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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 29266. (Read 26611151 times)

legendary
Activity: 1148
Merit: 1018
hero member
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Decentralize everything
Not sure if this has been posted already, but Erik Voorhees has put a statement out on Reddit:

http://www.reddit.com/r/Bitcoin/comments/1yv6ph/some_words_for_my_friends/

Quote
Hello friends,
MtGox is gone. So let's prepare ourselves.
On Tuesday, and for the rest of the week, all hell will break lose in the media. It will be blamed on MtGox, it will be blamed on Bitcoin, it will be blamed on the "bug," and it will, more than anything, be blamed on the "lack of regulation." Pundits and "experts" of all types will weigh in on the calamity. It will be world news in a matter of hours.
Get ready, because it will be an ugly week.
For all of you who lost money, my heart goes out to you. Some people lost a little, some lost a fortune. It will make people sick, and depressed, and full of grief. Personally, I had over 550 BTC in Gox. I will never get any of that back. If misery loves company, then we'll be enjoying a grand feast today.
I should have known better, of course. I take responsibility for leaving those funds with an entity that had proven incompetence repeatedly. I chose to ignore even my own warnings, for nothing more than the sake of convenience.
Gox is still at fault, to be sure, but I have learned the lesson. I hope it is not such an expensive lesson for others. And for all you observers, please take a moment to consider it as well.
Be mindful, however, that the wrong lessons are not learned, for that would be the true tragedy, indeed.
Let me suggest that the lesson is not that Bitcoin is broken. Bitcoin is fine.
Similarly, the lesson is not that security is impossible. Those who know what they are doing, can achieve it and help others to do so.
The lesson is not that nobody can be trusted. There are countless good men and women in this community who are worthy of trust, and some of the very best people I've ever met.
And finally, the lesson is not that we ought to seek out "regulation" to save us from the evils and incompetence of man. For the regulators are men too, and wield the very same evil and incompetence, only enshrined in an authority from which it can wreck amplified and far more insidious destruction. Let us not retreat from our rising platform only to cower back underneath the deranged machinations of Leviathan.
The proper lesson, if I may suggest, is this: We are building a new financial order, and those of us building it, investing in it, and growing it, will pay the price of bringing it to the world. This is the harsh truth. We are building the channels, the bridges, and the towers of tomorrow's finance, and we put ourselves at risk in doing so.
We are at risk from accidents. We are at risk from fraud, from corruption, and from evil. We are at risk from journalists seeking headlines and from politicians seeking power and glory. We are at risk from the very market we are trying to build - a market which cares not about our portfolio, our ambitions, or our delicate sympathies.
For all these risks, devastation will befall us repeatedly. Some of us will be discouraged. Some will be ridiculed and insulted. Some will be tricked, or swindled. Some of us will be crushed or caged. We will be set upon by all manner of antagonists, repeatedly, for a long time.
So why do we do it? Why do we build these towers that fall down upon us? Why do we toil and strain and risk our precious time, which is the only real wealth we possess?
Because the world needs what we're building. It needs it desperately. If that matters to you, as it does to me, then hold to that thought. You will see through the smoke, and your wounds will heal.
So shake it off, brothers, for this won't be the last calamity endured before the win.
Tonight, my heart is with you all.
Tomorrow, my head is down. My eyes are open. And I am building.
Toward peace and freedom,
-Erik Voorhees
hero member
Activity: 538
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I just want Gox to be removed out of the bitcointalk dictionary.

Rise BTC, rise. We shall hence forward, to the moon and beyond.

"The Exchange Who Must Not Be Named"

Damnatio memoriae!  Grin
hero member
Activity: 700
Merit: 500
I sodl at the bottom Cry damn my lack of faith

damn brother, how come?

the FUD....it got to me. And like many here, I was never rich, buying a few bitcoins a long time ago before these two huge bubbles has squashed my ability to remain rational.

edit: let this be a lesson to you all - HODL

Why though? All the other exchanges only dropped $300 when Mtgox dropped from $1000 to $100. So logically speaking, my best guess was it wouldn't drop pass 300. Most likely 400-500.
legendary
Activity: 1680
Merit: 1045
I sodl at the bottom Cry damn my lack of faith

damn brother, how come?

the FUD....it got to me. And like many here, I was never rich, buying a few bitcoins a long time ago before these two huge bubbles has squashed my ability to remain rational.

edit: let this be a lesson to you all - HODL
hero member
Activity: 1011
Merit: 721
Decentralize everything
I just want Gox to be removed out of the bitcointalk dictionary.

Rise BTC, rise. We shall hence forward, to the moon and beyond.

"The Exchange Who Must Not Be Named"
hero member
Activity: 894
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legendary
Activity: 1442
Merit: 2282
Degenerate bull hatter & Bitcoin monotheist
wow how do i not sell this

Because it might be at 600 within a day? Maybe?  Shocked
That's impossible. There are too many resistance points on 4H and 1D chart to get to 600 within a day now.

540-550 is possible though, which is probably a great point to short again.

