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

[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, but at least it is still in the positive territory.  

Yeah positive like Tom Hanks in Philadelphia positive.

With your next installment of fun from your team (I assume you are from the US?) you will get a MASSSSSSSIVE QE raft in QE4 and you will get negative interest rates too I should think at some point (NIRP) couple that with some perpetual bonds and the wizard will have truly landed and face fucked everyone with his magic wand.. (*Edit I say your fun and your team,but I am kidding, and actually that particular piece of wizardry is really going to be fun for one and all)

Wizards.... wizards everywhere.

(something something Bitfinex/Bitgo something something..wizards...something something....cunts more like)

[empowering]

.......



....



..



.









ROFL- thought a joke would cheer everybody up.

AND!! it is on topic because WHALES

[savetherainforest]

Ok.. So we have a verdict for Turkey, all hopes are crushed for that country for at least another 15-20 years. Because, Austria just used their veto power to deny any possibility for Turkey to adhere or apply for any EU passports for Turkey citizens. Amen!!! ... it would have been a dizathaaa for 79 million muslimz to have access to move freely in the EU zone.





*Edit: For those who don't know ... you need all members to agree on any external issue like a trade agreement or the accession of an non-EU country. For example if 27/28 agree on a issue and 1 does not, things like TTIP don't have a chance.

[nioc]

Once again, my heart goes out to all those who lost coins at Finex

Your have a kinder heart than I.

My heart goes out to all those Bitcoiners who, after countless exchange failures and hacks, understood the risks of holding large IOUs with third parties, yet still had to watch their asset drop in value as the market priced in (is pricing in) those events. (Of course some will argue this was going to happen to the market anyway.)

The unfortunate thing about society is that everyone has to take the bad along with the good, and when stupid people get together and fuck shit up, everyone pays the price. Perhaps I'm cold hearted, or even a pessimist, but I don't understand this forgiveness when everyone has to bear the burden of the irresponsible.

To be clear, while shitty things do happen quite a lot in bitcoinlandia, I'm speaking more generally here, and these types of "everyone pays" events happen all the time in the grand scheme of things.

Then why would you have sympathy for hodlers who knew a hack was inevitable and therefore the value of their hodlings would decrease temporarily?  I bought a small amount at 606 just before the hack.  I first let out an appropriate curse but knowing it would be temporary I just shrugged my shoulders.  Then again my time line is around 3 years.

[Holliday]

Then why would you have sympathy for hodlers who knew a hack was inevitable and therefore the value of their hodlings would decrease temporarily?

Good question.

There is a difference between knowing the irresponsible are going to fuck shit up and being one of the irresponsible fucking shit up.

I use Bitcoin to avoid centrally planned fiat and authority implemented capital controls. Basically, I choose monetary freedom. Is there something other than Bitcoin that can do a better job? I, personally, don't think so, so I'm stuck knowing the irresponsible are going to fuck shit up. So... I think it's OK for me to bitch about it!

Besides, the damage the irresponsible can do will decrease with each event (IMO).

[birr]

I would not be surprised if 120k btc got dumped over the next 5 days or so, and price was attracted to lower support.  I will definitely buy at ⁴⁴⁴.

Lost a tiny sliver on bfx myself.  Much to my pleasure, I removed almost all of my btc from bfx on friday.  No, I did not have any inside info.  But monkey was saying it was a bad time to lever: volatility squeeze

So what is the new go-to platform, if you want to lever on btc, short or long?

Consider using MT4 on btc-e.

[JayJuanGee]

[edited out]

.........(*Edit I say your fun and your team,but I am kidding, and actually that particular piece of wizardry is really going to be fun for one and all)

Wizards.... wizards everywhere.

(something something Bitfinex/Bitgo something something..wizards...something something....cunts more like)

Unless we are not living in the real world, none of us can completely detach from various dynamics in our environments, including, to some extent, buying into existing institutional systems.....  we are not going to get anywhere if we attempt to make our own perfect world if it does not take into account various imperfect human systems and various quasi-unpredictable imperfect human applications of existing systems

[empowering]

Me= <pffft..... fizzzlle.... spark... spark.. BANG>

<OVERLOAD>

[savetherainforest]

[edited out]

.........(*Edit I say your fun and your team,but I am kidding, and actually that particular piece of wizardry is really going to be fun for one and all)

Wizards.... wizards everywhere.

(something something Bitfinex/Bitgo something something..wizards...something something....cunts more like)

Unless we are not living in the real world, none of us can completely detach from various dynamics in our environments, including, to some extent, buying into existing institutional systems.....  we are not going to get anywhere if we attempt to make our own perfect world if it does not take into account various imperfect human systems and various quasi-unpredictable imperfect human applications of existing systems

Wizards might be real... The mechanics of quantum physics are weird. Meaning that anything can be possible in the perfect circumstance. Totally outrageous and mind boggling if you ask me...  

