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

[GOLD Dev]

Bitcoin is still holding up quite nicely after that 119k BTC theft...

Wondering where those coins are too, maybe dumped allready?

[European Central Bank]

I ain't so sure any exchange is gonna accept coins originating from a known hack address. and mixing that amount is borderline impossible. it'll take a long time for someone to launder those coins. anyway they're probably safe in some bitfinex employee's wallet.

[lemmyK]

https://www.reddit.com/r/Bitcoin/comments/4w71cx/why_did_bitgo_allow_120000_btc_to_be_withdrawn/

you're naive. There is no one who would oversee the 24/7 and take turns to 3 working shifts. I see it in real life. most rich companies, government agencies and banks is so bogus(judas) pay some  employee 24/7 supervision . such examples as bitfinex are millions worldwide. and they gamble money from people because they are unpunished. for what happened in bitfinex someone ceos/bosses should get life in prison or bullets to the head,.
But the US government knows how to carve right at intimidation. as Ulbricht closed for life  :'(as an exemplary case. While no one not begin to liquidate CEO and bosses so they'll abusing customers.
WAKE UP we  living in corporate fascism protected by the state police and the courts.

[AlexGR]

Bitcoin is still holding up quite nicely after that 119k BTC theft...

The market overreacted and, at peak, we got ~1/3 of the marketcap wiped out. You can't have a 60mn theft taking billions of the marketcap - it's irrational.

The DAO "hack" was larger and Ethereum lost a couple hundred millions at most in marketcap - despite the fact that percentage-wise the DAO was very big compared to the ETH marketcap.

So, as I see it, the over-reaction is due for mid-term upwards correction. The amount stolen was not that big anyway (~0.7%). Although the air must be cleared first with the coins and funds at finex before the upwards trend resumes. Once that is done, it might trigger a race to frontrun the other buyers towards 600+.

[gentlemand]

The market overreacted and, at peak, we got ~1/3 of the marketcap wiped out. You can't have a 60mn theft taking billions of the marketcap - it's irrational.

I don't believe market cap is a rational way to get the measure of anything, especially something as thinly traded as Bitcoin, let alone alts.

[Paashaas]

Kim Dotcom says he has the answer to bitcoin’s ‘civil war’ and will soon give it to the world.

I'm getting very exited about Kim's ''scaling'' solution what he calls; Bitcache for his Megaupload 2.0.

He also thinks that the price wil rocket to $2000 in 2017, which i think he is right even without his groundbreaking innovation.

http://qz.com/751533/kim-dotcom-says-he-has-the-answer-to-bitcoins-civil-war-and-will-soon-give-it-to-the-world/

[AlexGR]

The market overreacted and, at peak, we got ~1/3 of the marketcap wiped out. You can't have a 60mn theft taking billions of the marketcap - it's irrational.

I don't believe market cap is a rational way to get the measure of anything, especially something as thinly traded as Bitcoin, let alone alts.

The marketcap may not make sense for small players, but it does for large players as it creates internal hedges within the market.

[Dafar]

Kim Dotcom says he has the answer to bitcoin’s ‘civil war’ and will soon give it to the world.

I'm getting very exited about Kim's ''scaling'' solution what he calls; Bitcache for his Megaupload 2.0.

He also thinks that the price wil rocket to $2000 in 2017, which i think he is right even without his groundbreaking innovation.

http://qz.com/751533/kim-dotcom-says-he-has-the-answer-to-bitcoins-civil-war-and-will-soon-give-it-to-the-world/

Fucking lol... this guy is straight from a movie.


So he has his own scaling solution huh? That's cool, I was wondering how he hopes to include micro transactions in btc for all file transfers






BASED KIM DOT COM!

[gentlemand]

ALL blockchain limitations? What does an enormous German file magnate know that others don't? Does he employ anyone to work on this type of thing? If so, why haven't we heard any squeaks before?

[savetherainforest]

ALL blockchain limitations? What does an enormous German file magnate know that others don't? Does he employ anyone to work on this type of thing? If so, why haven't we heard any squeaks before?

There was Vice episode made specially for him in New Zealand where he was on house arrest on his estate that had a golf course and all that sh!t.. that place was huge!!! ... sigh... "house arrest"  


And  he is the kind of guy that puts others to do stuff for him... he doesn't seem to do much on his own... maybe eat and exercise... and pay hookers to F' him!... He's so fat he can't even move his ass properly.

[gentlemand]

And  he is the kind of guy that puts others to do stuff for him... he doesn't seem to do much on his own... maybe eat and exercise... and pay hookers to F' him!... He's so fat he can't even move his ass properly.

I saw that too. I suspect that his employees put him on his feet for the filmed segments and pulled him around with invisible fishing lines. As soon as the cameras stopped rolling he was slipped back into his anti gravity harness. I doubt he can feed himself either. Still, he would make for a fun neighbour.

