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

[iram3130]

340-320 in the next 24 hours.

I'm so happy i left this sinking ship at 400.

The sooner you realize it's over the better you feel. Believe me.

Let us know how you're feeling when we're back above 400 

Good reply, these people don't understand, it's price movement we never can go upside everytime.

[1714713771]

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[ZephramC]

http://fortune.com/2014/10/24/bitcoin-fraud-scam/

 

There are actually two bitcoins. There’s the blockchain-technology bitcoin, which I think is fantastic, and the future, and all sorts of businesses are investing tens or hundreds of millions of dollars in Silicon Valley and around the world to build businesses on the back of the blockchain technology because it’s so wonderful and can move assets frictionlessly. But then there is this aspect of the pretend currency and the pretend commodity. Part of the con is in the pretend commodity, because this is a completely shallow, liquidless market. When you know that there’s, what, 13 million coins in circulation, and more than 50% of the them are owned and managed by about 950 people, you realize how shallow the market it is and how subject the market is to manipulation.

At last, someone with common sense explains the difference between the technology and the "currency" unit. Most of the get-rich-quick hardcore fanatics try to deceive people by telling how bitcoin's unit value is tied to the technology it's based on. The "currency" is nothing more then a big pyramid for a few to get rich at the expense of others.
The technology can be used without everyone having to make a small group of speculators rich. Speculators who haven't actually contributed anything to the development of the technology itself.
It's only an illusion that bitcoin's unit value is backed by the technology itself. I think that it's a good thing that some people will start to publicly lift the veil behind bitcoin and it's market system. I would recommend him to look into all the exchanges and question on what would stop them in playing the market themselves, with information that isn't public.

200 posts, do you realize the reward for maintaining the blockchain is bitcoin, and it's our job to make bitcoin widely used and valuable?

GET ABOARD SAILOR

That's the thing. The millions worth of equipment isn't needed to maintain the blockchain of bitcoin. Increasing hasrate of the network doesn't improve anything in the network. The general idea was that it would increase the security, but now most of the network goes through only a few pools, and if those pools get compromised, then the network will get compromised, no matter how big was the overall hashrate of the network. So, rewarding miners actually means rewarding work that has no use.
The bitcoin mining equipment merchants are practically snake oils salesmen who prey on the ignorance of consumers.

I'm on board "the crypto casino" already, only not in bitcoin, because bitcoin is old, boring and fragile to me. I'm now into newer cryptos, that have more attractive attributes and that are currently at the beginning stage, not the end stage.

All pools are dependend on thier individual members. Leaving pool or changing it is much easier than change a country you live in, change government you pay taxes to ot change bank you have your money in.

[gogxmagog]

I have to agree with a few things he says, even if I don't like it. Bitcoin hasn't found its use as a currency yet. It may dwindle and die like he says, but it could find its role in the payments sphere and krugman can go STFU.

He's definitely correct when he says people don't care about decentralization. Yet! 20 years ago many city dwellers would scoff at growing their own vegetables or giving up their car for a bicycle. You can go to any city in the developed world and see this is changing. Things like wiki leaks, dark web, and Bitcoin help big time with this shift in societal attitudes. It's still too new, but when the "little guy" figures out he can be his own bank, and takes action thusly, we shall see great things.

Part of me thinks he wrote the whole article just to frame his weak "fax machine" analogy

[NotLambchop]

[wall-0-text]

"This, indeed, is despair."--Soren Kierkegaard

[ShroomsKit]

340-320 in the next 24 hours.

I'm so happy i left this sinking ship at 400.

The sooner you realize it's over the better you feel. Believe me.

Let us know how you're feeling when we're back above 400 

I have put my money in things that actually have a future.

[ShroomsKit]

340-320 in the next 24 hours.

I'm so happy i left this sinking ship at 400.

The sooner you realize it's over the better you feel. Believe me.

Let us know how you're feeling when we're back above 400 

Good reply, these people don't understand, it's price movement we never can go upside everytime.

This is just a slight 10 month correction?

[empowering]

[wall-0-text]

[wall-0-typical-bs]

Yes dear.

[NotLambchop]

[wall-0-text]

[wall-0-typical-bs]

Yes dear.

Of all the people losing their shit in this thread, I enjoy you the most

[empowering]

Twaddle

Yes dear.

[karolina]

340-320 in the next 24 hours.

I'm so happy i left this sinking ship at 400.

The sooner you realize it's over the better you feel. Believe me.

