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

[the artful bodger]

Verify:

OKcoin get fined by The Higher People's Court of Heilongjiang Province,the judge is finished at July 14th,and put online at July 29th.This judge is beyond most people's awareness because the company and and other peer companies didn't want to spread the news until today(20160813) The Securities Times(in Chinese is 证券时报）criticized that blockchain trading should be subject to legal supervision by describing a recent case in a passage without naming the defendant is OKcoin.
As we all know,Chinese authority’s attitude towards bitcoin is restricting the use and prohibiting bitcoin links to the Substantial Economy.Since this judge is the first judge that the major Chinese bitcoin exchange is the defendent,we can get some real concerns of the athority by analyzing the judgments.
○The business on OKcoin is illegal
"Lekuda company’s main business is OKCOIN ,which is a virtual currency exchange.It provides customers with a web space to exchange virtual assets and it profits by charging its clients fees (0.2%-0.4%) . Its dealings in accordance with the the 22nd Case of Network Management of Transactions (in Chinese 《网络交易管理办法》. According to this law,if the company wanted to provide online trading business,it should register at the administration of Industry and Commerce and get a business license.Lekuda company registered business scope only include such areas:technology development, transfer of technology, technical services, technical marketing, consulting and investment management.Trading bitcoin for profit-making purpose is beyond the range permitted by the administrative authorities . "

 → It shows OKcoin runs the business without approval
○OKcoin(it refers to okcoin.cn) is not recorded at the Telecommunications authorities of China "To the end of the trial, Lekuda failed to provide related materials recorded at the Telecommunications Authority registration .The address/domain name record information is not stamped with the seal of the Department, and it could not prove its effectiveness "
 →In China,every online service provider should be registered at the Telecommunications authorities. It shows OKcoin lacks the recorded approval documents ,so it cannot provide online service in mainland China
○OKcoin failed to strictly review the real names of every user,which makes it easy for money washing by bitcoin This case is caused by a criminal utilizing the loose review of user's real names in OKcoin .The criminal first cheated a company a large sum of money(12 million RMB,or 1.8 million US dollars),then used ID cards bought online to open up an acounts at OKcoin,at last used the money to buy Bitcoins and withdrawed in Macao.
 →Since the Chinese authorities prohibited any third-party payment services linking to bitcoin trading in 2014,the exchanges in China had to use the the accounts of its employee or other companies,a loose review of the real names increase the risk of money laundering,which the Chinese authorities would not like to see.They are afraid of the money flee from China.

https://www.reddit.com/r/Bitcoin/comments/4xjtcw/okcoin_fined_by_chinese_court_for_helping/

Thank you, this is something to keep an eye on. It could turn very bearish if Chinese authorities would decide to shut down the mainland exchanges.

Not just bearish.... If Okcoin and even Huobi would get shut down with all the BFX shit on top this could throw back Bitcoins trust to the early Gox days.

Could be FUD as well. No source so far.

If you read all the comments in that reddit thread you will find this one by btcdrak. He says it's only a civil case, not a criminal case, and he posts a link to the original judgement. If it was a criminal case it would worry me, but a civil case is less serious for bitcoin in China.


https://www.reddit.com/r/Bitcoin/comments/4xjtcw/okcoin_fined_by_chinese_court_for_helping/d6g4oxi

btcdrak 54 minutes ago

The original judgement is here: http://wenshu.court.gov.cn/content/content?DocID=ce26a599-64e9-44ab-96fd-b04617d482b4&KeyWord=

EDIT: it is actually not "fined" it's a civil case, okcoin has to pay the victim for 40% of their loss.

It's important to note that all Chinese exchanges have been operating in a grey area since day 1. This judgement refers to okcoin.cn, not the .com site which is a separate business afaik.

EDIT 2: The case is from 2014, this is the OKCoin appeal, which they lost.

[savetherainforest]

So zooming out to 1d on the chart, from 5/24, bitcoin is just looking like your typical PnD bubble that we've seen so many times before.  A blow off top, followed by long legs down.  

Looks like it could eventually deflate all the way back to ~450.  

I think so its slowly going down to healthy ground...to 400$..till next pump

400$ ... that is impossible ... maybe only if the dollar doubles its value.

