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

[simonk83]

http://letstalkbitcoin.com/somethings-not-right-at-gox/#.Uw5lrfmwJBl

some of the best thinking yet

Yep, that seems very feasible indeed.

[1715057883]

1715057883

[1715057883]

1715057883

[solex]

Market looking bullish for the next push up. No appetite to re-test below 550.  5k disappeared off the stamp 650 asks

[CoinDox]

1600 Bid Wall @ 588 on stamp  

[greenlion]

It would be funny if it would turn out that Mark Karpeles is in fact Satoshi and he did create bitcoin just as a simple scheme. 1) Create crypto 2) Create exhange 3) Start buying your own crypto and wait when someone sees that someone is buying and will also join in. Soon more will join.
But the scam just got too big and really out of hand.

 

Sure, except that the original whitepaper reads as though its written by a genius, and this guy is full retard in every imaginable way.

[Loozik]

author=mmitech link=topic=178336.msg5394552#msg5394552 date=1393453894]
I can say 90% that this is what happened, he lost the private key, but he thinks that he can recover it, he reached for help, he told the Big guys about the problem, they were shocked and didn't want to help him and went out in 24 hour to tell us that Mtgox is insolvent instead of helping him recover customer funds, it was interesting how they just made a statement in 24 hours without any explanation to just tell everyone forgot your funds...

Edit: now if this is true, I really really hope that he will be able to recover the key and refund costumers, we really do not need that bad advertisement especially now...

If your hypothesis (privkeys lost) proves to be correct then the big guys had every incentive not to help - they run competitive businesses. They could simply turn their backs on Mark without negative consequences for themselves.

Assuming Mark somehow recovers the privkeys and Gox becomes operational, the big guys who used ''insolvent'' in their statement may find themselves in an akward position (statement issued, trading halted = losses for Gox).

Solvency and its opposite (insolvency) are precise financial analysis terms that can be read only from businesses' balance sheets (most widely solvency ratio* is calculated like this: ''total assets/equity''; solvency unlike liquidity relates solely to the balance sheet structure). I doubt guys who signed the statement ever bothered to look at Gox financial statements.

It will be interesting to see how things develop in case Gox recovers the privkeys (if this indeed is the case). I smell lots of cases for defamation and causing damage.


* solvency ratio for financial institution is typically low: central banks solvency ratio ranges 0.5 - 2%, commercial banks 5 - 7%, broking companies 1 - 3%

[simonk83]

1600 Bid Wall @ 588 on stamp  

[barbs]

yeah this blatant wall dance shows you how much money is on stamp now.  NO point when you buy in, there's millions of millions and you're going to get your money back.

I'm all in again and i don't care anymore, hopefully i'll make my money back from the gox f'up loss

[ChartBuddy]

Explanation

[barbs]

i just put a sale at 1800 $/btc for my buy in from the past few days.  Wish me luck.

[CoinDox]

1600 Bid Wall @ 588 on stamp  

Personally, that wall is probably going to get pulled if tested. I think someone wants to push the market to 600. The other exchanges are struggling to break previous highs.

[Grafzep]

The thing about Jorge is that he’s a provincial academic. In a country outside the G8, at that. Like most minor academics, especially in middle age, there is a tendency to bitterness which they are self-aware enough to hide. They are the losers and they know it.

At one point the potential must have seemed endless. Imagine being in California in the early 80s, studying Math or Computing at Stanford – what possibilities! The world ready throw billions at you and your contemporaries! Who wouldn’t start a company? Who wouldn’t invest in friends? Who wouldn’t risk just a little in their own future?

No, play it safe. Rise above the crass entrepreneurialism. Teach. Head back to a salary, with a pension. You could have done well, of course, if you’d wanted to, but the guiding, year after year, of smiling young faces was its own reward.

And now, another tech revolution unfolds in front of you. You have the understanding and the ability to invest time or money into the idea. But wait – actual involvement? Wet feet? Action? No, no, no. Not me. That would just emphasise all my other missed chances.

No, I’ll snipe from the safety of my tenure. I could have partaken, honestly, but I’m better than that. I’m aware of it, but above it, because, well, I’m an academic.

You have the talent, the time and resources. But you won’t even buy one coin to see what it’s about. You’re wasting your time and ours in a desperate bid to show some kind of superiority. You’ve taken enough advice and explanation with nothing of interest coming back. You’ve had your moment in this thread, presumably because it’s the busiest, but you should have the decency to set up your own and see if anyone will follow and care there.

[billyjoeallen]

http://letstalkbitcoin.com/somethings-not-right-at-gox/#.Uw5lrfmwJBl

It's not hard to imagine the most likely scenario. At some point, Mark lost some coins. They were either stolen or lost through bad coding/accounting. He told nobody about it and thought he could either get them back or make up for the missing coins in some other way. Some attempts to recover or replace them we're partially successful and other attempts made the problem even worse. As the situation got more desperate, Mark resorted to greater and greater violations of ethical behavior until he could no longer even operate as a fractional reserve due to cash flow completely drying up.

It is very likely that the vast majority of depositors funds are gone forever, and not just the crypto. The willybot could have very plausibly been Mark buying goxBTC at ABOVE market rates just to keep the exchange operating and BTC withdrawals functioning until a miracle occurred and the lost coins were recovered, or until a new source of revenue could be found to sustain operations and keep the charade going.  Mark's failure to own up to his mistakes turned a substantial but survivable problem into a colossal life-destroying disaster for him and many of his customers. Despite this, he is STILL not owning up even though nobody but the most deluded wishful thinkers believe their is any hope of recovery. At first he didn't ask for help out of pride or embarrassment, but now he must subconsciously know that there is no way out. Denial is all he has left. In this context, his behavior makes sense. It is the only context in which his behavior makes sense.

There is no coming back for Gox. The damage is catastrophic. The point of no return happened months ago if not years.

[barbs]

some millionaire is REALLY having fun right now

[MoreFun]

1600 Bid Wall @ 588 on stamp  

Personally, that wall is probably going to get pulled if tested. I think someone wants to push the market to 600. The other exchanges are struggling to break previous highs.

Nah, that wall won't get pullet.

[ChrisML]

Choo Choo, motherfuckers

[fonzie]

Bye Bye Buywall (soon)

[keithers]

1,430 btc buy order at 593 on Stamp right now...that is a nice buy

[Arcas]

With Gox gone, I don't see why we won't shoot right back to $750 where we left off pre-goxacalypse.

[CoinDox]

Can someone tell me why http://bitcoincharts.com/markets/bitstampUSD_depth.html shows no sign of the wall @ 593 but http://bitcoinwisdom.com/markets/bitstamp/btcusd does?

*edit - it has been updated now. The wall @ 588 is now @ 593. It appears Bitcoincharts.com lags in their order-book delivery.

[JorgeStolfi]

You went to Stanford? No dummy, JorgeStolfi.
I went to a University you've probably never heard of.

I did not bring up the topic of my personal life here, others did.   For some reason, that topic seems to absolutely fascinate some people here, far more than photos of triple bottoms and dead bulls.   

But if you must know, like most Brazilian computer scientists (and many other scientists) of my generation, I got my PhD overseas, paid by a grant from the Brazilian Government; and I was lucky to be acepted at Stanford.  So?