Adam, what is the story behind your penguin avatar? Are you a linux user? If so, which distro?
no story just thought it looked cool... i paid someone some BTC to make it in Photoshop. Flaunting the penguin but not a user? Blasphemy. About 80% of the time I'm using Linux Mint. I hope this eases some tension... |
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So, is there a consensus about what caused todays sudden price increase
The world is in love with Bitcoin and most realize it is a great value? I wouldn't stop there.. maybe the world realized that bitcoin is divine and the code was sent down directly by god. Now there will be a 120 year long age of peace and enlightenment, while the entire world is mining for the same amount of coins, that a small group of people mined in 5 years. |
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I doubt that todays pump had much to do with Ukraine.
There is a 1000 per day bank withdrawal limit, but that's just to avoid bank runs. You can still exchange to other fiat or make international bank transfers. It wouldn't be exactly a smart choice to go from 1 fragile currency to another just as fragile or more.
My guess goes that it's some outsider investment group that decided to copy Fortress, so they made a high risk bet and bought a planned amount of coins. Todays rise was caused by one entity who was rather careless about buying coins. You could often see pumps like these during the China boom. Pumps that are ok with buying coins in a short period and creating a drastic rise. Buys like these are made by people who are not interesting in hanging around at the bitcoin market for a long time. They only come to buy a determined amount, that was agreed upon by the board of directors.
Well fingers crossed they are back tomorrow. Sure hope so. It hasn't been very fun since December. |
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Re: Bitcoin infrastructure, and "relevance" of cash withdrawal limits' effect on exchange payouts -
There are services to pay bills with bitcoin. Services to buy gas. Order-placing services to buy anything on the internet. Thousands of online vendors. Services to order food, even.
Yes, it is less accessible in a country like Ukraine, but Ukraine isn't exactly a third world country either so don't give me that bullshit. Maybe 2 years ago, experiments in "living on bitcoin" in developed countries was very difficult, but now it's incredibly easy in most areas. For the last year I've bought 75% of my food and gas without touching USD, and it's not been inconvenient or difficult in the slightest. Examine your misconceptions. 50% of my electronics and auto parts. That the stores touch it is not my concern. I am no "cultist," lol, I'm as straightedge as they come, but I appreciate the humour.
Please start a detailed blog on how you could live with only using bitcoin. I think it would be quite famous and even could get some wide media coverage. Right now I think that you are either exaggerating your claim or you live with your parents  |
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Jokes aside, bitcoin is a nice step in the evolution of finance, but keep a cool head if you don't want to look like an Jehovah's Witness Sometimes it's OK to get excited about things. I'm excited about having the technology to protect and control my money as I see fit! You may control your bitcoins, but the bitcoin market controls your wealth  The former will ensure the success of the latter. The faith of the hodlers will decide the amount of your wealth. You could always pray for god/satoshi, that no old adopter/drug dealer/coin thief will decide to dump 100 000+ coins and decrease your wealth by ten times or more But I agree, it's a matter of taste. It suits some people to act on blind faith while ignoring the risks. Sometimes it pays off also. If it wouldn't be like that, then we wouldn't have any lottery winners |
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Bought some, sold some and now back to just looking..
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Jokes aside, bitcoin is a nice step in the evolution of finance, but keep a cool head if you don't want to look like an Jehovah's Witness Sometimes it's OK to get excited about things. I'm excited about having the technology to protect and control my money as I see fit! You may control your bitcoins, but the bitcoin market controls your wealth |
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Yeah.
I was going to reply something along those lines but the sheer exercise in futility of it all bored me into not completing my post.
As a means of everyday payment, it is fucking rubbish.
As a means of moderately wealthy people from crisis hit nations/economies, getting their capital into an ultra transportable form without necessarily having access to international finance. It is the perfect fit. A temporary fit for most perhaps, but temporary is better than the chances of watching all your capital turn into empty government promises as the geo-political games of NATO and Putin wipe the floor with the Ukrainian economy.
