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Bitcoin technical analysis

  • #2,161
  • Feb 10, 2014 5:35am Feb 10, 2014 5:35am
now is a good time to buy since the bottom is either in or is not very far...

The same core developer Greg Maxwell (that i did an article about yesterday) has just said in an interview that this is a known issue without much security risk and that Gox are potentially guilty of blame-shifting: http://www.cryptocoinsnews.com/2014/...well-responds/
cryptocurrency everytime
  • #2,162
  • Feb 10, 2014 5:36am Feb 10, 2014 5:36am
Now THAT has altered the charts just a tad.........
Attached Image (click to enlarge)
Click to Enlarge Name: btcusddaily.png Size: 42 KB
Money Makes Money
  • #2,163
  • Feb 10, 2014 5:40am Feb 10, 2014 5:40am
WOW Dropped to 102 on MTGox but only to 298 on Btc-e
Money Makes Money
  • #2,164
  • Feb 10, 2014 5:51am Feb 10, 2014 5:51am
Quoting venzen
Transaction Maleability to blame - what a disaster: http://www.cryptocoinsnews.com/2014/...ent-10feb2014/
Like I said yesterday, Mtgox has a good reputation for lies, manipulation, not solving problem, not communicating, so would it be possible that their technical explanation is totally untrue ?
  • #2,165
  • Feb 10, 2014 5:55am Feb 10, 2014 5:55am
Quoting venzen
now is a good time to buy since the bottom is either in or is not very far... The same core developer Greg Maxwell (that i did an article about yesterday) has just said in an interview that this is a known issue without much security risk and that Gox are potentially guilty of blame-shifting: http://www.cryptocoinsnews.com/2014/...well-responds/
That's what i thought. So this is Mtgox death, nothing else ?
  • #2,166
  • Feb 10, 2014 5:59am Feb 10, 2014 5:59am
Quoting lady_luck
{quote} That's what i thought. So this is Mtgox death, nothing else ?
i hope they get what they deserve - but not before i can get my BTC out!
cryptocurrency everytime
  • #2,167
  • Feb 10, 2014 6:02am Feb 10, 2014 6:02am
could gox be running a fractional reserve banking with bitcoin? example: giving 100,000 bitcoins to some third party but as long as depositors do not all withdraw their coins at once then everything is ok but if everyone is doing bank run then gox will not survive........ could this be the real reason?
  • #2,168
  • Edited 6:25am Feb 10, 2014 6:13am | Edited 6:25am
Quoting emptymind
could gox be running a fractional reserve banking with bitcoin? example: giving 100,000 bitcoins to some third party but as long as depositors do not all withdraw their coins at once then everything is ok but if everyone is doing bank run then gox will not survive........ could this be the real reason?
I think gox B.S. (blame shifting, such a great word for it's polite initials) run way deeper than that,

In april every single exchange had DDOS attempt, yet gox was the only one to stay shutdown for a week.
When in the month before they saw the traffic increasing by ten times, they didn't upgrade their platform.
They called it piracy, malicious attempt, but it was mostly regular traffic causing it, and F4.
After it took then like a month to add new servers. Yes, it was that simple.
The longer I ever saw BTC-e down was probably for 5min, never had to become a F4 maniac or to attempt twice to login.
Mtgox communication was to post once on facebook every two days. Then shutdown their site for 24h, inducing a panic sell.

I doubt their competence in running an exchange, I doubt they would do fractional reserve banking.
On the other hand they already add problem with their bank wire in the past, reaching their sending limits

So i'd say, in april gox wasn't ready for a 10time increase in user, today gox wasn't ready to pay off people for a BTC 10time more expensive.
They overlooked their trading platform and now they have overlooked their banking platform.

To me it's as simple as that, as much as I'm sure they are legit and have the liquidity, they found them-self stuck and unable to send so much money to so many people.

Let call it some more Gox B.S. (blame shifting, of course.)


