so the scam was..
give me money and i will mine bitcoin for you...
ran off with money...
bitcoin never got mined...
-> there will be no dump
Correct that far. However, an academic (ahem!) in Hong Kong called for tighter regulations on bitcoin. That by itself does not mean anything, but it is noteworthy that the news arrticle closed with his opinion. There may be repercussions on exchanges. And then we have the current dump. Just a coincidence, or triggered by the mycoin.hk news? Letīs hope that the PBOC putīs an end to this scam and finally protects itīs citizens. I already wrote them 3 mails in the last 7 days. LOL even PBOC put fonzie on ignore that should tell something to the rest of you |
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What's up with the big market buys directly followed by big market sells. Stop orders?  |
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...long logical explanation of how a small exchange that was dying for over half a year finally closed down...
Well that'd explain why it made no effect on a market |
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What are the specific benefits to a customer of using bitcoin?
Say Amazon take bitcoin tomorrow, it would still be an extra step and an extra conversion charge for the general public to use bitcoins. Unless they got paid in bitcoin and they would be pretty sick now if their salary was set at the value of 1200$/b.
Buying things from overseas? it simplifies I guess. But you lose any protection.
Sending money to someone far away. Not an everyday thing for general p. Imagine if you have fairly grown up kids, but not grown up enough that you want to let them loose on the net with a credit card, but old enough that the amount of internet purchases they make far exceeds what you want to have to deal with. Bitcoin. Imagine if you're a respectable mum or dad in a conservative neighborhood, but you just happen to love spending Sundays in your basement busting your whatever to german scheisse movies. Bitcoin. Imagine that you found this marvelous doohickey that costs next to nothing on a site you don't trust. Bitcoin. Imagine if you have a cousin somewhere in Africa or Asia who needs to get out of the country ASAP because shit's going down, or simply suddenly ran into some economic dire straits. Bitcoin. Imagine.... use your imagination! For crying out loud... Now imagine that worldwide. And after all that explain why it's market cap should be less than say western union alone? I think the problem in valuation is the initial distribution (aka the inflation of 3600 new mined BTC daily). That's a lot of coins looking for a holder even on a slow day. So BTC will be a wild ride, but it's a necessary evil and only temporary can't wait for (76 weeks, 5 days, 22 hours, 20 minutes) http://bitcoinclock.com expecting it to have a huge effect on valuation once we'll start getting closer to that Hopefully liquidity is such, by that time, that we won't even notce. Well, i don't have the stats but i imagine that by far the majority of coins is not traded. And i doubt those early adopters been increasing their stashes by 10% yearly. Now 10% is a lot in itself. But when you consider that only 50% are traded, now 20% of asks would come from new coins, if you think only 30% are traded whopping 33% of sell pressure would be new minted coins. BTC liquidity is proportional to price too, when it was $1 it was normal to see BTC25k BTC walls when it was $500 or so people still draw pictures of a BTC30k bearwhale. The higher price implies higher demand, thus the higher the price the more effect THE HALVING of supply will have. |
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I think it's mostly accepted that cryptocurrency is here to stay. It's really hard to argue against a system that charges pennies for transaction. Think the only argument that i can sort of understand against bitcoin protocol are the alts. You know yes cryptocurrency is the future but is bitcoin myspace and facebook is about to come up. That one is a bit harder to argue against, but i think people would value maturity of a protocol when trusting it with their savings vs. the latest marginal improvement. So betting on maturity to be a determining factor against alts
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What are the specific benefits to a customer of using bitcoin?
Say Amazon take bitcoin tomorrow, it would still be an extra step and an extra conversion charge for the general public to use bitcoins. Unless they got paid in bitcoin and they would be pretty sick now if their salary was set at the value of 1200$/b.
Buying things from overseas? it simplifies I guess. But you lose any protection.
