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

[ShroomsKit]

Well, I'm not going to be arrogant enough to say what is happening, nor stupid enough to speculate but something sure has happened: spread between Gox and Stamp now down to USD40.

Reality bites.

It's way better this way. I hope it stays this way. Those fake Gox prices are just confusing to many new people.

[OldGeek]

Have the leveraged shortlers gotten their margin calls yet?

edit:  Now, that's just plain dumb.  Doh!

[shmadz]

let it go, let it go already. don't fight the price!

it wants to drop, so let it!

pull all your asks!

:edit:
 yess!!! stamp!! let the blood flow!

[BitcoinAshley]

Gox dropping and stamp more-or-less staying the same is a good signal in my book. It needed to happen sooner or later.

(Of course I'd prefer if stamp rose to meet Gox, but that wouldn't make sense, now would it.)

[shmadz]

Gox dropping and stamp more-or-less staying the same is a good signal in my book. It needed to happen sooner or later.

(Of course I'd prefer if stamp rose to meet Gox, but that wouldn't make sense, now would it.)

after small 775 and 774 walls crumble liek dust, we will soon see single digits!

MUUAAHAAHAAHAHAHAHAAAAAAAAHH

(no, but seriously, after those are eaten it looks to be a long way down)

[JakeGold]

[keithers]

All the withdraw issues and the bad press that Gox has been getting because of it is causing a pretty big sell off.   Even though it's all being sold off, people are still going to continue to have issues actually getting money from them.   Hopefully this can be fixed somehow soon...

[Mythul]

Hmm is it possible that Gox is still relevant and drags the market down with it ?
Why would I sell if people on Gox are stuck and can't withdraw ?

[Holliday]

All the withdraw issues and the bad press that Gox has been getting because of it is causing a pretty big sell off.   Even though it's all being sold off, people are still going to continue to have issues actually getting money from them.   Hopefully this can be fixed somehow soon...

It will be fixed when people wise up and stop using Gox and they can be relegated to the dust bin of history where they belong.

Untrained monkeys with late stage brain tumors are more competent.

The Gox exchange rate is meaningless, you can't withdraw fiat or bitcoins... it's a fucking video game about pretending to trade bitcoins.

[Ashitank]

Altcoins are much better way to increase number of BTC than btc vs fiat trading.

When we talk about unrealized gains, yesterday was a third month when I cashed out like 5 BTC. That's how I decided to hedge and gain some realized profits - selling for 4-5k$ per month. It's quite enough to live more than comfortably and to spare at least half of that where I live.

Could you please share with me through PM how exactly how u do this I want to learn.

[shmadz]

Hmm is it possible that Gox is still relevant and drags the market down with it ?
Why would I sell if people on Gox are stuck and can't withdraw ?

when gox starts to drop, everyone else starts to think their exchange might have problems too, or at the very least, the price will drop due to the movement on gox.. a self-fulfilling prophecy.

[ChartBuddy]

Explanation

[nanobrain]

Now. I don't want to add to the FUDstorm, but...

As some of you may remember my better half and I have been having issues with Gox this last month.  I won't bore you with details but the outcome, we have discovered, is that Gox users can create as many orders (buy or sell it appears) regardless of whether there are funds in your account to cover the order.

The orders won't execute but they do show up on the order book at places like Btcwisdom (if you don't have funds they show as 0.000) but if you are not looking closely you can fool people into thinking there are piles of orders.  And you can place 'orders' above and below any genuine order you may have placed.

Now, this has stunned us and significantly knocked our faith in BTC trading, since having 'available' funds would seem to be a prerequisite for any functioning market.

If you can't stump the cash, you can't play the game....no?

According to Gox:

This behavior has been noted, and is scheduled to be fixed in a future version of MtGox.

and

this issue can be reproduced by other users, however the system cannot/will not complete the order if there are no funds with which to do so.

So, that's all right then

And it took us a month and 28 emails to get this out of them!!

TL:DR
Gox is truly, utterly Goxed...get out now!!

[Voodah]

Who would sell at MtGox against lower prices when it is still difficult to get your money out?

To me it seems that this can only be MtGox themselves because they need the liquidity in order to clean up the backlog of withdrawals!
 

They wouldn't be so stupid as to do it in market crashing fashion... or would they?

[Peter R]

Maybe the impossible happened.  Maybe MtGox is on the cusp of fixing BTC *and* USD withdrawals and what we are seeing is pre-arbitrage by a group that found out.  

[medialab101]

Gox just hit the 800 wall 

[Davyd05]

Gox just hit the 800 wall  

the gap closes continually, confusing the shit out of me.

what happens if they only fix btc withdrawals on gox.. do people go full btc on this dip with the lower prices.. lool this is madnessss I say

[Oblodo]

I never had problems getting fiat or BTC out of Gox. 5 days to transfer fiat into my account . 30 min to transfer BTC.  I use EURO and JPY and live in Europe. Gox transfers from Poland. I guess it is only americans hating Gox? This fall to 830 seems good, since the less of a gap between excanges, the better.

I do however not use them anymore since I am holding and have my BTC in cold storage now..

[JCviggen]

I never had problems getting fiat or BTC out of Gox. 5 days to transfer fiat into my account . 30 min to transfer BTC.  I use EURO and JPY and live in Europe. Gox transfers from Poland. I guess it is only americans hating Gox? This fall to 830 seems good, since the less of a gap between excanges, the better.

I do however not use them anymore since I am holding and have my BTC in cold storage now..

I'm from the EU and cancelled withdrawals from Gox after 6 weeks of nothing (and no clue from support when or what)

[virtualfaqs]

Mtgox - Wow!!! Lots of Pumps and lots of Dumps! At least lots of volume!