Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 29218. (Read 26609062 times)
February 25, 2014, 08:54:24 PM
Have caught up from yesterday, but I'm wondering about the statement from Jeff Garzik from about 20 hours back -- was that confirmed as being fake or has it been forgotten about -- I haven't got the link but I seem to recall it saying "keep the faith" etc etc and was generally positive in terms of a Gox outcome.
February 25, 2014, 08:53:09 PM
Silk Road and MtGox were providing about 90% of Bitcoin's bad publicity. Now they are both gone.
Next stop, Moon.
Next stop, Moon.
February 25, 2014, 08:52:31 PM
I've got a feeling the market behavior to the MtGox failure will be like the reaction to the Silk Road closure.
coming from my you I
LOL ed
I think so too, but shouldn’t mention it until my fiat clears hopefully before Friday. 750,000 XBT the market thought was sloshing around just got removed, from the Bitcoin pool.
Why do people keep saying they are gone? Just because I steal a coin from you it doesn't make it any less of a coin? What am I missing?
If there is an exchange,
and it has 10k coins on it say.
And then, 10k get stolen.
The 10k is still on that exchangers books.
but another 10 k belongs to a hacker.
So the hacker will maybe send the 10k to another exchange. Now there's 20K for the original 10k.
Now picture that for 750k. That has the potential to make a big difference.
No, it's not.
That argument would work, except for the fact that its factually incorrect. If there weren't BTC in gox that were fake, people wouldn't have lost anything in the crash, lol. There were coins on Gox's books, and at least some of those are lost now. Those lost coins could easily be on some other exchange, effectively being double-counted.
February 25, 2014, 08:51:48 PM
I've got a feeling the market behavior to the MtGox failure will be like the reaction to the Silk Road closure.
Confirmed! 
February 25, 2014, 08:51:33 PM
@thelema93
[10:58] Is that Crisis Strategy Draft even legit?
[11:04] more or less
[11:05] as the name suggests it's a draft, and it's a bunch of proposals to deal with the issue at hand, not things that are actually planned and/or done
which channel is this from?[10:58]
[11:04]
[11:05]
http://www.wickedfire.com/shooting-shit/179038-my-conversation-mark-karpeles-mtgox-2.html
http://www.foxbusiness.com/markets/2014/02/25/mt-gox-ceo-says-on-internet-chat-hasnt-given-up/
From reading this chat log (if its authentic) I immediately come to the following conclusions:
- They did not have a cold wallet, it was one huge hot wallet, implemented by MT.
- Occasionally it lost (or failed to store correctly or deleted¹) private keys of its own change outputs ('not "lost" just yet, just temporarily unavailable')
- He seems to believe the keys are still there somewhere buried deeply somewhere in his database server ('We haven't given up')
_____________________
¹) This is how I imagine their wallet worked (and how it fucked up):
User initiates withdrawal:
* debit amount from user account
* generate new private key for change address and create tx
* store tx in database (indexed by txid)
* store private key in database (indexed by address, foreign_key=txid)
* push tx to network
a week later (cron job)
* for all unconfirmed tx older than 1 week:
* credit BTC back to customer account
* delete "invalid" tx
* -> cascaded delete "unused" change address and its private key (ouch!)
run 2 years until wallet is dry, all supposed UTXO turn out to be STXO and all real UTXO are in nirvana already.
so no one has access to those coins? their private keys have been lost?
February 25, 2014, 08:50:45 PM
You are still talking about those 750k coins. I guess at least 90% of them have been sold donkey ago.
February 25, 2014, 08:49:09 PM
I've got a feeling the market behavior to the MtGox failure will be like the reaction to the Silk Road closure.
coming from my you I
LOL ed
I think so too, but shouldn’t mention it until my fiat clears hopefully before Friday. 750,000 XBT the market thought was sloshing around just got removed, from the Bitcoin pool.
Why do people keep saying they are gone? Just because I steal a coin from you it doesn't make it any less of a coin? What am I missing?
If there is an exchange,
and it has 10k coins on it say.
And then, 10k get stolen.
The 10k is still on that exchangers books.
but another 10 k belongs to a hacker.
So the hacker will maybe send the 10k to another exchange. Now there's 20K for the original 10k.
Now picture that for 750k. That has the potential to make a big difference.
No, it's not.
February 25, 2014, 08:48:14 PM
@thelema93
[10:58] Is that Crisis Strategy Draft even legit?
[11:04] more or less
[11:05] as the name suggests it's a draft, and it's a bunch of proposals to deal with the issue at hand, not things that are actually planned and/or done
which channel is this from?[10:58]
[11:04]
[11:05]
http://www.wickedfire.com/shooting-shit/179038-my-conversation-mark-karpeles-mtgox-2.html
http://www.foxbusiness.com/markets/2014/02/25/mt-gox-ceo-says-on-internet-chat-hasnt-given-up/
From reading this chat log (if its authentic) I immediately come to the following conclusions:
- They did not have a cold wallet, it was one huge hot wallet, implemented by MT.
