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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21337272 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (104 posts by 20 users deleted.)
phoenix1
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June 03, 2013, 12:56:27 AM
 #12781

FinCEN Ruling Requested for Bitcoin Mining?

http://www.thebitcoinchannel.com/archives/10491

Seems to be quite complex stuff. Maybe that is the reason for the drop?
very interesting
so do I get the meanings of that article right (It's late, I'm half awake right now Smiley):

Somebody who's mining btc and selling them via exchange is a money transmitter?

-> means that any miner (or at least mining pool) in US would need a license for that?

(if that's the case it would be a good strategy for US government to grab the bull by the balls and not by the horns)


It might look that way, but a miner who mines over an encrypted connection and sells the coins via in-person or on the web OTC - times several thousand - would be hard to grab by the balls. The only surefire way to do it is to attempt to fill OTC markets with federal agents, or start a "report your neighbour for bitcoin mining" program. Very expensive. Politically risky. Print more dollars to pay for it? Going after bitcoin like this would be SURE to jumpstart rapid-fire adoption.

Think of it like trying to go after individual bittorrent users; I know there are a lot more of those, but they don't even TRY for privacy. Bitcoin miners tend to know a little more about what they are doing. Catching thousands of miners who make a concerted effort to remain pseudonymous will take a LOT of money and man-hours. I'm not saying miners do this now (most don't) but if push came to shove... well, there's a profit to be had so they would make some changes. And, yes, a few of the lazy miners will get a friendly knock on the door from a federal marshal.

Much easier to just 'ask' those selling ASICs for a list of customers ...
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ChartBuddy
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June 03, 2013, 01:01:21 AM
 #12782

hlynur
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June 03, 2013, 01:07:03 AM
 #12783

FinCEN Ruling Requested for Bitcoin Mining?

http://www.thebitcoinchannel.com/archives/10491

Seems to be quite complex stuff. Maybe that is the reason for the drop?
very interesting
so do I get the meanings of that article right (It's late, I'm half awake right now Smiley):

Somebody who's mining btc and selling them via exchange is a money transmitter?

-> means that any miner (or at least mining pool) in US would need a license for that?

(if that's the case it would be a good strategy for US government to grab the bull by the balls and not by the horns)


It might look that way, but a miner who mines over an encrypted connection and sells the coins via in-person or on the web OTC - times several thousand - would be hard to grab by the balls. The only surefire way to do it is to attempt to fill OTC markets with federal agents, or start a "report your neighbour for bitcoin mining" program. Very expensive. Politically risky. Print more dollars to pay for it? Going after bitcoin like this would be SURE to jumpstart rapid-fire adoption.

Think of it like trying to go after individual bittorrent users; I know there are a lot more of those, but they don't even TRY for privacy. Bitcoin miners tend to know a little more about what they are doing. Catching thousands of miners who make a concerted effort to remain pseudonymous will take a LOT of money and man-hours. I'm not saying miners do this now (most don't) but if push came to shove... well, there's a profit to be had so they would make some changes. And, yes, a few of the lazy miners will get a friendly knock on the door from a federal marshal.

Much easier to just 'ask' those selling ASICs for a list of customers ...

so if they can't get get the miners they go for the mining rig producers, introducing fees or something?
(I'm still sure US gov not just wants more regulation but at least a small part of the cake too, they won't let that pot of btc just stand there and look how it's growing and devaluing their fiat)
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June 03, 2013, 01:14:40 AM
 #12784


so if they can't get get the miners they go for the mining rig producers, introducing fees or something?
(I'm still sure US gov not just wants more regulation but at least a small part of the cake too, they won't let that pot of btc just stand there and look how it's growing and devaluing their fiat)

Who knows ...
It's obviously very unclear at the moment and they are making it up as they go along. But IF they decide miners are 'money- transmitters' and need a license, then there is a very weak link in the chain of anonymity, and that is the producers.
Much the same as the exchanges ...
Time will tell
I certainly don't have the answer
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June 03, 2013, 01:36:46 AM
 #12785


so if they can't get get the miners they go for the mining rig producers, introducing fees or something?
(I'm still sure US gov not just wants more regulation but at least a small part of the cake too, they won't let that pot of btc just stand there and look how it's growing and devaluing their fiat)

Who knows ...
It's obviously very unclear at the moment and they are making it up as they go along. But IF they decide miners are 'money- transmitters' and need a license, then there is a very weak link in the chain of anonymity, and that is the producers.
Much the same as the exchanges ...
Time will tell
I certainly don't have the answer


jup we will see.
if i compare it to mining gold, there are the big companys (with licences) digging in huge mines and there are the single individuals nibbling in their own hole or fishing around in some rivers (without need of license).
So at least licensing for mining pools or fee per mining-rig could come up the table.
whatever is happening at the exchanges right now...adaptation progress is good symbol
(integrate und regulate at least the production before that becomes a problem)
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June 03, 2013, 01:49:31 AM
 #12786


