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

[BitThink]

I've heard MtGox has changed their bank partner, and maybe now or soon the money withdrawn will be better? Then everyone is hurrying in selling their coins and try to get their cash back?

[KFR]

http://www.youtube.com/watch?v=XHtzZukli3o

fuck ya!

this makes me want to kill i ipodtouch

+lots

The irony of Apple's evolution is beautifully summed up by using their own words against them.  Bravo.

[SheHadMANHands]

Mt Gox has just gone straight psycho.

[TERA]

I dont understand why everyone is panic selling on gox when you cant withdraw the cash either

USD is more likely to be recoverable in court than bitcoins. USD being a fiat currency is protecting by laws regarding when you hold an account with USD in it.

[nanobrain]

Thanks for the reddit link Adam, that's an insane little piece.

Trust an Aussie to front up...kinda makes me proud (and its not often that happens)...but then embarrassing he doesn't speak French (we are very insular with languages).

I imagine MK is going to 'fix' the withdrawal issue otherwise he's going to be looking at criminal proceedings at worst/bankruptcy courts at best.  But from the sounds of that 'on the ground' journalism all our worst fears about Gox are true and a watershed moment is coming.

[surfer43]

http://www.youtube.com/watch?v=XHtzZukli3o

fuck ya!

this makes me want to kill i ipodtouch

Wow. I know nothing about Bitcoin, but that is extremely childish. They could've given those iPhones to me! What a waste of resources.   They wasted $400 of imaginary value! Who cares that the iPhones were made in a sweatshop?!?! By destroying them they actually decreased supply driving the value up! The demand will not be impacted in any way! Principles do not matter! It is the stuff that matters! I mean 5 iPhones is such a big deal considering people starve to death every three seconds and apple could prevent that with half their profits!

[windjc]

Mt Gox has just gone straight psycho.

Missed you around here. Your avatar always reminds me of happier forum days.

[SheHadMANHands]

Mt Gox has just gone straight psycho.

Missed you around here. Your avatar always reminds me of happier forum days.

lol good to hear 

[Richy_T]

Like for one they are still fully staffed and not letting people go left and right

As if no one has ever turned up for work one day and found the doors chained shut.

There is no reasonable explanation for what people are experiencing from Gox on the BTC side of thing (Fiat problems are a totally different issue) that should have lasted for more than 20-60 minutes, tops. Of course, people should have been getting off of there months ago but this is *BAD*.

Bitcoin will prevail but we're up for an interesting few days ahead.

[Richy_T]

http://www.youtube.com/watch?v=XHtzZukli3o

fuck ya!

this makes me want to kill i ipodtouch

Apple, like gox. If you know how to put your finger in the wind, you steer clear (Google is going that way too though).

[ChartBuddy]

Explanation

[HairyMaclairy]

Like for one they are still fully staffed and not letting people go left and right

As if no one has ever turned up for work one day and found the doors chained shut.

There is no reasonable explanation for what people are experiencing from Gox on the BTC side of thing (Fiat problems are a totally different issue) that should have lasted for more than 20-60 minutes, tops. Of course, people should have been getting off of there months ago but this is *BAD*.

Bitcoin will prevail but we're up for an interesting few days ahead.

I can believe USD problems.  I can believe SEPA problems.

In isolation from the above, I can believe bitcoin client problems.

I am deeply troubled by JPY domestic withdrawal issues.  

Put all 4 factors together at the same time and it is the exact behaviour of a company that is trading while insolvent.  Especially since this pressure has been building for such a long time.  

I think (for one reason or another) that they have probably been technically insolvent since June when they stopped the USD wires.  That bought them some time.

It is only now that they have finally had a run on the bitcoin bank and exhausted their ability to string everyone along and the music has stopped.  Everyone in the room caught without a chair is SOL.

[Amechan]

The sky is falling.

[HairyMaclairy]

The sky is falling.

Not really.  Although the market will crap itself when it finally works it out.  Markets are pretty stupid.

[bassclef]

I hope Gox works itself out. They always have in the past, sort of like a Phoenix when everyone thinks they're dead, they rise back up.

Anyone else remember when their trading engine would lag beyond belief? Nobody could trade, and the market crashed at one point because of it. THE END IS NEAR people were shouting.

The end was not near. This is still the beginning.

[surfer43]

If anyone is still interested in mining BTC check out my CoinTerra auction thread. 

https://bitcointalk.org/index.php?topic=454882.0 

I would if I could afford it 
Why don't you mine with them? It looks like you can get a better return that way right now 

[giletto]

If anyone is still interested in mining BTC check out my CoinTerra auction thread.  

https://bitcointalk.org/index.php?topic=454882.0  

I would if I could afford it  
Why don't you mine with them? It looks like you can get a better return that way right now  

I guess to sale them with 100%++ profit is the better way then mining.

[surfer43]

If anyone is still interested in mining BTC check out my CoinTerra auction thread.  

https://bitcointalk.org/index.php?topic=454882.0  

I would if I could afford it  
Why don't you mine with them? It looks like you can get a better return that way right now  

I guess to sale them with 100%++ profit is the better way then mining.

break even at current difficulty is 59 days if you pay $11000

[windjc]

Like for one they are still fully staffed and not letting people go left and right

As if no one has ever turned up for work one day and found the doors chained shut.

There is no reasonable explanation for what people are experiencing from Gox on the BTC side of thing (Fiat problems are a totally different issue) that should have lasted for more than 20-60 minutes, tops. Of course, people should have been getting off of there months ago but this is *BAD*.

Bitcoin will prevail but we're up for an interesting few days ahead.

I can believe USD problems.  I can believe SEPA problems.

In isolation from the above, I can believe bitcoin client problems.

I am deeply troubled by JPY domestic withdrawal issues.  

Put all 4 factors together at the same time and it is the exact behaviour of a company that is trading while insolvent.  Especially since this pressure has been building for such a long time.  

I think (for one reason or another) that they have probably been technically insolvent since June when they stopped the USD wires.  That bought them some time.

It is only now that they have finally had a run on the bitcoin bank and exhausted their ability to string everyone along and the music has stopped.  Everyone in the room caught without a chair is SOL.

We will see. Gox has been claimed to be dead many times before. They make so much from fees, Karpales would have to drink about 40000 frappachinos a day to burn through that much money.

[N12]

If you guys at all care to read anything factual on the matters of MtGox's Bitcoin problem, try this writeup (by gmaxwell I believe, who is a core dev) http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_chatter_about_what_is_going_on_at_mtgox/cf99yac

I think people who think MtGox is insolvent are wrong. I'd like to see what they have done not only with their currency profits (far in excess of any losses incurred by DHS/Coinlab) as well as Bitcoin profits which are likely to be in the 6 digits.

Here is something out of MtGox's last "transparency report", even if it was a long time ago: