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2061  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 31, 2015, 09:14:33 AM
Just thought I'd point out the current CNY USD rate , per today according to http://www.bloomberg.com/quote/USDCNY:CUR , to dispel any notion that the chinese exchanges are not running at a +$25 differential to the western exchanges as a result of a not updated exchange rate on bitcoinwisdom and whatever other btc price trackers are being used - yes it's true the CNY has devalued somewhat the past couple days/weeks , but , they are indeed trading at ~$350 USD per current spot rate (2215 / 6.3174 = $350.62) at time of this post. The CNY would have to be devalued by roughly 9% additionally VS USD (a rate of 6.8154) to be considered to be trading at an equivalent price. Since a 9% devaluation overnight of the CNY is highly unlikely to say the least , it's up to the western exchanges to catch up at this point to their $350 (or at least we should have pretty good justification not to dump alongside the chinese exchanges , which are in fact most certainly already trading at a significantly higher rate).
Despite this, the exchanges seem to move in lockstep, which is weird.

Agreed - very very strange to have such a huge discrepancy , at almost a double digit % difference , and yet still each $ amount up or down on the huobi and okcoin rate seems to instigate an immediate same $ amount up or down difference elsewhere. Think I'll now bother to get around to go ahead and setup an account with either huobi or okcoin , figure out the most efficient means of changing CNY to USD and getting it back into BTC (btce? another forex exchange? suggestions on best way to change cny to usd?) , and slush as much arbitrage back and forth as my funds will allow for (and frankly I'm baffled as to why everyone isn't doing this already - surely such a discrepancy is far greater than exchange rate fees to convert CNY to USD and move it back into an exchange to buy more BTC at current USD rates per stamp finex coinbase btce). I would have expected the gap to be closed much faster with a loss on the chinese exchanges and gain on the western exchanges by now , resulting in a "true" rate of something like $340 from where we are now after ~$10 down ~$10 up respectively.

That's called an arb and a lot of people are doing it. If there's a large spread between exchanges that means either 1) The difference is the cost of getting the money into higher exchange or 2) temporary anomaly e.g. when arber's funds run out due to fast moving market. It usually take few days to move fiat back, i say wait till next week the gap should close.
2062  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 30, 2015, 10:26:37 AM
Just wanted to point out that that BTC5k short hasn't been covered yet. Rates are going up and the price too how long can he last... Grin
2063  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 29, 2015, 05:33:05 PM
Not sure if there're enough coins on Finex's ask side to cover the short burning. This has potential to be fun
2064  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 29, 2015, 05:13:56 PM

Probably used as a tool to arb
2065  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 29, 2015, 05:06:36 PM
Wow some bear just went full retard on finex! Shocked Time to squeeze them shorts?? Grin

15k dump for roughly a 7$ spread.

You mean someone just bought BTC15k with just a $7 spread?? And China doesn't care, very balls unless you have some insider info.
2066  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 29, 2015, 04:58:09 PM
Wow some bear just went full retard on finex! Shocked Time to squeeze them shorts?? Grin
2067  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 29, 2015, 02:22:23 PM
Bears being ridiculed - check
Predictions of 30,000usd btc - check
Feelings of Euphoria - check
Train pics - some what lacking?

Conclusion : not yet time to sell but close

Euphoria is far away, i think we are seeing hopefulness, a renewed sense of optimism could catapult bitcoin much higher IMO. once the trend has seen a few good corrections but is still trending up ( 3 months away? ) we could see a real DASH for Digital Cash. then the world might take a second look, and they will see a different picture than when they first heard about it that's for sure.
we are all set gentleman



We only hit like a 30% of all time high, i think euphoria is far far away
2068  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 28, 2015, 09:18:34 AM
Spread between Huobi and finex is growing, China dragging us up again
2069  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 27, 2015, 02:59:00 PM
Meh looks like it's coming from a finex long swap  Undecided
2070  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 27, 2015, 11:07:58 AM
Sure lots of coins for sale around $300. Didn't see any mining profitability analyses lately but might be the point where mining turns green so they dump all their reserves on open exchanges.   


Ok, I'm back.

Let the rally continue!

It's that magic 300 we can't seem to break. I mean in the bigger picture 300 is f**k all but we just can't seem to break it & stay above it.
2071  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 24, 2015, 12:47:15 AM
There are definitely a lot of coins for sale 
2072  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 23, 2015, 03:34:54 PM
won't make 255 on this run, but will continue to trend up for 8-12 days, to a big test at 270.  fails the test.  retraces to 240, then continues up.
Seems legit.  Should make another run past 270 before any drop, though.

Okay, going out on a limb here.  I expect it to decline starting today.  Top is in for the next few weeks, if so.  My 40% alternative scenario is for 3 more weeks going up, touching 300.  I am playing both of these scenarios, with 60/40 allocation, personally.


So you're saying we either go up or down from here? Pure genius
2073  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 22, 2015, 11:41:03 AM
I am what I would consider a Bitcoin fanatic. Beyond the idealistic reasons that I choose to use Bitcoin, I have plenty to lose (financially) if Bitcoin drops in value (and plenty to gain if it increases in value). If I am concerned about my ability (as a Bitcoin fanatic) to run a full node with the current anti-spam (has spam been fixed by the way?) 1MB block size limit in place, what is going to happen when the data I need to share with my peers doubles (or increases 8-fold, wtf!)? When Bitcoin fanatics have doubts about running a full node, I would imagine that the robustness of the decentralized network has been harmed.

Yes, I am of the opinion that I absolutely must run a full node to take full advantage of Bitcoin.

