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1241  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 12, 2014, 07:04:05 AM


this is a public service announcement
1242  Bitcoin / Bitcoin Discussion / Re: Is it neccessary to 'test' new cold storage? Is there such thing as invalid key? on: May 12, 2014, 06:28:57 AM
Don't use a brainwallet.  That's terrible.  Use a real wallet, armory or electrum offline.
Can you tell me what is bad about a brainwallet or a paper wallet assuming I am using it offline on tails and creating the key in a much more complicated way than their SHA256(passphrase).
1243  Bitcoin / Bitcoin Discussion / Is it neccessary to 'test' new cold storage? Is there such thing as invalid key? on: May 12, 2014, 05:37:16 AM
Sorry about the grammar in the title - it was due to space constraints.

Lately I have been creating secure cold storage cold storage wallets using offline key generation and either paper or brain to store the key. It is kind of a scary process because deep down I think there's a chance I might generate an invalid key or mess up somehow and then later I won't be able to retrieve the bitcoins I send to the address. So I go through the tedious process of testing the new address by going through all of the secure/offline methods to send a small amount of coins to and from the address, and verify that it works, before I start sending tons of coins there. Well, as this process is tedious and seems to add an unnecessary layer of risk, I was wondering if it is even necessary.

Is it at all possible to create an invalid private key? Of all 256-bit hex numbers, is each and every one a valid key? Also, is it possible for the algorithm that converts the private key into the public key to mess up somehow? If I wrote down any random 256 bit number, and use (offline) brainwallet to derive the public key, is that sufficient enough and can I start sending my coins to it right away without having to 'test' it first?
1244  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 02:08:15 PM
I wish I could have a diversified portfolio of religions to make absolutely sure I wasn't going to hell.
1245  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 01:34:11 PM
When I take my 3 month break from bitcoin trading and come back, I bet it'll be exactly $445

3 months?  You will really stop trading and posting for 3 months?
When do you start the stop Smiley?
I decided that I would start next time I got a good entry opportunity which was either the next high volume drop into the 300s, or on a breakout of the downtrend, whichever came first. Also, I cannot guarantee that I'll stay away an entire 3 months, or that I'll come back at all. It was a rough estimate of an ideal.

It has been my misfortune that since I made my resolution nearly 3 weeks ago, Bitcoin has traded flat.
1246  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 01:26:04 PM
That SEC article was warning about people who promote investments as being a gauranteed high return and risk free.  Well bitcoin bulls go even one step further than this, to tell you that holding cash itself is risky.

Cash is not risky. You are guaranteed to lose, and the guarantee is backed by the full coercive force of the largest government the world has ever seen.

Not even gold is a guaranteed winner every year, because it is only backed by free market.

Let me reprhrase this then... Bitcoin bulls go one step further to tell you not only is Bitcoin risk-free but that if you aren't holding bitcoins, you are taking a risk because holding fiat is risky and bitcoin is clearly the way out of that risk. So bitcoin is not only risk free, but acts as an inverse risk. It is the infallible investment made in heaven and you you need to buy buy buy or die. They are not only going to quell your fears about holding bitcoin but make you fear NOT holding bitcoin. Because bitcoin is the solution for the apocalypse and when the system fails, bitcoiners will become filthy rich. It is the DESTINY. Bitcoin is like a rapture and you need to be on board or be left to perish.
1247  Economy / Speculation / Re: We are repeating 2012, not 2011 on: May 11, 2014, 01:22:22 PM
This looks really familiar, like the same things we are reading right now.

Don't forget the November bubble started about exactly 30 days after this on about October 16.
There is no similarity of 2014 to 2013. at all
1248  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 01:19:25 PM
1249  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 01:12:01 PM
When I take my 3 month break from bitcoin trading and come back, I bet it'll be exactly $445
1250  Economy / Speculation / Re: it will reach $5000 before this year ends on: May 11, 2014, 01:07:44 PM
The Winklevoss fund is about to be listed on NASDAQ.  
First of all, creating a new security can take many years. Second, there is no indication by the SEC that it'll be approved. Third, this is not actually adoption, because people buying this can't actually use any real bitcoins and be part of the bitcoin economy. It is only for price speculation, like a CFD.

Bitpay has a huge announcement coming soon.
an announcement about a future announcement about an unknown subject is not even worthy of discussion. that reminds me of mtgox...

