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

[crazy_rabbit]

BitLicense  

http://www.dfs.ny.gov/about/press2013/virtual-currency-131114.pdf

Fascinating!

The question is- when does your virtual currency become a real virtual currency? For example- if I create Bannana Coin a fork of random-alt-coin and I run a php exchange, does that mean I have to register for some sort of license? Seems funny that you could just POOF claim to have a new virtual currency and suddenly you have to be money transmitter.

[1715684593]

1715684593

[dasein]

Given all the shadiness and risk involved with much of the current crop of bitcoin businesses, I'm sure a little consumer protection can't hurt. There's a large distance between regulation and prohibition.

[Wekkel]

It's important to reconcile the scopes of perception here, considering that most of these scopes cannot see the other:

[...]

Peace out folks, and don't forget to set your bitcoinreminders (.com).

Thanks for your beautiful summary  

[cfrm]

All the bears, who didn't catch the train at 350 or less, are now building a narrative of a 'big risk' of the goverment shutting down Bitcoin, as if it was feasible. My guess is absolutely nothing will happen from government side as a result of the hearing. Politics and law-making takes time, and everyday the Bitcoin-infrastucture and knowledge is growing. No politicians will want to attempt shutting down Bitcoin as it would be widely covered (resulting in bad PR), and there really is no legimate reason for trying to do so. + they would likely fail.

So, there is no scenario where politicians claim Bitcoin is used for terror and it's 'game over'. What a ridiculous claim.

[Erdogan]

Someone (with a crystal ball) tell me what's going to happen price-wise on stamp over the next 5 hours. Is China still pushing the price up ? I don't see that kind of movement just yet, but anyway it's 5 AM on a Friday morning over there.

My new crystal-rubber keynesian ball is in for repair (it bulges out some places, but generally seems to have shrunk), but my hundred year old austrian one is still round and shiny. To the question, it says "in the short horizon, I don't know, but long term, to da moon".

[ardana123]

http://www.banking.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Hearing_ID=955322cc-d648-4a00-a41f-c23be8ff4cad

Tuesday, November 19, 2013
03:30 PM - 05:30 AM

Is that a typo or what? Or do they actually hold hearings through the night until 5:30 in the morning?

[Erdogan]

BitLicense 

http://www.dfs.ny.gov/about/press2013/virtual-currency-131114.pdf

This is a good sign.

Bitcoin is taken seriously and they are already thinking about possible regulation!
Just to make sure that when this industry takes off the US will be part of it and not lagging behind!

They are soft now, but that is only because they don't know. It is possible they will impede bitcoin usage or even briefly forbid it, but as we know, this does not effect the price.

[Erdogan]

Overall sentiment is changing in a bearish direction, very quickly all over this forum.  From people expecting a crash from rising too fast, to Mike Hearns, Coin Validation, etc.  The writing is on the wall. All it takes is for a whale or two to want to be first to take some profits.  In times like these, in USD I trust.  

It seems you are really a dollarseeker, not a coinseeker.

It's all fiat. 

What law in what country says that someone wholly or partly has to use bitcoin?

[freethink2013]

http://www.banking.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Hearing_ID=955322cc-d648-4a00-a41f-c23be8ff4cad

Tuesday, November 19, 2013
03:30 PM - 05:30 AM

Is that a typo or what? Or do they actually hold hearings through the night until 5:30 in the morning?

It was supposed to stop at 9pm but they got a bit carried away with the silk road exhibits.

[ChartBuddy]

[bassclef]

All the bears, who didn't catch the train at 350 or less, are now building a narrative of a 'big risk' of the goverment shutting down Bitcoin, as if it was feasible. My guess is absolutely nothing will happen from government side as a result of the hearing. Politics and law-making takes time, and everyday the Bitcoin-infrastucture and knowledge is growing. No politicians will want to attempt shutting down Bitcoin as it would be widely covered (resulting in bad PR), and there really is no legimate reason for trying to do so. + they would likely fail.

So, there is no scenario where politicians claim Bitcoin is used for terror and it's 'game over'. What a ridiculous claim.

You're right, the Senate will not decide anything at the hearing. It's for publicity and education purposes.

What's got people worried is Mike Hearn is pushing for coin blacklists. He's a lead developer, but probably not for long.

