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

[arklan]

anyone got any links regarding the wells fargo connection with finex? i've seen it mentioned upthread a couple times that the Taiwanese banks blocks deposits is due to wells fargo, but seen no evidence of that. little help?

[Killerpotleaf]

btw, tether supply increased by 20% 7 hour ago

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

+160% increase since 1rst of march

i think we found how they paid back everyone ))

Never looked into Tether. Seemed impossible on its surface. How is the peg maintained? Don't know, don't care - it is an inherent impossibility.

Issue 1:1 ratio between Tether and USD held in reserve.  In theory, settlements would result in USD passed to the customer, Tether passed back to the originator, then Tether being destroyed.

right it works just fine, but there is an element of trust, you must trust the poeple who manage Tether to hold full reserves.

I think in the coming years we could see somthing very similar to USDT but issued and managed by some real bank, Or Tether will continue to grow and Become a 'real bank'; when i say "real bank" i mean the kind of bank that can legally operate with ~10% held in reserve  

[Killerpotleaf]

anyone got any links regarding the wells fargo connection with finex? i've seen it mentioned upthread a couple times that the Taiwanese banks blocks deposits is due to wells fargo, but seen no evidence of that. little help?

i guess a good source of info would be:

https://www.bitfinex.com/posts

We understand that Bitfinex is a victim of correspondent bank de-risking, targeting money service businesses (MSBs) in general and “virtual currency” exchanges in particular.

if the ETF had been approved it would be on fire right now.

[r0ach]

Watching Bitfinex exitpump with music like this : https://www.youtube.com/watch?v=wZkTh_T75QY&index=20&list=RDnBhpiUFSYWI

Love to be in this btc world.

That's not the Bitfinex theme song.  This is the Bitfinex theme song:

https://www.youtube.com/watch?v=VcXV1Pm77h4

[gentlemand]

Okcoin.com (not CN) chucking in USD as well. Perhaps they bank in Taiwan too. I'm not sure.

[gembitz]

btw, tether supply increased by 20% 7 hour ago

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

+160% increase since 1rst of march

i think we found how they paid back everyone ))

Never looked into Tether. Seemed impossible on its surface. How is the peg maintained? Don't know, don't care - it is an inherent impossibility.

^TETHER is a mastercoin spinoff~~~somewhat legit however ultimately questionable bloat to the blockchain scaling problems etc..

[bitserve]

btw, tether supply increased by 20% 7 hour ago

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

+160% increase since 1rst of march

i think we found how they paid back everyone ))

Never looked into Tether. Seemed impossible on its surface. How is the peg maintained? Don't know, don't care - it is an inherent impossibility.

^TETHER is a mastercoin spinoff~~~somewhat legit however ultimately questionable bloat to the blockchain scaling problems etc..

So Tether is something like this... There is a business that has a bank account in which there are some million dollars deposited.

For each dollar they issue 1 Tether. So we must trust that they are only issuing 1 tether for each USD deposited. We also need to trust the company won't go bankrupt for whatever reason. We must also trust that no agency/goverment will seize the funds of the bank accounts, again for whatever reason. We also need to trust that even if none of the previous happens, that no intermediary bank will reject the transfer when we request the USD value. Also, there's no interest paid on the deposit and, in the best possible scenario, we will be able to recover the exact devalued USD value.

I don't get it.

[harrymmmm]

Lol.
Gold bugs panic (in the comments) when mike maloney says there's a place in the prepper's portfolio for bitcoin.

https://www.youtube.com/watch?v=iCPeQyA_jug

[Killerpotleaf]

btw, tether supply increased by 20% 7 hour ago

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

+160% increase since 1rst of march

i think we found how they paid back everyone ))

Never looked into Tether. Seemed impossible on its surface. How is the peg maintained? Don't know, don't care - it is an inherent impossibility.

^TETHER is a mastercoin spinoff~~~somewhat legit however ultimately questionable bloat to the blockchain scaling problems etc..

So Tether is something like this... There is a business that has a bank account in which there are some million dollars deposited.

