Bitcoins are officially donkdown

[Sanlmar]

Also, MtGox at $250 now.

Apparently nobody believes them that withdrawals are around the corner, or otherwise the really smart play would be to load up on $250 bitcoins and watch their value more than double when Gox enables withdrawals.

Jeez again, there may be 100% certainty that withdrawals will take place. New fresh selling rarely helps price.

Sigh

[Sanlmar]

I saw my first porn ad mentioning that they accept Litecoin.

People pay for porn? I don't understand. Is the web broken?

Will buying porn turn out to be bitcoin's killer app?

http://www.theguardian.com/technolog...om-bitcoin-app

[Dan Druff]

Also, MtGox at $250 now.

Apparently nobody believes them that withdrawals are around the corner, or otherwise the really smart play would be to load up on $250 bitcoins and watch their value more than double when Gox enables withdrawals.

Jeez again, there may be 100% certainty that withdrawals will take place. New fresh selling rarely helps price.

Sigh

I'm not understanding.

If you are sure that you can withdraw your bitcoins, buying at $250 would be very smart, as it's likely you would be able to unload it quickly for more than $250 once you can withdraw to other exchanges.

The price may fall at that point across the board (in fact I'm predicting it), but not so quickly to where you won't be able to sell your $250 coins at a healthy profit.

The real risk here is MtGox either not keeping their promise, or limiting withdrawals so much that it will take an eternity to get them off.

[Sanlmar]

Jeez again, there may be 100% certainty that withdrawals will take place. New fresh selling rarely helps price.

Sigh

I'm not understanding.

If you are sure that you can withdraw your bitcoins, buying at $250 would be very smart, as it's likely you would be able to unload it quickly for more than $250 once you can withdraw to other exchanges.

The price may fall at that point across the board (in fact I'm predicting it), but not so quickly to where you won't be able to sell your $250 coins at a healthy profit.

The real risk here is MtGox either not keeping their promise, or limiting withdrawals so much that it will take an eternity to get them off.

Gonna go out on a limb here. I rather doubt Gox is sitting on fat cash reserves. You want cash for your coins or just cash for transactions already allegedly completed - Gox is gonna hit the street and sell.

[Pooh]

Yo Druff, at least give me some verbal credit on radio when you basically recited my prediction on what would happen to bitcoin almost verbatim. I posted it in this very thread probably two months ago. Maybe it was the gov't or maybe it wasn't but my premise of shattered confidence is looking spot on.

[Charham]

I'm not understanding.

If you are sure that you can withdraw your bitcoins, buying at $250 would be very smart, as it's likely you would be able to unload it quickly for more than $250 once you can withdraw to other exchanges.

The price may fall at that point across the board (in fact I'm predicting it), but not so quickly to where you won't be able to sell your $250 coins at a healthy profit.

The real risk here is MtGox either not keeping their promise, or limiting withdrawals so much that it will take an eternity to get them off.

Gonna go out on a limb here. I rather doubt Gox is sitting on fat cash reserves. You want cash for your coins or just cash for transactions already allegedly completed - Gox is gonna hit the street and sell.

According to the Gox front page :
Last:$269.00 High:$370.00 Low:$248.14 Vol:49983 BTC W.Avg:$284.89

So if I do the basic math they have done about $14,000,000 in volume (assume its a 24 hour volume quote but who knows). Since you can't move your btc away from Gox, I wonder where the volume is coming from? They may be selling btc on other exchanges at higher prices and paying sellers in hard currencies, or I guess matching buyers and sellers, don't understand why $14,000,000 of buyers would come on to an exchange under these circumstances, pure speculation that they can capture the 50% discount? I may be missing something here?

[Charham]

pretty good article on Gox from poker player Ezra Galston, http://www.coindesk.com/mt-gox-may-headed-bankruptcy/

anyone know him? he mentions his former roommate David was a super user victim. http://recode.net/2014/01/23/dear-bi...ue-love-poker/

[Kuntmissioner]

pretty good article on Gox from poker player Ezra Galston, http://www.coindesk.com/mt-gox-may-headed-bankruptcy/

anyone know him? he mentions his former roommate David was a super user victim. http://recode.net/2014/01/23/dear-bi...ue-love-poker/

Former roommate is likely David Paredes.

[Salty_Aus]

Gonna go out on a limb here. I rather doubt Gox is sitting on fat cash reserves. You want cash for your coins or just cash for transactions already allegedly completed - Gox is gonna hit the street and sell.

According to the Gox front page :
Last:$269.00 High:$370.00 Low:$248.14 Vol:49983 BTC W.Avg:$284.89

So if I do the basic math they have done about $14,000,000 in volume (assume its a 24 hour volume quote but who knows). Since you can't move your btc away from Gox, I wonder where the volume is coming from? They may be selling btc on other exchanges at higher prices and paying sellers in hard currencies, or I guess matching buyers and sellers, don't understand why $14,000,000 of buyers would come on to an exchange under these circumstances, pure speculation that they can capture the 50% discount? I may be missing something here?

