Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Zapffe]

bitcom deadening... LTC much potential

[1714689088]

1714689088

[meanig]

insight: friend of mine working in JP Morgan in London also confirmed they are kinda elaborating their own coin as we speak.. 

They may succeed with novices but only until the banks fuck it up somehow, at which point people will begin to understand why they should support a coin not backed by any company/cartel.

Agreed.... In the end, these kind of endeavors are likely to bring more attention and credibility to bitcoin... even though they may seem to mimic or compete. 

Bitcoin will likely prevail - yet, we may want to see how these various competitive cryptos play out... and these additional cryptos will likely create hype and even pump and dump opportunities... for day traders.

Yes you're probably right. But a centralized bitcoin clone kind of defeats the purpose. Who will mine? JPMorgan? The public? A "trusted" central banker type entity? What if they need to change the rules, will they just hard fork it forcing everyone along? Sounds like a total disaster in the making.

A Bitcoin like currency issued by a business or governing body makes no sense and will never happen. Bitcoin only works because there's nobody in charge and there's no guarantees. If a currency came out "backed" by a business then that business would want to have very firm control over how it was used. JPMorgan wouldn't be too happy about people using JPMorganCoin for kiddie porn or ransoms. Also by the saying that they "back" it they would have to subsidise it somehow, possibly by guaranteeing that it can be exchanged for something. That's quite a big financial commitment to uphold. Also if the company is issuing the currency why go to the bother of mining. They could just issue it in exchange for cash. I think the nearest any company comes to a digital currency will be some kind of E-Gold copy where all users have full KYC checks. Doesn't sound very exciting.

[hdbuck]

Bitcoin needs more than wall street to soar to new irrational heights. It needs a Stratton Oakmont.

http://en.wikipedia.org/wiki/Stratton_Oakmont

ahah! wolf of wall street style uh?






BTW, when i said JPM was kinda on the road to make their own coin, i supposed it should be something upon which they will build their whole new transaction system (as their banking system is just outdated since the late 50s). so it could be internally driven and wouldnt look as another altcoin as we currently know them. But the fact is that they clearly plan not to do so over the existing bitcoin. they will want to take bitcoiners out of the picture as "early adopters hippies" and certainly not share a piece of the cryptographic cake.

dunnow if i made myself clear but thats just my "simple" understanding of it  

[billyjoeallen]

I'm still lacking answers on the whole "what if I decide to get a large crew together to violently take your shit" argument I presented earlier, as well.{/quote]

That's the beauty of decentralization. The answer is "I will resist you in ways you won't expect."

[gog1]

selling pressure at low 640's looks very high, every time it's past 640, medium size asks keep popping up.  May be quite a while before the seller runs out of coins.  Thursday is traditionally the most bullish day of the week, see if we can make it to 675, otherwise, I see it go back down to 600 by Monday.

[Ovum]

A voluntary society cannot be designed at all. It will be emergent. When a critical mass of people realize that the rules we tell children to live by (namely don't hurt people, don't mess with their stuff, and keep your promises) should be applied across the board, and that no other general rules are necessary, then such a society will form.

There can be no formula for dealing with people in need. As soon as such a formula is known, most of the marginally needy and some of the non-needy attempt to game the system. Subsidizing poverty creates more poverty. The best way to deal with those in need is on an individual case-by-case basis. It's too important of a problem to be left to monopolists. Concrete answers are wrong answers.

Great post,
Just wanted to say that

[Zapffe]

Bitcoin needs more than wall street to soar to new irrational heights. It needs a Stratton Oakmont.

http://en.wikipedia.org/wiki/Stratton_Oakmont

Belfort no buy bitcom. Beltfort SMART = he buy LTC
Belfort sell LTC best. caused by not anonymous creator, open develop scrypt, better past story with NO drugs and hookers trade
LTC take over bitcom

[hdbuck]

Bitcoin needs more than wall street to soar to new irrational heights. It needs a Stratton Oakmont.

http://en.wikipedia.org/wiki/Stratton_Oakmont

Belfort no buy bitcom. Beltfort SMART = he buy LTC
Belfort sell LTC best. caused by not anonymous creator, open develop scrypt, better past story with NO drugs and hookers trade
LTC take over bitcom

dont think Belfort would have been interested in a hooker and drug free currency/system

[Zapffe]

Bitcoin needs more than wall street to soar to new irrational heights. It needs a Stratton Oakmont.

http://en.wikipedia.org/wiki/Stratton_Oakmont

Belfort no buy bitcom. Beltfort SMART = he buy LTC
Belfort sell LTC best. caused by not anonymous creator, open develop scrypt, better past story with NO drugs and hookers trade
LTC take over bitcom

dont think Belfort would have been interested in a hooker and drug free currency/system

Belfort NO like hooker money. Belfort want cleaner money = more money. then buy hooker with money.

[aminorex]

BTW, when i said JPM was kinda on the road to make their own coin, i supposed it should be something upon which they will build their whole new transaction system (as their banking system is just outdated since the late 50s). so it could be internally driven and wouldnt look as another altcoin as we currently know them. But the fact is that they clearly plan not to do so over the existing bitcoin. they will want to take bitcoiners out of the picture as "early adopters hippies" and certainly not share a piece of the cryptographic cake.

dunnow if i made myself clear but thats just my "simple" understanding of it  

A ripple killer.

