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

[UngratefulTony]

It's about adding liquidity. You think bitcoin would be worth fuck all without trading? I'm done arguing with an idiot, moving on now.

Well, there'd be a discount, as buying and selling OTC carries a natural penalty. I'm not sure it would be worth "fuck all" however. There are plenty of illiquid assets that possess speculative value.

i'm with chesthing, "fuck all" is an exaggeration but obviously the biggest game in bitcoin town has been is likely to continue being for some time the buying and selling of bitcoins.
collectively traders have a high degree of control over price... and not only add liquidity but also bring prices higher and prevent and major jump/dip, if it drops like 30% in 5 min, you can bet your ass traders will buy it back up to 50% fib No questions asked.
IMO

Not all that surprising, 'round these parts we have people who think exchanges and order books don’t matter in terms of the utility and value of their tokens. Perhaps BTC should only be sold at the local bullion/coin/curiosity shop to a subset of their customers, or P2P in a parking lot or alley… They think that 1MB blocks are perfectly appropriate for this point in the adoption/distribution curve, because decentralization that can fit in a single conference room. Segwit in April, Lightning sewn.

See?!  vvvvv

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[marcus_of_augustus]

ok geniuses ... how much net demand can an exchange create??

ans : zip.

[adamstgBit]

ok geniuses ... how much net demand can an exchange create??

ans : zip.

the net demand of 1 million traders that want to buy / sell 21BTC  trying to turn a profit in the process is 21million BTC

net demand of 21million bitcoin IMPLIES infinite price!!!

BUY BUY BUY!!!!!!!!!

   

troll logic, i love it

[marcus_of_augustus]

it's magic!     \0/

everybody puts the coinz on the exchange ... everyone profits!!

so much win.

[adamstgBit]

magic is owning 70million dollars
issuing a coin to represent said debt.
dumping the shit out of said coin
buying it all back for pennies on the dollar
thereby consolidating your debt at a huge discount.

mind blown.

[Karartma1]

How are you guys with Bitfinex withdrawals? Any of you got your money out of that mess?
According to coinmarketcap Bitfinex had a 38000 BTC trading volume in the last 24hrs
That's really nothing for finex

[TERA]

I'm going to guess that the way Bitfinex has handled the debt is illegal on multiple levels and they are going to be hearing from the likes of CFTC again. You don't see anything like this happening in the real world.

[Unacceptable]

I'm going to guess that the way Bitfinex has handled the debt is illegal on multiple levels and they are going to be hearing from the likes of CFTC again. You don't see anything like this happening in the real world.

Well,it's Bitcoin & Hong Kong....any more questions?? 

[Searing]

I'm going to guess that the way Bitfinex has handled the debt is illegal on multiple levels and they are going to be hearing from the likes of CFTC again. You don't see anything like this happening in the real world.

Well,it's Bitcoin & Hong Kong....any more questions?? 

Well I'm waiting for the pissed off (loss of face) China miners to announce an 8mb hard fork due to issues with such a timeline by bitcoin core...only reason we have not heard such
by now is Bitfinex mess..but wait for it .won't really effect me in that I mine LTC and BTC and hold mostly..but man the price will dump again imho on this new FUD fruitcake.

crypto: more drama than a Mexican soap opera

[Elwar]

How are you guys with Bitfinex withdrawals? Any of you got your money out of that mess?
According to coinmarketcap Bitfinex had a 38000 BTC trading volume in the last 24hrs
That's really nothing for finex

I got my 64% back.

I'm thinking I'll need to use the courts to get the rest back but it's almost worth $5000 to not have to deal with the US justice religion.

[UngratefulTony]

I'm going to guess that the way Bitfinex has handled the debt is illegal on multiple levels and they are going to be hearing from the likes of CFTC again. You don't see anything like this happening in the real world.

Well,it's Bitcoin & Hong Kong....any more questions??  