If they are in the hole for coins that have been stolen this makes a lot of sense... I'm sure they have a majority of the coins held for customers in cold storage. Gox could be manipulating the price on their exchange downwards with this in mind.

Something very fishy going on, you'd think most people would hold their coins and wait it out?

If Gox sell 20,000 coins on the other exchanges and buy back on their own exchange they make an instant profit of $8,000,000 or 40,000 coins, and they don't need the cash up front from the sale as long as it arrives within a week or two, while they hold people off with withdrawal limits.

[Salty_Aus]

Isn't this strange?
Current list of open order is heavily biased towards buyers yet the price is not going up.

Funny shit is happening on Gox.
1,300 coins wanted to buy and virtually no sellers, yet the price is staying super low.



Edit* I just noticed this, look at the sell list @ $276
The sum total jumps from 69.7 to 95.0 yet the sell order @ $276.25152 is only 0.2593 not 25BTC
1,300 coins wanted and 69 for sale.

[Salty_Aus]

I might sound like a madman, but I think we all might be missing the plot.

Mt Gox are getting rich!

How many people have coins tied up in Gox right now?

How many big transfers stuck in their system?
Who's actually got available funds on Gox?
Not many I reckon, many tried to get cash or transfer coins that are in limbo.

I'm not saying they planned this, but I reckon an opportunity could have presented.

Tons of tiny buy orders pushing the price down, and sellers sitting there buying from the panicked and scared, nobody chasing BTC on Gox because there is no real amounts of buyers on their site with any cash.... except for the management mostly.

it's super fishy, there is tons of buy orders but nobody is chasing BTC, a few whales!

[Muck Ficon]

I might sound like a madman, but I think we all might be missing the plot.

Mt Gox are getting rich!

How many people have coins tied up in Gox right now?

How many big transfers stuck in their system?
Who's actually got available funds on Gox?
Not many I reckon, many tried to get cash or transfer coins that are in limbo.

I'm not saying they planned this, but I reckon an opportunity could have presented.

Tons of tiny buy orders pushing the price down, and sellers sitting there buying from the panicked and scared, nobody chasing BTC on Gox because there is no real amounts of buyers on their site with any cash.... except for the management mostly.

it's super fishy, there is tons of buy orders but nobody is chasing BTC, a few whales!

Not getting rich, seems more like trying to get back to even.

[Salty_Aus]

I might sound like a madman, but I think we all might be missing the plot.

Mt Gox are getting rich!

How many people have coins tied up in Gox right now?

How many big transfers stuck in their system?
Who's actually got available funds on Gox?
Not many I reckon, many tried to get cash or transfer coins that are in limbo.

I'm not saying they planned this, but I reckon an opportunity could have presented.

Tons of tiny buy orders pushing the price down, and sellers sitting there buying from the panicked and scared, nobody chasing BTC on Gox because there is no real amounts of buyers on their site with any cash.... except for the management mostly.

it's super fishy, there is tons of buy orders but nobody is chasing BTC, a few whales!

Not getting rich, seems more like trying to get back to even.

Assuming they have had coins stolen, I'm not so sure.

It's all such a mess and it could be the perfect excuse, or even planned.

They'd have a running balance, they would pick up a theft pretty quickly... and no way they're going to be resending large chunks of coins.
Plus, you can't get cash off their site easy, they'd notice by the time they finally sent the money. (especially a big amount)

But it did scare a lot of people to take their cash off the site.
Withdrawals were backlogged for months.

Couple of hours later we still have tons of buy orders and no real number of BTC for sale.

[Charham]

Jump the Shark moment for Bitcoins:

Winklevoss Twins Launch Price Index for Bitcoin Named the ‘Winkdex’

[backdoorb]

20k for a bitcoin ATM, druff you should set up a few in the LA area.

http://www.cnn.com/2014/02/18/tech/i.../bitcoin-atms/

[zealanddonk]

Almost all bitcoin supporters start out as skeptics, but never a bitcoin supporter turns skeptic.

I'm sure anyone who made their first purchases on MtGox when it was 800 expecting it hit 1200 are just shitting their pants with pure joy right now.

[vegas1369]

Big drops in the last hour. Gox down to $180. Coinbase down to $599 ATM.

[Salty_Aus]

More oddity on Mt Gox.

Look at the nice straight line for the last ten hours of trading, and now again it's falling off a cliff.

I know when I see a market that's being manipulated!

[vegas1369]

Falling fast. $148 now.

[Salty_Aus]

Falling fast. $152 now.

And plenty of volume.
The 'management' are trading coins between themselves to induce panic.
They are trying to scare people to sell their coins, this will stop soon and the price will pick up a little and go back to being a steady line with buyers outnumbering sellers by 10-1 again.

Edit: they control the market, there is very little non management money on the exchange.
Markets never do this, you would expect volatility under the circumstances, and with buy orders outnumbering sell orders by such a huge amount you WOULD see buyers chasing value!... not just sitting back as a group buying from the scared.