Miners where complaining when it was $300-350$ that it is too low, and they said they need at least $400+ to be prosperous. Meaning that their cartel, with half of the coins they where getting then making them now to need at least $650-700$ to be relaxed and $900+ to have no worries. But considering that there will be barely 4 million more coins in the next 12 years that will be semi-easy to mine, their supply is on thin ice till mass adoption. Meaning there will be a time when they will hold all and stop selling.

[European Central Bank]

Hey guys. My first post on here. Been reading the forum for around 6 months now and thought its about time I made a post. Why is it so quiet on the coin front at the mo. It's always so intense! I only hold 2 coins purchased with 'pocket' money every month so not on the same level as you guys!

I think you'd be surprised how few coins a lot of people who've been here for a long time have. two coins would make you the envy of a bunch of them.

as for why it's so quiet, that's the norm pretty much. pumps and falls are followed by long periods of nothing. let's see how long this one goes on for but I think this phase has the possibility of going scary quite quickly.

[boXXer]

Hey guys. My first post on here. Been reading the forum for around 6 months now and thought its about time I made a post. Why is it so quiet on the coin front at the mo. It's always so intense! I only hold 2 coins purchased with 'pocket' money every month so not on the same level as you guys!

I think you'd be surprised how few coins a lot of people who've been here for a long time have. two coins would make you the envy of a bunch of them.

as for why it's so quiet, that's the norm pretty much. pumps and falls are followed by long periods of nothing. let's see how long this one goes on for but I think this phase has the possibility of going scary quite quickly.

Oh really! I assumed everyone on here has 10+ by he way they talk.

Do you think scary up or scary down! 

[European Central Bank]

Oh really! I assumed everyone on here has 10+ by he way they talk.

Do you think scary up or scary down! 

that's not the impression I get about holders. i'm sure there are some big swinging dicks and they're clever enough to keep quiet but there are polls on here quite often and thw answers are either a surprisingly large amount or a surprisingly pitiful amount and not much in the middle.

i'm going for scary down because maybe bitfinex going more wrong might scare the traders. let's see. if you're here for the long haul none of that matters anyway.

[boXXer]

Oh really! I assumed everyone on here has 10+ by he way they talk.

Do you think scary up or scary down! 

that's not the impression I get about holders. i'm sure there are some big swinging dicks and they're clever enough to keep quiet but there are polls on here quite often and thw answers are either a surprisingly large amount or a surprisingly pitiful amount and not much in the middle.

i'm going for scary down because maybe bitfinex going more wrong might scare the traders. let's see. if you're here for the long haul none of that matters anyway.

Deffo in for the long haul. I'm slowly buying coins up with spare money and trying to get my friends into it too. I only found out about Bitcoin approx 6 months ago!

[European Central Bank]

Deffo in for the long haul. I'm slowly buying coins up with spare money and trying to get my friends into it too. I only found out about Bitcoin approx 6 months ago!

there'll never be more than 10 million people who can own more than you. when you include whales, lost coins and satoshi's coins that number falls a whole bunch more.

[BlindMayorBitcorn]

It's called scaling sideways^TM.

QFT.

 

Ok ya but for gods sake don't buy any of them. In fact I recommend staying out of politics all together.

Oh, ok, I'll faithfully keep propping up the value of your favorite brand of bag, apolitically, of course.

I don't recommend that. 

[JimboToronto]

Deffo in for the long haul. I'm slowly buying coins up with spare money and trying to get my friends into it too. I only found out about Bitcoin approx 6 months ago!

It's never too late (yet) to discover Bitcoin. Those of us who paid dollars instead of pennies may feel we missed the boat but those who paid triple digits think of us as early adopters. The day will come when anyone who paid less than $1000 will be considered an early adopter.

Buying bitcoins with spare money is the only way to go. Never spend money on a speculative asset unless you can afford to lose it.

As for trying to get your friends into it, that's a losing proposition. Better to make them aware of it and if they don't participate, rub their noses in it later. If you promote them and they buy high and lose money short-term, they'll use you as a scapegoat for their own failure.