I don't understand the full implications of how it makes sense to Ukrainians....perhaps they fear their currency will collapse? But this must be the reason why Bitcoin has done what it has done today. Mentalists like rpietila may claim that this all fits in perfectly with his exponential growth mean curve, but up until 6.30 am GMT, All technicals were pointing towards Bitcoin taking another nose dive. Instead, this X-Factor came into play and blew all the TA out the water. Not even the bulls promoting their flimsy inverse head n shoulders formation could have predicted this.
I have said many times that I believe that Bitcoin was actually developed by the NSA as a financial weapon of mass destruction and I think these kind of events demonstrates exactly the uses that a reasonably liquid Bitcoin market could have in undermining the economies of nations whose resources and strategic potential the US and it's NATO bum buddies are interested in having a piece of.
I doubt that todays pump had much to do with Ukraine. There is a 1000 per day bank withdrawal limit, but that's just to avoid bank runs. You can still exchange to other fiat or make international bank transfers. It wouldn't be exactly a smart choice to go from 1 fragile currency to another just as fragile or more. My guess goes that it's some outsider investment group that decided to copy Fortress, so they made a high risk bet and bought a planned amount of coins. Todays rise was caused by one entity who was rather careless about buying coins. You could often see pumps like these during the China boom. Pumps that are ok with buying coins in a short period and creating a drastic rise. Buys like these are made by people who are not interesting in hanging around at the bitcoin market for a long time. They only come to buy a determined amount, that was agreed upon by the board of directors. |
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Just listening to Antonopolous - more and more I think we are a part of something absolutely legendary. Totally apart from bitcoin the currency, I believe bitcoin the protocol will revolutionize the global economy in ways we can't even yet imagine. The times they are a-changing.
just my 2 bits...
In our lifetime? Why stop there... it's the most important thing in the history of world. Penicillin and electricity? Nah, Bitcoin! A lot of empirical researches have even found that there was no Big Bang, there was only bitcoin. Jokes aside, bitcoin is a nice step in the evolution of finance, but keep a cool head if you don't want to look like an Jehovah's Witness |
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In the future, when people start to question who owns most of the existing bitcoins, then better hope that there is another popular coin out there so you don't have to just withdraw fiat and game over. When people start to look into the amount of drug trade that went on with bitcoin in the past, and the amount of coins that have been reported stolen, then they will realize an important question: How to know if the criminal world isn't owning most of the coins in existence? People will question if investing new money into bitcoin isn't just filling the pockets of criminals who sold drugs and stole from others in the past. And then there will be one answer, that it's safer to start all over on a new platform that is not that suitable to the criminal element. guaranteed that 100% of all cash has been used in some sort of drug exchange at one point or another... Well, but cash isn't like bitcoin isn't it. Cash wasn't introduced with decreasing supply, where drug trade was the main market engine, while half of the coins came out in couple of years, with the rest coming in a period that is over hundred years Bitcoin was designed mainly to reward early adopters and have a strong starting momentum by this. Most of the early adopters with bitcoin are in all probability different kinds of criminals. That is probably the reason why there are so few "whales" who like publicity. |
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Warren Buffet: Bitcoin is Not a Currency
Not a currency? What is it then? A value(wealth)-transfer protocol? Oh, wait... I think that Buffet thought that Bitcoin lacks the most important characteristics of an currency. It is ment to look like a currency, while it lacks the properties. It's like with this:  You can say that it is a car, but still you are not speaking the whole truth when you say that it is a car. |
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In the future, when people start to question who owns most of the existing bitcoins, then better hope that there is another popular coin out there so you don't have to just withdraw fiat and game over. When people start to look into the amount of drug trade that went on with bitcoin in the past, and the amount of coins that have been reported stolen, then they will realize an important question: How to know if the criminal world isn't owning most of the coins in existence? People will question if investing new money into bitcoin isn't just filling the pockets of criminals who sold drugs and stole from others in the past. And then there will be one answer, that it's safer to start all over on a new platform that is not that suitable to the criminal element. |
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With "The Entity" who controlled the todays pump:  Without "The Entity":  I sure hope that "The Entity" returns. I want this fun back with high rises and low drops. It's almost painful to watch the cult of bitcoin members desperately holding their bitcoins, while the price is slowly dropping. |
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Well, if you aren't able to withdraw more then 1000 a day from a bank, then you won't be able to withdraw more then 1000 from bitstamp as well. Irrelevant. BTC has no physical cash form so being able to "withdraw" it in that sense from a legacy bank is impossible. However, so many vendors accept BTC in some form or another, in addition to their being localbitcoins and similar avenues, it is clearly superior to cash which can be withdrawal-limited by a government at whim. The government would have to enact far more draconian rules to limit electronic cash spending (i.e. you can't spend more than .5 BTC at tigerdirect or coinfueled per day... lol.) Travel to Ukraine and try to live a month while using only BTC. Then decide how irrelevant it is. People have done these tests in more developed countries and found it very very hard. 99,9% of Ukrainans will probably start to make fun of you, when you try to offer them bitcoins to pay your rent, bills or just get something at the convenience store. Most of the cultists here can't understand how dependent bitcoin is to the $. Bitcoin has a childish fixed coin supply, so it needs fiat to give it value. That is the reason why stores aren't accepting bitcoins without bitpay. There is very little use of an volatile and unpredictable currency without the support of fiat. |
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Why did hackers stole 750.000 Bitcoins only from MTgox and did not touch any other exchanges?
