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Question: 1/24 Closing Price:
<$32,000 - 8 (18.6%)
$32,000-$33,000 - 3 (7%)
$33,000-$34,000 - 1 (2.3%)
$34,000-$35,000 - 3 (7%)
$35,000-$36,000 - 4 (9.3%)
$36,000-$37,000 - 5 (11.6%)
$37,000-$38,000 - 3 (7%)
$38,000-$39,000 - 1 (2.3%)
$39,000-$40,000 - 3 (7%)
$40,000-$41,000 - 2 (4.7%)
$41,000-$42,000 - 0 (0%)
>$42,000 - 10 (23.3%)
Total Voters: 43

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25067963 times)
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adamstgBit
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May 16, 2014, 10:18:02 PM

banks have no problem buying bubblicious derivatives, lending money to poeple that are likely to default in < 12months.

wtf is this "risk profile" bullshit
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adamstgBit
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May 16, 2014, 10:18:16 PM

http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/

Quote
Annemarie Tierney, general counsel and legal EVP for SecondMarket, told the panel that the high-risk profiling recently cost the company a long-time banking relationship.

She said:

“[The bank] gave us notice yesterday that they wanted to end that banking relationship, in part because our transitions around bitcoin, even though we’re not an MSB or an exchange, [it] raised our risk profile and it was too much work for them to figure it out.”

Tierney added that the termination was “very, very discouraging” for the company.

Game over. Sell before it's too late.  Cheesy Cheesy Cheesy

Bullish!!!1111 MOON!!!11 CCMF!!!!!11


Explain yourself.


"We need to go to the moon!"

Quote
The panel members agreed
Cool
p0peji
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May 16, 2014, 10:22:50 PM

http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/

Quote
Annemarie Tierney, general counsel and legal EVP for SecondMarket, told the panel that the high-risk profiling recently cost the company a long-time banking relationship.

She said:

“[The bank] gave us notice yesterday that they wanted to end that banking relationship, in part because our transitions around bitcoin, even though we’re not an MSB or an exchange, [it] raised our risk profile and it was too much work for them to figure it out.”

Tierney added that the termination was “very, very discouraging” for the company.

Game over. Sell before it's too late.  Cheesy Cheesy Cheesy

Bullish!!!1111 MOON!!!11 CCMF!!!!!11


Explain yourself.

Bullish comments dont need explanation.
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May 16, 2014, 10:25:22 PM

banks have no problem buying bubblicious derivatives, lending money to poeple that are likely to default in < 12months.

wtf is this "risk profile" bullshit


indeed I was wondering what exactly "regulatory compliance" bitcoin falls ... is it about "money laundry bla mumbo jumbo" ?  
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May 16, 2014, 11:00:46 PM


Explanation
TERA
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May 16, 2014, 11:15:31 PM

My new view of the market:



I wouldn't be suprised to see flat for an entire year.

I wouldn't be surprised to see that you're fucking wrong for the 10th time.
Remember your case-in-point during October?



Anyone who thinks bitcoin is staying 500 for a year is delusional. You're not fooling anyone.
This actually could have happened if it weren't for china.
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May 17, 2014, 12:00:46 AM


Explanation
macsga
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Strange, yet attractive.


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May 17, 2014, 12:13:15 AM

banks have no problem buying bubblicious derivatives, lending money to poeple that are likely to default in < 12months.

wtf is this "risk profile" bullshit
It's because they feel this "Money v.2.0" will lead them out of business. It's like funding the guy next door to open a store just like yours with better products. What else?  Wink
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May 17, 2014, 01:00:45 AM


Explanation
nioc
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May 17, 2014, 01:01:43 AM

Modi is elected.. that is bullish bitcoin.

sure. and the muslim riot within three months

Muslims actually dont mind him.. its terrorists hes after. They know its a problem in their culture.
Still i wouldnt be surprised if modi went full pro bitcoin and India took charge.

He is known as being socially as well as financially conservative.  I don't know if that is accurate or what it means in regards to btc.
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May 17, 2014, 01:08:57 AM


Wow, this is really extreme. I imagine how frustrated ppl with online wallets are Sad. OTOH, Chinese officials are very inconsistent - mobile websites still OK. Truly, it will be kinder if they would just openly and honestly shut everything down, not suddenly closing access to online wallets or off shore exchanges. Guess these are cultural differences, for some reason they do not want to appear to ban btc, even if they are effectively try to do it  Huh
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May 17, 2014, 01:19:59 AM

http://www.coindesk.com/bitcoin-businesses-detail-banking-setbacks-at-us-task-force-hearing/

Quote
Annemarie Tierney, general counsel and legal EVP for SecondMarket, told the panel that the high-risk profiling recently cost the company a long-time banking relationship.

