Wait a second a communist country with the firewall of china blocking facebook, youtube, twitter etc... Has two different currencies (CNY CNH) for mainland and others, and only allows their citizens to withdraw $50k a year out of the country didn't embrace a revolutionary free currency it cannot control with open arms?!?! No way!!! Although to be fair i expected it to be a bit further in the game
They use 2 currencies to keep their internal economy separate from their external economy, its hard to make your books balance when the stuff goes out and doesn't come back, you have to keep printing more just to keep buying. I doubt there's much stopping anyone taking bucket loads of the internal cash over the border but it wouldn't be much use to them once its out. The currency for external trade would be easy to manage except there's some creative accounting with exchange rates, the only reason China has to go against bitcoin for that is it would make their own creative accounting more difficult. I'm not sure maybe someone can answer how friendly communist border guards are, but i for one wouldn't want to be caught with over $50k on a Chinese border That's the point, if you want something you can use outside China you need the external currency which is controled, the internal currency would be worthless because it cant be exchanged for anything outside China. Exactly so Bitcoin won't help them with that since sellers still need to pull cny out of the country somehow and that's not possible. I wonder if there's a way to use that currency to purchase goods for export. Oh i'm sure it's possible and that's how it's been done for some time before BTC to get around currency controls. If there's enough arbitrage opportunity someone will take advantage of it. e.g. buy gold in CNY go to Hong Kong sell for CNH etc... |
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Wait a second a communist country with the firewall of china blocking facebook, youtube, twitter etc... Has two different currencies (CNY CNH) for mainland and others, and only allows their citizens to withdraw $50k a year out of the country didn't embrace a revolutionary free currency it cannot control with open arms?!?! No way!!! Although to be fair i expected it to be a bit further in the game
They use 2 currencies to keep their internal economy separate from their external economy, its hard to make your books balance when the stuff goes out and doesn't come back, you have to keep printing more just to keep buying. I doubt there's much stopping anyone taking bucket loads of the internal cash over the border but it wouldn't be much use to them once its out. The currency for external trade would be easy to manage except there's some creative accounting with exchange rates, the only reason China has to go against bitcoin for that is it would make their own creative accounting more difficult. I'm not sure maybe someone can answer how friendly communist border guards are, but i for one wouldn't want to be caught with over $50k on a Chinese border |
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Wait a second a communist country with the firewall of china blocking facebook, youtube, twitter etc... Has two different currencies (CNY CNH) for mainland and others, and only allows their citizens to withdraw $50k a year out of the country didn't embrace a revolutionary free currency it cannot control with open arms?!?! No way!!! Although to be fair i expected it to be a bit further in the game
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The FBI was somehow able to get DPR's private keys for at least part of his stash. The FBI moved these coins to an address they control with a series of 324BTC transfers (324 = FBI on telephone keypad). So they already have the private keys needed to auction the coins off.
Why would they do it that piecewise, rather than all at once? how is this different than auctioning off rare art or expensive cars that were proceeds of crime?
I don't know. Suppose that instead of bitcoins he had the money deposited as Swiss francs in a Swiss bank account, and the FBI got hold of the bank account number and password. Could they just transfer the francs to another account in the same bank and auction them, or convert them to USD? Or suppose that he had placed a large bet on the outcome of World Soccer Cup 2018. Would the FBI auction his betting ticket? As someone has already posted they'll most likely just auction it off. It'd be very interesting to see what price it'll go for. And probably in one big transaction |
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...I also have friends with many BTC and they know that it is going down.... I'm just curious why those friends hold many BTC if they know that it's going down  its really not that hard to believe someone would hold on to his bitcoin even tho he knows it might go down. I'm doing it! and i really do have 10K looking to buy cheap coins, IF i'm lucky enough. ( please no one tell my wife ) Well yeah everyone here knows with a 100% certainty that it will go down at some point in time. But i read that as rpietila implying that they're bears, and expect it to crash below $500, but yet for unknown reason still horde many BTC |
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...I also have friends with many BTC and they know that it is going down.... I'm just curious why those friends hold many BTC if they know that it's going down |
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Hmm i was just doing the math on his initial btc hitting $500 before $1k offer. I guess goat spooked him off before that  |
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china will go thru 5500 soon, they already punctured it and now they are oversold
Having seen my magic, perhaps you can now publicly acknowledge that I have 10,000 bitcoins, apologize, stfu and gtfo. OK? Which page was the magic on? Seemed to have missed it? |
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To spice up a little: Is anyone willing to accept a $10,000-$100,000 escrowed bet that Bitstamp will hit $500 before hitting $1,000?
What odds? I am thinking that $1,000 is much more probable but I am willing to take the other side if odds good enough.
Really no one is jumping on this? |
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Nike 1k wall @ 920 on Gox, Intimidation or just trying to cash out hope he doesn't do a market order |
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Think ChartBuddy is going to take a holiday until Gox gets its shit together.
