Frankthechicken
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Activity: 112
Merit: 10
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February 27, 2014, 03:22:52 PM |
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Looks like one of those hurricane path prediction maps. But I notice most of the lines go up  |
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In order to get the maximum amount of activity points possible, you just need to post once per day on average. Skipping days is OK as long as you maintain the average.
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Dalmar
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February 27, 2014, 03:23:17 PM |
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Almost all those steep declines of were by an act of Gox. We may come out of it, Gox willing.  |
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Blue
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February 27, 2014, 03:24:40 PM |
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Bitcoiners lack so much sleep that they don't need anything to fail down when they decide to finally hit the bed  could it be there is an undiscovered relation between bitcoiners' lost nights of sleep & bitcoin days destroyed ? [just out of the Blue] |
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sumantso
Legendary
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Activity: 1050
Merit: 1000
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February 27, 2014, 03:25:34 PM |
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Which way are we going once it consolidates?
Parabolic spike. Bitcoin is getting more exposure than ever, float reduction, Gox black hole has been removed, and bitstamp bids getting fat $1k within a few weeks A big LOL to you (I will be happy if it does, I am 90% in BTC right now; but it ain't happening) |
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ChrisML
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February 27, 2014, 03:28:15 PM |
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Which way are we going once it consolidates?
Parabolic spike. Bitcoin is getting more exposure than ever, float reduction, Gox black hole has been removed, and bitstamp bids getting fat $1k within a few weeks A big LOL to you (I will be happy if it does, I am 90% in BTC right now; but it ain't happening) Thats correct sir, it will be $2.5k. |
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Mythul
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February 27, 2014, 03:28:30 PM |
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That is some badass chart you have there.
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BubbaGumpShrimpinBoatCapn
Newbie
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Activity: 32
Merit: 0
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February 27, 2014, 03:35:22 PM |
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Bitcoiners lack so much sleep that they don't need anything to fail down when they decide to finally hit the bed could it be there is an undiscovered relation between bitcoiners' lost nights of sleep & bitcoin days destroyed ? [just out of the Blue] Well it is a known fact that sleeping leads to losses. |
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hmmmstrange
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February 27, 2014, 03:36:54 PM |
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So does this mean that if when I transferred in my BTC it was worth $1200 I will be getting $1200 per btc refund?
That would be epic..  But I do not believe that statement, even if its indeed by Mark. He may have written it only to buy time and hold off possible lawsuits. Of course he could not promise to return the BTC because he has admitted that he does not have them. I do not believe that he has the dollars either, but the world still has no information on that. And, characteristically, he does not give any numbers or firm dates. The post could also be a way to manipulate markets, e. g. Bitcoinbuilder. At this point I do not believe in any statement or revelation by anyone from the "bitcoin community", even if "proved" by PDFs or screenshots. I do not know who is honest and who is spinning lies to cover up his own wrongdoings or moving the market. Three months ago they were all good friends of Shrem and Karpeles... I am afraid that the only way we may get minimally reliable information about what happened inside MtGOX is through liquidation and/or criminal investigation. Do you share this account with someone else? |
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MatTheCat
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February 27, 2014, 03:42:14 PM |
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It almost seems as if someone at Bitstamp is attempting to FORCE that to happen so that people will think this.
Take your eye of the Bitstamp chart and take a look at Bitfinex, which seems to be forming a more coherent pennant formation. Bitfinex of course, is also the exchange where traders short and long (but mostly short) are leveraged out their tits with Bitcoins. What I think we have been witnessing here is basically low risk trader stop loss farming. The price spikes up as far as needed to squeeze out a glut of stop losses, then back down to squeeze out the longs. Because there are more shorts than longs we tend to spend more time in upper reaches of pennant before going against indicator expectation and spiking up (shorts out), then trending back down to depths, with a little spike right at the end to nail the leveraged longs. Bitfinex is notorious for this. This is why I don't trade with Stop Losses. I have seen the high spike on Bitfinex practically match my stop loss before trending back down and never revisiting the price point since. Ended up being robbed out of what would have been a rather decent short trade. That was my last short for a few week until I got in at $626 just before crash. This pennant has another 20 hours to run max, at which point it will be 4AM here, but late evening in China.....taking the all the action occurs during China prime time theory into consideration, we may say a break out from this pennant one way or the other 15 hours from now. |
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johnny211
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February 27, 2014, 03:52:36 PM |
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Bitfinex is notorious for this. This is why I don't trade with Stop Losses. I have seen the high spike on Bitfinex practically match my stop loss before trending back down and never revisiting the price point since. Ended up being robbed out of what would have been a rather decent short trade. That was my last short for a few week until I got in at $626 just before crash.
