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

[mmitech]

Reuters: http://www.reuters.com/article/2014/02/28/us-bitcoin-mtgox-bankruptcy-idUSBREA1R0FX20140228

(Reuters) - Mt. Gox, once the world's biggest bitcoin exchange, filed for bankruptcy protection on Friday, saying it may have lost all of its investors' virtual coins due to hacking into its faulty computer system.

Chief executive Mark Karpeles, bowing in contrition and wearing a suit instead of his customary T-shirt, apologized in Japanese at a news conference for the company's collapse, blaming "a weakness in our system."

Angry investors have been seeking answers for what happened to their holdings of cash and bitcoins, an unregulated crypto-currency, on the Tokyo-based exchange. The collapse of the company has shaken the virtual currency world.

Mt. Gox deleted its website on Tuesday after freezing withdrawals earlier this month in the wake of a series of technical difficulties.

The exchange had liquid liabilities of 6.5 billion yen ($63.67 million), dwarfing its total assets of 3.84 billion yen, the company said. It had 127,000 creditors in bankruptcy, just over 1,000 of whom are Japanese.

The company and Karpeles have said little in the days before the filing, which is similar to Chapter 11 bankruptcy in the United States, except that they were working with others to resolve their problems.

Karpeles told the news conference that Mt. Gox wanted to file a criminal complaint against what he said was a hacking attack, but had no specific means of doing so.

(Reporting by Yoshifumi Takemoto; Writing by William Mallard; Editing by Ian Geoghegan)

[barbs]

that son of a bitch charged the highest fees in the industry fucked us around the hardest and blamed btc protocol for his problems and is now filing for bankruptcy.

Wow mark, wow.

[mmitech]

I just woke up. What happened? Why are we at 560?

we are going to test the resistance at 550.

how about 350 or less? does this seems convenient to you ?  my prediction is in the next few months the price will drop to as low as $300

[fluidjax]

As usual, the traders here got the news quickly and dumped... and now they are panicking because no one else is dumping. So they are trying to cause fear in the others.

[hdbuck]

we are just continuing that downtrend from were it was before that gox dump. who knows where it'll stop... The more time passes the more bulls get impatient and will sell for cashing out some profit whilst its still time.. despair hasnt happened yet..  

[macsga]

He filed up for bankruptcy. It was accepted by the jury and now legal and financial investigation starts. The debt is circa 6.4bn Y and the assets of MtGox is circa 3.84bn Y. That's a relief

[UnDerDoG81]

I just woke up. What happened? Why are we at 560?

we are going to test the resistance at 550.

how about 350 or less? does this seems convenient to you ?  my prediction is in the next few months the price will drop to as low as $300

Why would it?

People like Mark should be hanged from governments. There are hundrets of people like him in the history who stole money from investors and now enjoy their lifes like a king.

[fluidjax]

He filed up for bankruptcy. It was accepted by the jury and now legal and financial investigation starts. The debt is circa 6.4bn Y and the assets of MtGox is circa 3.84bn Y. That's a relief

Perhaps if no one mentions the Bitcoins, the legal and financial people won't notice that huge hole

[Richard Branson]

Because the price is too damn high.
We trade IOUs on all exchanges, not real BTC.
You can easily fake trades and manipulate the price as exchange operator. GOX probably did that too (or they were too stupid for that).

Lot's of people don't pull the btc/money from exchanges, so the whole fake system works as long as there is a bank run.
In case of a bank run, the same shit like GOX happens again -> delayed withdrawals, hope for more fiat and coins inflow


Localbitcoins and other direct selling marketplaces are way better, but worse for speculating.

[flynn]

Seppuku is for Samurai Warriors. Karpeles is a piglet! So no.

It worked pretty well as it seems, there are none left ...

[billyjoeallen]

Reuters: http://www.reuters.com/article/2014/02/28/us-bitcoin-mtgox-bankruptcy-idUSBREA1R0FX20140228

(Reuters) - Mt. Gox, once the world's biggest bitcoin exchange, filed for bankruptcy protection on Friday, saying it may have lost all of its investors' virtual coins due to hacking into its faulty computer system.

Chief executive Mark Karpeles, bowing in contrition and wearing a suit instead of his customary T-shirt, apologized in Japanese at a news conference for the company's collapse, blaming "a weakness in our system."

