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

[porcupine87]

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.

We were on an upward trend, too. Since the problems of Gox it was falling...

[magicmexican]

The proportions of the impact still feel very suspicious, Gox basically took some old and well known (to devs) things, and "turned" them into "news" about btc protocol. I dont want to believe that the whole crypto market is that retarded to panic so hard based on such "news"

There should be something more to it.

[stompix]

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?

Hopefully this will be the last one.
After this I doubt they will have more than 5% of the market for a few weeks and then > 0.

[JorgeStolfi]

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.

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?

If bitcoin was a global finance leader, would its traders still pretend that 3/4 of the global market simply does not exist? 

[Denton]

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%?

BTC-e 15 minute chart. The candle that went from 666 to 102.

[oda.krell]

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.

I agree with your conclusion (no real, lasting rally tomorrow), but you're completely wrong about your reasons. Silk Road didn't take place "during an uptrend". Go check your charts, please. It happened after a 2 month period of very, very cautious upwards movement, after the post-April bear market, and more precisely: happened as that "cautious uptrend" was faltering and we were slightly declining again.

It *was* the perfect timing, because buying pressure has built up back then, and it was released in one big show of support at the low price level that the SR crash brought us to. Plus of course the news item itself (criminal usage of BTC removed -- not really of course, but that's the news).

So, the difference between now and then is not that we were in an uptrend, but that we had pent up buying pressure after a long period of very cautious movement. And I don't see such a built up pressure right now. not yet, at least.

[Asrael999]

The proportions of the impact still feel very suspicious, Gox basically took some old and well known (to devs) things, and "turned" them into "news" about btc protocol. I dont want to believe that the whole crypto market is that retarded to panic so hard.

There should be something more to it.

unfortunately while the whole crypto market is not that retarded, a certain proportion is, and will happily feed the panic in order to make a fast BTC.

[stompix]

The proportions of the impact still feel very suspicious, Gox basically took some old and well known (to devs) things, and "turned" them into "news" about btc protocol. I dont want to believe that the whole crypto market is that retarded to panic so hard based on such "news"

There should be something more to it.

Well , sometimes the market acts like being retarded.
Also there were lots of people who took their chances with the drop in order to make a few btc on the dip , knowing that it will go back up.

[tarmi]

mtgox wont die easily!

they will blame bitcoin protocol for their own failures.

prepare your FIAT for the last epic battle against Sauron.

[razibuzouzou]

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.

+1
I am considering removing Gox from Coinorama...

[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%?

BTC-e 15 minute chart. The candle that went from 666 to 102.

Common , that was just an idiot dumping without looking at the order book first.
That could have happened in any other day.

And the way it got back is actually more positive.

[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.

We were on an upward trend, too. Since the problems of Gox it was falling...

It was not upwards - it was sideways at best and kept failing to gain momentum after a multitude of positive news events, showing a tremendous weakness, forming a triangle, and then slowly evolving into a downtrend. It was so early into the consolidation after the last rally that we were nowhere near ready to break into a rally, final capitulation still hadn't happened, and a drop was destiny.

[UnDerDoG81]

cmon go down already, daddy needs more cheap coins

[Denton]

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%?

BTC-e 15 minute chart. The candle that went from 666 to 102.

Common , that was just an idiot dumping without looking at the order book first.
That could have happened in any other day.

And the way it got back is actually more positive.

And there is no critical bug too, I'm just saying how this will be used to hurt Bitcoins reputation by the media.

[stompix]

mtgox wont die easily!

they will blame bitcoin protocol for their own failures.

prepare your FIAT for the last epic battle against Sauron.

Fortunately enough , it's not them who decide if they die or not.
Now , if we get a new influx of neurons in the community people might start avoiding it and don't trade there ever again..

Might be helpful not even mentioning it's name again.

[UnDerDoG81]

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%?

BTC-e 15 minute chart. The candle that went from 666 to 102.

Common , that was just an idiot dumping without looking at the order book first.
That could have happened in any other day.

And the way it got back is actually more positive.

And there is no critical bug too, I'm just saying how this will be used to hurt Bitcoins reputation by the media.

It happened already. Just readed an German news, saying that Gox is saying that there is a bug in Bitcoin wich is known for years and that is the reason why gox is having problems 

Wow we´re at 600 huh? Halfed. People who bought @1200 lost 50% of their money. At the moment I cant even imagine we ever will be back at 1000´s again. I hope I´m wrong.

[magicmexican]

At the moment I cant even imagine we ever will be back at 1000´s again. I hope I´m wrong.

This is usually a sign to buy, when people start thinking that

[mah87]

BULLS WHERE ARE YOU

[podyx]

^of course we will come back to ATH

we will come faster then u can say bear market

[empowering]

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?

I wondered the same thing..