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

[gizmoh]

As Bitstamp battles against these attacks, it’s also worth noting that the Slovenian exchange is not listed as a money services business with FINCEN, the U.S. agency that registers money transmitters — even though it accepts US customers.

Frankly, i'm more worried about this issue highlighted above.  Where to store fiat when coins becomes cheap..?

I wouldn't called it Slovenian anymore, because they moved their head office to London where are registered as LTD.

But you are very correct about not being registered with FINCEN - I predict that this will be huge problems in the future as FBI might want to arrest CEO of Bitstamp, I am pretty sure they will find connections to money laundering.

I remember e-gold was registered in Nevis , just to evade some laws..
They are sitting in slovenia and have bank account with slovenian banks.
 

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[N12]

Here is a little contrarian hope for those of you who feel like sitting ducks:

http://www.latimes.com/business/hiltzik/la-fi-mh-bitcoin-a-new-rip-20140211,0,1065852.story
http://www.bloomberg.com/news/2014-02-11/the-glitch-that-will-kill-bitcoin.html

This one time, Bitcoin is dying for sure.

[macsga]

I believe it will be fixed - BTC is an evolving system and thus everything is fixable. As previously stated I don't like Karpeles but he managed to reveal some ugly truth out of his crappy withdrawals. I really hope you guys don't force yourselves to panic selling and then blame your bad mood about it. The proper thing to do is either panic HODL, or panic BUY!

[N12]

Excerpt LA Times:

The suspensions may be only growing pains, but if they're seen to be serious enough, bitcoin growth may end. And if other flaws in the system become equally troublesome obstructions, bitcoins will be over.

 

[oda.krell]

After reading post after post with gox cursing, and then bitstamp go and do the same thing.   

Not really. Here, have a few differences:

* Total shutdown: Gox is, more or less, completely closed off as of now, at least for people requiring USD wires. Bitstamp still processes wires within 2 days on average, so fiat withdrawals continue unhindered, even when BTC withdrawals don't.

* Maturity of reaction: if you read their news item on the matter, you will see how different they handle this matter -- Gox: we're innocent! Not our fault! Devs, fix it! vs. Stamp: we're updating our software to harden it against the attack.

* Most importantly: from the publicly available knowledge, there's good reasons to believe gox lost actual user btc funds because there's evidence that they tracked success of transactions based on ID alone. We'll come back to this if it turns out stamp lost funds as well, but I highly doubt it.

tl;dr All current exchanges are run by amateurs I'd say, but gox is run by incompetent amateurs.

[MoreFun]

Every few minutes (5-15) there is a 20-50 BTC dump on gox for last 2-3 days. Someone must be unloading quite a lot of coins.

Fun: Mark made a deal with FBI to sell their coins in regard for info and freedom.

[gizmoh]

EDIT:

They are sitting in slovenia and have bank account with slovenian banks.

Unicredit Slovenia is under Unicredit group - Italian, and they are one of the biggest in Europe.
https://www.unicreditgroup.eu/en.html

Its an independent entity from the italian group, but that's not really an issue.
Also their UK address, is a mail drop. Go figure what EU laws they want to evade?  But their real office are still in slovenia.

[N12]

Wall street will likely take over the exchange business, it's just a matter of time until either an ETF is approved or a US based bitcoin exchange goes through all the legal crap. And then, finally, will we be able to trade on professional platforms (be it regular broker or a special exchange) that don't rip you off for shit service, and that are unlikely to lose your money.

[gizmoh]

Every few minutes (5-15) there is a 20-50 BTC dump on gox for last 2-3 days. Someone must be unloading quite a lot of coins.

Fun: Mark made a deal with FBI to sell their coins in regard for info and freedom.

F*king Willy changed his mind and dumping twice as hard as he was buying. My IOU goxcoin is now worth half! 

[joburgtaxi]

[creekbore]

EDIT:

They are sitting in slovenia and have bank account with slovenian banks.

Unicredit Slovenia is under Unicredit group - Italian, and they are one of the biggest in Europe.
https://www.unicreditgroup.eu/en.html

Its an independent entity from the italian group, but that's not really an issue.
Also their UK address, is a mail drop. Go figure what EU laws they want to evade?  But their real office are still in slovenia.

Not a mail drop...a "brass plate".

Most international companies operating in the UK have their 'offices' in Luxembourg or some other place where they can exploit tax loopholes.  This is not unusual.

[Rampion]

Here is a little contrarian hope for those of you who feel like sitting ducks:

http://www.latimes.com/business/hiltzik/la-fi-mh-bitcoin-a-new-rip-20140211,0,1065852.story
http://www.bloomberg.com/news/2014-02-11/the-glitch-that-will-kill-bitcoin.html

This one time, Bitcoin is dying for sure.

So... This time is different?

[stompix]

Here is a little contrarian hope for those of you who feel like sitting ducks:

http://www.latimes.com/business/hiltzik/la-fi-mh-bitcoin-a-new-rip-20140211,0,1065852.story
http://www.bloomberg.com/news/2014-02-11/the-glitch-that-will-kill-bitcoin.html

This one time, Bitcoin is dying for sure.

Usually when you show up trolling like that things start getting better and better.

[N12]

I'm not sure If you guys are now trolling me pretending you don't understand contrarian indicators and sarcasm.

[mellowyellow]

I'm beginning to doubt this whole thing.  Bitcoin isn't anonymous and is actually more traceable than cash, it is actually run by a secretive central core of developers instead of being decentralised, has massive security issues instead of being rock solid technology.

Actually everything I thought when I first bought in turns out to be 'not quite right'.

Anyone else feeling a little bit cheated? I want to keep the faith but wondering if there are better things I could be putting my money into (tesla for example).

[creekbore]

I'm not sure If you guys are now trolling me pretending you don't understand contrarian indicators and sarcasm.

Comparing Karpeles to Snowden is pretty major league trolling.

[N12]

I'm beginning to doubt this whole thing.  Bitcoin isn't anonymous and is actually more traceable than cash, it is actually run by a secretive central core of developers instead of being decentralised, has massive security issues instead of being rock solid technology.

Actually everything I thought when I first bought in turns out to be 'not quite right'.

Anyone else feeling a little bit cheated? I want to keep the faith but wondering if there are better things I could be putting my money into (tesla for example).

The Bitcoin cultists and self-deluded shills under influence of bitcrack have deceived you, now time to embrace reality and realize that even with those (contemporary?) flaws, Bitcoin is still the first and currently largest decentralized digital and limited/scarce asset with 0 counterparty risk.

[joburgtaxi]

I'm beginning to doubt this whole thing.  Bitcoin isn't anonymous and is actually more traceable than cash, it is actually run by a secretive central core of developers instead of being decentralised, has massive security issues instead of being rock solid technology.

Actually everything I thought when I first bought in turns out to be 'not quite right'.

Anyone else feeling a little bit cheated? I want to keep the faith but wondering if there are better things I could be putting my money into (tesla for example).

Short UK insurance companies after this flooding we have had !!!

[mellowyellow]

I'm beginning to doubt this whole thing.  Bitcoin isn't anonymous and is actually more traceable than cash, it is actually run by a secretive central core of developers instead of being decentralised, has massive security issues instead of being rock solid technology.

Actually everything I thought when I first bought in turns out to be 'not quite right'.

Anyone else feeling a little bit cheated? I want to keep the faith but wondering if there are better things I could be putting my money into (tesla for example).

Short UK insurance companies after this flooding we have had !!!

lol

[macsga]

Hey, that's my ass up there!