It's seven days to go to Xmas and we have a slow rolling crash that will take at least two weeks to play out as the whole of China exits BTCC.  The news article said withdrawals will also be banned by spring festival which is 31 January.   This story is going to dominate BTC press for weeks.  

This isn't over by a long shot.

I think you posted the link.


http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190

It's 422 am in China (one time zone).  New waves of selling pressure starting in about an hour.  

Bottom at 425 on 4 January

Fucking hurry up and get down into the 600s.  I'm impatient to buy my next block.  

I am determined to load up on every 15% drop (in absolute terms).

C'mon Mt Gox break into 600s.  You know you can do it. 

Still waiting for Mt Gox to break into the 600s.  Don't people realise we are trying to have a crisis here?

China still has currency export controls. Of course they are going to shut down BTC on the mainland.  Maximum fiat withdrawal for mainlanders without guanxi is still USD50,000 per annum.  

Woohoo 700 breached on the Gox.  Here we go !

Those of us who have only recently joined this particular MMO would very much appreciate a crash an order of magnitude greater than so far made available so we can dollar cost average in.  

I have a stack of fiat ready to buy but my personal trading rules prevent me from buying any more until the price drops further.  So I sit and do nothing.  Which is boring.  

Its 7.30 am in China.  Sleeping in?  Volume does look very light.  Lag?

 

Nice one. 

So who is going to move some bitcoins onto BTC China, convert to yuan, wait for bank transactions to be formally banned, buy back bitcoin when all hell breaks loose and send the bitcoins back to the West?

Good.  Hurry up.  Breaking 675 on Gox would be a good start instead of mucking around at 701 for the past 24 hours.

Clearly a hash rate bubble.

It will be back at late 2012 levels by mid 2014.  Obviously. 

Gox is such a tease. Stop bouncing off 680. 

$679 on Gox.  Thats enough for now. Burp.  

You got it baby.  I might have to come back for another bite sooner than I thought.  

Reshaping my buy curve so I don't run out of fiat before $10.   

Didnt think I would be back so soon.

Nom nom nom nom.

Burp.  

Looks like I am going to be back for another bite soon.

Sure glad I have my buy curve planned down to $10.  Maybe I need to plan for sub $10.

Feel free to go make popcorn.  Its ending rather slowly and will still be here in 15 minutes time.  

Lol $20 drop on Gox to 580 in 3 seconds.  Maybe better hurry up with that popcorn. 

Some Chinese billionaire moving his billions offshore deep in the FUD.  

Nom nom nom nom nom.

Burp.

When this eventually snaps back someone gonna get whiplash.  

It was written a long time ago.  60 minutes ago...

Just me or are the spreads between Gox, Bitstamp and BTCe really narrowing?

500.6.  Holding for 3 seconds so far...

No battle here.  Move along.  

I have been buying all the way down as well although I hesitated and missed 480 on Gox.  

Dont run away from me now just because I missed buying at 480.

Someone just stuck a rocket up Gox.

And to think I was complaining about how boring it all was this morning.  Im not bored now.  

600.

Fuck me dead.

Thats ummm 120 USD rise in about 3 minutes.

Quoted for truth.  Wtf is going to happen when people can't get fiat onto the exchanges for 10 days straight because no one is around.  I have planned for this and my fiat is already there.  90 percent of the population hasn't. 

By the way seeing as I called the bottom pretty much to the dollar before Gox even dipped below 700 I am going to hold to my original prediction that we will see another dip into the 400s before US banks reopen on the 4th.

Good point.  CNY end January so expect another dip around then.  All those red envelopes to fill. 

Coins are on the interwebs not in Ireland.  Jurisdiction is irrelevant.

Go set aside a separate wallet for your friends with a couple beers worth of btc in it.  What you might buy them at the bar on a Friday night.  Don't tell them.  Leave it for two years.  Give it to them in 2016.  

I expect it to be 400s sometime between now and 4 January.  

This is what I have learned from Bitcoin this last week.  

10 percent drop is huh wat?
20 percent drop is a squiggle
30 percent drop is a wiggle
40 percent drop is an adjustment
50 percent drop is a correction
60 percent drop is a strong correction
70 percent drop is a crash
80 percent drop is time to hodl

Maybe snack time soon. 

Bitcoin.

Market is down 6.9% over 24 hours and everyone is bored. 

Poor unloved wall.  230 am in china on Sat night.  Everyone has gone to the karaoke bars.  Or tucked away in bed.  

Switching tactics. Have sat on my hands since the crash and done nothing after buying all the way down.  Now starting to buy in little nibbles.

Something wrong with my browser I am only seeing posts on wall observer at 40 minute intervals. 

So another cross in five minutes and bots sell?

If Satoshi is exiting perhaps we should pay attention. 

So if the market dropped more than 50 percent?   Like for example from 1200 to 500?  Good thing Bitcoin also has non volatile periods. 

I think the payments Ripple show on their website are completely imaginary too. 

As I was posting a smart ass comment about EMAs crossing a nice red candle appeared.  Still only down to 660 but at least it's some action. 

With a little aimless drifting thrown in + / - $10 US. 

Nice shots.  Not how I imagined Satan looking. 

Good news story out of Singapore.  For those not aware Singapore is a major international financial hub.

Also helps rich Chinese mainlanders with links to Singapore to buy.  

http://www.techinasia.com/singapore-government-decides-interfere-bitcoin/

Wtf is that some sort of Russian version of a Tata ?!

