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761  Economy / Speculation / Re: If Bitcoin became the world (Reserve) currency on: June 20, 2014, 09:04:28 AM
Can't believe all the überbears in here...  Angry  Angry  Angry

Bitcoin becoming the global reserve currency?

Only?


Bitcoin will definitely become the intergalactic reserve currency in ~20 years. Once the SS Rothbard connects us to far away alien civilizations (Alcubierre drive, baby!), they will surely see the light of Bitcoin and become adopters, and of course HODLERS Cheesy

In this certain future, if you own half a satoshi, you will be considered a millionaire by today's terms! (Yes. "half a satoshi". We had to add extra decimal places at some point.)
This is great news. That means we can all plan for retirement now by simply by opening a bitcoin faucet and collecting some satoshi. Don't even bother buying any btc.
762  Economy / Speculation / Re: What if there is no bubble coming.. on: June 20, 2014, 08:40:33 AM
"bubbles" aren't supposed to be predictable. The moment this "bubble watch" started and became ritualistic was a red flag.
763  Economy / Speculation / Re: If Bitcoin became the world (Reserve) currency on: June 20, 2014, 07:00:27 AM
I'm a bull (At present) because long term I think it may end up at $20,000 or so  (that's over 3000% of today's prices) , but I don't think it will become the world reserve currency.

TERA a bull, quoted for reference. As far as $20,000 goes, I think that is a very, very low goal if we look 3-4 years in the future. The USD is going to hell, central banking countries are going bankrupt and when the shit hits the fan, I know exactly what type of currency will take center stage.
Yes I know too. It will be food, water, guns, and ammo.

Bitcoin will probably become worthless once people can't even afford internet access or devices and service providers shut down. Before that phase, people wil be dumping as much btc as possible so they can buy survival supplies and metals.
764  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: June 20, 2014, 06:45:26 AM
I don't think the people bidding on this auction are the type who want to get involved in market manipulation, or not at least for this tiny amount of money. Also I don't think the amounts involved are big enough to warrant market manipulation. It might not even be profitable let alone worth the risk of committing a crime.
Since when bitcoin market manipulation considered as crime? (and by whom? Smiley)
typically manipulation of any market is a crime. Even if it is not yet in bitcoin, these particular players probably wouldn't want to risk it. Even if it is just something that looks bad later they wouldn't want it. They have bigger things to worry about than saving $100,000 or whatever on their bitcoin purchase.
765  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: June 20, 2014, 06:35:19 AM
I dont know if anyone has noticed but Huobi now has 2 green bars on the 1W MACD and bitfinex has 3. I'm not sure if this is skewed by a shorter history or not.
766  Economy / Speculation / Re: We're not going anywhere, until the 51% question is answered on: June 20, 2014, 06:30:01 AM
Even though ghash is now at 30% I don't think this question is answered at all and this still very much an issue. This is because an attacker could could potentially gain control over more than one pool or more than one pool could collaborate to execute an attack. I would really like to see the pools such that not even any given 5 pools total to 51%. Ideally we get rid of centralized pools alltogether or some serious protocol change is made to make it easier to solo mine, or so that 51% attack doesn't work any more alltogether.

What changes would you propose to implement to make solo mining easier?

