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

[dreamspark]

if we test the low again, i'm gonna get a few thousand bits.

Which low ?

$340?

[adamstgBit]

if we test the low again, i'm gonna get a few thousand bits.

Which low ?

$340?

no 24hr low

i'm a buyer right below that

[cbutters]

So we make a $150 move upwards, then retrace ONLY $30 back, and everyone is calling for new lows again? Are you guys mental?

[Teppino]

i'm not quoting fonzie but he's actually right about bitfinex

But if some people lost a lot on margin calls,mother people gained just as much right? That's how the market works, someone gains, someone loses.

So the people who lent money to margin traders would have made a killing right? And they could potentially invest (part of) that money into bitcoin, right?

Or do I miss something?

I think you missed the bit where all Teppino was saying is that Fonzie is right in that Bitfinex was down at the time. Not to all his other perma-bear/ uber-troll posts.

I doubt many people would have lost a lot on margin calls as when the site went down trading stopped, its not like you couldn't close a position while the market still moved. So the market was in exactly the same position when it opened as when it closed so no calls happened at a time you couldn't have closed them.

Yep, i have fonzie on ignore myself but i sometimes peek on troll posts nevertheless

I'm far from achieving that zenlike emotional detach from market, therefore i can stand trolls only in bullish times

[adamstgBit]

So we make a $150 move upwards, then retrace ONLY $30 back, and everyone is calling for new lows again? Are you guys mental?

lol

the move up is justified, if you keep up with bitcoin news...
its bullish out there

buy the dips
buy all the dips

[KFR]

So we make a $150 move upwards, then retrace ONLY $30 back, and everyone is calling for new lows again? Are you guys mental?

lol

the move up is justified, if you keep up with bitcoin news...
its bullish out there

buy the dips
buy all the dips

Buy all the dips; hodl all the bits.   

[zimmah]

i'm not quoting fonzie but he's actually right about bitfinex

But if some people lost a lot on margin calls,mother people gained just as much right? That's how the market works, someone gains, someone loses.

So the people who lent money to margin traders would have made a killing right? And they could potentially invest (part of) that money into bitcoin, right?

Or do I miss something?

I think you missed the bit where all Teppino was saying is that Fonzie is right in that Bitfinex was down at the time. Not to all his other perma-bear/ uber-troll posts.

I doubt many people would have lost a lot on margin calls as when the site went down trading stopped, its not like you couldn't close a position while the market still moved. So the market was in exactly the same position when it opened as when it closed so no calls happened at a time you couldn't have closed them.

Yep, i have fonzie on ignore myself but i sometimes peek on troll posts nevertheless

I'm far from achieving that zenlike emotional detach from market, therefore i can stand trolls only in bullish times

I have him on ignore as well, but i just peeked to see what it was about. And that post seemed not that bad for someone on my ignore list.

[gotmilk_]

From bitstamp FB:

Bitstamp BTC Proof of Reserves, May 2014
Dear Bitstamp clients,
To reassure clients, Bitstamp regularly performs a procedure to prove its BTC reserves.
On May 24th, 2014, Mike Hearn of Vinumeris GmbH, bitcoin core developer and prominent member of bitcoin community observed Bitstamps proof of reserves procedure. Reserves were proven by conducting a Bitcoin send-to-self transfer.
Details of the procedure are provided in the PDF linked here:
https://www.bitstamp.net/s/documents/Bitstamp_proof_of_reserves_statement.pdf
In summary, Bitstamp held 183,497 BTC its cold wallet fully covering both the clients funds held at Bitstamp and the clients funds on the Ripple network.
Additionally, a financial statement audit is in progress.
Best regards,
Bitstamp team

Cool  

[Bronstad]

So we make a $150 move upwards, then retrace ONLY $30 back, and everyone is calling for new lows again? Are you guys mental?

lol

the move up is justified, if you keep up with bitcoin news...
its bullish out there

buy the dips
buy all the dips

Buy all the dips; hodl all the bits.   

If you're gonna buy the dips, you can put them in this Glamour Gold 2-piece Chip and Dip Set only 0.125 BTC from overstock.

[segeln]

I'm far from achieving that zenlike emotional detach from market, therefore i can stand trolls only in bullish times

+1

[KFR]

From bitstamp FB:

Bitstamp BTC Proof of Reserves, May 2014
Dear Bitstamp clients,
To reassure clients, Bitstamp regularly performs a procedure to prove its BTC reserves.
On May 24th, 2014, Mike Hearn of Vinumeris GmbH, bitcoin core developer and prominent member of bitcoin community observed Bitstamps proof of reserves procedure. Reserves were proven by conducting a Bitcoin send-to-self transfer.
Details of the procedure are provided in the PDF linked here:
https://www.bitstamp.net/s/documents/Bitstamp_proof_of_reserves_statement.pdf
In summary, Bitstamp held 183,497 BTC its cold wallet fully covering both the clients funds held at Bitstamp and the clients funds on the Ripple network.
Additionally, a financial statement audit is in progress.
Best regards,
Bitstamp team

Cool  

Don't tell Jorge.