I should probably know that.  Was thinking a mini version of the Russian Dakar trucks - Kamaz I think they are called. Mad bastards.

Sharp drop on Gox from $701.50 to $701.20 over the last five minutes when I last checked.

This is more like the Bitcoin I know and love.  The lack of volatility over Xmas was disturbing. Cmon we need a 50% price drop now just to keep everyone on their toes.  

If Loaded is still in Shanghai and goes out to the Big Bamboo tonight he will definitely regret it in the morning. 

I'll tell you what happened.  They (me) burnt that fiat buying in about 5 minutes ago.

I am fine with that.  I am still sitting on all the coins I bought all the way down from 800 to 500 with my heart in my mouth last crash. (I started panic holding when it dropped under 500).

BTC taken in my area. XBT available at a cost of $3k.  I would rather put the 3k into bitcoins...

It means the Germans are full of bullshit.  

This is the weekend crash.  

CBF calculating it but it just might look like the spread is increasing when it is staying constant in % terms. 

If this is correct this makes the current market price meaningless. BTC is ridiculously thinly traded.  

Further you cannot extract a market cap out to 12 million coins based on trades of 25,000 coins.  People saying BTC has a market cap of $12 billion fail to appreciate what would happen if one whale stirred.

People will probably flame me for saying this but whatever.  I am contributing by buying and hodling.

I am perfectly aware that the price will go to 1 billion dollars per BTC when there is only 1 bit coin left on Mt Gox.  I am also perfectly aware that this price will instantly halve when some whale releases a second bitcoin on Mt Gox because "the market can't handle the volume".

It's laughable and I am quite enjoying it all.  

What discount do you think the big off-exchange trades are going at?  My bet is that they are at least a 50% discount to market (still an enormous sum).

Yes but we need some progress on all this innovation. It's all vapourware apart from a few ATMs and POS systems. There is no functional colour coin system, the p2p exchanges *may* work for crypto but are horribly flawed at the fiat end, 99% of alt coins are bullshit etc.

I'm not talking about some miner with 50 coins to flog.

You tell me how you would sell 100,000 coins in this market inside a month without destroying the global market.  The *only* way to do it is off exchange.  And the buyers know that - they will have exactly the same problem unless they themselves sell off market (eg an ETF) to the punters.

In case you haven't noticed the Winkelvii are stranded if they can't get an ETF up or they don't find another whale to bail them out.  It's quite funny really and their position is only getting worse as the liquidity dries up and the price goes up.  

Of course it's a nice problem to have and maybe liquidity will return.  One day.

Obliterated.

This is hyperexponential.  

Can I make a request for a hyperexponential line on a chart pls TA experts.  K thnx

Ps Australian stock market up 15.5 percent in 2013.

Bitcoin up 18.8% in 18 hours.

Panic and despair from those whose wires are delayed. 

From Wikipedia:  


Convergence to the infinite power tower.  Omg.  That's pornographic.

You can withdraw fiat from gox in yen. 

As the value of BTC rises the risk of someone suing Mt Gox and shutting it down in Japan rises.  

It doesnt make any sense to hire Japanese lawyers if Mt Gox owes you $2000.  It is a no brainer if Mt Gox owes you $20 million and isn't paying.

By extension a drastic price rise is dangerous for all exchanges.

I think I am getting paywalled out of the FT article.

Is that a typo in the URL or malware.  What is .be supposed to be?

I expect Mt Gox has gotten itself into a position where people don't send it fiat only bitcoin. Accordingly it is bitcoin rich and has severe fiat cash flow problems.  It can't exactly dump its bitcoin holdings on Bitstamp.

Quick someone buy a Satoshi for $10,000 so bitcoin can have a trillion dollar market cap.  

If you managed to get a retrial I don't think you could be convicted though.

Why would you trade on Gox if you can trade on Huboi?  I bet most of the volume is just Westerners.

This flash crash doesn't seem very flashy or very crashy at the moment.  Going to try to go back to sleep - alarm set for 650 on Gox.  

+1

I was thinking more in terms of being a hot blonde and hanging around the yacht club but ok. 

That's where the billionaires are.  You can tell which ones they are because they have the maxi racing yachts with a crew of 19.   Time for a boat for Goat?

So where are these $650 coins I was promised with the Taobao crash.

I will have to do that then. Wonder if there is any plankton in the goldfish pond.

I have placed my prayer in the temple and will light a red candle for Chinese New Year.  Long may it burn.

It shows how stupid traders think other traders are.

They will get very fucking exciting if Ghash.io gets another 8% hashing power.  It is currently sitting on 42% and climbing fast. 

Look at past 24 hours chart.

Care to share your tips on talking your way out of tickets?

It's not just having USD, it's having a credit card with a US billing address.

I live in Australia. Many Australians open US bank accounts when they are on holiday in the US and keep them stocked with funds so they can access various things that are not available in Australia like Netflix. Dodging geoblocking is a national sport.  

Bitcoin makes this easier.  You don't have to have a USD credit card with a US address.  Third party shipment processors them deal with the issue of the vendor not wanting to ship outside the US for physical goods.  

Presumably dollar cost averaging. 