- Occasionally it lost (or failed to store correctly or deleted¹) private keys of its own change outputs ('not "lost" just yet, just temporarily unavailable')
- He seems to believe the keys are still there somewhere buried deeply somewhere in his database server ('We haven't given up')
_____________________
¹) This is how I imagine their wallet worked (and how it fucked up):
User initiates withdrawal:
* debit amount from user account
* generate new private key for change address and create tx
* store tx in database (indexed by txid)
* store private key in database (indexed by address, foreign_key=txid)
* push tx to network
a week later (cron job)
* for all unconfirmed tx older than 1 week:
* credit BTC back to customer account
* delete "invalid" tx
* -> cascaded delete "unused" change address and its private key (ouch!)
run 2 years until wallet is dry, all supposed UTXO turn out to be STXO and all real UTXO are in nirvana already.
February 25, 2014, 08:47:21 PM
Guys, Bitcoins are SCARCE AS HELL. 
Guys, even Blitz is bull these days
February 25, 2014, 08:46:04 PM
Guys, Bitcoins are SCARCE AS HELL.
February 25, 2014, 08:45:08 PM
Both Chinese crashes saw the price going up at least 300$ in next few days. I guess we'll see 650$ at least in next two. Dips here and there are possible of course, good luck catching them.
February 25, 2014, 08:45:00 PM
not to mention someone who sold 1k coins into buy wall at 550, he's gonna get butthurt pretty quick if he thought he would be able to buy back in cheaper
550 will be seen again, guaranteed.Quoting for the record books.
February 25, 2014, 08:44:56 PM
GREAT NEWS! MTGOX WILL RISE AGAIN !
February 25, 2014, 08:44:17 PM
I've got a feeling the market behavior to the MtGox failure will be like the reaction to the Silk Road closure.
coming from my you I
LOL ed
I think so too, but shouldn’t mention it until my fiat clears hopefully before Friday. 750,000 XBT the market thought was sloshing around just got removed, from the Bitcoin pool.
Why do people keep saying they are gone? Just because I steal a coin from you it doesn't make it any less of a coin? What am I missing?
If there is an exchange,
and it has 10k coins on it say.
And then, 10k get stolen.
The 10k is still on that exchangers books.
but another 10 k belongs to a hacker.
So the hacker will maybe send the 10k to another exchange. Now there's 20K for the original 10k.
Now picture that for 750k. That has the potential to make a big difference.
February 25, 2014, 08:42:54 PM
February 25, 2014, 08:42:00 PM
I bought in at $540 on coinbase the other day. Feeling a bit better about my buy to say the least. Not the best, but that's what I get for breaking my golden rule of buying bitcoins.
Golden Rule: Never buy Bitcoins without watching the market for at least 6 hours.
I'm more of a buy-and-hold person, but I do enjoy margin trading on Bitfinex as much as the next guy.
Golden Rule: Never buy Bitcoins without watching the market for at least 6 hours.
I'm more of a buy-and-hold person, but I do enjoy margin trading on Bitfinex as much as the next guy.
February 25, 2014, 08:41:47 PM
I've got a feeling the market behavior to the MtGox failure will be like the reaction to the Silk Road closure.
coming from my you I
LOL ed
I think so too, but shouldn’t mention it until my fiat clears hopefully before Friday. 750,000 XBT the market thought was sloshing around just got removed, from the Bitcoin pool.
Why do people keep saying they are gone? Just because I steal a coin from you it doesn't make it any less of a coin? What am I missing?
February 25, 2014, 08:41:22 PM
Am I the only one who thinks the 4 hour chart looks grossly overbought? where is the retracement? It's risen 40% now and no retracement.
I told you the market is not rational right now. Looking back at the dip during December the market immediately recovered the next day, though not to the same point. We are still in a downtrend and there was not enough fear during this crash either.
You may be right but today is a relief rally. Going to take some very bad news to shake the market.
February 25, 2014, 08:40:51 PM
not to mention someone who sold 1k coins into buy wall at 550, he's gonna get butthurt pretty quick if he thought he would be able to buy back in cheaper
550 will be seen again, guaranteed.even if 500 would be seen it's not worth to trade on downside anymore, there's barely any reason why would we go down now except few people taking profits. Let them do it.
Well price might hit 500 and even less. Cheap coins... but question is where it will hit 800$ again ...
I don't care, unless it's obvious it has to go down I'm not selling this time just because it might do it.
I got burnt myself in both Chinese crashes after buying very low and selling too early after the crash, had to rebuy at higher prices both times, not doing it this time.
February 25, 2014, 08:38:59 PM
Am I the only one who thinks the 4 hour chart looks grossly overbought? where is the retracement? It's risen 40% now and no retracement.
I told you the market is not rational right now. Looking back at the dip during December the market immediately recovered the next day, though not to the same point. We are still in a downtrend and there was not enough fear during this crash either.
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