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

[spin]

bitstamp : https://www.bitstamp.net/article/Statement-by-Bitstamp-regarding-MtGox-insolv/

STATEMENT BY BITSTAMP REGARDING MT GOX INSOLVENCY
BITCOIN IS STILL WORKING AND STILL HAS A BRIGHT FUTURE

The worldwide peer-to-peer payment system and crypto-currency known as Bitcoin is not dependant on any one actor. The Bitcoin protocol continues to work exactly as designed. Bitcoin remains strong despite the failure of any one exchange and will continue to grow and thrive as long people desire that it do so.

LOSSES LIMITED TO BALANCES AT MTGOX

It is important to underscore that the known losses of fiat currency and Bitcoin are limited to those balances that were in MtGox’s care. The MtGox exchange can best explain how this happened.

BITSTAMP CUSTOMERS ARE SAFE AND OUR BUSINESS IS SOLVENT

We at Bitstamp have conducted a thorough audit of our bitcoin accounts, as well as the fiat currency reserves we maintain in the bank. Bitstamp maintains all of its customers’ bitcoin and cash deposits and nothing is amiss.

BITSTAMP IS NOT SUBJECT TO THE TRANSACTION MALLEABILITY VULNERABILITY

Bitstamp uses a different protocol to handle problems in closing out its transactions and is not vulnerable to the “transactional malleability” issue that was apparently exploited at Mt. Gox. Additionally, we manually double-check every transactional problem encountered by our customers.

BITSTAMP’S FUTURE

We are taking steps to provide Bitstamp’s customers with the utmost confidence in our operations:

1. Bitstamp is financially stronger than ever. We have the most customers, and the most solid capital base, than we have ever had.
2. Bitstamp has retained the best available security and compliance advisors to assist us in protecting our clients.
3. Bitstamp prides itself on industry-leading compliance with its AML and KYC procedures.
4. Bitstamp is now performing quarterly financial audits and will post our financial reports on our web site.


Press inquiries please contact:
press@bitstamp.net

Now that's a proper PR job in uncertain times.   Just a wee grammar issue in point 1.
Would love to see the audited financial reports.

[HairyMaclairy]

wow how do i not sell this

Because it might be at 600 within a day? Maybe?  

That's impossible. There are too many resistance points on 4H and 1D chart to get to 600 within a day now.

540-550 is possible though, which is probably a great point to short again.

I'm all traded out.  I have stripped back my standing orders so far as I dare to buy in at $445 and I'm done.   Fresh fiat in 48 hours until then that's it.  Gone from 95% fiat to 50% fiat in trading portfolio which is very bullish for me.

[micalith]

goxcoins are still for sale. wtf

http://bitcoinity.org/markets/bitcoinbuilder/GOXBTC

[soullyG]

I just want Gox to be removed out of the bitcointalk dictionary.

Rise BTC, rise. We shall hence forward, to the moon and beyond.

"The Exchange Who Must Not Be Named"

[spooderman]

I sodl at the bottom damn my lack of faith

damn brother, how come?

the FUD....it got to me. And like many here, I was never rich, buying a few bitcoins a long time ago before these two huge bubbles has squashed my ability to remain rational.

edit: let this be a lesson to you all - HODL

[virtualfaqs]

I sodl at the bottom damn my lack of faith

damn brother, how come?

the FUD....it got to me. And like many here, I was never rich, buying a few bitcoins a long time ago before these two huge bubbles has squashed my ability to remain rational.

edit: let this be a lesson to you all - HODL

Why though? All the other exchanges only dropped $300 when Mtgox dropped from $1000 to $100. So logically speaking, my best guess was it wouldn't drop pass 300. Most likely 400-500.

[pinky]

I just want Gox to be removed out of the bitcointalk dictionary.

Rise BTC, rise. We shall hence forward, to the moon and beyond.

"The Exchange Who Must Not Be Named"

Damnatio memoriae! 

