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

[billyjoeallen]

Mark is Back! the return of the jedi...

-> http://www.coindesk.com/mt-gox-mark-karpeles-responds-to-critics/

so apparently, we wont be able to withdraw bitcoin from any exchange before a long time (for the malleability issue to be solved, which is clearly not happening yet)... CRASSSSHHHHHHH

It'll be interesting to watch him try and explain why every other exchange is back online except Gox.

[1714173110]

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[1714173110]

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[kkaspar]

The entire market wasted around two months on building illusions around the Chinese market.
When it was clear that soon there won't be much of Chinese market left, then religious zealots kept repeating otherwise. That created a lot of confusion on what will happen in the future and actually slowed down progress in the long run. The uptrend that started in January was fueled by pure stupidity.
The right thing would have been to drop the price and then plan another rise with opening new exchanges in new geographical locations. It would have been the normal life-cycle of bitcoin and the market would already be starting another uptrend. But with all these illusions and false hopes, we will probably see this downtrend last a lot longer then it should have been. The "get-rich-quick Choo Choo" people here have no vision or strategic thinking whatsoever.
And new payment options like overstock mean nothing to the price of bitcoin. If anyone buys bitcoin to buy from overstock, then it will be converted back to fiat right away. New payment options like this will more probably have an negative effect on the price, since more bitcoins will be converted to $ by older adopters.
New opening markets with the coming of new of gamblers are the only positive news that people should take into account when considering the price.

[stompix]

Mark is Back! the return of the jedi...

-> http://www.coindesk.com/mt-gox-mark-karpeles-responds-to-critics/

so apparently, we wont be able to withdraw bitcoin from any exchange before a long time (for the malleability issue to be solved, which is clearly not happening yet)... CRASSSSHHHHHHH

Why are you saying that? There is no mentioning of such thing in the article , nor a statement from others exchangers.

[empowering]

The entire market wasted around two months on building illusions around the Chinese market.
When it was clear that soon there won't be much of Chinese market left, then religious zealots kept repeating otherwise. That created a lot of confusion on what will happen in the future and actually slowed down progress in the long run. The uptrend that started in January was fueled by pure stupidity.
The right thing would have been to drop the price and then plan another rise with opening new exchanges in new geographical locations. It would have been the normal life-cycle of bitcoin and the market would already be starting another uptrend. But with all these illusions and false hopes, we will probably see this downtrend last a lot longer then it should have been. The "get-rich-quick Choo Choo" people here have no vision or strategic thinking whatsoever.
And new payment options like overstock mean nothing to the price of bitcoin. If anyone buys bitcoin to buy from overstock, then it will be converted back to fiat right away. New payment options like this will more probably have an negative effect on the price, since more bitcoins will be converted to $ by older adopters.
New opening markets with the coming of new of gamblers are the only positive news that people should take into account when considering the price.

Do you own Bitcoin? (just outta interest)

[seljo]

Sorry if this is a repost;
http://arstechnica.com/business/2014/02/jp-morgan-bitcoin-is-vastly-inferior-to-traditional-fiat-currency/
So a combined attack on BTC price from all sources 

[stompix]

The entire market wasted around two months on building illusions around the Chinese market.
When it was clear that soon there won't be much of Chinese market left, then religious zealots kept repeating otherwise. That created a lot of confusion on what will happen in the future and actually slowed down progress in the long run. The uptrend that started in January was fueled by pure stupidity.
The right thing would have been to drop the price and then plan another rise with opening new exchanges in new geographical locations. It would have been the normal life-cycle of bitcoin and the market would already be starting another uptrend. But with all these illusions and false hopes, we will probably see this downtrend last a lot longer then it should have been. The "get-rich-quick Choo Choo" people here have no vision or strategic thinking whatsoever.
And new payment options like overstock mean nothing to the price of bitcoin. If anyone buys bitcoin to buy from overstock, then it will be converted back to fiat right away. New payment options like this will more probably have an negative effect on the price, since more bitcoins will be converted to $ by older adopters.
New opening markets with the coming of new of gamblers are the only positive news that people should take into account when considering the price.

We aren't talking about a government controlled currency which can be devaluation with a single click. If people don't want to sell it , it won't go down , if people want to sell it badly enough it will go down to that price and even further down.

[hdbuck]

Mark is Back! the return of the jedi...