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.
sr. member
Activity: 362
Merit: 262
bitstamp : https://www.bitstamp.net/article/Statement-by-Bitstamp-regarding-MtGox-insolv/

Quote
STATEMENT BY BITSTAMP REGARDING MT GOX INSOLVENCY
BITCOIN IS STILL WORKING AND STILL HAS A BRIGHT FUTURE

The worldwide peer-to-peer payment system and crypto-currency known as Bitcoin is not dependant on any one actor. The Bitcoin protocol continues to work exactly as designed. Bitcoin remains strong despite the failure of any one exchange and will continue to grow and thrive as long people desire that it do so.

LOSSES LIMITED TO BALANCES AT MTGOX

It is important to underscore that the known losses of fiat currency and Bitcoin are limited to those balances that were in MtGox’s care. The MtGox exchange can best explain how this happened.

BITSTAMP CUSTOMERS ARE SAFE AND OUR BUSINESS IS SOLVENT

We at Bitstamp have conducted a thorough audit of our bitcoin accounts, as well as the fiat currency reserves we maintain in the bank. Bitstamp maintains all of its customers’ bitcoin and cash deposits and nothing is amiss.

BITSTAMP IS NOT SUBJECT TO THE TRANSACTION MALLEABILITY VULNERABILITY

Bitstamp uses a different protocol to handle problems in closing out its transactions and is not vulnerable to the “transactional malleability” issue that was apparently exploited at Mt. Gox. Additionally, we manually double-check every transactional problem encountered by our customers.

BITSTAMP’S FUTURE

We are taking steps to provide Bitstamp’s customers with the utmost confidence in our operations:

1. Bitstamp is financially stronger than ever. We have the most customers, and the most solid capital base, than we have ever had.
2. Bitstamp has retained the best available security and compliance advisors to assist us in protecting our clients.
3. Bitstamp prides itself on industry-leading compliance with its AML and KYC procedures.
4. Bitstamp is now performing quarterly financial audits and will post our financial reports on our web site.


Press inquiries please contact:
[email protected]

Now that's a proper PR job in uncertain times.   Just a wee grammar issue in point 1.
Would love to see the audited financial reports.
sr. member
Activity: 308
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I just want Gox to be removed out of the bitcointalk dictionary.

Rise BTC, rise. We shall hence forward, to the moon and beyond.
sr. member
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hero member
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Can't upload avatar
hero member
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Age Of Mars | GameFI Virtual colonization of Mars
Bitcoinbuilder went from .1 to .2

I got 10 at 0.1 and wondering to take profit or keep gambling.

Take profit and exit would be my guess.

But it's all just gambling, ain't it?  Grin

Gonna go 50/50... sell 5 to just about get my money back and be left with a free lottery ticket for 5 BTC.
sr. member
Activity: 269
Merit: 250
wow how do i not sell this

Because it might be at 600 within a day? Maybe?  Shocked
That's impossible. There are too many resistance points on 4H and 1D chart to get to 600 within a day now.

Unless, Gox announces its been taken over, the money is sae, the coins are safe.
There has been a tremendous amount of tension coiled, when it snaps there could be carnage/mayhem.

+1 Unlikely but this could be one of those black swan events
legendary
Activity: 1246
Merit: 1000
wow how do i not sell this

Because it might be at 600 within a day? Maybe?  Shocked
That's impossible. There are too many resistance points on 4H and 1D chart to get to 600 within a day now.

540-550 is possible though, which is probably a great point to short again.
full member
Activity: 216
Merit: 100
RicePicker
I usually frown upon profanity but man
"What the fuck is up with this shit?" Bitcoin, make up your mind where you want to go today

This is basically what happened during the Chinese crash. You do not simply go down 20% and expect it to stay there for more than 2-3 hours. Now the market will decide on a point to stabilize for a day or two until the next crazy thing happens.  
hero member
Activity: 1011
Merit: 721
Decentralize everything
First implementation of gmaxwell's "solvency proof" has been created:

https://github.com/ConceptPending/proveit

Original comment from gmaxwell here:

http://www.reddit.com/r/Bitcoin/comments/1yj5b5/unverified_pastebin_gmaxwell_irc_log_mtgox_was/cfkze3p

Quote
I think that as a community we should start demanding these services continually prove that they are not fractional reserve. We cannot effectively eliminate the need for trust in these sorts of services, but we can certainly confine the exposure and eliminate a lot of this drama. With Bitcoin it's technically possible to prove an entity controls enough coin to cover its obligations— and even to do so in ways that don't leak other business information, and so we should. But this isn't something specific about MTGox, it's something we should demand from all services holding large amounts of third party Bitcoins. I wouldn't even suggest MTGox should do it first, rather— it sounds like a great move for their competition to differentiate themselves.
hero member
Activity: 728
Merit: 500
wow how do i not sell this

Because it might be at 600 within a day? Maybe?  Shocked
That's impossible. There are too many resistance points on 4H and 1D chart to get to 600 within a day now.
sr. member
Activity: 269
Merit: 250
I usually frown upon profanity but man
"What the fuck is up with this shit?" Bitcoin, make up your mind where you want to go today
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