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

[windjc]

O lawd how the mighty fall.  Hilarious to watch.

Funny how people think of something that could potentially be nefarious for bitcoin as hilarious.

Mtgox losing market share is hardly nefarious. Its great.

You are not still holding funds on Mtgox are you? Please say no.

Outside of Japan, only the bravest day trader (not the brightest, because they aren't even trading with margin) would spend anytime on Mtgox. It is the most expensive exchange with the worst customer service and obviously the worst underlying banks behind it.

There is no justifyable reason to trade or buy there.

A lot of USD users have funds stuck in Gox, whether they like it or not. Not everyone is able to precisely time the market to get out with a minimal loss. Nor can whales justify selling at a big loss on bitstamp. If they were to go down, a lot of funds would go with them, and that would only confirm the dangerous nature of ANY bitcoin exchange to potential newcomers, scaring them off. So yes, I think it would be nefarious to bitcoin as a whole if the largest exchange were to go down. Maybe you should look at the bigger picture of all this.

I personally applaud Gox for sticking through all of this. Even though they are not transparent, I believe they have no choice in doing so. If they were to make an announcement detailing all of the bank problems/lawsuits they are tangled up in, it would most probably cause a market panic. I believe that behind the scenes, they are making strides to solve all of this. Remember, Bitstamp is in just as big of a danger to have their accounts closed at the whim of new regulation coming through in regards to bitcoin. From what I've read Gox is trying to obtain bank status, which could potentially solve all of their problems. Contrary to Bitstamp, which is operating in conjunction with a bank.

A lot of USD users have funds stuck in Gox?  Why? They have had ample time to buy BTC, move the BTC to another exchange and sell for a profit. The market is up over $100 in the last month. If they have $$ in Mtgox its because of a combination of greed and/or stupidity.

Whales can't justify a big loss? A big loss of 5% (a loss that is actually off the top of their profits, not an actual loss)? Really? Come on. Again, only greed and or stupidity would make that true.

The exchange going down?  Why would that happen? They are making profits every day. There are helluva lot of Japanese traders in Mtgox getting their money within 3-5 days. I've personally spoken to many of them.

As far as Bitstamp is concerned, I believe they have already stated that they have redundancy in their banking.

[1715222892]

1715222892

[MAbtc]

A little push into 215, a little push back to 210. Back and forth we go.

[FTWbitcoinFTW]

Totally bitcoin relative : http://www.theguardian.com/world/2013/oct/31/man-80-fights-bear-survives

[mah87]

Totally bitcoin relative : http://www.theguardian.com/world/2013/oct/31/man-80-fights-bear-survives

related ?

[SheHadMANHands]

A lot of USD users have funds stuck in Gox?  Why? They have had ample time to buy BTC, move the BTC to another exchange and sell for a profit. The market is up over $100 in the last month. If they have $$ in Mtgox its because of a combination of greed and/or stupidity.

Whales can't justify a big loss? A big loss of 5%? Really? Come on. Again, only greed and or stupidity would make that true. Plus the ONLY way to lose is to have not sold and gone to another exchange while waiting maybe at the MOST a week in between.

The exchange going down?  Why would that happen? They are making profits every day. There are helluva lot of Japanese traders in Mtgox getting their money within 3-5 days. I've personally spoken to many of them.

As far as Bitstamp is concerned, I believe they have already stated that they have redundancy in their banking.

No one has money "stuck on Gox".  That's the biggest load of horseshit that people keep pushing.  Gox fiat has had ample opportunities to get off (the current spread with Coinbase is like 3%) and people aren't doing it.  If anything, there's been selling pressure on Gox the last few days.  The spread with Stamp has consistently been under 5%.

Also, to the "whales justifying loss" point (not disagreeing with you), any whale who deposited fiat on Gox several months ago and took a 5% loss today (by selling on Stamp, say) would still be up quite a bit.  Probably a shit ton.  There wouldn't be any "big loss".  We're trading over $200 again after all.