*Edit: So don't f'ing bother disproving magic or time travel. You will spin worse than a dog chasing its own tail.

[JimboToronto]

Once again, my heart goes out to all those who lost coins at Finex

Your have a kinder heart than I.

My heart goes out to all those Bitcoiners who, after countless exchange failures and hacks, understood the risks of holding large IOUs with third parties, yet still had to watch their asset drop in value as the market priced in (is pricing in) those events. (Of course some will argue this was going to happen to the market anyway.)

The unfortunate thing about society is that everyone has to take the bad along with the good, and when stupid people get together and fuck shit up, everyone pays the price. Perhaps I'm cold hearted, or even a pessimist, but I don't understand this forgiveness when everyone has to bear the burden of the irresponsible.

To be clear, while shitty things do happen quite a lot in bitcoinlandia, I'm speaking more generally here, and these types of "everyone pays" events happen all the time in the grand scheme of things.

As much as I wanted to say "I told you so" after repeatedly posting about the stupidity of keeping coins or even fiat on hackable internet exchanges and the even more mind-numbingly foolish practice of margin trading in something as easily manipulable as Bitcoin, I figured the fools who lost coins had suffered enough.

Some of these idiots made snide comments about my paying a premium to buy my coins from "vending machines", as if buying fiat from their precious bank ATMs was any different.

I tried to explain that the reasonably small extra fee over the cost of fiat transfers and exchange commissions was a small price to pay for the convenience, speed, anonymity, and most importantly security of buying from local BTC ATMs. I learned a 50BTC lesson from MtGox. No more internet exposure for any of my bitcoins ever again. My private keys are private.

The coins I bought yesterday from a fully anonymous ATM went into a paper wallet I generated on a computer and printer that had never been connected to the internet and were incapable of being connected or hacked (no wifi, bluetooth nor NIC cable).

Call me paranoid if you want but at my age I prefer to call it being prudent. Seems in this case I was right.

Damn now you've made me sound like I'm smugly saying "I told you so" even though I didn't want to.  
_______

As for all of us bearing the cost of other people's stupidity, I figure it's just temporary and as my morning post pointed out, we're already back to where we might have been considering the previous couple of days' price decline.

I didn't see it as a loss in the fiat price of my coins, I saw it as a buying opportunity. What's that old saw about making lemonade out of life's lemons?

[rjclarke2000]

Well what do we talk about now then??

[European Central Bank]

why it died? the name could be changed to bitcoindeadtalk. it's gonna need a few years of post mortems so we can all learn something.

[rjclarke2000]

why it died? the name could be changed to bitcoindeadtalk. it's gonna need a few years of post mortems so we can all learn something.

Ha ha love it^^^

[JimboToronto]

Bitcoin is dead.

For how long this time?



 

[TReano]

from a reddit post

[Holliday]

As much as I wanted to say "I told you so" after repeatedly posting about the stupidity of keeping coins or even fiat on hackable internet exchanges and the even more mind-numbingly foolish practice of margin trading in something as easily manipulable as Bitcoin, I figured the fools who lost coins had suffered enough.

Some of these idiots made snide comments about my paying a premium to buy my coins from "vending machines", as if buying fiat from their precious bank ATMs was any different.

I tried to explain that the reasonably small extra fee over the cost of fiat transfers and exchange commissions was a small price to pay for the convenience, speed, anonymity, and most importantly security of buying from local BTC ATMs. I learned a 50BTC lesson from MtGox. No more internet exposure for any of my bitcoins ever again. My private keys are private.

The coins I bought yesterday from a fully anonymous ATM went into a paper wallet I generated on a computer and printer that had never been connected to the internet and were incapable of being connected or hacked (no wifi, bluetooth nor NIC cable).

Call me paranoid if you want but at my age I prefer to call it being prudent. Seems in this case I was right.

Damn now you've made me sound like I'm smugly saying "I told you so" even though I didn't want to.  
_______

As for all of us bearing the cost of other people's stupidity, I figure it's just temporary and as my morning post pointed out, we're already back to where we might have been considering the previous couple of days' price decline.

I didn't see it as a loss in the fiat price of my coins, I saw it as a buying opportunity. What's that old saw about making lemonade out of life's lemons?

Well... you said "told you so" in about as nice a way possible, so don't sweat it.

I would say prudent is the proper word when taking the necessary measures to secure one's coins. I use similar methods. The key being that the keys never touch a networked machine. Oh, and plenty of copies. No need for physical loss of your storage media to result in an actual loss when you can make copies of your money!

Sure, I agree it's temporary. Some of us don't have any dry powder to turn it into a buying opportunity. Oh well.

