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

[bclcjunkie]

eye opening interview on bitcoin's current state from futurologist Vinay Gupta...

https://bitcoinmagazine.com/18000/bitcoin-is-teaching-realism-to-libertarians-an-interview-with-old-school-cypherpunk-vinay-gupta/

especially these snippets..

Many bitcoiners would rather not see Wall Street involved at all, in order to preserve Bitcoin’s promise of freedom…

Well, that kind of utopian vision, unfortunately, is total horses*t for Bitcoin. There are three problems: natural monopolies, cartels, and power law distributions of wealth.

Bitcoin-mining is specialized by groups with heavy technological capability and enough financial strength to get custom hardware made. These miners have now pooled their computing power together because it evens out their earnings, effectively minimizing their risk. In the case of Ghash, this even puts them perilously close to the 51% point for control of the blockchain. This is cartel power.

Meanwhile, the distribution of bitcoins seems to replicate the current situation where 300 billionaires control the same amount of wealth as three billion poor people. This is partly because of early adopter dynamics and the increasing hardship of the mining process, but there’s also some evidence that power law distributions of wealth is just what happens in unregulated economies. This is a point many libertarians would argue against… but we’re doing the experiment right now, and there’s every indication that the basic structures of libertarian economics do push into that direction.

And then you have the Bitcoin Foundation, which is emerging naturally from the Bitcoin environment simply because it has established an economically efficient configuration. By paying the technical priesthood of Bitcoin known as the Core developers, the Foundation has created a huge amount of centralized power within a system that didn’t really start with any, which has now effectively turned it into a natural monopoly. And once you have a monopoly, it looks like a state. No wonder that the Bitcoin Foundation looks so frightening.

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[explorer]

Chart buddy is a service to update the thread on BTC only.

As far as my posts it is all manual. In 2-3 weeks things will have changed and people would have gotten accustom to the new trend.

Make sure you make a separate account for it, because - and no offence - I'm going to have to put you on ignore if you're posting that scrollathon on every page.

The 'scrollathon' seems only to ensue when there are no other posts. Otherwise it is dispersed through the page(s) rather than edit/added.  A dedicated account would be good for those that are generally uninterested in the charts, but don't choose to ignore a solid contributor.  That last one had me saying WTF?!   

[podyx]

eye opening interview on bitcoin's current state from futurologist Vinay Gupta...

https://bitcoinmagazine.com/18000/bitcoin-is-teaching-realism-to-libertarians-an-interview-with-old-school-cypherpunk-vinay-gupta/

especially these snippets..

Many bitcoiners would rather not see Wall Street involved at all, in order to preserve Bitcoin’s promise of freedom…

Well, that kind of utopian vision, unfortunately, is total horses*t for Bitcoin. There are three problems: natural monopolies, cartels, and power law distributions of wealth.

Bitcoin-mining is specialized by groups with heavy technological capability and enough financial strength to get custom hardware made. These miners have now pooled their computing power together because it evens out their earnings, effectively minimizing their risk. In the case of Ghash, this even puts them perilously close to the 51% point for control of the blockchain. This is cartel power.

Meanwhile, the distribution of bitcoins seems to replicate the current situation where 300 billionaires control the same amount of wealth as three billion poor people. This is partly because of early adopter dynamics and the increasing hardship of the mining process, but there’s also some evidence that power law distributions of wealth is just what happens in unregulated economies. This is a point many libertarians would argue against… but we’re doing the experiment right now, and there’s every indication that the basic structures of libertarian economics do push into that direction.

And then you have the Bitcoin Foundation, which is emerging naturally from the Bitcoin environment simply because it has established an economically efficient configuration. By paying the technical priesthood of Bitcoin known as the Core developers, the Foundation has created a huge amount of centralized power within a system that didn’t really start with any, which has now effectively turned it into a natural monopoly. And once you have a monopoly, it looks like a state. No wonder that the Bitcoin Foundation looks so frightening.

Well, anarchy libertarians were never the brightest...

[Brewins]

dafuq Sitarow?

Your charts are getting bigger and bigger.

May you put some of them on spoiler to make it shorter?

[NotLambchop]

...
The 'scrollathon' seems only to ensue when there are no other posts. Otherwise it is dispersed through the page(s) rather than edit/added...

What scrollathon?

I am bored

Now back to being bored

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[EFS]

I remember that from orange Ignore button, ChartBuddy was the most ignored user here last year.

[dakota neat]

pathetic dump attempt. will fail like the others.

[NotLambchop]

pathetic dump attempt. will fail like the others.

[ChartBuddy]

Coin
Explanation

[Newar]

pathetic dump attempt. will fail like the others.

A lot less coins brought it down to a similar level.

[Ezmoneyezlife]

pathetic dump attempt. will fail like the others.

A lot less coins brought it down to a similar level.

Yep. Looks like sub 200 incoming.

[dakota neat]

pathetic dump attempt. will fail like the others.

A lot less coins brought it down to a similar level.

Yep. Looks like sub 200 incoming.

sub 200 is as far away as 250s

[rikfredsy]

bitcoin finaly fixed 200-220 $ ?

[mrkavasaki]

lol ofc we will see sub $200 coins. there is really no doubt

[fonzie]

pathetic dump attempt. will fail like the others.

A lot less coins brought it down to a similar level.

Yep. Looks like sub 200 incoming.

sub 200 is as far away as 250s

Plz buy more of dem cheap coins. Guaranteed profit? Right? Or are you already out of money and holding the bag, like most of the bulls?