Well I'm waiting for the pissed off (loss of face) China miners to announce an 8mb hard fork due to issues with such a timeline by bitcoin core...only reason we have not heard such
by now is Bitfinex mess..but wait for it .won't really effect me in that I mine LTC and BTC and hold mostly..but man the price will dump again imho on this new FUD fruitcake.

crypto: more drama than a Mexican soap opera

This is totally off base. Miners have been brought to heel re: the Blockstream vision, high fee, low throughput main chain, with payment channel contracts (LN) overlaid for the transactional layer. If they were going to do something else in the next 12 months, you would have heard about it by now.

This is not to say a fork is out of the question. It won’t come from the chinese miners though. It would be a spinoff coin, using the utxo and ruleset of Bitcoin, but without the 1MB4EVA and soft fork salad upgrade path. It will use GPUs for security, and will try to compete as a small minority fork, like ETC. If it receives any kind of demand, it could easily begin taking hash away from ETC and ETH. More decentralized mining, and higher throughput, free market capitalism will find a way.

[marcus_of_augustus]

^^ yeah a 'minority' coin that's only point of difference is 8 times the capacity of the main coin ... sounds logical

[Karartma1]

How are you guys with Bitfinex withdrawals? Any of you got your money out of that mess?
According to coinmarketcap Bitfinex had a 38000 BTC trading volume in the last 24hrs
That's really nothing for finex

I got my 64% back.

I'm thinking I'll need to use the courts to get the rest back but it's almost worth $5000 to not have to deal with the US justice religion.

I mean 64% is better than nothing considering you could have lost everything. I hope you will consider not to leave your coins on exchanges from now on. 

[kobilica]

How are you guys with Bitfinex withdrawals? Any of you got your money out of that mess?
According to coinmarketcap Bitfinex had a 38000 BTC trading volume in the last 24hrs
That's really nothing for finex

I got my 64% back.

I'm thinking I'll need to use the courts to get the rest back but it's almost worth $5000 to not have to deal with the US justice religion.

What about getting money for: emotional damage, them lying etc etc?

And if you think about courts.. why not find group of people that got scammed by bfx?

[marcus_of_augustus]

why is everyone so damned bearish?? ... it feels like a bottom.

[Elwar]

why is everyone so damned bearish?? ... it feels like a bottom.

Wasn't much downward pressure when the price was over $650 and that was before the halving. Plenty of room to go up up up.

[lord raiden]

why is everyone so damned bearish?? ... it feels like a bottom.

are we ?
http://bitcoinist.net/silk-road-auction-bitcoin-price/

In the past, bitcoin auctions have helped turn the price around, even if only temporarily, and many wonder if this new auction will bear similar results. If it does, we may be treated to another bitcoin spike very soon.

but to be honest, there's also some air below. I wouldn't start a long with leverage

[notme]

How are you guys with Bitfinex withdrawals? Any of you got your money out of that mess?
According to coinmarketcap Bitfinex had a 38000 BTC trading volume in the last 24hrs
That's really nothing for finex

It took 9 hours but my withdrawal came through.  I made it out with everything I put in - 0.05 btc.  I lost quite a bit of profit, but this worked out much better than how gox went down.  Luckily, I don't keep much in exchanges anyway.

[Torque]

It's about adding liquidity. You think bitcoin would be worth fuck all without trading? I'm done arguing with an idiot, moving on now.

Well, there'd be a discount, as buying and selling OTC carries a natural penalty. I'm not sure it would be worth "fuck all" however. There are plenty of illiquid assets that possess speculative value.

i'm with chesthing, "fuck all" is an exaggeration but obviously the biggest game in bitcoin town has been is likely to continue being for some time the buying and selling of bitcoins.
collectively traders have a high degree of control over price... and not only add liquidity but also bring prices higher and prevent and major jump/dip, if it drops like 30% in 5 min, you can bet your ass traders will buy it back up to 50% fib No questions asked.
IMO

Completely agree with this. For example, if it weren't for traders (and hackers) the 'coin-that-can't-be-named-here' would be worth "fuck all", aka zero right about now.  Its utility is effectively zero.

[Tzupy]

Buttfiness foiled my plan to gtfo via LTC (still not enabled LTC withdrawals) so I had to buy BTC and withdraw, which just completed the transfer to Kraken.