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

[fonzie]

Solid 1000BTC wall @ Stamp 579$
I can smell more blood!

[soullyG]

This thread is much more readable sans Fonzie and Mah posting pictures of graveyards every 10 seconds.

It is tough gauging the current market sentiment right now. Since those 2 are not trolling uncontrollably I think its bullish for the time being.

The ignore button is a wonderful thing

[fonzie]

At least those tricks with wall´s work again. A simple 1000BTC wall and everyone starts to dump immediately.
People are scared shit, not much (bullish) trust left in the bitcoin market.

[Salivan]

I fear that  authorities will exploit mt.gox failure.As the result price will drop. As the result mainers will drop. As the result block generation time will skyracket, as the result price will drop further..
I fear  this is  serious, should I buy some  ltc ??

[empowering]

http://www.theverge.com/2014/2/26/5450206/who-stole-400-million-from-mt-gox

Suggestion in the article that the theft was an inside job. Not by Mark, but a temp employee. Remember announcements last April about Gox hiring more employees to deal with all the new accounts and AML/KYC requirements?

When Mark says the coins were stolen yet still "temporarily" unavailable, maybe he means that Gox expects to recover them from the thief.

*edit*

The thief or group might also be sending out these recent phishing emails. What if they got away with ID docs as well? Scary thought.

THIS

[fotosonics]

http://www.businessinsider.com/senator-calls-for-bitcoin-ban-2014-2

He's up for re-election this year.

I'm willing to throw some BTC to anyone running against this idiot.

No one will touch him, life long senator now, also possibly VP candidate for Hillary.

Just saw that. Not surprised. Was wondering when the usual US Congress stupidity would crop up as it has with so many other issues in the past.

[empowering]

I fear that  authorities will exploit mt.gox failure.As the result price will drop. As the result mainers will drop. As the result block generation time will skyracket, as the result price will drop further..
I fear  this is  serious, should I buy some  ltc ??

Yes... actually buy some Doge!!  or maybe some Cents!  much better... plenty wow , much profit

[magicmexican]

stamp freaking out over senator news?

[solex]

stamp freaking out over senator news?

A senator that doesn't even know the difference between "weary" and "wary". Says it all.

[knarzo]

Which makes me wonder..... has someone hijacked MtGox? a hacker got everyones details somehow?

Something odd is happening as the "pdf" is not what it says it is ... and also.. send you what the balance ?

If this is MtGox- then wtf?
If this is someone hijacked the system that now has my email, and can send emails out with strange attachments- wtaf?

Basically WTF?

Maybe ask fonzie&friends He said we'll be at 500 in about 48h. Maybe he needs more people to view that pdf

[zyk]

I sometimes have a hard time getting across my point because of my convoluted writing style. Apologies for that.

Here's my point, ultra condensed: Mtgox shutdown (in whatever form it'll happen) *does* matter. No question about that. But the question is *how* it will matter on which time frame.

Short term, it certainly will depress price (and did so already, yesterday for example). But I caution anyone who believes to know with certainty that it will depress prices for a long time. There are several plausible interpretation scenarios that will make mtgox closure *positive* in the long run, just like we know think of the SR closure as (obviously) a good thing.

Note that I'm personally not *sure* if mtgox closure will be seen as positive in the long run, but I see the real possibility for it. The market will ultimately decide, and I just mention the possibility that, in a year from now, we'll talk again about mtgox and everyone will go "Well, d'uh, of course it was good news. The worst run exchange in the BTC ecoystem *finally* went down. That's what brought us to the new ATH of 6000."

Easier to agree with you here. The important question is not yet answered, how will the fall of gox be played out. Will there be a bail-out where gox will be bought and the customers will get what they're owed, or will it just be a bankruptcy with all the money magically disappeared.
The first option isn't easy. It would be a noble act if someone invested so much, just to save the integrity of the market, but it does have it's risks. For instance, what stops another exchange from repeating what gox did and by that nullifying previous attempts to save the integrity of the market? Only solution that I can see, is some kind of an self-regulatory system that will separate trustworthy exchanges from the shadowy ones.
I agree, that right now you can't speculate the future, because there is no solid information to speculate the future on. Fall of gox could be a good way to show integrity and responsibility around bitcoin, but it could also make it lose all of it's existing positive halo.

