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

[niothor]

Now some Very Bad News for the Bulls:

Why would this be bad news in any situation? Was the SR shutdown bad news for bulls? We all know the answer.

By the way, we are about to go up (for some other reasons), just watch

In the SR  episode the bitcoins were safe , the FBI won't sell them for a few years until the trial ends.
In the sheep case , we have one fugitive trying to run with money , and the scenario he might try to dump them .

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[Vycid]

Do you guys really think Putin would allow the Feds to come in and close BTC-e?

Are you for real?

I am, yeah.

The Russian take pride in those kinds of things. They will never allow a full US operation and shakedown in their turf.

If it were to happen (through cooperation), the Russians themselves would be doing all the arresting and sequestering. But meh.. who knows..  BTC-e might be helping them right now with some occasional laundering..

I don't see it happening. At least not until another big big round of alt pumping & dumping.  

BULGARIA IS PART OF THE EUROPEAN UNION.

Sorry, I feel like there's some communication difficulty here. I will reduce sarcasm levels accordingly.

So what

They work with russian banks, russian payment systems and russian credit card processors.

You think anyone really cares where the company is founded?

Where's the money is what matters.

CoinDesk has learned that BTC-e does not use a bank account with a company name, instead choosing to use a third party to provide banking services.

Depositors send money to UK company Mayzus Financial Services Ltd’s Deutsche Bank account in the Czech republic who use OKPAY, an e-currency provider to transfer users’ funds directly to the exchange.

Other than rumors , nothing Russian in it.

You're chasing the rabbit. It's the same story:

OKPay is another Russian company registered  abroad (British Virgin Islands) for fiscal purposes.

They operate through a network of banks in Cyprus, Czech Republic and Russia, so that should tell you something...

CoinDesk may have gotten the pretty side of the story. Russia and Cyprus sound a lot worse than just saying you operate in Czech Rep.

OK, here's what's going to happen, assuming anything does happen (it took 7 years to take down Liberty Reserve).

1) Bulgaria, under pressure from the EU or acting alone, will issue a cease and desist / refuse to renew the business license.

2) BTC-e will disband formally and continue to operate.

3) A multi-international task force will form to lead the investigation. This will include Russia, just like it did for Liberty Reserve.

Understand that Russia is not a rogue state. Just because they sheltered Snowden in order to give the US a political black eye does NOT mean they interfere with financial investigations. They're not North Korea.

4) Legal jurisdiction for the prosecution of the individuals will almost certainly go to Bulgaria, who will extradite them at their discretion. As Bulgaria is part of the EU, that means they're fucked.

Some other things to keep in mind: Russian banks and payment services comply with US or international requests to freeze money. They like having the ability to transfer money internationally.

[kurious]

Now some Very Bad News for the Bulls:

Why would this be bad news in any situation? Was the SR shutdown bad news for bulls? We all know the answer.

By the way, we are about to go up (for some other reasons), just watch

In the SR  episode the bitcoins were safe , the FBI won't sell them for a few years until the trial ends.
In the sheep case , we have one fugitive trying to run with money , and the scenario he might try to dump them .

He will have to lie low - any fiat that turns up in large quantities will be noticed...

It's not like he needs to sell all of them at once - 1% will fund hiding away for a year - assuming he hasn't already got some money to keep him for a while.

He's only at risk when he shows up with fiat or large coin movements....

[ElectricMucus]

The best course of action for the guy is to extort Bitcoins from you guys on a bitcoin related tor site by means of a signed message saying: Send me more coins or I will dump.

[kurious]

A $100 million heist where everyone in the world can see the wallet you have stashed the haul in....

Yep - it's a film script dilemma.

[niothor]

Now some Very Bad News for the Bulls:

Why would this be bad news in any situation? Was the SR shutdown bad news for bulls? We all know the answer.

By the way, we are about to go up (for some other reasons), just watch

In the SR  episode the bitcoins were safe , the FBI won't sell them for a few years until the trial ends.
In the sheep case , we have one fugitive trying to run with money , and the scenario he might try to dump them .

He will have to lie low - any fiat that turns up in large quantities will be noticed...

It's not like he needs to sell all of them at once - 1% will fund hiding away for a year - assuming he hasn't already got some money to keep him for a while.

He's only at risk when he shows up with fiat or large coin movements....

We have a guy , previously running a drug market , running away with 90 Millions , trying to make them vanishing but seeing his efforts nuked , with people threatening him (and not normal people) with a media fuss around. Do you think he can keep calm and act by the book ?

[Vycid]

Now some Very Bad News for the Bulls:

Why would this be bad news in any situation? Was the SR shutdown bad news for bulls? We all know the answer.

By the way, we are about to go up (for some other reasons), just watch

In the SR  episode the bitcoins were safe , the FBI won't sell them for a few years until the trial ends.
In the sheep case , we have one fugitive trying to run with money , and the scenario he might try to dump them .

He will have to lie low - any fiat that turns up in large quantities will be noticed...

It's not like he needs to sell all of them at once - 1% will fund hiding away for a year - assuming he hasn't already got some money to keep him for a while.

He's only at risk when he shows up with fiat or large coin movements....

We have a guy , previously running a drug market , running away with 90 Millions , trying to make them vanishing but seeing his efforts nuked , with people threatening him (and not normal people) with a media fuss around. Do you think he can keep calm and act by the book ?

