Was the GOX FUD day bullish or bearish? - page 2.

MoreFun

legendary

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WePower.red

Quote from: TERA on February 10, 2014, 08:05:04 PM

BITSTAMP seems to think that this is bullish. I'm not sure so much about the other exchanges, but the action on Bitstamp and its order book is unreal. My guess is there's some investment firm or whale that operates on Bitstamp and just scoops up tons of coins during crashes like these (silk road, china, etc, and all corrections during november rally).

You are right about the investment firm or fund. "He" is buying really crazy - at $800 level, $700 and now $600. Everytime the price went few percentages down and there was few houndreds BTC wall he bought it out.

TERA

hero member

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BITSTAMP seems to think that this is bullish. I'm not sure so much about the other exchanges, but the action on Bitstamp and its order book is unreal. My guess is there's some investment firm or whale that operates on Bitstamp and just scoops up tons of coins during crashes like these (silk road, china, etc, and all corrections during november rally).

checkers6676

full member

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even if btc at gox are presumed "lost," can legal action be taken against them from the USD side of things?

also, addressing the two possible roads for gox to take from some other thread I saw but can't seem to find, they proposed:
1. If gox opens USD withdrawal, people mass sell BTC on gox to have USD to withdraw and price plummets
2. If gox opens BTC withdrawal, people mass buy BTC on gox and price skyrockets on gox (maybe driving up other echanges) but then all those BTC hit the other exchanges as people withdraw them and the price spike is followed by a equally large crash

I think in either case, or if they open withdrawals of both somehow, the end result will be a price drop (whether immediate or after an initial spike, as in case 2). But with gox claiming the problem is the fault of the protocol, perhaps they wont open withdrawals of either for some months. so the real question is, what will having 68,000+ BTC locked up do to the overall market price? probably push it up...less supply, same demand (or more demand with this low-ish price)

medialab101

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We are cutting Gox free and the price on other exchanges is almost back to $700 again... This is really good news Cool

DeathAndTaxes

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Gerald Davis

Quote from: wachtwoord on February 10, 2014, 07:02:41 PM

Quote from: DeathAndTaxes on February 10, 2014, 07:00:54 PM

I think a lot depend on what happens next. If MtGox sticks to it is false statements and claims they "can't" enable withdraws until the fatally flawed bitcoin protocol is hard forked to be more secure well that means at a minimum 6 to 12 months of no withdraws on MtGox. I can't possible see how that is bullish. The fact that a few "crypto nerds" know that isn't true isn't going to do much with month after month of news stories about the broken bitcoin protocol and the largest exchange unable to pay users millions of dollars in currency and bitcoins owed.

The foundation could sue them for slander?

I am not a laywer but I don't think so. The foundation doesn't "own" Bitcoin. In a sad case of irony, it is actually MtGox who owns the trademark for "Bitcoin". That trademark is probably worth more than the rest of the company combined at this point so maybe they will do the right thing in order to protect the value of their property.

Incompetence could be a valid defense anyways. It isn't slander to make an incorrect statement. It is slander to make a statement you know is incorrect. So if they are too incompetent to understand their claim is false, they can't be guilty. I don't think it would be that hard for their lawyer to prove their incompetence in court. See there are advantages to being dumb.

wachtwoord

legendary

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Quote from: DeathAndTaxes on February 10, 2014, 07:00:54 PM

I think a lot depend on what happens next. If MtGox sticks to it is false statements and claims they "can't" enable withdraws until the fatally flawed bitcoin protocol is hard forked to be more secure well that means at a minimum 6 to 12 months of no withdraws on MtGox. I can't possible see how that is bullish. The fact that a few "crypto nerds" know that isn't true isn't going to do much with month after month of news stories about the broken bitcoin protocol and the largest exchange unable to pay users millions of dollars in currency and bitcoins owed.

The foundation could sue them for slander?

DeathAndTaxes

donator

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Gerald Davis

I think a lot depend on what happens next. If MtGox sticks to it is false statements and claims they "can't" enable withdraws until the fatally flawed bitcoin protocol is hard forked to be more secure well that means at a minimum 6 to 12 months of no withdraws from MtGox. I can't possible see how that is bullish. The fact that a few "crypto nerds" know that isn't true isn't going to do much with month after month of news stories about the broken bitcoin protocol and the largest exchange unable to pay users millions of dollars in currency and bitcoins owed.

On the other hand if MtGox quiety retracts their false claims, slinks of into a corner and re-enables withdraws then it could be bullish.

MatTheCat

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Quote from: Ibian on February 10, 2014, 06:54:52 PM

My hope is that gox closes down. Don't care how that plays out, it would be better for the long term if this kind of shady crap was removed from the bitcoin ecosystem.

Are you infact not a person but a Bitcoin 2 Da Moon Artificial WebBlogger bot?

That would explain the complete lack of rational thinking in practically everything you have to say.

Just like a bot jumbling sentences together that point towards a desired conclusion.

Quote from: checkers6676 on February 10, 2014, 06:56:45 PM

the fact that price is creeping up since the initial drop is very telling. im just wondering if some whale is waiting for price to return to a certain point before they also dump

LOL.

checkers6676

full member

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Quote from: Ibian on February 10, 2014, 06:54:52 PM

Neither, it's still ongoing. If they open bitcoin withdrawals again the price will rocket TO DA MOON (sorry). Right now the price mostly depends on their next move. Even no move counts as a move in a situation like this.

the fact that price is creeping up since the initial drop is very telling. im just wondering if some whale is waiting for price to return to a certain point before they also dump

Ibian

legendary

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Neither, it's still ongoing. If they open bitcoin withdrawals again the price will rocket TO DA MOON (sorry). Right now the price mostly depends on their next move. Even no move counts as a move in a situation like this.

My hope is that gox closes down. Don't care how that plays out, it would be better for the long term if this kind of shady crap was removed from the bitcoin ecosystem.

gentlemand

legendary

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Welt Am Draht

Dunno about bullish or bearish for the market in the short term. I think they may still have the capacity to balls things up for a while yet.

Gox essentially shooting itself in the head has to be good for credibility and stability in the greater picture. I hope none of their customers get burned.

rocks

legendary

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Today we had the largest and oldest bitcoin exchange essentially attack and blame the bitcoin protocol for their failures together with a massive "fat finger" sell/dump for a +80% drop.

The end result was the price quickly recovered to where it was at the start of the day (at several hundreds of dollars valuation).

I think this is bullish, is shows how more and more people are having trust in the system and understand that bitcoin entities are separate from the bitcoin network.

In the end the block chain continues as is, there is massive hashing power protecting the network, all transactions and bitcoin ownership fully preserved on the blockchain (provided you take control of your own money and not let a 3rd party like gox have your money). This is the core concept of bitcoin and nothing has effected that.

This is all bullish IMHO

FeedbackLoop

hero member

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Just like that.

I think it was immensely bullish for the medium term! Really nice media attention saying how bad Bitcoin has been tanking and how the fundamentals have been depressed by bad news. It may bring in a lot of people that had realised Bitcoin was something big long ago but that were feeling they failed the opportunity to speculate a bit price wise.

Also the epic panic sell seems to have brought some feeling of capitulation on what was looking like a bad technical situation and (yes I'll say it) shaken off some "weaker hands"...

Topic: Was the GOX FUD day bullish or bearish? - page 2. (Read 2276 times)