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

[aminorex]

low bidside makes me kinda think its a bulltrap

That's what it always looks like when the market goes up fast, organically.  Waves undermining a cliff, with slowly rising tide.  It doesn't get serious until 720.

[creekbore]

How could you actually fail that hard?

We could start a list?

[Vigil]

Gox is 502ing

[adamstgBit]

[HairyMaclairy]

All rallies are low volume.  But yes I am going 708 BSP wtf.   This is too high too fast IMHO.

[JorgeStolfi]

they're not insolvent I wish everyone would stop going on about this. How could you actually fail that hard? They make more than half a percent on many of their transactions. They have a workable business model (when it works - it works!) If they genuinely don't have the cash I have no idea how they could have lost it.

I can think of at least five ways:

1. They were hacked and tons of their bitcoins were stolen.
2. The police seized a large chunk of their assets as part of crackdown on criminal use of bitcoins.
3. They wasted a fortune buying bitcoins at 10-20% above market.
4. They sold the clients' bitcoins at 100 USD to invest, price rose to 700 and they could not buy them back.
5. They reformatted the hard drive that had the only copy of their private keys.

And there are surely many more.  The imagination of incompetent managers is amazing.

[shmadz]

anybody else is unable to withdraw BTC from btc-e?

Is this real life?

Is this just fantasy?

Caught in a landslide, No escape from reality.

Open your eyes
Look up to the skies and see........GOX turned everyone over

I'm just a poor boy ...                 again now that Gox has my coins.

Easy come easy go, little high little low. Anyway the wind blows, nothing really matters to Gox.

Mama, Gox just killed us all...
Put a gun against our heads, pulled their trigger now we're dead.

[podyx]

bears be like:

[windjc]

All rallies are low volume.  But yes I am going 708 BSP wtf.   This is too high too fast IMHO.

I think this is a combination of 2 things.

1. Fresh fiat. People saw the crash end of last week and sent money to Bitstamp, which is more and more and more the "go-to" exchange. I think there are some real buyers here and more than normal with the potential to catch some cheaper coins.

2. Short covering. People have been shorting the market like crazy. Almost nothing can make a market pop fast than a short squeeze, which is basically like an upside down crash.

[bassclef]

they're not insolvent I wish everyone would stop going on about this. How could you actually fail that hard? They make more than half a percent on many of their transactions. They have a workable business model (when it works - it works!) If they genuinely don't have the cash I have no idea how they could have lost it.

I can think of at least five ways:

1. They were hacked and tons of their bitcoins were stolen.
2. The police seized a large chunk of their assets as part of crackdown on criminal use of bitcoins.
3. They wasted a fortune buying bitcoins at 10-20% above market.
4. They sold the clients' bitcoins at 100 USD to invest, price rose to 700 and they could not buy them back.
5. They reformatted the hard drive that had the only copy of their private keys.

And there are surely many more.  The immagination of incompetent managers is amazing.

Even if they were so foolish, life will go on without Gox. Just look at the price difference now.

So, when are you buying in?

[BitcoinAshley]

Bitstamp up 1.25% in 24 hours... what happened at Gox again? Lol. 

This has been one of the most glorious flash-crash days I have experienced.

[surfer43]

Bitstamp up 1.25% in 24 hours... what happened at Gox again? Lol. 

This has been one of the most glorious flash-crash days I have experienced.

And the most profitable for some. I can't believe it crashed so hard and recovered for a net gain today 

[JorgeStolfi]

All rallies are low volume.  But yes I am going 708 BSP wtf.   This is too high too fast IMHO.

It seems that arbitrage trading stopped after today's crash.  Each market seems to be going its own way.

The crash put the markets momentarily at hugely different prices, from 100 USD to 600 USD.  It must have been a great stress test for the arbitrage robots, and they may have made some stupid and costly mistakes.  Programmers now at work?

[shmadz]

All rallies are low volume.  But yes I am going 708 BSP wtf.   This is too high too fast IMHO.

It seems that arbitrage trading stopped after today's crash.  Each market seems to be going its own way.

The crash put the markets momentarily at hugely different prices, from 100 USD to 600 USD.  It must have been a great stress test for the arbitrage robots, and they may have made some stupid and costly mistakes.  Programmers now at work?

I like this train of thought. I like to pretend that the meatbags still have a chance.

[ChartBuddy]

Done with Gox
Explanation

[JorgeStolfi]

life will go on without Gox. Just look at the price difference now.

So, when are you buying in?

Well, which exchange do you think will be the next MtGOX? Do you recommend that I donate my money to the very shy owners of Bitstamp https://www.bitstamp.net/about_us/ , to the brilliant but anonymous hackers of Bitfinex https://www.bitfinex.com/, to the faceless and stateless Alex[a-z]*s of BTC-e http://www.coindesk.com/btc-e-recent-issues-caused-surge-users/, ... 

[hyphymikey]

Might as well shotr at 709

[adamstgBit]

life will go on without Gox. Just look at the price difference now.

So, when are you buying in?

Well, which exchange do you think will be the next MtGOX? Do you recommend that I donate my money to the very shy owners of Bitstamp https://www.bitstamp.net/about_us/ , to the brilliant but anonymous hackers of Bitfinex https://www.bitfinex.com/, to the faceless and stateless Alex[a-z]*s of BTC-e http://www.coindesk.com/btc-e-recent-issues-caused-surge-users/, ... 

which ever one...

buy, withdraw to a cold storage device, and wait for the future.

[shmadz]

That was the bottom of the bear market. I've seen it several times before and that's what it looked like.  You can quote me on that.

LOL. All big dumps from here on out will be profit taking and not people cutting their losses. The weak hands lost their grip and gave us their coins. We're coming out of the valley and onto the plains, building up speed for the next mountain range.

There haven't been any cheap coins if you are trying to purchase from Coinbase. They are still at $700 aside from the 5 minutes this early morning (Eastern Time) when they went down.

I feel this pain, I have a 636 bid on virtex that also went unsatisfied. Why must you risk your money at less reputable exchanges in order to reap the proverbial "quick buck"?

Oh wait...

[keithers]

The only coins you should be leaving on the exhange are the ones you plan on trading.