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

[Trolfi]

Looking forward to your pension?

Whoa. 40% slump. Sounds too volatile and inflationary for mainstream use.

Since you bring it up, let's speak about the Real and the Ministry of Finance /Banco Central do Brasil's "mechanisms to stabilize the value."

Let's see. First there was the Cruzeiro antigo. This ballooned, prices for basic goods hit the tens of thousands, funny bills had to be printed, people lost their savings, nothing made sense anymore, and the currency was scrapped and replaced by the Cruzeiro novo.  

In due course the Cruzeiro novo inflated, prices for basic goods hit the tens of thousands, funny bills had to be printed, people lost their savings, nothing made sense anymore, making room for the Cruzado. Memories of that.

Somewhere down the line, the Cruzado went back to being the Cruzeiro.  Which, true to form, spiraled out of control, except it happened much faster this time, and many people had no savings left to lose. At any rate, in less than three years it was back to slashing zeroes all over again. Fresh memories of that.

Which brings us to the Real. When introduced in 1994, the BCB said it would defend near parity with the USD (remember?). It is at about $0.3 USD/BRL now. It is about 18% down vs. the dollar since the beginning of the month. Inflation has jumped to 7.7%. And very unfortunately, it does not look like any of that is about to get any better any time soon, regardless of the mechanisms deployed.

[ChartBuddy]

Coin
Explanation

[marcus_of_augustus]

Brazil has people that have "an academic interest only" tinkering with their money, they'll be fine ....

[Afrikoin]

Funny how Jorge talks about "most people" like he has any kind of data. Meanwhile, I'm still waiting for a demonstration of "any kid with a laptop can double the bitcoins in circulation".

How are miners disincentivized from including lots of transactions? The amount of transactions has not effect on how hard a block is to solve. They are incentivized to pack the block with as many transactions with fees as they can. That could be an issue, as (I read once in /r/bitcoin) a transaction with little to no fees (I remember the fee being like, 100 satoshi) can take hours to confirm.
Another small nugget of truth buried under that guy's bullshit is the centralization of resources. We humans are team workers, we pool together resources to pull a team through. ^Pool That can add up, and like the huge corporations that handle very specific things, and have created local monopolies, bitcoin may see a few mega-sized creatures that seek control and wealth disregarding what people want/need. There is no easy way to solve this. But this is not a problem central to bitcoin, it is a problem we've seen arise in oil, telecommunications (phone, cable & internet), banks, etc.

*Invertible bloom filters - proposal by Garvin addresses this issue (incentive)

Listen to LTB podcast - Andreas and Garvin

[Afrikoin]

My Country's Central Bank hedges against risk by diversifying foreign currency FIAT reserves - USD, EUR and Yuan.

That's right, NO hard assets like Gold and precious metals. Crazy? I know.

Now, here is a chart of the Kenya shilling (KES) vs the dollar in the past one year

[HalFinneysBrain]

Thats not bad at all, the Euro has dropped WAY more.

[EvolutionmarketA*d*m*i*n]

dump 43k BTC?

[mladen00]

dump 43k BTC?

first send 1btc to me

[ChartBuddy]

Coin
Explanation

[EvolutionmarketA*d*m*i*n]

A scammer on teh internets just stole 43k BTC ($12 millions), but don't worry, he is not gonna dump!
Bullish!

[podyx]

A scammer on teh internets just stole 43k BTC ($12 millions), but don't worry, he is not gonna dump!
Bullish!

[KryptoFoo]

Look out, facebook implementing fund transfer - but not bitcoin based.

http://leaprate.com/2015/03/facebook-seeks-to-shake-up-payments-world-with-free-peer-to-peer-payments-feature/

[rebuilder]

A scammer on teh internets just stole 43k BTC ($12 millions), but don't worry, he is not gonna dump!
Bullish!