Stop losses do that when you place them at the same spot as everyone else. Try exploiting these stop cascades by strategically placed limit orders just beyond where all the stops are. That way you will enter with edge every time. When I started doing this I realized the stop cascade points where actually where the trends turn, you will mostly be on the right side doing this. And since you get in with edge, you can mostly scratch the other times. |
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joburgtaxi
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February 27, 2014, 03:55:32 PM |
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I agree.
someone is really tryiing hard to push the price past 600. but average joe is simply not buying.
I am average joe, and i am not buying this 600$ business. We will see if it comes back to bite me, but judging by the hesitancy around 600$ here... Will just have to hold out a bit longer, maybe forever. But Max Keiser said $700 - $800 this week  |
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delphic
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February 27, 2014, 04:00:55 PM |
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Karpeles needs to come clean about the cold wallet. Now.
Is it empty? If so, he could sign it, and we could see it's history on the blockchain.
Or have the keys been lost, taking 744k out of the coinbase as dead coins forever? (This would be difficult to prove; anyone could say the keys are lost or corrupted, and there is no guarantee that someone else does not have the keys - or has changed them). but a pointer to the cold wallet(s) on the blockchain would be a start.
I suspect Karpeles has some form of Asperger's syndrome, from the way he behaves.
He at least owes this to everone else using Bitcoin the economy. But he is probably looking for something bigger than a blue plastic ball to cover his fat arse.
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FierceRadish
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Activity: 84
Merit: 10
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February 27, 2014, 04:01:24 PM |
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Because markets. And because someone potentially just borked thousands of people out of hundreds of millions of dollars. |
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empowering
Legendary
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Activity: 1078
Merit: 1441
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February 27, 2014, 04:04:54 PM |
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Hi could you post the text for this by chance?thanks
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Walsoraj
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February 27, 2014, 04:06:08 PM |
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Because markets. And because someone potentially just borked thousands of people out of hundreds of millions of dollars. The largest exchange just lost everyone's money? OK, first thing I'm going to do is wire all my fiat to the second largest exchange. Makes perfect sense. |
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empowering
Legendary
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Activity: 1078
Merit: 1441
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February 27, 2014, 04:06:55 PM |
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Some facts about MtGox would be nice... really nice.
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Dragonkiller
Sr. Member
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Activity: 378
Merit: 250
Super Smash Bros. Ultimate Available Now!
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February 27, 2014, 04:09:00 PM |
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Some facts about MtGox would be nice... really nice.
It's becoming more and more clear that the coins haven't been stolen, they've just lost the keys lol. Once this is confirmed, should be very bullish. |
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aminorex
Legendary
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Activity: 1596
Merit: 1029
Sine secretum non libertas
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February 27, 2014, 04:10:29 PM
Last edit: February 27, 2014, 05:10:04 PM by aminorex |
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I agree that it will be easy to jump coins.
If you don't own bitcoin your chances of getting in early on any market-elected successor are roughly nil. Firstly, alts are uniformly traded against BTC in the overwhelming bulk of their exchange until they gain at least a multiple of the prominence of LTC. E.g. buying NXT with USD was impossible at first, infeasible for a long time, and now is merely very very difficult and impractical in the vast majority of cases. (I do not consider NXT to be a candidate successor. Firstly, it is tainted as a pre-mine scam, and being born in iniquity can never rise to the angelic sphere. Secondly, it is extremely vulnerable to DDOS and largely untested in its security. Thirdly it is one of many possible candidates, some several of which are designed to improve upon it, and since it lacks a legacy momentum, it is very vulnerable to a competitor -- unlike bitcoin, which has established billions of USD in momentum, motivated aligned interests &c.) Secondly, any successor is likely to bootstrap its network on top of the blockchain network. To do otherwise dooms you to scamcoinville for a very long time. Why would you do that if you actually had a long-term plan? Seek to handicap yourself from the inception by always competing with an 800-lb gorilla? The primary reason to seize independence from the blockchain is to make a land-grab in scamcoinland. The ceiling is quite low. Not impenetrable, but very low. For these two reasons I think a superior crypto is more than likely to add value to bitcoin, rather than detract value, and owning bitcoin now is the best way to situate yourself to participate in any future successor. |
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soullyG
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February 27, 2014, 04:11:54 PM |
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U.S. firms are bullish in spite of all the FUD. Rock n roll.
