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

[LFC_Bitcoin]

Before you claim such things, you need proof. NSA did a lot of things but I strongly doubt Bitcoin was one of their inventions.

Obviously, why the hell would the NSA actively try to help people avoid government taxes & make anonymous money transfers.

I highly doubt that the NSA had anything to do with the invention & continued development of bitcoin.

[kobilica]

Only connection it has is that people working in NSA are cryptography experts.. but so are lots of academics working in FinTech, Database programming, IT Security experts.. Mathematicians ...

[DeathAngel]

Slight relief in the ridiculous drop in price we've been experiencing since Bitfinex fucked everything up for us.
According to Stamp we're actually up nearly $10 in the daily change.

Onwards & upwards.

[Torque]

How can 1.6 millions $ or 2700 BTC affect the market?  This ammount of volume is traded in one minute on big exchanges  

Because the pumpers are all about screwing over every single auction winner, by pushing the market price as high as possible to the day of the auction. Go back and look at all the other prior auction days, there's been a pre-auction pump like clockwork.

[kobilica]

true but... auctions also had much more bitcoins.

[Meuh6879]

NSA didn't create Bitcoin.

MK Ultra is not a branch of the NSA ... after all.

[gentlemand]

Because the pumpers are all about screwing over every single auction winner, by pushing the market price as high as possible to the day of the auction. Go back and look at all the other prior auction days, there's been a pre-auction pump like clockwork.

Tim Draper's result aside, we don't know what prices any of the other auctions fetched. We did hear from unsuccessful bidders and the gist seemed to be they were lowballing quite significantly.

Still, exchanges intentionally screwing the bidders is kind of fun.

[Syke]

Obviously, why the hell would the NSA actively try to help people avoid government taxes & make anonymous money transfers.

You only *think* bitcoin is anonymous.

[kobilica]

NSA didn't create Bitcoin.

MK Ultra is not a branch of the NSA ... after all.

MK Ultra was evil research group, that researched psychology of human. It was not math related research group.

[kobilica]

Obviously, why the hell would the NSA actively try to help people avoid government taxes & make anonymous money transfers.

You only *think* bitcoin is anonymous.

True, it's not.

[Denker]

Before you claim such things, you need proof. NSA did a lot of things but I strongly doubt Bitcoin was one of their inventions.

I can not believe this as well.
Bitcoin goes against everything, governments and any agency in the world is looking for.
I mean how should they benefit from a decentralized network where they have absolutely no control about the individual users and much more important about their money?!

[hdbuck]

Obviously, why the hell would the NSA actively try to help people avoid government taxes & make anonymous money transfers.

You only *think* bitcoin is anonymous.

True, it's not.

it is, if you really want to.

[XCASH]

Because the pumpers are all about screwing over every single auction winner, by pushing the market price as high as possible to the day of the auction. Go back and look at all the other prior auction days, there's been a pre-auction pump like clockwork.

Tim Draper's result aside, we don't know what prices any of the other auctions fetched. We did hear from unsuccessful bidders and the gist seemed to be they were lowballing quite significantly.

Still, exchanges intentionally screwing the bidders is kind of fun.

It's almost back up to $580 on stamp again. If it's pumpers screwing the bidders I hope they pump it back above $600, or better than that $700. They only have to buy 4000 coins on stamp, and 2700 coins on finex to hit that $700+ target.

[kobilica]

Obviously, why the hell would the NSA actively try to help people avoid government taxes & make anonymous money transfers.

You only *think* bitcoin is anonymous.

True, it's not.

it is, if you really want to.

Correct, you have point, but only if:

If you don't convert to fiat - it is. As soon as you convert to fiat, you might be seen by someone / pictured by camera ATH.

[petahashminer]

So, price on friday above $600 , or down again?

there is a significant rise in the last two hours.

[JayJuanGee]

I think the Bitfinex hack has more of us on edge because at least with MtGox there were months and months of warning signs including the inability to withdraw your fiat, their dwolla account being closed, etc. So most people who had any intelligence got out. The only people still on MtGox before it was "hacked" were taking advantage of wild swings due to pure chaos on the exchange.

With Bitfinex it was seen as fairly secure because it had been around as long as most of the older exchanges, it had gone through a lot of transparent security measures and everyone felt fairly confident in the exchange (as confident as you can be). I even used to recommend to people that they use Bitfinex to loan their fiat for 20-30% yearly. They would tell me that such returns required high risk. My response was that since each loan was paid back the only risk was the exchange going under, which was not likely.

This is not a faulting of Bitcoin itself, but people might not feel very confident putting any money on any exchange if Bitfinex could be hacked. This cuts down on the speculation aspect of Bitcoin which contributes to the price. It is just a matter of time without an exchange hack to get people to feel more confidence in trading again.

When it comes down to it, most of Bitcoin's problems tend to come from the interactions with the fiat system.

In the short term, it's going to be a good buying opportunity. Long term we're still solid.

