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

[medialab101]

That reason would be that MT Gox is a black hole that does not pay its customers out (depending where you live, anyway).

If you live in Japan, wouldn't you be rich? 

I live in Japan and just got "trusted" status with Gox. It has been a very slow process (started 2 months ago). So the first day I have it I'm like 'weeeeeeee, let's start arbing...' Only to find out when I log in that my daily withdrawal limit has not changed. Still stuck at $1,000 a day. So anyways, I tried to withdraw $1,000 into my Japanese USD account to test it; however, the withdrawal has been mysteriously cancelled twice now with no explanation. Still waiting for answers. /sadface

Keep me posted on this. I thought the MTGOX black hole was just for us yanks. How does that place still operate? Been waiting on my wire xfer since Nov 11. got an email a week ago from tech support telling me they don't even have an ETA for it yet. Magical Tux is letting a billion dollar opportunity bleed market share like a hemophiliac gargling razorblades.

I've also got a $15,000 deposit over at BTC-e that hasn't gone through yet after a month... Starting to give up hope that arbitrage is even possible.

[billyjoeallen]

I really don't understand the complaints about market manipulation. Price artificially low? buy. Price will always return to fair market value eventually. Price artificially high? sell or sell short. It's really hard to manipulate prices on a dozen exchanges at once.  It's more likely some pussy losing his nerve or just looking to buy back in lower and increase his holdings. I will tell you this: I made it through two crashes without selling a single bitcoin and this time if it crashes again, I'm buying more. follow the trend and you fall off the cliff with the rest of the lemmings. and you make BTC more volatile and less useful. I bet against the trend and profit from reducing volatility.

[Davyd05]

Gox also appears to have some kind of in-house bot with access to the exchange still and it is still buying, hahaha. This bots seems to be the 15btc buy bot that has been around for a while trying to push the price upwards every 5-10 minutes.

in a minute we shall find out .. if this bot is still active lol

it bought at 10:37.. lol if this was an elaborate hack to show the gox bot.. oh god

6hrs at that rate = 1100 by 7:41am lol

[virtualfaqs]

BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

[NamelessOne]

Gox also appears to have some kind of in-house bot with access to the exchange still and it is still buying, hahaha. This bots seems to be the 15btc buy bot that has been around for a while trying to push the price upwards every 5-10 minutes.

in a minute we shall find out .. if this bot is still active lol

it bought at 10:37.. lol if this was an elaborate hack to show the gox bot.. oh god

6hrs at that rate = 1100 by 7:41am lol

LOL There it is! Yeah I was just doing similar calculations. This has revealed their 'price pusher' bot to the world, hahah. That thing has been around for a least a couple weeks now. My theory is more that they hit the panic button when the market went in a direction they and their bot didn't want.

[F-bernanke]

So how big was the dump?

I saw 200-300 btc to $998 on wisdom before it stopped.

[MikeH]

I really don't understand the complaints about market manipulation. Price artificially low? buy. Price will always return to fair market value eventually.

like gold and silver?  would love to see that hit fair market value, though I think we need ETF's to drive btc price to see the same level of manipulation.

[bassclef]

Gox also appears to have some kind of in-house bot with access to the exchange still and it is still buying, hahaha. This bots seems to be the 15btc buy bot that has been around for a while trying to push the price upwards every 5-10 minutes.

in a minute we shall find out .. if this bot is still active lol

it bought at 10:37.. lol if this was an elaborate hack to show the gox bot.. oh god

6hrs at that rate = 1100 by 7:41am lol

LOL There it is! Yeah I was just doing similar calculations. This has revealed their 'price pusher' bot to the world, hahah. That thing has been around for a least a couple weeks now. My theory is more that they hit the panic button when the market went in a direction they and their bot didn't want.

Maybe it's simply a market maker bot. Hard to tell.

[mmitech]

BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

I know about people who are stuck with $100K withdrawal for months now, so I doubt it, although the person I know was never a trader, so for sure he is not a member of any premium club, he was just a miner who mined early enough and held to the coins, I don't know waht others think, but the only case when I sold bitcoins was when I needed the cash for something and after march 2013 it was no option for me to sell at gox, even though I always used bitstamp because I live in Slovenia and things go faster... but just think about it, when you sell at today's price and than wait 4-5 months just to maybe and I insist on "maybe" get that money when Bitcoin will be worth allot more by then....I mean who does that really ? and why?