The price of bitcoin has been, and still is, determined by the expectation of its demand being high in some future time.  

Until recently, that high future demand was supposed to come from its use as a currency for internet payments.  The current level of use (maybe 5 million USD/day, by optimistic estimates) is too low to produce that demand, by orders of magnitude.  To justify a price of 2500 USD/BTC (say) one would need 100 to 1000 times as much use.  

The current "normal" traffic T, ignoring the recent "stress tests", is about 120'000 tx/day, or about 0.45 MB/block on average; and has doubled in the last 12 months.  That is too close to the effective capacity C of the network, currently ~200'000 tx/day or ~0.80 MB/block. (C is not 1.00 MB/block because of the inevitable empty blocks).

Granted, much of that traffic is not payments (bitcoins changing hands in exchange for other goods and services).  Lots of it is gambling, wallet housekeeping, tumbling, notarizing, testing, and possibly fake traffic meant to give the illusion of increasing adoption.  How much of T is due to those "non-essential" uses?  Guesses vary; my own guess is 90% or more.

But even if 90% of T was "non-essential" and could be eliminated, to get to 2500 USD/BTC one would still need 10 to 100 times more traffic than there is today.  If running a full node is not viable for home users today, it will be quite impossible by then.  In other words, if the proper working of bitcoin depends on home users running full nodes, then bitcoin is not a viable competitor for PayPal or Apple Pay, much less for VISA.

Back to the present, the block size limit would not be such a pressing issue if that "non-essential" traffic were excluded.  IMHO, the best way to do that would be to set a significant fee and a significant minimum transaction value -- say, 0.001 BTC (~0.25 USD) per output.  That is how Charlie Lee solved the spam problem in Litecoin; but his suggestion to the Bitcoin devs to do the same fell on deaf ears.  (So much for the old claim that "Bitcoin will not be superseded by a better altcoin because it can itself incorporate any good features of the latter".)

By my guess, a significant fee and value threshold would reduce T to 1/10 of the present value.  It would also make stress tests and spam attacks much more expensive to the attacker, hence much less likely. (We still haven't seen a real spam attack, but it is estimated that an effective one could be sustained for a couple of days for maybe 100'000 USD/day, or less.)  Note that 0.25 USD/tx is still less than 10% of the per-transaction cost of mining.  On the other hand, it would not prevent the hoped-for 100x or 1000x increase in adoption that would be needed to drive the price up.

Unfortunately, raising the fee is politically impossible, for several reasons.  "No fees" has been a pillar of the "marketing" of bitcoin since the drive for general adoption started in 2013, and is still part of the discourse of important players like Coinbase and BitPay.  A fee raise would probably break gambling compaies like SatoshiDice, and several other companies that are politically powerful in "bitcoin space" (e.g. by sponsoring the "bitcoin media", events, and avertising in mainstream media.)  A large drop in T would also expose the fact that adoption for e-payments is not growing, and probably declining.

A large minimum fee has been opposed also on "ideological" grounds, because it would need some governing body to decide the proper value, and change it from time to time based on the current market price and the state of the economy.  Thus, the small-blockians claim that letting the "fee market" define the fees would be an "ideologically pure" solution.  But the 1 MB block size limit was not chosen for that purpose.  "Market" fees that result from an arbitrary block size limit would be just as arbitrary as fees set directly.  A governing body would still be needed to impose a block size limit, and revise it from time to time, to achieve the best fee and volume numbers.

So, what is the solution?  In my view, there is none; hence my signature.  As most of you know by now, I think that bitcoin should never have been marketed to the general public. It was started a technical experiment to test whether the protocol worked in practice, as it seemed to work in theory; and should have remained such.   The protocol mostly works, but the result is not a viable currency for several problems that were not foreseen.  Fixing those problems seems to require another couple of brilliant inventions, like the PoW blockchain.

Your first mistake (of many) is your assumption that value of assets is based on it's current use, where in actuality especially for small caps 99% of it is based on potential think WhatsAp, twitter etc... The other point is just because you can't think of a solution doesn't mean no one else can. In my opinion raising transaction to 0.25 USD/tx would be equivalent of shooting a fly with a bazooka. But the funny thing is, even in that worst case, I think bitcoin can still prosper.
2074  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 20, 2015, 06:26:11 PM
I want to start seeing those BTC5k market buys Grin
2075  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 13, 2015, 11:48:10 AM
And 250 on Finex. I'll just put a bottle of champagne in the fridge just in case...
2076  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 05, 2015, 11:34:56 PM
WOW 2.5k wall at 240 on BFX. Prepare moon suits.

Moon suit has been ready for 2 years now

My moon suit is partially eaten by moths...

Damn it can't fit into mine
2077  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 25, 2015, 06:05:57 PM
Why hello Mr Friday Wall, weekend should be interesting
2078  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: July 28, 2015, 10:53:16 AM
where is 300  Huh

pffft where is 3000 that's what i want to know
2079  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: July 27, 2015, 10:28:46 AM
49

Can you come back at 3? Or better yet 1? Don't think we really need 5 pages of coundowns
2080  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: July 22, 2015, 01:00:24 PM
Every day is one day closer to the halving. One day closer to the next ATH. I've started banking my trading profits in BTC instead of dollars. We'll never see $220 again.


please explain.. what is keeping bitcoin from seeing 220 again ?? what is your idea why that is ?? just the halving is the reason why u think that ??

Think halving is huge and undervalued as no currency out there have done anything like that (minus ALTS). Will we see $220 in the meantime is anyone's guess....
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