I am not even sure if the above bolded statement is true.  Probably, mostly true, but there are also some problems with irreversibility and loss of passwords that take a certain amount of precautions... but even if it is mostly true, we cannot really get too worked up about "the problems with bitcoin coming from interaction with fiat" because there is no real way to wish that away or to attempt to minimize it in the short term - we have systems that are more than 99% in fiat.. and likely not going to achieve meaningful divergence from such fiat systems, in the short to medium term, so we really have to "deal with" these fiat interaction issues and figure out ways to either lessen or spread such risks.

I think we first go short, then long to a new highs...

Sounds like you are talking your book... There is no reason that we go short before we go long...

There have already been several downward attempts on the price, and sure you could be correct that there will be another one or that the next downward attempt (if there is one) will be successful, but certainly, you gotta be careful, at this point regarding how much you were to bet on downwards.

Well, as you can see, we go down now... Maybe we go down a little bit more before the uptrend resumes.

GL on your trades

I don't see that we are going down at this particular time....

You still seem to be in a kind of fantasy thinking....

It is kind of a trading phenomenon that we cannot always determine where we are at when we are in the midst of it, not with any meaningful degree of certainty (unless we happen to be a decent sized whale or someone with greater insider information than the average person)...

But, anyhow, in one of my recent posts, I had suggested that it is beginning to appear that more or less we are in about a $550 to $590 price range for the past couple of weeks... and accordingly, I would not get too worked up about calling one direction or another until we either get close to breaking out of the range or we actually break out of the range.

Frequently, posters here, either the trolls or the ones who are too emotional about their current bitcoin position, have a kind of tendency to attempt to call the trend (or the break out) too early...   And, for whatever reason, your recent posts seem to fit in that category of calling matters way too early - which ends up being a mischaracterization regarding what seems to be actually taking place...  

[kobilica]

https://www.reddit.com/r/Bitcoin/comments/4xz8je/bitstamp_working_on_adding_support_for_ledger_and/

It's not implemented yet, and I didn't red article carefully. Btw, Trezor wallet = hardware wallet.

[savetherainforest]

When it comes down to it, most of Bitcoin's problems tend to come from the interactions with the fiat system.

~$70 million of their problems came from their oh-so-clever 2-of-3 wallet implementation.
If not for "the fiat system" they wouldn't have a business (which, as I understand it, is exchanging BTC into fiat and back again).

Once you have bitcoins you shouldn't need to go back to the fiat system and all the problems that come with it.

Get real, Elwar.

I am not trying to be argumentative with you, but merely because you are making an attempt to detach yourself from fiat does not justify that others should engage in such efforts to make meaningful attempts in that fiat detachment direction.  

Your proposal is just not realistic for a very large majority of folks who are not going to want to put so much of their financial future into bitcoin and such a likely to continue to be volatile situation.

Actually what he speaks is actually very true. But you just need to find places with enough infrastructure to support that. Like a village or city where everyone uses just BTCitcoin.


*Edit: If you have at least an almost closed circuit economy. Self sustainable in a degree of ~50% at least. Then you will have less and less contact with the fiat system, and you will have less tendencies to indulge the fiat corruption or to keep feeding their repetitive money laundering system.

[gentlemand]

https://www.reddit.com/r/Bitcoin/comments/4xz8je/bitstamp_working_on_adding_support_for_ledger_and/

It's not implemented yet, and I didn't red article carefully. Btw, Trezor wallet = hardware wallet.

Check the tweets below. It's nothing to do with how the exchange itself operates, it's for customer Trezors to interact with it. Hopefully it'll lead to more.

[Elwar]

When it comes down to it, most of Bitcoin's problems tend to come from the interactions with the fiat system.

~$70 million of their problems came from their oh-so-clever 2-of-3 wallet implementation.
If not for "the fiat system" they wouldn't have a business (which, as I understand it, is exchanging BTC into fiat and back again).

Once you have bitcoins you shouldn't need to go back to the fiat system and all the problems that come with it.

Get real, Elwar.

I am not trying to be argumentative with you, but merely because you are making an attempt to detach yourself from fiat does not justify that others should engage in such efforts to make meaningful attempts in that fiat detachment direction. 

Your proposal is just not realistic for a very large majority of folks who are not going to want to put so much of their financial future into bitcoin and such a likely to continue to be volatile situation.

My own attempt to detach from fiat is not just for myself but to prove that it can be done. And it can. My location or the infrastructure around me is a lot more difficult than it is for most people as I am in a foreign country where I do not even speak the language.

Sure, in places without the Internet it may be difficult. I defer to those places alternatives to Bitcoin.

Telling the first people with telephones that people will not want to invest in these expensive devices that can only be used to talk to a few people who also have telephones that they should just stick with the telegraph because a large majority of folks are not going to put up with such large hassle and expense with so few rewards.

Volatility goes away when those majority of people are using Bitcoin. And the fiat system will go the way of the telegraph.