When the DoJ went after the online gambling providers, they went after the payment processors. People's money was tied up for ages because the gambling providers didn't have enough reserves on hand to directly pay out people's balances (at least one of them had been co-mingling funds, but that's another story) - the money was in the bank accounts of the payment processors and those were frozen. While many users did receive their deposits back, it demonstrated the extent to which payment processors are a weak link in the chain.
This is a large part of why, despite my general bearishness, I've moved everything off the exchanges as bitcoins in offline wallets. If MtGox, or any other exchange, is disrupted, at the very least I can get something OTC for the bitcoins or I can keep the value stored as bitcoins and use purchasing power that way. |
|
|
|
Look at the depth to $10 a week or so ago.  Look at it now.  We're not going to break $10 for a long time. My guess is we're going to see the same sort of multi-month correction we saw after January's high. |
|
|
|
It'll accelerate. There are more bitcoin for sell on MtGox now than there have been for a while. The price has gone up a lot in the past couple months and lots of people want to cash out apparently. I think we could go into the 5s.
Oh you are so bullish, I think we will go to the 4's!  You sold, right? |
|
|
|
|
It'll accelerate. There are more bitcoin for sell on MtGox now than there have been for a while. The price has gone up a lot in the past couple months and lots of people want to cash out apparently. I think we could go into the 5s.
|
|
|
|
|
I think we're building up for a drop even further than $7.50.
|
|
|
|
|
"Anyone who got into BitCoin at the very beginning can be theoretically rich with very little effort," says Benjamin Joffe, head of digital strategy consultancy Plus Eight Star. "In addition, some people might be able to create wealth out of thin air, out of other people's efforts, by way of botnet networks."
Both claims are true, but I don't see how these claims, the last one in particular, doesn't apply to traditional government/banking systems. It seems if these are valid criticisms of bitcoin, they're also valid criticisms of traditional systems. No?
|
|
|
|
|
In other news, Nagle, where are you?
|
|
|
|
- Would 80K BTC be sufficient to depress the price to 1.8 USD / BTC on July 17?
No. IIRC, at the time it would have taken around 200k BTCs to drop the price below $2.00. |
|
|
|
It's hard to say what exactly is going on here, but it sort of looks like there's a fight going on between one person who tried to induce panic selling and another person who tried to induce panic buying.
You mean the market has multiple participants... Im shocked  Yeah, I'm beginning to suspect there's at least one more participant besides pirate. |
|
|
|
|
It's hard to say what exactly is going on here, but it sort of looks like there's a fight going on between one person who tried to induce panic selling and another person who tried to induce panic buying.
|
|
|
|
i think his influence is much overrated.
how much money is he in charge of? somebody knows?
I think he has more than 200,000 bitcoins. |
|
|
|
sry, just woke up ans didnt read all todays posts  Is there any clue to whether pirate was responsible for the last Buy (up to 9.70)? If so, how do we know? Thx I think it's always safe to assume that pirate is behind whatever the price is at any given moment. |
|
|
|
So I'm a bit confused about this bug. Mtgox still says $8.827 was the high, but clarkmoody keeps looping a buy all the way up to $9.30. Basically, did the asks up to $9.30 get bought? Or did did none of this really happen?
I don't think there's any way to know yet. |
|
|
|
|
This sort of thing has happened before, IIRC. It didn't seem like it was a big deal to sort out and fix.
|
|
|
|
|
What's going on? The last price on MtGox.com that I see is $8.65.
|
|
|
|
Do you think taking out the gambling aspect (e.g. Bitcoinica) has to do with the soaring prices?
yes and no Bitcoinca actually hurt the price If bitcoin would of never been hacked and just got better and better, allowing people to securely DOUBLE their money ( up to 10 million dollars .. which Z could of done if hehe wasn't hack 3 4 5  times) Bitcoin would be a slightly bigger market then it is today  Hey, that was weird. Somehow you've been on ignore. Don't know how that happened. |
|
|
|
Who is this?  Also, right now there's $2.3 million in bids on Gox's order book. That's the highest I've ever seen it. |
|
|
|
Ask Pirate.
This. Pirate = the bitcoin price. Trolling proudhon? I hope... Yeah, a little bit. |
|
|
|
I think that by next month, it is very possible that we may never see Bitcoin worth single digits again...
Nah, it'll be worth single digits into next year. You've claimed you have a paper wallet stash... so sell a buy option at 9.99 expiring 2013/04/15 He's not serious. I have to confess, with a smidgen of embarrassment, that even I'm having a hard time taking myself seriously lately. In fact, Lately I've been feeling some cognitive dissonance about my bearishness. The fact that I've got a stash of offline bitcoins is good evidence of this. Get it together Proudhon!  |
|
|
|
Ask Pirate.
This. Pirate = the bitcoin price. |
|
|
|
|
Show Posts
