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

[yrtrnc]

This in just now

http://qz.com/182637/meet-the-4-25-billion-asset-manager-that-took-a-bath-on-bitcoin/

[billyjoeallen]

This is what a takeover looks like.

Real money wants in. Thanks, kids, for coming up with this here “Bitcoin” – we get it now. You’ve shown that it’s so robust and useful that even the incompetent and the illegal can take it to $10Bn. Now kindly leave and let us take it from here.

That letter from the Next Money Representative 5 left MK hanging out to dry. He thought they would help, but they just supplied a coup de grace. They want a clear-out and to bring in a legislative framework. They’re building acceptance, so the unacceptable need to go.

Short term, the media and banks will crucify the ecosystem. This will cover the smart money accumulation phase. Some here will hand over their coins in exchange for a car or a house. That’s fine, and it’s a shame others got burned, but there’s a handover going and a little turbulence is to be expected.

We’re heading out of beta.

^^this^^

[mmitech]

the chief editor of a major german economic newssite "Handelsblatt-online" said publicly that

-bitcoin was hacked
-forged bitcoins are circulating
-the central bank of bitcoin (mtgox) went bankrupt

http://www.handelsblatt.com/9534814.html
 

WOW, german speaker here, this video is unreal!

i have given up MSM for some time, but i would never expect the head of whichever regional paper to fabricate such an, almost satirical, factually wrong and uneducated statement with such a straight, 'convinced' look in his eyes. i am not trying to be abusive here, but i think this guy is mentally ill or retarded.

don't forget, bad advertisement is still advertisement, bad advertisement is an art, in fact I was talking to a friend who works in Media which told me that some bad advertisement are intended to suck so hard to leaves a huge impression, mostly new brands adopt this type.... because you are new and you need to be remembered and searched for, legit advertisement will take so long to bring results, horrible advertisement if done smartly will have instant effect.

[johnny211]

Yes, they are idiots. even markets proved them idiots.

What do you know about their reasoning, information and timeframes? So far you are the only one proving yourself as such.

[soullyG]

This is what a takeover looks like.

Real money wants in. Thanks, kids, for coming up with this here “Bitcoin” – we get it now. You’ve shown that it’s so robust and useful that even the incompetent and the illegal can take it to $10Bn. Now kindly leave and let us take it from here.

That letter from the Next Money Representative 5 left MK hanging out to dry. He thought they would help, but they just supplied a coup de grace. They want a clear-out and to bring in a legislative framework. They’re building acceptance, so the unacceptable need to go.

Short term, the media and banks will crucify the ecosystem. This will cover the smart money accumulation phase. Some here will hand over their coins in exchange for a car or a house. That’s fine, and it’s a shame others got burned, but there’s a handover going and a little turbulence is to be expected.

We’re heading out of beta.

Soo... HODL?

[Serge]

beta is bitcoin-qt client wallet software

[mmitech]

beta is bitcoin-qt client wallet software

bitcoin as whole system is still an experiment and still Beta, and btw bitcoin-qt represents the wallet and the protocol at the same time...

[Serge]

life itself is an experiment, so we all must be in some sort of beta

[QuestionAuthority]

This is what a takeover looks like.

Real money wants in. Thanks, kids, for coming up with this here “Bitcoin” – we get it now. You’ve shown that it’s so robust and useful that even the incompetent and the illegal can take it to $10Bn. Now kindly leave and let us take it from here.

That letter from the Next Money Representative 5 left MK hanging out to dry. He thought they would help, but they just supplied a coup de grace. They want a clear-out and to bring in a legislative framework. They’re building acceptance, so the unacceptable need to go.

Short term, the media and banks will crucify the ecosystem. This will cover the smart money accumulation phase. Some here will hand over their coins in exchange for a car or a house. That’s fine, and it’s a shame others got burned, but there’s a handover going and a little turbulence is to be expected.

We’re heading out of beta.

Soo... HODL?

Here's another wild idea.

Karpeles had the US Gov seize $5 mil and threaten to chase him down and eventually shove hot pokers up his ass at Guantanamo Bay for being instrumental in drug money laundering. He consults an attorney and they come up with the plan of claiming that he really has not done any business since 2011 because he's an incredible programmer fuckup and doesn't know how to hire good people to fix problems for him. He never visited this forum personally so he never heard of offline wallets or safety precautions. The attorney tells him the US Gov can't prosecute you if you were not really exchanging money. Wait a year or so, go bankrupt and claim the incident happened back in 2011. The US Gov will back off so no more hot poker up the ass threats. Hell, ten years from now if Bitcoin survives you can even spend some of the stolen Bitcoins!

