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

[mccorvic]

It is not the sign of a healthy market IMO, but it's what we've got, so I ain't complaining , just saying
When the market is so obviously dominated by the whims of big players, the risk to smaller ones increases to the extent that I am sure many are just not trading

We're transitioning into the post-Gox era.  There is some worry and confusion on where one can safely trade and store bitcoin which is reflected in the lower volume.  The risk to smaller traders isn't necessarily a quick price change to their detriment, but rather the risk of not being able to access their coins/fiat at any given moment  Also, the the increase in ways to buy and spend coin that aren't Gox and other trading services is increasing as well which is reflected in the lower volume.

My basis for the above statement is that the reputation and positive press, which always seemed to be one of the best indicator of prices before, still feel pretty positive to me.  There are also some major developments for BTC coming down the pipeline.  These facts don't seem to be represented in the volume on the current main exchanges, thus my hypothesis.

WEEEE!

We are listening that sentence for a long time and I still can not see anything getting traction.

Guess it depends on your definition of traction.  Again, when I look at the reputation, positive press, developments in BTC, I see lots of traction.  There's been a LOT of deadends, I know. Trust me, i do know.  And we do have a long ways to go.

You true believers even see positive press when THEY are really out to get to you.

Luckily, I also don't believe in THEY. 

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[ElectricMucus]

Luckily, I also don't believe in THEY.  

The majority of your flock does though.

[mccorvic]

Luckily, I also don't believe in THEY.  

The majority your flock does though.

I am quiet unlike a lot of the "true believers".  I don't think fiat will crash, I don't think the omgpolicestateisreadingmymind is a valid point of view, I don't have any real expectations that 1btc=1oz gold.  My prediction for 2013 was a high of $16.

I'm just tryin' to say that I don't really have a flock here

[adamstgBit]

http://www.youtube.com/watch?v=MUGgdov5P6g

lmao,

 if anyone falls for this ....

[Rampion]

Luckily, I also don't believe in THEY.  

The majority your flock does though.

My prediction for 2013 was a high of $16.

You really got it right, mate...

[MoreFun]

http://www.youtube.com/watch?v=MUGgdov5P6g

lmao,

 if anyone falls for this ....

Good one...  Only the owner of the address will be able to count the sheeps.

[Rampion]

http://www.youtube.com/watch?v=MUGgdov5P6g

lmao,

 if anyone falls for this ....

Good one...   Only the owner of the address will be able to count the sheeps.

LOOOOOL

"Backwards compatable"

"send all your Bitcoins to the official Bitcoin address"

[MoreFun]

Guys on topic: will this wall fall?

[01BTC10]

http://www.youtube.com/watch?v=MUGgdov5P6g

lmao,

 if anyone falls for this ....

Good one...   Only the owner of the address will be able to count the sheeps.

LOOOOOL

"Backwards compatable"

"send all your Bitcoins to the official Bitcoin address"

"BitCoins"

[marcelus]

Guys on topic: will this wall fall?

Well someone just ate a fat chunk of it there.

[ChartBuddy]

[Rampion]

Check this out (Gox's answer to Coinlab's suit - TL;DR: they are saying they are short of an additional $5M, NOT including Dwolla and DHS):

http://numismatics.pwnz.org/wp-content/uploads/2013/09/MtGox-Answer.pdf

Defendants are informed and believe that in March and April, 2013 MtGox customers, at the
suggestion of CoinLab, deposited $12,788,701.08 into one or more CoinLab bank accounts;
CoinLab then caused the amount of such funds to be credited to such customers' MtGox
accounts but CoinLab did not transfer the actual funds into the MtGox bank account. As a
result, such customers' MtGox account reflected a higher amount of currency funds available
to such customers than were actually in the MtGox bank account. In April, 2013, and upon
the demand of MtGox, CoinLab transferred a portion of those amounts, $ 7,473,490.29, to the
MtGox bank account, leaving a balance of approximately $ 5,315,210.79 to be transferred to
the MtGox account and which is being wrongfully held by CoinLab.