[Suspicious link removed]j.com/news/articles/SB10001424052702304071004579407562692516576
[/b][/u]
Also bitcoin superhero Fred Wilson as well as fellow Union Square Ventures partner Brad Burnham wrote to Senator Manchin.
http:/[Suspicious link removed]/3Upgi13uDy
http:/[Suspicious link removed]/jXC5FrjgxV
And we are still at ~580 because... ?
Hi could you post the text for this by chance?thanks Did you mean the WSJ article? Stupid paywall... wish they accepted Bitcoin.. U.S. firms are pushing ahead with plans to open bitcoin exchanges catering to professional traders, after the closing of a Tokyo-based exchange sent shock waves through the virtual-currency world.
Perseus Telecom, a provider of high-speed telecommunications lines for securities exchanges and trading firms, is joining forces with bitcoin-trading platform Atlas ATS and Strevus Inc., which produces compliance-management tools for financial institutions and other firms, to build one or more U.S.-based digital-currency exchanges in the U.S. and elsewhere.
The push is being driven by strong demand for bitcoin-trading capabilities from Perseus's clients in the high-frequency trading industry, said Perseus Chief Executive Jock Percy.
The firm has created a separate digital-currency unit and already has received $2 million in revenue commitments, the company said. High-frequency trading firms use computers to dart in and out of markets within milliseconds to profit from minuscule pricing advantages.
The meltdown of the Mt. Gox exchange shows that "we have to put in place the right level of institutional controls and mechanisms that we're used to in the world of banking," Mr. Percy said. "That way we can build trust. [A currency] has to have trust."
The sudden closing of Mt. Gox, which once claimed to account for 80% of bitcoin trading volume, underscored the technological and regulatory risks of the five-year-old digital currency. After freezing customer withdrawals on Feb. 6 and suffering a hacking attack, Mt. Gox said it was working on a fix to restore operations. It appeared to shut down completely Tuesday when its website went dark and investors were left with little recourse to retrieve their frozen funds.
Bitcoin is a virtual, computer-driven currency that is created, or "mined," using complex mathematical algorithms. Some merchants accept bitcoins as payment for goods and services. Users also can trade the currency on exchanges or among themselves. But it isn't regulated and isn't backed by a central bank, so when problems arise there is no one to intervene.
Prices of bitcoin have soared in the past year, attracting interest from some professional traders looking to participate in the market. But the troubles of Mt. Gox have underscored the need for more oversight.
The move by Perseus comes after SecondMarket Inc., a platform for trading shares of private companies, said it is putting together an exchange in collaboration with a number of global banks and bitcoin companies. SecondMarket CEO Barry Silbert said in an interview that the model "looks nothing like" Mt. Gox. Instead, he said, it will be "more like a traditional exchange…like the New York Stock Exchange, where you have regulated investors who form the spokes of a hub" with central clearing and settlement of trades and a self-regulatory body.
The U.S. firms trying to roll out new exchanges argue that by bringing in both the Wall Street establishment and regulators, they can offer customers greater confidence in the security of their money.
Mr. Percy said many high-speed firms have expressed interest in trading bitcoin, which appeals to this sector because of its low transaction costs. Meantime, Mr. Silbert said his firm continued to be approached by banks and other financial institutions despite the continuing turmoil at Mt. Gox this past month.
But Citigroup foreign-exchange strategist Steven Englander, who was initially inspired by interest from Wall Street clients to write a series of research reports on bitcoin late last year, said interest has since waned now that a string of crises has halved the bitcoin price to less than $600 from more than $1,000 in December.
"I would say it is still on the outer fringes of the radar screen," said Mr. Englander, who also argued that more-regulated, institutional bitcoin trading could drive away the more libertarian-minded investors who were drawn to bitcoin's anonymity and exclusion from government intervention.
Regulation could be a controversial part of this process. Most U.S. states require such exchanges to get money-transmitter licenses. The exchanges hope to avoid that. SecondMarket already has a broker-dealer license, which would cover currency trading. Atlas ATS hopes to partner with firms that already have broker-dealer licenses.
It isn't clear how federal regulators will respond to those plans. State banking regulators have been scrutinizing bitcoin companies for months.
"This is by no means a death knell for bitcoin or virtual currencies, but it underscores the potential benefits of regulation," Benjamin Lawsky, superintendent of the New York Department of Financial Services, said of the Mt. Gox shutdown in an interview Tuesday. Mr. Lawsky's office is considering potential new regulations for virtual-currency companies and held two days of public hearings about the issue last month. |
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