A year from now we will look back at these prices and call it the "The Great Shakeout of 2014". I'm coining that term right NOW. Someone quote me on this please.
quoted, we will see in a few years, who knows maybe you'll be right
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 25454. (Read 26608315 times)
October 01, 2014, 01:19:49 AM
we will see in a few years, who knows maybe you'll be right
October 01, 2014, 01:16:54 AM
BTC was featured on Australia's flagship, fear pedalling, commercial network, gutter journalism driven, current affairs show.... Typically dumbed down but still gracing the screens of millions of "mainstream" fuckwits across our wide brown land. The closing comment is a killer, and delivered in a deadpan but brilliant manner. It's only short so give it a watch:
https://www.youtube.com/watch?v=sZbsJ_fz-zg
https://www.youtube.com/watch?v=sZbsJ_fz-zg
"where do you see bitcoin heading"
A: "To the MOON" with a serious face and everything. I LOVE it
That guy lost most of his bitcoin in Bali http://www.coindesk.com/early-bitcoin-adopter-calls-multi-sig-solutions-750-btc-theft/
October 01, 2014, 01:16:48 AM
Wait, hasn't this happened recently.
Price drops 5%. Everyone panics, shits their pants, it's the final capitulation, it's over. Oh noes.
Price stabilizes, rises a couple percent, everyones like wow this is over. TO DA MOON.
Price drops another 5%. Everyone panics, shits their pants, it's the final capitulation, it's over. Oh noes.
Price stabilizes, rises a couple percent, everyones like wow this is over. TO DA MOON.
Price drops another 5%. Everyone panics, shits their pants, it's the final capitulation, it's over. Oh noes.
Price stabilizes, rises a couple percent, everyones like wow this is over. TO DA MOON.
but the price is still dropping overall.
Price drops 5%. Everyone panics, shits their pants, it's the final capitulation, it's over. Oh noes.
Price stabilizes, rises a couple percent, everyones like wow this is over. TO DA MOON.
Price drops another 5%. Everyone panics, shits their pants, it's the final capitulation, it's over. Oh noes.
Price stabilizes, rises a couple percent, everyones like wow this is over. TO DA MOON.
Price drops another 5%. Everyone panics, shits their pants, it's the final capitulation, it's over. Oh noes.
Price stabilizes, rises a couple percent, everyones like wow this is over. TO DA MOON.
but the price is still dropping overall.
October 01, 2014, 01:15:45 AM
first dump of october for me
Based on the pattern for the past few days, the upward momentum will continue.
October 01, 2014, 01:13:35 AM
A year from now we will look back at these prices and call it the "The Great Shakeout of 2014". I'm coining that term right NOW. Someone quote me on this please.
quoted
October 01, 2014, 01:12:48 AM
A year from now we will look back at these prices and call it the "The Great Shakeout of 2014". I'm coining that term right NOW. Someone quote me on this please.
October 01, 2014, 01:11:37 AM
first dump of october for me
October 01, 2014, 01:08:55 AM
someone say moon?
ps yeah that was a wall of text
October 01, 2014, 01:07:46 AM
BTC was featured on Australia's flagship, fear pedalling, commercial network, gutter journalism driven, current affairs show.... Typically dumbed down but still gracing the screens of millions of "mainstream" fuckwits across our wide brown land. The closing comment is a killer, and delivered in a deadpan but brilliant manner. It's only short so give it a watch:
https://www.youtube.com/watch?v=sZbsJ_fz-zg
https://www.youtube.com/watch?v=sZbsJ_fz-zg
"where do you see bitcoin heading"
A: "To the MOON" with a serious face and everything. I LOVE it
October 01, 2014, 01:01:12 AM
October 01, 2014, 12:59:13 AM
Peter, you post an interesting and highly plausible situation although my travails through the BTC eco-system have made me pretty cynical -- you are putting Mark's actions down to misplaced stupidity and part of me would like to believe this is true. I never made any claims to know the motivations or machinations behind the mess.
But who knows for sure -- it may come out in the wash, the 'truth' (whatever that is) may never be known. Greater and more powerful men than Mark have fallen due to hubris rather than simple incompetency.
stupidity, naivety and hubris are some big downfalls of humanity.
October 01, 2014, 12:57:47 AM
Anyway, has anyone got some spare funds to take a nibble out of that 600BTC wall at 395.
Go on, let's see if its real or get's ticklish.
Go on, let's see if its real or get's ticklish.
October 01, 2014, 12:53:56 AM
Well, from my reading of the situation Mark was guilty of fractional reserve trading and he achieved this by using either fake accounts or bots. The point is people were burnt and the PR fallout is still drifting downwards.
It's pretty clear that MtGox was operating on fractional reserves, and I also believe that Willy was Mark's bot. But your assertion the he "achieved [fraction reserve trading] by using either fake accounts or bots" seems to imply that he was the mastermind of some elaborate scam. I think it's much more likely that he was running fractional reserves, not out of intent to defraud, but to coverup (and try to fix) a large bitcoin theft from 2011:
http://www.reddit.com/r/Bitcoin/comments/1zdnop/peter_rs_theory_on_the_collapse_of_mt_gox/
MtGox was making good money, and Mark would have preferred to keep his reputation and his business than risk everything, including potentially his own life, in executing some fractional-reserve scheme that was doomed to implode. If you were a powerful and respected figure in the bitcoin community, the owner of the world's largest bitcoin exchange, and already reasonably wealthy, would you have concocted some hair-brained doomed-to-fail scheme like this?