I read this as VERY BAD news. "Overwhelming" the biggest bank in Japan my ass... The +$14M on Gox's order book, plus whatever is "dormant" or in the withdrawal queue, and therefore all our Gox balances..... Are backed only by thin air.

[marcelus]

Check this out (Gox's answer to Coinlab's suit - TL;DR: they are saying they are short of an additional $5M, NOT including Dwolla and DHS):

http://numismatics.pwnz.org/wp-content/uploads/2013/09/MtGox-Answer.pdf

Defendants are informed and believe that in March and April, 2013 MtGox customers, at the
suggestion of CoinLab, deposited $12,788,701.08 into one or more CoinLab bank accounts;
CoinLab then caused the amount of such funds to be credited to such customers' MtGox
accounts but CoinLab did not transfer the actual funds into the MtGox bank account. As a
result, such customers' MtGox account reflected a higher amount of currency funds available
to such customers than were actually in the MtGox bank account. In April, 2013, and upon
the demand of MtGox, CoinLab transferred a portion of those amounts, $ 7,473,490.29, to the
MtGox bank account, leaving a balance of approximately $ 5,315,210.79 to be transferred to
the MtGox account and which is being wrongfully held by CoinLab.

I read this as VERY BAD news. "Overwhelming" the biggest bank in Japan my ass... The +$14M on Gox's order book, plus whatever is "dormant" or in the withdrawal queue, and therefore all our Gox balances..... Are backed only by thin air.

Can you elaborate on the 'overwhelming the biggest bank' part? I'm confused as to its meaning.

[Rampion]

Check this out (Gox's answer to Coinlab's suit - TL;DR: they are saying they are short of an additional $5M, NOT including Dwolla and DHS):

http://numismatics.pwnz.org/wp-content/uploads/2013/09/MtGox-Answer.pdf

Defendants are informed and believe that in March and April, 2013 MtGox customers, at the
suggestion of CoinLab, deposited $12,788,701.08 into one or more CoinLab bank accounts;
CoinLab then caused the amount of such funds to be credited to such customers' MtGox
accounts but CoinLab did not transfer the actual funds into the MtGox bank account. As a
result, such customers' MtGox account reflected a higher amount of currency funds available
to such customers than were actually in the MtGox bank account. In April, 2013, and upon
the demand of MtGox, CoinLab transferred a portion of those amounts, $ 7,473,490.29, to the
MtGox bank account, leaving a balance of approximately $ 5,315,210.79 to be transferred to
the MtGox account and which is being wrongfully held by CoinLab.

I read this as VERY BAD news. "Overwhelming" the biggest bank in Japan my ass... The +$14M on Gox's order book, plus whatever is "dormant" or in the withdrawal queue, and therefore all our Gox balances..... Are backed only by thin air.

Can you elaborate on the 'overwhelming the biggest bank' part? I'm confused as to its meaning.

That's one of the absurd excuses Gox is pulling out of its ass to justify delayed transfers.

[Rampion]

Emphasized version (just loving the drama):

Defendants are informed and believe that in March and April, 2013 MtGox customers, at the
suggestion of CoinLab, deposited $12,788,701.08 into one or more CoinLab bank accounts;
CoinLab then caused the amount of such funds to be credited to such customers' MtGox
accounts but CoinLab did not transfer the actual funds into the MtGox bank account. As a
result, such customers' MtGox account reflected a higher amount of currency funds available
to such customers than were actually in the MtGox bank account. In April, 2013, and upon
the demand of MtGox, CoinLab transferred a portion of those amounts, $ 7,473,490.29, to the
MtGox bank account, leaving a balance of approximately $ 5,315,210.79 to be transferred to
the MtGox account and which is being wrongfully held by CoinLab.

[grovestr]

140$ wall is being eaten by little fishes. Trend: down.

TO THE SINGLE DIGITS!