You mean Coinapult's hot wallet loss? If so, your numbers are a bit off - they say they lost just under 43000 USD worth of BTC, or 150 Bitcoins.

http://www.coindesk.com/coinapult-loses-40k-hot-wallet-compromise/

[KryptoFoo]

A scammer on teh internets just stole 43k BTC ($12 millions), but don't worry, he is not gonna dump!
Bullish!

You mean Coinapult's hot wallet loss? If so, your numbers are a bit off - they say they lost just under 43000 USD worth of BTC, or 150 Bitcoins.

http://www.coindesk.com/coinapult-loses-40k-hot-wallet-compromise/

He means Evo, the second largest dark market.

http://www.reddit.com/r/Bitcoin/comments/2zf5vd/the_2nd_largest_darknetmarket_evolution_has_run/

[0x3d]

A scammer on teh internets just stole 43k BTC ($12 millions), but don't worry, he is not gonna dump!
Bullish!

You mean Coinapult's hot wallet loss? If so, your numbers are a bit off - they say they lost just under 43000 USD worth of BTC, or 150 Bitcoins.

http://www.coindesk.com/coinapult-loses-40k-hot-wallet-compromise/

Newbie's nick was a hint: http://cyberwarzone.com/bitcoin-heist-evolution-darknet-market-goes-offline/

[ChartBuddy]

Coin
Explanation

[KryptoFoo]

Evo news hitting popular media today.

http://www.forbes.com/sites/thomasbrewster/2015/03/18/evolution-market-a-scam-says-site-pr/

[marcus_of_augustus]

Evo news hitting popular media today.

http://www.forbes.com/sites/thomasbrewster/2015/03/18/evolution-market-a-scam-says-site-pr/

probably a spook honey pot too

[lyth0s]

A scammer on teh internets just stole 43k BTC ($12 millions), but don't worry, he is not gonna dump!
Bullish!

You mean Coinapult's hot wallet loss? If so, your numbers are a bit off - they say they lost just under 43000 USD worth of BTC, or 150 Bitcoins.

http://www.coindesk.com/coinapult-loses-40k-hot-wallet-compromise/

Newbie's nick was a hint: http://cyberwarzone.com/bitcoin-heist-evolution-darknet-market-goes-offline/

Here is a snippet from the article: http://www.forbes.com/sites/thomasbrewster/2015/03/18/evolution-market-a-scam-says-site-pr/

Reddit users seeking out mob justice believe they have found the Bitcoin wallet address that at least one of the admins is using to draw in Evo’s funds. It has seen an influx of large sums of Bitcoin in the last week, with its total now at 43,083 BTC, the equivalent of $12.2 million at the current exchange rate. There’s no proof that wallet isn’t legitimate, however.

https://blockchain.info/address/1Ps2m56aEudGVKj7ch8mAje4x6bBzGVNgU?sort=0 that address is where they are getting the 43,000 "stolen" btc from, but it has a total received BTC of 43,000 with only a few thousand being received in the past 1-2 weeks. Most of it has been dispersed to other addresses with only about 900 btc left in it currently.

Either way though the owners of Evo could potentially be selling off their bitcoins currently, but if I were them I would do it very slow over a long period of time otherwise it may make them more obvious targets to exchanges (and thus potentially Law enforcement) who was running Evo.

[macsga]

A scammer on teh internets just stole 43k BTC ($12 millions), but don't worry, he is not gonna dump!
Bullish!

You mean Coinapult's hot wallet loss? If so, your numbers are a bit off - they say they lost just under 43000 USD worth of BTC, or 150 Bitcoins.

http://www.coindesk.com/coinapult-loses-40k-hot-wallet-compromise/

He means Evo, the second largest dark market.

http://www.reddit.com/r/Bitcoin/comments/2zf5vd/the_2nd_largest_darknetmarket_evolution_has_run/

This could turn ugly for the guy... Running away with 43K is A LOT of money even at these prices, but not enough to be vanished. Hope he returns the funds...