If my theory is correct, it means that Willy didn't pump the price at all, but that the price was in fact artificially low through 2011 and 2012 due to the sale of almost a million bitcoins by the actual Gox thief. Willy was just drove the price up as required to make good on MtGox bitcoin withdrawals. Remember, there were 850,000 missing bitcoins upon the implosion of Gox and very little missing dollars--not the other way around. This means that bitcoins were actually more rare than the market had priced in.
I agree that the collapse of MtGox was a setback for bitcoin. I'm just getting tired of people thinking that Markus and Willy were the dominant factor in the growth spurts of 2013 or that they were part of some nefarious-but-vague plan that no one can describe concretely yet contain the buzz words "fraction reserves" and "pump and dump." Really, how did Willy and Markus improve Mark's quality of life if that was really their purpose? No, Mark was desperate to save Gox.
Peter, you post an interesting and highly plausible situation although my travails through the BTC eco-system have made me pretty cynical -- you are putting Mark's actions down to misplaced stupidity and part of me would like to believe this is true. I never made any claims to know the motivations or machinations behind the mess.
But who knows for sure -- it may come out in the wash, the 'truth' (whatever that is) may never be known. Greater and more powerful men than Mark have fallen due to hubris rather than simple incompetency.
October 01, 2014, 12:51:33 AM
Could You please write Your texts in a fashion, that it produces ASCII art? That would be more fun. Thanks
maybe next time or maybe next time just a daft gif never can tell.. it is totally wild in here sometimes
October 01, 2014, 12:49:29 AM
Bitchick, the morally superior christian is one of the most money greedy people to post here.
Typical christian behaviour. She is also extremely simple minded.
She disgusts me. Everything about her does.
Typical christian behaviour. She is also extremely simple minded.
She disgusts me. Everything about her does.
Disgust? my what words do you leave for things like beheading and child abuse?
Bit fucking strong old chap if you ask me... you barely know the person...sort it out !?
October 01, 2014, 12:41:53 AM
Well, from my reading of the situation Mark was guilty of fractional reserve trading and he achieved this by using either fake accounts or bots. The point is people were burnt and the PR fallout is still drifting downwards.
It's pretty clear that MtGox was operating on fractional reserves, and I also believe that Willy was Mark's bot. But your assertion the he "achieved [fraction reserve trading] by using either fake accounts or bots" seems to imply that he was the mastermind of some elaborate scam. I think it's much more likely that he was running fractional reserves, not out of intent to defraud, but to coverup (and try to fix) a large bitcoin theft from 2011:
http://www.reddit.com/r/Bitcoin/comments/1zdnop/peter_rs_theory_on_the_collapse_of_mt_gox/
MtGox was making good money, and Mark would have preferred to keep his reputation and his business than risk everything, including potentially his own life, in executing some fractional-reserve scheme that was doomed to implode. If you were a powerful and respected figure in the bitcoin community, the owner of the world's largest bitcoin exchange, and already reasonably wealthy, would you have concocted some hair-brained doomed-to-fail scheme like this?
If my theory is correct, it means that Willy didn't pump the price at all, but that the price was in fact artificially low through 2011 and 2012 due to the sale of almost a million bitcoins by the actual Gox thief. Willy was just drove the price up as required to make good on MtGox bitcoin withdrawals. Remember, there were 850,000 missing bitcoins upon the implosion of Gox and very little missing dollars--not the other way around. This means that bitcoins were actually more rare than the market had priced in.
I agree that the collapse of MtGox was a setback for bitcoin. I'm just getting tired of people stating that Markus and Willy were the dominant factor in the growth spurts of 2013 or that they were part of some nefarious-but-vague plan that no one can describe concretely yet contain the buzz words "fraction reserves" and "pump and dump." Really, how did Willy and Markus improve Mark's quality of life if that was really their purpose? No, Mark was desperate to save Gox.
October 01, 2014, 12:40:42 AM
Bitchick, the morally superior christian is one of the most money greedy people to post here.
Typical christian behaviour. She is also extremely simple minded.
She disgusts me. Everything about her does.
Typical christian behaviour. She is also extremely simple minded.
She disgusts me. Everything about her does.
Without compassion all is meaningless
October 01, 2014, 12:38:10 AM
Looks a bit toppish and out of steam right now.
October 01, 2014, 12:36:30 AM
October 01, 2014, 12:35:36 AM
There are a lot of people accused with "walls of text" (look above)
. We're far from that, don't worry. You have a point there. Granted. We will both have our chances on verifying our positions. I won't mind if I lose my holdings. Please do verify that you have the same ability (just in case). 
Yes, that is one hell of a wall of text
EDIT: Well I've just ploughed through and that too is a good rebuttal, points of which I would also agree with (certainly the next 6 to 18 months are pretty much make or break). The issue of regulatory control is a very contentious one, personally I agree its needed but I know a lot of libertarians disagree and there is a danger a regulated BTC changes nothing socially, it just means folk consume more, quicker.
With regard to my holdings, well they are pretty modest these days.
Jump to: