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

[adamas]

Where's adam?

I'm on the spot  

[01BTC10]

Where's adam?

[JimboToronto]

And that's why markets work.  Everybody will see something different in the exact same data.  

Indeed. That's why I posted my baseball comparisons a few days ago.

The real dichotomy isn't bears vs bulls. It's TA vs news.

You seem to lean more toward the statistically-driven sabermetrics/TA side, while I tend toward the live scouting/news philosophy. I tend to tie market shifts to actual news events.

This surprise from SD has me a little unsure how to read it though. At first, like others I assumed a downturn based on all those coins being released. Then I realized that the majority would probably be hoarded, but a market reaction was inevitable. This is not as clear-cut as the MtGox-trouble downturn.

We'll see.

[ChartBuddy]

[JimboToronto]

...underscores the overall up-trend.

Uptrend in the medium term perhaps, but I'm seeing a rocky road just ahead. Very rocky if certain worst case scenarios play out with Gox.

Remember that MtGox issues really only impact Americans, and while the US market is the biggest, Bitcoin adoption worldwide is growing. The purchase of SD will probably benefit Bitcoin in the long run by lending more credibility. Add the situation in Kenya and the fact that all those Bitcoin infrastructure startups following the convention in May will be opening for business in the near future, and I feel bullish about the future.

[ElectricMucus]

TL;DR

Bears have underestimated price support. I wonder why

Because you said so dear Highness.

This is something that can actually be measured. No need to take my word for it.

Great, now I'm expecting you to show me how...

[ChartBuddy]

[Pale Phoenix]

I feel bullish about the future.

Oh, I'm totally bullish about the future too... but perhaps a little further into the future than you. We need well-financed, professionally run companies that actually do what they say they will, and offer a minimum level of customer support. We have very few of those now.

It's also very difficult to purchase BTC in the US right now, which still seems to be the biggest market by far. Keep an eye on the places where new users congregate and you'll see how frustrated they are about getting into Bitcoin. Just over the past couple of months, casual users have had their money held hostage by Bitfloor, locked up by Mt. Gox, and last week, Bit Instant (which is well-funded) temporarily closed up shop. It will take time to rebuild confidence outside of early adopters, so I just don't see any justification for the price to remain at these levels in the medium term.

That said, there's a lot of money to be made regardless of which direction the price moves.

As for the SD sale, I don't think it matters much at all to those outside of shareholders, speculators, and possibly players. I actually doubt there was a real sale at all, but that's just tinfoil hatting based on my reading of Erik's recent behavior.

[xenofanesSkarak]

hello please help      

xeno, I believe the daily BTC withdrawal limit for verified users is 100 BTC.

hello

thank you for reply
I wouldnot bother you if I saw it somewhere on MTGox - another reason why I hate MTGox - why the hell they dont have written somewhere.... sure they have it but it must have been hidden completely and I didnot found it despite I was searching for it for an hour
so far I count every $ when trading BTC - despite I graduated university my current wage is $50 a day thus current difference of $9 (MTGox-BitStamp) is interesting for me even if I dont have much money....

[Richy_T]

We could use a bigger ChartBuddy, couldn't we? Clicking on it every time its a pain, its much better when you can have the picture of the book at first glance.

The ones hating it can just ignore it.

Solution coming soon. I'm in the middle of putting together a 3d printer so don't have time to implement my simple but quite brilliant plans.

[JimboToronto]

It's also very difficult to purchase BTC in the US right now, which still seems to be the biggest market by far. Keep an eye on the places where new users congregate and you'll see how frustrated they are about getting into Bitcoin. Just over the past couple of months, casual users have had their money held hostage by Bitfloor, locked up by Mt. Gox, and last week, Bit Instant (which is well-funded) temporarily closed up shop. It will take time to rebuild confidence outside of early adopters

That's exactly what I attribute June's/early July's slide to, rather than an extended post-bubble deflation. How things go at MtGox in these next couple of weeks will have a big effect.

If they're not lying about having their withdrawal backlog cleaned up in a couple of weeks, things should be OK. Unfortunately, they've long been prone to fibbing.

Remember back in April just before the bubble burst, the tweeted that their new SSDs (to replace the HDDs in their overworked servers) were in transit  and would take a day to prepare and then a half-day shutdown to fully implement?

The very next day, their servers failed "due to their own success" and the next day they announced a 12 hour hiatus "to cool the market down", when it seems they were really installing their SSDs.

MtGox speak with forked tongue. Bad MtGox.

