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

[billyjoeallen]

The amateurish way those coins were dumped suggest he didn't. Whoever got those BTC near $400 knew exactly what they were doing. I expect the 10K whale to get back in ABOVE his dump price.

Assuming it wasn't a dump of stolen coins.

The operators at Bitstamp know who the whale is. If it turns out they were stolen, he will have a lot of questions to answer. With Gox out of the way, stamp will fall under the microscope in the coming months. It will be interesting to see how they handle the limelight.

[gimme_bottles]

the chief editor of a major german economic newssite "Handelsblatt-online" said publicly that

-bitcoin was hacked
-forged bitcoins are circulating
-the central bank of bitcoin (mtgox) went bankrupt

http://www.handelsblatt.com/9534814.html
 

I hope that is a google translate fail.. If not wow on the fud factor.

Nope, he really said that. I sent him a mail explaining his errors and gave him the advice to ask someone from the community if he has the intentions to write another article or make another video.

[Loozik]

edit: http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

Thanks

[aminorex]

The only way to get money in or out of the exchanges is in CNY throught Chinese banks. Any profits the Chinese traders may make are in CNY and come out of the pockets of other Chiense traders.  That is true even for traders who do arbitrage between China and the rest of the world.  

there is CNY trading on ripple, are they not able to get out this way?

CNY or merely mislabelled CNH?

I guess it doesn't really matter, you can just arrange CNY/CNH swaps these days.  RMB are effectively fully internationalized for everyone who really wants them to flow cross-border.  It's only compliant corporates and ignorant retail that can't move RMB.

[600watt]

the chief editor of a major german economic newssite "Handelsblatt-online" said publicly that

-bitcoin was hacked
-forged bitcoins are circulating
-the central bank of bitcoin (mtgox) went bankrupt

http://www.handelsblatt.com/9534814.html
 

I hope that is a google translate fail.. If not wow on the fud factor.

Nope, he really said that. I sent him a mail explaining his errors and gave him the advice to ask someone from the community if he has the intentions to write another article or make another video.

good move !

[yrtrnc]

I do not think they will resume anytime soon!

Why?

I feel there are deeper issues than what they are revealing since they always seem to have an excuse to prolong the process of fixing the problem. And the fact that they are putting blame on others shows that they are trying to hide the obvious by trying to focus the attention elsewhere.

Quoting myself

[ChartBuddy]

Explanation

[sonofliberty]

Come on. Break out!

[ChrisML]

Come on. Break out!

This.

[empowering]

Come on. Break out!

This.

Like this ? Disco style?

[pera]

hah well, unemployed, in foreign country, and today I understand that a lose almost $10000 dollars.. now drinking a heineken while reading tons of crazy theories about how mtgox could lose all those btcs.

damn x)

[flynn]

edit: http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

Where is the chapter where they explain how they'll slice him into pieces with a Katana ?

[flynn]

to effectivly create your biggest loss of all assets in bitcoin during 2013 is an outstanding example of bad timing.

They probably day-traded it instead of hodling ...

[JorgeStolfi]

Basically, Mark is going to walk free (at the very least in Japan), there is no recourses possible against him

I understand that he filed for bankrupcy, not reorganization, is this correct?

I can believe that  he may not suffer any other punishment for the insolvency itself (i.e. for being an incompetnent manager and losing investors money because of that).

However I suppose that he still may be prosecuted criminally if it is found that he did any fraudulent management,  such as withdrawing profits for himself while the company was insolvent, or faking technical problems to prevent withdrawals. Is there such crime in Japan?  Does the bankruptcy proces exclude it?

And i think that's just why he decided to move there back in 2011...

Wow! Indeed...

[podyx]

btw, am i the only one who has noticed fonzie and mah87 has been extremely quiet since we went up from $400? LOL

[600watt]

btw, am i the only one who has noticed fonzie and mah87 has been extremely quiet since we went up from $400? LOL

[JayJuanGee]

There is no use trying to convince me that bitcoin can survive more then couple of years, before it will get eaten by competition. To me it sounds like, when someone is the first to struck oil, and then no one else on earth will drill for oil any longer, because someone else already did it. Creating the perfect digital currency will soon be the holy grail to everyone who consider them to be geniuses at software engineering.

