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

[Walsoraj]

http://www.washingtonpost.com/business/government-likely-to-exhaust-debt-ceiling-options-soon-lew-warns/2014/02/03/88f66ac8-8ce0-11e3-833c-33098f9e5267_story.html

Looks like btc will hit 10,000 before march. If proudhon confirms.

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[Dhuum]

Just withdrew some coins off of Gox, transaction on it's way, showing up on the blockchain, i'll keep you updated

[Erdogan]

http://www.reddit.com/r/Bitcoin/comments/1wwtp8/new_bad_news_from_russia_and_btcecom_perhaps/

Oh shit. End of BTCe confirmed. Goodbye alt pumps.

Yeah man it's game over. Putin is going to invade a sovereign EU and NATO member state to shut down BTC-e and enforce Russian law because Russian law is the only law.

Tanks rolling through the streets of Sofia as they zero in on the building hosting BTC-e servers is going to be box office gold.

The article is probably bs, but where is the proof that btc-e is located in bulgaria?  

nope, this is real, from official page of Volgograd prosecutor.

http://volgoproc.ru/newversion/cgi-bin/run.pl?mod=news.mod&dirmod=mod&func=view&id=2331

Really strange thing that this comes from Volgograd...

...maybe virtual currencies were envolved with the terror attacks there.

If there is a connection, it is to use the attacks to denigrate bitcoin.

[billyjoeallen]

http://www.washingtonpost.com/business/government-likely-to-exhaust-debt-ceiling-options-soon-lew-warns/2014/02/03/88f66ac8-8ce0-11e3-833c-33098f9e5267_story.html

Looks like btc will hit 10,000 before march. If proudhon confirms.

The Debt ceiling will be raised. It always gets raised. The only other option is that they will eliminate the debt ceiling entirely. Money printers print. It's what they do.

[dgarcia]

If there is a connection,

Likely there is a connection. It would be to much of happenstance, that the unimportant village of Volgograd (in comparison to Moscow or St. Petersburg) is announcing this a few days after the attacks.

it is to use the attacks to denigrate bitcoin all cryptos.

[magicmexican]

you know the fact that poeple aren't dumping on the bad news from Russia, is very telling.
we've seen a overload of FUD this past month, and price is holding its own.
bitcoin is not some house of cards, that could topple over at any moment, thats for sure.
it use to feel like that, but now it feel likes bitcoin has passed the test, nothing can stop us now!

Well its somewhat a different FUD. People not selling @btc-e, because whats the point? If they will get shut down you dont get your fiat out of there fast enough, its kinda dangerous.

So ppl just moving coins to wallets and other exchanges

[dgarcia]

Well its somewhat a different FUD. People not selling @btc-e, because whats the point? If they will get shut down you dont get your fiat out of there fast enough, its kinda dangerous.

So ppl just moving coins to wallets and other exchanges

But then BTC-E price would get goxxed! 

[shmadz]

you know the fact that poeple aren't dumping on the bad news from Russia, is very telling.
we've seen a overload of FUD this past month, and price is holding its own.
bitcoin is not some house of cards, that could topple over at any moment, thats for sure.
it use to feel like that, but now it feel likes bitcoin has passed the test, nothing can stop us now!

Well its somewhat a different FUD. People not selling @btc-e, because whats the point? If they will get shut down you dont get your fiat out of there fast enough, its kinda dangerous.

So ppl just moving coins to wallets and other exchanges

Have you seen the ltc dumping? I pulled all my crypto out of btce and moved to cryptsy last week to try and get in on the action. last night I tried to cash out into bitcoin and withdraw. The lag was so bad it would time me out of my session and make me log in again and start all over before I could even get a transaction done. Got my money out today though, not likely going back.

btc-e is actually in trouble, i would recommend to withdraw from there, i did

btc-e, while it makes me feel squeamish sometimes, like it's a den of thieves or something, is miles ahead of cryptsy, and I just moved some btc back there in hopes of some bargains on ltc...

no risk, no reward

[MatTheCat]

But then BTC-E price would get goxxed!  

Only Russians would have fiat withdrawal issues.. and they are a small minority of BTC-e customers.

They may be a small minority of BTC-e customers but I bet you they represent a rather high volume of Russian wealth leaving the Russian economy, black market wealth or otherwise, all without giving Putin his cut. Putin is furious at Bitcoin and out to nail BTC-E for a good reason (a good reason in his mind).

Lets face it, the #1 use of Bitcoin right now in the world today is shifting money around off the radar of the banking system. Don't say it isn't cos it is. Bitcoin started life as an underground curency and therefore by definition, its initial target users were always going to be black/grey market participants. Honest John Law Abider got in on the action through speculation, speculation which came to dominate Bitcoin transactions, but speculation which is built around a spine of black market transactions.

[Erdogan]

A digression from the btc-e debate: It seems we have a run on the bank, even if there is no fractional reserve lending, in fact no lending at all. This is what we can expect from banking in a bitcoin economy - sow some doubt, and you are gonners. This is reassuring. It is bullish - CCMF.

[Peter R]

A digression from the btc-e debate: It seems we have a run on the bank, even if there is no fractional reserve lending, in fact no lending at all. This is what we can expect from banking in a bitcoin economy - sow some doubt, and you are gonners. This is reassuring. It is bullish - CCMF.

