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

[JorgeStolfi]

I don't think that there will be an immediate reaction to the mycoin.hk debacle (but I may be wrong, of course).

People have blamed bad press after the MtGOX collapse for the general price decline since Feb/2014.  I don't think MtGOX had that much influence, not even when it was fresh news (which is no longer the case). The only clear effects of MtGOX on price were a couple of sudden drops, notably on 2014-02-07 and 02-10, when Mark hinted/stated that there was a "bug in bitcoin".  But those drops were soon undone when the claims were dismissed.  As I said before, I believe that the general deciine since Feb/2014 is mostly due to the Chinese speculators getting disenchanted with bitcoin and taking their remaining money out of the market.

The mycoin.hk debacle may however convince the Chinese government to impose even stricter regulations about bitcoin trading; and those would surely have a large impact on the price (like the ones in March/April 2014).

[ChartBuddy]

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Explanation

[JorgeStolfi]

PS. It is 10:00 am now in China.  The mycoin.hk news was on some Hong Kong newspapers, but may not have been picked up by Mainland newspapers yet; I don't know.  Some Mainland Chinese may get the news through the internet, but more may get them from TV this evening, or from newspapers tomorrow.  Let's see.

[silverfuture]

I don't think that there will be an immediate reaction to the mycoin.hk debacle (but I may be wrong, of course).

People have blamed bad press after the MtGOX collapse for the general price decline since Feb/2014.  I don't think MtGOX had that much influence, not even when it was fresh news (which is no longer the case). The only clear effects of MtGOX on price were a couple of sudden drops, notably on 2014-02-07 and 02-10, when Mark hinted/stated that there was a "bug in bitcoin".  But those drops were soon undone when the claims were dismissed.  As I said before, I believe that the general deciine since Feb/2014 is mostly due to the Chinese speculators getting disenchanted with bitcoin and taking their remaining money out of the market.

The mycoin.hk debacle may however convince the Chinese government to impose even stricter regulations about bitcoin trading; and those would surely have a large impact on the price (like the ones in March/April 2014).

Meh. Em Tee Gox was an exchange that was missing a lot of BTC and it only caused a couple of sudden drops with a market that expected those btc to make it to the remaining exchanges to sell. The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

[JorgeStolfi]

The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

I generally agree, except that there are claims that mycoin.hk operated also an exchange that scammed their clients too.  So there may be some consequences for other exchanges.

[twiifm]

I don't think that there will be an immediate reaction to the mycoin.hk debacle (but I may be wrong, of course).

People have blamed bad press after the MtGOX collapse for the general price decline since Feb/2014.  I don't think MtGOX had that much influence, not even when it was fresh news (which is no longer the case). The only clear effects of MtGOX on price were a couple of sudden drops, notably on 2014-02-07 and 02-10, when Mark hinted/stated that there was a "bug in bitcoin".  But those drops were soon undone when the claims were dismissed.  As I said before, I believe that the general deciine since Feb/2014 is mostly due to the Chinese speculators getting disenchanted with bitcoin and taking their remaining money out of the market.

The mycoin.hk debacle may however convince the Chinese government to impose even stricter regulations about bitcoin trading; and those would surely have a large impact on the price (like the ones in March/April 2014).

Meh. Em Tee Gox was an exchange that was missing a lot of BTC and it only caused a couple of sudden drops with a market that expected those btc to make it to the remaining exchanges to sell. The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

They use Bitcoin cause the bitcoiners target victim are get rich scheme gamblers who are unsophisticated and generally dumb.  They think anything Bitcoin must be good

[silverfuture]

The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

I generally agree, except that there are claims that mycoin.hk operated also an exchange that scammed their clients too.  So there may be some consequences for other exchanges.

Ah, OK. I hadn't heard of the exchange.

[Walsoraj]

The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

I generally agree, except that there are claims that mycoin.hk operated also an exchange that scammed their clients too.  So there may be some consequences for other exchanges.

Did mycoin run its own exchange or operate in association with another?  BFX is located in Hong Kong, right? 