[JayJuanGee]

Once again, my heart goes out to all those who lost coins at Finex

Your have a kinder heart than I.

My heart goes out to all those Bitcoiners who, after countless exchange failures and hacks, understood the risks of holding large IOUs with third parties, yet still had to watch their asset drop in value as the market priced in (is pricing in) those events. (Of course some will argue this was going to happen to the market anyway.)

The unfortunate thing about society is that everyone has to take the bad along with the good, and when stupid people get together and fuck shit up, everyone pays the price. Perhaps I'm cold hearted, or even a pessimist, but I don't understand this forgiveness when everyone has to bear the burden of the irresponsible.

To be clear, while shitty things do happen quite a lot in bitcoinlandia, I'm speaking more generally here, and these types of "everyone pays" events happen all the time in the grand scheme of things.

As much as I wanted to say "I told you so" after repeatedly posting about the stupidity of keeping coins or even fiat on hackable internet exchanges and the even more mind-numbingly foolish practice of margin trading in something as easily manipulable as Bitcoin, I figured the fools who lost coins had suffered enough.

Some of these idiots made snide comments about my paying a premium to buy my coins from "vending machines", as if buying fiat from their precious bank ATMs was any different.

I tried to explain that the reasonably small extra fee over the cost of fiat transfers and exchange commissions was a small price to pay for the convenience, speed, anonymity, and most importantly security of buying from local BTC ATMs. I learned a 50BTC lesson from MtGox. No more internet exposure for any of my bitcoins ever again. My private keys are private.

The coins I bought yesterday from a fully anonymous ATM went into a paper wallet I generated on a computer and printer that had never been connected to the internet and were incapable of being connected or hacked (no wifi, bluetooth nor NIC cable).

Call me paranoid if you want but at my age I prefer to call it being prudent. Seems in this case I was right.

Damn now you've made me sound like I'm smugly saying "I told you so" even though I didn't want to.  
_______

As for all of us bearing the cost of other people's stupidity, I figure it's just temporary and as my morning post pointed out, we're already back to where we might have been considering the previous couple of days' price decline.

I didn't see it as a loss in the fiat price of my coins, I saw it as a buying opportunity. What's that old saw about making lemonade out of life's lemons?

Jimbo:

You seem like a fairly reasonable guy, and for that matter, you likely are going to concede that the whole bitcoin ecosystem is a diverse place, and in order for it to have value, there needs to be diverse activities, including the including of third party risk which comes through exchanges.

Sure, there may be some better ways and better systems to accomplish the same thing,  yet at the same time, the whole BTC infrastructure is developing and evolving and in that regard, a lot of this exchange activity is inevitable...

Now I agree with you on a personal level there are ways to preserve and secure value, but if everyone did the same as you, including institutions, who the hell knows where bitcoin's price would be or if bitcoin would be as developed as it is.

In any event, as an individual acting in the ecosystem, each of us can choose an approach balancing risk and reward that hopefully fits with his/her personal situation.

[PoolMinor]

Looks like everything is functioning according to plan...

[JimboToronto]

I would say prudent is the proper word when taking the necessary measures to secure one's coins. I use similar methods. The key being that the keys never touch a networked machine. Oh, and plenty of copies. No need for physical loss of your storage media to result in an actual loss when you can make copies of your money!

Indeed. That's the beauty of Bitcoin. You can make as many copies as you want.

I scan my actual paper-and-toner wallets, copy them to multiple encrypted microSD cards, hide them well in multiple offsite stashes, and then securely shred the original files and tear up the original printed wallets and flush them down the toilet.

I retain a few printed wallets with only a few satoshis in each in case I want to run out to an ATM and add coins to them without the time and hassle of firing up the secure machine and printing them up. Once I've verified that the transaction has gone through, I flush the new paper as it's already backed up in multiple offsite locations.

It may be a little more work than keeping them in an internet accessible device or on an exchange but it's worth it. You cant afford the compromise security on something worth so much.

That said, I do keep about a half coin split between my android devices in case I run short of pocket cash or want to make an online purchase.

Luckily, there are several 24 hour BTC ATMs in Toronto.

[JimboToronto]

Sure, there may be some better ways and better systems to accomplish the same thing,  yet at the same time, the whole BTC infrastructure is developing and evolving and in that regard, a lot of this exchange activity is inevitable...

Now I agree with you on a personal level there are ways to preserve and secure value, but if everyone did the same as you, including institutions, who the hell knows where bitcoin's price would be or if bitcoin would be as developed as it is.

In any event, as an individual acting in the ecosystem, each of us can choose an approach balancing risk and reward that hopefully fits with his/her personal situation.

Fair enough, but at this stage I'll be selfish and think of my own security first.