I CANNOT disagree with you, here.  It is very possible that there is going to be an improvement on bitcoin that will undermine bitcoin... but that is in the future.. and maybe even, as you say, two years or so.  At the moment... bitcoin is pretty damn good... and bitcoin is "the one" to invest into b/c it is the direction of the future.  However, if a better "one" comes along 6 months from now, one year, two years or even longer.. at that point, it is very possible that we could transfer our investment from bitcoin to that other "one."   Accordingly, what's the problem... Invest in bitcoin now, and when that other better one comes along, then move assets into that other better one...   NO problema.

waiting for more cheap coins  

When is this going to happen, and how low is it going to go... I would like some more too in the coming week or so... and then thereafter we can be on our moonward journey...

It amuses me whenever people think they will be able to 'transfer' investments from BTC into a new hypothetical coin.

Short of selling the BTC (which would implicitly  be devalued because of the new, better coin) and buying the new coin, how would that work?

Be amused all that you want... THESE kinds of transfers from one asset class to another happen all the time with various kinds of investment... some people will see the opportunity to transfer their assets early on and transfer and others will wait too long.. there is a lot of variability in what people will do and how they will invest and how they will predict the future..

 in the mean time, and currently today and seemingly in the next year at least,  BTC is the place to be... b/c we DO NOT know about another replacement crypto....   even some promising like Ethereum or another are NOT far enough along in order to take over BTC market share... which may come down the road, but NOT today...

[hdbuck]

edit: http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

Where is the chapter where they explain how they'll slices him into pieces with a Katana ?

to be clear:

1/ The professionals are likely to operate with a primary goal of ensuring that the business continues as a going concern, so as to preserve jobs if at all possible. (wasnt that what Mark was doing?!)

2/ As a practical matter, cases are often advanced via private communications between court-appointed professionals, rather than via formal motions and court hearings. Indeed, the professionals themselves are routinely permitted ex parte communications with the court for purposes of shaping the direction of a case (as far as i can recall that was basically their way of communicating...)

3/ Court hearings tend to be rare. For instance, although a trustee requires court approval before taking several types of actions, the laws do not
condition that approval on the trustee having first provided creditors with notice and an opportunity to object.

4/ There is no official creditors’ committee appointed to protect creditor interests.

5/ As a result of the factors discussed above, a court supervised-restructuring in Japan tends to be far less transparent than in the United States

so as i claimed and reclaimed previously... Checkmate

[empowering]

edit: http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

Where is the chapter where they explain how they'll slices him into pieces with a Katana ?

to be clear:

1/ The professionals are likely to operate with a primary goal of ensuring that the business continues as a going concern, so as to preserve jobs if at all possible. (wasnt that what Mark was doing?!)

2/ As a practical matter, cases are often advanced via private communications between court-appointed professionals, rather than via formal motions and court hearings. Indeed, the professionals themselves are routinely permitted ex parte communications with the court for purposes of shaping the direction of a case (as far as i can recall that was basically their way of communicating...)

3/ Court hearings tend to be rare. For instance, although a trustee requires court approval before taking several types of actions, the laws do not
condition that approval on the trustee having first provided creditors with notice and an opportunity to object.

4/ There is no official creditors’ committee appointed to protect creditor interests.

5/ As a result of the factors discussed above, a court supervised-restructuring in Japan tends to be far less transparent than in the United States

so as i claimed and reclaimed previously... Checkmate

plan b?


CHECKMATE

Edit: only kidding ... but how about "check...... over your shoulder mate"

[hdbuck]

Basically, Mark is going to walk free (at the very least in Japan), there is no recourses possible against him

However I suppose that he still may be prosecuted criminally if it is found that he did any fraudulent management,  such as withdrawing profits for himself while the company was insolvent, or faking technical problems to prevent withdrawals. Is there such crime in Japan?  Does the bankruptcy proces exclude it?

Good luck proving he got the coins or committed a crime regarding a "virtual" currency that isnt protected by any law worldwide... After all, isnt Bitcoin all about protecting anonymity anyway?
The guy's a fucking genius and owned big time every single person that were stupid enough to trust him whislt stashing their BTCs for an extended period on his plateform.

edit: @empowering