Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 17027. (Read 26717458 times)

As the market looks now bitcoin price should continue going sideways until 1st August and moon probably to $3500 then steadily to $5000. It has a triple confirmed support line at ~$2420 so I can hardly see it go below that,but even if it goes that's a great buying opportunity as it will most surely moon after Segwit is implemented. 

I recently asked the IRS if I could pay taxes in Bitcoin. They said unfortunately no, taxes need to be paid in US currency as that is the reason for US currency to exist.

Ask Liquidator San. Perhaps the payouts are dependent on the trial's outcome. I dunno. It is technically solvent now so I'm not sure what's hilding up progress.

So the 9th liquidators report is interesting.  
Claims against Bitcoinica are: 91,300 BTC
$248,000 cash
$276,000 leveraged trading positions (hmm, I wonder if they are ignoring people with negative trading positions?  Maybe not a big deal as they were probably 1/10th of this amount)

But the MtGox trustee values the claims at $6.8 million (USD)!

The bitcoins were only worth around $10 when Bitcoinica went bankrupt, so this claim is equal to all the cash ($524k) and roughly 6.3 million left over for 91k bitcoins - or $690/bitcoin.

If the liquidation ever goes through, it looks like the NZ liquidators will get a sizable amount of money.

This $690/bitcoin is also a major increase from the previously announced value of $483.  So either they changed the Bitcoin valuation or Bitcoinica had a sizable number of bitcoins on the exchange that weren't subject to claims.  Maybe this is best explained by the leveraged trading positions!  As those trading positions should have been backed by purchases of bitcoins.  

If you take $6.8 million, subtract the $250k cash.  You have $6.55 million.  Divide by $483 - and you get 135,600 BTC.  So it is possible that the open positions were equal to 44,300 BTC long (and you have to remember that back then they were only worth $10 - so it wasn't as crazy as this would be now).  That makes more sense than the liquidators changing their valuation of BTC. If they changed their valuation all the time based on market conditions, they'd never be able to liquidate.

So I guess we should abandon the newer 2.0 thread and come back here? I'm good with that.  


This looks like it could be a very revolutionary thing:

https://saltlending.com/

I recently asked the IRS if I could pay taxes in Bitcoin. They said unfortunately no, taxes need to be paid in US currency as that is the reason for US currency to exist.

Yes. Very refreshing. 

Yep, I can't see any signatures either...and it's actually quite nice 

Welcome back gentlemen. Feel free to message me if you have requests, suggestions, concerns, etc.

When will people finally get some of their money back?

http://www.trustnodes.com/2017/07/09/mark-karpeles-former-ceo-bankrupt-bitcoin-exchange-mt-gox-heads-trial

Mark Karpeles off to trial finally. Perhaps we'll actually get some factoids out the eternal mystery that is gox.