Don't sell yourself short there all sorts of tastes out there

http://www.news.com.au/lifestyle/real-life/meet-the-stars-of-channel-4s-secrets-of-the-living-dolls-men-who-like-to-dress-up-as-dolls/story-fnixwvgh-1226798638517

I'll get you started.

#

I love dinosaurs.  I wish we had honey badger patterns right now though.

-1 for posting about $7 bitcoin

We need some high quality FUD. 

The TLDR version of the China news is that some senior party official banking guy restated the Dec 6 announcement which was that people are free to trade in bitcoin at their own risk.

This is being taken as a sign that nothing will happen on 31 Jan.

Imagine how the Chinese feel trying to read the Satoshi white paper in mandarin using google translate. 

Bitcoin is very boring.  This price stability is forcing me to do actual work at work.

Silk Road dump incoming - 26,000 coins.  FBI has said they are going to sell.  Judge has approved sale.

http://www.forbes.com/sites/kashmirhill/2014/01/16/the-feds-are-ready-to-sell-the-silk-road-bitcoin-kind-of/

Can you at least try to play along?  I would like to lower my dollar cost average.  Remember we are supposed to be a team here.

I am willing to offer the US government up to $20 for the coins.

Unfortunately they aren't stupid.  They won't sell them all on a single day.  My guess is 2600 lots of 10 btc sold over 2 months.

If a big lot will be very useful to find out whether the whales are paying over or under the odds.   Given the publicity around this and the relatively small number ($22 mill)  I will lean towards over.  It would not be a good look if these went for $12 million if the current market price holds.

Different story with 126k coins because that is starting to be real money.

Jack be limbo, Jack be quick
Jack go unda limbo stick
All around the limbo clock
Hey, let's do the limbo rock

Limbo lower now
Limbo lower now
How low can you go?

Obviously bitcoin is now stable at its long term price.*













* A day in bitcoin land is long term. 

Stamp broken below tight range to 810 USD

Wall at 810 under attack 70 btc in a blink

Momentary excitement over sitting  back quietly at 811 on stamp. 

But not enough to tip the apple  cart.  Which is good because I have very little fiat on exchange at this moment.

Huoboi dropping fast. Don't know why.

I'm glad I moved a chunk of fiat into exchange yesterday.  Now to sit and wait.

We need pics of falling knives and trains of fire pls k thnx.

Absolutely.  Single digit coins tomorrow.

Don't forget to panic sell at 500 !

Haven't bought anything yet.  Still too expensive.  Just a little lower please.

Meanwhile Huoboi is on a tear back up ATM.  Fucking green candles.

 230 pm in China ATM.

We are seeing reasonable volume.  About half of the last big crash.

Yeah ok fair call.  Shows who wears the pants in this relationship. 

It's still boring until it drops under 666.

Fuck hodl.  Buy.  Soon. Not yet.  Patience.

Still waiting. Price got within 9 dollars of my first buy point. I may have missed the dip but don't care if it was only 5%.  Not worth bothering about.

I don't have a girlfriend. My wife would kill me.

Moonshot.  Choo. Choo..  

What are you using to look at bfx wall?  Or just looking at order book?

Thanks for the tip about BFX being on bitcoinwisdom.  I have never hit the markets tab before.

Huobi dumping.  Fastish.

Bitstamp now paying attention to Huobi.

Huobi stabilising around 4950ish for the moment.

Huobi 4910.  Wonder if I am going to wake up to some filled orders tomorrow am.

200 wall at 4900 gone in less than 20 seconds.

Good morning.  I see I got an order filled at $757 on Bitstamp while I slept.

Thank you bears for your good teamwork.

I see my second order at 727 BSP was filled.  

Thank you bears for the honey.

I still have some left in the 600s if you want to keep going.

Lol that's not the elephant in the room.

More Gox FUD.

Tiger Direct drops bitcoin.

Someone says they have cracked SHA 256.

A US Senator brings a private members bill to make possession of bitcoin a felony.

The Bitcoin Foundation website gets hacked.

Lots of ideas for more FUD.  

End of Chinese holidays. 

But it didn't make that much of a dent.  BTC E is still $15 cheaper.   Bearstamp is still tied to Huobi and BTC E is off on a frolic of its own.

They are all imaginary coins anyway so doesn't matter. 

Doge will crash.

So here we all are sitting around waiting for the Chinese to come back from holiday.  I've got a buy order on BSP that filled at 811 about 8 hours ago and so far the price has done exactly nothing.

Bitstamp move back up immediately.  Huobi has not given you permission to go down.

Good Bitstamp.  You can now have a cookie.  Just don't do it again.

If you listen to the grumpy old timers around here they have seen it all before and will tell you that Gox will still be around in 2016 and Gox will fix its withdrawal problems soon and you whippersnappers don't know what you are talking about. 

Electricity isn't so relevant anymore with ASICs. It the capital cost.

Ok let's speculate.  How low could we go on a Gox collapse?

Stamp dip to 775.

Be happy your trades went through 

It is important that we do not drop below $193 because I will have no more fiat left to buy.

Blah blah blah 99 quadrillion pre mine blah blah blah.

There hasn't been a block in 61 minutes.  Shit gonna go down when next blocks start hitting. Hold onto your pants.

First block hit. Let's see what happens.

Miners have not mined a block for over an hour.  Means all the coins moving to the exchange to sell have been stuck in queue. Now released.

You don't have a plan so do nothing. 

Fair comment.  We have 3 confirmations now though.  

