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

[KeyserSoze]

Holy shit, guys!  I know a lot of you are hurting, and I'm sorry.  150+ of my bitcoins are going down with the gox ship, but I can't quite express just how excited I am for the future of bitcoin without MtGox.  It's finally happening.  Good riddance, and fuck you, Gox!

Sorry to hear of your loss.

[KeyserSoze]

<off topic geekery>that was Ralph Wiggum</off topic geekery>

thx, sorry. My younger brother (43) would be ashamed of me for the mistake.

[humanitee]

If Gox was tasked with destroying Bitcoin, we would be at $75,000 per coin right now.

Alright, this is the best idea ever. Everyone throw in to bring this idea to fruition. Mark needs a new job anyway, since his old one just ended.

[adamstgBit]

Holy shit, guys!  I know a lot of you are hurting, and I'm sorry.  150+ of my bitcoins are going down with the gox ship, but I can't quite express just how excited I am for the future of bitcoin without MtGox.  It's finally happening.  Good riddance, and fuck you, Gox!

guess you didnt hear that they were going to try n save it

forever goxxed


update coming soon?

Can't believe they don't say / release anything at all except this one-liner on web page. This is some higher force that mandate what and when to say (xy agency, large corp or smth).

i'm refering to this http://blog.coinbase.com/post/77766809700/joint-statement-regarding-EmptyGox

wait i may have misinterpreted

[Loozik]

In case Gox is broke, is it better to hold fiat or BTC there? What are proc and cons for those two options?

does it matter? you can't alter your position

I don't know if it matters. I have no clue about Japanese law. Will creditors holding fiat be satisfied prior to those holding btc or the other way round?

[fotosonics]

Please anyone clarify some realistic factors that would send us to $5k coins. Because I don't see Max K's point.

We are on no mission to Mars. We are just sitting at ~500.

[deadfi$h]

Sadly I don't see many news that can make the bitcoin price turn upwards. To me -
bitcoin based businesses - Not bitcoin based businesses, but crypto based businesses. They can ditch bitcoin and just jump to another crypto with relative ease. So, they are not dependent on bitcoin and their existence isn't supporting the success of bitcoin. Those investments wouldn't been made if they were dependent on bitcoin.
apps - I haven't seen a lot of new good apps for bitcoin. I think that the most important piece of software that gives value to bitcoin is Armory. And the development of Armory is rather slow.
big companies accepting bitcoin as payment - Big companies accept bitcoin for marketing reasons, not for financial benefits. Implementing bitcoin payment will actually cost you more money and work hours then it is gained by any transaction efficiencies. Companies are accepting bitcoin because it can create free press + new loyal customers, that are loyal to bitcoin. And if someone buys something with bitcoin, then he will only hold bitcoin temporarily or he will waste the bitcoins that he held before. The company that receives the bitcoins, will convert it to $ right away, because bitcoin doesn't enable liquidity. So, if new companies are adopting payment, then I can see that it will more probably have a negative effect on the price, not positive.
ATMs - I think that the atms are a gimmick. If someone wants to buy bitcoins then it's cheaper to buy them online. I think that ATMs were meant to catch the regular folks who find buying bitcoins online too difficult. I think that this idea failed because those regular folks distrust those ATMs even more. I think that zipzap cash for coins was a better idea.
general public consciousness of bitcoin - during the past months it hasn't been exactly a good thing. People are more sure that bitcoin is just a pyramid scheme and they ridicule people who are involved.
I think that EU/USA market is saturated. Almost everyone knows about bitcoin and they have made up their decision if they want in or not, and it's very hard to turn those decisions around. People tend to be rather radical when deciding their stance on bitcoin. They either love it or hate it and there is a low chance in turning it around.

I see that the only choice is to enter those markets that haven't been touched yet. Then you can create actual demand and then you can be certain that the price will go up.

Some valid points but the most important thing is that we're seeing large scale acceptance of the bitcoin concept. It won't go away that easily and I see no reason to believe the current trend will be broken. I'm going to run with that until I'm proven otherwise.

The bottoms are the best time to buy as everyone freaks out about the sky falling.

[KeyserSoze]

If Gox was tasked with destroying Bitcoin, we would be at $75,000 per coin right now.

Someone get me in touch with Karpeles. I have an idea...

[proudhon]

150+ of my bitcoins are going down with the gox ship

I am disappoint.

It was from the bitcoinica thing, but gox never cooperated and just kept everyone's coins.  That was 2012 and after that I got the fuck out of gox.  

