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

[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. 

[European Central Bank]

https://twitter.com/btcWhaleclub/status/761330711165100032

dunno how true this is but here you go. bitfinex plan to issue some type of coin to pay dividends on future bitfinex profits and poloniex are gonna trade it. looks like they'll be back in business soon if this is the real deal.

[belmonty]

from a reddit post

Is that saying Bitcoin is dead and is heading nowhere but down?

From Bitcoinity



If Bitcoin is dead why has it bounced back to $580? Shouldn't there only be dump after dump until it's back below $1?

Its price is volatile today but its staying above $500, and keeps testing the high $500s.

Bullish

[JimboToronto]

Exactly.

It's pretty much where it was this morning.

[marcus_of_augustus]

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?

people also have to keep in mind that all this bullshit doesn't create real growth but nominal growth.

wow some macro-economic discussion, analysis and healthy cynicism on this thread ... amaze me!!  

when people realize its all bullshit and nominal growth is not real growth then money-printing (in all it's forms) stops working since the nominal (fake) growth is designed to fool people into thinking there is real growth and act on that falsehood to create the real growth ... it's a mirage designed to spook the herd into spending, working, etc, running on the hamster wheel faster

[155UE]

https://twitter.com/btcWhaleclub/status/761330711165100032

dunno how true this is but here you go. bitfinex plan to issue some type of coin to pay dividends on future bitfinex profits and poloniex are gonna trade it. looks like they'll be back in business soon if this is the real deal.

Interesting way to offshoot this incident they had. To use another exchange to get their crediability back in order. I don't know if it is going to fly though but it is worth a shot cause they have nothing more to lose, in the customer's confidence that is. 

[belmonty]

https://twitter.com/btcWhaleclub/status/761330711165100032

dunno how true this is but here you go. bitfinex plan to issue some type of coin to pay dividends on future bitfinex profits and poloniex are gonna trade it. looks like they'll be back in business soon if this is the real deal.

Zanetackett says the Bitfinex site might be back up in view balance only mode by the end of today EST, although that probably means by tomorrow. He's also talking about making an update of where everything stands, but he's refusing to discuss reimbursing customers until after the site's back up.

I doubt we will find out if that tweet is true until after Bitfinex is online again.

https://www.reddit.com/r/BitcoinMarkets/comments/4w2osg/daily_discussion_thursday_august_04_2016/d64fayy

I'm not sure if we'll be able to get it up today but we're trying as hard as we can. As it is getting late i'll try to see if i can get an update of where everything stands and make another post updating everyone with where things stand for now.

https://www.reddit.com/r/Bitcoin/comments/4vtuxo/bitfinex_security_breach_trading_will_be_halted/d6481sb

We're planning on getting it up today EST.