For each dollar they issue 1 Tether. So we must trust that they are only issuing 1 tether for each USD deposited. We also need to trust the company won't go bankrupt for whatever reason. We must also trust that no agency/goverment will seize the funds of the bank accounts, again for whatever reason. We also need to trust that even if none of the previous happens, that no intermediary bank will reject the transfer when we request the USD value. Also, there's no interest paid on the deposit and, in the best possible scenario, we will be able to recover the exact devalued USD value.

I don't get it.

right, but same thing for USD on an exchange.
USDT is just placing that same trust you extend an exchange to tether and then you get the added bonus of being able to move USDT around ( from one exchange to another) easily
you can also use USDT in OMNI's decentralized exchange.

questionable bloat to the blockchain scaling problems

right, OMNI aka mastercoin creates dust TX with high fees ( because slightly bigger then normal TX ), on the blockchain it look like someone paid 20 cents to move 2 satoshis, aka Le SPAM. But when you consider someone could move 1000's of USDT for cents, this spam isn't about to go away...

[Wekkel]

Meanwhile, medium term double top forming...

[JayJuanGee]

Meanwhile, medium term double top forming...

And what is that supposed to mean? 

We have been at the top for almost 4 months.. yeah, there have been a couple of dips in there, but we are floating in topsie territory, and in bitcoin land, what does it mean?

I doubt that you can really use traditional technical analysis -  in order to understand where we are going next.

Surely, I would love to get a bit of another correction - because there have only been a couple of corrections in the past four months - and I am feeling like I have too much cash and not enough bitcoin for when this bad boy leaves the rocket docket.   

[becoin]

For each dollar they issue 1 Tether. So we must trust that they are only issuing 1 tether for each USD deposited. We also need to trust the company won't go bankrupt for whatever reason. We must also trust that no agency/goverment will seize the funds of the bank accounts, again for whatever reason. We also need to trust that even if none of the previous happens, that no intermediary bank will reject the transfer when we request the USD value. Also, there's no interest paid on the deposit and, in the best possible scenario, we will be able to recover the exact devalued USD value.

I don't get it.

It's easy.

It's just the same if you have your USD deposited in a bank. You need to trust the bank won't go bankrupt for whatever reason. You must also trust that no agency/government will seize the funds of your bank account, again for whatever reason.

[bartolo]

It seems that, even with the situation around Bitfinex, the price of Bitcoin has risen slightly these days to be placed around the 1200 dollars, although today it has lowered slightly but it is maintained by that rank. It will be necessary to see if the situation of Bitfinex is clarified soon and how it affects in such case the price.

[simmo77]

Meanwhile, medium term double top forming...

And what is that supposed to mean?  

We have been at the top for almost 4 months.. yeah, there have been a couple of dips in there, but we are floating in topsie territory, and in bitcoin land, what does it mean?

I doubt that you can really use traditional technical analysis -  in order to understand where we are going next.

Surely, I would love to get a bit of another correction - because there have only been a couple of corrections in the past four months - and I am feeling like I have too much cash and not enough bitcoin for when this bad boy leaves the rocket docket.  

Wekkel - I think what JJG wanted to say was "Please show your work".

JJG - 4 sentences, could have been 4 words. Seriously dude calm the fuck down. Try to be less verbose and less emotional and you'll find people engage more.

[GreekGeek]

does anyone know if bitfinex allows withdrawals in fiat other than USD ( EUR, CHF, etc.) ?

[gentlemand]

does anyone know if bitfinex allows withdrawals in fiat other than USD ( EUR, CHF, etc.) ?

They're doing withdrawals in Swiss Francs and Hong King Dollars. Stuff like EUR and a few others is supposedly in the pipeline.

[GreekGeek]

does anyone know if bitfinex allows withdrawals in fiat other than USD ( EUR, CHF, etc.) ?

They're doing withdrawals in Swiss Francs and Hong King Dollars. Stuff like EUR and a few others is supposedly in the pipeline.

thanx

[becoin]

Meanwhile, medium term double top forming...

And what is that supposed to mean? 

I'll translate for you:

I've sold my bitcoins for altcoin crap. I feel better if I'm a millionaire of... well, whatever. But bitcoin price is unwilling to drop and now I'm starting to panic.

[york780]

I dont see a drop? Looks like only way is up.

[xxxgoodgirls]

Hold strong my friends