Congratulations for deciding on the long haul.

[boXXer]

Deffo in for the long haul. I'm slowly buying coins up with spare money and trying to get my friends into it too. I only found out about Bitcoin approx 6 months ago!

It's never too late (yet) to discover Bitcoin. Those of us who paid dollars instead of pennies may feel we missed the boat but those who paid triple digits think of us as early adopters. The day will come when anyone who paid less than $1000 will be considered an early adopter.

Buying bitcoins with spare money is the only way to go. Never spend money on a speculative asset unless you can afford to lose it.

As for trying to get your friends into it, that's a losing proposition. Better to make them aware of it and if they don't participate, rub their noses in it later. If you promote them and they buy high and lose money short-term, they'll use you as a scapegoat for their own failure.

Congratulations for deciding on the long haul.

Hi man! It would be awesome to see a $1k coin one day. It needs someone like Amazon/Ebay to adapt the payment system and then we will all be laughing with any luck!

Thanks for the tip on 'buy what you can afford to lose'. I read that somewhere on this thread a long time ago and it put things into perspective. Especially with the guy who sold his house and put it all into Bitcoin. That's confidence right there!

Good idea about the friends thing. I've not been pushy but just showed them how much I'm 'up' after a couple of months of reading and watching the price.

[Meuh6879]

* Use of not limited network may be, cough, limited, to less than a total of 4 transactions per second on planet Earth.

0.13 RC3 :

Code:

Merge #8489: Bugfix: Use pre-BIP141 sigops until segwit activates (GBT)
qa/rpc-tests/segwit: Test GBT sigops before and after activation

Soon ...

[nioc]

Is it April yet?

[JayJuanGee]

Deffo in for the long haul. I'm slowly buying coins up with spare money and trying to get my friends into it too. I only found out about Bitcoin approx 6 months ago!

It's never too late (yet) to discover Bitcoin. Those of us who paid dollars instead of pennies may feel we missed the boat but those who paid triple digits think of us as early adopters. The day will come when anyone who paid less than $1000 will be considered an early adopter.

Buying bitcoins with spare money is the only way to go. Never spend money on a speculative asset unless you can afford to lose it.

As for trying to get your friends into it, that's a losing proposition. Better to make them aware of it and if they don't participate, rub their noses in it later. If you promote them and they buy high and lose money short-term, they'll use you as a scapegoat for their own failure.

Congratulations for deciding on the long haul.

Hi man! It would be awesome to see a $1k coin one day. It needs someone like Amazon/Ebay to adapt the payment system and then we will all be laughing with any luck!

Thanks for the tip on 'buy what you can afford to lose'. I read that somewhere on this thread a long time ago and it put things into perspective. Especially with the guy who sold his house and put it all into Bitcoin. That's confidence right there!

Good idea about the friends thing. I've not been pushy but just showed them how much I'm 'up' after a couple of months of reading and watching the price.

Regarding your friends, and telling them about bitcoin,   I agree with Jimbo's suggestion - merely to inform them about bitcoin  in whatever way that they are interested, and if they are not interested don't push it.

Actually, I would not get into too many details regarding your own holdings and the extent to which you are profitable - unless those kinds of details become more relevant to their attempting to decide what to do.

They have to decide what to do based on current price and not past price performance, and even you have the potential to lose everything that you invested and all of your current level of gains.

I employed a similar strategy for more than 2.5 years, at least to the extent that I bought with extra money that I had, and I never used money that I needed for my living expenses and I had other investments too (for retirement planning, etc). 

So, if you continue to buy with extra available money, over time you will acquire a large holdings in bitcoin and at some point, you will feel that your holdings in bitcoin is sufficiently balanced with your other financial holdings - even though periodically, since bitcoin's price has had a tendency to be very volatile (which is likely to continue for some time into the future) you may need to reassess the values of your various financial holdings and consider whether you want to reallocate in such a way that remains comfortable to your total situation (accounting for at least your view of bitcoin, risk tolerance, financial diversification, cash flow and timeline).

[JayJuanGee]

Is it April yet?

Not quite April yet.  Are you in a rush for something?  Can you enjoy what we have?