[JorgeStolfi]

"Mycoin.hk", a bitcoin thing in Hong Kong, apparenly closed without warning and owners disappeared with all clients coins.  Losses seem to be about 3 billion yuan, or 500 million USD -- on the same level as the MtGOX collapse.

The nature of mycoin.hk's business was not clear.  It apparently involved mining, and perhaps some Ponzi-like scheme.  I could not tell whether it also worked as a live exchange.

Article in Chinese:
http://hk.apple.nextmedia.com/news/art/20150208/19034053

Google translation:

WASHINGTON virtual currency Bitcoin (Bitcoin) once touted, Hong Kong discovered bust incident involving three billion yuan. Legislative Councillor Leung Yiu-chung received nearly ten investors in Bitcoin for help, said the suspect was a bit currency trading scams and storage platform, the largest loss of over $ 10 million estimate amounted to 30 the number of people affected, involving an amount or up to three billion yuan, victims today collective police. […]

EDIT: See also the reddit thread.  One comment in there claims that the report is incorrect.

[fonzie]

"Mycoin.hk", a bitcoin thing in Hong Kong, apparenly closed without warning and owners disappeared with all clients coins.  Losses seem to be about 3 billion yuan, or 500 million USD -- on the same level as the MtGOX collapse.

The nature of mycoin.hk's business was not clear.  It apparently involved mining, and perhaps some Ponzi-like scheme.  I could not tell whether it also worked as a live exchange.

Article in Chinese:
http://hk.apple.nextmedia.com/news/art/20150208/19034053

Google translation:

WASHINGTON virtual currency Bitcoin (Bitcoin) once touted, Hong Kong discovered bust incident involving three billion yuan. Legislative Councillor Leung Yiu-chung received nearly ten investors in Bitcoin for help, said the suspect was a bit currency trading scams and storage platform, the largest loss of over $ 10 million estimate amounted to 30 the number of people affected, involving an amount or up to three billion yuan, victims today collective police. […]

Bullish? 

[The KGB]

"Mycoin.hk", a bitcoin thing in Hong Kong, apparenly closed without warning and owners disappeared with all clients coins.  Losses seem to be about 3 billion yuan, or 500 million USD -- on the same level as the MtGOX collapse.

The nature of mycoin.hk's business was not clear.  It apparently involved mining, and perhaps some Ponzi-like scheme.  I could not tell whether it also worked as a live exchange.

Article in Chinese:
http://hk.apple.nextmedia.com/news/art/20150208/19034053

Google translation:

WASHINGTON virtual currency Bitcoin (Bitcoin) once touted, Hong Kong discovered bust incident involving three billion yuan. Legislative Councillor Leung Yiu-chung received nearly ten investors in Bitcoin for help, said the suspect was a bit currency trading scams and storage platform, the largest loss of over $ 10 million estimate amounted to 30 the number of people affected, involving an amount or up to three billion yuan, victims today collective police. […]

Bullish?  

Sub 200 incoming, china is going to give a massive dump in the coming days if the news are true.

[NotHatinJustTrollin]

"Mycoin.hk", a bitcoin thing in Hong Kong, apparenly closed without warning and owners disappeared with all clients coins.  Losses seem to be about 3 billion yuan, or 500 million USD -- on the same level as the MtGOX collapse.

The nature of mycoin.hk's business was not clear.  It apparently involved mining, and perhaps some Ponzi-like scheme.  I could not tell whether it also worked as a live exchange.

Article in Chinese:
http://hk.apple.nextmedia.com/news/art/20150208/19034053

Google translation:

WASHINGTON virtual currency Bitcoin (Bitcoin) once touted, Hong Kong discovered bust incident involving three billion yuan. Legislative Councillor Leung Yiu-chung received nearly ten investors in Bitcoin for help, said the suspect was a bit currency trading scams and storage platform, the largest loss of over $ 10 million estimate amounted to 30 the number of people affected, involving an amount or up to three billion yuan, victims today collective police. […]

EDIT: See also the reddit thread.  One comment in there claims that the report is incorrect.

Never heard of that site, 500 million USD? what? How is that even possible for an almost unknown site like that to have so many funds?

[jl2012]

"Mycoin.hk", a bitcoin thing in Hong Kong, apparenly closed without warning and owners disappeared with all clients coins.  Losses seem to be about 3 billion yuan, or 500 million USD -- on the same level as the MtGOX collapse.

The nature of mycoin.hk's business was not clear.  It apparently involved mining, and perhaps some Ponzi-like scheme.  I could not tell whether it also worked as a live exchange.

Article in Chinese:
http://hk.apple.nextmedia.com/news/art/20150208/19034053

Google translation:

WASHINGTON virtual currency Bitcoin (Bitcoin) once touted, Hong Kong discovered bust incident involving three billion yuan. Legislative Councillor Leung Yiu-chung received nearly ten investors in Bitcoin for help, said the suspect was a bit currency trading scams and storage platform, the largest loss of over $ 10 million estimate amounted to 30 the number of people affected, involving an amount or up to three billion yuan, victims today collective police. […]

EDIT: See also the reddit thread.  One comment in there claims that the report is incorrect.

It's a Ponzi involving some kind of mining contract. The scammer said they would pay 0.64BTC of interest per day for every 90BTC investment.

By the way, they claim 3 billion HKD, not CNY. But this 3 billion HKD is pulled out of their ass. Only 30 victims seek help and they claims loss of 1 million HKD on average. The legislative councillor speculates that there are 3000 victims and ALL OF THEM lost 1 million HKD. That's how the 3 billion HKD calculated.