Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32014. (Read 26471177 times)

Hi-five!! I covered it right at the open and reshorted it on the bounce. Interesting future targets are Visa and Mastercard.

I went over the conference call transcript and interestingly there was no mention of bitcoin specifically, but they did say that the "competition" is becoming stronger.

WU would lose no licenses.  WU is already doing money transfer and have the channels in Washington to negotiate on the fines.  WU will be slain by bitcoin faster than they think, unless they do something.  This would be a big win for Gox and a big win for WU, if they can get to "yes" before their independent death spirals sweep them into the dustbin of history.

It would give Gox the largest localbitcoin franchise globally there is, and WU would cut costs tremendously.  All bitcoin holders would benefit.  Its win-win-win.
But... I'm betting they don't, and am holding my WU shorts until its a penny stock

If WU bought MTGox wouldn't they instantly lose all their US licenses and be liable for all fines the US wants to pin on MTGox for things that happened in the past?

Even after the big bad news from Western Union that dropped their stock yesterday, I'm not buying back my short position on NYSE:WU.
Long Bitcoin, Short WU unless and until WU buys MtGox and saves both WU and Gox, then I buy back and go long for the long bomb.

Seriously though, if Gox had WU's Money transfer licenses and global reach, and WU had... well...  bitcoin, they would both survive.  As it is they are both dieing.
If the goxxers here need any help putting that deal together, give me a buzz.  

Even after the big bad news from Western Union that dropped their stock yesterday, I'm not buying back my short position on NYSE:WU.
Long Bitcoin, Short WU unless and until WU buys MtGox and saves both WU and Gox, then I buy back and go long for the long bomb.

Seriously though, if Gox had WU's Money transfer licenses and global reach, and WU had... well...  bitcoin, they would both survive.  As it is they are both dieing.
If the goxxers here need any help putting that deal together, give me a buzz. 

Edit: you guys are right regarding foolishness of staying on Gox, and I've recently wised up.  I'm verifying for Stamp and moving my funds (not much) asap to Bitstamp, UK exchange, I'm in the UK, feel much better about that.  Wish I did it earlier when we hit 180.

Day traders still use it for volatility reasons but they don't even accept usd deposits anymore.

It takes 2 to 4 weeks for a newcomer to learn about bitcoin, set up a Verified account and wire funds.
IMO the recent good news, press coverage and anticipation of new money is already reflected in the price.

Beat you to it by a few minutes =P

Rather most participants are long(when the forum is full of 'to the moon' posts) anticipating newcomers to continue the price ascension. Buying now means paying a premium anticipating the new cash inflow, the proportion of incoming funds is the real question here. I doubt it will be a mass hysteria and buying spree like April. That's why it is usually wiser to sell on the news.

And this is why Bitcoin will ultimately succeed: it is the superman of currency. If MtGox was engaged in the business of exchanging anything else it would be dead in the water months ago with its fiat transfer system so crippled.

Bitcoin is far bigger MtGox, and the problem of where whales dump coins is not a make or break issue. Many whale sells are trickled out over days and never detected.

I think bitcoin is awesome but I have ongoing concerns.  I agree with all of you that bitcoin is going to explode but at the same time have worries that I don't think are unfounded.  Bitcoins are still largley paced at the whim of people with self interests at heart who control the majority of coins.  In addition you have a major exchange that probably has a huge stockpile of coins themselves. Then we see these buying patterns from the whales of big buys into walls -> large bid walls placed to support the new price. This is not the behavior of your neighbors getting into btc.

I'm still concerned about MTGox and their FIAT problem.  You're a BTC millionaire, and it amounts to several millions, lets say.  You email them about making a withdrawal and you get this response (i got this response yesterday regarding my transfer request over SEPA, not USD, and not for that much ).

Hello XXX,

Thanks for your email. Kindly note that all the international withdrawals are delayed due to backlog. We are working hard to clear such pending requests manually. We are in the process of forming relationships with new partners, banks, and taking other steps to clear the backlog. So as of now we do not have an ETA to follow up and we are unable to determine the exact time frame for withdrawals. Kindly let us know if you have any questions.

Best regards,

Mt.Gox Team
https://www.mtgox.com

This has been going on for months. I take on board what people are saying that this could be a non issue. However people need to eat, and right now you can't go to the supermarket and feed your family with bitcoins. So you have essentially a number balance at an unregulated exchange which is really just a limited liability company. What else can you do but buy bitcoins with your milliions?

Then you have other exchanges providing a way out for payments, but that takes time and patience because until today these exchanges generally did not have a great book order depth.  So slippage is a real problem for the BTC milllionaire who's only way to get his 10's of millions out from mtgox is to slowly pump it into bitcoins and try for an exchange that pays out.  Luckily MTgox, for whatever reason still basically sets the BTC price.  So what can you do? you can pump the price with your millions and patienty wait for bids to fill in on the other exchanges. You can move your accumulated BTC to liquid exchanges and slowly build up a fiat balance on that as bids support smaller dumps. If i put on my real tinfoil hat you wait until those exchanges build enough supporting bids and then you dump and start transfering your millions finally home.

I know all of this has been said before but it haunts me.  If MTGox was paying out and if they werent still the exchange that sets the price and buy / sell panic on the other exchanges I'd be way less concerned about this new price.  Remember BTC is the only real way to pull money out reliably from MTGox..