[windjc]

A lot of USD users have funds stuck in Gox?  Why? They have had ample time to buy BTC, move the BTC to another exchange and sell for a profit. The market is up over $100 in the last month. If they have $$ in Mtgox its because of a combination of greed and/or stupidity.

Whales can't justify a big loss? A big loss of 5%? Really? Come on. Again, only greed and or stupidity would make that true. Plus the ONLY way to lose is to have not sold and gone to another exchange while waiting maybe at the MOST a week in between.

The exchange going down?  Why would that happen? They are making profits every day. There are helluva lot of Japanese traders in Mtgox getting their money within 3-5 days. I've personally spoken to many of them.

As far as Bitstamp is concerned, I believe they have already stated that they have redundancy in their banking.

No one has money "stuck on Gox".  That's the biggest load of horseshit that people keep pushing.  Gox fiat has had ample opportunities to get off (the current spread with Coinbase is like 3%) and people aren't doing it.  If anything, there's been selling pressure on Gox the last few days.  The spread with Stamp has consistently been under 5%.

Also, to the "whales justifying loss" point (not disagreeing with you), any whale who deposited fiat on Gox several months ago and took a 5% loss (by selling on Stamp, say) would still be up quite a bit.  Probably a shit ton.  There wouldn't be any "big loss".  We're trading over $200 again after all.

Right. It makes no sense.

In my opinion, the ONLY reason people still talk about Mtgox (and the SAME reason this thread is 100x longer than the Bitstamp thread) is that early adapters used Mtgox for years.  So they identify Mtgox with Bitcoin. The same way some people identified Silk Road with Bitcoin. People, like myself who found Bitcoin in 2013 don't equate Bitcoin with either.

Mtgox to me is a joke. And people's obsession with it is antiquated at best.

[ardana123]

A lot of USD users have funds stuck in Gox?  Why? They have had ample time to buy BTC, move the BTC to another exchange and sell for a profit. The market is up over $100 in the last month. If they have $$ in Mtgox its because of a combination of greed and/or stupidity.

Whales can't justify a big loss? A big loss of 5%? Really? Come on. Again, only greed and or stupidity would make that true. Plus the ONLY way to lose is to have not sold and gone to another exchange while waiting maybe at the MOST a week in between.

The exchange going down?  Why would that happen? They are making profits every day. There are helluva lot of Japanese traders in Mtgox getting their money within 3-5 days. I've personally spoken to many of them.

As far as Bitstamp is concerned, I believe they have already stated that they have redundancy in their banking.

No one has money "stuck on Gox".  That's the biggest load of horseshit that people keep pushing.  Gox fiat has had ample opportunities to get off (the current spread with Coinbase is like 3%) and people aren't doing it.  If anything, there's been selling pressure on Gox the last few days.  The spread with Stamp has consistently been under 5%.

Also, to the "whales justifying loss" point (not disagreeing with you), any whale who deposited fiat on Gox several months ago and took a 5% loss today (by selling on Stamp, say) would still be up quite a bit.  Probably a shit ton.  There wouldn't be any "big loss".  We're trading over $200 again after all.

Assuming everyone was able to make a profit out of that rise, which is just not true. Sure they were able, but did they take the chance?

[windjc]

A lot of USD users have funds stuck in Gox?  Why? They have had ample time to buy BTC, move the BTC to another exchange and sell for a profit. The market is up over $100 in the last month. If they have $$ in Mtgox its because of a combination of greed and/or stupidity.

Whales can't justify a big loss? A big loss of 5%? Really? Come on. Again, only greed and or stupidity would make that true. Plus the ONLY way to lose is to have not sold and gone to another exchange while waiting maybe at the MOST a week in between.

The exchange going down?  Why would that happen? They are making profits every day. There are helluva lot of Japanese traders in Mtgox getting their money within 3-5 days. I've personally spoken to many of them.

As far as Bitstamp is concerned, I believe they have already stated that they have redundancy in their banking.

No one has money "stuck on Gox".  That's the biggest load of horseshit that people keep pushing.  Gox fiat has had ample opportunities to get off (the current spread with Coinbase is like 3%) and people aren't doing it.  If anything, there's been selling pressure on Gox the last few days.  The spread with Stamp has consistently been under 5%.