Let us know how you're feeling when we're back above 400 

I have put my money in things that actually have a future.

You are the epitome of the term "weak hands".

[ChartBuddy]

Explanation

[fonzie]

Time to pull your stash out of cryptsy....?!

http://www.marketwatch.com/story/silver-law-group-files-lawsuits-against-cryptocurrency-exchanges-bitcoin-savings-trust-and-cryptsy-2014-10-23

https://bitcointalk.org/index.php?topic=833182.0

Also bad newses for Ripple,... looking @Walsoraj 

[Wandererfromthenorth]

Time to pull your stash out of cryptsy....?!

http://www.marketwatch.com/story/silver-law-group-files-lawsuits-against-cryptocurrency-exchanges-bitcoin-savings-trust-and-cryptsy-2014-10-23

https://bitcointalk.org/index.php?topic=833182.0

Also bad newses for Ripple,... looking @Walsoraj 

You shouldn't have money in Cryptsy anyway.

In case you do, definitely GTFO.

[Newbie1022]

Interesting to note that shorts are down by a lot (8k right now on bitfinex), shorters have been taking profits on this dump.
This means that a lot of buys (shorts being closed) to counteract the drop were executed but we dropped quite a lot regardless.
Also it means a short squeeze is less probable.

Further, interesting to see the lack of a proper bounce (one would have expected a bounce to at least $370, where the recent historic support was) and very low buying pressure around $350, an important level.

In case I need to state the obvious, all of this is pretty fucking bearish.

Very Good analysis. I actually keep thinking we are going to pivot upwards soon because, although the shorts closed I don't see any new shorts opening up. Also, this is a price where I can see fanatics ramping up on leverage. But... if it goes a little longer without reflecting the price then I will be jumping ship (bought in at $356 earlier today).

[Walsoraj]

Time to pull your stash out of cryptsy....?!

http://www.marketwatch.com/story/silver-law-group-files-lawsuits-against-cryptocurrency-exchanges-bitcoin-savings-trust-and-cryptsy-2014-10-23

https://bitcointalk.org/index.php?topic=833182.0

Also bad newses for Ripple,... looking @Walsoraj 

Ripple will soon have 100's of banks onboard. No need for Cryptsy.

[Davyd05]

http://blog.cryptsy.com/post/100831839452/response-regarding-lawsuit

Never used their services but I'll admit the amount of pr before actually serving  the lawsuit is suspicious.  Similarly to way they made Ross out to be someone who orders contract hits.

[Walsoraj]

http://blog.cryptsy.com/post/100831839452/response-regarding-lawsuit

Never used their services but I'll admit the amount of pr before actually serving  the lawsuit is suspicious.  Similarly to way they made Ross out to be someone who orders contract hits.

Prediction: Within a month, Crypsty claims to have been hacked of all user funds.

[Wandererfromthenorth]

People lost money on Mtgox, they lost money on Cryptorush, they lost money in Mintpal 2...

WTF are you keeping money on an old dead shitcoin exchange like Cryptsy?

Whoever has funds in there is like asking for it.

[Wandererfromthenorth]

Interesting to note that shorts are down by a lot (8k right now on bitfinex), shorters have been taking profits on this dump.
This means that a lot of buys (shorts being closed) to counteract the drop were executed but we dropped quite a lot regardless.
Also it means a short squeeze is less probable.

Further, interesting to see the lack of a proper bounce (one would have expected a bounce to at least $370, where the recent historic support was) and very low buying pressure around $350, an important level.

In case I need to state the obvious, all of this is pretty fucking bearish.

Very Good analysis. I actually keep thinking we are going to pivot upwards soon because, although the shorts closed I don't see any new shorts opening up. Also, this is a price where I can see fanatics ramping up on leverage. But... if it goes a little longer without reflecting the price then I will be jumping ship (bought in at $356 earlier today).

Yeah, just be ready if shit starts to get real :-P

[fonzie]

http://blog.cryptsy.com/post/100831839452/response-regarding-lawsuit

Never used their services but I'll admit the amount of pr before actually serving  the lawsuit is suspicious.  Similarly to way they made Ross out to be someone who orders contract hits.

Is there any site where i can make bets if they go down within the next 3 months? 
Lawsuit+Coinexchange = almost guaranteed death.
Most(all) of them had shady operations in the past.
It´s almost ironic but i think that the only true anonymous (and most shady) exchange "BTC-E" will probably stay alive longest.