I heard people saying they found a way to open a Jap bank for faster withdrawals out of Gox

I guess its possible



i wouldn't say that its  super duper bullish, withdrawals being back means people will feel more safe selling, but it would be good news nonetheless.

end result would probably be no more spread between exchanges

lol

10% is not worth it?

price was well over 10% difference when stamps first fell

you don't HAVE to buy at market to do arbitrage

what if you could get money out of gox?

isn't 0.5% worth it at that point...

so Adam dreams away...

What are the chances that major Bitcoin vendors liquidate their bitcoins at Mt Gox, but use BItStamp (or a near average) when they price their products/service?

wow. i cant tell if the dog is simply sniffing the elephant's ass, or if the elephant is enjoying the dog putting his nose in strange places.

must be bullish.

A continual spam of sells is typical before a crash or a rocket? Or both?

I'm curious because the past few weeks I've notice spurts (hour or so) of continual small buys (usually 0.01 or less). The current 1btc sells have been going on all day long with almost no interrupts.

Guys on topic: will this wall fall?

Check this out (Gox's answer to Coinlab's suit - TL;DR: they are saying they are short of an additional $5M, NOT including Dwolla and DHS):

http://numismatics.pwnz.org/wp-content/uploads/2013/09/MtGox-Answer.pdf


I read this as VERY BAD news. "Overwhelming" the biggest bank in Japan my ass... The +$14M on Gox's order book, plus whatever is "dormant" or in the withdrawal queue, and therefore all our Gox balances..... Are backed only by thin air.

That's one of the absurd excuses Gox is pulling out of its ass to justify delayed transfers.

Emphasized version (just loving the drama):

I don't follow you. Coinlab should have registered by the end of March. Gox's funds were seized later, and presumably would not have been if Coinlab fulfilled its end of the deal.

I dont imagine gox failing. They make tons of money in fees. Although, I suppose, it is possible. If Gox does implode, then most coins should have been sold on other exchanges, causing a dive elsewhere. Those on Gox of course, well, we're fucked :/

A rough estimate:

When comparing April with today, the current run up seems much more impressive.

Another difference is the average cost of the coin. It is much higher now than April. Many current holders bought at above $100 - $150, therefore, it will be really reluctant for them to sell below that price. So I believe bids under $150 don't have a good chance to be filled in all cases. $600 to $150 crash seems huge enough to me.

We're not out of the woods yet. When Gox crashed in April it took hours to discover the low.

Sure, you could be right, but I'd give it an hour before declaring that was the bottom.

I've got a sell order in at $725 and a buy order at $560 but i'm thinking i'd probably be best to cancel the sell order...

Anyone else have bistamp issues? My account shows correct values in USD and BTC. But when i try to trade
it says i miss funds to do anything.

i just sold (@530€)

so far, every time i bought or sold, it was wrong
and the price went opposite then expected

so you: buy!

Bitcoin is being remarkably forgiving today -- a beautifully formed crash and subsequent bull trap peak, on lower volume. Get off at this station for some light refreshments before the moon shot. The next station is way back, and on fire.

If you think this is a healthy precursor to a bull run, be my guest, but don't say I didn't warn you.

In fact the tape has been painted all the way up. Just go with the flow. There's no exuberance here, just a dream of what might have been.

TA is BS

Where is the neck?

You sound like a psychic giving a cold reading.

This 'crash' was triggered by real world events. TA may be right in retrospect, but if it was wrong, it would still be right in retrospect later.

Wow, I don't go in for TA much but that's a revealing chart ^^

looks like a head and shoulders is maybe forming, which would mean sub $500 on gox.  

http://www.youtube.com/watch?v=1ByzZ6b4ET8&list=PL33D0C18CDEBF64B7

i speculate that bitcoin can trade well over 1000$ purely on entertainment value

the market has mature so much in the past 3 months no one realizes and assumes we are in a bubble, no we are not in a bubble.... if you think bitcoin is in a bubble go buy an ounce of gold.

