coins are lost which limits supply hence a price rise.

Only a degen bitcoiner would look at the ruin of others as the silver lining to his own bag. Kuddos

Considering some of these people look at full economic collapse as a great thing (for bitcoin, of course), I'm not sure why this surprises you.

[JorgeStolfi]

Lets not forget that if [ mycoin.hk ] was anything like gox an unknown percentage of coins and/or fiat might not have existed in the first place.

I would expect that too.  It probably was like MtGOX, the Madoff ponzi, or the silver scam of James Ray Houston, father of BFL's CEO: the clients invested X, their account balance was (say) 5 times X, but the site's coffers were actually empty.

[aztecminer]

It could be a good thing if that exchange has gone down.
More coins are lost which limits supply hence a price rise.

it was a mining contract scam ?? i think i will HODL ....

[fonzie]

It could be a good thing if that exchange has gone down.
More coins are lost which limits supply hence a price rise.

Just like the MtGox collapse and it´s missing 800kBTC made the price skyrocket.

[pippo]

Go out from Bitcoin and all in at Darkcoin ;-)