Bitcoins are officially donkdown

[rum dick]

A Chinese Bitcoin exchange that held up to $4.1 million in users' accounts has gone offline and everyone involved with it has vanished, according to CoinDesk.

The GBL exchange claimed to be based in Hong Kong but turns out to have been headquartered in China. The Hong Kong Standard reports:

The company appears to have launched in May 2013, with its domain btc-glb.com registered on 9th May and a post later that month by Bitcoin Talk forum user zhaoxianpeng promoting the site.

Some mainlanders went to the IFC office listed on its website, but this turned out to be a false address.

Fourteen of them made a report to the Hong Kong police.



http://www.businessinsider.com/bitco...nishes-2013-11

[bukowski72]

Reddit I am A

We Are A Blackmarket Internet Vendor that's sold over SR, BMR, and survived throughout! AMA!

By vendor he means drug dealer. Lots of technical stuff here that maybe only Sonatine and few others might appreciate. One of the new drug markets opening up is named after a Doctor Who episode. Who might own that site?

http://www.reddit.com/r/IAmA/comment...or_thats_sold/

[Rick O'Shea]

Federally Insured Financial Institutions
January 1, 2011 – December 31, 2011

I. Violations of the Federal Bank Robbery and Incidental Crimes Statute, Title 18, United States Code, Section 2113

Violations by Type of Institution

Robberies

Burglaries

Larcenies

Commercial Banks

4,495

44

10

Mutual Savings Banks

16

0

0

Savings and Loan Associations

105

3

0

Credit Unions

398

13

1

Armored Carrier Companies

0

0

1

Totals

5,014

60

12




Grand Total—All Violations: 5,086

Loot was taken in 4,534 (89 percent) of the 5,086 incidents. Loot taken is itemized as follows:
Cash

$38,331,491.85

Securities—Face Value

$100.00

Checks (Including Traveler’s Checks)

$2,310.11

Food Stamps

$0.00

Other Property

$9,600.00

Total

$38,343,501.96

www.fbi.com

LOOT ftw

[Sanlmar]

One year Chart
close $458 at time of post



2 Month Chart




A Senate subcommittee is scheduled to hold a hearing Monday on virtual currencies. That comes after a unit of the Treasury Department earlier this year issued guidelines that said virtual-currency exchanges are subject to the same anti-money-laundering requirements as are traditional money-transmission businesses, such as Western Union Co.

"Fewer people are asking if this is all a Ponzi scheme," says Mr. Lukasiewicz, the Coinsetter chief executive.

Blah, blah, blah....

Bubblicious. Discussions about ATM's and pulled pork sidewalk pushcarts accepting Bitcoins. Increased acceptance and Silk Road. Who cares. Idiots are missing the point. This has nothing to do with macro or micro economics. We'll sort that shit out later. It's a bubble stupid. Enjoy it or trade it for what it is. It's a game. Soon to be a game of chicken. You don't see this but once in a great while. The stories of carnage will follow as someone is always left holding the bag. For now, still decent volume.

But you need big balls. Hard to short this. If there were shorts out there this would be made for TV. Low volume short squeezes would pump this to 1000 as the Winkelvii would rape those who think they have common sense.

Somehow I sense there is an opportunity to short this. Someone has to be willing to book that action. I am too lazy to suss that out.

Love this - this is better than Pornhub.

There is an old saying that goes something like this: “”You know it's time to sell when shoeshine boys give you stock tips."

For me, the shoeshine boy will be Diane Sawyer on the evening news.

Shadenfreude homie...

[Sanlmar]

Anyone play on SealswithClubs or have anything to share in this regard?

It occurs to me that some really, really big winners of the Bitcoin run up might be those early depositors who were simply looking for a US facing site with lightning fast deposit & cashout. Bink!