EDIT : So Gox solution to their issue seems to be creating panic sell, because it's serve them. It meant less traffic, and now it would mean less liquidity to pay, and back in the green zone with their bank transfer.
  • #2,169
  • Feb 10, 2014 6:37am Feb 10, 2014 6:37am
Good God! I'm 1,100 in the red today! My $3900 investment is worth $2800 today! Me thinks it's time to turn off my computer and come back in a couple months! My heart can't take it! LOL
  • #2,170
  • Feb 10, 2014 7:35am Feb 10, 2014 7:35am
Quoting lady_luck
{quote} I think gox B.S. (blame shifting, such a great word for it's polite initials) run way deeper than that, In april every single exchange had DDOS attempt, yet gox was the only one to stay shutdown for a week. When in the month before they saw the traffic increasing by ten times, they didn't upgrade their platform. They called it piracy, malicious attempt, but it was mostly regular traffic causing it, and F4. After it took then like a month to add new servers. Yes, it was that simple. The longer I ever saw BTC-e down was probably for 5min,...
lady_luck, that's the truth of it - i also believe - they know they can manipulate the market to their benefit and they are willing to stab the very people who helped them with technical workarounds (because of their poor wallet implementation) in the back to balance their books. I hope this is the last time it works for them.
cryptocurrency everytime
  • #2,171
  • Feb 10, 2014 7:37am Feb 10, 2014 7:37am
Quoting dcramer16
Good God! I'm 1,100 in the red today! My $3900 investment is worth $2800 today! Me thinks it's time to turn off my computer and come back in a couple months! My heart can't take it! LOL
yeah, this is very bad and my BTC-e account didn't survive it. Now is, ironically, a good time to buy - i'm just going to see what the fall-out with the mainstream is before looking for an entry point later today or tomorrow...
cryptocurrency everytime
  • #2,172
  • Feb 10, 2014 7:46am Feb 10, 2014 7:46am
Quoting venzen
{quote} yeah, this is very bad and my BTC-e account didn't survive it. Now is, ironically, a good time to buy - i'm just going to see what the fall-out with the mainstream is before looking for an entry point later today or tomorrow...
I agree, great time to buy. I'm not terribly worried, it'll bounce back. Just wondering when. I spent another $1500 on Friday, if you remember I was going to buy Thursday night but waited until Friday using your advice....which was good advice by the way. Now I just wish I still had that $1500 to buy in today, lol. February 21st I will have another $1400 to buy in so that will give me time to watch which way things are going and make a better decision on the 21st.
  • #2,173
  • Feb 10, 2014 8:17am Feb 10, 2014 8:17am
Quoting venzen
{quote} yeah, this is very bad and my BTC-e account didn't survive it. Now is, ironically, a good time to buy - i'm just going to see what the fall-out with the mainstream is before looking for an entry point later today or tomorrow...
So you are thinking lower ?
Mtgox needs to be shut down. When their main priority is not to loose face.
  • #2,174
  • Feb 10, 2014 8:34am Feb 10, 2014 8:34am
Bitcoin Flash Crashes, Drops By 80% In Seconds

http://www.zerohedge.com/news/2014-0...ops-80-seconds



Hi friends,

hopefully nobody got bloody nose over the last days.

Now you see, what I was talking about a few weeks ago, when I warned about the possibility to see huge drops, and asked few participants here, if a drop towards 100 USD or below would hurt them.

For me it was all in the Elliott Wave charts


Every mania ever has corrected itself........


Was someone able to get a few when it dropped toward 100 today? I was not LOL
  • #2,175
  • Feb 10, 2014 8:36am Feb 10, 2014 8:36am
Quoting venzen
{quote} yeah, this is very bad and my BTC-e account didn't survive it. Now is, ironically, a good time to buy - i'm just going to see what the fall-out with the mainstream is before looking for an entry point later today or tomorrow...
How can you say, that it is a good time to buy now?

Same you told when it was above 1000!


Maybe it is best to wait and see now, what is offered, when some dust is settled. All other is pure gambling. You can also throw a dime.......


JMHO
  • #2,176
  • Feb 10, 2014 8:58am Feb 10, 2014 8:58am
I'm in, going to join the rally
  • #2,177
  • Edited 9:51am Feb 10, 2014 9:28am | Edited 9:51am
Ok, since my optimistic count got trashed, there is still this potential triangle in formation, which could validate a IV, but it does need more contact point and more time to pass -as infinitus said- to be validated
https://www.tradingview.com/x/SisJpiih/
note : timescale would be longer*

Btce would invalidate it, but the 102 was most-likely due to coin from gox being cash out elsewhere (confirmed by LTC chart), so may be the 102 can be treated as an abnormality or could turn into an expanding triangle.

The second option I see is similar to what emptymind presented, we would see 450 on stamp after a fifth down, in a immediate future.
  • #2,178
  • Feb 10, 2014 9:57am Feb 10, 2014 9:57am
Quoting infinitus
{quote} How can you say, that it is a good time to buy now? Same you told when it was above 1000! Maybe it is best to wait and see now, what is offered, when some dust is settled. All other is pure gambling. You can also throw a dime....... JMHO
look it's easy to come after the fact and say "i told you so", but i don't understand: are you saying that every time price goes near 1000 it's a mania? People were saying it's a mania when it went to $12 - "this isn't real money! It's not backed by any asset!"

And now look. BTC-e went to 102 but Gox (the manipulating agent) only hit a low of 502.

I cannot understand, equally, how a commodity price can be called a mania if it does not fizzle out exponentially. This is clearly a rising chart. Here's the log chart of what you're calling "mania":

https://www.tradingview.com/x/D5ehsXYA/
cryptocurrency everytime
  • #2,179
  • Feb 10, 2014 10:06am Feb 10, 2014 10:06am
Quoting lady_luck
Ok, since my optimistic count got trashed, there is still this potential triangle in formation, which could validate a IV, but it does need more contact point and more time to pass -as infinitus said- to be validated {image} note : timescale would be longer* Btce would invalidate it, but the 102 was most-likely due to coin from gox being cash out elsewhere (confirmed by LTC chart), so may be the 102 can be treated as an abnormality or could turn into an expanding triangle. The second option I see is similar to what emptymind presented, we would...
nice chart!
cryptocurrency everytime
  • #2,180
  • Feb 10, 2014 10:12am Feb 10, 2014 10:12am
what's this all about in the BTC-e chart (logarithmic)?

that looks like the foothills of a massive wave up...

https://www.tradingview.com/x/Zc5CiOEx/
cryptocurrency everytime
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