-> http://www.coindesk.com/mt-gox-mark-karpeles-responds-to-critics/

so apparently, we wont be able to withdraw bitcoin from any exchange before a long time (for the malleability issue to be solved, which is clearly not happening yet)... CRASSSSHHHHHHH

It'll be interesting to watch him try and explain why every other exchange is back online except Gox.

I dont think we can withdraw BTCs from either BTC-e or Stamp yet?! and there is no clue when we will be able to do so. could take months.. 

[stompix]

Sorry if this is a repost;
http://arstechnica.com/business/2014/02/jp-morgan-bitcoin-is-vastly-inferior-to-traditional-fiat-currency/
So a combined attack on BTC price from all sources 

Coming from them , it's more of a praise than an attack.

[mestar]

suddenly everyone is holding fiat and the only way out is BTC

You are aware that by trading, no amount of fiat on the gox is lost or gained.  Only the fees are taken out.  So, if there was 100 million when withdrawals are stopped, there is still 100 million there.

"Everyone holding fiat" is not a possible option.

[hdbuck]

Sorry if this is a repost;
http://arstechnica.com/business/2014/02/jp-morgan-bitcoin-is-vastly-inferior-to-traditional-fiat-currency/
So a combined attack on BTC price from all sources  

what is funny is that they claim there is no recourse when using bitcoins... well.. Mr banskter there wont be any recourse too when you fucking bail out and disappear with our fiat or when you will let the governments take % of our savings... tsss

[koryu]

can anybody explain who actually benefits from these attacks?

[billyjoeallen]

Mark is Back! the return of the jedi...

-> http://www.coindesk.com/mt-gox-mark-karpeles-responds-to-critics/

so apparently, we wont be able to withdraw bitcoin from any exchange before a long time (for the malleability issue to be solved, which is clearly not happening yet)... CRASSSSHHHHHHH

It'll be interesting to watch him try and explain why every other exchange is back online except Gox.

I dont think we can withdraw BTCs from either BTC-e or Stamp yet?! and there is no clue when we will be able to do so. could take months.. 

I'm assuming that the other exchanges will find a work-around before Gox does.

[billyjoeallen]

can anybody explain who actually benefits from these attacks?

Speculators with short positions, people wanting to buy in at a lower price, businesses with competing products (PayPal, Western Union), governments that enforce capital controls, black-hat hackers wanting street cred, and the thousands of people who publicly predicted Bitcoin would fail.

[joburgtaxi]

can anybody explain who actually benefits from these attacks?

People looking for cheap coins !!

[magicmexican]

Looks like other exchanges still take mtgox into the consideration


But that Gox price... i actually would even consider buying Goxcoins now

[kkaspar]

The entire market wasted around two months on building illusions around the Chinese market.
When it was clear that soon there won't be much of Chinese market left, then religious zealots kept repeating otherwise. That created a lot of confusion on what will happen in the future and actually slowed down progress in the long run. The uptrend that started in January was fueled by pure stupidity.
The right thing would have been to drop the price and then plan another rise with opening new exchanges in new geographical locations. It would have been the normal life-cycle of bitcoin and the market would already be starting another uptrend. But with all these illusions and false hopes, we will probably see this downtrend last a lot longer then it should have been. The "get-rich-quick Choo Choo" people here have no vision or strategic thinking whatsoever.
And new payment options like overstock mean nothing to the price of bitcoin. If anyone buys bitcoin to buy from overstock, then it will be converted back to fiat right away. New payment options like this will more probably have an negative effect on the price, since more bitcoins will be converted to $ by older adopters.
New opening markets with the coming of new of gamblers are the only positive news that people should take into account when considering the price.

Do you own Bitcoin? (just outta interest)

I owned bitcoins till the start of December. After it got clear that there is no future in China, I sold. I bought back in about two weeks ago, partially because I was intoxicated and bored behind the computer. Luckly sold couple of hours later with 803$.
Right now, I don't see myself buying back anytime soon. When I'll buy back in, then It will probably be buying some altcoin, not bitcoin.
Right now the only thing that keeps the bitcoin price from an ugly collapse are the thousands of miners who have invested thousands of dollars in their ASIC equipment. They are the ones who are holding and keeping the supply tight, because selling with this price means no ROI. But they can only hold the price for so long, because the electric bills are piling and their wives or girlfriends are yelling at them on why aren't the noisy machines producing any money like promised.

