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

[billyjoeallen]

9376 volume on stamp ??

This is starting to remind of the 5 other times i thought the trend was breaking and I had to buy. The only difference is MACD is up now (slightly).

If you've only been trading Bitcoin since last June, then you've never been through a correction yet. I think you're a woman. You write like a woman, you trade like a woman. You're very smart and I respect your analysis, but it's almost certain you're going to miss the big turn because you are too risk averse. Yer gonna hate me for saying so, but there's a reason we call cowards pussies.

[HairyMaclairy]

Billy don't be a dick (we all know you are a boy).

[ThatBitcoinGuy]

Too late, Hairy...

[SilverandBitcoins]

What about this turn-around?  Is this thing going to take off for the moon possibly? Here is something I think you'll love:  http://www.youtube.com/watch?v=5gEdQ5KpY8Y

[JorgeStolfi]

A wise man does not post to forums when drunk. 

(But no one is wise when drunk, of course.)

[MelMan2002]

mtgox.com now has another...um..."update"

[isov]

Seems that is so quiet in here atm so I go ahead and ask couple questions, hope someone with knowledge can find the time to answer even some:)

So I have been doing my homework about btc around 3 months now, learning to read the charts, basic TA and all that in order to be able to trade a bit with confidence in future. No daytarding or anything like that, only bigger dips and pumps and like that. So I would like to ask you what tools you use when you trade? I have an account on btc-e so do you just use the website to execute trades or is there a better tool to do your orders and so? I'm just little bit worried that sometimes it might be too slow to watch bitcoinwisdom when something is happening and then do the orders in btc-e website, is this ok or how do you guys do it? My goal would be to ONLY increase the numbers of btc I own, don't care about usd or eur just making my stash bigger.

Things I watch now are the macd's and stochrsi's on different timescales, coinsight for bid/ask ratio and just the charts to get a grip of the sentiment. Ofc news and all these too. Does this sound reasonable at all and what advises could you give me? Just trading with a coin or two so not stepping on toes of any of you big guys, no worries   Hope someone can help me out a bit!

[HairyMaclairy]

[Translation from the Japanese]

March 2, 2014

To anyone concerned

Mark Karpeles
Representative Director
MtGox Co., Ltd.
Shibuya 2-11-5

Shibuya-ku, Tokyo

ANNOUNCEMENT REGARDING AN APPLICATION FOR COMMENCEMENT OF A PROCEDURE OF CIVIL REHABILITATION

An overview of the situation should be published here shortly (probably on March 3, 2014 (Japan time)).

Contact information

A call center has been established to respond to all inquiries. The call center is planned to start on March 3, 2014. All inquiries to MtGox Co., Ltd. should be made to the following telephone number:

Telephone number   +81 3-4588-3921
Working hours    Monday to Friday 10am to 5pm (Japan time)

Please refrain from contacting the office of the supervisor/investigator.

[billyjoeallen]

Too late, Hairy...

What's that got to do with anything? If you and the rest of the white knight brigade would rather shine her on than tell her the truth, be my guest. If I was the one being a puss, I'd want to know. 

[HairyMaclairy]

So is there anything Mt Gox can actually say that will crash the market?

[creekbore]

mtgox.com now has another...um..."update"

ANNOUNCEMENT REGARDING AN APPLICATION FOR COMMENCEMENT OF A PROCEDURE OF CIVIL REHABILITATION

An overview of the situation should be published here shortly (probably on March 3, 2014 (Japan time)).

Contact information

A call center has been established to respond to all inquiries. The call center is planned to start on March 3, 2014. All inquiries to MtGox Co., Ltd. should be made to the following telephone number:

Telephone number   +81 3-4588-3921
Working hours    Monday to Friday 10am to 5pm (Japan time)

Please refrain from contacting the office of the supervisor/investigator.

[ChartBuddy]

Explanation

[creekbore]

So is there anything Mt Gox can actually say that will crash the market?

Give them time...they're trying best they can

[JorgeStolfi]

Please refrain from contacting the office of the supervisor/investigator.

I wonder whether this is proper according to Japanese law and procedures?  

Requiring the creditors to deal with the very person who, er, failed  them?

EDIT: wording

[MelMan2002]

Filing

A debtor or a creditor may file for civil rehabilitation in a competent district court. A petition may be filed if (i) the debtor is likely to go bankrupt (ie, is unable to pay due debts generally and continuously or becomes insolvent), or (ii) cannot pay due debts without causing major difficulties for the continuation of its operations. However, a creditor may not file for civil rehabilitation if the conditions set forth in the first alternative are not satisfied. If the filing is deemed appropriate, the court issues a decision for commencement of the procedure. In practice (at the Tokyo District Court), the debtor must hold a meeting to explain the details of the situation to the creditors after the filing; the court issues a decision immediately after the meeting.

More info on the complete procedures here:
http://www.internationallawoffice.com/newsletters/detail.aspx?g=1ba9679d-d118-44a0-8492-1c21c484fc03

[HairyMaclairy]

So is there anything Mt Gox can actually say that will crash the market?

Give them time...they're trying best they can

My best guess is it will be procedural about how to file a claim. No actual information about the business.  The market (if it has any brains which is questionable) should shrug it off.

[MelMan2002]

Please refrain from contacting the office of the supervisor/investigator.

I wonder whether this is proper according to Japanese law and procedures?  

Requiring the creditors to deal with the very person who, er, failed  them?

EDIT: wording

Management

Under the civil rehabilitation procedure, the management of the debtor generally remains in place (debtor in possession). The debtor may retain the right to continue its business, unless the court appoints a trustee.

The debtor may also dispose of its assets, among other things, on consent of the court or of the supervisor, except in the case of a sale of inventory or commodities in the ordinary course of business. Further, the law allows the debtor to transfer all or a significant part of its business before the confirmation of the rehabilitation plan.

[HairyMaclairy]

I think the press conference on Friday was the "meeting" for the "explanation" to the creditors.  Which if true shows just how weak the Japanese insolvency system is.  

[ShroomsKit]

So is there anything Mt Gox can actually say that will crash the market?

Actually anything will do. As you see there are sheep dumping right now because of that little update.
Dumping just in case people might be dumping.
Just the word "update" is enough for people to start dumping. Most likely even before they read what is says.

[HairyMaclairy]

Unsecured creditors must file proof of claims by a deadline set in the commencement order, which is usually one to two months of the date of the commencement order. Unsecured claims may be subject to a pro rata reduction under the rehabilitation plan, to the extent that the debtor has insufficient funds to satisfy these claims. Generally, claims attributable to common benefits and senior claims are paid in full intermittently outside the rehabilitation plan.