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

[spooderman]

I've been trying to apply some logic to this situation and am not able to reach a rational solution except that MtSux is truly insolvent and a select few insiders know it.

Then why aren't stampers following it like they always do? Do we somehow all know this?

[OldGeek]

I've been trying to apply some logic to this situation and am not able to reach a rational solution except that MtSux is truly insolvent and a select few insiders know it.

Then why aren't stampers following it like they always do? Do we somehow all know this?

I have no clue what-so-ever.

[RicePicker]

Ah, so unexpected. The sheep on Stamp are starting to poop their pants. Because panic selling on Stamp is the smartest thing to do if Gox goes down, right?

What is stopping Mtgox from buying up all the cheap coins personally and dumping it on Bitstamp?

Nothing, and this is what will happen.  Gox will pull down the other exchanges through selling pressure if withdrawals are re enabled.

Withdrawals do not even need to be enabled. Its not illegal for Mtgox to buy coins on their own exchange and sell it on other exchanges right? It takes about what 1-2 week to withdrawal from Bitstamp back to a Mtgox bank account? As long as there is a large disparity between the exchanges and Mtgox, Gox cnd post whatever bullshit about withdrawal delays and they can make profit through exchange fees and arbitraging at stamp. People are already protesting them, what worst can happen? The are getting rich no matter what. 

[spooderman]

Ah, so unexpected. The sheep on Stamp are starting to poop their pants. Because panic selling on Stamp is the smartest thing to do if Gox goes down, right?

What is stopping Mtgox from buying up all the cheap coins personally and dumping it on Bitstamp?

Nothing, and this is what will happen.  Gox will pull down the other exchanges through selling pressure if withdrawals are re enabled.

Withdrawals do not even need to be enabled. Its not illegal for Mtgox to buy coins on their own exchange and sell it on other exchanges right? It takes about what 1-2 week to withdrawal from Bitstamp back to a Mtgox bank account? As long as there is a large disparity between the exchanges and Mtgox, Gox cnd post whatever bullshit about withdrawal delays and they can make profit through exchange fees and arbitraging at stamp. People are already protesting them, what worst can happen? The are getting rich no matter what. 

then the only way to thwart them would be to match their price exactly

[ArticMine]

I've been trying to apply some logic to this situation and am not able to reach a rational solution except that MtSux is truly insolvent and a select few insiders know it.

So you trade GoxBTC for GoxUSD? How is that going to help in a bankruptcy?

[RicePicker]

Ah, so unexpected. The sheep on Stamp are starting to poop their pants. Because panic selling on Stamp is the smartest thing to do if Gox goes down, right?

What is stopping Mtgox from buying up all the cheap coins personally and dumping it on Bitstamp?

Nothing, and this is what will happen.  Gox will pull down the other exchanges through selling pressure if withdrawals are re enabled.

Withdrawals do not even need to be enabled. Its not illegal for Mtgox to buy coins on their own exchange and sell it on other exchanges right? It takes about what 1-2 week to withdrawal from Bitstamp back to a Mtgox bank account? As long as there is a large disparity between the exchanges and Mtgox, Gox cnd post whatever bullshit about withdrawal delays and they can make profit through exchange fees and arbitraging at stamp. People are already protesting them, what worst can happen? The are getting rich no matter what.  

then the only way to thwart them would be to match their price exactly

See when Mtgox prices were high that means that Mtgox could have sold coins to their own customers for a 20% profit. Now that its a 50% price difference they can buy back the coins they sold at $900-$1000 for 70% off. When everyone says that bitstamp and BTC-e should not follow Mtgox's prices, but how many coins do you think Mtgox owns. If the owners really cared about Bitcoin prices and the economy would they let the price drop this low rather than halting the exchange?

[traderCJ]

Anybody just see what happened on gox about 5 mins ago? For about 10 seconds there were about 1k coins to 100.  Then the book was rapidly rebuilt. Shenanigans.

Anyone? Anyone? What the hell happened?

[OldGeek]

I've been trying to apply some logic to this situation and am not able to reach a rational solution except that MtSux is truly insolvent and a select few insiders know it.

So you trade GoxBTC for GoxUSD? How is that going to help in a bankruptcy?

Good point.  So, then no rationale.  Just emotions?

[spooderman]

So it seems to me there are two schools of thought here:

1. Gox has fuck all.
2. Gox is making an absolute killing.

[keewee]

Gox only needs to drop another 4btc and it'll be at the previous ath...

[creekbore]

I've been trying to apply some logic to this situation and am not able to reach a rational solution except that MtSux is truly insolvent and a select few insiders know it.

So you trade GoxBTC for GoxUSD? How is that going to help in a bankruptcy?

Good point.  So, then no rationale.  Just emotions?

I guess TERA and the rest of the day trading crew feel there will be a resolution at some point and feel they can exploit the volatile market in the meantime.

[spooderman]

Nothing about gox has made sense since last summer. How we've had 30 odd million sitting on just the order book alone has baffled me.

Looks like we're about plow through old ath....

[pinky]

375 $ difference between Bitstamp and MtGox. That's 173% cheaper. I think it's good time to buy. In case of banckrupcy you are screwed and it won't matter if you have USD or BTC - or am I wrong???

[molecular]

What is really bizarre in all this is that holders of GoxBTC can currently exchange them for realBTC at 0.78 at bitconbuilder.com, yet they are selling them at < .5 of stamp price. They could sell their goxbtc for realbtc, sell those on a reliable exchange, and get more $ than selling one gox, and not have to worry about insolbvency or waiting months for withdrawals.

I do wonder whether those bids are still being honoured.

bitcoinbuilder is escrowing. Why wouldn't the bids in the book be honored?

[OldGeek]

I guess TERA and the rest of the day trading crew feel there will be a resolution at some point and feel they can exploit the volatile market in the meantime.

No doubt there will be a resolution.  Just precisely what that will be is still up for grabs.

I'm not seeing much volatility on the western markets (yet).  Granted that much of the US market is asleep, there are still a load of traders that are awake and watching but not moving Stamp or BTC-e much.  If, as has been speculated here, the plan is to buy up all of the goxbtc and sell them on the western exchanges, then we may be in for a really wild ride.  

But that doesn't explain the willing sellers on that f'd up exchange.  Assuming, of course, that not all of the sellers are in on the plan.  Are there really enough non-manipulative coins on the exchange to make it worth driving the price into the ground.

I simply don't know.

[Mythul]

Really now guys, where does that bot have that many coins ?

Those are either fake coins or some early adopter is more than brain dead stupid to leave >10.000 coins on Gox.

[HairyMaclairy]

What is really bizarre in all this is that holders of GoxBTC can currently exchange them for realBTC at 0.78 at bitconbuilder.com, yet they are selling them at < .5 of stamp price. They could sell their goxbtc for realbtc, sell those on a reliable exchange, and get more $ than selling one gox, and not have to worry about insolbvency or waiting months for withdrawals.

I do wonder whether those bids are still being honoured.

bitcoinbuilder is escrowing. Why wouldn't the bids in the book be honored?

Do the coins have to be in escrow before bidding or before closing the trade?

[HairyMaclairy]

What was previous ATH - 280? Gox is 278 now.

[keewee]

What was previous ATH - 280? Gox is 278 now.

266

[RicePicker]

God once $266 goes. This is the first time that a previous ATH has been broken.