i noticed its been holding solid at 1200 or there abouts for a few days now. i wonder what this means. every other run up it went way up then fell some and held solid at some point in the middle. this time its holding solid at 1200 (the peak) but isnt going up past that.
Last edited by Belly Buster; 11-30-2013 at 12:13 PM.
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Unfortunately, for me, it means the market is comfortable with this price. Although the volume is very low.
I am using a phone right now so I cannot draw on this chart. Imagine the chart from the beginning of the 29th to present looking like a Detroit Tigers pennant (triangle). The range is getting narrower and narrower. Eventually, it will "break out" to the upside or downside & prolly in a big way.
Pretty much exactly this happened after Seals got busted.
They gave a whopping 30 days for people to cash out, weren't particularly responsive to e-mails (as evidenced by Jesse Martin's later feud with Micon), and then made off with all the BTC they were holding.
I don't know if Micon got any of this, or if the other guys involved took it, but this was pretty much outright theft, and it's amazing how people just went over to the successor site as if none of this happened.
I know the excuse was supposedly that they were terrified of the feds and didn't want to leave more than a 30-day trail before everyone-but-Micon disappeared into the sunset, but I don't buy that. They could have, at the very least, taken the position of, "We have to go away after 30 days, but in the future, we will reappear and give everyone back their BTC."
Or they could have designated a trusted party to pay out the remaining coin. Or they could have put the BTC in the hands of an associate in another country where the person wouldn't be in legal jeopardy, and had him cash people out.
Surely they had such a person, as they were able to put up a new site quickly and it's been operating ever since.
So it's pretty much bullshit to say, "We're closing down this site and taking everyone's BTC after 30 days because we can't risk it anymore.... but, oh, we have no problem risking something much more severe (running an entirely new site) just days later."
Here's some food for thought: One bitcoin was worth about $250 when Seals stopped cashing people out, and ran off with the money.
If they were holding just $100,000 in uncollected balances -- just 400 BTC total -- they skated off with about $4,000,000 in today's value.
Disgusting.
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