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201  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: October 03, 2014, 03:57:11 PM
This is definitely starting to feel like blood in the streets. Which reminds me of a saying...
202  Other / Beginners & Help / Re: Is now a good time? on: October 01, 2014, 04:09:02 PM
You be the judge.
203  Economy / Speculation / Re: What is your buy price? on: October 01, 2014, 03:57:36 PM
I bought 20 yesterday at $390 a piece - seemed like the right thing to do. :-) All my fiat is gone now. Gogogo!
204  Economy / Speculation / Re: Circle Opens Doors to Global Audience on: September 29, 2014, 06:35:01 PM
To the guys not understanding why this is big and good: I have now 10 friends, that got coins from Circle today.. so it has set something in motion.. They are IT ppl, and wanted to buy bitcoin, but the exchanges look shady.. I know they are right, and localbitcoins is not the place to go and try to buy for a novice. Circle is backed by known name institutions, and is not Mt.Gox... I did not want to sell, I want to buy. So now I can sell them more coins than I mine/trade.. so this is good.

I hope you don't live in the US.  If you do you are risking prosecution for financial crimes by selling directly to friends.  The land of the free is not so friendly to financial freedom.

LOL wat?
205  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: September 22, 2014, 08:06:47 PM

Bummer that they've already bought the coins they need and the market wasn't affected.
206  Economy / Speculation / Re: Market psychology thread on: September 19, 2014, 03:37:58 AM
Are we feeling the pain yet?  Cheesy

This is what I think; its total speculation.  Miners have been holding a significant portion of their supply hoping for an upwards bounce.  But those coins eventually needed to be sold to make ends meet.  Essentially you can think of it like these miners were leveraged long (borrowing $ from their own bills that must be paid).  As the price slowly dropped, we approached the line where certain miners had to sell to make sure they could keep the electricity on.  This became a cascading effect, driving a rapid price descent.

I'm waiting for the hash rate graph to flinch.  This will indicate that some miners are shutting off units, which will tell me that we are approaching the marginal cost to produce a coin.  Shutting off miners will reduce supply, and likely indicate a bottom since utility (as measured by metrics like transactions to new addresses) is still increasing.

I like this theory! So you figure the cost is in the $300's somewhere for the more efficient mining setups?
207  Economy / Speculation / Re: Winklevoss Bitcoin Trust (COIN ETF) to Launch in 2014 on: September 17, 2014, 03:03:55 PM
Why would anyone be "excited" about this ETF when Bitcoin has dropped over 50% of it's value since the beginning of the year? Now if it becomes available around the same time that we break this losing streak, then things could get crazy quick, but right now it wouldn't be looking like a very good investment to anyone IMHO.
208  Economy / Speculation / Re: BUY Bitcoin today or get left behind on: September 11, 2014, 07:07:51 PM
Why haven't they banned his IP address(es)? Most forums wouldn't put up with his $ht.
209  Economy / Speculation / Re: rpietila Calling the Bottom on: September 03, 2014, 07:24:21 PM
Then perhaps we should talk about what Bitcoin can do to "drop the stylus" and become the sexy, new color touchscreen of money! Smiley We are a long ways away from that right now, unfortunately.

210  Economy / Speculation / Re: rpietila Calling the Bottom on: September 03, 2014, 04:39:38 PM
It's nice to compare Bitcoin to things like smart phones and the internet, but in the case of Bitcoin I just don't see that strong of an incentive to adopt it. Not saying it won't grow, but to compare it to the 100% adoption of things that people love and make their lives better, the incentive just isn't there.
211  Bitcoin / Bitcoin Discussion / Re: How would you store >100 Bitcoins? on: August 22, 2014, 06:45:58 PM
I will never store 100 bitcoins in digital form, I will exchange to cash as soon as possible, too much risk.

