Bitstamp approaching critical level...... 580..... will there be a monster 5k sell order awaiting still? doubt it. great to be back in coins.

its cold storage because it will be disconnected to the internet when not in use.... thats the plan. initially, I would have to down load the wallet, back up the wallet, and then transfer the coins, and then disconnect it from the internet until absolutely necessary.

Hey folks,

I'm sure I'm not the first to propose this but hows about a dedicated android phone to store your bitcoins in cold? I dont like coins on my computer, as I use it every day and it's always on the internet.

An android phone would make it easy to access my coins when I wanted to, it would be portable, easy to back up onto a USB etc... and the camera option is really neat!

but I have one concern........ android software and google apps! or am I paranoid?!

these phones usually come with default software, that demand access to all sorts of information. Is the software that one would download from the app store safe to use alongside google apps (only!)

I would keep it turned off, probably without a sim card, install the programme on the SD card, and back up the wallet to a USB stick. I would keep the phone pin locked and under my bed.

what do you think?

Cheers.

Yeah, what one would have to know is how the private key is protected from google apps - if google apps be the problem.

If I can find the courage/reason to trust basic default google apps on my phone, then I think it would be a pretty cool solution to cold storage. I could connect it to wifi whenever needed, easy to use, and keep it in cold storage for the rest of the time. most android phones have a pin option to unlock the phone also.

I think the android phone will be the model for hand held bitcoin wallets to come.

Hey kid, we are on the internet, anything is possible, especially when Andreas Antonopoulos speaks of it in context. Do you need Proudhon to confirm it for you?
Im not a fucking retard. do you think you're being clever? think you won some sort of prize? you've been watching too much TV.
 

If 7% and eventually 3.5% of all bitcoins were in the hand of one thief, then what possible implications would that have on the market?

If the price of bitcoin rocketed up to the highs we all expect, this person will become the single richest person in the world by a mile.

If they wanted to, he could drive the price into the floor, and possibly hold it there for some time.

I think this imbalance in wealth distribution is now becoming too much, this could be a problem with bitcoin.

should we have our eyes peeled on Litecoin as a new start?

do we have any information available about where the coins are? are the transactions being tracked on the blockchain?

I agree, plenty of investors out there who have been promised $10k bitcoins in 2014, dont really understand whats going on, bought at 900+, and sold today.

we are in despair.

Unfortunately, the market is not precise, we could be in more or less despair tomorrow.

good time to buy. sleep well in coins!

also, keep a bit of fiat under yer pillow!

Just bought back in @500. nobody turns down sound advice from Rpietila the Vassal of the Mighty Goat.

and if it hits 350, well I wanted those coins out now anyway.

this movement is the result of a wedge, the coil before the last breath of a wave. when we pass 600, that to me will be a green light to the next all time highs.

give it 3 days to bottom, if it has not done so already.

good to be back in coins.

But the price already bottomed at $400 on Bitstamp, passing the $430 mark. Or are you looking at BTCe?
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yeah I am looking at BTCe, Bitstamp is a little different. there was a $40 gap between stamp and BTCe today, and a $100 gap between china and BTCe. The Huobi charts are not oversold. I htink that is where the last push will come from, china.

Rpietilla - is that a wink wink nudge nudge that the Vassal of the Mighty Goat has begun to pump?

Rpietila, I must doubt that this is the bottom. look at the daily chart, this is just one big red candle stick. any other movement of comparable significance took 3 days to resolve.

I believe we must pass 431 and some.

Look a the chart on a 15min scale, there is a wedge forming between 505 and 431. this is the end of a third wave (the most aggressive species) which is followed by a fourth (correction) and then a fifth to cap the larger movement at all time lows. the most reliable rule of EW analysis is that the fourth wave will not surpass the extreme of the fourth wave of one lower fractal. this is the 500 level, a doubly important level. there are desperate people waiting at 500. fourth waves are typically wedges.

I do believe the night is not over, there will be a fifth wave that trickles down to 400, probably less. we need to bottom in mid 300s in order for wave C to exceed the price extreme of wave B.

we will see in the next 12 hours.


Lest we forget that the yankees are yet to wake up!

yeah - not necessarily. capitulation is quite simply when people are so scared of losing their investment that they will pay a premium to exit. It can happen fast, slow, news, no news.

Guys, what do you think about buying an android phone with the sole purpose of keeping bitcoins? would that be safe?
One could encrypt the backup folder onto a USB stick or your computer, and keep the phone in cold storage - never mind having a sim card or anything.

would the bitcoin app for Android phones be secure to do this? you could also set a key to unlock your phone.

It takes days and weeks for sentiment to change. I think 'now means in the next 1-4 days. anything can happen in this timespan, we are looking at $430 minimum on BTCe if you ask me.

rpietila - I hope you build lots of secret pathways, boobie-traps and hiding places that lead to clues and fragments of information that unlock keys and passwords to all your hidden treasure. make it a real mystery mansion! also make one room a super computer and mine some coins!

anyway, looks like the time to buy is approaching in the coming days, if not only to get the hell out of the exchanges.

I was correct to predict a wedge over 500, and it has just broken a major trend line and is exploring new lows.

two things to keep in mind from an EW point of view, this wave C must pass the extreme of wave B. (431) and some. I believe that we will therefore see $3xx coins.

also, having broken out from a wedge, the EW analysis implies that the coming movement is a terminal movement (as we hopefully guess). This is super exciting, having seen the charts obey some really fundamental EW principles so far.

for the sake of alternation, I expect that lows will be retested after the coming low.

agreed this forum is full of crappy posts that dont really help anybody.

that big advertising link is really rude.

Max Keiser is a fool. far better than a mainstream fool, but a fool. and a clown. it's the mediocre speculators like him that will panic when it falls through 400.

No, the markets are not anticipating it, because nobody knows what it means to the markets. firstly, nobody can find a good reason why all the exchanges are 'following' mount gox apart from 'investor mood', and nobody can justify why the price would rise against arbitrage on all other exchanges.

here is some logic - correlation is not causation.

optimistic bulls will believe anything to convince themselves that they didnt buy too high - 'oh gox is pulling us down it's their fault'.

The truth is that there is no evidence that the markets have not been fundamentally bearish for the last few months none the less, and that gox has only compounded it's own problems.

some suckers might buy when withdrawals are fixed, but it will be an epic bull trap. the market needs to correct to 400.

Thanks! Im half way there, I have my private key copied and pasted into a open office folder. Now I have to import this somehow into my multibit wallet. Im busy looking for an easy way to do this, but I cannot find one....

Hi folks,

I have an old bitcoin wallet software by the name 'Bitcoin QT', and I would like to move the address and private key in that wallet to my new wallet software 'Multibit' However, the backup file that Bitcoin QT produces will not open - "file type unknown". I cant find any way of using that backup folder, or even viewing the contents. If I try moving it to my Multibit wallet software, it simply does nothing.

Can somebody please give me a tip?

Thanks!

there are problems with this assumption that existing financial establishments can simply "use the protocol" and carry on like it never happened.

A; large corporations cannot create a decentralised crypto currency, because they cannot control it, therefore cannot account for it. If they did, how could they guarantee the value, it would be subject to the forces of the global market. If they hoarded shares in their own decentralised currency, who would take it seriously?
B; large corporations cannot compete with bitcoin using centralised crypto currencies, because decentralised currencies are far stronger and useful, decentralisation is the almost the entire point of the system.

you have all heard it before, the network effect will carry bitcoin to ATHs. it either is bitcoin, or it's not bitcoin.