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

[N12]

lol

bitstamp talking about taking down accounts that are not verified (they are requesting ID, they are not giving you a second chance to withdraw)

You aren't thinking like a criminal. The criminals will just acquire fake IDs, get verified, buy BTC and withdraw.

I actually think this was a manipulative move done by Bitstamp to stop its descent and propel it upwards. I expect many more of such manipulations by hodlers, and inevitably some will succeed, as did Willy.

Hell, Bitstamp probably has a whole folder with detailed emergency procedures of what to do when the price gets too low for them. Remember that at equivalent volume levels in BTC, a declining price means declining profits for them.

[Newbie1022]

a couple of tor sites seized =/= entire system collapsing/being government seized

put the Drama-Queen Mode: Off

It's bad. If you don't have a black market, a market that draws consumer demand but where the vendors don't convert all of their proceeds into fiat, then what are you left with? Major retailers (who dump the second somebody spends their coins) and Wall Street (who can make a hell of a lot more money through dumping than pumping... it's easier, less risky, and very lucrative to sabotage).

It's bad. It may actually work to your benefit in the short-term, but it is very bad and getting worse -- that much be said.

I'm not going to advertise their names, but if you think there are no more (established) Bitcoin taking darknet market places, you are mistaken.

There are. It still doesn't make bad news good news. It makes bad news less bad news unless you expect those other sites to absorb 100% of the SR 2.0, et. al. customer base. Also, at what point do those other sites just decide it's not worth it or get shut down themselves (OpenBazaar might be promising on this front as they are better equipped for evading authorities). I guess I am just saying... don't skip down the street and declare something poignantly bearish as bullish... don't be delusional.

[tarmi]

lol

bitstamp talking about taking down accounts that are not verified (they are requesting ID, they are not giving you a second chance to withdraw)

You aren't thinking like a criminal. The criminals will just acquire fake IDs, get verified, buy BTC and withdraw.

I actually think this was a manipulative move done by Bitstamp to stop its descent and propel it upwards. I expect many more of such manipulations by hodlers, and inevitably some will succeed, as did Willy.

Hell, Bitstamp probably has a whole folder with detailed emergency procedures of what to do when the price gets too low for them. Remember that at equivalent volume levels in BTC, a declining price means declining profits for them.

knock knock bitstamp.

mr regulator is at your doorstep.

no more shady business/willy bots.

[N12]

[Thomas-s]

Best shakeout ever   

[N12]

lol

bitstamp talking about taking down accounts that are not verified (they are requesting ID, they are not giving you a second chance to withdraw)

You aren't thinking like a criminal. The criminals will just acquire fake IDs, get verified, buy BTC and withdraw.

I actually think this was a manipulative move done by Bitstamp to stop its descent and propel it upwards. I expect many more of such manipulations by hodlers, and inevitably some will succeed, as did Willy.

Hell, Bitstamp probably has a whole folder with detailed emergency procedures of what to do when the price gets too low for them. Remember that at equivalent volume levels in BTC, a declining price means declining profits for them.

knock knock bitstamp.

mr regulator is at your doorstep.

no more shady business/willy bots.

It's perfectly legal to manipulate Bitcoin prices. There have been no charges against MtGox for manipulation.

[Thomas-s]

lol

bitstamp talking about taking down accounts that are not verified (they are requesting ID, they are not giving you a second chance to withdraw)

You aren't thinking like a criminal. The criminals will just acquire fake IDs, get verified, buy BTC and withdraw.

I actually think this was a manipulative move done by Bitstamp to stop its descent and propel it upwards. I expect many more of such manipulations by hodlers, and inevitably some will succeed, as did Willy.

Hell, Bitstamp probably has a whole folder with detailed emergency procedures of what to do when the price gets too low for them. Remember that at equivalent volume levels in BTC, a declining price means declining profits for them.

knock knock bitstamp.

mr regulator is at your doorstep.

no more shady business/willy bots.

Next Willy will be a Wirry.

[bassclef]

Best shakeout ever   

Yeah it was. I remember speeding home to buy the dip, and just missed it. Oh well. Still cheap coins.

[tarmi]

lol

bitstamp talking about taking down accounts that are not verified (they are requesting ID, they are not giving you a second chance to withdraw)

You aren't thinking like a criminal. The criminals will just acquire fake IDs, get verified, buy BTC and withdraw.

I actually think this was a manipulative move done by Bitstamp to stop its descent and propel it upwards. I expect many more of such manipulations by hodlers, and inevitably some will succeed, as did Willy.

Hell, Bitstamp probably has a whole folder with detailed emergency procedures of what to do when the price gets too low for them. Remember that at equivalent volume levels in BTC, a declining price means declining profits for them.

knock knock bitstamp.

mr regulator is at your doorstep.

no more shady business/willy bots.

It's perfectly legal to manipulate Bitcoin prices. There have been no charges against MtGox for manipulation.

like buying bitcoins with non existing money?

yea, that sounds perfectly legal.

[N12]

like buying bitcoins with non existing money?

yea, that sounds perfectly legal.

I'm certain that Bitstamp has done a full investigation of the legal compliance of their manipulative moves (such as this recent one threatening to seize BTC balances unless the criminals buy and withdraw) and that they will be very careful to toe the line.

