Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33234.

gizmoh

legendary

Activity: 1428

Merit: 1000

Quote from: N12 on June 21, 2013, 05:26:55 AM

we will continue processing withdrawals next week, but limit to 1 million USD per day

Congrats to everyone who took a ~10% loss betting against MtGox's solvency. Cheesy

This statement screams cash flow issues.
Why limit to $1milliion USD per day ? and not like 100 wires per day? if they are having issues with overload of request,they should limit the request and not the amount.

samson

legendary

Activity: 2097

Merit: 1070

Quote from: ardana123 on June 21, 2013, 05:37:01 AM

How the fuk would gox become insolvent... They're sitting on a goldmine of trading fees alone. You guys really need to stop thinking the worst possible scenarios, I personally think Gox isn't as bad as you guys make it seem. Yes, they have problems, but that's to be expected of an online exchange operating in a novelty area like bitcoin...

LOL, I was making a business plan 20 years ago and I was talking about worst case scenarios and the 'advisor' I was speaking to told me that I shouldn't really think along the lines of a worst case scenario. He was an idiot.

You should always plan for the worst but work towards and hope for the best.

Coinseeker

sr. member

Activity: 252

Merit: 250

Quote from: ardana123 on June 21, 2013, 05:37:01 AM

How the fuk would gox become insolvent... They're sitting on a goldmine of trading fees alone. You guys really need to stop thinking the worst possible scenarios, I personally think Gox isn't as bad as you guys make it seem. Yes, they have problems, but that's to be expected of an online exchange operating in a novelty area like bitcoin...

GOX is doomed. The sob stories are going to be classic, as millions evaporate to fund the retirement of Gox executives.

420

hero member

Activity: 756

Merit: 500

who has used ripples to withdraw from bitstamp USD?

N12

donator

Activity: 1610

Merit: 1010

Quote from: gizmoh on June 21, 2013, 05:34:45 AM

Event 2 is not so correct.
"People realize they bought based upon nothing" What has changed? What would they realize now? That Gox is not a professionally run exchange?They will just move to other exchanges.
Coins can flow and already flown to bitstamp.
We will still be in a bear market until economic crisis deepens or other good news for the coin pop up.

Price discrepancy of ~10% on MtGox vs. Bitstamp would vanish. Some are buying on MtGox and withdrawing Bitcoin because they are panicking over their solvency. Once it becomes clear they aren't insolvent, that would change as those people move back to USD.

ardana123

hero member

Activity: 504

Merit: 500

How the fuk would gox become insolvent... They're sitting on a goldmine of trading fees alone. You guys really need to stop thinking the worst possible scenarios, I personally think Gox isn't as bad as you guys make it seem. Yes, they have problems, but that's to be expected of an online exchange operating in a novelty area like bitcoin...

gizmoh

legendary

Activity: 1428

Merit: 1000

Quote from: N12 on June 21, 2013, 05:14:02 AM

Quote from: samson on June 21, 2013, 05:09:15 AM

Quote from: lucas.sev on June 21, 2013, 05:06:37 AM

5 and 20BTC buys with 1.5$ slippage, seems like people desperately want to keep the price high

LOL, it's just a matter of time.

Even without the latest fuckup by MtGox it was only a matter of time anyway

Pretty much. I'm now even more certain of a bear market. Thinking about it, there are two scenarios:

1) MtGox is insolvent, and a LOT of fiat money goes down the drain along with a lot of Bitcoins. Faith in the Bitcoin market is shattered, no big fish will be buying at exchanges again for years until an established player decides to deal with it, if ever. Price collapses.

2) MtGox is solvent, and a lot of fiat money flows out of MtGox once it is possible again. Some of the coins flow to Bitstamp. People realize they bought based upon nothing, and sell for the same reason. Price collapses.

Totally agree on Event 1.

Event 2 is not so correct.
"People realize they bought based upon nothing" What has changed? What would they realize now? That Gox is not a professionally run exchange?They will just move to other exchanges.
Coins can flow and already flown to bitstamp.
We will still be in a bear market until economic crisis deepens or other good news for the coin pop up.

N12

donator

Activity: 1610

Merit: 1010

we will continue processing withdrawals next week, but limit to 1 million USD per day

Congrats to everyone who took a ~10% loss betting against MtGox's solvency. Cheesy

N12

donator

Activity: 1610

Merit: 1010

Quote from: samson on June 21, 2013, 05:09:15 AM

Quote from: lucas.sev on June 21, 2013, 05:06:37 AM

5 and 20BTC buys with 1.5$ slippage, seems like people desperately want to keep the price high

LOL, it's just a matter of time.

Even without the latest fuckup by MtGox it was only a matter of time anyway

Pretty much. I'm now even more certain of a bear market. Thinking about it, there are two scenarios:

1) MtGox is insolvent, and a LOT of fiat money goes down the drain along with a lot of Bitcoins. Faith in the Bitcoin market is shattered, no big fish will be buying at exchanges again for years until an established player decides to deal with it, if ever. Price collapses.

