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

[BayAreaCoins]

if the IRS wants to seize your assets can they take BTC out of your coinbase account or freeze it?

You better believe it if your other collateral for taxes isn't available or able to be collected. That's the extra price of doing biz with such an easy to access entity. That said, we may be in for a retrace in price for a short time, maybe around the $230 mark w/i a week or so and then another decent move up before a consolidation. Nothing is etched in stone but it's something to keep an eye out for. No bear meanderings here, just sayin.

Agree

I don't have the balls to short it though... fuck that noise!

[shmadz]

if the IRS wants to seize your assets can they take BTC out of your coinbase account or freeze it?

You better believe it if your other collateral for taxes isn't available or able to be collected. That's the extra price of doing biz with such an easy to access entity. That said, we may be in for a retrace in price for a short time, maybe around the $230 mark w/i a week or so and then another decent move up before a consolidation. Nothing is etched in stone but it's something to keep an eye out for. No bear meanderings here, just sayin.

Agree

I don't have the balls to short it though... fuck that noise!

I have to admit I took a little profit at 312, re-entry target at 270. Maybe a little too optimistic but we shall see.

*edit - CAD no leverage

[BayAreaCoins]

I have to admit I took a little profit at 312, re-entry target at 270. Maybe a little too optimistic but we shall see.

*edit - CAD no leverage

Absolutely nothing wrong with taking some profit + it is healthy for the coin.

Today was a hell of a day... I'm going to let myself sleep for a night.

I've been stacking 10x leverage since $200... fucking redic.

Gl and Hf

[seleme]

LTC TO THE MOON.  

50% rise in the last few hours.

Can you imagine it happening with BTC?

Yeah, why not, specially on these low prices. It just needs fomo like when it went to 475.

[ChartBuddy]

Bitfinex

Bitstamp

Explanation

[Richy_T]

The two prmary parties in a money transfer from P to A can be lumped together as one "family", so the sending and receiving cancel out: the "family" does not lose or gain anything, except some fees, and can be excluded from the analysis.  The remaining net money flow is: someone in A gave his money (and got some bitcoin) to someone in P (who parted with some of his bitcoin).

Thus, apart from the implied change of currencies, the situation is the same as when someone buys BTC from someone else, with dollars or any other currency.  Any profit that the seller makes comes out of the buyer's pocket.  If the seller bought for 500$ and is selling for 200$, then he is keeping 300$ of his initial 500$ loss, and passing the other 200$ to the buyer.

In summary, the matched trades that Bitinka propose to do would be proper use of bitcoin, but by themselves they would not generate much demand:  the bitcoins would be kept by Bitinka only for a few days at most.  Bitinka will be "good for bitcoin" (i.e. help push the price up) mainly if it encourages people to buy bitcoins and hold them (like that guy in A who bought the bitcoins from the company).  And you already know what I think about investing in bitcoins...

Moreover, if Bitinka is successful, it would be "stealing" remittance service customers from the local banks, by undercutting their fees.  Good luck getting bank accounts and the necessary approvals from the local governments...

It's getting a bit late for me to totally understand that but if I recall correctly, not so long ago, there was a bit of a fuss because someone in country A that was not the USA was transferring money to someone in country B that was also not the USA but for some reason, the money ended up being routed through a country that was the USA and they gobbled it up. That might be something they need to watch for.

[aztecminer]

if the IRS wants to seize your assets can they take BTC out of your coinbase account or freeze it?

You better believe it if your other collateral for taxes isn't available or able to be collected. That's the extra price of doing biz with such an easy to access entity. That said, we may be in for a retrace in price for a short time, maybe around the $230 mark w/i a week or so and then another decent move up before a consolidation. Nothing is etched in stone but it's something to keep an eye out for. No bear meanderings here, just sayin.

we need a magna carta: http://www.newsmax.com/Finance/IRS-US-tax-foreign/2014/08/06/id/587148/

[ChartBuddy]

Explanation

[shmadz]

we need a magna carta: http://www.newsmax.com/Finance/IRS-US-tax-foreign/2014/08/06/id/587148/

The comments following that post are priceless. People's brains are starting to short-circuit from repeating conflicting talking points that they hear in the media. Fascinating actually.

