Was the GOX FUD day bullish or bearish?

[FeedbackLoop]

Just like that.

I think it was immensely bullish for the medium term! Really nice media attention saying how bad Bitcoin has been tanking and how the fundamentals have been depressed by bad news. It may bring in a lot of people that had realised Bitcoin was something big long ago but that were feeling they failed the opportunity to speculate a bit price wise.

Also the epic panic sell seems to have brought some feeling of capitulation on what was looking like a bad technical situation and (yes I'll say it) shaken off some "weaker hands"...

[rocks]

Today we had the largest and oldest bitcoin exchange essentially attack and blame the bitcoin protocol for their failures together with a massive "fat finger" sell/dump for a +80% drop.

The end result was the price quickly recovered to where it was at the start of the day (at several hundreds of dollars valuation).

I think this is bullish, is shows how more and more people are having trust in the system and understand that bitcoin entities are separate from the bitcoin network.

In the end the block chain continues as is, there is massive hashing power protecting the network, all transactions and bitcoin ownership fully preserved on the blockchain (provided you take control of your own money and not let a 3rd party like gox have your money). This is the core concept of bitcoin and nothing has effected that.

This is all bullish IMHO

[gentlemand]

Dunno about bullish or bearish for the market in the short term. I think they may still have the capacity to balls things up for a while yet.

Gox essentially shooting itself in the head has to be good for credibility and stability in the greater picture. I hope none of their customers get burned.

[Ibian]

Neither, it's still ongoing. If they open bitcoin withdrawals again the price will rocket TO DA MOON (sorry). Right now the price mostly depends on their next move. Even no move counts as a move in a situation like this.

My hope is that gox closes down. Don't care how that plays out, it would be better for the long term if this kind of shady crap was removed from the bitcoin ecosystem.

[checkers6676]

Neither, it's still ongoing. If they open bitcoin withdrawals again the price will rocket TO DA MOON (sorry). Right now the price mostly depends on their next move. Even no move counts as a move in a situation like this.

the fact that price is creeping up since the initial drop is very telling. im just wondering if some whale is waiting for price to return to a certain point before they also dump

[MatTheCat]

My hope is that gox closes down. Don't care how that plays out, it would be better for the long term if this kind of shady crap was removed from the bitcoin ecosystem.

Are you infact not a person but a Bitcoin 2 Da Moon Artificial WebBlogger bot?

That would explain the complete lack of rational thinking in practically everything you have to say.

Just like a bot jumbling sentences together that point towards a desired conclusion.

the fact that price is creeping up since the initial drop is very telling. im just wondering if some whale is waiting for price to return to a certain point before they also dump

LOL.

[DeathAndTaxes]

I think a lot depend on what happens next.  If MtGox sticks to it is false statements and claims they "can't" enable withdraws until the fatally flawed bitcoin protocol is hard forked to be more secure well that means at a minimum 6 to 12 months of no withdraws from MtGox.  I can't possible see how that is bullish.   The fact that a few "crypto nerds" know that isn't true isn't going to do much with month after month of news stories about the broken bitcoin protocol and the largest exchange unable to pay users millions of dollars in currency and bitcoins owed.

On the other hand if MtGox quiety retracts their false claims, slinks of into a corner and re-enables withdraws then it could be bullish.

[wachtwoord]

I think a lot depend on what happens next.  If MtGox sticks to it is false statements and claims they "can't" enable withdraws until the fatally flawed bitcoin protocol is hard forked to be more secure well that means at a minimum 6 to 12 months of no withdraws on MtGox.  I can't possible see how that is bullish.   The fact that a few "crypto nerds" know that isn't true isn't going to do much with month after month of news stories about the broken bitcoin protocol and the largest exchange unable to pay users millions of dollars in currency and bitcoins owed.

The foundation could sue them for slander?

[DeathAndTaxes]

I think a lot depend on what happens next.  If MtGox sticks to it is false statements and claims they "can't" enable withdraws until the fatally flawed bitcoin protocol is hard forked to be more secure well that means at a minimum 6 to 12 months of no withdraws on MtGox.  I can't possible see how that is bullish.   The fact that a few "crypto nerds" know that isn't true isn't going to do much with month after month of news stories about the broken bitcoin protocol and the largest exchange unable to pay users millions of dollars in currency and bitcoins owed.

The foundation could sue them for slander?

I am not a laywer but I don't think so.  The foundation doesn't "own" Bitcoin.  In a sad case of irony, it is actually MtGox who owns the trademark for "Bitcoin".  That trademark is probably worth more than the rest of the company combined at this point so maybe they will do the right thing in order to protect the value of their property.

Incompetence could be a valid defense anyways.  It isn't slander to make an incorrect statement.  It is slander to make a statement you know is incorrect.  So if they are too incompetent to understand their claim is false, they can't be guilty.  I don't think it would be that hard for their lawyer to prove their incompetence in court. See there are advantages to being dumb.