I keep listening to this tune on loop... I love it:

http://www.youtube.com/watch?v=A7TuFy0fcuw&hd=1
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June 03, 2013, 02:01:09 AM
 #12787

adamstgBit
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June 03, 2013, 02:02:53 AM
 #12788

its going down!  i haven't been watching the action closely this week ...but i have a feeling hitting the buy btn will be a good move very soon, place your risky bids NOW!   Grin
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June 03, 2013, 02:04:06 AM
 #12789

its going down!  i haven't been watching the action closely this week ...but i have a feeling hitting the buy btn will be a good move very soon, place your risky bids NOW!   Grin


I'm afraid to go to sleep...  I don't want to miss buying at the bottom!
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June 03, 2013, 02:10:00 AM
 #12790

its going down!  i haven't been watching the action closely this week ...but i have a feeling hitting the buy btn will be a good move very soon, place your risky bids NOW!   Grin


I'm afraid to go to sleep...  I don't want to miss buying at the bottom!

you have till monday night to buy
the bid filled on tuesday morning are going to be prime time winners.
place bids now and hope they fill while you sleep and trust me, i've been doing this longer then most.  Tongue
I'm short and will stay that way till we hit bottom But I'm a 1337Pro, so  I trade Bi-monthly....

 Cool
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June 03, 2013, 02:21:06 AM
 #12791

OK i'm gonna set a date here.....
Nov 1st we will probably be hitting bottom, trade your lil trades till then but be preapair to go all in on the low near Nov 1st!
.... i'm serious guys get ready...



I have plans in progress projects for bitcoin too you know....And when my BigEvent hits ,,; and the world sees me  and listens to MY bitcoin's Story you KNOW we're going from the bottom to the top you can be sure of that, just saying.... i'm not stupid....
 Cool
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June 03, 2013, 02:21:59 AM
 #12792

http://www.youtube.com/watch?v=BRI-A3vakVg
Nightowlace
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June 03, 2013, 02:23:21 AM
 #12793


I keep listening to this tune on loop... I love it:

http://www.youtube.com/watch?v=A7TuFy0fcuw&hd=1

Hilarious
adamstgBit
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June 03, 2013, 02:24:31 AM
 #12794

OK i'm gonna set a date here.....
Nov 1st we will probably be hitting bottom, trade your lil trades till then but be preapair to go all in on the low near Nov 1st!
.... i'm serious guys get ready...



I have plans in progress projects for bitcoin too you know....And when my BigEvent hits ,,; and the world sees me  and listens to MY bitcoin's Story you KNOW we're going from the bottom to the top you can be sure of that, just saying.... i'm not stupid....
 Cool

 Shocked

better believe it mother fucker

 Cool

FUCK YA i was lookign for that link  Grin
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June 03, 2013, 02:44:52 AM
 #12795

What is likely going to be the bottom? 64? 80? 103? 110? 113?
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June 03, 2013, 02:56:15 AM
 #12796

What is likely going to be the bottom? 64? 80? 103? 110? 113?

0.0001? 0.001? 0.01? 0.1? 1?
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June 03, 2013, 03:01:23 AM
 #12797

nmersulypnem
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June 03, 2013, 03:02:52 AM
 #12798

What is likely going to be the bottom? 64? 80? 103? 110? 113?

0.0001? 0.001? 0.01? 0.1? 1?

I'm confused as to why this graph is generating so much panic in the forum today...

http://i.imgur.com/YbMyqyp.png?1
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June 03, 2013, 03:04:16 AM
 #12799

What is likely going to be the bottom? 64? 80? 103? 110? 113?

0.0001? 0.001? 0.01? 0.1? 1?

I'm confused as to why this graph is generating so much panic in the forum today...

http://i.imgur.com/YbMyqyp.png?1

It broke a very significant support. See the first three bottoms, and how the fourth doesn't line up?
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June 03, 2013, 03:05:17 AM
 #12800

What is likely going to be the bottom? 64? 80? 103? 110? 113?

0.0001? 0.001? 0.01? 0.1? 1?

I'm confused as to why this graph is generating so much panic in the forum today...

http://i.imgur.com/YbMyqyp.png?1

The trendline starting at 50 has been broken, but IMO the people panicing need to zoom out.  There are other, more long term trends that will provide support.  Sure, seeing 50 again is always a remote possibility, but I'll be buying the whole way down.
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