[Erdogan]

Why do people assume that this is going to be another march/April style 800% bubble? You are forgetting that back then the time in between the last ATH of $32 was an entire 2 years of consolidation. This time it was only 6 months. Were likely to see a 2012 style increase instead.

Uh, because it's already quite clearly proven itself not to be 2012 style. Look at a graph again.

youre not actually illustrating what you are saying. can you show us why it is not like 2012? you can't see price action in 2012 on that graph.

You should know I slaved away in Paint to bring you this.

This is quite funny! Yes, it feels like 2012, but it happened in 2013, only seven months ago.

[Coinseeker]

All the bears, who didn't catch the train at 350 or less, are now building a narrative of a 'big risk' of the goverment shutting down Bitcoin, as if it was feasible. My guess is absolutely nothing will happen from government side as a result of the hearing. Politics and law-making takes time, and everyday the Bitcoin-infrastucture and knowledge is growing. No politicians will want to attempt shutting down Bitcoin as it would be widely covered (resulting in bad PR), and there really is no legimate reason for trying to do so. + they would likely fail.

So, there is no scenario where politicians claim Bitcoin is used for terror and it's 'game over'. What a ridiculous claim.

I think the last thing Congress is worried about is bad PR.  They have an approval rate of what, 7%?  In the end they serve the banks and the tech behind Bitcoin does at least represent a potential threat to their debt based monopoly.

[thezerg]

US and Europe want to go down but China says NO! 

[Coinseeker]

What law in what country says that someone wholly or partly has to use bitcoin?

It's obvious you misunderstand the full definition of "fiat".  Fiat can be a government issued currency but it also is defined as a currency with no intrinsic value.  Bitcoin, like USD, only has value because we agree that it does.  Thus Bitcoin is simply another form of fiat currency.  Bitcoin though, is not debt based.  So thats good.

[Davyd05]

What law in what country says that someone wholly or partly has to use bitcoin?

It's obvious you misunderstand the full definition of "fiat".  Fiat can be a government issued currency but it also is defined as a currency with no intrinsic value.  Bitcoin, like USD, only has value because we agree that it does.  Thus Bitcoin is simply another form of fiat currency.  Bitcoin though, is not debt based.  So thats good.

Also not centralized

[rampantparanoia]

http://www.banking.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Hearing_ID=955322cc-d648-4a00-a41f-c23be8ff4cad

Tuesday, November 19, 2013
03:30 PM - 05:30 AM

Is that a typo or what? Or do they actually hold hearings through the night until 5:30 in the morning?

It was supposed to stop at 9pm but they got a bit carried away with the silk road exhibits.

LOL. "Hey man, try licking this stamp. It says 'bit' on it!"

[Sword Smith]

What law in what country says that someone wholly or partly has to use bitcoin?

It's obvious you misunderstand the full definition of "fiat".  Fiat can be a government issued currency but it also is defined as a currency with no intrinsic value.

1) Bitcoin as a protocol has intrinsic value. As a time stamp and as base-protocol for Mastercoin.
2) The word you are looking for is "fiduciary". "Fiat" means "let it be" and thus means that someone is in control.

fiat
ˈfiːat,ˈfʌɪat/
noun
1.
a formal authorization or proposition; a decree.
"the reforms left most prices fixed by government fiat"

[Coinseeker]

What law in what country says that someone wholly or partly has to use bitcoin?

It's obvious you misunderstand the full definition of "fiat".  Fiat can be a government issued currency but it also is defined as a currency with no intrinsic value.  Bitcoin, like USD, only has value because we agree that it does.  Thus Bitcoin is simply another form of fiat currency.  Bitcoin though, is not debt based.  So thats good.

Also not centralized

I'd say there are alot of advantages over government fiat. 

[Coinseeker]

2) The word you are looking for is "fiduciary". "Fiat" means "let it be" and thus means that someone is in control.

fiat
ˈfiːat,ˈfʌɪat/
noun
1.
a formal authorization or proposition; a decree.
"the reforms left most prices fixed by government fiat"

Fiat money has been defined variously as:
any money declared by a government to be legal tender.[1]
state-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.[2]
money without intrinsic value.[3][4]

http://en.wikipedia.org/wiki/Fiat_money

Bitcoin has ZERO value, except what we all agree it is worth.  Just like USD.  In fact, given the fabric USD is printed on, it's fair to say USD is actually "worth" more.