Wall Observer - MtGoxUSD wall movement tracker

[molecular]

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?

[Wuji]

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.

[Adrian-x]

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

[rpietila]

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!  

[Zangelbert Bingledack]

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

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]

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

[foo]

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

[ineededausername]

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

just kidding I'm fine

[DougTanner]

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

[420]

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

[TsuyokuNaritai]

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]

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

just kidding I'm fine

not funny man.

[narousberg]

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!  

100% agree with you. Guys, cancel all you sell orders today, now!!!

[narousberg]

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

[Coincrazy]

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

Bitcoin at $50.05 a piece on Bitstamp site - 11 Apr 2013 [some time ago !!]
https://bitcointalk.org/index.php?topic=173632.msg1807367#msg1807367

[wachtwoord]

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

just kidding I'm fine

not funny man.

You saw INAU posted it. He's one of the non-crazy ones

[Adrian-x]

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

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!

if you are in Canada, will pay $10 for all your coins, and anything under the CaVirtex for a fair amount.

[justusranvier]

As long as people are spending bitcoins to buy stuff from merchants the payment processors need to sell BTC for local currency. If they can't sell on Mt Gox because it's closed for 12 hours they'll sell on other exchanges.

[DougTanner]

It turns out Mt. Gox. shutting down was a bad idea in retrospect, when they shutdown the downwards lag-crash was about to recover and go up and lag was coming down. Now it's just a crazy free-for-all

[wachtwoord]

It turns out Mt. Gox. shutting down was a bad idea in retrospect, when they shutdown the downwards lag-crash was about to recover and go up and lag was coming down. Now it's just a crazy free-for-all

What's bad about it? This is a free market. If people want to go crazy, panic and burn their money they are free to do so. No hand-holding, no welfare state. The fittest shall inherit the Earth.