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

[ChartBuddy]

[Its About Sharing]

FWIW

Mtux says Mizuho Bank's automated wire transfer API is broken right now.  Wires can only be sent out manually by Mizuho.  Gox is opening accounts at other banks, which should drastically improve USD withdrawal times and bypass the technical problems at Mizuho.  This process should take around 2 weeks.

Lets examine this a little.

An API which has been working perfectly for a bank suddenly stops working and there is no solution to the problem apart from opening new bank accounts ?

Banks don't just go in and break their systems, if there was a software issue with their API they would roll back any recent changes and make it work again.

This is an excuse. Knowing how Asian businesses operate I would say it's a 'face saving' excuse.

I think I can say that this is also a lie - someone at the bank is lying to mtux if this is what was said.

Code:

[23:08] <MagicalTux> we broke their system due to the volume
[23:08] <ineededausername> the bank's system?
[23:08] <ineededausername> what do you mean broke?
[23:08] <MagicalTux> yep
[23:08] <MagicalTux> it's broken
[23:08] <ineededausername> a technical problem?
[23:08] <MagicalTux> yep
[23:09] <MagicalTux> they're working on fixing this, and we're opening new bank accounts in other banks as I speak to resume transfers (it takes 2 weeks)

if anyone wants to interpret it any differently.

There is now a $6 price difference on Bitstamp and Gox. Something is up... (outside of the price)

[Dalib]

This is more along the lines of my thinking.

Why is $180 being thrown around ? Am I missing something here ?

$180 is a running joke on this thread, not a serious prediction.  You never know though...

If you really overcome 115-120 (BTC bought 20K now) is almost all above this likely

[gizmoh]

This chart says it all, order book $15 million and increasing and coins diminishing.Expect this trend to continue

[dexX7]

The huge decline in asks.. were they sold or taken off the book?

[Jozzaboy]

The huge decline in asks.. were they sold or taken off the book?

Both. Significant amount taken off the book though.

[Coinseeker]

This is more along the lines of my thinking.

Why is $180 being thrown around ? Am I missing something here ?

Nope...just your average delusional Bitcoiners, doing what they do best...dreaming.  Every chart, news cycle and closed exchange equals...up, up, up, regardless of reality.  

This thread is more fun when viewed like this:

[Rampion]

The huge decline in asks.. were they sold or taken off the book?

No, not sold - well, some of them YES, but obviously not so many. I think they were not only taken off the book, a lot of it may have left Gox for good... This kind of news (International wires to USA stop for 2 weeks) scares a lot a certain kind of people (pussies?), and they panic and just take their coins off Gox. Same thing happened when the dwolla thing.

I have to say these are very profitable moments, in the sense that its very easy to predict what panickers will do. I remember when we had the blockchain fork, oh gosh I bought so many coins during that crash... Really, this kind of news and the panickers reaction are a Bitcoin trader best friends

[Its About Sharing]

The huge decline in asks.. were they sold or taken off the book?

No, not sold - well, some of them YES, but obviously not so many. I think they were not only taken off the book, a lot of it may have left Gox for good... This kind of news (International wires to USA stop for 2 weeks) scares a lot a certain kind of people (pussies?), and they panic and just take their coins off Gox. Same thing happened when the dwolla thing.

I have to say these are very profitable moments, in the sense that its very easy to predict what panickers will do. I remember when we had the blockchain fork, oh gosh I bought so many coins during that crash... Really, this kind of news and the panickers reaction are a Bitcoin trader best friends

What do you think the result is going to be? It is interesting to see at a time like this, Bitstamp is not following things...
Almost like a divergence that will need to be corrected on Gox, but we are not following rules.

[Jozzaboy]

The huge decline in asks.. were they sold or taken off the book?

No, not sold - well, some of them YES, but obviously not so many. I think they were not only taken off the book, a lot of it may have left Gox for good... This kind of news (International wires to USA stop for 2 weeks) scares a lot a certain kind of people (pussies?), and they panic and just take their coins off Gox. Same thing happened when the dwolla thing.

I have to say these are very profitable moments, in the sense that its very easy to predict what panickers will do. I remember when we had the blockchain fork, oh gosh I bought so many coins during that crash... Really, this kind of news and the panickers reaction are a Bitcoin trader best friends

What if spooked folks are transferring their coins to other exchanges and cashing out before their imaginary shitstorm hits them?

[nmersulypnem]

The huge decline in asks.. were they sold or taken off the book?

No, not sold - well, some of them YES, but obviously not so many. I think they were not only taken off the book, a lot of it may have left Gox for good... This kind of news (International wires to USA stop for 2 weeks) scares a lot a certain kind of people (pussies?), and they panic and just take their coins off Gox. Same thing happened when the dwolla thing.

