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Author Topic: Wall Observer - MtGoxUSD wall movement tracker  (Read 1652850 times)
prof7bit
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April 11, 2013, 06:44:50 PM
 #21141

]Why would you worry about that? Has anything like that ever happened before?
There is first time for everything.

It has happened before. If you had access to a few hundred million in hard to trace digital cash you would be tempted wouldn't you?

For all we know the mtgox crew have brought their own private island off a country with a negotiable justice system and are flying out now on their private jet.


No. Everybody knows they already have left the earth a while ago and are operating the business from low lunar orbit, hence the huge lag and the sporadic downtimes that coincide with the moon phases.

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justusranvier
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April 11, 2013, 06:45:20 PM
 #21142

There is first time for everything.
Yes, and they have already happened. Over and over again.

Note for those who are new to Bitcoin:

The odds of any third party that holds bitcoins on your behalf either stealing or losing them asymptotically approaches 100% the longer they remain in business.

Don't let it happen to you. Bitcoin allows you to be your own bank so don't risk your bitcoins by giving to other people to store.
DougTanner
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April 11, 2013, 06:46:07 PM
 #21143

Just picked up a handful of Bitcoins for $50. Wish I had more fiat there, but I guess so does everyone.


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Krabby
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April 11, 2013, 06:46:38 PM
 #21144

What time does the exchange open?
Will you guys be attempting to snipe?
Luno
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April 11, 2013, 06:47:26 PM
 #21145

]Why would you worry about that? Has anything like that ever happened before?
There is first time for everything.

If they had spend costumer deposits making the amounts on peoples accounts not backed by real money and BTC, then yes, but that could have been going on for months on the way up without anyone knowing. So if that's the case, your money could have been stolen weeks ago, not today. they would have used new $$ deposits to pay the ones cashing out until they started to pay out more out than they got in, a real ponzi.

However that would still be fraud in the real world taking peoples money in a scam. Dealing in Bitcoins does not protect the owners of an exchange from the law.

that has never happend in an exchange, true, but in numerous other Bitcoin "businesses" around here.

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DougTanner
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April 11, 2013, 06:56:13 PM
 #21146

Bitstamp crash is over, but it looks like it pulled down the other exchanges with it (except Canada holds strong).


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molecular
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April 11, 2013, 06:57:04 PM
 #21147

With no fees on gox i'm going to place 1000's of bids/asks. I recommend everyone do the same. It's time for gox to be gone.

I agree on diversification, but exploiting a weakness because they have one, is just fucked up. Unfortunately if you hurt gox at this point, that also means you hurt bitcoin in a big way.

It's also not going to hurt. I'm expecting the new engine will be orders of magnitude (probably 2-3 orders) faster than the old one.

So guys. What's the story on why he halted trading to abruptly?

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Wuji
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April 11, 2013, 07:07:27 PM
 #21148

Might sound silly but is there ANY chance mt.gox could shutdown and run off with our money worst case?
Why would you worry about that? Has anything like that ever happened before?

Let's see:

Savings and loans
Enron
Tyco
Worldcomm
Bernie Madoff
CMO's
AIG
Lehman Brothers
Sub prime mortgage crisis
Greek bonds
Cyprus banks (which started the massive run up past $50 on March 17th)

Perhaps they wont "run off" but, not knowing Japanese law I don't know what prevents them from shutting down and declaring bankruptcy or something similar.  I'm not sure US citizens would have much luck getting their money back whatever the law is there.
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April 11, 2013, 07:07:44 PM
 #21149

There is first time for everything.
Yes, and they have already happened. Over and over again.

Note for those who are new to Bitcoin:

The odds of any third party that holds bitcoins on your behalf either stealing or losing them asymptotically approaches 100% the longer they remain in business.

Don't let it happen to you. Bitcoin allows you to be your own bank so don't risk your bitcoins by giving to other people to store.
+1000

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
rpietila
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April 11, 2013, 07:07:54 PM
 #21150

Yeah. Gox will come back with 1000 times better engine. Everybody's sell orders will be instantly executed. Price goes to $15.

Only as all sellers are satisfied, do they realize that the trades were actually executed, and they lost the coins.

Then the buyers see that orders go through, and raise the price to $150, which will become a new floor.

After 2 weeks the crash is forgotten except that some made a killing and some made a lot of dough.

As they say, you can't know if the trade was profitable until you squander all the proceeds.

Go to sleep, molecular. See you in 5 hours!  Grin Grin

Zangelbert Bingledack
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April 11, 2013, 07:12:14 PM
 #21151

BTC is going to hit $5 if not lower, as soon as GOX opens. MARK MY WORDS! Already at $70 on BTC-e....

hahahha, good one Cheesy

Why do you laugh. If he is willing to sell for $5, I can save the trouble trying to log into Gox, and buy outright. Currently I can buy outright BTC40,000. PM me if interested.

PM me, too - I want in on this!
Britainacoin
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April 11, 2013, 07:15:37 PM
 #21152

Any reason the charts look like the Valhalla ride at Alton Towers today?

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foo
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April 11, 2013, 07:15:53 PM
 #21153

Nice arbitrage opportunities right now... Buy on BitStamp at less than 70 dollars, sell on bitcoin.de for over 80 euros.

I know this because Tyler knows this.
ineededausername
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April 11, 2013, 07:17:15 PM
 #21154

The building across from my office looks like a nice place to jump.  Goodbye world.

just kidding I'm fine

(BFL)^2 < 0
DougTanner
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April 11, 2013, 07:20:53 PM
 #21155

All non-Canadian exchanges are crashing hardcore now. I guess the first wave of Mt. Gox. BTC is arriving on those exchanges...


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420
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April 11, 2013, 07:21:11 PM
 #21156

trading goes on at the other exchanges ...

Right ... so all it really takes is for one of this opportunists to flood Bitstamp with bitcoins, sell them all while GOX is offline driving the price down to $20, and BOOM! You have massive panic when GOX opens.


hmm , you're saying i can buy coins for $20 in couple of hours at bistamp?

cuz its so hard for the STATE-ians (USA) to get USD onto stamp the price has to be lower

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TsuyokuNaritai
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April 11, 2013, 07:21:20 PM
 #21157

Yeah. Gox will come back with 1000 times better engine. Everybody's sell orders will be instantly executed. Price goes to $15.

Only as all sellers are satisfied, do they realize that the trades were actually executed, and they lost the coins.

If Gox have any sense whatsoever, they will clear the order book before they re-open, like Vircurex did the other day.

If Gox have any sense whatsoever.

Hmm...

hannesnaude
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April 11, 2013, 07:21:59 PM
 #21158

The building across from my office looks like a nice place to jump.  Goodbye world.

just kidding I'm fine

not funny man.
narousberg
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April 11, 2013, 07:22:20 PM
 #21159

Yeah. Gox will come back with 1000 times better engine. Everybody's sell orders will be instantly executed. Price goes to $15.

Only as all sellers are satisfied, do they realize that the trades were actually executed, and they lost the coins.

Then the buyers see that orders go through, and raise the price to $150, which will become a new floor.

After 2 weeks the crash is forgotten except that some made a killing and some made a lot of dough.

As they say, you can't know if the trade was profitable until you squander all the proceeds.

Go to sleep, molecular. See you in 5 hours!  Grin Grin
100% agree with you. Guys, cancel all you sell orders today, now!!!

narousberg
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April 11, 2013, 07:23:27 PM
 #21160

I think it's a wave of sales related to a large number of new inexperienced players on the market. They are very easy to fall into a panic and pulled the rest

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