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

[traderCJ]

I think that this will be too hard and this project will fail. It will probably pick up again with new cryptos that have more favorable properties for keeping the price stable.

I concur.  I used to be a bull, but I am more bearish as the days wear on.  There are myriad technical, economic and regulatory problems which stand in the way of this particular crypto.  If I were at the helm of a particular country's government, I'd be looking hard at pegging a proprietary crypto currency to my currency.  It will take a government actually integrating a crypto currency into their infrastructure for it to be widely accepted.  I do not believe it will be Bitcoin.  The vast majority of people on this forum are hoping to be part of the next wave of Bitcoin millionaires.  Can't blame them, but tread lightly, folks.  Bitcoin is intended as a medium of exchange, not a reliable store of value.  After all, you're just swapping ledger entries.  If you want a store of value, look elsewhere.  Bitcoin's value is a combination of the effects of monetary velocity due to commercial transactions and (primarily) pure speculation.  To rely on the speculation of others to secure the value of your wealth is foolish.  Consider what props up the value of these ledger entries.  Fiat currencies suffer from the same built-in speculative value, however the value is guaranteed to some degree by government coercion, right or wrong.  Be realistic.  Take profit on a regular basis.

[1714935710]

1714935710

[tolega]

I think that this will be too hard and this project will fail. It will probably pick up again with new cryptos that have more favorable properties for keeping the price stable.

I concur.  I used to be a bull, but I am more bearish as the days wear on.  There are myriad technical, economic and regulatory problems which stand in the way of this particular crypto.  If I were at the helm of a particular country's government, I'd be looking hard at pegging a proprietary crypto currency to my currency.  It will take a government actually integrating a crypto currency into their infrastructure for it to be widely accepted.  I do not believe it will be Bitcoin.  The vast majority of people on this forum are hoping to be part of the next wave of Bitcoin millionaires.  Can't blame them, but tread lightly, folks.  Bitcoin is intended as a medium of exchange, not a reliable store of value.  After all, you're just swapping ledger entries.  If you want a store of value, look elsewhere.  Bitcoin's value is a combination of the effects of monetary velocity due to commercial transactions and (primarily) pure speculation.  To rely on the speculation of others to secure the value of your wealth is foolish.  Consider what props up the value of these ledger entries.  Fiat currencies suffer from the same built-in speculative value, however the value is guaranteed to some degree by government coercion, right or wrong.  Be realistic.  Take profit on a regular basis.

You bring the bull out of me

[hdbuck]

Little war on Stamp  

dont want to spread FUD or anything but all this long & stable downtrend we've been seeing all day kinda look bad . its not even a sudden drop with quick recovery as we are used to.. really dont know where this might take us  

[kurious]

Can Gox please die forever? It has become an embarrassment to our community. We can't be taken seriously enough with Gox being still around.

I hope your wish doesn't get fulfilled before mine - which is they send me my lost coins:

From Gox:

"XXXXXXX Support, Feb 07 01:02:

Dear Valued Customer,

Thanks for your reply.

We can see that your withdrawal is yet to be processed. The transactions are being re-issued automatically. All BTC are safe ,the transaction will be processed and they are not lost or stolen. We are working to resolve the issue, but at this point we are unable to give a definite date of resolution. Please be advised that BTC on MtGox are not fractional.

We apologize for the inconvenience this may have caused and Thank you for your patience. We will keep you posted when the withdrawals are processed and the transaction reaches blockchain.

Best regards,

MtGox Team
https://www.mtgox.com"


Note the slight tone of panic - I did not say my coins were stolen or lost - or accuse them of fractional banking!

The exchange doth protest too much, methinks...?

[surfer43]

Little war on Stamp  

dont want to spread FUD or anything but all this long & stable downtrend we've been seeing all day kinda look bad . its not even a sudden drop with quick recovery as we are used to.. really dont know where this might take us  

To the moon! ┗(°0°)┛ .^.○

[surfer43]

Can Gox please die forever? It has become an embarrassment to our community. We can't be taken seriously enough with Gox being still around.

I hope your wish doesn't get fulfilled before mine - which is they send me my lost coins:

From Gox:

"XXXXXXX Support, Feb 07 01:02:

Dear Valued Customer,

Thanks for your reply.

We can see that your withdrawal is yet to be processed. The transactions are being re-issued automatically. All BTC are safe ,the transaction will be processed and they are not lost or stolen. We are working to resolve the issue, but at this point we are unable to give a definite date of resolution. Please be advised that BTC on MtGox are not fractional.

We apologize for the inconvenience this may have caused and Thank you for your patience. We will keep you posted when the withdrawals are processed and the transaction reaches blockchain.

Best regards,

MtGox Team
https://www.mtgox.com"


Note the slight tone of panic - I did not say my coins were stolen or lost - or accuse them of fractional banking!

The exchange doth protest too much, methinks...?

They are just worried people might think that.

[JorgeStolfi]

I am not using a proxy or a shared IP and get that 502 error. As the downtime (502 error) is not persistent i guess its just a lot of users a.k.a the prime time effect.

I am in Brazil. I have been getting that 502 error often (several times a day, randomly) over the past few weeks or so; but a simple page reload usually fixes it.

