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

[ChartBuddy]

[ChartBuddy]

[Rampion]

[phoenix1]

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An economist would say that the bid sum is clearly on a trajectory to infinity, and the ask sum to zero  

[Rampion]

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An economist would say that the bid sum is clearly on a trajectory to infinity, and the ask sum to zero  

Or "healthy amount of fiat in the order book, but supply of coins declining fast" - that should take the Gox price higher. If and when it touches $130ish at Gox, and if the spread with Bitstamp is still 15% of higher, I will try for sure some arbitrage. The opportunity is too big not to try.

[Rampion]

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An economist would say that the bid sum is clearly on a trajectory to infinity, and the ask sum to zero  

Or "healthy amount of fiat in the order book, but supply of coins declining fast" - that should take the Gox price higher. If and when it touches $130ish at Gox, and if the spread with Bitstamp is still 15% of higher, I will try for sure some arbitrage. The opportunity is too big not to try.

It's gonna touch $130 
TBH I don't think $130-$136 is such-  big deal ... might take a couple of days to push through it, but S3052 and Vokain's Head and Shoulder Bottom is totally in play now, which would give target of about $160. Given the supply constraints and the constant buying pressure that could play out relatively quickly.

Definitely worth an arbitrage shot. I'll sell, ask for a withdrawal and see if it clears out quickly. If it does, there is a ton of money in arbitrage to be done.

[ChartBuddy]

[samson]

http://gigaom.com/2013/08/19/feds-seized-2-9m-in-bitcoin-funds-from-mt-gox-court-docs-show/

"The federal government sent a strong signal to Bitcoin traders earlier this year when the U.S. Department of Homeland Security seized an account belonging to Mt. Gox, the most popular exchange for people to buy and sell the crypto-currency. It was unclear at the time just how much currency the government confiscated.

But a new filing in Baltimore federal court (embedded below) shows the feds seized $2,915,507.40 held in an account controlled by Dwolla, a third-party payment platform similar to PayPal. The funds belonged to Mutum Sigillum LLC, a U.S. subsidiary of Tokyo-based Mt. Gox."

There are 14 million on the bid side, a seizure of 2.9 billion should not leave gox insolvent.

Agreed. Plus, those are mostly their customer's funds, right?

MagicalTux stated today that MtGox made much more in fees than the seized amount in the last few months.

[06:47] <@MagicalTux> I could comment on the fact that our income since April is around 8 million USD
[06:48] <@MagicalTux> (anyone seeing trading volume can compute that one)

It looks to me like information is being released in an attempt to deliberately damage MtGox and in turn the Bitcoin markets.

The other exchanges don't matter so much at this stage - 'they' are going after MtGox first.

[joesmoe2012]

Where does he say that's more than was seized?

How much was seized in the Wells Fargo account? If 2.9 Million was seized from dwolla, i would expect at least a similiar balance in the WF account (if not more).

Also, how much have they spent on legal defense? 8 mil goes pretty quick when your fighting international terrorism charges.

[ChartBuddy]

[samson]

Where does he say that's more than was seized?

How much was seized in the Wells Fargo account? If 2.9 Million was seized from dwolla, i would expect at least a similiar balance in the WF account (if not more).

Also, how much have they spent on legal defense? 8 mil goes pretty quick when your fighting international terrorism charges.

This question doesn't make sense. $2.9 Million was seized - they made $8 Million recently.

There are no international terrorism charges - you pulled that straight out of your ass.

[Rampion]

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An economist would say that the bid sum is clearly on a trajectory to infinity, and the ask sum to zero  

Or "healthy amount of fiat in the order book, but supply of coins declining fast" - that should take the Gox price higher. If and when it touches $130ish at Gox, and if the spread with Bitstamp is still 15% of higher, I will try for sure some arbitrage. The opportunity is too big not to try.

It's gonna touch $130  
TBH I don't think $130-$136 is such-  big deal ... might take a couple of days to push through it, but S3052 and Vokain's Head and Shoulder Bottom is totally in play now, which would give target of about $160. Given the supply constraints and the constant buying pressure that could play out relatively quickly.

Definitely worth an arbitrage shot. I'll sell, ask for a withdrawal and see if it clears out quickly. If it does, there is a ton of money in arbitrage to be done.

Don't understand why you don't just ask for a (small) withdrawal now if you want to test Gox. Or are you assuming that a bigger one will clear quicker and you don't want to move that much out right now ?

Exactly. Back in the day, when I started using Gox, I "tested" it with a 100€ withdraw. That indeed took longer (10 business days or so at least), plus I had the unpleasant surprise to receive into my account only 65€ because of the various fees. But at least I touched with my hands they were "legit". Moths after that (post bubble obviously, after the big profits were met) I started making bigger and bigger withdraws, and they cleared super-fast. Heck, during the Dwolla aftermath with everybody complaining about huge SEPA delays I made 3 separate withdraws: 2 of them arrived to my account in 2 days and one of them in 3 days. To shut up the "I don't believe you" crowd and to be ready in case somebody wishes to bet I'm a liar I just posted the exact dates here: https://bitcointalk.org/index.php?topic=179586.msg2970683#msg2970683

I will quote them here too:

WITHDRAW 1: requested June 3th, received on June 6th
WITHDRAW 2: requested June 4th, received on June 6th
WITHDRAW 3: requested June 9th, received on June 11th

So, if I'm going to take the risk to test how fast is Gox 2 months later my last withdraw to make arbitrage, I want to do it for a good profit - plus my experience tells me the bigger is the withdraw, the faster it clears. Thus for me there is no point in making arbitrage with less than 5 figures, not worth the hassle of the wait nor the money you lose in withdraw fixed fees with the different banks, etc.

[ChartBuddy]

[Rampion]

Well, the one that took us here was a nice +BTC1k dump

[ChartBuddy]

[Richy_T]

Have you loaded up using cavirtex yet? Seems like the cheapest coins in the world there...

"Cavirtex" makes me think of one of those commercials on TV which end with "symptoms may include heart murmors, skin rashes, anal bleeding and occasionally death"

[samson]

Well, the one that took us here was a nice +BTC1k dump

Already back up to $120.47 with bid depth building.

[ChartBuddy]

[RationalSpeculator]

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An economist would say that the bid sum is clearly on a trajectory to infinity, and the ask sum to zero  

lol

[molecular]

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An economist would say that the bid sum is clearly on a trajectory to infinity, and the ask sum to zero  

so price will head to infinity squared