Sending money to someone far away. Not an everyday thing for general p. Imagine if you have fairly grown up kids, but not grown up enough that you want to let them loose on the net with a credit card, but old enough that the amount of internet purchases they make far exceeds what you want to have to deal with. Bitcoin. Imagine if you're a respectable mum or dad in a conservative neighborhood, but you just happen to love spending Sundays in your basement busting your whatever to german scheisse movies. Bitcoin. Imagine that you found this marvelous doohickey that costs next to nothing on a site you don't trust. Bitcoin. Imagine if you have a cousin somewhere in Africa or Asia who needs to get out of the country ASAP because shit's going down, or simply suddenly ran into some economic dire straits. Bitcoin. Imagine.... use your imagination! For crying out loud... Now imagine that worldwide. And after all that explain why it's market cap should be less than say western union alone? I think the problem in valuation is the initial distribution (aka the inflation of 3600 new mined BTC daily). That's a lot of coins looking for a holder even on a slow day. So BTC will be a wild ride, but it's a necessary evil and only temporary can't wait for (76 weeks, 5 days, 22 hours, 20 minutes) http://bitcoinclock.com expecting it to have a huge effect on valuation once we'll start getting closer to that |
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My favorite one is the argument against adaption as a lot of people accepting bitcoins will bring more sell pressure on the currency as people will use their BTC to actually buy stuff  those cute fuzzy trolls  Unless there is reason for normal none BTC holding joe blogs to go out and buy bitcoin to then buy his online product, then yes more BTC business accepting adoption just equates to more ways for BTC hodlers to cash out and a downward sell pressure. without creating a demand for really using BTC in the real world, we are just creating more sell pressure. Compared to last year, i can dump bitcoins so many different places now. i've still yet to met a person who has wanted something online, then used their bank account to buy BTC, then his btc to buy the product, when they could have just used his bank account and skipped a step. people want seamless easy transactions, BTC - BTC provides that, fiat - BTC - fiat does not. All in due time. Blue chips giving their stamp of approval and deciding that bitcoin protocol is stable and safe enough for them to adopt is a major reinforcement. The more bitcoin gets accepted the more people start looking at it the more use cases it will find. Buying stuff you don't want traced back to you, gambling (where illegal), tipping, paying in different currency, unbanked, transferring wealth outside of currency controlled states, and vendors offering discounts are all good enough of incentives for me to go fiat -> btc ->transaction. |
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My favorite one is the argument against adaption as a lot of people accepting bitcoins will bring more sell pressure on the currency as people will use their BTC to actually buy stuff those cute fuzzy trolls |
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To be honest you are assuming that they are not keeping a % of the payment in BTC with their payment processor.
Some merchants may do that (just as some merchants actuall accept bitcoin directly, without BitPay's intermediation). But I am pretty sure that Dell, Microsoft, Wikipedia, etc. do not. Handling bitcoins requires extra work from accoutants, which is not worth the amount of payment received. Losses from bitcoin price variations (as Overstock and Fortress suffered) would have to be reported in the quarterly reports, and would be hard to justify to stockholders. Also what is important to note is that BTC like USD,CAD,YEN,CHY,GBP and any other currency is being accepted for payment SIgh. No, it is not the same thing. Dell USA does accept USD, because you can wire USD to their bank account directly. They do not accept CAD,YEN,CHY,GBP nor BTC, and you cannot send them any of those currencies directly; you must send them to some other company, that converts them to USD and sends the USD to Dell. Jorge, can't you see that we are arguing about what 'accepting' means? Everybody agrees about the model, the underlying chain of events that takes place during and after a payment (if a company chooses to get paid fully in fiat). It's just that when a company allows you to pay for products in BTC, I call that "accepting BTC", whereas for you "accepting" apparently means whatever you are getting paid by the payment processor at the end of the process. I didn't follow the discussion leading to this, so maybe I'm out of line, but strangely it seems I'm siding with Stolfi on this. If we're talking about what it means to accept BTC I think we have to ask why we want companies to do that. In the end we'd like to see a purely Bitcoin-based economy