[soullyG]

Not sure if this has been posted already, but Erik Voorhees has put a statement out on Reddit:

http://www.reddit.com/r/Bitcoin/comments/1yv6ph/some_words_for_my_friends/

Hello friends,
MtGox is gone. So let's prepare ourselves.
On Tuesday, and for the rest of the week, all hell will break lose in the media. It will be blamed on MtGox, it will be blamed on Bitcoin, it will be blamed on the "bug," and it will, more than anything, be blamed on the "lack of regulation." Pundits and "experts" of all types will weigh in on the calamity. It will be world news in a matter of hours.
Get ready, because it will be an ugly week.
For all of you who lost money, my heart goes out to you. Some people lost a little, some lost a fortune. It will make people sick, and depressed, and full of grief. Personally, I had over 550 BTC in Gox. I will never get any of that back. If misery loves company, then we'll be enjoying a grand feast today.
I should have known better, of course. I take responsibility for leaving those funds with an entity that had proven incompetence repeatedly. I chose to ignore even my own warnings, for nothing more than the sake of convenience.
Gox is still at fault, to be sure, but I have learned the lesson. I hope it is not such an expensive lesson for others. And for all you observers, please take a moment to consider it as well.
Be mindful, however, that the wrong lessons are not learned, for that would be the true tragedy, indeed.
Let me suggest that the lesson is not that Bitcoin is broken. Bitcoin is fine.
Similarly, the lesson is not that security is impossible. Those who know what they are doing, can achieve it and help others to do so.
The lesson is not that nobody can be trusted. There are countless good men and women in this community who are worthy of trust, and some of the very best people I've ever met.
And finally, the lesson is not that we ought to seek out "regulation" to save us from the evils and incompetence of man. For the regulators are men too, and wield the very same evil and incompetence, only enshrined in an authority from which it can wreck amplified and far more insidious destruction. Let us not retreat from our rising platform only to cower back underneath the deranged machinations of Leviathan.
The proper lesson, if I may suggest, is this: We are building a new financial order, and those of us building it, investing in it, and growing it, will pay the price of bringing it to the world. This is the harsh truth. We are building the channels, the bridges, and the towers of tomorrow's finance, and we put ourselves at risk in doing so.
We are at risk from accidents. We are at risk from fraud, from corruption, and from evil. We are at risk from journalists seeking headlines and from politicians seeking power and glory. We are at risk from the very market we are trying to build - a market which cares not about our portfolio, our ambitions, or our delicate sympathies.
For all these risks, devastation will befall us repeatedly. Some of us will be discouraged. Some will be ridiculed and insulted. Some will be tricked, or swindled. Some of us will be crushed or caged. We will be set upon by all manner of antagonists, repeatedly, for a long time.
So why do we do it? Why do we build these towers that fall down upon us? Why do we toil and strain and risk our precious time, which is the only real wealth we possess?
Because the world needs what we're building. It needs it desperately. If that matters to you, as it does to me, then hold to that thought. You will see through the smoke, and your wounds will heal.
So shake it off, brothers, for this won't be the last calamity endured before the win.
Tonight, my heart is with you all.
Tomorrow, my head is down. My eyes are open. And I am building.
Toward peace and freedom,
-Erik Voorhees

[Rampion]

[Solarstorm75]

*LOL*

You made my day!

[flynn]

MWAhahahahaha

[billington.mark]

Until a statement has been released by gox\mtgox, everything is still up in the air.

[ShroomsKit_Disgrace]

You, sir, deserve my respect. Life and drama without laughs worth nothing.

[MANofthePEOPLE]

How come all the core devs etc use the child forum reddit? Wouldn't it be better to post here?

Not sure if this has been posted already, but Erik Voorhees has put a statement out on Reddit:

