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

[Paashaas]

The Winklevosses Have Cracked ETF Fees.

https://www.bloomberg.com/gadfly/articles/2016-10-20/the-winklevosses-have-cracked-etf-fees

[1714631111]

1714631111

[Elwar]

The Winklevosses Have Cracked ETF Fees.

https://www.bloomberg.com/gadfly/articles/2016-10-20/the-winklevosses-have-cracked-etf-fees

While Gemini charges lower fees than many of its competitors and offers big discounts to clients moving large volumes, it's not free. (As an aside, the supposed free flow of money is one of the great myths of the Bitcoin world, since most exchanges charge around 5 percent of the value to either buy or sell Bitcoin.)

What world does this guy live in where most exchanges charge 5%?

[Karartma1]

The Winklevosses Have Cracked ETF Fees.

https://www.bloomberg.com/gadfly/articles/2016-10-20/the-winklevosses-have-cracked-etf-fees

While Gemini charges lower fees than many of its competitors and offers big discounts to clients moving large volumes, it's not free. (As an aside, the supposed free flow of mone is one of the great myths of the Bitcoin world, since most exchanges charge around 5 percent of the value to either buy or sell Bitcoin.)

What world does this guy live in where most exchanges charge 5%?

...offers big discounts to clients moving large volumes...

What about low volume people? 5%? Crazy Winklevosses.

the supposed free flow of money

well that depends of course...

Once it comes to life, the Bitcoin ETF is likely to be a major revenue generator for Gemini.

Oh yes, we are all waiting. 

[Cassius]

The Winklevosses Have Cracked ETF Fees.

https://www.bloomberg.com/gadfly/articles/2016-10-20/the-winklevosses-have-cracked-etf-fees

While Gemini charges lower fees than many of its competitors and offers big discounts to clients moving large volumes, it's not free. (As an aside, the supposed free flow of money is one of the great myths of the Bitcoin world, since most exchanges charge around 5 percent of the value to either buy or sell Bitcoin.)

What world does this guy live in where most exchanges charge 5%?

Yep, that's pretty overpriced for trading fees. Factor in low liquidity on small exchanges and maybe. And, if you're moving currency around between countries too, then 5% is about right. I used to pay that when I cashed out to GBP from Stamp thanks to flat fees and appalling exchange rates from the banks. But yes, the guy clearly doesn't know what he's talking about.

[LFC_Bitcoin]

Will there be a weekend pump? I know one thing for certain is that if people don't gobble up these cheap coinzzz whilst we're still in the $600's they are going to be full of regrets.

The next significant price rise is not far away.

DON'T MISS OUT !!!!!!!

[Meuh6879]

Bitcoin is not free.



It is not restricted and you don't have to ask to use it ( https://www.youtube.com/watch?v=l1si5ZWLgy0 ).
And That's a big difference !!!

[Denker]

Will there be a weekend pump? I know one thing for certain is that if people don't gobble up these cheap coinzzz whilst we're still in the $600's they are going to be full of regrets.

The next significant price rise is not far away.

DON'T MISS OUT !!!!!!!

I believe nothing big will happen.
Sideways is the movement we have to deal with at the moment.
It's going to be a very lame and boring weekend.
And of course I'm saying this in the hope that the exact opposite happens!

[JayJuanGee]

The Winklevosses Have Cracked ETF Fees.

https://www.bloomberg.com/gadfly/articles/2016-10-20/the-winklevosses-have-cracked-etf-fees

While Gemini charges lower fees than many of its competitors and offers big discounts to clients moving large volumes, it's not free. (As an aside, the supposed free flow of money is one of the great myths of the Bitcoin world, since most exchanges charge around 5 percent of the value to either buy or sell Bitcoin.)

What world does this guy live in where most exchanges charge 5%?

Yep, that's pretty overpriced for trading fees. Factor in low liquidity on small exchanges and maybe. And, if you're moving currency around between countries too, then 5% is about right. I used to pay that when I cashed out to GBP from Stamp thanks to flat fees and appalling exchange rates from the banks. But yes, the guy clearly doesn't know what he's talking about.

I see little value to attempt to give benefit to anyone who is asserting "most exchanges charge around 5%" because that is nearly pure ridiculous misinformation that is almost the opposite of the general BTC trading tendency.

Actual trading fees on exchanges are quite liberating for regular joe blows who may otherwise feel a bit priced out in being able to trading reasonably set up trading accounts and to attempt to trade with little to no fees.  I generally pay between 0% and 0.5% in fees for each transaction, and I consider my trades based on these low fees, and I even prefer 0% when it is possible.  That is Bitfinex, GDAX, Stamp, Gemini, Uphold and BTC-e.   

Sporadically, I do trade on Local bitcoins, and that is 1%, and actually initial buying of bitcoins on some of the exchanges may be 1% to 5%, and sending money to exchanges may cost 5% or more, if you do not find ways to buy for lower fees, but characterizing "trading fees" as 5% does put someone in the category of lacking factual information that is relevant to points being made.

Overall bitcoin seems to be a fairly liberating phenomenon when it comes to various fees, whether that be trading fees or otherwise; however, it still remains imperative that people do a little homework and weigh their options.  There are always going to be niches of any financial system that attempt to gouge and/or make a decent profit from folks who are less informed, and surely a lot of those systems provide a necessary service and that is why they are able to get away with higher fees.  But those higher fee systems are not reflective of the norm in bitcoin, which seems to be in fact a lower cost way of moving around and storing value (so long as a person attempts to look into various low cost options beyond the options that may first pop up at first glance).