Also, to the "whales justifying loss" point (not disagreeing with you), any whale who deposited fiat on Gox several months ago and took a 5% loss today (by selling on Stamp, say) would still be up quite a bit.  Probably a shit ton.  There wouldn't be any "big loss".  We're trading over $200 again after all.

Assuming everyone was able to make a profit out of that rise, which is just not true. Sure they were able, but did they take the chance?

Why not? People weren't able to buy and hold BTC as it went up? They weren't able to cancel their fiat withdrawals that were sitting there for weeks on end?

Again, they only have themselves to blame at this point. Mtgox is becoming a niche Japanese exchange. A year from now it will probably have less than 5% market share.

[Richy_T]

Time to close this thread and open a generic wall thread?

[samson]

Time to close this thread and open a generic wall thread?

I suspect there will be a MtGox wall thread as long as there's an MtGox with walls.

[gandhibt]

People want that this thread shall be renamed to: "Wall Observer". That's it, plain and simple. Adam?

[muyuu]

O lawd how the mighty fall.  Hilarious to watch.

Funny how people think of something that could potentially be nefarious for bitcoin as hilarious.

Mtgox losing market share is hardly nefarious. Its great.

You are not still holding funds on Mtgox are you? Please say no.

Outside of Japan, only the bravest day trader (not the brightest, because they aren't even trading with margin) would spend anytime on Mtgox. It is the most expensive exchange with the worst customer service and obviously the worst underlying banks behind it.

There is no justifyable reason to trade or buy there.

A lot of USD users have funds stuck in Gox, whether they like it or not. Not everyone is able to precisely time the market to get out with a minimal loss. Nor can whales justify selling at a big loss on bitstamp. If they were to go down, a lot of funds would go with them, and that would only confirm the dangerous nature of ANY bitcoin exchange to potential newcomers, scaring them off. So yes, I think it would be nefarious to bitcoin as a whole if the largest exchange were to go down. Maybe you should look at the bigger picture of all this.

I personally applaud Gox for sticking through all of this. Even though they are not transparent, I believe they have no choice in doing so. If they were to make an announcement detailing all of the bank problems/lawsuits they are tangled up in, it would most probably cause a market panic. I believe that behind the scenes, they are making strides to solve all of this. Remember, Bitstamp is in just as big of a danger to have their accounts closed at the whim of new regulation coming through in regards to bitcoin. From what I've read Gox is trying to obtain bank status, which could potentially solve all of their problems. Contrary to Bitstamp, which is operating in conjunction with a bank.

A lot of USD users have funds stuck in Gox?  Why? They have had ample time to buy BTC, move the BTC to another exchange and sell for a profit. The market is up over $100 in the last month. If they have $$ in Mtgox its because of a combination of greed and/or stupidity.

Whales can't justify a big loss? A big loss of 5% (a loss that is actually off the top of their profits, not an actual loss)? Really? Come on. Again, only greed and or stupidity would make that true.

The exchange going down?  Why would that happen? They are making profits every day. There are helluva lot of Japanese traders in Mtgox getting their money within 3-5 days. I've personally spoken to many of them.

As far as Bitstamp is concerned, I believe they have already stated that they have redundancy in their banking.

I see you guys saw my post in reddit

Upvote for more visibility http://www.reddit.com/r/Bitcoin/comments/1pn16k/the_tide_is_turning_3d_average_volume_1st/

[molecular]

People want that this thread shall be renamed to: "Wall Observer". That's it, plain and simple. Adam?

please this

fine by me. There's the bitstamp wall observer thread, but I think we can easily have a general one.

Just need to get used to quote prices along with exchange.

[ChartBuddy]

[SheHadMANHands]

O lawd how the mighty fall.  Hilarious to watch.

Funny how people think of something that could potentially be nefarious for bitcoin as hilarious.

Mtgox losing market share is hardly nefarious. Its great.

You are not still holding funds on Mtgox are you? Please say no.

