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

[TReano]

https://www.tradingview.com/chart/BTCUSD/sjFMKBvv-BITCOIN-FALL-IN-THIRD-WAVE/


looks like a good game plan.

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[Elwar]

itBit is clearly leading both in volume and price  ( according to http://bitcoincharts.com/markets/ )

now i'm wondering, what is itBit? and where did it come from?

I've been using itBit. I was going to buy via Coinbase but their restrictions and all of that are too difficult to make it useful.

With itBit I have to wire my money to the exchange which costs me $30 on my bank's end and $10 on itBit's side and it costs .2% for a trade. Compare that to Coinbase's 1%.

So if you look at a $10,000 deposit for both:
itBit: $30 + $10 + $20 = $60
CoinBase: $100

Anything over $5,000 is cheaper with itBit.

But itBit is just a whole lot less restrictive than Coinbase is.

[julian071]

itBit is clearly leading both in volume and price  ( according to http://bitcoincharts.com/markets/ )

now i'm wondering, what is itBit? and where did it come from?

I've been using itBit. I was going to buy via Coinbase but their restrictions and all of that are too difficult to make it useful.

With itBit I have to wire my money to the exchange which costs me $30 on my bank's end and $10 on itBit's side and it costs .2% for a trade. Compare that to Coinbase's 1%.

So if you look at a $10,000 deposit for both:
itBit: $30 + $10 + $20 = $60
CoinBase: $100

Anything over $5,000 is cheaper with itBit.

But itBit is just a whole lot less restrictive than Coinbase is.

Wow, is that really what it costs??? Incredible! Wiring to Kraken (from within Europe) is free, and my money's there in around 12 hours. Trades cost at most 0.14/0.24%. Wiring dirty fiat back to my bank account costs 9 ct.

[savetherainforest]

So... Let me get this straight... A solution for you is to keep a ledger of all the addresses that the money goes by... till the world becomes a police state and you can get your money back. Hmmm??

someone will try, and it will be an interesting test on the effectiveness of mixers vs. blockchain analysis.  

Governments will actually try... because if you can have unlimited transaction codes.... the transaction codes are used by people. And the problem is you don't have infinite people. And if they attach a name to each transaction in some weird secret data base... they will know who gave who what.. So basically we can just say we are in some information war that hasn't started on full scale in bitcoin land just yet.


*Edit: A solution would be to create for now like 100 wallets for each BTCitcoin available. In this way they will not have any idea who owns what when they start the information war.

*Edit2: Example... A merchant has a security camera and the government knows of the bitcoin accepting store because they have a big sing outside "We accept bitcoin!" ... And they will say... we want you to show us your transaction number... and then they can track and have surveillance on that merchant of all the transactions that he accepts.. then the government authorities will come and take footage from the surveillance cctv ... And they will start identifying users that used those transactions on the respective time stamp. And that's how they start creating them databases.

*Edit3:  And then the next step will be imposing taxes on those people.

[TReano]

so how well was the blockchain analysis on the 800k Mt. Gox coins?

Yep. Don't expect anything else in this case. The money is gone most likely.
People expect way too much from the law/police side...

[Spaceman_Spiff]

If you are trading a larger spectrum, like "oh it's 550 today, I think it will rebound to 600+ levels in a week", why would I keep my money on the exchange? I'll buy at 550, take it to my wallet, return it to the exchange in a week, sell them then, get my fiat.

because you were waiting for a dip in the 5xx s and had bids ready to take a big leveraged long position?  FML

If I'm waiting a dip to buy with my fiat, then my problem is not the 10-40m confirmation times of bitcoin, but the eons of time that bank wires take.

leveraged with BTC as collateral.

[mymenace]

So... Let me get this straight... A solution for you is to keep a ledger of all the addresses that the money goes by... till the world becomes a police state and you can get your money back. Hmmm??

someone will try, and it will be an interesting test on the effectiveness of mixers vs. blockchain analysis.  

Governments will actually try... because if you can have unlimited transaction codes.... the transaction codes are used by people. And the problem is you don't have infinite people. And if they attach a name to each transaction in some weird secret data base... they will know who gave who what.. So basically we can just say we are in some information war that hasn't started on full scale in bitcoin land just yet.


*Edit: A solution would be to create for now like 100 wallets for each BTCitcoin available. In this way they will not have any idea who owns what when they start the information war.

*Edit2: Example... A merchant has a security camera and the government knows of the bitcoin accepting store because they have a big sing outside "We accept bitcoin!" ... And they will say... we want you to show us your transaction number... and then they can track and have surveillance on that merchant of all the transactions that he accepts.. then the government authorities will come and take footage from the surveillance cctv ... And they will start identifying users that used those transactions on the respective time stamp. And that's how they start creating them databases.

*Edit3:  And then the next step will be imposing taxes on those people.

ohh!! great now you let the secret out

[European Central Bank]

so how well was the blockchain analysis on the 800k Mt. Gox coins?