2) MtGox is solvent, and a lot of fiat money flows out of MtGox once it is possible again. Some of the coins flow to Bitstamp. People realize they bought based upon nothing, and sell for the same reason. Price collapses.

gizmoh

legendary

Activity: 1428

Merit: 1000

Quote from: lucas.sev on June 21, 2013, 05:06:37 AM

5 and 20BTC buys with 1.5$ slippage, seems like people desperately want to keep the price high

People are more confident with Btc in their wallet than worthless USD in Gox.

samson

legendary

Activity: 2097

Merit: 1070

Quote from: lucas.sev on June 21, 2013, 05:06:37 AM

5 and 20BTC buys with 1.5$ slippage, seems like people desperately want to keep the price high

LOL, it's just a matter of time.

Even without the latest fuckup by MtGox it was only a matter of time anyway

SGExodus

full member

Activity: 232

Merit: 100

Big buy going on again.. Need those bitcoin to transfer wealth out of mtgox.

lucas.sev

sr. member

Activity: 252

Merit: 250

5 and 20BTC buys with 1.5$ slippage, seems like people desperately want to keep the price high

ChartBuddy

legendary

Activity: 2380

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

Its About Sharing

legendary

Activity: 1442

Merit: 1000

Antifragile

Quote from: Coinseeker on June 21, 2013, 04:44:41 AM

This is the perfect time to dump thousands of coins. Expect a continued drop.

I've actually been agreeing a bit with you lately. Free for coffee later? Grin

Volume already at 28,000 and most of you guys in the US are not even awake yet. Shocked

Coinseeker

sr. member

Activity: 252

Merit: 250

This is the perfect time to dump thousands of coins. Expect a continued drop.

Its About Sharing

legendary

Activity: 1442

Merit: 1000

Antifragile

Quote from: crazy_rabbit on June 21, 2013, 04:21:55 AM

Thinking that for the moment this withdrawl issue is temporary. I don't know how many people are going to need fiat so urgently that they are willing to dump for $80. I could be wrong though.

It becomes a game of who will blink first though. As that 2 week date approaches some people might actually start selling as they think they will be able to then get their money out and buy elsewhere for less.
As long as the arbitrage remains between exchanges this remains a possibility. The next few hours... days will be key...

solex

legendary

Activity: 1078

Merit: 1006

100 satoshis -> ISO code

Quote from: crazy_rabbit on June 21, 2013, 04:21:55 AM

Thinking that for the moment this withdrawl issue is temporary. I don't know how many people are going to need fiat so urgently that they are willing to dump for $80. I could be wrong though.

I agree, unless of course Mt Gox has the same 2-week clock which Butterfly Labs swears by.

crazy_rabbit

legendary

Activity: 1204

Merit: 1002

RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: Traktion on June 21, 2013, 04:20:09 AM

Quote from: Its About Sharing on June 21, 2013, 03:50:51 AM

Quote from: Traktion on June 21, 2013, 03:42:47 AM

http://www.bitcoincharts.com/markets/bitstampUSD.html

Look at that same chart, zoomed out.

To get as many bids as asks at 108, you have go right down to 80! Shocked

Ranging from 90-100 looks easily possible. Less than 90 doesn't look off the table either.

I currently have speculative orders in at 91 and 81, while I monitor the action from a distance.

Ahhh, I didn't realize there was a fuller chart available - Thx.

Be really really careful with your placements. You might very well make a profit but if the volume there is so low that it will slice through and won't bounce off the bottom till it hits resistance (which may be at $60 - $70). Looking at the chart last weekend I came up with these key support levels: $90, $82, $60, low $50's and possibly 20's. Nothing really new with my numbers but I did verify some of the patterns with the past bubble correction.

Yes, approx. 91 and 81 are my immediate goals. I suspect there will be bounces to profit off these resistance points. I would expect to buy in again lower should the price permit.

Thinking that for the moment this withdrawl issue is temporary. I don't know how many people are going to need fiat so urgently that they are willing to dump for $80. I could be wrong though.

Traktion

full member

Activity: 168

Merit: 100

Quote from: Its About Sharing on June 21, 2013, 03:50:51 AM

Quote from: Traktion on June 21, 2013, 03:42:47 AM

http://www.bitcoincharts.com/markets/bitstampUSD.html

Look at that same chart, zoomed out.

To get as many bids as asks at 108, you have go right down to 80! Shocked

Ranging from 90-100 looks easily possible. Less than 90 doesn't look off the table either.

I currently have speculative orders in at 91 and 81, while I monitor the action from a distance.

Ahhh, I didn't realize there was a fuller chart available - Thx.

Be really really careful with your placements. You might very well make a profit but if the volume there is so low that it will slice through and won't bounce off the bottom till it hits resistance (which may be at $60 - $70). Looking at the chart last weekend I came up with these key support levels: $90, $82, $60, low $50's and possibly 20's. Nothing really new with my numbers but I did verify some of the patterns with the past bubble correction.

Yes, approx. 91 and 81 are my immediate goals. I suspect there will be bounces to profit off these resistance points. I would expect to buy in again lower should the price permit.

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