[Dragonkiller]

Yes, they are idiots. even markets proved them idiots.

What do you know about their reasoning, information and timeframes? So far you are the only one proving yourself as such.

+1

I am sure they won't look like 'idiots' in a year. Sure they could have paid half of what they paid for it. But the price could have also very easily gone up to $2-3k in that time.

[billyjoeallen]

Buying on stamp.

[fonzie]

Secondmarket sell off will be enabled on monday, or tomorrow?

[JorgeStolfi]

and now this   http://www.pfhub.com/vietnam-officially-bans-all-bitcoin-transactions-424/

Vietnam officially bans Bitcoin

Their description of what China did is inaccurate, I assume that their reporting on Vietnam is not any better,

AFAIK, the Central Bank of China (PBoC) prohibited the use of bitcoin as currency of commerce, prohibited banks and other financial institutions from playing with it, prohibited payment processors from feeding the exchanges, and banned the sale of bitcoins by e-commerce sites.

Thus, bitcoin as currency is pretty much dead in China.  Bitcoins can still be bought and traded at the exchanges, and may enter and leave the country; but since they cannot be legally used for anything else in China, for most Chinese they must have become little more than a gambling tool.

The only way to get money in or out of the exchanges is in CNY throught Chinese banks. Any profits the Chinese traders may make are in CNY and come out of the pockets of other Chiense traders.  That is true even for traders who do arbitrage between China and the rest of the world. 

Any Chinese tourist who pays his expenses abroad with bitcoins that he bought in China is not evading Chinese currency export constraints, because  those expenses are actually paid by the non-Chinese traders who bought his bitcoins with non-Chinese currency at the non-Chinese exchanges.   From PBoC's point of view, that is good.

Any foreigner who tries to do the reverse, in order to exploit the involuntary generosity of Chinese bitcoin traders, would have to open a bank account in China first.

I am guessing that Vietnam, at worst, did something similar.  Let's wait for better reports.

[JorgeStolfi]

now is the chance for the first time to build a truly transparent and crowd sourced exchange. 1 million people have the interest in doing so.

The proposal is interesting but there are many practical problems.  If MtGOX has enough assets to honor only (say) 20% of the client's account balances, then those clients who join would need to have their balances reduced by 80% anyway, otherwise it would be a scam for new depositors. 

Anyway, the filing for bankruptcy makes that proposal moot, I suppose,

Moreover, it remains to be seen whether those "millions" of MtGOX clients are any more real than MtGOX's bitcoins.  I suspect that they had less than 10,000 active clients.

[aminorex]

remember that 10k whale on stamp jsut before gox went offline? things will get dirty sooner or later.

has he bought back in yet?

[JorgeStolfi]

Anyone know Japanese bankruptcy law?

Someone recently posted (yesterday?) a booklet, for foreigners, explaining the main aspects.

[johnny211]

The only way to get money in or out of the exchanges is in CNY throught Chinese banks. Any profits the Chinese traders may make are in CNY and come out of the pockets of other Chiense traders.  That is true even for traders who do arbitrage between China and the rest of the world. 

there is CNY trading on ripple, are they not able to get out this way?

[BRADLEYPLOOF]

Yay!  Some people (who didn't put money or BTC into Gox) think that the bitcoin world will be a better place.  I'm agreeing with this: http://www.washingtonpost.com/blogs/the-switch/wp/2014/02/28/the-sooner-mt-gox-goes-away-the-better-for-bitcoin/

[billyjoeallen]

remember that 10k whale on stamp jsut before gox went offline? things will get dirty sooner or later.

has he bought back in yet?

The amateurish way those coins were dumped suggest he didn't. Whoever got those BTC near $400 knew exactly what they were doing. I expect the 10K whale to get back in ABOVE his dump price.

[zyk]

fortress invested a total of 364 Billion ? ah what are you smoking

1,000k does not make a billion. what are you smoking?

yes I was wrong, millions they corrected me before, but still 20 million invested in Bitcoin at an average of 900, come one the are total pigs, price is going up buy buy buy.... hahahaah

maybe they sold at 1200 and rebought at 600?

And where would they trade $20m worth of bitcoin so easily?

At Mt. Gox thats clear cut and they have been letting them ride (right) there