Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 14392. (Read 26709986 times)

Holy shit something major is going on here wtf

I said THIS WEEKEND goddamnit =(

The bitcoin world has seen plenty of "avalanches" including 90% retraces and more.

Was binance hacked

Plummeting recommenced

Pretty sure we lost 1k in price in less than 1 hour

BTC Dominance: 42.2%

Bitcoin has walked on thin ice for a long time already.
Bitcoin is a payment network with 5 million users and annual costs with around 5 billion $ just for the electricity and hardware (leaving out indirect service costs). That makes annual cost around 1000$ per bitcoin user a year. These costs are mostly paid by debt and high hopes of future value. When hope of irrational gains will start to crack, then the faith of debtors will start to crumble together with holders hope of bitcoins high future value. This will eventually create an avalanche that the world of finance hasn't seen yet. It's not a matter of "if", but "when".

oh and Binance got hacked a bit
oh and BitMEX down

BTC -6.13%
BCH -10%

Had a feeling that this would happen as it had rejected 11,600$ thrice during the recent price rally that is why I sold my Bitcoin into Fiat and is now waiting for this storm to calm down. But we should be calm in this situations as nothing comes good when we start panicking. The good thing is I am still holding Fiat and is waiting for it to recover before I start buying Bitcoin again.

inb4 Roger Ver is selling off a bit of btc to pump up the price of bcash for his weirdo conference https://www.satoshisvisionconference.com/ 23rd March

And the best part - the Mt. Gox account holders are likely to buy back their bitcoin with their money! I know I would.

It's probably a whale trying to manipulate the market into panicking using a small dump after the gox coins news. Whales often wait for some big news, then try to move the market with a big sell or buy.

One would think that the Gox news was bullish as we are finding out after the fact and would explain the recent decline. Sure there is more selling to come from the trustee but those coins were always going to enter the market again at some point.

The MtGox bankruptcy settlement situation demonstrates one more time that The Law Is An Ass.

It is pretty well established in western law that such settlements be conducted on a cash basis. It seems the Japanese courts administering the MtGox deal will hew to this doctrine. As such, creditors will likely be 'made whole' [sic] by awarding them the Yen value of their MtGox accounts, calculated using the price of Bitcoin on the date of receivership.

Of course, BTC has appreciated exorbitantly since then. Given this, MtGox's residual BTC holdings are well in excess of its debts as calculated as per above. Indeed, the recent sale has generated enough fiat to 'make whole' [sic again] the creditors. After this, there remains ~$1.5 B USD worth of crypto in the MtGox coffers.

Again using the established legal protocols, this BTC will likely be considered the property not of MtGox creditors (i.e., after they have been 'made whole' [sic *3]), but of MtGox itself. While the picture is still cloudy, this may result in the rather perverse situation that Karpeles exits this process a very rich man.

The good news is that the required selling would seem to be over. The questionable news is the fate of the remaining funds (i.e. ~3x-4x more than sold so far) remains in limbo, and may be sold at any time, given case disposition. The Vonnegut-esqe news is that a single individual -- either corrupt, incompetent, or both, but clearly undeserving in any instance -- may end up a billionaire.

The Law Is An Ass.

Now not plummeting

Is McAfee a random guy?

If price predictions are BS, what is the purpose of this board?

I don't know - I have a hard time believing that this is a reaction to the MtGox news.  I'm more inclined to believe that there is some insider information that we'll all learn about days/weeks/months later..