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

[N12]

I'm not defending MtGox. They suck.

I'm attacking those of you who make people believe MtGox could have likely lost a 6 digit BTC sum over the malleability issue (because that's what it would take to make them insolvent).

People are not thinking clearly anymore, looking at the technical issue, their contingencies and progress so far, their income and their accumulated BTC reserves over the years. I could write it up, but I'm not sure anyone is interested at all. I never expected that MtGox would reenable transfers at remotely the same speed as Bitstamp, because MtGox's problem is worse since they have an accounting mess to clean up, and that is in addition to their general slowness.

But never mind, I think you guys are all more intelligent than gmaxwell, jgarzik and phantomcircuit with regards to evaluating MtGox's malleability issue. Better listen to r/bitcoin, buy at +30% premium and sell at -70%.

[fluidjax]

There is a total of 7000 BTC that will need to be bought at some point when Bitfinex users close their short positions.
The highest amount in the last 6 months.

http://charts-bfxdata.rhcloud.com/bitfinexLiquidityBTC.php

[jatajuta]

Yeah but letting this happen on his exchange is killing the last shreds of respect people might have for Gox. He should freeze everything right now and then make a clear, honest statement whenever he is ready.

Stop making sense.

People complain when he freezes trading. People complain when he doesn't.
People complain when he stops deposits/withdrawals. People complain when he doesn't.

+1

In April 2013 he froze the trading after the lag and it was just like today, the fact is that the market is behaving like Gox is insolvent and that will not be able to reopen BTC withdraw.

It is a great opportunity to bet against these people if the opposite scenario turns out to be true tomorrow.

I don't know if you guys remember, but the sentiment here is very similar to what was it on October 2011 and April 2013, despair and irrationality all over the place.

I like to bet against it in times like these...

[seleme]

I am not very angry on Gox to be honest. I have 11 BTC blocked there and I believe I'll get them at some time. Out of that I don't care about their price single iota as long as other exchanges are not following it.

[T.Stuart]

I am not very angry on Gox to be honest. I have 11 BTC blocked there and I believe I'll get them at some time. Out of that I don't care about their price single iota as long as other exchanges are not following it.

That's the problem. For most people with half a clue the Gox chart today shows the state of Gox the company. But the other charts are meant to be showing the price of Bitcoin. And they are being dragged down.

[Tzupy]

...
I'm attacking those of you who make people believe MtGox could have likely lost a 6 digit BTC sum over the malleability issue (because that's what it would take to make them insolvent).
...

Of course they couldn't have lost so many coins, but their PR sucks. Instead of keeping mum, they should have come forward and admit that
a certain amount of coins was scammed from them, probably a 4 digit BTC sum. Bad management such as this can wipe out what reputation was left.

[magicmexican]

I am not very angry on Gox to be honest. I have 11 BTC blocked there and I believe I'll get them at some time. Out of that I don't care about their price single iota as long as other exchanges are not following it.

I think the gox's price is still having an effect

[seleme]

I am not very angry on Gox to be honest. I have 11 BTC blocked there and I believe I'll get them at some time. Out of that I don't care about their price single iota as long as other exchanges are not following it.

That's the problem. For most people with half a clue the Gox chart today shows the state of Gox the company. But the other charts are meant to be showing the price of Bitcoin. And they are being dragged down.

They are but not at alarming rate at all. There's maybe 20-30$ of Goxing in current Stamp price.

[fonzie]

There is a total of 7000 BTC that will need to be bought at some point when Bitfinex users close their short positions.
The highest amount in the last 6 months.

http://charts-bfxdata.rhcloud.com/bitfinexLiquidityBTC.php

Well there are many thousands of hodler Bitcoins waitin wo be sold in panic. :-D

[BTC5OOO]

I am not very angry on Gox to be honest. I have 11 BTC blocked there and I believe I'll get them at some time. Out of that I don't care about their price single iota as long as other exchanges are not following it.

you are joking right?...anyone holding ~$11,000+ of my money in limbo i'd be a little haired! =\ * who wants to send me ONE BTC to hold onto for awhile..LOL!!!!

[oda.krell]

I'm not defending MtGox. They suck.

I'm attacking those of you who make people believe MtGox could have likely lost a 6 digit BTC sum over the malleability issue (because that's what it would take to make them insolvent).

People are not thinking clearly anymore, looking at the technical issue, their contingencies and progress so far, their income and their accumulated BTC reserves over the years. I could write it up, but I'm not sure anyone is interested at all. I never expected that MtGox would reenable transfers at remotely the same speed as Bitstamp, because MtGox's problem is worse since they have an accounting mess to clean up, and that is in addition to their general slowness.

But never mind, I think you guys are all more intelligent than gmaxwell, jgarzik and phantomcircuit with regards to evaluating MtGox's malleability issue. Better listen to r/bitcoin, buy at +30% premium and sell at -70%.

Agreed.

The jury is still out (IMO) to which extent their problems are due to incompetence though, or actual fraud.

Or maybe that's a dinstiction that is hard to make in our little wild west BTC economy...

[fonzie]

Can we agree that regardless of the actual content(everything fixed, robbed, delayed, free booze for everybody)  of the next Gox announcment that  Bitcoin will continue to tank?
Because all news are bad news!  