[marcelus]

Check this out (Gox's answer to Coinlab's suit - TL;DR: they are saying they are short of an additional $5M, NOT including Dwolla and DHS):

http://numismatics.pwnz.org/wp-content/uploads/2013/09/MtGox-Answer.pdf

Defendants are informed and believe that in March and April, 2013 MtGox customers, at the
suggestion of CoinLab, deposited $12,788,701.08 into one or more CoinLab bank accounts;
CoinLab then caused the amount of such funds to be credited to such customers' MtGox
accounts but CoinLab did not transfer the actual funds into the MtGox bank account. As a
result, such customers' MtGox account reflected a higher amount of currency funds available
to such customers than were actually in the MtGox bank account. In April, 2013, and upon
the demand of MtGox, CoinLab transferred a portion of those amounts, $ 7,473,490.29, to the
MtGox bank account, leaving a balance of approximately $ 5,315,210.79 to be transferred to
the MtGox account and which is being wrongfully held by CoinLab.

I read this as VERY BAD news. "Overwhelming" the biggest bank in Japan my ass... The +$14M on Gox's order book, plus whatever is "dormant" or in the withdrawal queue, and therefore all our Gox balances..... Are backed only by thin air.

Can you elaborate on the 'overwhelming the biggest bank' part? I'm confused as to its meaning.

That's one of the absurd excuses Gox is pulling out of its ass to justify delayed transfers.

Oh indeed. Yeah I don't think anyone ever bought that. A bank refusing to do banking and make money? Don't think so.

[hmmmstrange]

Check this out (Gox's answer to Coinlab's suit - TL;DR: they are saying they are short of an additional $5M, NOT including Dwolla and DHS):

http://numismatics.pwnz.org/wp-content/uploads/2013/09/MtGox-Answer.pdf

Defendants are informed and believe that in March and April, 2013 MtGox customers, at the
suggestion of CoinLab, deposited $12,788,701.08 into one or more CoinLab bank accounts;
CoinLab then caused the amount of such funds to be credited to such customers' MtGox
accounts but CoinLab did not transfer the actual funds into the MtGox bank account. As a
result, such customers' MtGox account reflected a higher amount of currency funds available
to such customers than were actually in the MtGox bank account. In April, 2013, and upon
the demand of MtGox, CoinLab transferred a portion of those amounts, $ 7,473,490.29, to the
MtGox bank account, leaving a balance of approximately $ 5,315,210.79 to be transferred to
the MtGox account and which is being wrongfully held by CoinLab.

I read this as VERY BAD news. "Overwhelming" the biggest bank in Japan my ass... The +$14M on Gox's order book, plus whatever is "dormant" or in the withdrawal queue, and therefore all our Gox balances..... Are backed only by thin air.

Let me get this straight. Mt.Gox was stiffed $5 million by coinlab and another $5 million by the US gov.. That's over $10 million of missing funds on Mt.Gox.

[Rampion]

Check this out (Gox's answer to Coinlab's suit - TL;DR: they are saying they are short of an additional $5M, NOT including Dwolla and DHS):

http://numismatics.pwnz.org/wp-content/uploads/2013/09/MtGox-Answer.pdf

Defendants are informed and believe that in March and April, 2013 MtGox customers, at the
suggestion of CoinLab, deposited $12,788,701.08 into one or more CoinLab bank accounts;
CoinLab then caused the amount of such funds to be credited to such customers' MtGox
accounts but CoinLab did not transfer the actual funds into the MtGox bank account. As a
result, such customers' MtGox account reflected a higher amount of currency funds available
to such customers than were actually in the MtGox bank account. In April, 2013, and upon
the demand of MtGox, CoinLab transferred a portion of those amounts, $ 7,473,490.29, to the
MtGox bank account, leaving a balance of approximately $ 5,315,210.79 to be transferred to
the MtGox account and which is being wrongfully held by CoinLab.

I read this as VERY BAD news. "Overwhelming" the biggest bank in Japan my ass... The +$14M on Gox's order book, plus whatever is "dormant" or in the withdrawal queue, and therefore all our Gox balances..... Are backed only by thin air.

Let me get this straight. Mt.Gox was stiffed $5 million by coinlab and another $5 million by the US gov.. That's over $10 million of missing funds on Mt.Gox.

....funds that are nevertheless credited on our Gox balances.

[marcelus]

There she goes...