This sounds interesting but I'm not following.  Run on what bank?  Evidence?

[MatTheCat]

This sounds interesting but I'm not following.  Run on what bank?  Evidence?

Don't waste your mental energy.

Just another pea-brain taking his limited capacity to take in events and squashing it all into a paradigm that makes him feel good.

[Erdogan]

A digression from the btc-e debate: It seems we have a run on the bank, even if there is no fractional reserve lending, in fact no lending at all. This is what we can expect from banking in a bitcoin economy - sow some doubt, and you are gonners. This is reassuring. It is bullish - CCMF.

This sounds interesting but I'm not following.  Run on what bank?  Evidence?

Only the comments here "get out" and "I got out". The interesting part for me was to see the reactions to the doubt. I don't think btce goes down in the near future. I have used them a lot and I think it is a splendid bourse.

[ChartBuddy]

Explanation

[GaliX]

A digression from the btc-e debate: It seems we have a run on the bank, even if there is no fractional reserve lending, in fact no lending at all. This is what we can expect from banking in a bitcoin economy - sow some doubt, and you are gonners. This is reassuring. It is bullish - CCMF.

This sounds interesting but I'm not following.  Run on what bank?  Evidence?

Only the comments here "get out" and "I got out". The interesting part for me was to see the reactions to the doubt. I don't think btce goes down in the near future. I have used them a lot and I think it is a splendid bourse.

Silk Road also went down over night with over 200k Bitcoins on it.

I simply don't want to risk this worst case scenario. I mean if I would be somebody who could face jail because of my Bitcoin exchange, I would turn it honestly off and run away with all the Bitcoins on it. As evil is it would be, it would be just smart.
Maybe you can even buy free of the Jail with that money later on, who knows?

I don't want to black talk or something like that but bad things have happened.

[magicmexican]

A digression from the btc-e debate: It seems we have a run on the bank, even if there is no fractional reserve lending, in fact no lending at all. This is what we can expect from banking in a bitcoin economy - sow some doubt, and you are gonners. This is reassuring. It is bullish - CCMF.

This sounds interesting but I'm not following.  Run on what bank?  Evidence?

Only the comments here "get out" and "I got out". The interesting part for me was to see the reactions to the doubt. I don't think btce goes down in the near future. I have used them a lot and I think it is a splendid bourse.

Even if the chances are small, i am much more comfortable with coins in the wallet for now.

[Erdogan]

A digression from the btc-e debate: It seems we have a run on the bank, even if there is no fractional reserve lending, in fact no lending at all. This is what we can expect from banking in a bitcoin economy - sow some doubt, and you are gonners. This is reassuring. It is bullish - CCMF.

This sounds interesting but I'm not following.  Run on what bank?  Evidence?

Only the comments here "get out" and "I got out". The interesting part for me was to see the reactions to the doubt. I don't think btce goes down in the near future. I have used them a lot and I think it is a splendid bourse.

Silk Road also went down over night with over 200k Bitcoins on it.

I simply don't want to risk this worst case scenario. I mean if I would be somebody who could face jail because of my Bitcoin exchange, I would turn it honestly off and run away with all the Bitcoins on it. As evil is it would be, it would be just smart.
Maybe you can even buy free of the Jail with that money later on, who knows?

I don't want to black talk or something like that but bad things have happened.

Well if it was me, I would at least try to dismantle it orderly.

The point with my post was, even (btc-e seen as a bank) a bank which only has a storage function, no lending, it will be kept in check by the market. No regulation necessary, no fake guarantees from the state necessary, no bailout with taxpayer money necessary. This is uplifting.

[MatTheCat]

I don't want to black talk or something like that but bad things have happened.

There are several examples of Bitcoin enterprises simply folding overnight for one reason or the other and taking everyone's coins or usd with them.

Even the most mainstream retard wouldn't be able to give you the 'tin-foil hat' treatment for being mindful of such a possibility occurring.

[shmadz]

<snip>
Lets face it, the #1 use of Bitcoin right now in the world today is shifting money around off the radar of the banking system. Don't say it isn't cos it is. Bitcoin started life as an underground curency and therefore by definition, its initial target users were always going to be black/grey market participants. Honest John Law Abider got in on the action through speculation, speculation which came to dominate Bitcoin transactions, but speculation which is built around a spine of black market transactions.

Ahh, Mat, bitcoin doesn't enable money laundering. The ones that profit from money laundering are the ones that enable money laundering.

Some day you will get this. I can feel it.

[MatTheCat]

Ahh, Mat, bitcoin doesn't enable money laundering. The ones that profit from money laundering are the ones that enable money laundering.
Some day you will get this. I can feel it.

It isn't the fire that burns, its the heat.

It isn't the gun that kills, it is the person who fired it.

It isn't the knife stuck in your guts that kills you, it is your arteries pissing out blood that finishes you off.

Yeah yeah....but Bitcoin is a pretty good tool in the money launderers arsenal. Especially the small/medium enterprise money launderer that doesn't have access to corporate banking routes of money laundering...or even the large scale money launderer that doesn't want to pay the premiums of going through the conventional routes.