She said:

“[The bank] gave us notice yesterday that they wanted to end that banking relationship, in part because our transitions around bitcoin, even though we’re not an MSB or an exchange, [it] raised our risk profile and it was too much work for them to figure it out.”

Tierney added that the termination was “very, very discouraging” for the company.

Game over. Sell before it's too late.  Cheesy Cheesy Cheesy

That is ridiculous - US bank closed Second Market's account because they invest in bitcoin? Are we becoming China  Huh
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May 17, 2014, 01:30:06 AM

Also this chart seems to say that the bitcoin system currently costs 30 USD per transaction:
https://blockchain.info/charts/cost-per-transaction
The cost of running the system is currently hidden in the inflation caused by mining, but in the long run will have to be paid by users as transaction fees.  If the numbers above are correct, bitcoin will be inviable for payments below 1000 USD.

It's an compelling argument on the face of it, but the question is compared to what?
What is the transaction and system maintenance cost of a USD/GBP/EUR fiat transfer?
Credit cards make huge profits from their fees, so the cost is much less than what they charge.

What is interesting is the marginal cost of a transaction, not the average.
In other words : how much does it cost for the system in place to generate one more transaction ?
That's a good question indeed.  I am  looking at these plots:
https://blockchain.info/charts/n-transactions?showDataPoints=false&timespan=&show_header=true&daysAverageString=7&scale=0
https://blockchain.info/charts/cost-per-transaction?showDataPoints=false&timespan=&show_header=true&daysAverageString=7&scale=0
Note that there was a marked increase in the number of transactions around 2013/Dec/14, and another smaller hump around 2014/Mar/20.  At those times, the cost per transaction actually increased.   Thus it would seem that the cost is more than proportional to the number of transactions, i.e. the marginal cost is greater than the average cost.

Perhaps this effect is due to some marked change in the character of the traffic at those times, such as a decrease in the number of transactions per block.  (I understand that the expected cost of processing one block is largely independent of how many transactions it contains; is this correct?  If so, the cost per block should be a "cleaner" parameter than cost per transaction, right?)
JorgeStolfi
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May 17, 2014, 01:33:40 AM

I hate huobi. Why is it on the order book I can see 200CNY of the ask side but only 30 CNY of the bid side.
Yeah.  Somce clients create zillions of tiny book entries, with small BTC amounts and at prices that are often 1-2 cents of yuan apart. Thus when the books are truncated after N entries they are still very close to the spread.
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May 17, 2014, 02:00:47 AM


Explanation
adamstgBit
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May 17, 2014, 02:07:40 AM
Last edit: May 17, 2014, 02:21:32 AM by adamstgBit

Jorge = the speculative FUD machine

that cost per transaction is baloney it assumes everyone is mining with equipment 6-12 months out of date .

the network will always self adjusts itself anyway.

there will be alot more TX in the future, and if there's not hash rate will go down, and bring down the cost / TX.

its not rocket science its simple supply/demand economic law.



lets go buy a bitcoin!



Weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
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May 17, 2014, 02:17:22 AM

banks have no problem buying bubblicious derivatives, lending money to poeple that are likely to default in < 12months.

wtf is this "risk profile" bullshit

no kidding

at least we're done with the "first they ignore you, then they ridicule you" phase, we are now entering the transition to the "then they fight you" phase.

still a lot of ridicule out there, and I think the fight will be long and bloody as well, but eventually we will reach the "win" phase.

if we can't win against the vampire squids then I'll probably die trying.
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May 17, 2014, 02:23:39 AM

Jorge = the speculative FUD machine
Wait, I am pointing to charts issued from the Holy Sanctum of the Bitcoin Church -- and *I* am the FUD machine?  Wink

that cost pre transaction is babylon it assumes everyone is mining with equipment 6-12 months out of date .
Is it?  What factor should one apply to those number to get the real cost?

lets go buy a bitcoin!
But if I bought even one satoshi, I would not be able to brag about my trading performace any more.  Wink

And I would be racking my brains now, trying to decide whether I should sell half of my bitcoin holdings and use the fiat to double the other half, or create my own private exchange so that I can trade with myself and not worry about the price anymore.   Huh
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May 17, 2014, 02:30:04 AM

but ..  Grin Granny was young once and got a boyfriend





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May 17, 2014, 02:42:17 AM

Is it?  What factor should one apply to those number to get the real cost?

You can't.  You have throw away that number and  compute a valid number.  It costs about $2k to buy 1 ghps, which burns .2 joule/gh at $0.1/kwh, and which gives you a 1.3x10^-8 chance at every 25 btc block reward (one every 9 minutes).  That difficulty increases 20% at each adjustment, every 12.8 days.  Now calculate.
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