The Bitcoin difficulty is based on the network hashrate and the network has a hashrate that makes it so most small to medium sized miners would not likely find any blocks during any two week period. Pool mining is the solution to this problem.
I have no particulator solution i.e. I'm providing requirements but not analysis/design.
767  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: June 20, 2014, 04:30:14 AM
am I the only one who thinks the price will stay 580-620 until after the auction in order to have a "low" starting price for bidding?  I'm surprised people aren't more bullish about the impending auction
I don't think the people bidding on this auction are the type who want to get involved in market manipulation, or not at least for this tiny amount of money. Also I don't think the amounts involved are big enough to warrant market manipulation. It might not even be profitable let alone worth the risk of committing a crime.
768  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: June 20, 2014, 04:04:11 AM
I'm starting to wonder if I should be following finex instead of stamp.
769  Economy / Speculation / Re: Stupid question on: June 20, 2014, 03:58:50 AM
The price is not determined by any one trade but by what the collective of market participants are willing to buy and sell at with what prices and what amounts. If a trade moves the price down it's because in all of the market participants, there was nobody willing to buy that amount of coins at a higher price than where the trade ended up occuring. If there were market participants willing to buy all of those coins at a higher price, it would not have been possible for that trade to occur at a lower price and it would have executed at a higher price.  
770  Economy / Speculation / Re: If Bitcoin became the world (Reserve) currency on: June 20, 2014, 03:44:31 AM
I'm a bull (At present) because long term I think it may end up at $20,000 or so  (that's over 3000% of today's prices) , but I don't think it will become the world reserve currency.
771  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: June 20, 2014, 03:38:57 AM
The last rally was not unexpected. It occured when a major trendline was broken after the 3 day macd had been up for weeks.  I was able to get in entirely using a stoploss order at $460 and didnt even have to watch the charts.
772  Economy / Speculation / Re: If Bitcoin became the world (Reserve) currency on: June 20, 2014, 03:22:40 AM
If Bitcoin was used as world resurve currency, it wouldn't even operate due to scalability issues. It would be too many transactions per block and might crash and the blockchain would grow to many terabytes or petabytes, not able to fit anything let alone be used by an end user. Large centralized corporate server farms would be needed to access the network and provide services to end users which would completely defeat the purpose. People would be hacking into apple, google, bitcoin distributions sites, and dns servers all the time to distribute infected wallets/apps that steal users private keys. Then someone would crack EC and steal all of the world's money.   And of course it would be banned by governments long before any of this was able to happen.
773  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: June 19, 2014, 12:53:20 PM
Huobi feeling a little more bullish ?

Apparently Huobi was feeling bullish about 8 hours ago and the feed is delayed by 8 hours.
774  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: June 19, 2014, 12:31:52 PM
Looks like btce is trying to be proactive about a drop and lead the way but its not working.
775  Economy / Speculation / Re: Bubble incoming! $3800 - $4000 expected on: June 19, 2014, 12:22:16 PM
So please don't be a lazy ass, blatchcorn... If you're seriously in doubt about that, go to his post history.
Ya I was assembling a response to blatchcorn with posts between me and repietelia and then realized it would set a bad precent and I'd always be doing all this work to prove myself to people and wasting my time, so I wont. Although I cant help but point out this chart. I predicted the exact bottom, on the exact date, though apparently I was a little too bullish about what would happen after that

I see that bear services have been requested here. While I have been bullish lately, I will be glad to make a good old bear chart




776  Economy / Speculation / Re: Bidders for US Marshalls Auction leaked by US Marshalls on: June 19, 2014, 09:32:38 AM
Apparently it's 37 people and they are not all bidders. Anyone that has asked a question appears on the list.
So this means all of them could simply be asking if they could send a really low ball offer, just in case. "Hey I'll buy all of the coins for 10% of their value." "Is there a volume discount?" Why not?
777  Economy / Speculation / Re: rpietila Wall Observer - the Quality TA Thread ;) on: June 19, 2014, 09:25:07 AM
I set up a few automated charts here for anyone interested:
http://ripple.tech-trader.net/?pair=BTC-USD

Main value of the algos there are the trendlines and support/resistance drawing, which are strength-weighted based on how well the levels are tested.  I'm also working on a few automated strategies for the trading itself if anyone's interested in collaborating.

I'm mainly watching to see if the support at $550 holds.  If not, I'd expect a test of the next closest trendline below that.

The buy signal from Tech Trader a few days back ended up working quite well.  Is anyone else taking an automated approach to this?
I think the divergence pattern was obvious and didn't need any tools. The eye looking at raw price and volume is the best tool.
778  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: June 19, 2014, 09:15:13 AM
Does anyone have or know of a BOT that I can get for Kraken yet ? Last time I enquired I got the response that the volume was too low for anyone to consider building a BOT for it.

Thanks

Don't use bots. They will just lead you to having 0 BTC. And yeah, the volume on Kraken is pretty low.
Also I think just using exchanges is going to eventually lead everyone into having 0 BTC until the regulated exchanges open.
779  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: June 19, 2014, 09:06:31 AM
sigh, this 590-610 sideways make me sick
not a good thing for daily trading
just leave sell order and buy order, maybe we can see the difference in a week

did FBI really sell seized coins? wtf
Are you angry at the FBI for not hodling? They aren't exactly finance speculators you know.
780  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: June 19, 2014, 08:35:38 AM
Has Bitfinex stopped updating the orderbook, or just for me? bitcoinity and bitcoinwisdom show no trades for about an hour.
f5
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