Please tell me you are not sending coins to Gox.

On his yacht in the Med.

My thoughts are we have seen the end of coins from Mt Gox.  There will never be another coin that leaves because there aren't any left.  

Thank you for the offer but I will pass.  No disrespect to yourself but other bets on this forum do tend to end in tears.

Tera

How do you calculate how much funds you have left to bid in exchange mode without spreadsheeting it all?  

I can't find an easy way on BFX to display your non frozen / non committed funds.  

Also BFX was allowing unfunded orders to be placed for a few hours which is slightly worrisome.  It is now stopping me from placing them which is a good thing. 

I can believe USD problems.  I can believe SEPA problems.

In isolation from the above, I can believe bitcoin client problems.

I am deeply troubled by JPY domestic withdrawal issues.  

Put all 4 factors together at the same time and it is the exact behaviour of a company that is trading while insolvent.  Especially since this pressure has been building for such a long time.  

I think (for one reason or another) that they have probably been technically insolvent since June when they stopped the USD wires.  That bought them some time.

It is only now that they have finally had a run on the bitcoin bank and exhausted their ability to string everyone along and the music has stopped.  Everyone in the room caught without a chair is SOL.

Not really.  Although the market will crap itself when it finally works it out.  Markets are pretty stupid.

Btw the price is going up

Choo choo mother fuckers

I doubt it will stop here.  Bull trap rally.

Market has not yet digested the statement.  

Key points are:  

1.  No one is getting any coins from Gox until new version of BITCOIN (not Gox wallet) implemented.

2. We have been hacked.  

When people realise this market will drop further.

630 BROKEN !!! on stamp

This is fun

I sold all of my trading stash on the rally to 755 last night and set limit orders in 300s.  Maybe too greedy we shall see.

Depends where the exchange is.  Maybe in USA.  Good fucking luck BTCE, BFX, BSP.  But you knew that when you sent your cash there.

Depends whether or not I get rolled back on BFX.

All rallies are low volume.  But yes I am going 708 BSP wtf.   This is too high too fast IMHO.

Russia.  



More specifically a couple of Russian script kiddies.  

Keep up the good work Jorge.

Can I be half a bear if half fiat?  Will I still get an invite to the picnic?

The coins are still at Mt Gox.

It's still trading as is BFX.

Devs have repeatedly said it is a simple fix but not high priority especially if you are running a properly configured wallet.

So join the foundation and remove him.  Be part of the solution. 

Yay BFX down for me but still trading

I have limit orders set.  I am better off just switching everything off and coming back tomorrow.  My strategy is self executing and every time I fiddle with it during a market event I screw it up. 


So I don't mind that I can't get to BFX .

Jorge

BTC China's price charts look strange because the maker taker fee structure discourages buying at market and flattens volatility leading to walls at 0.01 yuan spreads.

Got an email saying my buy order on stamp at 608 triggered.

I am looking forward to more emails today.

I am also wiring more funds today. This is going to get interesting.  

603 let loose the dogs of war.

1600 to 600 stamp

1450 to 600

Where's Jorge

600 wall back up to 1600.  600 wall is hodling.

Read my sig.  I am not relying on the wall.

And for all you bots out there reading this thread Choo choo choo choo choo choo.  

You guys have coinsetter.  Doesn't it have an API to BSP?

Is that a 5 followed by 3 zeroes?

If it has an API to stamp and order execution on stamp that's all you need.  Unless you are looking for NASDAQ?

*edit* until you get a trading halt because the API breaks

This is not over.  The underlying issues have not been resolved.  

I don't disagree.  But the shenanigans at Gox are going to be a drag on the market until they get their act together or sink below the water.  

And while the protocol is anti-fragile the price is not.

I sodl at 629 so I could buy at 588.

I'm hoping 588 is not a bull trap.  It's ok though it's just one position of many. 

We have gone to $100 on two different exchanges this week. I hold no confidence in 500 or any other number.  

I see two outcomes here.  We bounce around 600. Or Gox takes us into the abyss. I don't know which is more likely but the second concerns me.

Just out of curiosity is it your intention to post that question every day until it happens?

You should get at least some US morning bounce.  Still 3 hours until San Francisco wakes up and starts buying.

wtf BSP has teleported up 20 dollars on bitcoinwisdom 1 min chart.  There isn't even a candle.


I would say time to sell but the candle hit my limit order anyway  

Just checked the Gox website no new press release.

Coinjar the Australian market maker is out of coins.

Orders are queued. Australia is buying.

Looks like the USA woke up 

Sounds like someone woke up on the wrong side of bed.

Even blind Freddy knows the price will explode when withdrawals re enabled.

When Gox goes to zero things will become more interesting.

Indeed Jorge.  But I feel that way about the stock market as well.

I am sure you recall Enrons black box.



The first exchange to allow PWC to audit its books will have a competitive advantage.  Maybe that will be Circle.

Ok I bought at 646.  Time to go up.  Lets see if I get plastered on this one 

Well that didn't go so well.  Wasn't watching the market the last hour or so then looked at the screen, got a surprise and got straight back off again at 646.  

Lol.  Thank god it's BFX so the fees are tiny.

So cheerful I love it.  

Don't worry.  I have cold storage. I don't trade those.  

345 to 325 to 367 inside one minute. Gox is awesome.

Stopping USD, SEPA and JPY withdrawals wasn't enough of a hint I guess.  

