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

[JayJuanGee]

Still massive dumps of Goxcoins, seems like people think they are worthless after all

as the poll indicates, clearly poeple have very little confidence they will resume withdrawals as promised.

are poeple trading gox on superior information or emotion... that is the question.

There is always profit to be made during volatility, whether the price is 600 or 200..... surely making money GOX, at the moment, will NOT amount to a hill of beans, if they do NOT resume withdrawals.

[1714675922]

1714675922

[wpalczynski]

+++++ 1

Take a team of good 100 python coders and give them a year and there would be a coin that would surpass bitcoin in every quality aspect.

I strongly disagree with this statement. I'm not sure if you know how to code but in Computer Science you can't brute force yourself to innovation.

If that were true than Microsoft, Apple and Google would be the only successful tech companies and we all know that is not the truth and they buy small companies like crazy.

1 genius computer scientist can do more that 1000 good computer scientists. Did you even look at the Bitcoin code ? It is pretty light. You could write some 1000 lines of code that could change the world forever if you have the skill. And usually in IT, bigger teams are always worst that smaller teams. At least that is my point of view.

hahaha, kkapser's a blowhard ... he's not writing 1000 lines of anything except pure unadulterated FUD.

1) every communist regime known has had rampant monetary inflation

2) the most prosperous nation and period known in economic history is the free market capitalism under the deflationary gold standard period of the 1800's in USA.

[molecular]

Still massive dumps of Goxcoins, seems like people think they are worthless after all

as the poll indicates, clearly poeple have very little confidence they will resume withdrawals as promised.

are poeple trading gox on superior information or emotion... that is the question.

What i dont understand is why Gox isnt comuunicating clearly on the fact that they still have all the BTC from its customers.

It would be trivial to prove he has the BTC.

Why doesn't he do it?

[KeyserSoze]

I don't understand why Bitcoin ATMs are such a big deal. It's almost like a kiosk for paying a credit card bill or something. Why would I pay a ridiculous premium for something I can do for so much cheaper at my own home?

I imagine that not only do some folks not trust any exchange, there's often a bunch of time and paperwork involved to get one's account setup. ATM is seemingly less hassle. The palm print thing adds an interesting twist to it however...

[Arcas]

I don't understand why Bitcoin ATMs are such a big deal. It's almost like a kiosk for paying a credit card bill or something. Why would I pay a ridiculous premium for something I can do for so much cheaper at my own home?

I imagine that not only do some folks not trust any exchange, there's often a bunch of time and paperwork involved to get one's account setup. ATM is seemingly less hassle. The palm print thing adds an interesting twist to it however...

That paperwork exists for a reason. Those ATM's won't avoid federal regulation forever if they don't collect user data and accept cash.

[600watt]

+++++ 1

Take a team of good 100 python coders and give them a year and there would be a coin that would surpass bitcoin in every quality aspect.

I strongly disagree with this statement. I'm not sure if you know how to code but in Computer Science you can't brute force yourself to innovation.

If that were true than Microsoft, Apple and Google would be the only successful tech companies and we all know that is not the truth and they buy small companies like crazy.

1 genius computer scientist can do more that 1000 good computer scientists. Did you even look at the Bitcoin code ? It is pretty light. You could write some 1000 lines of code that could change the world forever if you have the skill. And usually in IT, bigger teams are always worst that smaller teams. At least that is my point of view.

hahaha, kkapser's a blowhard ... he's not writing 1000 lines of anything except pure unadulterated FUD.

1) every communist regime known has had rampant monetary inflation

2) the most prosperous nation and period known in economic history is the free market capitalism under the deflationary gold standard period of the 1800's in USA.

yeah, the good ol´times...

[KeyserSoze]

It would be trivial to prove he has the BTC. Why doesn't he do it?

An interesting question. I have to admit as much as think Gox is taking more heat than it deserves, the situation does look bad. Mark has come through in bad times before though, so I hold out hope.

[adamstgBit]

It would be trivial to prove he has the BTC. Why doesn't he do it?

Mark is saying its not trivial because of the intense security measures in place for the cold storage.

[KeyserSoze]

I imagine that not only do some folks not trust any exchange, there's often a bunch of time and paperwork involved to get one's account setup. ATM is seemingly less hassle. The palm print thing adds an interesting twist to it however...

That paperwork exists for a reason. Those ATM's won't avoid federal regulation forever if they don't collect user data and accept cash.

Well, the ones in Canada seemingly abide by the required laws as far as I have read. The U.S. doesn't have any because of regs however apparently some are coming:
http://www.theverge.com/2014/2/18/5421708/robocoin-bitcoin-atm-seattle-austin-launch
(i haven't read this article yet...)

[JayJuanGee]

Do you know what fees they will charge?

Likely outrageous like other Bitcoin ATMs. I imagine it'll stay this way (though to a lesser extent once the machines are ubiquitous) because the user is paying for convenience, just like the $2-$5 fee at a cash ATM.

Don't confuse Bitcoin's "nearly free" nature with the businesses surrounding it. A business wouldn't stay in business if it didn't make money. The market will decide if it wants Bitcoin ATMs enough to pay the fee.

If Canada is an example then the market appears to be OK with it. Last I read a coffee shop ("Waves" I think) ATM could barely keep stocked with Bitcoin even though the fee was high.

