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

[threecats]

I think a lot of the good news over the past month that people say 'didn't affect the price'  went like energy into the coiled spring beneath this rally. And is now being released.

One thing about bitcoin is the enormous schism between users / investors / believers and the MSM. Users and investors have been definitely noticing this stream of adoption and development, and recognizing all the good news - the increasing mainstreaming of BTC is quite unmistakable. But the deflating bubble + Gox has not allowed translation into the marketplace.

In addition, the 'good news' this week is nothing short of remarkable. An end in sight to the Mt Gox debacle. Possible reduction of the total BTC in circulation by a significant percentage = scarcity. Reduced threat of Gox coins being suddenly dumped on the market. Support from Larry Summers.  Coinbase breaking records in new users. ATMs sprouting like mushrooms. Neo bank opening in Cyprus. SecondMarket in conversations with authorities & players about fast tracking new exchange in NYC. Extrordinary remarks yesterday from Benjamin Lawley about how the Gox insolvency demonstrates the need to move quickly ahead with clear legal guidelines.

In addition, the more one moves into the vertical rise of an exponential pattern, the gaps in the oscillations become more compressed.

So yea, rally surprising. But maybe not entirely irrational.

[kkaspar]

No one knows what happened to MtGox, or what happened to the coins and fiat on MtGox, and everyone are cheering "good news" and are buying in.
This market is beyond stupid imo.

[HairyMaclairy]

Ok this is getting stupid. Bought some more just over 600. May regret that.  

[ShroomsKit_Disgrace]

Did you remember your feelings 24h ago??? Bitcoin is an awesome thing! (to kill yourself)   

[thanksmark]

<MagicalTux> le gouv. US veut pas qu'on disclose hein

So all professional GOX bashers from USA in here, STFU until you have a revolution and get rid of your own corrupt gov.

Still think GOX downfall is good for Bitcoin?

Think again. If USA can keep GOX under siege, close down the trade engine, and issue gag orders for people involved; it can happen to any exchange still operating out there.

Despite all the pressure from USA organized crime cell that you call "government", Gox's biggest foe was its management. Mark has to TALK, he chose to f**k with his customers instead - as he always did. It would take just a little bit of PR to resolve things in much better way than that blue ball catasrophe of a CEO did. He deserves anything that comes to him.

Good riddance, I say. Hope we all learn the lessons and also that there won't be "the biggest exchange" again, taking market to the bottom with every crisis.

[derjanb]

Did you remember your feelings 24h ago??? Bitcoin is an awesome thing! (to kill yourself)   

Every time you feel bad it's probably the best moment to buy more bitcoins.

[solex]

I'm unsure whether it was menitioned before:

Every coin the thefts have withdrawn from Mt.Gox was somehow doubled in the past. It was most probably sold by the thefts _and_ it was blananced at the Gox user accounts.
So now there are a lot of people that have less bitcoins than they thought they would have a week ago.

you mean 7% of the coins "gone"  = 7% price rise ?

If 7% of all bitcoins really are gone then the price rise would be more like 30% because the 7% were from the actively traded float, not from the several million hoarded and locked away in Arctic-cold storage.

[kkaspar]

If 7% of all bitcoins really are gone then the price rise would be more like 30% because the 7% were from the actively traded float, not from the several million hoarded and locked away in Arctic-cold storage.

You seem to be forgetting that there were also a lot of fiat afloat at mtgox that was meant for BTC. BTC will lose that fiat, and probably any new fiat that would of came from those who owned it.

It's fun to see how everyone are trying to downplay the gox situation and are trying to make this look good.

[HairyMaclairy]

Did you remember your feelings 24h ago??? Bitcoin is an awesome thing! (to kill yourself)   

Every time you feel bad it's probably the best moment to buy more bitcoins.

I feel bad for buying at $602 ! But I know where the price was 5 days ago.

[derjanb]

If 7% of all bitcoins really are gone then the price rise would be more like 30% because the 7% were from the actively traded float, not from the several million hoarded and locked away in Arctic-cold storage.

You seem to be forgetting that there were also a lot of fiat afloat at mtgox that was meant for BTC. BTC will lose that fiat, and probably any new fiat that would of came from those who owned it.

It's fun to see how everyone are trying to downplay the gox situation and are trying to make this look good.