This is highly appropriate at this time:

http://m.youtube.com/watch?v=K2ku1A5Ox8U

Will Willy dream of electric sheep?

Is it just me or is the forum being ddosed again.

There's only 4000 SR 2 coins.  Even if it's true market an easily absorb it.

Yes I generally take ddos as a buy signal (or get ready to buy).

Balanced market.  Waiting for Gox Monday combined with reduced weekend volume.

Jorge

May I respectfully suggest your prediction will be right (but for the wrong reason).

The market is currently balanced and awaiting Monday's Mt Gox announcement which will likely occur at 7pm Japan time.  Your prediction occurs before then accordingly it is reasonable to anticipate that the market will continue to walk the current tightrope until an announcement is made at which point it will go ballistic depending on how the market takes the announcement.  Please note I do not refer to what the announcement says as its content and the market reaction are quite often two different things.

If it results in the loss of hundreds of millions in market value I'm going with "bug".

I'll pay attention when the Gox price starts with a '2'.  

And even then,not much. 

I wonder how all those people who bought gox btc at 70% of face value using real btc are feeling.

I am aware of the distinction.  However from a consumer point of view it matters not whether the fault lies in the protocol or the wallet implementation.  The consumer lost their investment due to exchange insolvency due to something happening which should not have happened.  That's a bug.

Ok I paid attention.  Now going back to ignoring the Gox price.  

Zero.

I do wonder whether those bids are still being honoured.

Do the coins have to be in escrow before bidding or before closing the trade?

What was previous ATH - 280? Gox is 278 now.

Miners that sent all their coins to Gox...

Headlines tomorrow "Bitcoin failed experiment". "Bitcoin finished".

So 2000 market buy at 266?

Agreed. Just speculating on news headlines.

Nice one.

I predict 7pm Tokyo time like the last one.

That line is not going to survive Mt Gox's announcement that they need more time.  (No inside knowledge here just seems likely).

Lots of people playing games. 

*Silence*

Everyone got bored and went to watch the Olympics

No plunge yet. Teetering on the edge.

So they introduced new tools to keep your fiat trapped on Gox?

Hitting refresh on the Gox home page is getting boring.

It's up and bullshit.  Limits.  Next Thursday blah blah

Successful work around more delays.

Market wants to rocket but doesn't know what to do.

It's short term good news. Gox lives. On what terms who knows.

All you whales can take out one coin per month.

Thursday update:  we have successfully downloaded half the block chain.  

Relevantly Mr Nakamoto has not spent any of his premined coins.  The day that happens you will have cause for complaint.  Until then, no.

Too many words not enough pictures of llamas.

@ Yolintian:  it's bait to get people to deposit fiat on Gox.

Yes any particular reason for the dip to 248 on Gox?  Or just Gox being Gox.  It shook BSP a bit which is stupid.  BSP traders should know better.

That could take years.  Everyone seems to think a resolution one way or another will be reached in a month or so.  Guess what:  it won't.

Sometimes just for fun I take mah87 off ignore for a few moments to see if he is still pumping ripple.

I always put him straight back on again though.

No. Not unless the Fed engages in contractionary monetary policy. And I'm not talking about backing off quantitive easing.

I'll have to try that next time I am at a party.   Jorge is obviously hodling.  

Did he mention the bit where one guy throws the $50 bill in the air and someone in Slovenia catches it.

+1

Hold tight for another round of "we have almost completed testing of our new system and will work hard on it over the weekend and will provide a further update on Monday."

Then on Monday they will announce limited withdrawals commencing the following week.    

The following week withdrawals will be open but everyone will be required to re-verify including photos of their grandmother.

At 221 on the magical Gox video game.  Will we hit 100s?  

Dumbasses on stamp trying to follow.

Gox 214. 

205 Gox.

201 bounce to 203.

Yeah those bitcoin builders at 0.7 are a steal.

Gox back to 201.  The spike ups are just small market orders being triggered on an empty order book.

No announcement yet.

There she blows.  It's the END. 

So is stamp going to crap it's pants or rally?

Stamp gonna start hitting my limit orders soon. Nice.

171.  Double digits next hour?  Single digits possible?

Lol

143.  

Do I have time to wee before double digits?  Who was saying earlier in this thread they were sending btc to Gox?

They obviously don't give a fuck or they would have halted trading.

Stamp dumbasses following fake rally.

Epic battle over $50 range.   Shame it means nothing.

Just because it's still trading doesn't mean it's alive.

That dump fell off the bottom of the bitcoinwisdom chart.  Never seen that before.

Lol it's the fault of the protestors now.

Hasnt triggered any of my order limits yet.

Soon.

So double digits on Gox this time around?  

No this shit can go on for months.

2014. The year of Gox.

How about some live quotes from Bitcoinbuilder?

Bearstamp is down $20 USD and now rallying. Bearstamp don't care.

Really?  You do know you have to sleep with Mark first.

Bitcoin builder is just making the situation worse by encouraging people to wire fiat to Gox.


We have just created a fractional reserve banking system.  Gox prints fake btc which are exchanged for real btc at an ever increasing inflation rate.  How long til Gox btc go Zimbabwe style?  

1 TRILLION Gox Btc for 1 real Btc.

Is Bitstamp really going to go into the 400s today? 

Huobi following maitaining it's standard $10 premium.