My faith in bitcoin is in a downtrend while my faith in cryptos and privatized monetary systems in general keeps steady.

[kkaspar]

The entire market wasted around two months on building illusions around the Chinese market.
When it was clear that soon there won't be much of Chinese market left, then religious zealots kept repeating otherwise. That created a lot of confusion on what will happen in the future and actually slowed down progress in the long run. The uptrend that started in January was fueled by pure stupidity.
The right thing would have been to drop the price and then plan another rise with opening new exchanges in new geographical locations. It would have been the normal life-cycle of bitcoin and the market would already be starting another uptrend. But with all these illusions and false hopes, we will probably see this downtrend last a lot longer then it should have been. The "get-rich-quick Choo Choo" people here have no vision or strategic thinking whatsoever.
And new payment options like overstock mean nothing to the price of bitcoin. If anyone buys bitcoin to buy from overstock, then it will be converted back to fiat right away. New payment options like this will more probably have an negative effect on the price, since more bitcoins will be converted to $ by older adopters.
New opening markets with the coming of new of gamblers are the only positive news that people should take into account when considering the price.

We aren't talking about a government controlled currency which can be devaluation with a single click. If people don't want to sell it , it won't go down , if people want to sell it badly enough it will go down to that price and even further down.

Yeah, you can't control the stupidity of the market. The nature of the market will determine the probable percentage of stupid people involved. Bitcoin has been very attractive as an get-rich-quick scheme, so I agree that it is little naive to expect something else. You can only observe the stupidity and imagine scenarios on how things would have went if...

[stompix]

The entire market wasted around two months on building illusions around the Chinese market.
When it was clear that soon there won't be much of Chinese market left, then religious zealots kept repeating otherwise. That created a lot of confusion on what will happen in the future and actually slowed down progress in the long run. The uptrend that started in January was fueled by pure stupidity.
The right thing would have been to drop the price and then plan another rise with opening new exchanges in new geographical locations. It would have been the normal life-cycle of bitcoin and the market would already be starting another uptrend. But with all these illusions and false hopes, we will probably see this downtrend last a lot longer then it should have been. The "get-rich-quick Choo Choo" people here have no vision or strategic thinking whatsoever.
And new payment options like overstock mean nothing to the price of bitcoin. If anyone buys bitcoin to buy from overstock, then it will be converted back to fiat right away. New payment options like this will more probably have an negative effect on the price, since more bitcoins will be converted to $ by older adopters.
New opening markets with the coming of new of gamblers are the only positive news that people should take into account when considering the price.

Do you own Bitcoin? (just outta interest)

I owned bitcoins till the start of December. After it got clear that there is no future in China, I sold. I bought back in about two weeks ago, partially because I was intoxicated and bored behind the computer. Luckly sold couple of hours later with 803$.
Right now, I don't see myself buying back anytime soon. When I'll buy back in, then It will probably be buying some altcoin, not bitcoin.
Right now the only thing that keeps the bitcoin price from an ugly collapse are the thousands of miners who have invested thousands of dollars in their ASIC equipment. They are the ones who are holding and keeping the supply tight, because selling with this price means no ROI. But they can only hold the price for so long, because the electric bills are piling and their wives or girlfriends are yelling at them on why aren't the noisy machines producing any money like promised.

My faith in bitcoin is in a downtrend while my faith in cryptos and privatized monetary systems in general keeps steady.

Ignoring the "I trade like a boss"  I've bought low sold high thingy , the way you talk about miners holding the price and getting yelled at by their wife&girlfriends , the way you said the price should have been controlled , I really don't see you as a person who has a clue about bitcoin , and not as a bitcoin owner at all.

[creekbore]

I dont think we can withdraw BTCs from either BTC-e or Stamp yet?! and there is no clue when we will be able to do so. could take months.. 

I've been withdrawing BTC from BTCe the last few days no problems...where does this 'intell' come?

[Rampion]

Sorry if this is a repost;
http://arstechnica.com/business/2014/02/jp-morgan-bitcoin-is-vastly-inferior-to-traditional-fiat-currency/
So a combined attack on BTC price from all sources 

Attack? This is uber-bullish. If JP Morgan had to write a detailed report in order to shit on BTC it means they are pooping their pants. They are seriously concerned.

Great.