Yep. Don't expect anything else in this case. The money is gone most likely.
People expect way too much from the law/police side...

trying to analyse gox would've been an absolute bitch of a job. they limped on forever and who knows how messy their address situation was? analysing bitfinex would be way easier, but law enforcement won't do anything even if they know what to do.

[Elwar]

itBit is clearly leading both in volume and price  ( according to http://bitcoincharts.com/markets/ )

now i'm wondering, what is itBit? and where did it come from?

I've been using itBit. I was going to buy via Coinbase but their restrictions and all of that are too difficult to make it useful.

With itBit I have to wire my money to the exchange which costs me $30 on my bank's end and $10 on itBit's side and it costs .2% for a trade. Compare that to Coinbase's 1%.

So if you look at a $10,000 deposit for both:
itBit: $30 + $10 + $20 = $60
CoinBase: $100

Anything over $5,000 is cheaper with itBit.

But itBit is just a whole lot less restrictive than Coinbase is.

Wow, is that really what it costs??? Incredible! Wiring to Kraken (from within Europe) is free, and my money's there in around 12 hours. Trades cost at most 0.14/0.24%. Wiring dirty fiat back to my bank account costs 9 ct.

Bank wires are different from SEPA in Europe and ACH in the US.

Some banks might be cheaper and not charge $30 but that's what I'm stuck with right now.

A $10 fee plus .2% is reasonable on itBit's end. It's actually .2% for buyers and 0% for sellers (I think).

Everything bad about Bitcoin is almost always when fiat is involved. 

[savetherainforest]

That dead cat throw... not going to happen!

It is going back up where it was before this semi-fake crash.

[criptix]

120k btc were around 30 and are now 60 days worth of mining subsidies.

Not that much in the big picture.

But if bfx wants to go on and still be trusted they would need to atleast pay back 70-100% of the lost amount
-> min. Mid term demand of 84 k btc - that is a lot.

[TReano]

It is going back up where it was before this semi-fake crash.

I can't believe there are people that stupid to call this a fake crash lol

[Elwar]

120k btc were around 30 and are now 60 days worth of mining subsidies.

Not that much in the big picture.

But if bfx wants to go on and still be trusted they would need to atleast pay back 70-100% of the lost amount
-> min. Mid term demand of 84 k btc - that is a lot.

I'd be fine if they set aside a monthly percentage to pay people back over time from their profits.

They would likely reimburse the smaller amounts first since that is a larger amount of people, then work with the larger amounts.

Or go bankrupt and have to go through what Gox is going through.

[LFC_Bitcoin]

120k btc were around 30 and are now 60 days worth of mining subsidies.

Not that much in the big picture.

But if bfx wants to go on and still be trusted they would need to atleast pay back 70-100% of the lost amount
-> min. Mid term demand of 84 k btc - that is a lot.

Yeah I can't see that happening, I guess they'll file for business bankruptcy, they've lost all credibility & I doubt they have the means necessary to sort this out.

It's one big sorry mess.

[European Central Bank]

Yeah I can't see that happening, I guess they'll file for business bankruptcy, they've lost all credibility & I doubt they have the means necessary to sort this out.

It's one big sorry mess.

let's see. don't underestimate the addiction people have for what it offers. the wording the bitfinex guy is using at present seems to imply they plan to get up and running again as if nothing ever happened. it's hard to tell who's less connected with reality, them or their customers who'll attempt to flock back.

[empowering]

Shitty Tuesday followed by Super Duper Thursday




http://www.telegraph.co.uk/business/2016/08/04/super-thursday-markets-brace-for-bank-of-england-interest-rate-c/

AssHats everywhere

[DeathAngel]

Shitty Tuesday followed by Super Duper Thursday




http://www.telegraph.co.uk/business/2016/08/04/super-thursday-markets-brace-for-bank-of-england-interest-rate-c/

AssHats everywhere

Look at their bank interest rate, you might as well keep your fiat savings in a box buried in the garden.

[empowering]

Shitty Tuesday followed by Super Duper Thursday




http://www.telegraph.co.uk/business/2016/08/04/super-thursday-markets-brace-for-bank-of-england-interest-rate-c/

AssHats everywhere

Look at their bank interest rate, you might as well keep your fiat savings in a box buried in the garden.

Yeah... US will follow next with a SHOCKINGLY MASSIVE QE4 prog and likely eventually a rate cut, maybe even NIRP.


Surprise!! ..... actually scrap that.

100% inevitable

[European Central Bank]

i like this idea - https://www.theguardian.com/business/2016/aug/03/cash-handouts-are-best-way-to-boost-growth-say-economists

if they're gonna take us all down the tubes then we may as well receive some free cash to blow as well, right?

[empowering]

i like this idea - https://www.theguardian.com/business/2016/aug/03/cash-handouts-are-best-way-to-boost-growth-say-economists

if they're gonna take us all down the tubes then we may as well receive some free cash to blow as well, right?

(did not read link)

but yeah helicopter cash is actually on the table here in the UK, talks of approx £500 per adult.


Believe it when I see it