[Richy_T]

If that upper part was Bitcoin it'd break the fuck off and hover slightly above the waves right now  Just before the rockets kick in! (ya it'd be made with rockets too)

[ChartBuddy]

Explanation

[freebit13]

https://bitcointalk.org/index.php?topic=934670.0

No digital currency will soon dislodge the dollar, but bitcoin is much more than a currency. It is a radically new, decentralized system for managing the way societies exchange value. It is, quite simply, one of the most powerful innovations in finance in 500 years.

think wall st. is here yet trolltards?

+1

The tide is changing!

[YourMother]

Explanation

I like it.


Edit : The design, not the price of this overrated pumped and dumped trash soon-to-be-replaced currency.

[JorgeStolfi]

It's getting a bit late for me to totally understand that but if I recall correctly, not so long ago, there was a bit of a fuss because someone in country A that was not the USA was transferring money to someone in country B that was also not the USA but for some reason, the money ended up being routed through a country that was the USA and they gobbled it up. That might be something they need to watch for.

If Bitinka works as stated, there is no transfer of ordinary currency across borders.  Remitting client X in Peru gives soles to Bitinka-Peru, Bitinka-Peru gives soles in Peru to bitcoin seller Y.  Eventually Y's bitcoins end up in the address of a bitcoin buyer Z, who gives pesos in Argentina to Bitinka-Argentina, which gives the pesos to the recipient client W in Argentina.

[vokain]

we need a magna carta: http://www.newsmax.com/Finance/IRS-US-tax-foreign/2014/08/06/id/587148/

The comments following that post are priceless. People's brains are starting to short-circuit from repeating conflicting talking points that they hear in the media. Fascinating actually.

indeed

[shmadz]

Explanation

Very nice Richy.

Thank you for providing this service. It is appreciated.

[shmadz]

It's getting a bit late for me to totally understand that but if I recall correctly, not so long ago, there was a bit of a fuss because someone in country A that was not the USA was transferring money to someone in country B that was also not the USA but for some reason, the money ended up being routed through a country that was the USA and they gobbled it up. That might be something they need to watch for.

If Bitinka works as stated, there is no transfer of ordinary currency across borders.  Remitting client X in Peru gives soles to Bitinka-Peru, Bitinka-Peru gives soles in Peru to bitcoin seller Y.  Eventually Y's bitcoins end up in the address of a bitcoin buyer Z, who gives pesos in Argentina to Bitinka-Argentina, which gives the pesos to the recipient client W in Argentina.

Interesting, though a little confusing or over complicated. I was thinking it might act more like a central clearing house for various south american currencies.  * edit: ok ok, so it's similar to the exchange just holding a balance of each currency in each country and just hoping that there is equal amount of trading on each side so they don't encounter a "run" on their reserves. Sounds quite risky actually unless they can use banking relationships to convert currencies between countries and then you lose any transactional advantage anyways.


***
*actually, since they did mention that they had a physical office in each country, I was kinda hoping I could take a vacation, arrive and get some local currency for bitcoin without having a local bank account, then transfer back into bitcoin when it's time to go home.

[JimboToronto]

Explanation

+1 to the side-by-side format.

Less scrolling, easier to read.
_____

Quick, somebody market buy 5k coins on Bitstamp. 

[Richy_T]

It's getting a bit late for me to totally understand that but if I recall correctly, not so long ago, there was a bit of a fuss because someone in country A that was not the USA was transferring money to someone in country B that was also not the USA but for some reason, the money ended up being routed through a country that was the USA and they gobbled it up. That might be something they need to watch for.

If Bitinka works as stated, there is no transfer of ordinary currency across borders.  Remitting client X in Peru gives soles to Bitinka-Peru, Bitinka-Peru gives soles in Peru to bitcoin seller Y.  Eventually Y's bitcoins end up in the address of a bitcoin buyer Z, who gives pesos in Argentina to Bitinka-Argentina, which gives the pesos to the recipient client W in Argentina.

I think this makes sense.

[JorgeStolfi]

*actually, since they did mention that they had a physical office in each country, I was kinda hoping I could take a vacation, arrive and get some local currency for bitcoin without having a local bank account, then transfer back into bitcoin when it's time to go home.

I presume that they will do that too; but that you could get tat service with localbitcoins or ATMs.  I understood that the matched trades for remittance were their differential, and they need the offices in each country in order to do that.