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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21329530 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.)
notme
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April 29, 2013, 11:10:55 PM
 #2261

I just loaded some rocket fuel, we're about to blast off to the moon!

Paul Buchheit: "Bitcoin may be the TCP/IP of money."

Quote from: Wikipedia
Paul Buchheit is an American computer programmer and entrepreneur. He was the creator and lead developer of Gmail.
He developed the original prototype of Google AdSense as part of his work on Gmail.
He also suggested the company's now-famous motto "Don't be evil" in a 2000 meeting on company values.

The main problem I see is that Bitcoin is so dependant on the banking system. The exchanges fall apart without bank accounts, without wires, without ach deposits. Bitcoin works great as a "secondary" or "transaction" currency. Which means you use it when you want the privacy (buying bongs/dildos) or to avoid fees (sending to people in different countries). So you still use USD, you're paid in USD, you just use Bitcoin when the situation warrants it (and the advantages it brings).

When an exchange can be crippled because one american bank account gets closed, that sorta points to the fact this "de-centralized" currency really needs the "centralized" banks to operate. Bitcoin is doing well because Govts/Banks are letting it exist. Sure they can't destroy it, but they sure could make it a lot harder to use. Most sellers wouldn't want BTC if they couldn't convert it to their native currency. But Banks are greedy, they launder money for drug cartels, so I doubt they care about Bitcoin as long as they get a share (which they do, wires are expensive).

Yeah, we "Bears" have been preaching this all along, yet we were pointed at by the "true believers" and accused of "FUD".

I do most of my trades for cash.  I run a bot, but I only ever deposit and withdraw bitcoin.
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April 30, 2013, 01:21:30 AM
Last edit: April 30, 2013, 06:00:36 AM by rpietila
 #2262

I made two infamous BTC700-BTC799 trades last week. One was at gox, the other was OTC. Let's split the banking system effect:

- I sell at the casino -> receive internal gox money -> banking system not affected (practically impossible to withdraw already but we've got used to it, no big deal if it is cut altogether)

- I buy at the casino -> receive btc -> problem solved, bitcoin transfer not affected

- I sell OTC to my local friend -> he pays cash, gold, silver -> banking system not affected (he is still short EUR 7k from the deal and will need to deposit it physically this week as he has some issue with the bank)

- I buy OTC from goat -> now this is a tricky one since he needs to be paid in the local currency -> I spend several hours trying to pay in multiple installments to minimize the risk of bank default. The staff in the bank make it so difficult that I end up deciding to pay all at once, without escrow; too difficult, not worth my time, I trust goat, he trusts me, I don't trust bank and I really have a problem if the banks fail on this. But so do they, it will be their last fail to screw both of us in front of the bitcoinworld. Nobody can trust the banks any more if they fail in this one. (This does not mean that they won't, however, but I never play with more than I can afford to lose to prove a point...)

So, my conclusion:

To me it seems that the banking system has already played itself out of this game. In only one of the 4 transactions was it involved at all, and even there they acted like jerks who had been doing it for too long and wanted to be out. If it was convenient to have .999 metric gold in Thailand (which it isn't; they have both different purity and different unit) I would have probably sent it over by Fedex rather than bothering to call the bank.

Not that it was not difficult to send gold. You run into all kinds of trouble.. but after bitcoin, all the trouble that the world system heaps on you, will act to their own detriment, not yours. By playing nice or ignoring you, they make themselves unimportant, since bitcoin works better. By fighting you, they can eat up hours of your precious time and make themselves sound like jerks, and everyone will read about it in Bitcointalk and wise up.

Banks, according to my observation, you have a precious little share in bitcoin transactions right now, and about to lose it all. Bitcoin user won't even notice when the last cord is cut. Bears better buy in. It's gonna be a ride from now as people are understanding this (read it all, just recently pruned with a steady hand!).
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April 30, 2013, 01:32:48 AM
 #2263

- I buy OTC from goat ->


I knew a guy who got a bad rash on his penis from banging a goat. He used OTC cream to fix it up.

I'm not sure what either one of our stories have to do with banks or bitcoins. But there you have it.
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April 30, 2013, 01:48:23 AM
 #2264

I'm not sure what either one of our stories have to do with banks or bitcoins. But there you have it.

I was astounded by your join date. You don't seem to be too smart, having spent here so long, still not understanding anything. Or was it just that you sold at the bubble pop in February 7th, 2013, and have a hard time adjusting your reality?
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April 30, 2013, 02:52:37 AM
 #2265

There goes 145...
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April 30, 2013, 04:03:21 AM
 #2266

Quiet monday...
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April 30, 2013, 04:20:05 AM
 #2267

Quiet monday...
Meh, it was a bank holiday in Japan. I'm assuming tomorrow will be much more exciting.
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April 30, 2013, 04:59:43 AM
 #2268

Bank holiday == no bank wires right?
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April 30, 2013, 05:01:31 AM
 #2269

Bank holiday == no bank wires right?
Yep...although I just realized that it's 2:00pm Tuesday in Japan right now, which is not a bank holiday.
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April 30, 2013, 05:34:00 AM
 #2270

Worth listening to:
http://youtu.be/59uTUpO8Dzw?t=19m14s

(starts at 19m14s)

Ok, now count me as very hyped.  Grin

What an eloquent bitcoin super-bull. I love this guy! And I think he's correct, "this is the time where people should be trying really big crazy things".
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April 30, 2013, 05:38:19 AM
 #2271

I just loaded some rocket fuel, we're about to blast off to the moon!

