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

[CryptoFuture]

I've been in Bitcoin since 2011. My gut says the next bubble be brewin!*

*Speculation based 100% on nothing but gut feeling.

[EuroTrash]

Wow, I just woke up and saw those couple million dollars are scaring the shit out of the bears. Wow!

[ChartBuddy]

Explanation

[Rampion]

Lose >99% BTC
Lose >40% fiat
Lose database along with customer identity data

Well, Emptygox couldn't possibly have done a much worse job than this.

The statement is a joke. How come they did not realize until a few days ago that there was a huge discrepancy between the money they were holding in their bank and the money deposited by their customers?

You all know this is BS and simply cannot happen. They knew very well they had less than they were supposed to, they just decided to run on fractional reserve and spent customers money to cover their own operational expenses. I wouldn't be surprised if Karpeles even cashed out dividends at some point while knowing the company was virtually bankrupt.

[jl2012]

Lose >99% BTC
Lose >40% fiat
Lose database along with customer identity data

Well, Emptygox couldn't possibly have done a much worse job than this.

How could they lose fiat? I understand they lost BTC due to transaction error, but fiat?
Did they have database unencrypted?

They may have used client's fiat to buy bitcoin or speculate. They don't care the hole in fiat anyway, as they could blame their bank / DHS / CoinLab

[HairyMaclairy]

On BFX if a market sell order triggers a stop loss which gets priority?

[F-bernanke]

On BFX if a market sell order triggers a stop loss which gets priority?

The marketsell i think.

[MatTheCat]

Wow, I just woke up and saw those couple million dollars are scaring the shit out of the bears. Wow!

Yeah....I got squeezed out my short position.

Since this was all on the back of a 3 million (3K BTC) bidding chip on Bitfinex (routed through Stamp), I will not be going long however until $580 has proven itself as support.

This wasn't organic market forces. This was uncertain buyers or possibly shorters being squeezed out of their positions by big scary Bid wall.

Wisest thing for any small player to do right now is keep away. This isn't about 'the market', but about the whim of some whale.

Does he want Bitcoin to go higher, cos he just loves Bitcoin.....or cos he wants to take a dump a much higher prices?

[jl2012]

Lose >99% BTC
Lose >40% fiat
Lose database along with customer identity data

Well, Emptygox couldn't possibly have done a much worse job than this.

The statement is a joke. How come they did not realize until a few days ago that there was a huge discrepancy between the money they were holding in their bank and the money deposited by their customers?

You all know this is BS and simply cannot happen. They knew very well they had less than they were supposed to, they just decided to run on fractional reserve and spent customers money to cover their own operational expenses. I wouldn't be surprised if Karpeles even cashed out dividends at some point while knowing the company was virtually bankrupt.

He doesn't need dividend. Just by insider trading and arbitraging he would have earned a lot.

[Asrael999]

How could they lose fiat? I understand they lost BTC due to transaction error, but fiat?
Did they have database unencrypted?
[/quote]

They may have used client's fiat to buy bitcoin or speculate. They don't care the hole in fiat anyway, as they could blame their bank / DHS / CoinLab
[/quote]

If they started using their customers money for anything other than customer transactions for the customer whose money it is , then that is co-mingling of funds, which is a breach of fiduciary duty.

[yrtrnc]

Let's see what happens at 599

[Rampion]

Lose >99% BTC
Lose >40% fiat
Lose database along with customer identity data

Well, Emptygox couldn't possibly have done a much worse job than this.

The statement is a joke. How come they did not realize until a few days ago that there was a huge discrepancy between the money they were holding in their bank and the money deposited by their customers?

You all know this is BS and simply cannot happen. They knew very well they had less than they were supposed to, they just decided to run on fractional reserve and spent customers money to cover their own operational expenses. I wouldn't be surprised if Karpeles even cashed out dividends at some point while knowing the company was virtually bankrupt.

He doesn't need dividend. Just by insider trading and arbitraging he would have earned a lot.

According to sturle they "didn't need" to run on fractional reserve as they did "so much money" in fees that they could have covered ANY hole caused by seizures, misappropriations and whatnot.

My reply: never underestimate greed and incompetence. Bad management can destroy the biggest company in the world.

[jl2012]

If they started using their customers money for anything other than customer transactions for the customer whose money it is , then that is co-mingling of funds, which is a breach of fiduciary duty.

Undoubtedly there is something criminal otherwise one couldn't have lost 20M USD.

[dreamspark]

First time Ive been woken up by my price alarm in a week or so. Lets see where this goes but I have a feeling were going straight back down.

[TERA]

Choo choo and such.

[fotosonics]

Insane I wrote 7h ago when first 1500 btc buy order was added to bid that this is a break for going up  

Spartans, prepare for glory!  

[mmitech]

good morning, well this was unexpected !!! so what is going on ? and what am I reading about gox!!! how true is that ?

[TERA]

unless... unless... you're using a log chart for some reason.   

[N12]

Lose >99% BTC
Lose >40% fiat
Lose database along with customer identity data

Well, Emptygox couldn't possibly have done a much worse job than this.

The statement is a joke. How come they did not realize until a few days ago that there was a huge discrepancy between the money they were holding in their bank and the money deposited by their customers?

You all know this is BS and simply cannot happen. They knew very well they had less than they were supposed to, they just decided to run on fractional reserve and spent customers money to cover their own operational expenses. I wouldn't be surprised if Karpeles even cashed out dividends at some point while knowing the company was virtually bankrupt.

He doesn't need dividend. Just by insider trading and arbitraging he would have earned a lot.

According to sturle they "didn't need" to run on fractional reserve as they did "so much money" in fees that they could have covered ANY hole caused by seizures, misappropriations and whatnot.

My reply: never underestimate greed and incompetence. Bad management can destroy the biggest company in the world.

Yes, hopefully authorities will do a good job on investigating that angle. It isn't credible that they didn't notice the fiat hole before.

[fotosonics]

First time Ive been woken up by my price alarm in a week or so. Lets see where this goes but I have a feeling were going straight back down.

That's no moon, I think you're right...