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

[Yololintian]

What if most people on gox have already gone full btc thinking that the low would be 500, 400, 300, 200...? Billy may have dispersed so many coins into the market that btc is going to go lower from here no matter what. If most people are already full btc, with little fiat left, then the price won't go up as much on gox as I expected given that mtgox enables withdrawals again. Instead, arbitrage to other exchanges will be a major factor in leveling the price over the other exchanges because of the major increase in supply caused by Billy. At first I thought that gox enabling withdrawals would cause the price to go from where it is now to 700-900 or even more, and I expected that the other exchanges would follow the price, that there might be some arbitrage to lower the price on other exchanges but after the period of volatility a net increase. Now I think the price is going down no matter whether mtgox enables withdrawals, or says they need more time, or actually goes bankrupt.

[T.Stuart]

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.

Exactly. Capitulation turns into despair. People like to say "buy when there's blood in the streets" as if it is an everyday occurrence but the thing is that in a real dive the blood in the street is also yours. It's no longer "where is the bottom" but "will there even be a bottom?" People get afraid to buy. It tests one's will to even hold, let alone buy.

How are you feeling right now? Just out of interest.  

[Patel]

I think there is internal manipulation going on in gox, so they can buyback the BTC, at a very low price, because they were running on by fractional reserve so they can handle everyones withdrawals.

[T.Stuart]

I think there is internal manipulation going on in gox, so they can buyback the BTC they were running on by fractional reserve so they can handle everyones withdrawals.

+1

Every since I first started watching the charts I automatically thought "What are they going to make it do now?" when watching Gox. Never got the same feeling with the others. I guess it's the Willy bot. That's got to be an internal thing - any reasonable exchange manager would have cut the API to the puppet master long ago!

[barbs]

I've never wished so much ill will on anyone as much as this Mark Karpalese.

[JorgeStolfi]

MP is a professional scoundrel

Oops, thanks!...

[KeyserSoze]

I am Bill Gates.

Well, Bill...will you sort out your fucking OSes...I gave up after XP and my wife's version of Win8 is so frustrating, the updates take forever.

I gave up on my OS a while ago and use OSX. The money keeps rolling in. What do I care? Shhh...

[Hypnoise]

How come the amount of total coins for sale on Gox is still increasing?

People depositing new coins at gox, where else can you sell them this low?  

good job at least deposits still working

[KeyserSoze]

Next week we'll work on "cow." The cow goes mooooooo.

in which language the cow goes mooooo ? English ? hahahahaah

Yes, English (U.S.), sorry. This is actually interesting. Can folks in other countries maybe post what cow sounds are in their language/country. Kinda neat, I think.

[JorgeStolfi]

Yes. His brain and his heart have both confirmed the findings.

Have you seen my reply to erdogan?

[KeyserSoze]

The varying onomatopoeia for animal noises across cultures is very interesting - for example while dogs in English go 'woof', in Korean (IRC) they go 'bow wow'.  The noise for pigs varies quite dramatically too.

Agreed. I wonder if in this case if size has anything to do with it. Dogs go "bow wow" in English in US too but it's usually the small noisy ones. Maybe this is my own bias since mine says "rowlf" when loud outside, and a low "woof" when she is inside saying "hey, i think i heard something..."

[pjviitas]

Considering that Bitcoin  is basically a foreign currency that can be used anywhere in the world (if that makes any sense) I think this is relevant:

http://en.wikipedia.org/wiki/Foreign_exchange_fraud

"In a typical case, investors may be promised tens of thousands of dollars in profits in just a few weeks or months, with an initial investment of only $5,000. Often, the investor’s money is never actually placed in the market through a legitimate dealer, but simply diverted – stolen – for the personal benefit of the con artists."[6]

http://en.wikipedia.org/wiki/Churning_(finance)

Churning is the practice of executing trades for an investment account by a salesman or broker in order to generate commission from the account. It is a breach of securities law in many jurisdictions, and it is generally actionable by the account holder for the return of the commissions paid, and any losses occasioned by the broker's choice of stocks.

[KeyserSoze]

In Japanese dogs say "WAN" cats say "nya" cows say "mow" tigers say "gao" and elephants say "powan".

awesome, thx for sharing.

[KeyserSoze]

Oh yeh, cows in the UK definitely go mooooo ... except the mad ones, which go like this http://www.youtube.com/watch?v=0gi5IEjeH6E

*snicker*

[SilverandBitcoins]

I'm pretty out of the loop...What's causing the falling price now, another Mtgox meltdown?

[T.Stuart]

I'm pretty out of the loop...What's causing the falling price now, another Mtgox meltdown?

Another one 

[theonewhowaskazu]

Hello, I set my clock for 12AM JST, and woke up on the dot, jumped out of bed and loaded gox to see it crashing as expected, but with no news of downtime and none I can read on this thread, could some kind person from a different time zone or early waker or whatever PLZ EXPLAIN WHAT HAPPENED WITH GOX RE: DOWNTIME.

Anyone? No kind soul will inform me?

[pjviitas]

http://en.wikipedia.org/wiki/Bucket_shop_(stock_market)


As defined by the U.S. Supreme Court a bucket shop is "[a]n establishment, nominally for the transaction of a stock exchange business, or business of similar character, but really for the registration of bets, or wagers, usually for small amounts, on the rise or fall of the prices of stocks, grain, oil, etc., there being no transfer or delivery of the stock or commodities nominally dealt in."[1] People often mistakenly interchange the words bucket shop and boiler room, but there is actually a significant difference. A boiler room has been defined as a place where high-pressure salespeople use banks of telephones to call lists of potential investors (known as "sucker lists") in order to peddle speculative, even fraudulent, securities. However, with a bucket shop, it could be better thought of as a place where people go to make “side bets” – similar to a bookie.

The term Bucket Shop is a defined term under the criminal law of many states in the United States which make it a crime to operate a bucket shop.[2] Typically the criminal law definition refers to an operation in which the customer is sold what is supposed to be a derivative interest in a security or commodity future, but there is no transaction made on any exchange. The transaction goes 'in the bucket' and is never executed. Without an actual underlying transaction, the customer is betting against the bucket shop operator, not participating in the market. Alternatively, the bucket shop operator "literally 'plays the bank,' as in a gambling house, against the customer." [3] Operating a bucket shop in the United States would also likely involve violations of several provisions of federal securities or commodity futures laws.[4]

A person who engages in the practice is referred to as a bucketeer and the practice is sometimes referred to as bucketeering.

[fonzie]

I'm pretty out of the loop...What's causing the falling price now, another Mtgox meltdown?

Well Bitcoin actually isn´t worth more than 50 bucks. It was held artificially high all the time, that´s all.
It will now grind slowly down.

[pjviitas]

http://en.wikipedia.org/wiki/Forex_scandal