I don't think in fiat anymore. Just kidding...

There was no leak at their fiat account, right? Only their BTC deposits was narrowed by the thefts.

[RicePicker]

If 7% of all bitcoins really are gone then the price rise would be more like 30% because the 7% were from the actively traded float, not from the several million hoarded and locked away in Arctic-cold storage.

You seem to be forgetting that there were also a lot of fiat afloat at mtgox that was meant for BTC. BTC will lose that fiat, and probably any new fiat that would of came from those who owned it.

It's fun to see how everyone are trying to downplay the gox situation and are trying to make this look good.

I am certain that it will go back down again after this rally, but even so you are missing out on 30% profit by continuing to wait till it goes back down to the $200-$300 range? It might go back down to that price range, but I assure you it will not stay at that price point for longer than a day.  

[raid_n]

If 7% of all bitcoins really are gone then the price rise would be more like 30% because the 7% were from the actively traded float, not from the several million hoarded and locked away in Arctic-cold storage.

You seem to be forgetting that there were also a lot of fiat afloat at mtgox that was meant for BTC. BTC will lose that fiat, and probably any new fiat that would of came from those who owned it.

It's fun to see how everyone are trying to downplay the gox situation and are trying to make this look good.

Well given that you were dead set on only buying coins at 200-300 usd and not above I can understand your sentiment
Gox was/is really bad news and the crash down to around 400 reflects that.

But I still believe that without the massive Goxxing we would have bottomed out at 500-550ish
Whatever, this is speculation. You may still get your coins. I however don't feel sorry for you.
If you are not willing to take even a little bit of risk (buying in at around 400) or being too greedy its solely your own fault

[ChartBuddy]

Explanation

[magicmexican]

If 7% of all bitcoins really are gone then the price rise would be more like 30% because the 7% were from the actively traded float, not from the several million hoarded and locked away in Arctic-cold storage.

You seem to be forgetting that there were also a lot of fiat afloat at mtgox that was meant for BTC. BTC will lose that fiat, and probably any new fiat that would of came from those who owned it.

It's fun to see how everyone are trying to downplay the gox situation and are trying to make this look good.

I am certain that it will go back down again after this rally, but even so you are missing out on 30% profit by continuing to wait till it goes back down to the $200-$300 range? It might go back down to that price range, but I assure you it will not stay at that price point for longer than a day.  

BearPig confrirmed

[tarmi]

shorting

[kamakazibear]

The rally isn't looking great. I think this is the tip before returning back to decline

[kkaspar]

I am certain that it will go back down again after this rally, but even so you are missing out on 30% profit by continuing to wait till it goes back down to the $200-$300 range? It might go back down to that price range, but I assure you it will not stay at that price point for longer than a day.  

I don't like to play these unstable rises that are made up of stupidity and hype. To me, it's the same as passing the roulette table and cursing at yourself "If I should have called red at the right moment, then I could have won big". Sure it would have been great to win money, but I'm not planning to earn with playing like this.

[kkaspar]

If 7% of all bitcoins really are gone then the price rise would be more like 30% because the 7% were from the actively traded float, not from the several million hoarded and locked away in Arctic-cold storage.

You seem to be forgetting that there were also a lot of fiat afloat at mtgox that was meant for BTC. BTC will lose that fiat, and probably any new fiat that would of came from those who owned it.

the fiat can be just Ctrl-P 'printed' back into existence ... the bitcoins, they are gone forever ... chew on that genius

You seem to have trouble understanding the point I was making.

[threecats]

I am certain that it will go back down again after this rally, but even so you are missing out on 30% profit by continuing to wait till it goes back down to the $200-$300 range? It might go back down to that price range, but I assure you it will not stay at that price point for longer than a day.  

I don't like to play these unstable rises that are made up of stupidity and hype. To me, it's the same as passing the roulette table and cursing at yourself "If I should have called red at the moment, then I could have won big". Sure it would have been great to win money, but I'm not planning to earn with playing like this.

except a large percentage is not stupidity and hype, but real world market influencing events and conditions.

[spooderman]

I sodl at 400. You have me to thank for this rally.

$4000 dollars down so far. arrgggggg

it is now my informed opinion that the bear market is well and truly 0v3r!