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

[giszmo]

A blazz from the pazz, or "Where Are They Now":


...wait for it...

Oh damn! So Bitcoin died?

Where did you find this picture? tineye can't find it.

[ChartBuddy]

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[Mervyn_Pumpkinhead]

I don't think that the 5000$ fee was a the problem with BFX. That would be just silly. I think that the problem was with regulations that regard shady schenanigans, like insider trading.

If the bitcoin market wants to become something serious, then it would have to be regulated and run openly. If the market is unregulated, and all the exchanges can just do whatever they wish, then you can be certain that they will abuse their position to get the upper hand in the trading game. Then it's not trading anymore, it's gambling in a virtual casino, run by the exchanges.

The Real Drop will start when people will finally realize that bitcoins price is as high as it is, only because of the past shady schenanigans of the exchanges.

[ChartBuddy]

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[sAt0sHiFanClub]

I don't think that the 5000$ fee was a the problem with BFX. That would be just silly. I think that the problem was with regulations that regard shady schenanigans, like insider trading.

If the bitcoin market wants to become something serious, then it would have to be regulated and run openly. If the market is unregulated, and all the exchanges can just do whatever they wish, then you can be certain that they will abuse their position to get the upper hand in the trading game. Then it's not trading anymore, it's gambling in a virtual casino, run by the exchanges.

The Real Drop will start when people will finally realize that bitcoins price is as high as it is, only because of the past shady schenanigans of the exchanges.

I think the big issue with the terms of bitlicense are to do with how they define Virtual Currency Business Activity. Its worded in a way to include any and all activities that could be linked to VCBA. That would have the potential to create a bureaucratic nightmare for any business. Like I said earlier, they need to word this in the ubiquitous language of the technology, not try and fit it to what they understand traditional financial activity to be.

[JimboToronto]

Good morning Bitcoinland.

Would have checked in earlier but when I saw that we hadn't appreciably bounced from Saturday's little dip, I had to run out and buy a few more coins before the price goes back up.

2015, the year of accumulation, kinda like 2012.

[JorgeStolfi]

I converted 800 bitcoins into cash one time back in the day through BitPay.
That was before the Stazi stuff though.

That was probably before they realized the legal implications of doing that. 

Suspicions were raised in another thread that a certain mining equipment manufacturer used BitPay to convert 1 M $ worth of bitcoin to dollars (without BitPay's knowledge, hopefully) by simulating a purchase of 1 M $ of equipment by a "customer" who was in fact the manufacturer itself.  (Bitcoins that, allegedly, had been mined by the manufacturer on equipment that it should have delivered to other prepaying customers months before...)

[becoin]

I think the big issue with the terms of bitlicense are to do with how they define Virtual Currency Business Activity.

Good. Bitcoin is not a virtual currency. It is a digital currency.

[ChartBuddy]

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[sAt0sHiFanClub]

I think the big issue with the terms of bitlicense are to do with how they define Virtual Currency Business Activity.

Good. Bitcoin is not a virtual currency. It is a digital currency.

Section 200.1 of the DFS Proposed Rules, Codes, etc.  states:

(p) Virtual Currency means any type of digital unit that is used as a medium of exchange or a form of
digitally stored value. Virtual Currency shall be broadly construed to include digital units of exchange that (i)
have a centralized repository or administrator; (ii) are decentralized and have no centralized repository or
administrator; or (iii) may be created or obtained by computing or manufacturing effort.

I see what you say, and agree with your definition, but like I say, the language they use is arcane and open to misinterpretation.

[ChartBuddy]

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[becoin]

the language they use is arcane and open to misinterpretation.

Actually their definition is so broad that they include every possible form of digital assets which will have boomerang effect upon the regulator. They're committing regulatory suicide!

What is Digital Asset?

A digital asset is any object of text or media that has been formatted into a binary source that includes the right to use it. A digital file without the right to use it is not an asset!

digital assets = assets that don't need permission to be used
bitlicense => requires permission => makes digital assets NOT digital assets => regulator kills the object of the regulation => regulator becomes unemployed regulator

[yefi]

Where did you find this picture? tineye can't find it.

https://www.reddit.com/r/Buttcoin/comments/3g488g/remember_polish_bitcoin_embassy_their_diplomatic/

Google reverse image search 

[ChartBuddy]

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[ghandi]

Volume dying...waiting for the next dump

[becoin]

Trust me, the regulators have excellent job security

Trust me, you're wrong.  

[rich93]

I think the big issue with the terms of bitlicense are to do with how they define Virtual Currency Business Activity.

Good. Bitcoin is not a virtual currency. It is a digital currency.

Section 200.1 of the DFS Proposed Rules, Codes, etc.  states:

(p) Virtual Currency means any type of digital unit that is used as a medium of exchange or a form of
digitally stored value. Virtual Currency shall be broadly construed to include digital units of exchange that (i)
have a centralized repository or administrator; (ii) are decentralized and have no centralized repository or
administrator; or (iii) may be created or obtained by computing or manufacturing effort.

I see what you say, and agree with your definition, but like I say, the language they use is arcane and open to misinterpretation.

That's the whole point. They get to interpret what their own arcane language means, not somebody else. It can mean whatever they want it to, and if you try taking them to court about it the judge will be on their side. There's no way you can use it against them because the system is on their side.

[ChartBuddy]

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[sAt0sHiFanClub]

That's the whole point. They get to interpret what their own arcane language means, not somebody else.

Thats what your advocate is for!!  In most jurisdictions (outside the US, anyway) overly vague or expansive legislation usually gets hammered fairly quickly. Tragic cases make bad law, but so does fear and lack of understanding of the subject under review. Most of the submissions in response to the DFS proposals were centered on refining the scope, but I think this largely fell on deaf ears. They did, however, remove references to software services which had been part of it. 

[gotmilk_]

Say what?  
https://www.reddit.com/r/Bitcoin/comments/3ghn9n/spains_second_largest_bank_bbva_explains_how_to/?sort=new

https://ihb.io/2015-08-10/news/bbva-blockchain-technology-poised-financial-industrys-biggest-disruptor-yet-22330