[Dafar]

Resorting to fat-shaming now? Are we jealous of his riches?


I'm pretty sure the dude is a talented coder and created megaupload himself

[foggyb]

Resorting to fat-shaming now? Are we jealous of his riches?


I'm pretty sure the dude is a talented coder and created megaupload himself

All I see is: this user is ignored.

[infofront]

It'll be interesting to see how that pans out. He's often full of bluster, but also brilliant and eccentric.

[gentlemand]

Resorting to fat-shaming now? Are we jealous of his riches?


I'm pretty sure the dude is a talented coder and created megaupload himself

Hey, I'm sure he's got far more intellect, let alone finances, than my modest self. I still think he could afford to pack more tastiness into less calories. I'm intrigued to see what he comes up with.

[savetherainforest]

Resorting to fat-shaming now? Are we jealous of his riches?


I'm pretty sure the dude is a talented coder and created megaupload himself

All I see is: this user is ignored.

HaHa ... you feeling his jew power??... or what??




He said the word "german", his instinct was to send you straight to nazi germany...  

But I guess the feeling is mutual for both of you...

[TooDumbForBitcoin]

Resorting to fat-shaming now? Are we jealous of his riches?

No, we are envious of people who post better fat-shaming posts than we do.

Guy clearly doesn't have self-esteem or body image problems - he put "mega" in his brand.

(on a more pr0n/hooker tangent, perhaps there's something else to the "mega upload" nickname)

[JimboToronto]

Good morning Bitcoinland.

Seems we're going sideways again but at much lower volumes.

We're almost exactly where we were at this time yesterday.

I think many people are still digesting the Finex hack and waiting to see how things turn out.

As I said yesterday, we're about where we probably would have ended up without the hack, considering that the price had been going down for a few days anyway.

Bitcoinaverage is still hovering around $580.

[JayJuanGee]

https://www.reddit.com/r/BitcoinMarkets/comments/4vtv1m/bitfinex_down_due_to_bitcoin_security_breach/d64ow17

socialized losses for bitcoin and loans to btc/usd positions. guess we'll know the full facts in a few hours.

Thanks for that link ECB...    The post pretty much states that Bitfinex is going to make a more official update tomorrow, but in the meantime, like you said, Bitfinex is considering a way to socialize losses amongst Bitfinex BTC holders.

 I don't really have a problem with socialized loss in the sense that Bitfinex would later pay back those "losers"... yet, I believe that they are not considering paying back the "losers"...

 I think that it is a bit irresponsible to cause the users to hold the bag... and even though we are finding out some details, we still have to wait for more specifics, which seems to be scheduled to come out tomorrow.

Really the best option for everyone. Other option is to go belly up and then after 4yrs and a bunch of attorney fees you might see some distributions (see Gox). Assuming there'd be a full investigation and it wasn't internal job etc...

We are likely a bit too much speculation regarding various details at the moment because Bitfinex has only provided a rough outline of their intentions - and they also provided one side of the balance sheet without providing some kind of indication of the other side of the balance sheet, which would likely be disclosed in more detail later today.

I guess part of what I am saying, here, is that in order to attempt to achieve more confidence from current account holders and future account holders, they have to disclose enough details in order to inspire some confidence that they are being reasonable. 

I don't think that we can come to any kind of conclusion regarding what is best if we do not have some more disclosure, and likely, since they are not a public company, they are going to be somewhat sparse with the level of their disclosure... in other words, they will be disclosing mostly from an attempt to retain business rather than any kind of actual obligation to disclose.

One last point, Bitfinex is already somewhat known for being a bit shady; however, so far (at least up until this latest incident), their shadiness had not prevented them from accumulating a lot of bitcoins in their trust and to build a large volume of USD/BTC trade.  Maybe some of that trade is fake, but it is likely a lot more representative of reality than some of the other chinese exchanges (Ok coin and Huobi, for example).  So, their known shadiness causes me to speculate that they are continue to be less than fully transparent, and so no matter what there are going to continue to be theories and speculation regarding whether some of this is an inside job, and perhaps if they do not propose some kind of publicly acceptable plan forward with sufficient details, their history along with this latest incident and perhaps inadequate plan will contribute towards their demise.  I remain with my proposition that the most likely appropriate plan forward is to at least attempt to show that they are coming really close to fully compensating all affected users - otherwise they will lose credibility from the big investors.  They don't actually have to carry out such plan, merely just put forth such plan to create such an impression that they plan to fully compensate (or close to fully compensate) everyone who was negatively affected.

[BitofaN1]

Since Bitfinex knows all of the attacker's addresses, couldn't they try to convince the top pool's operators to blacklist them? Wouldn't that be one of the "advantages" of ultra centralized mining?