If that video keeps popping up and distracting you, add your own rule to adblock plus:

bitcoinity.org##DIV#flash

https://bitcoinaverage.com/#CNY

I'm sure there are other places to see the volume comparison.

No one thinks this is related to the delayed coinbase buy orders?

Nothing to see here.

The ROI on a 7950 is around 1 month with residual value considered at 11c/kWh. If the price halves to around $4 again, expect 2-3 months.

Maybe someone figured out an arb opportunity? I mean with the 50% premium at times, it would make a lot of sense to me.

I'll add some more just for fun.

Each time a run-up happens the weak hands engage in profit taking. If I started with 40k btc from early adopting or mining I might sell 30K on bubble 1 and take in 300k of profit, 5K on bubble 2 and take in 150k and hate myself for selling before, ... and the people buying during the run-up are not necessarily dumpers. The coins shift ideology with each upswing and downswing from a plaything to a more viable financial instrument. I speculate for no good reason that the bitcoins flowing through CNY/BTC are going to an ideology that is somewhat different from the typical bitcointalk speculator. A much more long haul ideology. The straightforward fact is that people are not willing to part with their coins for 3000 CNY at this time. No sellers are able to satiate the demand, because the demand is somewhat increased, but also because the holders are less willing to depart.

There have been several "flash crash" "bear trap" whatevers on the way up to 3000 and thus 7000 but the flinching is much more reduced, the growth is much stronger than before. Bitcoin is not an investment in the traditional sense, it is more like a commodity on a futures market that has no expiration date but with a fixed supply. The price is set wholly on suspicion of future demand for the strong hands, while weak hands try to do TA and day trade on some market whims.

The fundamental reason for the 3000 to 7000 in 26hr is because some powerful policy people have begun to endorse the currency in one form or the other. The counter balance to future value increase is future value worthlessness which I view can be brought about by large scale government actions to maintain the status quo (fiat), really what are the threats to the vitality of bitcoin. Of particular concern to interested parties is the taint that comes with involving a criminal-infested currency. The start of the rally was around the time of the fall of the Silk Road and subsequent lack of backlash on the bitcoin community. It also provided a marker for the relative size of bitcoin's abuse vs benefit. The hearings today and tomorrow (I guess yesterday and today) involve(d) law enforcement expressing policy concerns, if any, to the US Congress. What came of this was general support for bitcoin, support in the form of advice for improved guidelines and making current laws easier to follow. This amounts to reduced fear that investors use to make decisions, but also speculators of investors to make decisions (why the price increased so rapidly). The run-up today is speculator-driven primarily with the hopes of handing the bag off rather than changing the world in some way. The real growth will come when a few key businesses services come online with that goal.

Panel 2

Much agreed with panel 1 with respect to current regulation. There was complaint that per-state MSB is a poor system, and that guidance from the IRS, FinCen is crucial to supporting growth domestically and urged that the USGOV help in that regard. Ernie Allen complained about the difficulty of law enforcement in tracking down bitcoin users, however, it was in contradiction to Panel 1, and later he suggested that no additional regulations were necessary, but rather inclusion of exchanges, domestically, in MSB and know your customer regulations would aid in fighting crime (and bringing a regulatory environment to support that was crucial). The bitcoin rep complained about the inability for companies associated with bitcoin to open domestic bank accounts was frustrating to innovation and has lead to the 3 major exchanges being in Japan, China, and Europe. The general concensus around comsumer protection laws was that bitcoin is risky, the users know its like cash today, but that as it evolves to a wider user base, then additional regulations may become necessary however the panelists seemed to agree that industry-lead insurances (escrow) is likely the path forward rather than creating mass legislation to mitigate risks.


Senator: Do you know who the inventor of bitcoin is? (Comments by panel) So you think it might be Al Gore?

The Sen. Tom Carper and the panel FinCen, Secret Service, and Homeland Defense were all bullish. One of them even stated that virtual currency is no different from other forms of exchange and trade with respect to abuse and criminal activity.  NONE of them asked congress to increase regulation of any kind, and the Sen asked if regulation is too high here, driving business out of the country, to which they responded that it will get worse everywhere else and remain the same here (US). They also seem unconcerned with the DeepWeb and virtual currencies, citing Liberty Reserve, SilkRoad, et al as examples where by current regulation was capable of doing the job.

All in all, panel 1 seemed bullish.

You should check the dump that happened 7-8 hours ago. No one blinked when stamp went from 525 to 471. Who takes that kind of slippage?

This may be true to an extent, but there are certainly other ways besides bitcoin for doing this (cross-border trade settlements). Additionally if it was purely to obtain USD, it would be putting downward pressure on gox (not that anyone trusts to see their USD again from there), stamp, etc while inflating btcchina. Buy and hold is the likely thing that can raise the price across the board.

I don't really buy this argument.

http://www.xe.com/currencycharts/?from=CNY&to=USD&view=5Y

Seems to me the logical thing to do is hold CNY. Also it seems pretty easy to wire CNY to pay for tuition in the states for all the foreign Chinese students here. The ones paying their own way also seem to have no problem buying brand new BMW's and Audi's to drive around town.

bitcoinity has had some serious lag on CNY lately... I don't know if its btcchina or bitcoinity.

It's not likely. This isn't the first time this guy has appeared on a bitcoin-esque panel.

https://bitcointalk.org/index.php?topic=232950.0

The USGOV approach to crime fighting is highly financial in nature, and just like with the NSA, the Senate et al want to drum up policy that suits these objectives. This guy is mainly a scumbag from what I can tell, but he's not going nuclear on bitcoin, he just wants to be able to track transactions to discourage or prevent child exploitation.

Checksum is for validating bit errors likely to occur in a bit stream i.e. communication channel. It is NOT EVER EVER meant to be used cryptographically!! It is very feasible to modify the file and keep a valid checksum. In fact, CRC was used in the old 802.11/WEP standard as a message authentication code, and we know how well that worked out.

The entire file needs to be signed, or a secure hash (SHA256 hash in this case) that is signed. Signed by whom and validated by whom in which chain of trust is another can of worms best left unopened.

I know that what is actually provided is a SHA256 hash and not a checksum so I'm just being mean :-(

Edit: Technically it should be a MAC like HMAC_SHA256 as a pure SHA256 is vulnerable to a padding based attack, while SHA-3/Keccak in general is not.

I think you posted this under the wrong section maybe? "Speculation"

Gee I really want to invest in this shady market, but it's not really shady, it just looks shady so could you go bust some guys doing bad things with it?

About $1,136,363 = 1 BTC @ 7000M
About $3,741 = 1 BTC @ 22M

Current exposure is at about 700k people

 

I think it has a lot to do with advanced planning for the large migration associated with the urbanization of China. People tend to call out the ghost towns and things as wasteful and mock it, but it's a lot more planning than can be found elsewhere.

Maybe we can blame the creep on the urbanization??

Based on the price movement we're seeing, people may be suspecting a crash and thus are pulling their bids to prevent becoming bagholders (that guy that bought at $266 or 180 or 100 for that matter and missed on cheaper coins) especially with the threat of volume spikes making it impossible to remove bids (getting goxed). It almost creates a self-fulfilling prophecy.

Anyway the question is how do you trust what you see on these books anyway? It's like asking everyone to show their hands at a poker table, to some extent, when bots can snipe bids in there no problem.