What is Karpeles doing at the moment? Can he get out of Japan or is he "arrested" to Japan?
Does somebody know this?
Iīm still sure Karpeles stole that coins and say hackers did that. Can he go to jail for the insolvency? or is it really so easy to open up an exchange, let people invest millions and then shut it down? I mean, easy way to get rich!?
Karpeles is bathing in champagne and accepting gifts and bows from members of the bitcoin cult. Apparently, him creating an fraudulent exchange and losing peoples BTC and $, caused a miraculous shift from downtrend to an uprend. Before Karpeles came along, bitcoin was in a slow and painful downfall that was the effect of dropping demand from China. Now all the cult members are worshiping Karpales as a god, who can solve problems that mortals can't comprehend At least that's what many of us have heard... |
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Well, if you aren't able to withdraw more then 1000 a day from a bank, then you won't be able to withdraw more then 1000 from bitstamp as well. There can be same trade based on localbitcoins and cash, but I think that this won't be significant.
I think that main gain to the bitcoin community from Ukraine is the amount of media coverage Ukraine is getting. When everyones attention is directed towards the situation in Ukraine, then there is no time to talk about how people lost their money investing in bitcoin.
Bitstamp is located in Slovenia, not Ukraine, so they remain unaffected by the Ukrainian withdraw limit. And you are withdrawing money from bitstamp through mail sent cash or through your bank account? |
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Coincidence that this all happens on the weekend rpietila is having his mansion party?
I said it hours ago, he posted on his thread and sounded very, very cocky. I'm pretty sure it's his group doing this. You give this guy waaaay too much credit. Uh, I don't like him, there's no many people who called him names more than I did. To be honest I think he is twat, one of those I can't stand. But I do think he managed to incorporate himself in the group of some wealthy Bitcoiners like Goat and company, and they are very able to move the market. The whole thing was orchestrated in a way that shows whoever did it understands the market pretty well. They know people are wary of fake bid walls, so they made sure their walls got eaten. They know people expect these brief pumps to be short lived, so they've made sure a new wall appears every few hours. They know people don't want to get left behind, so they were keeping their walls low enough that bids would pile in front of them, but moving them up when things were slowing down. By the time the third wall showed up it hardly had to do anything. They also know a lot of people are (or were) shorting, many of whom have probably been squeezed out. Probably the most telling thing is that no bigger whales came along to take a dump on the buildup, which would imply that the people capable of doing so weren't inclined to take what would have been a lot of profit. Why do think this might be, unless many of them are working together on this? They've got things right where they want it now. Lots of people who were bearish will have bought back in, and everyone is scared to dump in case another wall comes along in a few hours. But this is all just speculation right?  This buy in would have been more profitable if it would be spread out in a week or two. Whoever did/is doing this buying, doesn't care much. It seems that a certain number was agreed upon and now the plan just needs some quick filling. There were several pumps like these during the China boom. Without these pumps, BTC is no fun.. Yes its plausible, but I'm still not so sure. I don't think they wanted it to be optimally profitable necessarily, just very public. It seems like a PR exercise right after weeks of bad news. Assuming the whales already have some BTC, they will be watching the bear market carrying on with no end in sight. By doing this they haven't got the best price for their new BTC, but they have raised the price of their existing coins by a fair bit. If someone had that much to spend on BTC as a private investor, surely there are better channels for doing so than on a public exchange I thought the same thing myself at first, that maybe someone is just trying to stimulate the market and to raise the price to demonstrate that MtGox hasn't damaged BTC and all is well. But a slower rise would have made a lot more sense when you want to promote the strength of bitcoin. Quick rises like that are unstable and raise suspicion on market manipulation, so that wouldn't be a good PR trick. There is a chance that this "PR trick" was orchestrated by one of the "bitcoin millionaires" who isn't very smart in the general sense. But I'm leaning more towards some outside investor group doing a little gambling with copying Fortress. |