[JayJuanGee]

Will there be a weekend pump? I know one thing for certain is that if people don't gobble up these cheap coinzzz whilst we're still in the $600's they are going to be full of regrets.

The next significant price rise is not far away.

DON'T MISS OUT !!!!!!!

I believe nothing big will happen.
Sideways is the movement we have to deal with at the moment.
It's going to be a very lame and boring weekend.
And of course I'm saying this in the hope that the exact opposite happens!

A little excitement in the upwards direction would certainly be nice, but I am inclined to have my own skepticisms regarding the timing of the next pump - could take a few more  weeks, no?  And, if it takes a few more weeks, we may get another downward leg before getting the upward leg. 

Don't get me wrong, I do kind of tend to prefer flat to downwards, as boring as flat seems to be... and it even seems that I make more money with volatility in either direction, even though I still prefer flat because I tend to conclude that flat is better for the longer term image of bitcoin (even though, as "small potato" bulls  , we cannot really stop downward legs from taking place)

[Dafar]

While Gemini charges lower fees than many of its competitors and offers big discounts to clients moving large volumes, it's not free. (As an aside, the supposed free flow of money is one of the great myths of the Bitcoin world, since most exchanges charge around 5 percent of the value to either buy or sell Bitcoin.)

That's the exchange's decision to charge a 5% fee, not a fault of bitcoin. Bitcoin is money, any fluctuations when converting one currency to another currency, like USD -> BTC, will have some variance and it's not the fault of bitcoin either. If everyone earned bitcoin, and all vendors accepted bitcoin the world would be a better place -- fact. (Assuming bitcoin has scaled to the point where it can handle all the transactions)

[bitebits]

Since it is so dead quiet in here (that would have been a lot of Chartbuddy's in a row), I share this article I coincidentally ran into. Think it is well written:

http://moneymorning.com/2016/09/09/why-the-first-bitcoin-etf-could-double-the-price-of-bitcoin/

[Karartma1]

Since it is so dead quiet in here (that would have been a lot a Chartbuddy's in a row), I share this article I coincidentally ran into. Think it is well written:

http://moneymorning.com/2016/09/09/why-the-first-bitcoin-etf-could-double-the-price-of-bitcoin/

While it's still possible the SEC will reject the Winklevoss Bitcoin ETF, it's far more likely it will be approved. And the SEC must rule one way or the other by March 2017.

So once the Winklevoss Bitcoin Trust launches, it will need to purchase Bitcoin to back the shares it has sold to investors. This fresh inflow of capital will kick the price of Bitcoin higher.

This is music now 
And, by the way, interesting read. Lots of useful information which is hard to find in a Bitcoin-related article these days

[dwdoc]

Mooning today 

[European Central Bank]

While it's still possible the SEC will reject the Winklevoss Bitcoin ETF, it's far more likely it will be approved.

does this journo live in the mind of sec officials? it's gonna be amazing if it is approved but most people writing about it suffer from confirmation bias.

it's a lot less problematic for them to turn it down. the winklevosses ain't exactly finance royalty and many vested interests would prefer it if the idea of an etf went away and didn't come back.

I hope there's the decision for the positive but the people in charge of it are gonna be objective at best, biased against it at worst.

[yefi]

Yesterday, about 18 hours ago, I did a BTC buying transaction of about 3.5 BTC on the chain.  That was around the peak of the mempool backup.

The guy selling the 3.5 BTC to me was using Mycelium and I was using the Blockchain.info wallet.  I use my local bitcoins advert to establish our agreed to buying price, and the Localbitcoins website gave a warning that  "due to an ongoing attack on the network"  transactions may take more than 3 hours to go through (even though they will show up immediately as "pending").  

Since I had already done several transaction with the guy selling me the 3.5 coins, I felt that the likely delay in confirmation was not a major risk problem for me in terms of the likelihood that he would attempt to pull shenanigans on me, such as attempting a double spend.

He used a fee of about .00015BTC (about $.095 - which is almost 10 cents), and the transaction took 83 minutes for the first confirmation.  I did not watch the transaction, so I am not sure how long it took for the next 2 confirmations and for the coins to become available for my usage.  Usually the first confirmation takes the longest, and the second two confirmations will usually go through within less than 30 minutes from the time of the first confirmation.

Is that an off-site transaction to avoid fees? Normally the seller has to have funds in his escrow wallet before he can place an ad. The transfer would then be internally on LBC's side, and it would be the withdrawal to your own personal wallet that would be delayed.

[yefi]

Interesting fact about Ayoade is that he claims to be computer illiterate  

edit: and in other news, UP, UP, UP!

[Fatman3001]

Interesting fact about Ayoade is that he claims to be computer illiterate  

edit: and in other news, UP, UP, UP!

And Norwegian!

edit: yeah, UP, UP, UP!

[toknormal]

Whats happening ?

Why is BTC skyrocketting ?

[Patel]

Whats happening ?

Why is BTC skyrocketting ?

segwit approved by sec   LOL

[abercrombie]

it's time...