Angry investors have been seeking answers for what happened to their holdings of cash and bitcoins, an unregulated crypto-currency, on the Tokyo-based exchange. The collapse of the company has shaken the virtual currency world.

Mt. Gox deleted its website on Tuesday after freezing withdrawals earlier this month in the wake of a series of technical difficulties.

The exchange had liquid liabilities of 6.5 billion yen ($63.67 million), dwarfing its total assets of 3.84 billion yen, the company said. It had 127,000 creditors in bankruptcy, just over 1,000 of whom are Japanese.

The company and Karpeles have said little in the days before the filing, which is similar to Chapter 11 bankruptcy in the United States, except that they were working with others to resolve their problems.

Karpeles told the news conference that Mt. Gox wanted to file a criminal complaint against what he said was a hacking attack, but had no specific means of doing so.

(Reporting by Yoshifumi Takemoto; Writing by William Mallard; Editing by Ian Geoghegan)

If Gox is 37.6 million dollars in the hole, Then they will be liquidated and not restructured. We still don't know how much of that is in BTC vs. fiat or other assets, but we should find out soon.

[koryu]

I just woke up. What happened? Why are we at 560?

we are going to test the resistance at 550.

how about 350 or less? does this seems convenient to you ?  my prediction is in the next few months the price will drop to as low as $300

bitstamp volume is so low i dont expect a fall lower 550 yet.

but lets see what happens when the volume increases, hard to predict right now.

for next month i am bullish, we have to survive gox then it should go up again.

[mmitech]

OK the hate will always go toward people whom their prediction is Bitcoin's price dropping, but YAY if I say CCMF for no reason, I wont share my predictions about the price waves, I will keep them for my self, but you can quote me on the price going to 300... if not, I will be cashing my profits out and I will stick to my actual Bitcoin portfolio

[macsga]

I'd say whoever wants to buy; do it now for there will be no other opportunity for you... and I'm very serious right now.

[Richard Branson]

I'd say whoever wants to buy; do it now for there will be no other opportunity for you... and I'm very serious right now.

You told the same @ 1100$ the first time and 1050$ on the dead cat bounce.
Believe this guy and BUY BUY BUY!

[macsga]

I'd say whoever wants to buy; do it now for there will be no other opportunity for you... and I'm very serious right now.

You told the same @ 1100$ the first time and 1050$ on the dead cat bounce.
Believe this guy and BUY BUY BUY!

Then you may as well sell...

[mmitech]

I'd say whoever wants to buy; do it now for there will be no other opportunity for you... and I'm very serious right now.

you and I were serious at 800, you and I were serious at 700 but I stopped there and started thinking more seriously, you kept being serious at 600,500,400, and you still didn't learn anything, but to be honest, best thing you can do if you are lost now is to Hold. 

[yrtrnc]

I'd say whoever wants to buy; do it now for there will be no other opportunity for you... and I'm very serious right now.

you and I were serious at 800, you and I were serious at 700 but I stopped there and started thinking more seriously, you kept being serious at 600,500,400, and you still didn't learn anything, but to be honest, best thing you can do if you are lost now is to Hold. 

I can interpret what he/she said! Its a good time to buy because we are going to da moon!!

[flipNstack]

I said from day one this was an inside job, and the actions of those behind gox speak louder than any statements they have made.  People seem so blind with these pointless discussions about gox was robbed, karples is incompetent, or how can they so many coins get stolen over such a long period with no one noticing...  this all makes me lol at how stupid you are...

only a thief who has no funds to repay his depositors, keeps allowing deposits while closing withdrawals, and they allow this to happen for weeks until some kind soul sheds light on this situation, and immediately after gox shuts down their website and closes their doors... and throughout this entire process they never make any real attempt to contact their customers for some type of information...

they didnt get robbed, they robbed you.. and this stains btc and its not going away until those robbed by karples(and his crones) are made whole and confidence restored in the system... other than that I say buttfuckthem

[oda.krell]

"I'm sorry"

He even did the fucking Japanese "I'm so sorry, please accept my sincere offer of gutting myself with a rusty sword" bow o_O

Anyone found a video of the press conference? My search didn't turn up anything.