I am not jumping on accusations, But I want to ask people here if they still trade at gox? how many of you here really use gox ? and why ? mtgox data might be made up the same as huboi or okcoin... who knows... it doesn't make any sense...

[Davyd05]

Gox also appears to have some kind of in-house bot with access to the exchange still and it is still buying, hahaha. This bots seems to be the 15btc buy bot that has been around for a while trying to push the price upwards every 5-10 minutes.

in a minute we shall find out .. if this bot is still active lol

it bought at 10:37.. lol if this was an elaborate hack to show the gox bot.. oh god

6hrs at that rate = 1100 by 7:41am lol

LOL There it is! Yeah I was just doing similar calculations. This has revealed their 'price pusher' bot to the world, hahah. That thing has been around for a least a couple weeks now. My theory is more that they hit the panic button when the market went in a direction they and their bot didn't want.

Maybe it's simply a market maker bot. Hard to tell.

either way its the only thing working on gox. and that is really not legit.

cavirtex is raising closer to 1k lol do they know its the gox market maker? oh many lulz to ensue

[virtualfaqs]

BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

I know about people who are stuck with $100K withdrawal for months now, so I doubt it, although the person I know was never a trader, so for sure he is not a member of any premium club, he was just a miner who mined early enough and held to the coins, I don't know waht others think, but the only case when I sold bitcoins was when I needed the cash for something and after march 2013 it was no option for me to sell at gox, even though I always used bitstamp because I live in Slovenia and things go faster... but just think about it, when you sell at today's price and than wait 4-5 months just to maybe and I insist on "maybe" get that money when Bitcoin will be worth allot more by then....I mean who does that really ? and why?


I am not jumping on accusations, But I want to ask people here if they still trade at gox? how many of you here really use gox ? and why ? mtgox data might be made up the same as huboi or okcoin... who knows... it doesn't make any sense...

I still trade there. I'm hoping to withdraw from Gox in small amounts eventually. I don't care if it takes 1-2 months as long as I get them. Then redeposting in another exchange. I don't want to take the 20-30% loss switching to other exchanges by withdrawing in BTC.

Edit: My God the Mtgox fee really sucks compared to Bitstamp.

[billyjoeallen]

I really don't understand the complaints about market manipulation. Price artificially low? buy. Price will always return to fair market value eventually.

like gold and silver?  would love to see that hit fair market value, though I think we need ETF's to drive btc price to see the same level of manipulation.

exactly like gold and silver. they will hit market value, but probably never again as the basis for the world's reserve currency. I think of gold as analog bitcoin now.

[solex]

Is MtGox dead? Not moving on Bitcoinwisdom...

Edit. Back...

[TERA]

Do we really need theories about "where the 800 dump came from", "where the 200 dump came from", etc.? That amount of coins is nothing! It could be any one of us.

[wrostek]

And.. its back..

[arepo]

Do we really need theories about "where the 800 dump came from", "where the 200 dump came from", etc.? That amount of coins is nothing! It could be any one of us.

seriously, it wasn't even a dump, it was just traders inexorably tracing a consolidation pattern. it didn't even break the main support. it is likely the first leg of a downward breakout but who wasn't expecting that?

[TERA]

I do not know why such small numbers would even be a matter of discussion. And if the price went down it's not "because of the dump", but, "because there is no bid support".

[F-bernanke]

Do we really need theories about "where the 800 dump came from", "where the 200 dump came from", etc.? That amount of coins is nothing! It could be any one of us.

1+

The last 3k dump didnt even cause panic. 10k dump is what will do something.

[Davyd05]

I do not know why such small numbers would even be a matter of discussion. And if the price went down it's not "because of the dump", but, "because there is no bid support".

gox broke.. that is what was being discussed.. lol

[NamelessOne]

Do we really need theories about "where the 800 dump came from", "where the 200 dump came from", etc.? That amount of coins is nothing! It could be any one of us.

seriously, it wasn't even a dump, it was just traders inexorably tracing a consolidation pattern. it didn't even break the main support. it is likely the first leg of a downward breakout but who wasn't expecting that?

Gox, since they turned off the exchange the moment it happened, hahaha. Didn't seem to like that drop one bit. "No! We can't fall downward through the pennant! Turn off the exchange!"