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

[K~Ehleyr]

The price is climbing quite fast now, presumably because lots of people are buying while the price is low.  But do we really think that's the end of it, a quick dip in price, fast recovery and job done?  I hope I'm not being silly by waiting to see what Binfinex say about their plans for going forward before I jump on the buy-in bandwagon.  If I've missed the chance to buy at $550 I'll kick myself.  But I can't help feeling there's another drop ahead.  Such a shock to the markets surely can't be recovered from so quickly, can it?

Why not? Past events have shown that exchange hacks bigger than this didn't kill bitcoin. Why should there be a prolonged downtrend? I don't think the stolen coins will be sold on other exchanges (that matter in terms of volume) due to chain-analysis and blacklisting. The hackers may be satisfied with the profit they made due to market manipulation.

Let's see, it may be just a dead cat bounce, but I guess it may be the start of a new uptrend unfolding. Rising above 600 in the next few days(or weeks) could give the people a lot of confidence in the resilience of bitcoin, which may spark the next big rally.

I never suggested the hack would "kill bitcoin".  i have no doubt that Bitcoin will quickly recover to at least where it was before.  I just mean that this seems too fast, like in the movies when a character thinks the bad guy's dead so they turn their back, and then the bad guy comes at them with another attack.  I think it's too early to be sighing with relief just yet.

[Meuh6879]

Maybe not snip the part where he clearly states, he was going to not that he did.

true.

but the fact is : DON'T TRUST VIRTUAL WALLET.


Exchange VIRTUAL wallet <<<<<<<<<>>>>>>>>>> Bitcoin WALLET (bitcoin core, multibit, android wallet)

[lemmyK]

http://www.zerohedge.com/news/2016-08-03/here-comes-mandatory-bitcoin-database    "Many banks in Europe have restrictions on how much money you can withdraw from your own savings account"  10 000 ..i think
for exemple like coinbase do it over estonian bank s ...

[noobtrader]

what  is wrong with bitcoin  

i lost like 20% of my btc value even without losing a single bitcoin on bfx hax    

better sell now to lock in that loss permanently. lol sorry

tell me about it... i was buying all of last night.

wow...  i must be sleeping when hax happen, i just realize the drop when i online and check.  
btw thats a good strategy of yours, price already rising LOL  

[BlindMayorBitcorn]

This is the strangest conversation...

[paratox]

The price is climbing quite fast now, presumably because lots of people are buying while the price is low.  But do we really think that's the end of it, a quick dip in price, fast recovery and job done?  I hope I'm not being silly by waiting to see what Binfinex say about their plans for going forward before I jump on the buy-in bandwagon.  If I've missed the chance to buy at $550 I'll kick myself.  But I can't help feeling there's another drop ahead.  Such a shock to the markets surely can't be recovered from so quickly, can it?

Why not? Past events have shown that exchange hacks bigger than this didn't kill bitcoin. Why should there be a prolonged downtrend? I don't think the stolen coins will be sold on other exchanges (that matter in terms of volume) due to chain-analysis and blacklisting. The hackers may be satisfied with the profit they made due to market manipulation.

Let's see, it may be just a dead cat bounce, but I guess it may be the start of a new uptrend unfolding. Rising above 600 in the next few days(or weeks) could give the people a lot of confidence in the resilience of bitcoin, which may spark the next big rally.

I never suggested the hack would "kill bitcoin".  i have no doubt that Bitcoin will quickly recover to at least where it was before.  I just mean that this seems too fast, like in the movies when a character thinks the bad guy's dead so they turn their back, and then the bad guy comes at them with another attack.  I think it's too early to be sighing with relief just yet.

The reason I stated the fact that bitcoin didn't get killed(at least yet) due to large hacks in the past was to make my point about why there may not be a need for prolonged downtrend. See, after the goxxing nobody knew how the market would react to a hack of this magnitude, there was a feeling of doom hanging over bitcoin, so the possibility of bitcoin slowly dying was very prevalent . I think this uncertainty was a large reason for the long bearmarket that followed. It took a long time for confidence to come back, but I think it's reasonable to say, that bitcoin recovered from that blow.

