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

[porcupine87]

Imagine if bitcoin actually "dominated fiat currency" and became a global finance leader for banks etc. like the bulls dream of, and then shit like this happens. No way...

If bitcoin was a global finance leader as you say , do you think people like the clowns at mtgox would still be in charge of 20% of the trade?

+1

[mah87]

CRASHING BACK ON GOX !!! GOING 400 this time !!

[Denton]

Headlines: Bitcoin loses 84% of it's value in 15 minutes as a critical bug is discovered.
Fuck you gox!

[UnDerDoG81]

Second wave of  dumping on stamp?

Meh not really, panic seems over...

[TERA]

Looks like I cannot trade this. Bitfinex is halted, I only have a tiny a tiny amount of fiat on btce (after cyprus news), and my funds in Bitstamp I don't really want to touch but it's likely to be the only exchange that I can get fiat returned if the market collapses.

Edit: finex back up? Did they roll back the trades?

[raid_n]

This could be the biggest dip on the pure fud that we had yet. Maybe it could be avoided if Gox worded it better, but who knows, maybe it was intentional?

Now , you're starting to say some interesting things.

Who could have wished for a crash , and who could have profited from it the most , probably the ones who could create one and who are in so much shit to actually need a flash crash. gox?

The wording gox used was far from ideal and any non tech-savy person may interpret it incorrectly

A bold line stating that the underlying transaction security of bitcoin is not compromised would have helped to clarify things.

You realize that wasn't coincidence, right?

I'm not even talking about the "conspiracy" style explanation that they're trying to manipulate their way out of a shortage of coins by bringing down the price and rebuying coins cheaper (so they can serve their customers). Makes sense, but even I don't think Karpeles would go that low.

No, the real explanation for the phrasing is:

Blame transfer.

Gox is willing to damage the reputation of the *entire* Bitcoin ecosystem, so *they* don't have to take the blame for implementing their wallet software properly.

Seriously: To anyone still using mtgox -- stop. Withdraw your money (or try it), withdraw your coins (or try it), and let them die off.

We need mtgox removed from the system for Bitcoin to grow further.

Yeah I totally agree with you.
What is a bit troubling however is how well this FUD worked.
If we come out bruised but ok I think this may actually reverse the downtrend

[Ivanhoe]

Silkroad crash 2.0, veterans know what i mean by this.

[mmortal03]

Headlines: Bitcoin loses 84% of it's value in 15 minutes as a critical bug is discovered.
Fuck you gox!

http://online.wsj.com/news/articles/SB10001424052702304104504579374410182920576?mod=mktw

Edit: Paywalled, at least this gives some info: http://www.marketwatch.com/story/mt-gox-finds-bitcoin-glitch-2014-02-10?mod=latestnewssocialflow&link=sfmw

[kehtolo]

Imagine if bitcoin actually "dominated fiat currency" and became a global finance leader for banks etc. like the bulls dream of, and then shit like this happens. No way...

I know what you are saying.. but IMO if it were to evolve to the point where it was in a position to do this, then it would be far less subceptable to these kinds of crashes and fluctuations.

[JorgeStolfi]

Volumes (kBTC) in the two hours 10:00 to 11:59 UTC

Huobi     46.93
Bitstamp  34.23
BTC-e     24.52
BitFinEx  19.14
MtGOX     18.22
OKCoin    14.70
BTC-China  8.31

[TERA]

Silkroad crash 2.0, veterans know what i mean by this.

Silk road crash happened during an uptrend. This is happening amidst a downtrend. Thus it is too risky to even trade.

[podyx]

Silkroad crash 2.0, veterans know what i mean by this.

means rally tomorrow?

[JCviggen]

Oh man, I cancelled an order I had on BTC-e for months just days ago... 10@266  

At least I got one at 450$ and a couple more all the way up to 600. Sold them all back at 650 and sitting back now.

[Painful Truth]

And again:

Blame it on Mt. Gox:

http://www.youtube.com/watch?v=K2ku1A5Ox8U

How many crashes have they caused again? How many more will follow?

[porcupine87]

Silkroad crash 2.0, veterans know what i mean by this.

hm, I give this a few thoughts You might be right. The last weeks, Mt Gox was Bitcoins biggest problem.

[threecats]

Here we go, round two.
Grab your seatbelts, boyz, it's going to be a swift ride to ~450ish

bfx just opened. latecomers to the party

[TERA]

Silkroad crash 2.0, veterans know what i mean by this.

means rally tomorrow?

There's no reason for a rally tomorrow. The silk road crash interfered during an uptrend which is why a rally continued afterwards. Now there is a downtrend and prices were already slumping into a decline before this even began.

[stompix]

Headlines: Bitcoin loses 84% of it's value in 15 minutes as a critical bug is discovered.
Fuck you gox!

Common , where did you get that 84%?

[gizmoh]

Silkroad crash 2.0, veterans know what i mean by this.

means rally tomorrow?

There's no reason for a rally tomorrow. The silk road crash interfered during an uptrend which is why a rally continued afterwards. Now there is a downtrend and prices were already slumping into a decline before this even began.

+1
Well said TERA.

Two bad news here:
1) Gox aint fixing nothing. Money stuck. Btc stuck.
2) Blames Bitcoin protocol flaw, giving very bad press.

This is far from over IMO.

[hyphymikey]

So much fail at bitfinex!