The EU forced Cyprus' hand. Why would Japan force Japan to seize bank funds so that Japan will bailout Japan.
Just two weeks ago I couldn't imagine that EU can go robbing bank savings. Now I have lost most of my assets. I got a hard lesson. zeroday, I have a lot of sympathy for you, especially as I have relatives in Pentakomo, Cyprus, and they are suffering too. Two years ago (before I ever heard of Bitcoin) I advised them to put savings into gold and collect euro banknotes with German, Luxembourg and Finland prefixes. The writing was on the wall then for a banking crisis in Cyprus, but it doesn't seem that they listened. However, Japan is different, they want to print yen and damn the torpedoes. They will stealth tax their savers through inflation, which could get nasty and damage that country, but businesses will still tick over. I can't see Mt Gox being affected more than any other company in Japan. In fact less, as pointed out already, they must be stacking up the BTC from commissions! |
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There is a wall of 19k BTC up to $75. The market wants to go up right now.
With all the new gox accounts it would seem that this wall has a very short life-span.
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The reason all this is important is not just that some miners will be forced to upgrade or give up Bitcoin when the 95% is reached. What's important is that this is a proof of concept for implementation of changes in the "wish list" and "hard fork" baskets.
The block version mechanism for a majority consensus on accepting such changes is essential if Bitcoin is to succeed by capturing a significant chunk of the fiat and payments market share. News from the EU this week shows the dark alternative of trusting fiat systems forever.
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Now with all of this talk of bank account confiscation ALL BETS ARE OFF. Even the partially solvent banks are subject to bank runs. What were they thinking?
Exactly. The degree of lawlessness being attempted by the ECB/IMF is truly staggering. Quote from: http://www.zerohedge.com/news/2013-03-23/why-cyprus-matters-and-ecb-knows-it"Further, not all of the deposits in Cyprus are in troubled banks. There is UBS, several Israeli banks, a number of French banks et al that are not troubled and still Europe wants to demand that the bank accounts in those relatively healthy banks have depositor's money taken out of them to pay for the woes of the government. ...
In the Press, on this Saturday morning, they are discussing a European proposal to expropriate 25% of all bank accounts in the entire country of Cyprus to help pay the bills. This would be from normal citizens, Russians, other foreigners, British expats, American corporations and any one at all with money in any Cyprus bank. This would include not just the banks of Cyprus but also the French, Swiss, Emirates and Israeli banks et al with offices there. There is a long history of bank robbery in the world but this is one heist that makes John Dillinger or Jessie James a small fry by comparison."If Bitcoin had some market penetration with really good mobile apps then it would be an obvious alternative to Medieval shafting by the ECB and its partners. |
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I can't see how Cyprus can be saved by a bailout now.
Allegedly its bank deposits total $65bn. This is now scared money. Most of it will flee at the earliest opportunity. A $10bn bailout would be as much resistance as a 1000BTC wall on Mt Gox.
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"Politicians in Cyprus have agreed a new one-off levy on savers in order to secure a European bailout.
The measures include a 20% tax on savers with deposits over 100,000 euros at the country's largest bank, the Bank of Cyprus.
A 4% tax on deposits over 100,000 euros would be levied at other banks."
lol, if you have over 100k saved with the biggest "most trustworthy" bank in Cyprus then you've just been robbed.
Keep in mind that had the banks been allowed to fail in a sudden "free market" moment, 100% of funds above that amount were uninsured and would be gone. That is very much true, the problem is of course that all their clients were under the impression that their bank would get a bailout, no matter what. It's a first though that this bailout is financed by the clients of the bank itself. ... Not true at all. The EU/IMF have illegally promoted the senior bondholders above the depositors. Losses should be carried by shareholders, junior then senior bondholders, then depositors. If these banks were bankrupted properly then maybe the depositors would lose nothing. The rule of bankruptcy law is treated sh*t in most Western countries since the credit crisis began. That is what is kiling the system - because capitalism can only work if bankruptcy law is sacrosanct. |
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Coinlabs and BTC Warp are the only pools with no recent V2 block.