I have speculated in the past about the mammoth temptation that had to exist with the player funds on deposit. I understand our boy is not a principal or operator here. So all that is was just good clean fun. But the true owner has got to be a saint if he has not dabbled in some trading. Poker site owner/operator usually doesn't attract folks simple scratching an entrepreneurial itch.

Aside from my girl, Ruth Parasol. She's so hot. Now there's the movie Justin Timberlake shoulda pursued. Money, porn, hot female principal character.

[Yiddishdonk]

Love this - this is better than Pornhub.

There is an old saying that goes something like this: “”You know it's time to sell when shoeshine boys give you stock tips."

For me, the shoeshine boy will be Diane Sawyer on the evening news.

Shadenfreude homie...

Harm-Joy homie

[Dan Druff]

Another huge run-up today.

Up to $666.

Crash imminent this week.

[sonatine]

Wow.

[simpdog]

How the hell do you tie any poker/gambling or any sort of commodity with this sort of variance in the price of btc?

[Dan Druff]

How the hell do you tie any poker/gambling or any sort of commodity with this sort of variance in the price of btc?

That's one of many problems, but you're right.

[BeerAndPoker]

If I was Micon or someone who owns tons of these things I'd sell every one I had and gtfo now because I predict after this crash that will come sometime soon that they won't ever get this high again unless a bunch get seized again then "maybe" but I wouldn't take my chances.

[snake_in_the_ass]

Another huge run-up today.

Up to $666.

Crash imminent this week.

$710

[yaahello]

If I was as bad at poker as Micon is it wouldn't matter if I had a million dollars, if I could talk other people into paying it for me why the hell wouldn't I?

Not saying Micon does have money, but saying this is a poor argument. The rich get richer by spending other people's money, not by shooting off their own.

You dont know Micon then. He thinks hes great at poker. Just go read his tweets during wsop and he is always talking about how great hes playing even when busting out of event after event. When u are thinking variance control and stuff like that, u are confusing Micon for someone like Druff. Micon would fire 100 pct on himself at the wsop if he had the $ to do it. Like look at the main event, do u really think Micon would play for 20 pct and risk losing most of an 8 million dollar score if he won? No, he would only do that if selling off 80 pct of himself was the only option.

http://igaming.org/poker/interview/t...ampaign=Buffer

In 2013, with the baby and my SealsWithClubs work, I decided to put up $20,000 of my own money and played 27 events and buy-ins totaling around $60,000. I had three cashes this year for $10,000 total and no mixed game cashes, which was very disappointing. Next year I think I’ll do a similar thing and especially since a lot of people in the Bitcoin community like to bet some coins that could turn into US dollars. I’m totally addicted to the World Series, I’ll fully admit that, so if I can fire more next year I’ll do that for sure. I’m a degenerate gambler,” Micon closed out with.

[Cokehead]

You dont know Micon then. He thinks hes great at poker. Just go read his tweets during wsop and he is always talking about how great hes playing even when busting out of event after event. When u are thinking variance control and stuff like that, u are confusing Micon for someone like Druff. Micon would fire 100 pct on himself at the wsop if he had the $ to do it. Like look at the main event, do u really think Micon would play for 20 pct and risk losing most of an 8 million dollar score if he won? No, he would only do that if selling off 80 pct of himself was the only option.

http://igaming.org/poker/interview/t...ampaign=Buffer

In 2013, with the baby and my SealsWithClubs work, I decided to put up $20,000 of my own money and played 27 events and buy-ins totaling around $60,000. I had three cashes this year for $10,000 total and no mixed game cashes, which was very disappointing. Next year I think I’ll do a similar thing and especially since a lot of people in the Bitcoin community like to bet some coins that could turn into US dollars. I’m totally addicted to the World Series, I’ll fully admit that, so if I can fire more next year I’ll do that for sure. I’m a degenerate gambler,” Micon closed out with.

Hes full of shit. He sold off almost all of himself in most events. His spreadsheet at the time made that clear. He put up $ in a few spots when he had to but mostly he collected enough with vig to where he was close to freerolling. I mean I never did the full math but I cant believe he put up 1/3 of the money. I think he just didnt want to admit he was freerolling the btc neckbeards so he came up w/that lie.

