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

[medialab101]

I don't understand can someone please explain why people are selling at these prices at Gox? You can't get fiat out there anyway so why not keep your btc and hope for Gox allowing btc withdrawals soon? I don't get it.

It's a bot gone rogue... or an early adopter panicking... or a sociopathic madman out to even a score with Gox.

[pietje]

Im away for 1 hour and then i miss all the fun.
I hope gox dies soon though.

[oda.krell]

For very obvious reasons, gox price is *justifiedly* decoupled from stamp price.

If however the situation on gox continues, I don't think stamp will entirely stay unaffected. Not for practical reasons so much as for psychological reasons: gox price is still quoted in the world, and at some point, the nervousness will translate into selling pressure on stamp as well. Not enough to go sub 500 maybe, but enough to bring the two exchanges a bit more in line.

So, short term: if Gox enables BTC withdrawals, Stamp will go down because arbitrage. If Gox doesn't enable withdrawals, Stamp will go down because Gox dying will bring everyone down.

It looks to me like we are out of short-term scenarios where Stamp price goes up?

This is precicesly my point - Am i Missing something? I can't see any scenario where we're going to be going up from here on stamp

I'll play devil's advocate for a moment. Note that I don't consider the following the most likely scenario, but possible it is:

Gox re-opens withdrawals. Arb opportunity appears, dominantly in the form of outside fiat buying up "cheap" gox coins. The buying pressure removes the doubt about whether we've hit bottom, and we go back into rally mode (similarly to how the "bad" news of Silk Road last year actually marked the starting point of our rally that concluded in the December ATH).

[Davyd05]

where is the burning train pics when you need them

[fonzie]

Maybe Gox just found another bug in BTC protocol

[spooderman]

[stompix]

For very obvious reasons, gox price is *justifiedly* decoupled from stamp price.

If however the situation on gox continues, I don't think stamp will entirely stay unaffected. Not for practical reasons so much as for psychological reasons: gox price is still quoted in the world, and at some point, the nervousness will translate into selling pressure on stamp as well. Not enough to go sub 500 maybe, but enough to bring the two exchanges a bit more in line.

So, short term: if Gox enables BTC withdrawals, Stamp will go down because arbitrage. If Gox doesn't enable withdrawals, Stamp will go down because Gox dying will bring everyone down.

It looks to me like we are out of short-term scenarios where Stamp price goes up?

Yeah , it looks like we're in bearland , whatever happens next the price is going down.
Time for bitcoin to contradict again all prediction and go up

[Miz4r]

If you're on bitstamp and haven't sold yet I'm not sure what's going through your head

I haven't sold because we really don't know what's going on exactly at MtGox. This makes the market really unpredictable, nobody here knows how far Gox is going to slide down and what the manipulators with inside knowledge are planning there. If I had any fiat left on Bitstamp I would probably be placing my buy orders around the $550 mark and ready to do a market buy if MtGox comes out with positive news tomorrow. But I just don't feel like gambling with the coins I have right now, I really don't want to end up with fewer coins after this is all over.

Agreed, mostly.

For very obvious reasons, gox price is *justifiedly* decoupled from stamp price.

If however the situation on gox continues, I don't think stamp will entirely stay unaffected. Not for practical reasons so much as for psychological reasons: gox price is still quoted in the world, and at some point, the nervousness will translate into selling pressure on stamp as well. Not enough to go sub 500 maybe, but enough to bring the two exchanges a bit more in line.

I guess this was my main point - I don't see the upside right now - joe bloggs doesn't see the upside - they just see a number that is 1000$ less than the all time high (239.69 just hit as i type this) within a few months. Boom is all I can see ahead.

Well this is exactly the kind of sentiment that you usually see around a big reversal too. There has to be despair and kind of a hopeless feeling that there's no upside left and everything is going down to shit.

[Davyd05]

either way if this shit ripples bear in to the other markets I'll be buying for sure.

[medialab101]

I don't understand can someone please explain why people are selling at these prices at Gox? You can't get fiat out there anyway so why not keep your btc and hope for Gox allowing btc withdrawals soon? I don't get it.