Hopefully they are looking at v0.8.1 now...
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Indeed. Also, we know where 25k are sitting now, not quite in Mr Loaded's league yet, although the hedge fund might do it. |
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There'll be some very sorry panic sellers this week  Agreed. The way it bounces out of every dip shows a bedrock of buying power. All the news this week will show up in the market next week as new buyers come in force. I did not think $100 was possible anytime in 2013, but it seems it is destined for April. |
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The recent price action is very bearish. We might be testing $62 or $63 soon. I hope not.
A climb to $75 and then a pretty typical correction is 'very bearish?' Some people seem to think that after the market has run a marathon it can't take a breather before starting off again. Must be the same people who moonlight at Foxconn managing the assembly-line workers.... |
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if you were to buy this man's house for 6,750 bitcoins like he's asked for, The house in question is in Alberta, Canada, so if Washington somehow finds a way to insert itself into the transaction it would be, umm, an interesting development. Indeed. Likely scenario: Canadian citizen buys house off another Canadian citizen, in Canada, with Bitcoins. No foreign government intervention is permitted under Canadian law! |
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No kidding. I'd be significantly out before then. I could take care of everyone in my immediate family (pay off their debts) and set my mom and pop up in a house that is fully paid for.
Don't forget the fact that you lose half in taxes  I can't get a straight answer on this. Some people say 15%, some say 50%. Then someone rolls in and flames the shit out of everyone for thinking about paying taxes, lol. In the US foreign currency gains are taxed at 15% (some exceptions though) http://www.fxop.com/Forex%20Taxation.htmlIn the UK such gains are taxed at about 18%, however if the fx is held offshore and spent offshore then the UK tax rate is zero. |
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Deepbit already switched to version-2 blocks.
Thanks for letting us know Tycho. Very good news! |
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Blockorigin has been fixed too. So we're now still at 16.90% v1 blocks...
I do like your site kinlo. This has puzzled me for a while though, the block counts don't usually add to 1000, and hence the percentages don't add to 100. For example now: "only the last 1000 blocks are used. We are currently at 162 out of the latest 1000 blocks on version 1 (16.20%) and 822 out of the latest 1000 blocks on version 2 (82.20%)" I assume that it is because the balance are orphan blocks? |
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Tyler Durden has long been my favorite financial blogger/writer and only cements his standing: http://www.zerohedge.com/news/2013-03-20/spain-bitcoin-run-has-startedIMHO though, the market was waiting for news of a way forward from the chainfork. Gavin's 0.8.1 announcement seems to have been the fuse on an unstable powderkeg of euro worries for a further upleg. |
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That is exactly what my gut feeling tells me about Bitcoin. It will be adopted by governments worldwide to back their currencies—and actually, I even go further speculating that the first government who decide to do that, will be the one in the command of the world.
The first government that does this will go bankrupt shortly afterwards, as soon as BTC price rises and said government's debt increases disproportionately compared to its tax revenue. There's a reason why the gold standard was abandoned. The same reason that makes every single monetary sovereign nation want to devalue their currencies (so called currency war). The same reason that most Eurozone nations suffer. And you are suggesting that a government that decides to issue debt backed by an asset in fixed supply will somehow end up benefiting from it? Exactly right. Governments always spend more than they receive through taxes because politicians are incapable of avoiding the temptation to buy votes ahead of the next election. They always want to spend money giving freebies and entitlements to the public because they think it keeps them on their side. Having spent too much money with no intention of paying it back by letting the government run a profit, then inflation is fostered to reduce the government debt in real terms. The downside is that prudent savers are robbed, imprudent borrowers are rewarded, capitalism is crippled by mal-investments. That is why all of us have lived our whole lives burdened by ever increasing monetary bases, resulting in price inflation, until most of us have accepted it as the normal way an economy should work. The new era of deflation will make governments go cold-turkey as severely as any heroin addict has done. |
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