[boXXer]

Deffo in for the long haul. I'm slowly buying coins up with spare money and trying to get my friends into it too. I only found out about Bitcoin approx 6 months ago!

It's never too late (yet) to discover Bitcoin. Those of us who paid dollars instead of pennies may feel we missed the boat but those who paid triple digits think of us as early adopters. The day will come when anyone who paid less than $1000 will be considered an early adopter.

Buying bitcoins with spare money is the only way to go. Never spend money on a speculative asset unless you can afford to lose it.

As for trying to get your friends into it, that's a losing proposition. Better to make them aware of it and if they don't participate, rub their noses in it later. If you promote them and they buy high and lose money short-term, they'll use you as a scapegoat for their own failure.

Congratulations for deciding on the long haul.

Hi man! It would be awesome to see a $1k coin one day. It needs someone like Amazon/Ebay to adapt the payment system and then we will all be laughing with any luck!

Thanks for the tip on 'buy what you can afford to lose'. I read that somewhere on this thread a long time ago and it put things into perspective. Especially with the guy who sold his house and put it all into Bitcoin. That's confidence right there!

Good idea about the friends thing. I've not been pushy but just showed them how much I'm 'up' after a couple of months of reading and watching the price.

Regarding your friends, and telling them about bitcoin,   I agree with Jimbo's suggestion - merely to inform them about bitcoin  in whatever way that they are interested, and if they are not interested don't push it.

Actually, I would not get into too many details regarding your own holdings and the extent to which you are profitable - unless those kinds of details become more relevant to their attempting to decide what to do.

They have to decide what to do based on current price and not past price performance, and even you have the potential to lose everything that you invested and all of your current level of gains.

I employed a similar strategy for more than 2.5 years, at least to the extent that I bought with extra money that I had, and I never used money that I needed for my living expenses and I had other investments too (for retirement planning, etc). 

So, if you continue to buy with extra available money, over time you will acquire a large holdings in bitcoin and at some point, you will feel that your holdings in bitcoin is sufficiently balanced with your other financial holdings - even though periodically, since bitcoin's price has had a tendency to be very volatile (which is likely to continue for some time into the future) you may need to reassess the values of your various financial holdings and consider whether you want to reallocate in such a way that remains comfortable to your total situation (accounting for at least your view of bitcoin, risk tolerance, financial diversification, cash flow and timeline).

Some good advice there and Deffo taken onboard. Thanks for that

[JimboToronto]

It needs someone like Amazon/Ebay to adapt the payment system and then we will all be laughing with any luck!

Don't count on that happening soon. E-tailers want the refunds that credit cards and Paypal offer. The banks and Paypal make good money moving other people's money around. They don't want to promote other systems, especially ones that are faster and cheaper.

I used to get pissed off because Paypal wouldn't accept Bitcoin deposits. They could be making a commission on each transaction as surely as they do on my CAD/USD transactions. They'd also make their standard end on the eBay sale.

Because I don't use credit cards, transferring dollars to my Paypal account takes a week (5 "business" days) and costs a fee. This means missing out on bargains and buy-me-nows I might have jumped on. I try to keep a reasonable balance in my account but sometimes a larger amount is required. They're missing out on a lot of business by not accepting Bitcoin.

Obviously, they have greater concerns than immediate revenues and profits.

[Meuh6879]

Is it April yet?

are Bitcoin network is Offline ?
are the mempool is too high for transactions on Bitcoin network ?

no.

so, SegWit is an evolution.
we build the futur.

[yefi]

I think you'd be surprised how few coins a lot of people who've been here for a long time have. two coins would make you the envy of a bunch of them.

Damn yo, be some broke-ass niggas up in here.

[JimboToronto]

Damn yo, be some broke-ass niggas up in here.

Not everybody is a banksta. 

[European Central Bank]

Damn yo, be some broke-ass niggas up in here.

it's possible that one day in the future 2 btc might elicit gasps from the posters on here. I see a bunch of people regularly fantasizing about owning 21 btc which is almost attainable for mere mortals but not all that many have over 10 grand lying around to bet.

not so long ago it would've been 2100. maybe 2.1 will be the new 2100 sooner than we expect.