[medialab101]

We are cutting Gox free and the price on other exchanges is almost back to $700 again... This is really good news 

[checkers6676]

even if btc at gox are presumed "lost," can legal action be taken against them from the USD side of things?

also, addressing the two possible roads for gox to take from some other thread I saw but can't seem to find, they proposed:
1. If gox opens USD withdrawal, people mass sell BTC on gox to have USD to withdraw and price plummets
2. If gox opens BTC withdrawal, people mass buy BTC on gox and price skyrockets on gox (maybe driving up other echanges) but then all those BTC hit the other exchanges as people withdraw them and the price spike is followed by a equally large crash

I think in either case, or if they open withdrawals of both somehow, the end result will be a price drop (whether immediate or after an initial spike, as in case 2). But with gox claiming the problem is the fault of the protocol, perhaps they wont open withdrawals of either for some months. so the real question is, what will having 68,000+ BTC locked up do to the overall market price? probably push it up...less supply, same demand (or more demand with this low-ish price)

[TERA]

BITSTAMP seems to think that this is bullish. I'm not sure so much about the other exchanges, but the action on Bitstamp and its order book is unreal. My guess is there's some investment firm or whale that operates on Bitstamp and just scoops up tons of coins during crashes like these (silk road, china, etc, and all corrections during november rally).

[MoreFun]

BITSTAMP seems to think that this is bullish. I'm not sure so much about the other exchanges, but the action on Bitstamp and its order book is unreal. My guess is there's some investment firm or whale that operates on Bitstamp and just scoops up tons of coins during crashes like these (silk road, china, etc, and all corrections during november rally).

You are right about the investment firm or fund. "He" is buying really crazy - at $800 level, $700 and now $600. Everytime the price went few percentages down and there was few houndreds BTC wall he bought it out.

[MatTheCat]

BITSTAMP seems to think that this is bullish. I'm not sure so much about the other exchanges, but the action on Bitstamp and its order book is unreal. My guess is there's some investment firm or whale that operates on Bitstamp and just scoops up tons of coins during crashes like these (silk road, china, etc, and all corrections during november rally).

There are some massive buy-in orders been going in on Bitstamp. One just a moment ago for about 700 BTC. Moved the price up $10 to just over $700.

However, Bitstamp is where all the massive sell-off action has been occurring as well (BTC-E 8K sell order not withstanding). From the ones I have witnessed, the Sell-Offs have all been much larger than the buy-ins. Still has to breach $720 and to have more confidence, the $750 level, and then test these levels as supports convincingly before I could have any bullish thoughts on Bitcoin myself.

[BitcoinAshley]

It's bullish in the long-term sense, meaning, even an insane price drop from outrageous FUD was recovered from in less than a day. If we're talking day-to-day, it's neutral. We're back at $700. It's like nothing happened, except now Gox's reputation is even worse. Move along, now...

It's also bullish because every time there's such a large flash crash, more people are reminded to keep low buy orders on exchanges... which means that there is more buy pressure below and is thus harder for whales to fuck shit up with massive sell orders.

[mb300sd]

Bullish. Coinbase price is higher because they ran out of USD on stamp, and its the only place where you can buy instantly with bank funds. Predicting rise when today's wires arrive tomorrow.

[seleme]

I think a lot depend on what happens next.  If MtGox sticks to it is false statements and claims they "can't" enable withdraws until the fatally flawed bitcoin protocol is hard forked to be more secure well that means at a minimum 6 to 12 months of no withdraws on MtGox.  I can't possible see how that is bullish.   The fact that a few "crypto nerds" know that isn't true isn't going to do much with month after month of news stories about the broken bitcoin protocol and the largest exchange unable to pay users millions of dollars in currency and bitcoins owed.

The foundation could sue them for slander?

I am not a laywer but I don't think so.  The foundation doesn't "own" Bitcoin.  In a sad case of irony, it is actually MtGox who owns the trademark for "Bitcoin".  That trademark is probably worth more than the rest of the company combined at this point so maybe they will do the right thing in order to protect the value of their property.

Incompetence could be a valid defense anyways.  It isn't slander to make an incorrect statement.  It is slander to make a statement you know is incorrect.  So if they are too incompetent to understand their claim is false, they can't be guilty.  I don't think it would be that hard for their lawyer to prove their incompetence in court. See there are advantages to being dumb.

When some of us were saying that Bitcoin community should fight MtGox claiming trademark for Bitcoin, lot of oldtimers here said it's better them to own it than anyone else.

[seleme]

It's bullish in the long-term sense, meaning, even an insane price drop from outrageous FUD was recovered from in less than a day. If we're talking day-to-day, it's neutral. We're back at $700. It's like nothing happened, except now Gox's reputation is even worse. Move along, now...

It's also bullish because every time there's such a large flash crash, more people are reminded to keep low buy orders on exchanges... which means that there is more buy pressure below and is thus harder for whales to fuck shit up with massive sell orders.

I'ts pretty much SR flash crash all over again. We all know what happened after that 

Bears were desperate to restock and I wouldn't at all exclude the option that Gox were just playing the market for themselves or some big client.

[MatTheCat]

I'ts pretty much SR flash crash all over again. We all know what happened after that  

Bears were desperate to restock and I wouldn't at all exclude the option that Gox were just playing the market for themselves or some big client.

The lady doth protests too much methinks.

Go an point me to a single time when anything you have said has rung true since 2014.

[vokain]

mat you seem to get so personal