Coinbase and Xapo have hinted that Mastercard is coming soon.
hinted?? and this news would hardly qualify as adoption. It will become slightly easier to use coinbase, which already exists - that's not a quantum leap in adoption

1251  Economy / Speculation / Re: The SEC statement on Bitcoin: the government is trying to destroy Bitcoin on: May 11, 2014, 12:47:01 PM
People seem to be forgetting that Bitcoin and governments are not compatible. One of them will have to go before this is over...
Since the government created the internet itself, it is not going to be hard to figure this one out if it comes to that.
1252  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 12:44:43 PM
That SEC article was warning about people who promote investments as being a gauranteed high return and risk free.  Well bitcoin bulls go even one step further than this, to tell you that holding cash itself is risky.
1253  Economy / Speculation / Re: 457 HOLY SHIT on: May 11, 2014, 12:40:55 PM
Lol looks like people even dump for $10 profit. Probably this will be hard to pass these days.... Even though I wrote that I got a good feeling about the future....

People always dumped for $10 profit.
Good move considering you shouldn't even be trading long during a downtrend. It's not just about a $10 profit but avoiding a $100 loss. As soon the false break happens you realize you are no longer in a good trade but are at a peak during a downtrend, looking downwards from the sky.
1254  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 10:21:04 AM
During the rally was weird - it seemed like mtgox, bitstamp, and btcchina were all taking turns being leader at times. Bitstamp was more of a leader very early on, and mtgox was a leader during the 'crashes'/corrections.

Sometimes all three exchanges would get in a feedback loop of following eachother's movements, causing the same move to repeat more than once.
1255  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 10:03:02 AM
ok so let me guess how this might play out:

(...)

5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.


Hmm, "Silk Road bust" happend weeks after reversal of the downtrend. It was a shakeout. Now we are still in a downtrend, which I would expect to go on for at least another 3 to 4 weeks.



The recovery from the silk road bust was actually the start of when China started buying. Who knows what would have happened without China.
1256  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 10:01:30 AM
lol at the people who were posting their game-plans of how we were breaking out to $600 and then 2 weeks later we'd be at $800 and then 2 weeks later we'd be at $1,000
1257  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 09:15:11 AM
I don't see anything about PBOC in this article. There is a reporter covering how FXBTC has pulled a gox.

''the central bank allowed free trading, refers to a personal transaction between similar stamps occasional transaction, rather than through the trading platform of large transactions. Because in the trading platform, trading capital is completely opaque, illegally occupied the platform, even trading platform ever-present risk of foot is equal to social stability left a time bomb. Meanwhile, for a variety of exchanges, the State Department policy is very clear, that must be cleaned.

According to Article 20 of the "People's Bank of China Law", no unit or individual shall not print or sell tokens bills to replace the circulation of RMB in the market. Violators central bank should be ordered to stop illegal and impose a fine of 200,000 yuan.''
---

The article is likely PBOC sponsored like most Caixin bitcoin related news, conveniently released when bitcoin was about to touch a major trend line.
That is a footnote the reporter added to catch readers up on old news. The real news is about FXBTC.
1258  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 09:06:02 AM
What's taking so long for the latest doomsday PR to come out and stop the breakout attempt?

The PBOC never releases FUD on weekends.

I was wrong, PBOC sponsored FUD did come out  Lips sealed

http://finance.caixin.com/2014-05-11/100675750.html
I don't see anything about PBOC in this article. There is a reporter covering how FXBTC has pulled a gox.
1259  Economy / Speculation / Re: The SEC statement on Bitcoin: the government is trying to destroy Bitcoin on: May 11, 2014, 08:42:12 AM
Anyways I read the SEC statement and it doesn't seem any different than risk disclosures about investments involving cash or gold or anything else. They are just giving risk WARNINGS, and it's almost entirely about third party investments involving bitcoin and not about bitcoin itself.

You don't have to take being a bear to the point of being paranoid delusional or spreading misinformation. Charts should be enough.
1260  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2014, 08:26:54 AM
Bumpin up against that $460,-.

Once we break it, we can post train and moon pics.

I can feel all the fiat on the exchanges waiting to buy, it may arrive when we don't except it anymore



Bitstamp is like... 'lol what should we do about all this fiat? I guess post some vague tweets about bitcoin going to the moon'
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