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

[solex]

7,600 users active on reddit/bitcoin. Never seen that many before.

[Walsoraj]

7,600 users active on reddit/bitcoin. Never seen that many before.

Frequent occurrence on Dogecoin/Reddit.

[solex]

7,600 users active on reddit/bitcoin. Never seen that many before.

Frequent occurrence on Dogecoin/Reddit.

Ah. That doesn't count!

[Vigil]

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.

You have to remember that "Traitor Joe" is partner to Jay Rockefeller, our other WV Senator. I am from WV and would be willing to write, call, or speak to him in person if anyone would like to help break-down the flaws in his shitty complaint letter.

Here's a start: http://www.techdirt.com/articles/20140226/13184826360/technologically-clueless-grandstanding-senator-calls-us-to-ban-bitcoin.shtml

Thanks. I could probably counter most of the ridiculousness myself but it is always good to get thoughts from others.

[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.

we don't wish for gox to come back, we wish for funds to be recovered, it is a really bad advertisement for Bitcoin at this point, all the progress will be crushed with this, regulators will want to hit hard anyways... and some people lost life changing amount of funds.

No, I didn't lose any funds in gox BS, but I feel for those who did and I wish for this to be fixed.

Those funds are no more. They have has ceased to be. They have expired and gone to meet Satoshi. They are late funds. They are vapor. Bereft of existence, they rest in peace. If Karpeles hadn't left them on the balance sheet, they would've been written off ages ago. They've rung down the curtain and joined the choir invisible. They are ex-funds.

[SheHadMANHands]

7,600 users active on reddit/bitcoin. Never seen that many before.

Frequent occurrence on Dogecoin/Reddit.

lmao

like a bunch of little hermits..

[meanig]

Those funds are no more. They have has ceased to be. They have expired and gone to meet Satoshi. They are late funds. They are vapor. Bereft of existence, they rest in peace. If Karpeles hadn't left them on the balance sheet, they would've been written off ages ago. They've rung down the curtain and joined the choir invisible. They are ex-funds.

Okay okay we get it 

[UnDerDoG81]

No rally tonight?

[Arcas]

No rally tonight?

We've been rallying all day.

[meanig]

No rally tonight?

The night is young

[CoinDox]

While we wait, some good stuff to listen to here. Really describes the landscape we face as digital currency proponents.

http://letstalkbitcoin.com/e87-the-captive-and-the-mountain/#.Uw6K-oV_e_w

32:00 "They are going after you, they are, they are investing everyone, they are on the bitcoin talk forums, they are on reddit, they are listening to this interview, they are on the IRC channel, they have huge budgets, there is a government task-force specifically for bit-coin. Follow the law, or work to change them, ignorance will not keep you out of jail."

Stay clean guys and do your taxes right!!

[Davyd05]

No rally tonight?

The night is young

ask and you shall receive

only gotta eat 1000 coins to move past 600 hundo

[Richy_T]

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

fuck this guy, he's just mad he didn't buy in early

tragic

Note that this is Senator Manchin (D) and he was co-author of the abysmal Manchin-Toomey bill. Fuck him.

[JorgeStolfi]

I think you misunderstand.

Oops, sorry, my apologies.

And I agree with some others here that if you have no bitcoin then why would your opinion even matter?

Well, OK, then.  That is why I put that in my signature.

[Richy_T]

Before I do that I must create that "jorgeology" thread, so that you can all share my experiences and feelings at using bitcoin and watch my conversion to the cult concept.  Wow, it will be so Californian, will bring back some sweet memories... 

Jorge, many of us aren't talking to you. We're addressing you but we're talking to the audience.

[ChartBuddy]

Explanation

[Spaceman_Spiff]

Those funds are no more. They have has ceased to be. They have expired and gone to meet Satoshi. They are late funds. They are vapor. Bereft of existence, they rest in peace. If Karpeles hadn't left them on the balance sheet, they would've been written off ages ago. They've rung down the curtain and joined the choir invisible. They are ex-funds.

They are not gone, just pining for the blockchain...
Beautiful funds, those bitcoins.

[Sitarow]

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[SheHadMANHands]

This analysis on Gox blew my mind:
http://jesse.forthewin.com/blog/2014/02/unilateral-statement-regarding-fucked-up-shit-and-the-greater-good.html?cpm=329

I've been wracking my brain trying to make sense of everything.  What gets me is that Mark isn't an idiot.  If I assume that the Crisis Strategy Draft is truthy, a scenario like this is more plausible than what we've been fed:

Gox was robbed of a massive amount of coins (800k+) at some prior point in time, possibly June 2011, and has been operating a fractional reserve since.
Gox determined that it was better to continue operating the exchange, probably both for the sake of Bitcoin, and for their customers who would eventually be made whole from fees earned.
Gox knew of transaction malleability and had been keeping that scapegoat in their back pocket to use in the event of a bank run.  Or, they didn't know but the losses from TM were actually recent and minor.  Or, they didn't know but the losses from TM occurred over a long period of time and they never noticed because they never reconciled the books, because they knew they wouldn't match anyway because they were already fractional.
Fiat withdrawal problems led to an increased uptick of BTC withdrawals, outpacing BTC deposits and draining reserves to 0.  This may have been compounded by an actual problem with transaction malleability that accelerated the process.
Gox spent its fiat reserves and customers' fiat reserves to buy up BTC in order to keep the ship afloat until they could launch their rebranded Gox.com and Bitpocket wallet, which they'd hoped would provide more runway in the form of additional BTC deposits.
Gox doesn't make it happen in time and is forced to shut down, negative on fiat by millions and having lost all BTC.

[creekbore]

Those funds are no more. They have has ceased to be. They have expired and gone to meet Satoshi. They are late funds. They are vapor. Bereft of existence, they rest in peace. If Karpeles hadn't left them on the balance sheet, they would've been written off ages ago. They've rung down the curtain and joined the choir invisible. They are ex-funds.

They are not gone, just pining for the blockchain...
Beautiful funds, those bitcoins.

~ PININ' for the Blockchain?!?!?!? What kind of talk is that?, look, why did it fall in value 500% the moment I got 'im to my cold wallet?

~ The Gox-coin prefers kippin' on it's back! Remarkable coin, id'nit, squire? Lovely algorithm!

~ Look, I took the liberty of examining that coin when I got it home, and I discovered the only reason that it had been sitting on its exchange in the first place was that it had been NAILED there.