No this is an insider scam where at least half the board of the bitcoinfoundation knew long beforhand that Gox could only work as a ponzi..

and instead of early adopters help the scammers choose to sell depositors bitcoins for less than 300 dollars....just watch from which

accounts and where the money went....BTC is an overvalued ponzi where the thiefs at the top go scott-free....no regulation needed

just normal law - enforcement..but that there is no legal recourse possible for depositors is the dead of bitcoin. Watch out below

[mmitech]

BTW side note: Bitstamp doesn't rely on 3 confirmations anymore, I tried 4 times and I never got credited on the 3rd confirmation, I always get credited at the 6th...

[fonzie]

"So this leaves three risks to Bitcoin, which we'll summarize:

    That Joe Public runs away out of fear the safety of his money can't be guaranteed
    That other, better digital currencies come along, relegating Bitcoin to the sidelines
    That big banks themselves co-opt the still-relevant technological developments embedded in Bitcoin and junk all the bad parts"


"But to the outside world, the fall of what was once the largest Bitcoin exchange in the world is carrying a lot more weight. In a new note, Citi currency strategist — and the bank's defacto Bitcoin analyst — Steven Englander basically asks: What's the point of Bitcoin now?"


http://www.businessinsider.com/citis-englander-on-bitcoin-risks-2014-2

[fotosonics]

stamp freaking out over senator news?

A senator that doesn't even know the difference between "weary" and "wary". Says it all.

+1

Let's just go offshore. Fine with me, no regulation or taxes

[empowering]

Which makes me wonder..... has someone hijacked MtGox? a hacker got everyones details somehow?

Something odd is happening as the "pdf" is not what it says it is ... and also.. send you what the balance ?

If this is MtGox- then wtf?
If this is someone hijacked the system that now has my email, and can send emails out with strange attachments- wtaf?

Basically WTF?

Maybe ask fonzie&friends He said we'll be at 500 in about 48h. Maybe he needs more people to view that pdf

Fonzie has friends?

hmmm eitherway if that email did not come from MK, then someone has got access to the database... what else have they got access to?

Verification documents/account details/MtGox cold storage wallets?

[Rannasha]

BTW side note: Bitstamp doesn't rely on 3 confirmations anymore, I tried 4 times and I never got credited on the 3rd confirmation, I always get credited at the 6th...

Yes, they changed that recently, around the same time that they had a minor withdrawal scare since they blocked withdrawals for part of their customers after some phishing mails had gone out.

[David M]

    That Joe Public runs away out of fear the safety of his money can't be guaranteed

Whoooooosh.  Bitcoin allows you to become your own bank.  If you cannot trust yourself, then you have no chance.
AFAIK, no one has ever had a break and enter on their premises and stolen a paper wallet

That other, better digital currencies come along, relegating Bitcoin to the sidelines

See above point.

That big banks themselves co-opt the still-relevant technological developments embedded in Bitcoin and junk all the bad parts"

See first point.  And please tell me the bad parts?

What's the point of Bitcoin now?"

I don't have to trust the looters and leeches with my money.

While you are at mister banker, ask all those traders who funds got stolen in the great MF Global heist how safe their money was.
The funds were meant to be in segregated accounts and you allowed him to steal them.

[KFR]

Surely I am entitled to have an opinion on global warming and energy sufficiency, even though I have not burned a single poud of coal in my life?

Of course.  I merely thought an academic claiming to study the field might aspire to being more informed about actual usage of the thing he's studying than a student on his first day at the "What is a cryptocurrency and how do they work?" course.

Your call.  I just find it hard to understand why you're so resistant to experiencing this absolute basic first lesson.

[nanobtc]

For those too young to know, or not technically inclined, .pif files are very old file formats, that predate Windows (TopView and DESQview). Program Information Files contained info on DOS programs. Windows used them to store info about the programs, font type, etc. Technically .pif files are not executables, but Windows has forever treated them like one.

This makes them a popular vector for virii/keyloggers/etc. Don't click on them, there is never a good reason for them to be in an email attachment.

[mmitech]

I am reviewing my thoughts, there are 2 voices in my head now, the first is telling me that there will be small drops but we will go up but the second and strongest one is telling me it is not over and that we will drop further and we will drop even less than 400.

I am trying to convince my self and gather my thoughts but the gox situation is not letting it go, I cant let it go and I am starting to think that we will sink even further... any thoughts ?