Outside of Japan, only the bravest day trader (not the brightest, because they aren't even trading with margin) would spend anytime on Mtgox. It is the most expensive exchange with the worst customer service and obviously the worst underlying banks behind it.

There is no justifyable reason to trade or buy there.

A lot of USD users have funds stuck in Gox, whether they like it or not. Not everyone is able to precisely time the market to get out with a minimal loss. Nor can whales justify selling at a big loss on bitstamp. If they were to go down, a lot of funds would go with them, and that would only confirm the dangerous nature of ANY bitcoin exchange to potential newcomers, scaring them off. So yes, I think it would be nefarious to bitcoin as a whole if the largest exchange were to go down. Maybe you should look at the bigger picture of all this.

I personally applaud Gox for sticking through all of this. Even though they are not transparent, I believe they have no choice in doing so. If they were to make an announcement detailing all of the bank problems/lawsuits they are tangled up in, it would most probably cause a market panic. I believe that behind the scenes, they are making strides to solve all of this. Remember, Bitstamp is in just as big of a danger to have their accounts closed at the whim of new regulation coming through in regards to bitcoin. From what I've read Gox is trying to obtain bank status, which could potentially solve all of their problems. Contrary to Bitstamp, which is operating in conjunction with a bank.

A lot of USD users have funds stuck in Gox?  Why? They have had ample time to buy BTC, move the BTC to another exchange and sell for a profit. The market is up over $100 in the last month. If they have $$ in Mtgox its because of a combination of greed and/or stupidity.

Whales can't justify a big loss? A big loss of 5% (a loss that is actually off the top of their profits, not an actual loss)? Really? Come on. Again, only greed and or stupidity would make that true.

The exchange going down?  Why would that happen? They are making profits every day. There are helluva lot of Japanese traders in Mtgox getting their money within 3-5 days. I've personally spoken to many of them.

As far as Bitstamp is concerned, I believe they have already stated that they have redundancy in their banking.

I see you guys saw my post in reddit

Upvote for more visibility http://www.reddit.com/r/Bitcoin/comments/1pn16k/the_tide_is_turning_3d_average_volume_1st/

Ya I stole it. 

Thanks for posting it.

[maz]

Are you guys saying gox is risky because its going to die soon or simply because you cant get fiat out? I have fiat in but im buying btc when times right so withdraw is no concern. But if its about to topple then i might buy and transfer :/

[dserrano5]

A lot of USD users have funds stuck in Gox?  Why? They have had ample time to buy BTC, move the BTC to another exchange and sell for a profit. The market is up over $100 in the last month. If they have $$ in Mtgox its because of a combination of greed and/or stupidity.

In my case it isn't greed or stupidity but not wanting to give mi ID to another exchange. Gox has my dox and I've been trading there for 2+ years without ever losing a bitcent, hack included. On top of that, I only store decent amounts of fiat there on mid-term bearish trends—the rest of the time I sleep with most coins under the pillow and I trade with a small quantity. Of course, for new money I buy at localbitcoins or bitcoin.com.es (spanish trader), which have sensibly better prices.

[MAbtc]

How do bulls feel if we don't break $216 here? Looking like a triple top, then, yes?

[windjc]

A lot of USD users have funds stuck in Gox?  Why? They have had ample time to buy BTC, move the BTC to another exchange and sell for a profit. The market is up over $100 in the last month. If they have $$ in Mtgox its because of a combination of greed and/or stupidity.

In my case it isn't greed or stupidity but not wanting to give mi ID to another exchange. Gox has my dox and I've been trading there for 2+ years without ever losing a bitcent, hack included. On top of that, I only store decent amounts of fiat there on mid-term bearish trends—the rest of the time I sleep with most coins under the pillow and I trade with a small quantity. Of course, for new money I buy at localbitcoins or bitcoin.com.es (spanish trader), which have sensibly better prices.

There you go. Fair enough. Although I suspect if you could start over youd probalby rather have your fiat on another exchange. One you could actually get out of in fiat if your wanted to. One with lower trading rates.

[MAbtc]

I think if we can't break through $216 on this run, we may find ourselves re-testing $204 support.