If he does something dumb and gets killed - THAT'S a film script, right there...

[niothor]

The best course of action for the guy is to extort Bitcoins from you guys on a bitcoin related tor site by means of a signed message saying: Send me more coins or I will dump.

This almost makes me send a Satoshi with the message: "Dump Moth*** , Dump If you have the balls"

[gandhibt]

i would like to buy one of those 1k chunks for 500k if he would sell them directly

[kurious]

Now some Very Bad News for the Bulls:

Why would this be bad news in any situation? Was the SR shutdown bad news for bulls? We all know the answer.

By the way, we are about to go up (for some other reasons), just watch

In the SR  episode the bitcoins were safe , the FBI won't sell them for a few years until the trial ends.
In the sheep case , we have one fugitive trying to run with money , and the scenario he might try to dump them .

He will have to lie low - any fiat that turns up in large quantities will be noticed...

It's not like he needs to sell all of them at once - 1% will fund hiding away for a year - assuming he hasn't already got some money to keep him for a while.

He's only at risk when he shows up with fiat or large coin movements....

We have a guy , previously running a drug market , running away with 90 Millions , trying to make them vanishing but seeing his efforts nuked , with people threatening him (and not normal people) with a media fuss around. Do you think he can keep calm and act by the book ?

He calmly stripped the accounts over DAYS and left fake balances in them so no one would notice until he took the lot.

Pretty well-planned - he must have thought through an exit route - at least a personal one.  And he still controls the wallet... for now....

[niothor]

He calmly stripped the accounts over DAYS and left fake balances in them so no one would notice until he took the lot.

Pretty well-planned - he must have thought through an exit route - at least a personal one.  And he still controls the wallet... for now....

You know , usually the plan fails at the last 2-3 steps. Not at the first ones.
Btw , any news on the TF hunt?

[kurious]

The best course of action for the guy is to extort Bitcoins from you guys on a bitcoin related tor site by means of a signed message saying: Send me more coins or I will dump.

This almost makes me send a Satoshi with the message: "Dump Moth*** , Dump If you have the balls"

Well - he couldn't do it on Gox - imagine hassling Gox support about your transfer taking ages

[DaRude]

Now some Very Bad News for the Bulls:

Why would this be bad news in any situation? Was the SR shutdown bad news for bulls? We all know the answer.

By the way, we are about to go up (for some other reasons), just watch

In the SR  episode the bitcoins were safe , the FBI won't sell them for a few years until the trial ends.
In the sheep case , we have one fugitive trying to run with money , and the scenario he might try to dump them .

He will have to lie low - any fiat that turns up in large quantities will be noticed...

It's not like he needs to sell all of them at once - 1% will fund hiding away for a year - assuming he hasn't already got some money to keep him for a while.

He's only at risk when he shows up with fiat or large coin movements....

We have a guy , previously running a drug market , running away with 90 Millions , trying to make them vanishing but seeing his efforts nuked , with people threatening him (and not normal people) with a media fuss around. Do you think he can keep calm and act by the book ?

He calmly stripped the accounts over DAYS and left fake balances in them so no one would notice until he took the lot.

Pretty well-planned - he must have thought through an exit route - at least a personal one.  And he still controls the wallet... for now....

Yeah but the fact that he tried to tumble 96k and then put it together back in one wallet doesn't give him much hope. How many wallets with 90k+ balance do you think there are

[kurious]

We better look out for a 96,000 BTC wall on BTC-e

[byronbb]

Wow someone has profited 1700 btc this month on icbit.se

https://icbit.se/WebTrade/Top.aspx

[kurious]

Probably his best bet is to contact 'connected' organisations and ask for help in laundry.

There are ways -but yep - he hasn't got away yet, he needs to get the cash somehow and that means finding a way to rinse it - which will be difficult now - will he have anyone he can trust when his wallet has 100 million bux in it?

[Voodah]

His current problem right now is he cannot mix the 96k because he needs another such big chunk of BTC (not his) in circulation in the mixer. Otherwise he mixes to himself.

Thus, he could sacrifice half his stash, and do something like..

1. Scammer talks to mixer owner. Gets a little code going.
2. Scammer offers a public sell-off at 50%: every coin sent to the mixer gets mixed and doubled up in the process, up until 48k are spent.

The doubling of coins assures there will be takers.
The takers assure his coins get mixed.

Would you trust the scammer a 2nd time?

[Rampion]

The best course of action for the guy is to extort Bitcoins from you guys on a bitcoin related tor site by means of a signed message saying: Send me more coins or I will dump.

This almost makes me send a Satoshi with the message: "Dump Moth*** , Dump If you have the balls"

Do it:)

Now seriously: if he wants to dump, he still needs to do it in an orderly fashion. In summer 2011 somebody dumped hundred of k's of BTC and took the price to $0.01 (a forum user bought like 270k BTC for $3k), and Gox just halted trading and "rolled back". If something like that happens (hundred of k's dumped) the exchange would just stop the activity as they would assume that something fishy is going on.

[arklan]

been away all weekend, watched the markets drop 400 bucks and rebound. i love btc.

now, am i reading this right? another webwallet got hacked and lost 90k coin? yeouch.

[justusranvier]

Yeah but the fact that he tried to tumble 96k and then put it together back in one wallet address doesn't give him much hope. How many wallets addresses with 90k+ balance do you think there are