http://www.reddit.com/r/Bitcoin/comments/1yv6ph/some_words_for_my_friends/

Hello friends,
MtGox is gone. So let's prepare ourselves.
On Tuesday, and for the rest of the week, all hell will break lose in the media. It will be blamed on MtGox, it will be blamed on Bitcoin, it will be blamed on the "bug," and it will, more than anything, be blamed on the "lack of regulation." Pundits and "experts" of all types will weigh in on the calamity. It will be world news in a matter of hours.
Get ready, because it will be an ugly week.
For all of you who lost money, my heart goes out to you. Some people lost a little, some lost a fortune. It will make people sick, and depressed, and full of grief. Personally, I had over 550 BTC in Gox. I will never get any of that back. If misery loves company, then we'll be enjoying a grand feast today.
I should have known better, of course. I take responsibility for leaving those funds with an entity that had proven incompetence repeatedly. I chose to ignore even my own warnings, for nothing more than the sake of convenience.
Gox is still at fault, to be sure, but I have learned the lesson. I hope it is not such an expensive lesson for others. And for all you observers, please take a moment to consider it as well.
Be mindful, however, that the wrong lessons are not learned, for that would be the true tragedy, indeed.
Let me suggest that the lesson is not that Bitcoin is broken. Bitcoin is fine.
Similarly, the lesson is not that security is impossible. Those who know what they are doing, can achieve it and help others to do so.
The lesson is not that nobody can be trusted. There are countless good men and women in this community who are worthy of trust, and some of the very best people I've ever met.
And finally, the lesson is not that we ought to seek out "regulation" to save us from the evils and incompetence of man. For the regulators are men too, and wield the very same evil and incompetence, only enshrined in an authority from which it can wreck amplified and far more insidious destruction. Let us not retreat from our rising platform only to cower back underneath the deranged machinations of Leviathan.
The proper lesson, if I may suggest, is this: We are building a new financial order, and those of us building it, investing in it, and growing it, will pay the price of bringing it to the world. This is the harsh truth. We are building the channels, the bridges, and the towers of tomorrow's finance, and we put ourselves at risk in doing so.
We are at risk from accidents. We are at risk from fraud, from corruption, and from evil. We are at risk from journalists seeking headlines and from politicians seeking power and glory. We are at risk from the very market we are trying to build - a market which cares not about our portfolio, our ambitions, or our delicate sympathies.
For all these risks, devastation will befall us repeatedly. Some of us will be discouraged. Some will be ridiculed and insulted. Some will be tricked, or swindled. Some of us will be crushed or caged. We will be set upon by all manner of antagonists, repeatedly, for a long time.
So why do we do it? Why do we build these towers that fall down upon us? Why do we toil and strain and risk our precious time, which is the only real wealth we possess?
Because the world needs what we're building. It needs it desperately. If that matters to you, as it does to me, then hold to that thought. You will see through the smoke, and your wounds will heal.
So shake it off, brothers, for this won't be the last calamity endured before the win.
Tonight, my heart is with you all.
Tomorrow, my head is down. My eyes are open. And I am building.
Toward peace and freedom,
-Erik Voorhees

[N12]

LMFAO

Double bottom? 380, 400.

[virtualfaqs]

Until a statement has been released by gox\mtgox, everything is still up in the air.

^This! It's a slim chance, but it's there.

[kwest]

I sodl at the bottom damn my lack of faith

damn brother, how come?

the FUD....it got to me. And like many here, I was never rich, buying a few bitcoins a long time ago before these two huge bubbles has squashed my ability to remain rational.

edit: let this be a lesson to you all - HODL

At least don't sell while it's going down a lot. I first bought in near the top of the April rally.. but when it crashed I never sold.
I was in the red from then all the way to the China rally, so about half a year. Either go in with full faith in the long term, or stay out.

I did sell for a nice profit at $960 though. I'm not against shorting, but you need to know what you're doing.

[virtualfaqs]

I sodl at the bottom damn my lack of faith

damn brother, how come?

the FUD....it got to me. And like many here, I was never rich, buying a few bitcoins a long time ago before these two huge bubbles has squashed my ability to remain rational.

edit: let this be a lesson to you all - HODL

At least don't sell while it's going down a lot. I first bought in near the top of the April rally.. but when it crashed I never sold.
I was in the red from then all the way to the China rally, so about half a year. Either go in with full faith in the long term, or stay out.

I did sell for a nice profit at $960 though. I'm not against shorting, but you need to know what you're doing.

Nicely done. I sold 90% @ $180 when it was dropping. Never bought back in because I didn't believe it would rise so quickly. Missed out on $1200. Then I made a desperation move and sold my last 10% @ $860 on Mtgox when it was dropping. Made another gutsy move and bought int at $700 and sold at $1000. But if I had just held all the way until $1200. I still think about that.

[Rampion]

LMFAO

Double bottom? 380, 400.

I know that I'm wiring money like crazy to both Kraken and Bitstamp. There will probably be a shitstorm on the media, noobs will panic sell, I expect blood on the streets and thus for me the time has arrived to go *very* long.

[GreekGeek]

I know that I'm wiring money like crazy to both Kraken and Bitstamp. There will probably be a shitstorm on the media, noobs will panic sell, I expect blood on the streets and thus for me the time has arrived to go *very* long.

not a bad time to have fiat parked on Stamp