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

[Digikeys]

Trading halted on bitstamp?

Edit - NM.. back up.

[giszmo]

With your graceful permission, I will repost here my recent findings.

Summary: Bitcoin could act as the world's reserve currency in 2013 and after, as gold did in 1913 and prior. This would give BTC1 = $300,000 in present dollars. Please comment on the analysis, not the outcome.

Oh, ok so you say if Ƀ surpasses the $300,000 mark in 2013 $$, we should sell? Thanks for the heads up

I kind of appreciate your argument but don't agree on the outcome as there will always be a speculative aspect to it. 7.11 billion people? Hey, I have some extra money and will speculate on the next 8 billion also wanting ɃɃ, so the value should be $600,000.

Oh no please, that's why I said read the analysis first. Adding 8 billion people will likely not change the outcome.

Ok I read it again assuming I must have skipped that part but I don't see it. Where in your analysis is the argument that the value of Bitcoin would not go up if it was the one world currency for twice as many people than before?

[stereotype]

Who wants to declare an 'extrapolation-free' zone.

[BTCdude007]

Haven't heard much lately about the MtGox verification queue. Anyone know how backed up they are currently?

[Geist]

Haven't heard much lately about the MtGox verification queue. Anyone know how backed up they are currently?

When I queued up last Friday I was at position 20000, now I'm at 9800, so it is moving.

[samson]

Haven't heard much lately about the MtGox verification queue. Anyone know how backed up they are currently?

When I queued up last Friday I was at position 20000, now I'm at 9800, so it is moving.

Why are you verifying ? To make a withdrawal or pay money in ?

I have a feeling most of these verifications are for withdrawals.

[BTC Books]

I have a feeling most of these verifications are for withdrawals.

Why?

[Frozenlock]

Haven't heard much lately about the MtGox verification queue. Anyone know how backed up they are currently?

When I queued up last Friday I was at position 20000, now I'm at 9800, so it is moving.

Why are you verifying ? To make a withdrawal or pay money in ?

I have a feeling most of these verifications are for withdrawals.

I don't know for others, but if I had to remove money from MtGox, I would simply send the BTCs to an easier exchange and get money from them.
(In Canada, so it would probably be Cavirtex or Libertybit.)

[samson]

I have a feeling most of these verifications are for withdrawals.

Why?

I suspect a lot of people have made profit over the last month and will be wanting to withdraw some of it.

I know I'll be making a withdrawal at some point in the next couple of months. I'll be using a Euro exchange to do it though.

[rpietila]

Ok I read it again assuming I must have skipped that part but I don't see it. Where in your analysis is the argument that the value of Bitcoin would not go up if it was the one world currency for twice as many people than before?

As you can see, I employed quite few sources, just shot from the hip. What can be deducted from my analysis (given enough insight) is that a mere speculation of anything happening, and the following short squeeze on physical bitcoins, will not cause a rise in bitcoin's value, rather a fall of it.

Preposterous? No. As you withdraw physical from the market, the discount rate rises. The rise in discount rate is punishing you, since you give up a larger gain than would otherwise be the case, when holding bitcoins instead of holding real bills. The discount rate should be about 2% APR in the base case, so you do not have an incentive to try to corner the bitcoins. If you do, you enrich the others in your own expense. It is like buying high, selling low. And you don't have enough money anyway when BTC1 is valued to equal a suburban house...

When the population actually reaches 15 billion, this may coincide with the rise of purchasing power of 1 bitcoin, but it will happen over so many years that you will die of boredom first.

[seleme]

and gox down

[Jaroslaw]

And guess what after he will up theres go massive sells

[seleme]

And guess what after he will up theres go massive sells

not sure, people got kinda used on it and didn't react like that recently

[BTCdude007]

I have a feeling most of these verifications are for withdrawals.

Why?

I suspect a lot of people have made profit over the last month and will be wanting to withdraw some of it.

I know I'll be making a withdrawal at some point in the next couple of months. I'll be using a Euro exchange to do it though.

Well, these verifications are either to put fiat in or withdraw it. Any selling in BTC is probably over with.

[BTCdude007]

and gox down

I don't think gox is down. Trading is so slow that it appears to be down! Quite unusual.

[Geist]

Haven't heard much lately about the MtGox verification queue. Anyone know how backed up they are currently?

When I queued up last Friday I was at position 20000, now I'm at 9800, so it is moving.

Why are you verifying ? To make a withdrawal or pay money in ?

I have a feeling most of these verifications are for withdrawals.

Put money in right now. The only withdrawals I'll be making will be in bitcoins. Vive la Bitcoin!

[Jaroslaw]

Goxinator 2: Judgement Day.... "I'll be hacked"

[molecular]

I have a feeling most of these verifications are for withdrawals.

Why?

I suspect a lot of people have made profit over the last month and will be wanting to withdraw some of it.

I know I'll be making a withdrawal at some point in the next couple of months. I'll be using a Euro exchange to do it though.

Well, these verifications are either to put fiat in or withdraw it. Any selling in BTC is probably over with.

I actually have to verify to withdraw BTC. No reason given.

[seleme]

and gox down

I don't think gox is down. Trading is so slow that it appears to be down! Quite unusual.

no, it was down. site was not accessible or barely so, guess it was ddos

[yeemartin]

I can login ok, and there is no lag, but trading volume  is very low for the last 30 minutes or so. Very strange.