Why won't it drop to $200?  Or hit $5,000? (Which it eventually will in my not so humble opinion.)

All you can do is guess.  If anyone knew the answers they wouldn't be here sharing them. 

It will drop to sub $500 very soon, recover to $600-$800 range and resume the march to $10k next year.  

Probably the tinfoil hat talking but there seems to be a fair amount of trading that's taking a loss to push lower. Long term bear maybe but it coincides with European timezones and Europe could be due some bad news tomorrow:
http://www.irishtimes.com/business/sectors/financial-services/eu-agrees-bail-in-rules-for-deposits-1.1626033

Quit with the FUD.  

Average stable price before the Q1 run up was $13+ (for a month+)

Average stable price after the correction was about $100, other than during the panic, and at final capitulation.

We were stable at an average of about $130 before this run up (6 weeks).


Let's do a little simple math, which is clearly beyond you.

$13 > $266 > $100  2000% up at peak.   66% drop from peak on correction (other than overshoot and final capitulation)

We can agree each bubble and subsequent correction is less severe.   This means we don't overshoot on the way up as far, and the drop is much less percentage wise, off of the peak, and does not overshoot as far either.

$130 > $1246 > $743 (current)   1000% up at peak.   40% drop from peak.

This would seem to suggest our average "stable" price should be higher actually.   Half the growth, half the correction?  Should settle 33% down, no?

This is only if things are the same, which few would say that they are.   This is simply to debunk your FUD on where the price should settle.   Quit wishing for more cheap coins, you had your chance.

Edit:  Numbers are approximate.

this is nothing its about to get real fun really soon

So if it follows previous patterns, after this downturn, we slowly start going up towards a new ATH?

LOL

***cough cough***  Ethereum  ***cough cough***

all this fud was engineered to let them buy out their liabilities on the cheap

The market is far from rational right now. I doubt this will be our last time going past $500 again. The fact that this recovery is occurring at super speed is shocking.  

Is this the last wave down out of three then?

Apparently BTC38 has suspended deposits no?

http://www.btc38.com/general/1237.html

I'm inclined to agree with you, but there has been unexplained reversals in the past (or rather, you find out the news after the run-up, which seems more likely these days with institutional money). Nice volume today though, gonna be an exciting week it seems.

Buy back.

Stop reading news.

Stop caring about price.

*Have your friend call you if and only if Bitcoin experiences a sell signal (0.4 log units above trendline).

Live your life.

Wait for the call.

When it comes, check if selling max 50% of your bitcoins is enough to retire.

If yes, sell them. If no, take 20% out as profits and buy something nice.

Go to *.

You can keep your popcorn and your pork gyros. I prefer well-marbled beef.   

all of this sounds good to me but I expect the Winks ETF to be approved before the end of the year which would certainly precipitate the run up

I see this argument a lot, and my question is this: what, exactly, would give consumers more of a reason to use bitcoin for legal transactions over existing payment methods? What will these new projects do differently that will make it more attractive for the consumer?

Voluntary free association creates civilization and all it's benefits.

Those benefits are so great that civilization can survive (for a short time) even under the predation of institutionalized violence.

In the end, however, the parasite always grows until it destroys the host civilization.

1-3) More applicable as a store of value argument than a consumer/merchant viability one. I guess the banking for third world country things is okay, if people in third world countries want to buy stuff from people accepting bitcoin.
4) I agree with this, and say so in my post. It's a good way to send money relatively cheaply and quickly.
5) I agree it benefits the seller, but you don't cater to the merchant, you cater to the consumer. The consumer is the one paying, and he has to pay in bitcoins. The consumer is the one with no recourse if he gets screwed over.
6) Again, not really addressing the consumer/merchant relationship.
1) What about the guys who bought at 1000? How is their purchasing power doing? I'm not taunting people who bought near the top, my point is simply that you can't say this is a benefit, because there is no guarantee that bitcoins value continues to rise indefinitely, and there is serious risk involved (whether perceived or reality I'll leave it up to you to decide, either will suffice for what I'm arguing) that the whole thing could plummet while you're keeping your purchasing power in bitcoins.
2) Paypal is very consumer friendly and merchant unfriendly. This is exactly what the consumer wants.
3-4) There is no guarantee enough consumers will care about any of that strongly enough to be willing to make changes. I'll concede that maybe in some countries this would be enough, but in order to get the 5-6 figure prices everyone talks about, you'd need more than just those countries.
5) The most I've seen for a discount is 5%. If there are any "heavy discounts" I may have missed, feel free to enlighten me.