Not so fearless. :-)
212  Economy / Speculation / Re: I am finished trying to to talk sense into some of you. on: August 15, 2014, 06:42:37 PM
In for some peppermint bonbon... Yum! Tasty profits!
213  Economy / Speculation / Re: Ethereum KILLING BITCOIN! on: August 15, 2014, 06:32:46 PM
Just a couple of thousand more then - not bad.
214  Bitcoin / Bitcoin Discussion / Re: How to keep your bitcoins secure if you suddenly disappear (jail or prison) on: August 13, 2014, 03:29:37 AM
Encrypted paper wallet. Spread it around. No worries.
215  Other / Politics & Society / 9/11 derail: rpietila Wall Observer - the Quality TA Thread ;) on: August 09, 2014, 03:52:30 AM
I was enjoying this thread until people started getting...uh...paranoid. Or maybe it's one big level.
216  Bitcoin / Bitcoin Discussion / Re: Who's brave/stupid enough to invest their life savings into Bitcoin? on: August 09, 2014, 03:13:13 AM
I just bought over 5k BTC today via second market. It isn't quite my life savings but it is a big chunk of it.

Yeah - I think the market might have done something if you bought 5000 coins. :-)
217  Bitcoin / Bitcoin Discussion / Re: How would you store >100 Bitcoins? on: August 05, 2014, 03:21:57 AM
After a bunch of research, this is what I am doing for my little bit of coin:

Go to and create a BIP38-encrypted wallet - then you don't have to worry so much about hiding the wallet. Just don't forget/lose your password!

Creating and loading the wallet -

1) Save to my HD the URL for generating BIP-38 encrypted paper wallets.
2) Create a LINUX LiveCD for booting from a flash drive for a fresh, offline OS.
3) Disconnect computer from the internet, boot into LiveCD, and generate my encrypted paper wallet via the bitaddress.ord URL (running standalone). You can print a bunch of different wallets off at once onto a sheet or two of paper. Then you can have all your coins in the first one, and when you spend some you move the "change" to the next one down the list.
4) Save the wallet off as a PDF and also print multiple copies. Since it's encrypted, I can have a few copies and keep them multiple places and the PDF will also be available if the paper fades or is destroyed.
5) Reboot regular OS and head out to the exchange.
7) Send my bitcoin to the public key of my paper wallet, starting with a small amount and confirming it got there via

Getting bitcoin back out of the wallet -

1) Using the block chain app on my android tablet, scan the encrypted private key of the paper wallet (I could also use the code offline to decrypt it manually also).
2) The app will ask for the key I used to BIP-38 encrypt the private key - type in the password used to encrypt it and the wallet's bitcoin will be accessable.
3) Sweep the wallet into my blockchain online wallet.
4) Send any bitcoin that I don't want to keep online into the next wallet in the list.

This is really easy, foolproof as long as you use a password you will never lose/forget, and it doesn't depend at all on USB sticks or other tech to store the wallet. And you can give copies to friends/family without worry since it is useless without a password. Just make sure your password is fairly sizable so brute force can't crack it.
218  Economy / Speculation / Re: Back over $600 again, here we go? on: August 04, 2014, 07:20:25 PM
This thread's title looks wrong now bitcoin is back below $600 again!

Thread title could be right in a few hours.

Or really really wrong.
219  Economy / Speculation / Re: Bitcoin price to be US$3,500,000??? on: July 25, 2014, 07:20:13 PM
Not going to happen. As bitcoin gets more expensive, altcoins will provide the supply needed for the utility of bitcoin (doing business) which will reduce the demand and thus price of bitcoin.

Newcomers to crypto-currency aren't going to want to be part of a system where a select few have incredible wealth, hence why they will opt for altcoins instead of bitcoin.

Time to add another person to the "I don't understand decimals" club.  

Currently Bitcoin is the equivalent of the US dollar in cryptocurrency. No one is buying up pesos because the dollar is too expensive - think about it. Yeah, the dollar has its problems, but it's still the most valued and respected currency in the world. As is Bitcoin in the crypto world.

And regarding the select wealthy few, they will have sold LONG before it gets to 3.5 million. You see anyone from the gold rush era holding on to their 1000's of lbs of gold to this day? Nope. Everything has a price, and when it's met it gets sold.
220  Economy / Speculation / Re: rpietila Wall Observer - the Quality TA Thread ;) on: July 23, 2014, 08:22:58 PM
If the price is $620 now, what is "an order of magnitude"?
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