Again, a declining Bitcoin price on equal volume (and boy, volume has not been equal, it's actually declined along with the price!) brings Bitstamp into trouble because they have a percentage based commission. When things get too shitty, it's "manipulate or die". And this goes for Bitfinex, too.

[rebuilder]

a couple of tor sites seized =/= entire system collapsing/being government seized

put the Drama-Queen Mode: Off

It's bad. If you don't have a black market, a market that draws consumer demand but where the vendors don't convert all of their proceeds into fiat, then what are you left with? Major retailers (who dump the second somebody spends their coins) and Wall Street (who can make a hell of a lot more money through dumping than pumping... it's easier, less risky, and very lucrative to sabotage).

It's bad. It may actually work to your benefit in the short-term, but it is very bad and getting worse -- that much be said.

I'm not going to advertise their names, but if you think there are no more (established) Bitcoin taking darknet market places, you are mistaken.

How long until the next bust? Will the users have their identities revealed to law enforcement? One bust is a fluke. Two busts is worrying. Three... One may start to think the online drug market business is too risky.

[NotLambchop]

...

...Bitcoin is not a currency and it will not be for a long time. Most important properties of Bitcoin: digital, no counterparty, no monetary policy. Bitcoin is the modern incarnation of precious metals, a kind of super silver...

In the sense that it's an outmoded anachronism with rapidly dropping USD price?  Sure.

If you think an asset with those three properties (Who the fuck needs those, amirite?) is not desirable enough to warrant a rising price (as has happened the past years), too bad for you. Keep stuck in your 2014 view.

Sure.  We've seen retro crazes before.  Who knows, maybe old-timey digital currencies like Bitcoin will be the pinnacle of hipster cool one day

[justusranvier]

One bust is a fluke. Two busts is worrying. Three... One may start to think the online drug market business is too risky.

Last year there were 4 operating markets and one got busted.

This year there were 18 operating markets and 3 got shut down.

Odds of getting busted fell from 25% to 17%.

[conspirosphere.tk]

How long until the next bust? Will the users have their identities revealed to law enforcement? One bust is a fluke. Two busts is worrying. Three... One may start to think the online drug market business is too risky.

They are catching drug dealers in RL every day everywhere by the ton from one century. Did that reduce the drug market?
If Tor sites will be proven unsafe they will move on to a safer platform. Probably alternatives are already available.

[N12]

One bust is a fluke. Two busts is worrying. Three... One may start to think the online drug market business is too risky.

Last year there were 4 operating markets and one got busted.

This year there were 18 operating markets and 3 got shut down.

Odds of getting busted fell from 25% to 17%.

Come on, give the FBI their dues. It's a little unfair to compare markets regardless of size. They picked the biggest fish. I'm sure the percentage is over 50% if you go by the amount of buyers, sellers and goods.

If FBI agents are reading this, great work everyone involved! Enjoy the hash!

[Carra23]

One bust is a fluke. Two busts is worrying. Three... One may start to think the online drug market business is too risky.

Last year there were 4 operating markets and one got busted.

This year there were 18 operating markets and 3 got shut down.

Odds of getting busted fell from 25% to 17%.

Come on, give the FBI their dues. It's a little unfair to compare markets regardless of size. They picked the biggest fish. I'm sure the percentage is over 50% if you go by the amount of buyers, sellers and goods.

If FBI agents are reading this, great work everyone involved! Enjoy the hash!

What was the giveaway this time? Last time was DPR as good as openly boasting about Silk Road.

Surprised they are getting caught with all the mixing services available. At some point there has to be a conversion to fiat so maybe that was the weak link.

[N12]

One bust is a fluke. Two busts is worrying. Three... One may start to think the online drug market business is too risky.

Last year there were 4 operating markets and one got busted.

This year there were 18 operating markets and 3 got shut down.

Odds of getting busted fell from 25% to 17%.

Come on, give the FBI their dues. It's a little unfair to compare markets regardless of size. They picked the biggest fish. I'm sure the percentage is over 50% if you go by the amount of buyers, sellers and goods.

If FBI agents are reading this, great work everyone involved! Enjoy the hash!

What was the giveaway this time? Last time was DPR as good as openly boasting about Silk Road.

Surprised they are getting caught with all the mixing services available. At some point there has to be a conversion to fiat so maybe that was the weak link.

I saw something about the admin having registered the website in his clear name. Seems it's still amateur hour.

Obviously, this is no job for the average nerd. Eventually there'll be markets run by either by mafiosi or by someone with a background in SIGINT. Someone like Satoshi Nakamoto.

[xyzzy099]

The other day Alaska, Oregon, and Washington, D.C. all legalized marijuana, joining Colorado and Washington state.

At the same time, California decriminalized possession of even heroin, cocaine, and most other scheduled drugs.

Prohibition is ending.

I guess the feds are packing in all the fun they can while it lasts.

[thefunkybits]

Nice to see Bitstamp and BFX leading the way this time 

[LFC_Bitcoin]

Still don't get why people buy drugs online.
What happened to ringing friends, asking for a contact, ringing a dealer & meeting them in a car park or some shit.
Who wants to wait to get their stuff delivered.