[JorgeStolfi]

From bitstamp FB:

Bitstamp BTC Proof of Reserves, May 2014
Dear Bitstamp clients,
To reassure clients, Bitstamp regularly performs a procedure to prove its BTC reserves.
On May 24th, 2014, Mike Hearn of Vinumeris GmbH, bitcoin core developer and prominent member of bitcoin community observed Bitstamps proof of reserves procedure. Reserves were proven by conducting a Bitcoin send-to-self transfer.
Details of the procedure are provided in the PDF linked here:
https://www.bitstamp.net/s/documents/Bitstamp_proof_of_reserves_statement.pdf
In summary, Bitstamp held 183,497 BTC its cold wallet fully covering both the clients funds held at Bitstamp and the clients funds on the Ripple network.
Additionally, a financial statement audit is in progress.
Best regards,
Bitstamp team

Cool  

Yawn.  Another "audit" that proves nothing, but reassures those who want to believe. 

At least we know the sum of the balances of all Bitstamp client accounts (if we trust Bitstamp, that is).  A useful datum, although useful to what I can't say at the moment.

[KFR]

 

[Cassius]

From bitstamp FB:

Bitstamp BTC Proof of Reserves, May 2014
Dear Bitstamp clients,
To reassure clients, Bitstamp regularly performs a procedure to prove its BTC reserves.
On May 24th, 2014, Mike Hearn of Vinumeris GmbH, bitcoin core developer and prominent member of bitcoin community observed Bitstamps proof of reserves procedure. Reserves were proven by conducting a Bitcoin send-to-self transfer.
Details of the procedure are provided in the PDF linked here:
https://www.bitstamp.net/s/documents/Bitstamp_proof_of_reserves_statement.pdf
In summary, Bitstamp held 183,497 BTC its cold wallet fully covering both the clients funds held at Bitstamp and the clients funds on the Ripple network.
Additionally, a financial statement audit is in progress.
Best regards,
Bitstamp team

Cool  

Yawn.  Another "audit" that proves nothing, but reassures those who want to believe. 

At least we know the sum of the balances of all Bitstamp client accounts (if we trust Bitstamp, that is).  A useful datum, although useful to what I can't say at the moment.

Jorge, this is another example of you discarding information that doesn't meet your starting criterion of bitcoin = scam.
Confirmation bias doesn't do you any favours.

[keithers]

So we make a $150 move upwards, then retrace ONLY $30 back, and everyone is calling for new lows again? Are you guys mental?

I know sheesh. We are still well in the green on the one week chart, as well as the one month chart.  We just slipped back into the Red on the three month chart only...

[dreamspark]

From bitstamp FB:

Bitstamp BTC Proof of Reserves, May 2014
Dear Bitstamp clients,
To reassure clients, Bitstamp regularly performs a procedure to prove its BTC reserves.
On May 24th, 2014, Mike Hearn of Vinumeris GmbH, bitcoin core developer and prominent member of bitcoin community observed Bitstamps proof of reserves procedure. Reserves were proven by conducting a Bitcoin send-to-self transfer.
Details of the procedure are provided in the PDF linked here:
https://www.bitstamp.net/s/documents/Bitstamp_proof_of_reserves_statement.pdf
In summary, Bitstamp held 183,497 BTC its cold wallet fully covering both the clients funds held at Bitstamp and the clients funds on the Ripple network.
Additionally, a financial statement audit is in progress.
Best regards,
Bitstamp team

Cool  

Kinda cool.

 I don't have any doubts about their solvency, I want some answers and clarification of their over zealous KYC/AML procedure 

[Nightowlace]

I'm just going to leave this here;
$666 by Monday June 2, 2014

[dani]

Prepare everyone - we're going down! I'm pretty confident as you will see: I just bought some.

..cc..m..f?

[soullyG]

From bitstamp FB:

Bitstamp BTC Proof of Reserves, May 2014
Dear Bitstamp clients,
To reassure clients, Bitstamp regularly performs a procedure to prove its BTC reserves.
On May 24th, 2014, Mike Hearn of Vinumeris GmbH, bitcoin core developer and prominent member of bitcoin community observed Bitstamps proof of reserves procedure. Reserves were proven by conducting a Bitcoin send-to-self transfer.
Details of the procedure are provided in the PDF linked here:
https://www.bitstamp.net/s/documents/Bitstamp_proof_of_reserves_statement.pdf
In summary, Bitstamp held 183,497 BTC its cold wallet fully covering both the clients funds held at Bitstamp and the clients funds on the Ripple network.
Additionally, a financial statement audit is in progress.
Best regards,
Bitstamp team

Cool  

Yawn.  Another "audit" that proves nothing, but reassures those who want to believe. 

At least we know the sum of the balances of all Bitstamp client accounts (if we trust Bitstamp, that is).  A useful datum, although useful to what I can't say at the moment.

Jorge, this is another example of you discarding information that doesn't meet your starting criterion of bitcoin = scam.
Confirmation bias doesn't do you any favours.

Actually, Jorge has a point - although the audit proves that they held X amount of BTC when this was carried out, the total being compared against is taken from their database, so may be incorrect, and would definitely be one of the first things to alter if someone was stealing BTC.. I'll be much happier when they implement a full (user verifiable) merkle tree proof of solvency as described here:

https://iwilcox.me.uk/2014/proving-bitcoin-reserves#merkle_top

[ChartBuddy]

Explanation