It's a bot gone rogue... or an early adopter panicking... or a sociopathic madman out to even a score with Gox.

Or... what we all secretly fear... A whale with insider knowledge, determined to preserve capital and thinking fiat is a safer bet for repatriation.

[hobbes]

For very obvious reasons, gox price is *justifiedly* decoupled from stamp price.

If however the situation on gox continues, I don't think stamp will entirely stay unaffected. Not for practical reasons so much as for psychological reasons: gox price is still quoted in the world, and at some point, the nervousness will translate into selling pressure on stamp as well. Not enough to go sub 500 maybe, but enough to bring the two exchanges a bit more in line.

So, short term: if Gox enables BTC withdrawals, Stamp will go down because arbitrage. If Gox doesn't enable withdrawals, Stamp will go down because Gox dying will bring everyone down.

It looks to me like we are out of short-term scenarios where Stamp price goes up?

Most of the time the artificially high Gox price has kept prices on other exchanges high. If Gox goes to 1000+++ tomorrow once/if they reenable withdrawals then it might even pull up the other exchanges a good bit.

[EuroTrash]

I don't understand can someone please explain why people are selling at these prices at Gox? You can't get fiat out there anyway so why not keep your btc and hope for Gox allowing btc withdrawals soon? I don't get it.

Mass hysteria caused by fear of losing it all. Early miners and historical Gox clients are the ones being shafted. This is the mother of all tree shakeouts. And I think we are only seeing the beginning of it.

[ShroomsKit]

I don't understand can someone please explain why people are selling at these prices at Gox? You can't get fiat out there anyway so why not keep your btc and hope for Gox allowing btc withdrawals soon? I don't get it.

We're dealing with complete idiots here obviously. People in groups are dumb and afraid and they just follow what the person in front of them does.

[medialab101]

For very obvious reasons, gox price is *justifiedly* decoupled from stamp price.

If however the situation on gox continues, I don't think stamp will entirely stay unaffected. Not for practical reasons so much as for psychological reasons: gox price is still quoted in the world, and at some point, the nervousness will translate into selling pressure on stamp as well. Not enough to go sub 500 maybe, but enough to bring the two exchanges a bit more in line.

So, short term: if Gox enables BTC withdrawals, Stamp will go down because arbitrage. If Gox doesn't enable withdrawals, Stamp will go down because Gox dying will bring everyone down.

It looks to me like we are out of short-term scenarios where Stamp price goes up?

Most of the time the artificially high Gox price has kept prices on other exchanges high. If Gox goes to 1000+++ tomorrow once/if they reenable withdrawals then it might even pull up the other exchanges a good bit.

Everyone was thinking this and there was actually a small proof of concept earlier today but I think a line has been crossed now... the level of irrationality boggles the mind. People will be looking to get back to fiat until things settle down.

[TERA]

Maybe the market finally reaches bottom at $400 after gox has reached $0. I was confused, back when I thought gox had bottomed at $300, how the market would have another leg down if gox was on its way up. But now I realize gox is headed towards $0 so it makes more sense now.

[ShroomsKit]

Stop selling on Stamp you idiots! There is no reason to panic! You are only making it worse for yourself! You stupid sheep!

[Davyd05]

I don't understand can someone please explain why people are selling at these prices at Gox? You can't get fiat out there anyway so why not keep your btc and hope for Gox allowing btc withdrawals soon? I don't get it.

We're dealing with complete idiots here obviously. People in groups are dumb and afraid and they just follow what the person in front of them does.

I think a lot of people are going to get left in the dust on gox too, it'll be quick when a real whale feels secure enough going back all in pre withdrawals going live

[ChrisML]

Maybe the market finally reaches bottom at $400 after gox has reached $0. I was confused, back when I thought gox had bottomed at $300, how the market would have another leg down if gox was on its way up. But now I realize gox is headed towards $0 so it makes more sense now.

Are you a troll or..?

Sometimes it's hard to tell on here.

Back @ 280/

[Krabby]

Mother of pumps....

[ChrisML]

back @ 300!

EDIT: 280.