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

[ChartBuddy]

Coin
Explanation

[1714865428]

1714865428

[gentlemand]

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

'Free market in action' 'be your own bank' 'shoulda seen it coming' 'if you don't got your private keys' 'due diligence' etc.

Lots of people love to preach this until it happens to them.

I sympathise with anyone who loses anything. With BTC world as it is though, the risks are too high to be giving coins away unless someone can present a cast iron case.

[Brewins]

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

it seems to be big if true. Enough to crash the prices to the 100's.

Why no moves so far?

[NotHatinJustTrollin]

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.

[samsonn25]

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.

Yes.  Haha

[gentlemand]

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

it seems to be big if true. Enough to crash the prices to the 100's.

Why no moves so far?

"Investors said they were lured by promises of a HK$1 million return in four months for buying a HK$400,000 bitcoin contract which would produce 90 bitcoins on maturity. Extra profits and prizes such as a Mercedes car or cash prizes would be paid if an investor found more new clients."

Because there aren't any actual bitcoins involved? The folks who lost put their fiat in.

[fonzie]

https://bitcointalk.org/index.php?topic=949455.msg10397491#msg10397491

三十亿，三千名用户？你确定？平均下来，每个用户有一百万的资产在平台？我不信。

Translation:

"Three billion , three thousand users ? You sure? On average, each user has one million of assets in the platform ? I do not believe."



Even the chinese are still in denial. There is something that unites bitcoiners worldwide...
Blinded by greed.

[aztecminer]

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

it seems to be big if true. Enough to crash the prices to the 100's.

Why no moves so far?

"Investors said they were lured by promises of a HK$1 million return in four months for buying a HK$400,000 bitcoin contract which would produce 90 bitcoins on maturity. Extra profits and prizes such as a Mercedes car or cash prizes would be paid if an investor found more new clients."

Because there aren't any actual bitcoins involved? The folks who lost put their fiat in.

ok everyone get ready for the big 'chinese mining contract scheme gone viral goxed exchange panic' flash bombs .

[pippo]

What say Adam Guerb.... about this  

[JorgeStolfi]

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

Yes, you have seen this article by now, I suppose:
Why the Chinese can't get enough of Bitcoin - despite bank ban
Peter Ford, Christian Science Monitor, 2013-12-06
http://www.csmonitor.com/World/Asia-Pacific/2013/1206/Why-the-Chinese-can-t-get-enough-of-Bitcoin-despite-bank-ban

"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

No news on the SMBIT thread, and Google does not seem to find anything either.  I suppose that it is still at Stage 4 in the Karpelès Scale.

According to Barry's tweet, they have suspended redemption (withdrawal, liquidation) since 2014-10, while they are waiting for SMBIT shares to be listed at OTCQX -- an exchange for non-standard assets ("pink sheets" some sources have called them).  SMBIT had promised investors that such a market would be available by April 2014, IIRC.

I don't understand why they have to suspend redemption for that reason.  Perhaps they intend to suspend redemption indefinitely, so that the only way for clients to get their money back will be to find even greater fools more optimistic investors?

Anyway, I suppose that their clients were duly warned that such a situation could arise, and SMBIT has told them the reasons for the suspension  Unfortunately, it seems that clients have to sign an NDA of some sort, and cannot reveal the content of the mail they get from the fund.

[Eamorr]

It's 06:15 in Beijing.



Once they get through the traffic, these guys will be at their desks.

[tarmi]

[ElectricMucus]

https://bitcointalk.org/index.php?topic=949455.msg10397491#msg10397491

三十亿，三千名用户？你确定？平均下来，每个用户有一百万的资产在平台？我不信。

Translation:

"Three billion , three thousand users ? You sure? On average, each user has one million of assets in the platform ? I do not believe."



Even the chinese are still in denial. There is something that unites bitcoiners worldwide...
Blinded by greed.

It's more like one million of empty promises per sucker, most of the "funds" there probably were imaginary.

[billyjoeallen]

Most stolen coins have already been sold. Why do you think the price has gone down for over a year?

[grahvity]

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

[fonzie]

Most stolen coins have already been sold. Why do you think the price has gone down for over a year?

OK, thanks for the update(inside informations), i´m buyin in now. I always thought it was due to the lack of fresh money/buyers. But i guess those 3 million USd left on Bitstamps orderbook will take us to 800$ soon.


Edit: Sometimes i also get told that Goxs missing 800k bitcoin were already sold during the crash from 32 to 2$?

[JorgeStolfi]

It's more like one million of empty promises per sucker, most of the "funds" there probably were imaginary.

Well, if each contract was 400'000 HKD minimum ( = 52'000 USD = 230 BTC), and there were 3000 clients, then the scammers stole at least 150 million USD of real money from their victims.  At current prices that would be 680 kBTC.

It may be bigger than MtGOX, because we do not know how much MtGOX clients actually lost.  The 660 k BTC / 500 M USD figure is what they thought they had in their accounts, which (as in Madoff's case) may be a lot more than what they actually put in.

[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

Yes, you have seen this article by now, I suppose:
Why the Chinese can't get enough of Bitcoin - despite bank ban
Peter Ford, Christian Science Monitor, 2013-12-06
http://www.csmonitor.com/World/Asia-Pacific/2013/1206/Why-the-Chinese-can-t-get-enough-of-Bitcoin-despite-bank-ban

"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

No news on the SMBIT thread, and Google does not seem to find anything either.  I suppose that it is still at Stage 4 in the Karpelès Scale.

According to Barry's tweet, they have suspended redemption (withdrawal, liquidation) since 2014-10, while they are waiting for SMBIT shares to be listed at OTCQX -- an exchange for non-standard assets ("pink sheets" some sources have called them).  SMBIT had promised investors that such a market would be available by April 2014, IIRC.

I don't understand why they have to suspend redemption for that reason.  Perhaps they intend to suspend redemption indefinitely, so that the only way for clients to get their money back will be to find even greater fools more optimistic investors?

Anyway, I suppose that their clients were duly warned that such a situation could arise, and SMBIT has told them the reasons for the suspension  Unfortunately, it seems that clients have to sign an NDA of some sort, and cannot reveal the content of the mail they get from the fund.

Thanks. I can´t wait to see how this BIT thing plays out in the end.... If we ever should get any informations.

[tarmi]

Most stolen coins have already been sold. Why do you think the price has gone down for over a year?

money is missing, not coins.

[fonzie]

Will bullscam newssites like coindesk.com even report about the ponzi incident? Nothing so far...