Paul Buchheit: "Bitcoin may be the TCP/IP of money."

Quote from: Wikipedia
Paul Buchheit is an American computer programmer and entrepreneur. He was the creator and lead developer of Gmail.
He developed the original prototype of Google AdSense as part of his work on Gmail.
He also suggested the company's now-famous motto "Don't be evil" in a 2000 meeting on company values.

The main problem I see is that Bitcoin is so dependant on the banking system. The exchanges fall apart without bank accounts, without wires, without ach deposits. Bitcoin works great as a "secondary" or "transaction" currency. Which means you use it when you want the privacy (buying bongs/dildos) or to avoid fees (sending to people in different countries). So you still use USD, you're paid in USD, you just use Bitcoin when the situation warrants it (and the advantages it brings).

When an exchange can be crippled because one american bank account gets closed, that sorta points to the fact this "de-centralized" currency really needs the "centralized" banks to operate. Bitcoin is doing well because Govts/Banks are letting it exist. Sure they can't destroy it, but they sure could make it a lot harder to use. Most sellers wouldn't want BTC if they couldn't convert it to their native currency. But Banks are greedy, they launder money for drug cartels, so I doubt they care about Bitcoin as long as they get a share (which they do, wires are expensive).

Yeah, we "Bears" have been preaching this all along, yet we were pointed at by the "true believers" and accused of "FUD".

Bitcoin doesn't need the banks to operate. They make the current "value-bootstrapping phase" much easier, though.

When airplanes were invented, did people say "That's never going to work out, these new-fangled ariplanes still need strips of road for takeoff and landing"? Not too good of an analogy, but you get the point.
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April 30, 2013, 05:41:43 AM
 #2272

Banks, according to my observation, you have a precious little share in bitcoin transactions right now, and about to lose it all. Bitcoin user won't even notice when the last cord is cut. Bears better buy in. It's gonna be a ride from now as people are understanding this (read it all, just recently pruned with a steady hand!).

that "this" link is borked.
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April 30, 2013, 05:44:47 AM
 #2273

Bank holiday == no bank wires right?
Yep...although I just realized that it's 2:00pm Tuesday in Japan right now, which is not a bank holiday.

I think your clock is off: http://www.timeanddate.com/worldclock/city.html?n=248
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April 30, 2013, 05:46:21 AM
 #2274

If we hit $150 that will be huge. I doubt it though.

I suspect it will fall by close today, this rise has been solid. $165 should be tougher to breach than $150.
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April 30, 2013, 05:47:39 AM
 #2275

Worth listening to:
http://youtu.be/59uTUpO8Dzw?t=19m14s

(starts at 19m14s)

Ok, now count me as very hyped.  Grin

What an eloquent bitcoin super-bull. I love this guy! And I think he's correct, "this is the time where people should be trying really big crazy things".

If I didn't already have all my money invested in Bitcoin, I'd be investing the rest of it in bitcoin.

Bank holiday == no bank wires right?
Yep...although I just realized that it's 2:00pm Tuesday in Japan right now, which is not a bank holiday.

I think your clock is off: http://www.timeanddate.com/worldclock/city.html?n=248
Huh It was 2:00pm in Japan when I made that post...
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April 30, 2013, 06:03:48 AM
 #2276

Banks, according to my observation, you have a precious little share in bitcoin transactions right now, and about to lose it all. Bitcoin user won't even notice when the last cord is cut. Bears better buy in. It's gonna be a ride from now as people are understanding this (read it all, just recently pruned with a steady hand!).

that "this" link is borked.

Corrected (it is my diary anyway, but now it's a nice read after deleting 30 or so posts, which are no more that relevant).
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April 30, 2013, 07:09:37 AM
 #2277

Bank holiday == no bank wires right?
Yep...although I just realized that it's 2:00pm Tuesday in Japan right now, which is not a bank holiday.

The coming week is full of holidays.

Monday : Japan
Wednesday : Most of the western world, especially lots of countries in Europe.
Friday : Japan, again !
Monday 6th May - UK holiday
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April 30, 2013, 08:27:20 AM
 #2278

Things are moving...

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April 30, 2013, 08:29:06 AM
 #2279

Things are moving...




Nothing gets by BearPig. This guy knows his stuff.
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April 30, 2013, 08:33:25 AM
 #2280

If I wasn't all in, this would be a safe point to go speculative long. (We intend to short it at higher levels today, perhaps $180.)

EDIT: I mean it'll have to breach $150 first but I kind of see it getting there Wink
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