Now with the bitfinex hack, the market already had experienced such a scenario from which it recovered. There is much more confidence in the resilience of bitcoin now than it was in the past. That's why I think this time around, the downtrend may only be short in comparison to the last time.

Why do you think it could be happing too fast? Is it just a feeling you have or does it also have a rational basis?

Just for clarification, I am not recommending to buy into it right now, but wouldn't sell either. I am in this for the long term and don't actively trade.

[eat_more_fruit]

NLC, are you talking to yourself?

[soullyG]

NLC, are you talking to yourself?

As always. Oh and welcome back to the forum, it's been a while since your account was created in 2014 - did you forget about Bitcoin, or bought the account from someone?

[petahashminer]

so what is latest news about finex, is it hacked, coins stolen or is it just a story?

are they lying. or really 120K coins are gone

[noobtrader]

This is the strangest conversation...

not too strange due to the circumstances...  btw can we get the price back to 666 before i sober up

[Dafar]

so what is latest news about finex, is it hacked, coins stolen or is it just a story?

are they lying. or really 120K coins are gone

120K coins are gone and given to charity

[Torque]

How convenient that all the focus is now on Bitfinex, and not the outcome of the bitcoin Core Dev/Miner roundtable.

Remember the HF, big block debate? Status of LN?

Naw me neither, now back to the Finex fiasco...  

[Dafar]

A useful poll.


Bitcointalkers are roughly three times more likely to pick the first choice over all the others.

Only when the choices are the same

[eat_more_fruit]

NLC, are you talking to yourself?

As always. Oh and welcome back to the forum, it's been a while since your account was created in 2014 - did you forget about Bitcoin, or bought the account from someone?

2013. I started several accounts back then and thought i'd reactivate this one in order to probe lamb's mind. Say, do old handles really get sold for good coin?

[master sato]

so what is latest news about finex, is it hacked, coins stolen or is it just a story?

are they lying. or really 120K coins are gone

120K coins are gone and given to charity

maybe to forum donations ?

[Karartma1]

please select an option at random:

I see we're getting more and more precise on what is asked 

Talking price there has been a small recovery lately: now that I can't follow bitfinex anymore I'm following OKCOIN price (let's go big no?).
558$ there, hopefully going a bit back in the next hours

[LFC_Bitcoin]

please select an option at random:

I see we're getting more and more precise on what is asked  

Talking price there has been a small recovery lately: now that I can't follow bitfinex anymore I'm following OKCOIN price (let's go big no?).
558$ there, hopefully going a bit back in the next hours

Yeah I think that's natural, after such a substantial dump/crash there will usually always be a recovery. I'm also hoping we see something like 570-580 within 24 hours.

[Elwar]

Update from BitFinex:

As it stands, we are continuing to investigate the hack and cooperating with authorities and the top blockchain analytic companies in the space to track the stolen bitcoins. In the meantime, we have been working on getting the platform up and running on a secure instance so that users can log in and see if their accounts have been affected as well as the state of their positions and orders. We hope to have an update with more substance later today UTC time.

[Karartma1]

Hi Elwar,
can you post the compromised finex addresses please?
Want to have a look at them
 Thanks

[Karartma1]

Update from BitFinex:

As it stands, we are continuing to investigate the hack and cooperating with authorities and the top blockchain analytic companies in the space to track the stolen bitcoins. In the meantime, we have been working on getting the platform up and running on a secure instance so that users can log in and see if their accounts have been affected as well as the state of their positions and orders. We hope to have an update with more substance later today UTC time.

They are probably talking about these guys
https://www.elliptic.co/

According to them that's what they do

We identify illicit activity on the Bitcoin blockchain and provide actionable intelligence to financial institutions and law enforcement agencies