I get your point about demand being high.. despite a high fee; however, your description is a bit off, here.  There is NO reason to stock Bitcoin b/c it is NOT physical.  Maybe they ran out of stock of something else? Or limitations on transactions?

[dreamspark]

It would be trivial to prove he has the BTC. Why doesn't he do it?

Mark is saying its not trivial because of the intense security measures in place for the cold storage.

Plus what would make you believe he had it? Screenshot of bitcoinqt?

[Richy_T]

What i mean is that price going from the ~300 to 412 after the update, and then down to 250 without any new info, just somewhat illogical.

I would be thinking that if there are people who think that their coins are gone - they should've sold their coins days ago, not now

I agree with you, but you know the old saying: markets can stay irrational longer than you can stay solvent.

Yeah, but the guy who first said that was a tit.

[billyjoeallen]

I don't understand why Bitcoin ATMs are such a big deal. It's almost like a kiosk for paying a credit card bill or something. Why would I pay a ridiculous premium for something I can do for so much cheaper at my own home?

Because it takes FOUR days minimum to buy from home if you are not already set up to do so. If price is changing rapidly, that can cost you far more than a 10-20% fee.

[JayJuanGee]

Is it possible to transfer USD between MtGox users?

It might be worth buying some MtGox USD (for real world BTC), converting to MtGox BTC and if all goes well and MtGox hasn't lost all the BTC, withdrawing the BTC at a later date.

Anyone brave enough?

It does NOT make any sense to convert real BTC for Mt. Gox BTC.    But it could make sense to put real dollars into Mt. Gox to buy Mt. Gox BTC on the bet that Mt. Gox BTC will be converted to real BTC at a future date.

Is it possible to transfer USD between MtGox users?

It might be worth buying some MtGox USD (for real world BTC), converting to MtGox BTC and if all goes well and MtGox hasn't lost all the BTC, withdrawing the BTC at a later date.

Anyone brave enough?

Some people have been trying to buy Gox-bucks on the forum in the past few days. I'm not sure how they facilitate the trade, because I've never used MtGox, but some people like to live dangerously.

It seems that you would get Mt. Gox bux by giving real bux for them, and then hoping that some day your Mt Gox bux will materialize into real bux.... thus, currently, you would probably get at least twice as many Mt. Gox speculative bux for giving the real buck and the bet that Mt Gox bux will materialize into real bux.

[KeyserSoze]

the ones in Canada seemingly abide by the required laws as far as I have read.

I just saw that apparently Canadian banks have taken a turn for the worse...
http://www.reddit.com/r/Bitcoin/comments/1y7ln2/cointradernet_canadas_last_bitcoinfriendly_bank/

[JayJuanGee]

the ones in Canada seemingly abide by the required laws as far as I have read.

I just saw that apparently Canadian banks have taken a turn for the worse...
http://www.reddit.com/r/Bitcoin/comments/1y7ln2/cointradernet_canadas_last_bitcoinfriendly_bank/

Seems like we are going to continue to see these kinds of regulation pressures from governments that are forcing banks to shut off these kinds of profitable services.   Though sometimes the banks are likely NOT very excited about Bitcoin - anyhow, and they probably feel as if they can make more money by sticking with fiat.....

[fonzie]

the ones in Canada seemingly abide by the required laws as far as I have read.

I just saw that apparently Canadian banks have taken a turn for the worse...
http://www.reddit.com/r/Bitcoin/comments/1y7ln2/cointradernet_canadas_last_bitcoinfriendly_bank/

Seems like we are going to continue to see these kinds of regulation pressures from governments that are forcing banks to shut off these kinds of profitable services.   Though sometimes the banks are likely NOT very excited about Bitcoin - anyhow, and they probably feel as if they can make more money by sticking with fiat.....

"
"basically that means if you have bitcoins and live in canada, you will be unable to sell them on any exchange, even ones outside of the country as the [fiat] funds will be blocked from entering canada."

 

[cdooer]

the ones in Canada seemingly abide by the required laws as far as I have read.

I just saw that apparently Canadian banks have taken a turn for the worse...
http://www.reddit.com/r/Bitcoin/comments/1y7ln2/cointradernet_canadas_last_bitcoinfriendly_bank/

It doesn't sound like its as cut and dry as the article makes it sound. I haven't heard anything from cavirtex yet, and here's another version http://www.reddit.com/r/Bitcoin/comments/1y9dkq/rumour_bank_of_montreal_closing_bitcoinrelated/

[adamstgBit]

the ones in Canada seemingly abide by the required laws as far as I have read.

I just saw that apparently Canadian banks have taken a turn for the worse...
http://www.reddit.com/r/Bitcoin/comments/1y7ln2/cointradernet_canadas_last_bitcoinfriendly_bank/

Seems like we are going to continue to see these kinds of regulation pressures from governments that are forcing banks to shut off these kinds of profitable services.   Though sometimes the banks are likely NOT very excited about Bitcoin - anyhow, and they probably feel as if they can make more money by sticking with fiat.....

"
"basically that means if you have bitcoins and live in canada, you will be unable to sell them on any exchange, even ones outside of the country as the [fiat] funds will be blocked from entering canada."

 

shitty i live in canada.

[JorgeStolfi]

Plus what would make you believe [Mark has the BTC]? Screenshot of bitcoinqt?

Someone suggested that he could tell the addresses and move the bitcoins among his addresses so prove that they are his.