with the companies using the BTC they're being payed with for their products to cover their cost (machinery, marketing, salaries, consulting, raw materials, insurance, taxes,...). In case of a company 'accepting' BTC through bitpay and converting 100% to fiat, this is clearly not the case. So no: Dell is not accepting bitcoin. They're using it as a marketing tool. If you or others can't see the significance of Dell, Microsoft and Paypal saying not only that they are interested in Bitcoin but that they consider it a sufficiently mature and legitimate medium of exchange that they are willing to accept it through their payments processors; then.... it doesn't matter because others will. We CAN get every business on the planet to accept and legitimize Bitcoin in this way, but we CAN'T get most companies to be bagholders. There is no conceivable reason why Dell or Microsoft should accept Bitcoin directly. Even when Bitcoin is established enough for companies to transfer large sums between each other and internally, it wouldn't necessarily be very prudent to do that with bitcoins from customers. That would still go through payments processors and the management of their own bitcoins would be handled separately. Accepting payments through BitPay or Coinbase is to accept Bitcoin. Get over it! Feel like the same arguments keep popping up over and over. Bitcoin currency vs bitcoin protocol. They're using bitcoin protocol to transfer wealth. This is good. Good news for protocol will (eventually) result in good news for currency. |
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Who said there always has to be a weekend pump or a weekend dump? A lot of people.  (At least for this weekend.) People know nothing  Are you implying that i SHOULDN'T trust random people on the internet Little pop up here, but looked a bit more explosive at first than it does now....
Bid side is getting heavy on Finex. Bulls are used to just putting up the bids and someone dumping on them, when that stopped happening first bulls are starting to break rank. It's like watching the migration of wildebeest across river |
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I'll take one if you send first and will pay you equivalent of $9 in BTC exactly 20 days (or we can lock in todays price if you wish) AFTER you send me the card, on the condition that the card doesn't go bad before that. If you can guarantee 20 days surely you can wait that long for your payment. Will also update this thread with the status. If you agree PM me the code and the time will start from then
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It's Huobi the anchor chain again. Must be the big Chinese mining pools still dumping coins. Don't they know the rest of the world is revving for the next bull run?
I think that you should explain it to them, that instead of selling bitcoins, they should sell their and their loved ones kidneys. That's how they could pay off some of the loans and electric bills, that have been accumulating throughout 2014. Are these mining places even profitable any more ? I thought after the price fell, then even people getting free electricity aren't profitable. If they're still profitable at $200 i can't imagine the parties they threw when BTC hit $1200 |
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Finex is starting to look tsunami like again |
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1. Exchange gets hacked, loses coins 2. Exchange claims everything is OK 3. Exchange has "banking problems" after the incident 4. Trading activity seems somehow dead since a few weeks (insiders have already left...) Sounds familiar? Banking deposits are being auto returned by the intermediate bank. Meaning before they even reatch bitstamp. Pretty easy to see by tracing the wire. You need to troll harder |
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RIP Coinbase buy wall.
D'oh well as far as i know there's no leverage in coinbase. Lets hope someone didn't just transfer $1MM to coinbase just to flash walls |
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~9 days and ~same price! c'mmon! hit 300 or hit 150! That's 9days closer to the halfing  |
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Huh getting " Load failed, retry after 5 seconds.
Probably Reason
BitcoinWisdom is temporary down
Domain is not bitcoinwisdom.com
Network issue but hooboi and other chinese exchanges load just fine maybe i'm blacklisted |
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On a separate note why isn't btcoinwisdom showing BFX or Stamp data? |
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Seems we're moving up slowly. That wall on coindesk though... That is impressive. A good sign, this is the exchange where the big money from US will enter so it's healthy to see the price there at a premium |
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Any pump and dump that ends higher than when started is ok by me |
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