[ChartBuddy]

[Rampion]

The selling party can begin

Hey everybody. My withdrawal from MtGox in Euros via SEPA is heavily delayed. It has been "confirmed" (e.g. cued for execution) for 14 days now. I complained and demanded a cancellation to rebuy bitcoins and sell them on Bitstamp or alike. They refused that and told me to wait "just a little longer" as the transfer is "in the middle of being processed" by their bank (which I find a completely inadequate and unprofessional - if not childish - description of whatever is happening to the transaction right now). I consider this as unacceptable. I wanted to share this experience with other users here so they are warned when considering using MtGox to sell their BTC for Euro. If you had comparable experience please share.

My SEPA Withdrawal arrived today (950€). 

[N12]

So MtGox is servicing withdrawals AND we have 155k BTC to be dispersed in 4 hours?

Goodbye, triple digits. Does anyone remember those?

[thezerg]

The selling party can begin

Hey everybody. My withdrawal from MtGox in Euros via SEPA is heavily delayed. It has been "confirmed" (e.g. cued for execution) for 14 days now. I complained and demanded a cancellation to rebuy bitcoins and sell them on Bitstamp or alike. They refused that and told me to wait "just a little longer" as the transfer is "in the middle of being processed" by their bank (which I find a completely inadequate and unprofessional - if not childish - description of whatever is happening to the transaction right now). I consider this as unacceptable. I wanted to share this experience with other users here so they are warned when considering using MtGox to sell their BTC for Euro. If you had comparable experience please share.

My SEPA Withdrawal arrived today (950€). 

Interesting... if they had liquidity issues they would have agreed to the cancellation as that keeps the fiat at Gox.  Seems just like bad customer support.

[BitVegas]

If I was the guy buying SD.

1) Initiate the buy contract and sign all paperwork
2) Watch market drop due to scared bears
3) Actually buy the coins and send them to SD.

Or... he already has the coins.

[Rampion]

The selling party can begin

Hey everybody. My withdrawal from MtGox in Euros via SEPA is heavily delayed. It has been "confirmed" (e.g. cued for execution) for 14 days now. I complained and demanded a cancellation to rebuy bitcoins and sell them on Bitstamp or alike. They refused that and told me to wait "just a little longer" as the transfer is "in the middle of being processed" by their bank (which I find a completely inadequate and unprofessional - if not childish - description of whatever is happening to the transaction right now). I consider this as unacceptable. I wanted to share this experience with other users here so they are warned when considering using MtGox to sell their BTC for Euro. If you had comparable experience please share.

My SEPA Withdrawal arrived today (950€). 

Interesting... if they had liquidity issues they would have agreed to the cancellation as that keeps the fiat at Gox.  Seems just like bad customer support.

Not so bad, contacted them two days ago and replayed in 24 hours with a non-template email. But it seems they have been pretty much overwhelmed by the "hiatus" situation.

[thezerg]

The selling party can begin

Hey everybody. My withdrawal from MtGox in Euros via SEPA is heavily delayed. It has been "confirmed" (e.g. cued for execution) for 14 days now. I complained and demanded a cancellation to rebuy bitcoins and sell them on Bitstamp or alike. They refused that and told me to wait "just a little longer" as the transfer is "in the middle of being processed" by their bank (which I find a completely inadequate and unprofessional - if not childish - description of whatever is happening to the transaction right now). I consider this as unacceptable. I wanted to share this experience with other users here so they are warned when considering using MtGox to sell their BTC for Euro. If you had comparable experience please share.

My SEPA Withdrawal arrived today (950€). 

Interesting... if they had liquidity issues they would have agreed to the cancellation as that keeps the fiat at Gox.  Seems just like bad customer support.

Not so bad, contacted them two days ago and replayed in 24 hours with a non-template email. But it seems they have been pretty much overwhelmed by the "hiatus" situation.

Not bad WRT response time but bad in that the transfer probably WAS in the bank's queue and so to remove it at that point would have meant calling the bank.  Not something they want to do in this situation of a tenuous banking relationship.  But some kind of more informative response would have been better.

[MoreFun]

Watch for dump... probably on bitstamp as low volume mini-rally is happening to move bids higher.
This guy will probably run up to $87-88.

[ShroomsKit]

So MtGox is servicing withdrawals AND we have 155k BTC to be dispersed in 4 hours?

Goodbye, triple digits. Does anyone remember those?

I'm starting to think you are mentally challenged or something.
You already looked like a complete fool twice over the past 2 weeks and you just go on like nothing happened. Just like that other delusional tool Rampion. What is wrong with you people? Don't you have any shame?
Don't you see you were wrong twice already? Do you just ignore it or what?
I'm just totally amazed by your behaviour. You really don't seem sane.