Someone has to sell to the bot but it sure seems like a no brainer price is going down no matter what so just sell.

Just had limit order trigger on Stamp.  Looks like today I am buying.

Gox bitcoin died and went to heaven.  All other bitcoins are safe (sort of).

548 stamp.  Getting closer.  And this is totally different.  530 was a panic dump.  This is a deliberate long grind down.  If you don't have a plan yet now is the time to make it and stick by it.

If you don't have a plan you are going to get hurt. 

4000 imaginary Gox coins to double figures.

Gox can only go about $102 lower.

Still 0.367 on bitcoin builder. Madness.

Maybe he has the brains to call a trading halt.  

Well the low point was 14 cents above my next limit order lol so not filled.

The whalebots are coming.

Ok now I just feel sorry for Mark.  He has been fleeced and the whole world hates him.

(I'm sure he will be fine in the end).

I'm sure they are fake ids and even if you can trace it to some 16 year old in Russia what do you do next?  Phone up his mom and complain?  It's Bitcoin it's irreversible. 

This.  I'm not mad at him anymore. 





(Although it helps I don't have coins there). 

There is a difference between thinking some coins are missing and knowing the reason why.  

Although using some of your tens of millions on running a proper audit trail might be a good start.

No one has provided any evidence they have competent coding either. 

Not interested in shares but have cancelled my sell side limit orders and flipping into hold mode (keeping buy side orders). I'll wait and see what happens Monday with this Neo experiment.  If this goes well could be quite bullish.  Thank you for posting details.  

Lol nice boat

Markets are so predictable they either go up or down.  It would be much more fun if they could move in three dimensions. 

Surely not the Goldman Sachs that brought us the Abacus CDO which was one of the doggiest of the dogs? 

http://sevenpillarsinstitute.org/case-studies/goldman-sachs-and-the-abacus-deal

I took my profits even before the DDOS hit.  The rumour this rally is based on is bull fud and the market will be back close to what it was within 8 hours.

Ukrainian government has fallen. President has fled. 

No direct impact short term. But their monetary system will be farked.  May be some use for bitcoin for domestic transactions in coming months.  

1.   It's Sunday in Japan. Gox doesn't do anything on weekends.

2. Gmaxwell has said the transactions are just standard Gox dust sweeping transactions.

3.  Gox is still today trying to spend immature coins and the transactions are failing as a result.

4.  Although the people on this forum appear to be living in the mistaken belief that insolvencies are resolved in a number of weeks, they aren't.  They grind out for years.  

5. The only decent hope for a rally in the short term is other good news outweighing Gox.  It's a Sunday.  Major announcements don't get made on Sundays.

6.  There is some hope for a good Neo announcement on Monday.  Until then risks are to the downside.  

Wind - please explain to me why JPY withdrawals have a queue at least a month long.  

Ok I'll spell it out for you.  

1. JPY transactions are being made with at least a one month time lag.  

2.  If Gox had domestic banking problems the most likely outcome would be no transactions. Not a growing but functional queue.

3. Insolvency is defined as an inability to pay debts as and when they fall due.  Unless Gox has the money and is deliberately withholding it, it is by definition currently insolvent.  

4. There are only two possibilities with Gox JPY withdrawals:  Either Gox has the money and is deliberately withholding it or they are currently insolvent.  Neither is a good outcome for investors.

5.  There remains the possibility that everyone sending fiat to Gox to try to arbitrage will recapitalise it.  And Gox will reemerge from insolvency or what ever it's current state is.  Of course those funds remain at risk until Gox earnings from commission exceed what it owes to its arbitrage friends.  Until then it's position remains precarious.  

It is a good question Jorge.  I think the answer lies in a lack of effective remedies.  What *can* you do if someone in a small Latin American country rips you off?  Answer is likely nothing.

With some people yes the libertarian philosophy does come into play (I won't ask for help because I don't want the State interfering in my affairs) but I believe libertarians as a total proportion of investors are shrinking as the asset pool becomes more widely spread. 

Having witnessed apparent insider trading on Gox this last week the broader market is watching for further price signals hence the tie between stamp and Gox.

My prediction that BSP would be back under 600 by 2pm is not going so well.  That's ok I am patient I still think there is nothing behind this rally.  

I once worked out that it would cost US$750,000 for one tank of fuel for Greg Norman's yacht.  

The Ukrainians had a go. I hear some people in Syria and Egypt are trying too.

You have been paying too much attention to Vladimir Putin again.

Tinfoil hat time.

Let's assume for the moment that Gox has been completely manipulated since June (when USD withdrawals were stopped).

Did Gox lead the rally to $1000?  Was all price growth above $266 driven by people just trying to get their $ out of Gox?  Is the current price of $613 just a sham relic of inability to withdraw fiat from Gox?

BSP is Bitstamp
BFX is Bitfinex
Gox is Gox
BTCE gets 4 letters because it is special.

Speaking of does anyone know who owns BFX?  Is it Giancarlo or someone behind him?

Well this mofo gonna sell some to me on the way down then.

Knives are pointy.

The whalebots are coming !

You cannot choose to route stamp only or BFX only anymore.  You would have to arb through fiat transfer or latency.

Tera:  hodlers

They are.  Just their orders are too small to see on the chart.  

Does Bitcoin builder have a stated policy if the lights go out at Gox?  Do unsettled trades get reversed?

Bid depth looks a lot shallower than ask but hard to tell.  