[kurious]

Can Gox please die forever? It has become an embarrassment to our community. We can't be taken seriously enough with Gox being still around.

I hope your wish doesn't get fulfilled before mine - which is they send me my lost coins:

From Gox:

"XXXXXXX Support, Feb 07 01:02:

Dear Valued Customer,

Thanks for your reply.

We can see that your withdrawal is yet to be processed. The transactions are being re-issued automatically. All BTC are safe ,the transaction will be processed and they are not lost or stolen. We are working to resolve the issue, but at this point we are unable to give a definite date of resolution. Please be advised that BTC on MtGox are not fractional.

We apologize for the inconvenience this may have caused and Thank you for your patience. We will keep you posted when the withdrawals are processed and the transaction reaches blockchain.

Best regards,

MtGox Team
https://www.mtgox.com"


Note the slight tone of panic - I did not say my coins were stolen or lost - or accuse them of fractional banking!

The exchange doth protest too much, methinks...?

They are just worried people might think that.

When they say:

"We are working to resolve the issue, but at this point we are unable to give a definite date of resolution"

..people ought to be worried!

[surfer43]

Can Gox please die forever? It has become an embarrassment to our community. We can't be taken seriously enough with Gox being still around.

I hope your wish doesn't get fulfilled before mine - which is they send me my lost coins:

From Gox:

"XXXXXXX Support, Feb 07 01:02:

Dear Valued Customer,

Thanks for your reply.

We can see that your withdrawal is yet to be processed. The transactions are being re-issued automatically. All BTC are safe ,the transaction will be processed and they are not lost or stolen. We are working to resolve the issue, but at this point we are unable to give a definite date of resolution. Please be advised that BTC on MtGox are not fractional.

We apologize for the inconvenience this may have caused and Thank you for your patience. We will keep you posted when the withdrawals are processed and the transaction reaches blockchain.

Best regards,

MtGox Team
https://www.mtgox.com"


Note the slight tone of panic - I did not say my coins were stolen or lost - or accuse them of fractional banking!

The exchange doth protest too much, methinks...?

They are just worried people might think that.

When they say:

"We are working to resolve the issue, but at this point we are unable to give a definite date of resolution"

..people ought to be worried!

I know... There is either a problem or they are really bad at not causing FUD

[surfer43]

Little war on Stamp  

dont want to spread FUD or anything but all this long & stable downtrend we've been seeing all day kinda look bad . its not even a sudden drop with quick recovery as we are used to.. really dont know where this might take us  

To the moon! ┗(°0°)┛ .^.○

To the floor!  _____

    (°◡°) <3

[Kramerc]

The only real question that lies in the air right now is: What will the chinese decide to do once they are up? It's fairly obvious that without their approval we will not go lower than 750, at most.

I currently am 60/40 btc/fiat and I'm planning on selling half if Huobi starts dumping or buying tiny bits here and there, if they continue to disprove this downward movement.

[JorgeStolfi]

I see today as great. Gox finally closed the price gap which it desperately needed to, and the other exchanges didn't lose much in the process.

MtGOX is now at 830, Bitstamp and BTC-e at 765. 

Well, I suppose that a 65 US$ difference may seem like "nothing" compared to the 130 US$ difference of last week. 

[surfer43]

The only real question that lies in the air right now is: What will the chinese decide to do once they are up? It's fairly obvious that without their approval we will not go lower than 750, at most.

I currently am 60/40 btc/fiat and I'm planning on selling half if Huobi starts dumping or buying tiny bits here and there, if they continue to disprove this downward movement.

I am 80/20 BTC/fiat 

[magicmexican]

I see today as great. Gox finally closed the price gap which it desperately needed to, and the other exchanges didn't lose much in the process.

MtGOX is now at 830, Bitstamp and BTC-e at 765. 

Well, I suppose that a 65 US$ difference may seem like "nothing" compared to the 130 US$ difference of last week. 

it was almost 200$ at some point

[Bagatell]

please die, as soon as possible, for the sake of all of us.

Some of us still have assets with Gox. Should we just die as well?

[Vigil]

The Gox response is automated... there have probably been many accusations or questions regarding whether their coins were lost/stolen or that Gox does not have all the BTC. Thus, they wrote that reply.

[KeyserSoze]

Please be advised that BTC on MtGox are not fractional.

"I did NOT have sexual relations with that woman!" (USA joke)
http://www.youtube.com/watch?v=KiIP_KDQmXs

[hdbuck]

please die, as soon as possible, for the sake of all of us.

Some of us still have assets with Gox. Should we just die as well?

lol. been lurking at Gox IRC channel and they ban every people that sounds 'unsatisfied' or 'unfriendly'

edit: what if, they wait a bit more, then say they bankrupt, which would result in a big BTC crash allowing them to rebuy cheap coins and pay back their customers..  ^^

[kurious]

Gox looks perilously close to 800 now...

15 bux or so over is not too much of a margin.   The thing is, even bears won't step in, no one will risk loading cash or coins in with no way out.

I don't want to see it, but I think we are watching it happen.

[ChartBuddy]

Explanation