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

[windjc]

If this news is real, then I welcome it. I would love for China to leave the bitcoin game entirely (at least for a few years until they may be forced back into it). Then we can get some real capitulation, find real support in the market and slowly let bitcoin re-earn the respect of future investors. Then we can go off towards the moon again.

China's bitcoin run will be a short and historic one, full of happiness and sadness. Meanwhile, its time to end this ultimately toxic relationship.

[chessnut]

too far too fast. I think a bounce up to 480 is possible and, by my eyes likely.

[KeyserSoze]

If this news is real, then I welcome it. I would love for China to leave the bitcoin game entirely (at least for a few years until they may be forced back into it). Then we can get some real capitulation, find real support in the market and slowly let bitcoin re-earn the respect of future investors. Then we can go off towards the moon again.

I believe I have gleaned from Jorge's posts that he may be able to help us get into Latin America strong. He can really drum up support at the University, perhaps by pacing around in front of the cafeteria wearing a Bitcoin sandwich board.

[y3804]

too far too fast. I think a bounce up to 480 is possible and, by my eyes likely.

+1. Only Alipay has confirmed the news for now. Still more than two weeks for banks to confirm the news and cancel fiat withdrawal, etc... Until then this is hoax

[rpietila]

here's a question,

why doesn't this get more play around here?

http://www.cnet.com/news/mt-gox-liquidation-given-go-ahead-by-tokyo-court/

this effectively means that any and all assets of value will be sold to make a pile of money for the lawyers and accountants and all them,

I would see this as cheap bitcoin flooding the market, but I have sometimes been know to see things which are not there.

Not that it is much of my business, but...

...why is there no discussion anywhere that the BTC given to Mt.Gox for safekeeping are not that company's assets, nor loans to it? They belong to the customers as customer property (or customer funds). In liquidation, the customer property is returned to its owner and not commingled with company assets nor used to pay its lawyers. If the guardian has failed with safekeeping so that a part of the property is stolen, the loss should be prorated, especially if there is no mention in TOS.

Actually it is my business (point: III). I decided to mention this once in every 500 posts.

[windjc]

too far too fast. I think a bounce up to 480 is possible and, by my eyes likely.

+1. Only Alipay has confirmed the news for now. Still more than two weeks for banks to confirm the news and cancel fiat withdrawal, etc... Until then this is hoax

So, in other words, this is just the first of many large sell offs in China?

[JorgeStolfi]

I believe I have gleaned from Jorge's posts that he may be able to help us get into Latin America strong. He can really drum up support at the University, perhaps by pacing around in front of the cafeteria wearing a Bitcoin sandwich board.

I will ask Dilma to appoint me Minister of Bitcoin, and put the BCB (Central Blockchain of Brazil) under my authority.

If THAT news does not crash the price to zero, nothing will.

[windjc]

too far too fast. I think a bounce up to 480 is possible and, by my eyes likely.

Possibly. But we should all keep in mind that Houbi is front running the other exchanges. They will catch up. There is no 480 without Houbi. And in fact, currently the gap is bearish.

[Davyd05]

Stamp stopped giving a fuck

[Cassius]

too far too fast. I think a bounce up to 480 is possible and, by my eyes likely.

"HOLY CRAP CHINA HAS BANNED - oh no, wait a minute..."

[JorgeStolfi]

...why is there no discussion anywhere that the BTC given to Mt.Gox for safekeeping are not that company's assets, nor loans to it? They belong to the customers as customer property (or customer funds).

Is this interpretation confirmed by courts somewhere?

One possible complication is that bitcoins were virtually traded for dollars etc. inside MtGOX.  So if a client deposited 200$ when the BTC price was 10$, and traded traded traded until he had 50BTC and 600$ in his MtGOX's account -- are those 50BTC and 600$ his "property given to MrGOX for safekeeping", debts of MtGOX towards him, or just irrelevant numbers once displayed on a webpage?

[windjc]

Stamp stopped giving a fuck

Europe is asleep.

[shmadz]

here's a question,

why doesn't this get more play around here?

http://www.cnet.com/news/mt-gox-liquidation-given-go-ahead-by-tokyo-court/

this effectively means that any and all assets of value will be sold to make a pile of money for the lawyers and accountants and all them,

I would see this as cheap bitcoin flooding the market, but I have sometimes been know to see things which are not there.

Not that it is much of my business, but...

...why is there no discussion anywhere that the BTC given to Mt.Gox for safekeeping are not that company's assets, nor loans to it? They belong to the customers as customer property (or customer funds). In liquidation, the customer property is returned to its owner and not commingled with company assets nor used to pay its lawyers. If the guardian has failed with safekeeping so that a part of the property is stolen, the loss should be prorated, especially if there is no mention in TOS.

Actually it is my business (point: III). I decided to mention this once in every 500 posts.

I agree with your interpretation of how the remaining assets of gox should be handled.

Unfortunately for the holders, my *limited* understanding of japan's bankruptcy protocols, they will first liquidate all holdings into a common asset (most likely japanese yen) and then distribute from there... It may take many years. Such is the pace of the legacy system.

Just an example how regulation only makes things worse.

this fight is only starting...

[Cassius]

Stamp stopped giving a fuck

Europe is asleep.

I wish. My son woke up early and I'm dividing my time between getting some work done, these boards and the Night Garden. Honestly I'm not sure which is more surreal sometimes.

[Davyd05]

Stamp stopped giving a fuck

Europe is asleep.

I wish. My son woke up early and I'm dividing my time between getting some work done, these boards and the Night Garden. Honestly I'm not sure which is more surreal sometimes.

and stamp is back on the reaction slide.. I gotta send money to the exchange tomorrow.. lowering average buy in price ..Is just a must..

found 1900 cash in trust to me, it was a mutual fund setup in 97' it peaked in 07-08' at like 2400...initial value was 1100... I mean 14 years to be up $800.. in a growth fund.. I think I'd rather give the 1800 14 years in cold storage as btc now.

[ShroomsKit]

Why does this ridiculous panic continue? Wth is wrong with these idiots!

[akujin]

 

[gizmoh]

Why does this ridiculous panic continue? Wth is wrong with these idiots!

Because it is the end of Chinese pump era, this time Confirmed!

[y3804]

Why does this ridiculous panic continue? Wth is wrong with these idiots!

Because it is the end of Chinese pump era, this time Confirmed!

What he said ^^.

China led us from $100 to $1000. China will drive us back to $260. End of story.

[akujin]

Why does this ridiculous panic continue? Wth is wrong with these idiots!