Sounds like a quote taken out of context.  It is pretty normal for infrastructure to be funded by pension funds who then obtain a long run return in excess of government bonds.  You buy a tunnel that has 100,000 cars go through it per day @ $2 each = $200k per day.  As long as the pension fund does not pay too much (which is always the trick) then they are golden.

Bit annoyed with BFX. I had a limit order at 529 that went unfilled on the spike down to 514 on Bitstamp.

The BFX service discussion thread says that this is because market orders on BSP are not made available to the BFX order book. Only market orders on BFX are made available to BSP.  

I'm not convinced this is the reason (although I have to admit it has been a long time since I have seen one of my limit orders execute on BSP). It might be another step to "protect the lenders" on BFX along with dropping max leverage to 1:2.5

The routing option has been gone for awhile. But I think they are going to lose some of their order book to BSP if they are less volatile than BSP...

Given that all crashes occur on high volume that statement is true by definition (volumetrically speaking).

Can you please expand on the statement "when they have liquidity at Bitstamp". Thanks

Do you think the API has been cut again?

That could cause yet another trading halt on BFX during big moves.  Screw this I'm moving some liquidity to BSP even if I have to take a 2% haircut.  I'm not going to be sidelined during the next storm like last time.

Oh FFS now I am just being teased.  

$529 limit order on BFX.

It didn't trigger when BSP went to $514 because of new BFX routing rules.  Now it didn't trigger when BFX went to $531.1.

I'm pretty sure I'll get a fill though over the next couple of days.

Zyk if you think the Japanese and Slovenians together form an axis of evil then that's the best one I have heard yet.

No news is good news.  


Oh and the owner of the 5k wall on stamp got bored and liquidated. And it barely made a dent.

That makes much more sense.  Going to have to think through the various permutations.

And I got filled at 529 so not complaining.

Why stop there when you can have the fun and profit of testing 266.

Coinbase out of coins

I  am not convinced that it is a fake.  I think it could be real.

How deep we gonna go?

I would put up a Deep Impact gif but on an iPhone ATM.

853 coins to 500.  95% fiat on trading account.

Let loose the dogs of war.

Liquidation is coming.

BTCE will catch up fast when the MT4 boys crap their pants.

Next buy 479.  Missed by $1. Next pass will get it.

BTCE is BullTCE. It's going up lol.

Nope.

Quick someone arb BTCE.

Oh wait you already did 

Thanks Matt the shorter for that message from our sponsor BFX.

I sold 100% of my remaining trade portfolio at market 585.  So far so good. Bought back 5% at $529.

Recurring issue. Not good.

DNS search it. When was it registered.

Hmm registered 10 October 1997?  Updated 24 Feb 2014?  Uhhhh.  What does updated mean.

You guys know they need a new logo now that that memo has been leaked.  Don't want anyone thinking the report is true.

Not yet.  We need a crash and neck snapping rally.

Bitcoinbuilder should go close to zero on this.

Buy at $479 triggered.  

Off we go.

BCTE 519

Bull FUD.

Bit coin builder 0.112

Will honey badger shake off Gox like a pesky mosquito?

They can't settle the trades so doesn't matter.

Cancelling some of my really deep orders and buying at 455.

I am sorry Sarah. I know it is not your fault.

Keep some powder dry guys.

Next buy 429.

Stop teasing me at 431 that's the second time you have done that.

Just sent a wire to Hong Kong.  Missed the cut off will take a couple days to hit.

I'm all traded out.  I have stripped back my standing orders so far as I dare to buy in at $445 and I'm done.   Fresh fiat in 48 hours until then that's it.  Gone from 95% fiat to 50% fiat in trading portfolio which is very bullish for me.

Guys

Take the opportunity to pull at least some of the BTC you bought today off the exchanges and into cold storage.

Now.  

The exchanges can have my fiat but I'm taking my coins out. 

Good luck and good night.   I only hope I don't wake to a bunch of filled orders because the only ones left are under $400.  

BFX down for anyone else?  I can't reach it or bitcoinwisdom.

Spike to $572.  Choo choo. 

Agreed. Last trade was yesterday.  I am 75% btc which is full bull mode (need some fiat to keep standing orders open).  And almost all of those btc have gone to cold storage.

You may be right but today is a relief rally. Going to take some very bad news to shake the market.

And tomorrow when my wire I sent yesterday hits?   Along with everyone else?  And the whole of Coinbase that can't buy until 4pm EST on the 28th because CB ran out of coins again?

Ok.

*but he could only do it once.

5800 coins to 500.  Up from about 2100 coins 6 hours ago. It's filling in fast.

599.  This is way too fast. I hodl.

Ok this is getting stupid. Bought some more just over 600. May regret that.  

I feel bad for buying at $602 ! But I know where the price was 5 days ago.

If people without Gox accounts receiving suggests it's not a Gox database hack.

I think most people have already figured out that MK is a kook but looks like we are going to have a crash to prove it.

Peak stuck transmissions from Gox: 70,000 BTC

http://coinsight.org/mtgox.html

Go to Mt Gox stuck transmission outputs, select all and look at 7 February.


That's where the coins went.  TX malleability.  You only needs to lose 70,000 coins ten times to lose everything.

Nothing really new in there.

My purchase at $602 that I thought I might regret I regretted so I sodl at $597.  Now to wait.