[ChartBuddy]

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Explanation

[readysalted89]

The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

I generally agree, except that there are claims that mycoin.hk operated also an exchange that scammed their clients too.  So there may be some consequences for other exchanges.

Did mycoin run its own exchange or operate in association with another?  BFX is located in Hong Kong, right? 

I'm not certain but  their website suggests they ran their own exchange, an online wallet service, a cloud mining service, and various entertainment services. This is what Google translate came up with from their about us page. Right now it's difficult to get any clear information, just stuff badly translated through Google.

https://mycoin.hk/#MYCOIN-intro1

MYCOIN platform is the world's leading Bitcoin Bitcoin trading platform and application service providers, dedicated to the development and operation of Bitcoin-related products, we have today's advanced bank level data encryption technology, cold storage, sophisticated algorithms, cloud computing, cloud storage, cloud and other high-tech mining machine, MYCOIN platform (www.mycoin.hk) is the world's first set of Bitcoin transactions, Bitcoin transactions, Bitcoin entertainment applications, e-commerce and other services Bitcoin integrated service platform integration, globally oriented customers Bitcoin Bitcoin integration services.

[Newar]

[...] Right now it's difficult to get any clear information, just stuff badly translated through Google.

Just switch to English in the upper right corner? Granted not exactly the Queens' English, but it looks like they tried to build an exchange: "Effort to build set of Bitcoin trading"

[Chef Ramsay]

I don't think that there will be an immediate reaction to the mycoin.hk debacle (but I may be wrong, of course).

People have blamed bad press after the MtGOX collapse for the general price decline since Feb/2014.  I don't think MtGOX had that much influence, not even when it was fresh news (which is no longer the case). The only clear effects of MtGOX on price were a couple of sudden drops, notably on 2014-02-07 and 02-10, when Mark hinted/stated that there was a "bug in bitcoin".  But those drops were soon undone when the claims were dismissed.  As I said before, I believe that the general deciine since Feb/2014 is mostly due to the Chinese speculators getting disenchanted with bitcoin and taking their remaining money out of the market.

The mycoin.hk debacle may however convince the Chinese government to impose even stricter regulations about bitcoin trading; and those would surely have a large impact on the price (like the ones in March/April 2014).

Meh. Em Tee Gox was an exchange that was missing a lot of BTC and it only caused a couple of sudden drops with a market that expected those btc to make it to the remaining exchanges to sell. The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.

They use Bitcoin cause the bitcoiners target victim are get rich scheme gamblers who are unsophisticated and generally dumb.  They think anything Bitcoin must be good

I wonder if this is true and what made these people want in on the project/scheme. It does seem like a plausible statement and is quite characteristic of many people interested in bitcoin. This would be the mother of all bitcoin related ponzis if it panned out the way it's being put with this line of thinking. The greed, as apparently described in the ruse, doesn't make one feel as sorry or as sympathetic towards those with the losses.

[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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[marcus_of_augustus]

http://avc.com/2015/02/the-carlota-perez-framework/

for the longer term watchers ...

[noobtrader]

 

it seem price has staibilized it self above 220 mark ?
im happy with this... i hope 220 all the way to 2016, agree ?

[Newar]

http://avc.com/2015/02/the-carlota-perez-framework/

for the longer term watchers ...

Sadly only focuses on the US, IMHO.

[ChartBuddy]

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Explanation

[nanobrain]

Remember kids...

the price doesn't matter,

bad news doesn't matter,

China doesn't matter.

Nothing matters in BTCland other than pictures of honey badgers and walls of text proclaiming the NWO.

Lemme save you the time. He says that money only has value because we believe it has value. I suppose that's true in a certain context but useless. Economics professors (he's a prof) only have value because we believe they have value also. What determines MARKET value for anything is supply and demand and what determines the value of something to an individual is marginal utility. Any Econ Prof worth his salt will tell you that the first week of Econ 101.

BillyJoeAllenRedneck firefighter who can't spell his own home state correctly

And of course even those with an education are wrong, wrong, wrong.

So, make sure to keep buying BTC with your credit card...if Cletus here says its good, why worry.