[BeerAndPoker]

Currently $835.00 but have hit the $900 mark.

[SenseiKreese]

Surely a crash looks imminent based on the volume driving the prices, it smells of price manipulation. It swings $10-20 on every small trade. Once someone tries to off 50K of these bit coins at one time, the seller will overtake the buyers. The real question is where does it bottom out. Only time will tell if these things are truly hot potatoes, but its entertaining to watch.

[SenseiKreese]

Currently $835.00 but have hit the $900 mark.

7 minutes after your post, its down to $712

[nightmarefish]

Sorry if this has already been covered but why the sudden up tick?

[Sanlmar]

Another huge run-up today.

Up to $666.

Crash imminent this week.

$710

Folks, including yourself, have been calling for the "crash" since $100.

5-15-2013 $150+\-

I am surprised that bitcoins haven't taken a big dump -- or at least a temporary one -- given this news about Dwolla.

It might happen soon as a delayed reaction sort of thing (as people start becoming annoyed with their inability to get money over to Gox easily).

I can't imagine this being good for the upcoming health of the bitcoin economy.

If the public perception becomes one that the DOJ is going after bitcoin payment processors, the value will fall big time.

Prolly, an exhaustion move. But doesn't have to "crash". Give up a $100? Maybe? As long as there are doubters this still works. But for sure this linear run up will be tested.

I still suspect there is a short interest out there ... And the shorts are getting raped.

[Sanlmar]

Looks like a good old fashioned short squeeze.

Just saw this crazy "candle" for today. The last symbol in the attached chart. Looks like a "cross" and might be called a "long legged doji" if you are into candle stick charting



The line extends from $600-$900 and indicates completed trades at prices between those two extremes.

The cross is where it is trading now.

Bottom line - this thing is gonna be wild ... and people are gettiing crushed & some rich.

I guess there are ways to short, primarily Asia. This explains a lot. I suspected such.

Some of those, like Druff, who said this will crash couldn't wait to sell high and buy back lower, i.e. "Short". But when the price keeps going up they are fucked. They owe money.

Bitfinex: A Hong Kong-based bitcoin exchange based in Hong Kong, Bitfinex allows ordinary bitcoin holders to act like brokers and lend bitcoins to people who want to trade them. The exchange does a lot of this automatically.
ICBIT: ICBIT allows traders to make bets using futures—financial contracts in which a buyer agrees to buy a security, in this case a bitcoin, at a future date at a predetermined price. Futures contracts can be bought and sold, so you can make money without buying the actual bitcoins themselves. This platform will also let you trade commodities, such as oil, in bitcoins.

Ex: borrow 10 Bitcoins and sell at $500 with the intent of buying back when it crashes to $200. Pocket $300x10=$3000.

But the Winklevoss twins run it up to $700 and now you owe 10x$200. Fuck. You have to buy 10 BTC to payback your loan. It keeps going up. You panic. When you buy back you end up adding to the buying pressure, pumping up the price even more..

Multiply that by all the smart guys who said this was gonna crash and they are tripping over themselves as they outbid each other to get the coins they need to pay their loan back.

That, my friends, is a "short squeeze".

Those who held on are just laughing. For now.

I offer this up so everyone can enjoy the show. There are stocks that do this and programs out there that try to identify them for traders (gamblers). Can't make money if it ain't moving.

To me, this is unique unique because Bitcoins are really just an idea. They are essentially worthless. They are about as valuable as a deck of playing cards. You gamble huge money on a concept or game - like poker.

I may never see anything quite like that again.

This is a short squeeze, no doubt. The doubters fuel the run up.

Common sense about "value" has nothing to do with this. It never really does in the stock market. Fuck all that value investing bullshit. It's poker. I exaggerate only a little.

Spectacular story..