[Richy_T]

Agreed.... In the end, these kind of endeavors are likely to bring more attention and credibility to bitcoin... even though they may seem to mimic or compete. 

Bitcoin will likely prevail - yet, we may want to see how these various competitive cryptos play out... and these additional cryptos will likely create hype and even pump and dump opportunities... for day traders.

Agreed. Likely there is even a role for these private currencies, much as there is for Amazon gift cards. They soon hit issues of scale, however.

[ChartBuddy]

Explanation

[hdbuck]

BTW, when i said JPM was kinda on the road to make their own coin, i supposed it should be something upon which they will build their whole new transaction system (as their banking system is just outdated since the late 50s). so it could be internally driven and wouldnt look as another altcoin as we currently know them. But the fact is that they clearly plan not to do so over the existing bitcoin. they will want to take bitcoiners out of the picture as "early adopters hippies" and certainly not share a piece of the cryptographic cake.

dunnow if i made myself clear but thats just my "simple" understanding of it 

A ripple killer.

dont know excatly what ripple is all about but banks may end up buying it out and build their system upon it. sooo maybe ripple isnt a bad investment after all?! 

[KeyserSoze]

Stolfi, are you DDOSing the forum again? Look, I know you're an ultrabear but DDOSing the forum is just not cricket.

[fonzie]

http://mark-karpeles.com/m.php?page=notable

Wow. Mark is No.1  of the Top 5000 worst traders on Gox
Roger Ver No.1 of the best 5000 ( I´m really sorry for his 500BTC loss, considerin that he bought another 97000 there   )

[PoolMinor]

(Off topic)
From here I thought others may like it.

[JorgeStolfi]

Chinese Slumber Method prediction for Thursday Mar/13

Prediction valid for: Thursday 2014-03-13, 19:00--19:59 UTC (not before, not after)
Huobi's predicted price: 3783 CNY.
Bitstamp's predicted price: 631 USD.

Huobi

The red and green strokes are actual Huobi hourly prices.  The current prediction is the rightmost magenta square.  The blue square is the last prediction (see below), and the light blue-gray squares are the older ones.  The orange and grey dots are the Slumber Points, the mean Huobi prices at 19:00 UTC every day.  Each point is a Glyptodon if the hourly volume V_h for 19:00--19:59 UTC is less than 0.005 times the daily volume V_d 00:00--23:59 UTC; and is an Albertosaurus otherwise. The grey lines are trends fitted a posteriori to the Glyptodon Points. The orange line is the trend that was assumed for the above prediction. The Helix pomatia is a graphical indication of market sentiment as deduced from the contents of this thread.

By the arbitrary criterion I have been using, today seems to be an Albertosaurus (V_h/V_d = 474/80000 = 0.00592 > 0.005) and therefore an invalid data point.  Therefore, the prediction used the same trend used last time, a shifted exponential p(d) = A+B*Q**(d-4), where d is the day of the month, Q = 0.700, A = 3772.33, B = 268.94.

Bitstamp

The red and green strokes are actual Bitstamp hourly prices.  The dots, dinosaurs, mammals, lines, and magenta squares are Huobi's Slumber Points, dinosaurs, mammals, trends, and new predictions, scaled by the currency conversion factor R (6.40 for Feb/07--09, 6.00 since Mar/04, and 6.12 for all other dates).

(The Huobi/Bitstamp price ratio seems to have returned to R = 6.12 in the last few days, but I am sticking to 6.0 for now.)

Checking the previous prediction

Since today was an Albertosaurus, the prediction for today is officially void.  But, for the curious:

Prediction was posted on: Wednesday 2014-03-12, 05:26 UTC
Prediction was valid for: Wednesday 2014-03-12, 19:00--19:59 UTC

Huobi's predicted price: 3788 CNY
Huobi's actual price (L+H)/2: 3876 CNY
Error: 88 CNY (~14 USD)

Bitstamp's predicted price: 631 USD
Bitstamp's actual price (L+H)/2: 643 USD
Error: 12 USD

(Of course this is not very impressive since the prediction was posted only 14 hours ahead of the target time.)

NOTE: Dinosaurs became extinct.  Is that bullish or bearish?

[JorgeStolfi]

Stolfi, are you DDOSing the forum again? Look, I know you're an ultrabear but DDOSing the forum is just not cricket.

It can only be some trader who wants to deprive his competitors from the Chinese Slumber predictions.

[chesthing]

Bitcoin needs more than wall street to soar to new irrational heights. It needs a Stratton Oakmont.

http://en.wikipedia.org/wiki/Stratton_Oakmont

Belfort no buy bitcom. Beltfort SMART = he buy LTC
Belfort sell LTC best. caused by not anonymous creator, open develop scrypt, better past story with NO drugs and hookers trade
LTC take over bitcom

dont think Belfort would have been interested in a hooker and drug free currency/system

Belfort NO like hooker money. Belfort want cleaner money = more money. then buy hooker with money.

Who let Frankenstein in the house?

[JorgeStolfi]

http://mark-karpeles.com/m.php?page=notable
Roger Ver No.1 of the best 5000

Explains his vouching for MtGOX solvency?