[polyclef]

https://i.imgur.com/UcXgitG.png

http://gyazo.com/0a699f7367cba4cfd31318566e1e25d7.png

[hlynur]

Yep, yep. Not trying to give you advice, just speculating.

Wouldn't the fact that sub-$300 prices would be a major break of the long term trend make you uneasy?

$400 is right on the 200 EMA on the week chart. A perfect place to bounce up off of just like we did in July 2013 at the bottom of the last bear market.

As I see it, going to 200-300$ is the continuation of the long term trend. Every bubble has dropped to the level around the peak of the previous bubble.
I actually don't use the charts much with cryptos to make decisions in trading. This market is unregulated and the wealth highly concentrated, so the price doesn't move in a way that would make sense in regular commodity markets. What interests me the most are the proper reasons that give potential to the rise of demand. If there are new reasons for people to buy and hold, then I'm back being bullish. During the past months there have been only reasons why people should drop bitcoin. I see that only hype and stupidity has postponed this drop.
To me "look! everyone seems to be buying!" is no reason to buy. I need better reasons about the success of the commodity itself, not just another wave of hype.

Sounds like we have very different trading/investing strategies. I'm definitely a mid/short term trader so charts are a must for me.

I think there have been huuugely positive signs coming out all through this bear market that have been overshadowed by negative press. So much investment in bitcoin based businesses, apps, big companies accepting bitcoin as payment, atms, general public consciousness of bitcoin, etc, etc. As a long term bull, I think this is the best time one could possibly buy. The price is only currently low because people are freaking out about Gox which has nothing to do with all the positives mentioned above.

Here's what I'm talking about... I mistyped before, this is the 52 week EMA which is exactly the line that the last crash rode up and off its final bottom. Also note that the low of that crash was not near the high of the previous bubble.

i agree, same sentiment here. (although i still expect a last deathrattle by old Gox)
This ongoing drama has held the market depressed for quite a while and at least the inescapable shutdown went off smoothly.
The situation could have escalated in a much uglier fashion that would've harmed the whole economy and prolonged the bear market far into 2014.
Atm it feels more like a relief that another unprofessional and highly scammy/manipulative appearing company finally died with a decent firework to the rising standards and demands by a growing community.
 
It's time for bitcoin to leave the toddler phase with its teething problems and take the first steps towards maturity for becoming the online currency.

Economy can take a breath and catch up developing better apps and putting out the feelers to new market niches and business opportunities.
I'd love to see more online services accept btc - porn and gambling already on its way, next step: payment for digital media (movies/series/music/games) and online services (web storage, hosting websites, blogs etc.).
i hope for news with names like Amazon(Coin), Netflix, Blizzard, Steam(OS), Soundcloud and many others in the future.

[Nicholas-Carraway]

Miscellaneous Statistic: Coinbase approaching 1M user wallets.

[adamstgBit]

Miscellaneous Statistic: Coinbase approaching 1M user wallets.

if all 1 million wallet hit market buy with 12$ bears are doomed!

[jojo69]

150+ of my bitcoins are going down with the gox ship

I am disappoint.

It was from the bitcoinica thing, but gox never cooperated and just kept everyone's coins.  That was 2012 and after that I got the fuck out of gox.  

Ahh yes, the bitcoinica "thing"

I got "Tounged" for ten

[thoughtfan]

Live on sky news now

Sky news story was the expected doom and gloom, half warranted, half not.  The bitcoin lawyer dude was on it, I'll give him 4/10.

Gox story now also incoming on BBC news 24.

Urgh. Not a good day to be long and leveraged in the bitcoin futures market.

Robert Peston's take is quite interesting though... http://www.bbc.co.uk/news/business-26335547

[Stanr010]

Interesting. But I really wish mtgox would stay dead.

[wetroof]

I've been thinking due to the volume of trade on bitcoinbuilder, and the efficiency and timeliness of the exchange, that it could be possible that bitcoinbuilder was mtgox coordinated effort to facilitate the selling of goxbtc (which mtgox can fabricate) for real btc in order to raise funds.

[delphic]

I'm 99% certain the Facebook gox.com page is a fake.

For a start, why not put it all on the gox.com or mtgox.com websites?

[KeyserSoze]

Ahh yes, the bitcoinica "thing"
I got "Tounged" for ten

As your personal Lord and Saviour I would just like you to know I have a reason for everything that happens to you. It was not a mistake of mine to make that happen. I have a grand scheme just for you and that episode was a part of it. Keep the faith.

[HairyMaclairy]

BFX down for anyone else?  I can't reach it or bitcoinwisdom.