If you get ripped off, you contact your credit card company and have them reverse charges. Much more of a pain to get back your money with bitcoins, especially if they were straight-up fly by night scammers.

Relying on trust ratings seems like it would be a huge catch-22 that would lock new businesses out of markets in favor of established ones. How does one get high trust ratings if few have purchased from them? How does one justify purchasing from those new businesses so they can get those high trust ratings? You might see prices from the trusted sellers rise in the face of this, as they know people will pay the premium for the reassurance.


A fair point, but one that still relies on for-profit groups with self-serving interests.


Another fair point, but even with the law, it would still be a lot harder to get your bitcoins back. The point is why would the vast majority of consumers be willing to go through all the trouble? Yes, okay, there's the threat of arrest for those who scammed you, but even if they do go to jail, there is no guarantee you're getting your money back, and if you do it could take years vs the one phone call you need to make to the CC company. The ripoffs getting in trouble is not as important to your average consumer as them getting their money back without having to wait years wondering if it's ever coming.

A fair point, but one that still relies on for-profit groups with self-serving interests.

Yeah, if you start counting from the Big Bang. 

>>>/pol/

Yea, except this will take us back to the wild west ages where everyone fucks everyone and where most of the opportunities are for the elites while the majority slave or barely survive in an unfair community, which leads people to rise against the CHAOS and enforce governments and laws and constitutions... you know the same circle all over again.

Libertarians usually talk about their ideas of a communities without considering history of failed experiences.... you cant give too much freedom when most of the opinions varies, you have to enforce some boundaries,  how would a libertarian free of government community even agree on priorities and necessities when the human nature is to fight and differ on stupid matters.... we see that kind conflicts all around the world.

...At that point, the for-profit gateways will politely step out of the way & utopia will ensue.

Why and how will this transition take place?  Consumers have grown to trust these payment services, not Bitcoin.

I'll believe it when I see it, but yes, if there is a convincing way to sway consumers into using bitcoin, THAT'S what you really need. So why is the focus always on the benefits to merchants?

Bitcoin's transaction costs, if Satoshi's statement that BTC price should tend toward BTC mining costs, is currently ~10% of Bitcoin's market cap.  Imagine if 10% of the world's wealth was destroyed yearly on transaction costs

And I believe those startups have a big obstacle in front of them in convincing anything more than a fringe portion of consumers that bitcoin is worthwhile over more traditional methods. All those businesses will suffer immensely if they can't figure it out, or if their proposed solutions are not embraced by the consumers.

... thus learning nothing about Bitcoin, which brings us back to

Repeating yourself doesn't help to make your point.  If the consumers don't know how "know their money is being sent using the bitcoin network," how are they learning about Bitcoin?  How are they in a better position to use Bitcoin without relying on the infrastructure they have grown to trust, i.e. for-profit gateways providing it?

Oh I'm sorry but this is a wrong and myopic way to see Bitcoin's future.

There is NO hiding Bitcoin from the consumer unless Bitcoin essentially becomes a Ripple adopted by banks and this is not the goal here.

To fully realises the promises of Bitcoin they absolutely will have to convince consumers to use Bitcoin.

Fortunately the arguments will be many and greed will do the heavy lifting.

I don't really see a whole lot in there that explains why bitcoin will be so much better for your average consumer than credit cards.

As far as I can tell, nowhere in that link is that mentioned.

So I say there's not a whole lot in there that explains, and your defense of it is to say something that isn't in there? 

Reports that certain exchanges (unfair to name any at this point) are now "suspending" withdrawls.