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Seems like "the entity" has slowed down it's trading. I think that there is a certain number that the price has to reach so "the entity" will start buying again. The number is probably around the start of 600. I think that we will see one or two more pumps that go quickly from 600-700. But then back to the good old bear market with low volume What makes me uneasy, is that stamp seems to get DDoSed. Wouldn't be fun to be a bagholder with the price plummeting 100$ in a minute. Not sure if entity will buy again but there was 2-3 hours of pause between all their buys earlier today. I hope he/they will come back. If there would be more pumps like this, then I would return to be bullish, with leaving money in BTC during sleep and maybe even post a train picture. Sadly, I think that this was just a fluke. Someone with access to more serious money that got interested after hearing about Fortress investment and Buffet speculating a 10-20year lifetime to bitcoin. Yes, Buffet said some nonsense today and the buyer panicked and put his first wall up yesterday...   While I agree that it is nonsense that bitcoin can live up to 10-20 years, I still see a boring flat line with low volume when looking at yesterday. There could be different people putting up walls with different goals. |
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Coincidence that this all happens on the weekend rpietila is having his mansion party?
I said it hours ago, he posted on his thread and sounded very, very cocky. I'm pretty sure it's his group doing this. You give this guy waaaay too much credit. Uh, I don't like him, there's no many people who called him names more than I did. To be honest I think he is twat, one of those I can't stand. But I do think he managed to incorporate himself in the group of some wealthy Bitcoiners like Goat and company, and they are very able to move the market. The whole thing was orchestrated in a way that shows whoever did it understands the market pretty well. They know people are wary of fake bid walls, so they made sure their walls got eaten. They know people expect these brief pumps to be short lived, so they've made sure a new wall appears every few hours. They know people don't want to get left behind, so they were keeping their walls low enough that bids would pile in front of them, but moving them up when things were slowing down. By the time the third wall showed up it hardly had to do anything. They also know a lot of people are (or were) shorting, many of whom have probably been squeezed out. Probably the most telling thing is that no bigger whales came along to take a dump on the buildup, which would imply that the people capable of doing so weren't inclined to take what would have been a lot of profit. Why do think this might be, unless many of them are working together on this? They've got things right where they want it now. Lots of people who were bearish will have bought back in, and everyone is scared to dump in case another wall comes along in a few hours. But this is all just speculation right? This buy in would have been more profitable if it would be spread out in a week or two. Whoever did/is doing this buying, doesn't care much. It seems that a certain number was agreed upon and now the plan just needs some quick filling. There were several pumps like these during the China boom. Without these pumps, BTC is no fun.. |
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Seems like "the entity" has slowed down it's trading. I think that there is a certain number that the price has to reach so "the entity" will start buying again. The number is probably around the start of 600. I think that we will see one or two more pumps that go quickly from 600-700. But then back to the good old bear market with low volume What makes me uneasy, is that stamp seems to get DDoSed. Wouldn't be fun to be a bagholder with the price plummeting 100$ in a minute. Not sure if entity will buy again but there was 2-3 hours of pause between all their buys earlier today. I hope he/they will come back. If there would be more pumps like this, then I would return to be bullish, with leaving money in BTC during sleep and maybe even post a train picture. Sadly, I think that this was just a fluke. Someone with access to more serious money that got interested after hearing about Fortress investment and Buffet speculating a 10-20year lifetime to bitcoin. |
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