[seleme]

There is a total of 7000 BTC that will need to be bought at some point when Bitfinex users close their short positions.
The highest amount in the last 6 months.

http://charts-bfxdata.rhcloud.com/bitfinexLiquidityBTC.php

Well there are many thousands of hodler Bitcoins waitin wo be sold in panic. :-D

Lol, you obviously don't know what is happening when someone is closing short position.

Let me help you, he is not selling, he is buying then  

[jatajuta]

I'm not defending MtGox. They suck.

I'm attacking those of you who make people believe MtGox could have likely lost a 6 digit BTC sum over the malleability issue (because that's what it would take to make them insolvent).

People are not thinking clearly anymore, looking at the technical issue, their contingencies and progress so far, their income and their accumulated BTC reserves over the years. I could write it up, but I'm not sure anyone is interested at all. I never expected that MtGox would reenable transfers at remotely the same speed as Bitstamp, because MtGox's problem is worse since they have an accounting mess to clean up, and that is in addition to their general slowness.

But never mind, I think you guys are all more intelligent than gmaxwell, jgarzik and phantomcircuit with regards to evaluating MtGox's malleability issue. Better listen to r/bitcoin, buy at +30% premium and sell at -70%.

Completely agree with you, everyone is so certain it will close and it is finished, but they don't realize that is not what the core developers think about gox.

https://twitter.com/aantonop/status/434520107348275200

https://github.com/bitcoin/bitcoin/pull/3656#issuecomment-35055553

https://twitter.com/aantonop/status/434382853657227264

[dreamspark]

I am not very angry on Gox to be honest. I have 11 BTC blocked there and I believe I'll get them at some time. Out of that I don't care about their price single iota as long as other exchanges are not following it.

you are joking right?...anyone holding ~$11,000+ of my money in limbo i'd be a little haired! =\

At Gox price its more like $2600 ish  

[T.Stuart]

I am not very angry on Gox to be honest. I have 11 BTC blocked there and I believe I'll get them at some time. Out of that I don't care about their price single iota as long as other exchanges are not following it.

That's the problem. For most people with half a clue the Gox chart today shows the state of Gox the company. But the other charts are meant to be showing the price of Bitcoin. And they are being dragged down.

They are but not at alarming rate at all.

It is actually a really positive thing to see this huge spread. It shows clearly the difference between the sense of value in Bitcoin the technology and the sense of value in one of the main players in the market.

[fluidjax]

I'm attacking those of you who make people believe MtGox could have likely lost a 6 digit BTC sum over the malleability issue (because that's what it would take to make them insolvent).

How do you get to a 6 digit sum?

[seleme]

I am not very angry on Gox to be honest. I have 11 BTC blocked there and I believe I'll get them at some time. Out of that I don't care about their price single iota as long as other exchanges are not following it.

you are joking right?...anyone holding ~$11,000+ of my money in limbo i'd be a little haired! =\ * who wants to send me ONE BTC to hold onto for awhile..LOL!!!!

I'm not joking, in some other times I'd probably be angry but right now it's not big deal. And I do believe I'll get those coins.

[humanitee]

I'm attacking those of you who make people believe MtGox could have likely lost a 6 digit BTC sum over the malleability issue (because that's what it would take to make them insolvent).

How do you get to a 6 digit sum?

I'm curious about this too.

[CryptStorm]

Just want to +1 the decency approach re: MK.

A couple of days ago I was about to sell my goxcoins on the cheap but while chat skyping with the anticipated purchaser, he let mention that he was on speaking terms with MK and the GoxTeam and that he felt that their legal team was suggesting they keep things rather 'mum's the word', which, like many of you must feel, runs counter to what we expect from a 'well run' company today, more transparency.

Now, whether the Gox lawyers are encouraging mostly silence may or may not be true, but, it certainly adds weight to KeyserSoze's reasonable approach regarding what may well be a series of human shortcomings and incidents instead of mal-anything (-feasance, -isiciousness, -ign, -evolence...).

Well that advice has backfired badly. Bullshit to that. Bitstamp was clearer and faster on the malleability thing. Did the lawyers also suggest MK blame Bitcoin?

If they were not in trouble then why would they need to stay silent? And then the silence just amplifies everybody's worst fears. Sorry but "human shortcomings" is not an adequate excuse for what's going on communication-wise. My 7-year-old son knows how to say "sorry".

Full agreement.

How can people still unironically defend gox in this case?

How come they take so much longer to fix the withdrawal problem despite the fact that their volume is actually lower than that of stamp by now.

It really doesn't make sense.

I'm not sure if it's malintent or incompetence, but in either case, they're deservedly going down as a business.

Oda, I'm not trying to defend Gox-- and, it's clear that they are being phased out, for good reason. On the other hand, the jumping to conclusions and then setting the market on fire-sale mode it not exactly interesting news, other than to underscore how malleable *price* is to news, and especially given how thin is volume in these markets (in total, compared with other financial markets).

Really, I just thought some of you might find it revealing that it may be the lawyers who are discouraging communication, coupled with MK's "I can singlehandedly code my way out of this mess" (needs the other for that scrumptious pie and coffee), that are creating this monster of a fubar situation.

And, as for opinions, I agree, it's inexcusable, and, personally, I am extremely tired of the limited exchange choices. But, hey, you don't see me investing in GM anymore, cryptos really are where it's at.