Hmm. Those incomplete ones may have been on me. Let's see what happens at the top of the hour.
WTF it can talk!?!?! Now i've seen everything  |
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did bitcoincharts.com pull btc-e from their list of USD markets?!?!
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I fail to see the point in these huge market buys, sure it could be to trap some sellers but why not to follow up with support there are like 900 coins till 970 now, if you wanted reentry surely it could've been done at a cheaper rate. Why just throw so much $ can't make sense of it |
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 Kinda bothered but these swings  |
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Can't say that i'm not happy but it bothers me how young and iliquid (not liquid?) the market is when one order can swing it like 12%
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Somehow i think all those TA with triple bottom cups didn't account for one dude just coming out and buying up everything in sight at BTC3k
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Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin? Which is what would have to happen to see the price slide. Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin. Can any of you read an order book? After the April crash, the order book collapsed. It is building like crazy right now.
well for starters.. governments could start shutting down or regulating exchanges. that or government might announce that it will pursue tax evaders who hold bitcoin. i'm not bearish, i'm "idontknowish." And we might have another Carrington event, etc. Of course there will eventually be a push to find tax evaders using bitcoin, but the best way to get caught would be to sell on an exchange . . . Regulating exchanges? Having to abide by KYC? That would certainly kill bitcoin.  I was talking about the next few weeks anyway. Sure there could be bad news, but in my opinion the odds are greater that we have good news than bad. You're delusional if you think there are no bad news that could bring btc down. 90% of it's value is speculation. Things like exchanges going down/getting hacked (looking at btc-e), protocol issues (big hard fork), any news of some retards getting busted for something illegal and getting paid with BTC (think child pornography rings, some dictators funneling funds to repress ppl) negative press, one of those BTC100k wallets getting hacked and dumped with one market sell (sheep), some senator in US decides to make a career by fear mongering against BTC etc...etc...etc... Hell look at the catalyst of this crash apparently it was the not so bad news from Chinese. I'm long on BTC but don't fool yourself thinking there aren't any risks The market crashed this time because it was weak and looking for any excuse. There has been worse news that the market shrugged off. Catalyst - an agent that provokes or speeds significant change or action. Yep agree, in fact the market didn't start crashing tell well into what like the 2nd day of the news |
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Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin? Which is what would have to happen to see the price slide. Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin. Can any of you read an order book? After the April crash, the order book collapsed. It is building like crazy right now.
well for starters.. governments could start shutting down or regulating exchanges. that or government might announce that it will pursue tax evaders who hold bitcoin. i'm not bearish, i'm "idontknowish." And we might have another Carrington event, etc. Of course there will eventually be a push to find tax evaders using bitcoin, but the best way to get caught would be to sell on an exchange . . . Regulating exchanges? Having to abide by KYC? That would certainly kill bitcoin. I was talking about the next few weeks anyway. Sure there could be bad news, but in my opinion the odds are greater that we have good news than bad. You're delusional if you think there are no bad news that could bring btc down. 90% of it's value is speculation. Things like exchanges going down/getting hacked (looking at btc-e), protocol issues (big hard fork), any news of some retards getting busted for something illegal and getting paid with BTC (think child pornography rings, some dictators funneling funds to repress ppl) negative press, one of those BTC100k wallets getting hacked and dumped with one market sell (sheep), some senator in US decides to make a career by fear mongering against BTC etc...etc...etc... Hell look at the catalyst of this crash apparently it was the not so bad news from Chinese. I'm long on BTC but don't fool yourself thinking there aren't any risks |
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if the price on mtgox is about the same as bitstamp, wouldn't it be a better idea to transfer your BTC account to bitstamp, coinbase, or any other exchange, and then cash to fiat?
If you want USD that's the ONLY way to get it out of Gox |
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Okay. I'm officially sick of Gox. This last few days have been awful. I'm thinking of moving to BTC-e. Anything in particular I should watch out for?
Just the Russians closing their doors and leaving with your BTC a la Sheep Marketplace style. Or someone closing their bank account etc... with the same results, without any known person or company to follow. People bitch about Gox (and for good cause) but there's a reason that it's the only place where all of the big whales play at and every other exchange follows. Even after stopping all USD withdrawals, and a month SEPA withdrawals they're still like #1 (or so) exchange, think about it Do you know if there have been any accounts of this sort of thing (people's money being stolen by the exchange), or is the concern that btc-e will just up and leave some day? I'm not calling DaRude an idiot, but Derp... Umm i'm an idiot for not wanting to trust my money to some unknown entity with zero liability? Ok i'll take that. At least if Gox decides to do something stupid we all know that Mark will end up in jail that's a good incentive not to get hacked. With btc-e ...? Not saying that they're defrauding now, and that they're Russian have little to do with anything, i like to know who i hand my money to. With that said i do trade there now and then but withdraw often and try not to accumulate any significant amounts there which is a PITA |
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