I have to say these are very profitable moments, in the sense that its very easy to predict what panickers will do. I remember when we had the blockchain fork, oh gosh I bought so many coins during that crash... Really, this kind of news and the panickers reaction are a Bitcoin trader best friends

What if spooked folks are transferring their coins to other exchanges and cashing out before the their imaginary shitstorm hits them?

Doing the opposite is easy money.  7% instant increase on whatever you invest.  Buying into the panic has never been so profitable.

[ElectricMucus]

Maybe we finally have consistently increasing spread to the point that it becomes the major trend. Perhaps people trapped on gox will pay a 20% premium.. So gox to 120 and other exchanges to 100.

[Jozzaboy]

The huge decline in asks.. were they sold or taken off the book?

No, not sold - well, some of them YES, but obviously not so many. I think they were not only taken off the book, a lot of it may have left Gox for good... This kind of news (International wires to USA stop for 2 weeks) scares a lot a certain kind of people (pussies?), and they panic and just take their coins off Gox. Same thing happened when the dwolla thing.

I have to say these are very profitable moments, in the sense that its very easy to predict what panickers will do. I remember when we had the blockchain fork, oh gosh I bought so many coins during that crash... Really, this kind of news and the panickers reaction are a Bitcoin trader best friends

What if spooked folks are transferring their coins to other exchanges and cashing out before the their imaginary shitstorm hits them?

Doing the opposite is easy money.  7% instant increase on whatever you invest.  Buying into the panic has never been so profitable.

Unfortunately there is a 1 week waiting time to get money from my bank account to dwolla then to campbx otherwise you bet I would be doing this already.

[Kupsi]

The huge decline in asks.. were they sold or taken off the book?

No, not sold - well, some of them YES, but obviously not so many.

A decent amount was sold (bought).

http://bitcoincharts.com/charts/mtgoxUSD#rg1zczsg2013-06-20zeg2013-06-20ztgMzm1g10zm2g25zv

[byronbb]

This is more along the lines of my thinking.

Why is $180 being thrown around ? Am I missing something here ?

Nope...just your average delusional Bitcoiners, doing what they do best...dreaming.  Every chart, news cycle and closed exchange equals...up, up, up, regardless of reality.  

This thread is more fun when viewed like this:

And you are the troll type who has been singing doom and gloom since we broke $20.

[Richy_T]

Whatever this image is, it's being blocked by my company's web filter as a virus has been found on the website. Just so you know.

MAL/HTMLGen-A

[Rampion]

The huge decline in asks.. were they sold or taken off the book?

No, not sold - well, some of them YES, but obviously not so many.

A decent amount was sold (bought).

http://bitcoincharts.com/charts/mtgoxUSD#rg1zczsg2013-06-20zeg2013-06-20ztgMzm1g10zm2g25zv

Yes, we had nice volume. With a quick look at the charts you will see that aprox. 50% of the amount that vanished was bought - and the other 50% was not

[adamstgBit]

We will move higher....

even with ask depth going down on mtgox, mtgox is still the place where there are the most suckers willing to sell bitcoins for a small fiat profit ( sad but true )

[Voodah]

The huge decline in asks.. were they sold or taken off the book?

No, not sold - well, some of them YES, but obviously not so many. I think they were not only taken off the book, a lot of it may have left Gox for good... This kind of news (International wires to USA stop for 2 weeks) scares a lot a certain kind of people (pussies?), and they panic and just take their coins off Gox. Same thing happened when the dwolla thing.

I have to say these are very profitable moments, in the sense that its very easy to predict what panickers will do. I remember when we had the blockchain fork, oh gosh I bought so many coins during that crash... Really, this kind of news and the panickers reaction are a Bitcoin trader best friends

What if spooked folks are transferring their coins to other exchanges and cashing out before the their imaginary shitstorm hits them?

Doing the opposite is easy money.  7% instant increase on whatever you invest.  Buying into the panic has never been so profitable.

Where's this 7% coming from?

[gizmoh]

The huge decline in asks.. were they sold or taken off the book?

No, not sold - well, some of them YES, but obviously not so many. I think they were not only taken off the book, a lot of it may have left Gox for good... This kind of news (International wires to USA stop for 2 weeks) scares a lot a certain kind of people (pussies?), and they panic and just take their coins off Gox. Same thing happened when the dwolla thing.

I have to say these are very profitable moments, in the sense that its very easy to predict what panickers will do. I remember when we had the blockchain fork, oh gosh I bought so many coins during that crash... Really, this kind of news and the panickers reaction are a Bitcoin trader best friends

What if spooked folks are transferring their coins to other exchanges and cashing out before the their imaginary shitstorm hits them?

Doing the opposite is easy money.  7% instant increase on whatever you invest.  Buying into the panic has never been so profitable.

Taking risk to earn 7% by arbing and ending with USD in Gox can cost more if this situation is not resolved in 2 weeks. we know how reliable Gox is.