Not sure how you count 500 as solid support when we tested 400 pretty convincingly 2 days ago.

I have fresh fiat and it's just sitting there.  Waiting for someone much bigger than me to move.

Notable that BFX now bigger than BTCE.

BFX has more volume on all days bar 3 and then only slightly less.

I think BTCE is falling behind the pack a bit.  Look at the weakness of arbitrage between BSP and BTCE.

Obviously they are not counting BTC liabilities if they say only $64 million in liabilities but 720,000 missing coins.

Which suggests fiat getting paid out but not coins...

No one can complain they have been unfairly treated then.

I'll start buying when 500 breaks

It's going down. I'm calling timber.

Sentiment is weak. I'll go big and say retest 400.  

*disclaimer.  I have nfi.

I'm bearish because this Gox crap is going to grind on and on and on. 

My apologies it was a thoughtless remark. I should know better (I do know better).

You have my sympathy. If anything it was an expression of anger because I have some knowledge of how the Japanese bankruptcy system works and it simply is not up to Western standards.  I am angry that Mt Gox has gone for bankruptcy protection and that management is permitted to remain in place.  I am also angry that for the moment it appears that no detailed balance sheet will be forthcoming and no decent explanation of the theft will be provided because the Japanese system is built around saving face and sweeping everything under the carpet.  Mr Karpeles could not have picked a better country to blow up an exchange if he had tried.

Regarding the time frame please take it as an observation that the bankruptcy proceedings will continue for one to two years and that this will invite extended media coverage particularly if Mr Karpeles is jailed which is a distinct possibility.  Putting two members of the Bitcoin Foundation Board in jail *cough Shrem* for financial fraud would not be good for image particularly as Mr Nakamoto would be one of the few remaining members and he does not attend board meetings for some reason.  

The Bitcoin Foundation had to be dragged kicking and screaming to get Karpeles to resign and some of them are still in denial that he was running a ponzi scheme.   Right now I am starting to feel like the entire Bitcoin Foundation board is a pack of crooks.  which means the Bitcoin Foundation Board needs a serious kick up the ass but I have too many other projects on the go to devote time to that.  

Nonetheless my anger at Gox and the Bitcoin Foundation for actively defending him despite serious evidence of wrong doing does not detract from my sympathy for the clients of the exchange who got done over by one of the biggest financial frauds this decade.  

Not this bear. I apologised.

Gox is trying to come up with a business plan to continue operations.  We know this because of the type of bankruptcy they chose.  Mark is still hoping for a white knight.

They are not winding up at this stage.   There will be no distribution of $ or BTC to anyone in the short term.

I think it will be at least a year before anyone get anything. Probably longer.  And if the books are correct that they have $22 million in cash and $60 million in fiat liabilities then fiat holders will be lucky to get 25 cents on the dollar after Mark keeps paying himself and his staff salaries for the next 18 months. Gox coin holders are at serious risk of getting zero after 2 years.

0.03 for Gox BTC is looking pretty expensive.  Even assuming the 2000 coins in the hot wallet are distributed - 2000 / 500,000 = 0.004.  And even you would have to wait two years and have less than a 50% chance of getting them.  So on that basis I think Gox coins on  bitcoinbuilder are at least 20x too expensive and a better than 50% chance of having a nil value.

I don't have any coins on Gox but I'm severely bummed about it. I can't imagine what people who lost millions feel like.

*This* worries me.  I have thought about it before.

Billy don't be a dick (we all know you are a boy).

So is there anything Mt Gox can actually say that will crash the market?

My best guess is it will be procedural about how to file a claim. No actual information about the business.  The market (if it has any brains which is questionable) should shrug it off.

I think the press conference on Friday was the "meeting" for the "explanation" to the creditors.  Which if true shows just how weak the Japanese insolvency system is.  

+1

There will be months of this.

The troll box has standards.

Start out trading with millbits.  That way no one gets hurt and you have real data.  Also use an exchange with low fees.  Fees can kill your profitability. 

BFX is 0.15% and decreases from there to 0.1% for high volume.

Any exchange that is exposed to margin trading is probably more dangerous so BFX and BTCE are higher risk than Bitstamp.  And don't tell me BFX is safe because it's only peer to peer lending because the temptation for them to make up lender losses just to keep the lenders onside is just too high.

Can someone give me a brief background on the 2011 crash?   Was it just a hack of Gox driving the price from $30 to $2 over an extended period?

So I just read five pages to catch up to find out nothing happened but name calling. 

Good to see things are normal here today.

Odds are a pump and dump.  can't be bothered looking it up.

No that was Gox coin.

So is that calling a breakout from the trend line at 572.05 ?  

Omg candle to 572.82

We are pumping on a fake paste bin... Must be time to short.

For the record I am not shorting.  I am merely suggesting that others do.  

My theory is prepping the order book for a dump.

Striptease

Looks like he / she made a few bucks with that.  TA...

By my rough numbers he only earnt about $10k USD on that move. Good for a flat market though.

Don't let the door hit you on the way out.

On BFX if a market sell order triggers a stop loss which gets priority?

C'mon bring it on. You can do better than that. Let's see some actual blood.

Huobi way behind.

The Russians are invading Bulgaria. True fact.

Says the mofo who probably bought them at 25 cents.

Don't you worry we will see 570 coins again.  And more.

It's 3am in China.  When they wake up good odds they go apeshit.