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

[FractalUniverse]

Its breaking up through 2450 resistance on finex finaly

interesting that btc-e and bitstamp didnt get past res yet

[FractalUniverse]

stamp breaking up as second, while btc-e was going lower.. wtf? 

[JayJuanGee]

guys, we are getting segwit!  

are we rich yet??  

How?

When?

If true, that sounds GREAT!!!!!!!


I am citeeeeeeeeeee!

[luckygenough56]

Wow good news

so down we go ?

[bitserve]

Any good news  ?

Segwit2x compatibility with Bip 148 is becoming a reality. Pools are already starting to announce support.

https://www.reddit.com/r/Bitcoin/comments/6hmof7/an_attempt_at_explaining_segwit2x_and_bip_148/

https://twitter.com/excellion/status/875767027784273920



https://twitter.com/Bixincom/status/875760525757399040


ViaBTC announced too. People in separate camps are still so dug in that news is developing slowly. Just as the Bitmain announcement made some UASF folks freak out (despite it being seen as good news by others in that camp), this information will take some time to emerge and fully sink in. It seems the tide is turning here. For the better.


I will say this. A lot of longs are being taken out right now.

Yeah this is indeed some great news!
We will get SegWit as wished, without any modifications, and the HF stuff will come later.
However does anybody here if it really will kill ASICBOOST now?
I'm not that deep into the technical stuff and some opinions seems to differ here.
Antpool and Bitmain will probably the last ones to signal. But I'm sure they will do.

Who cares about ASICBOOST? As long as Segwit is implemented and the scalling issue is closed Bitcoin will skyrocket. If Bitmain keeps having an advantage over other miners by using ASICBOOST is mainly a miner's problem. I am only against ASICBOOST in that it has been the reason for blocking progress on Bitcoin. Other than that I don't really care.

[jbreher]

So I've decided to port myself into the Ethereum public chain as an ERC20 token.. Thoughts on this?

Aren't you just a little bit worried that your bid for the immortality of your consciousness will backfire when Ethereum gets strangled by the failure of their sharding mechanism?

[bitserve]

They're also trying to make it hard to cash out in to a house in the UK http://www.transparency.org.uk/unexplained-wealth-orders-a-brief-guide/
*dekulakisation intensifies*

It's not exactly hard. Show them your exchange buys or mining records. Show them the sale. Dig out some old private keys if necessary. Pay yer tax. Away you go.

That's not to say your bank won't have kittens anyway but you're not doing anything wrong. You're cashing in profits on something you own just as you would with shares or a classic car. Just dig out some proof of ownership.

The actual law won't treat crypto any differently than anything else. Banks might be a different matter.

Yep. But they were talking about declaring that one of the last purchased BTC (at a much higher buying price) is the one being sold. That completely ignores FIFO (First In First Out) that I supposse is a standard on most western countries.

[jbreher]

But one thing I don't understand: how can the Powers That Be (central banks, GSachs etc) keep the price low if they have to continually buy? Dump, dump dump... what do they do when the ammo's over? Buy again at a presumably higher price? Every single btc that gets bought by someone else at those lower prices will eventually push the actual rebuying price higher. Or is something escaping me?

Oh oh. Now you dunnit. You just asked the question that always shuts 'em up.

[Dabs]

Yep. But they were talking about declaring that one of the last purchased BTC (at a much higher buying price) is the one being sold. That completely ignores FIFO (First In First Out) that I supposse is a standard on most western countries.

All my bitcoins were purchased about one month ago. I can show you records. I bought it from a guy in the corner of some street, I don't know where, and I can't find him anymore, but here it is in the block explorer. That's my very first one. The next one is a few days later. See, here. (pointing to a print out of blockchain.info or any other block explorer and the paper wallet in question.)

I bought bitcoins because I saw it on CNN and CNBC and Fox News last month.

[BlindMayorBitcorn]

So I've decided to port myself into the Ethereum public chain as an ERC20 token.. Thoughts on this?

Aren't you just a little bit worried that your bid for the immortality of your consciousness will backfire when Ethereum gets strangled by the failure of their sharding mechanism?

Why store my whole consciousness in a full node when I can store pieces of my consciousness in _all_ the nodes?

 

[conspirosphere.tk]

But one thing I don't understand: how can the Powers That Be (central banks, GSachs etc) keep the price low if they have to continually buy? Dump, dump dump... what do they do when the ammo's over? Buy again at a presumably higher price? Every single btc that gets bought by someone else at those lower prices will eventually push the actual rebuying price higher. Or is something escaping me?

Oh oh. Now you dunnit. You just asked the question that always shuts 'em up.

I guess that having money printers they could buy-> short with leverage -> buy back (possibly lower, but not necessarily: they could play at a loss forever).
and generating panic is another leverage when shorting.

[bitserve]

Yep. But they were talking about declaring that one of the last purchased BTC (at a much higher buying price) is the one being sold. That completely ignores FIFO (First In First Out) that I supposse is a standard on most western countries.

All my bitcoins were purchased about one month ago. I can show you records. I bought it from a guy in the corner of some street, I don't know where, and I can't find him anymore, but here it is in the block explorer. That's my very first one. The next one is a few days later. See, here. (pointing to a print out of blockchain.info or any other block explorer and the paper wallet in question.)

I bought bitcoins because I saw it on CNN and CNBC and Fox News last month.

I understand your point, and maybe in your country that would work... But let's see what would happen in Spain (and probably MANY other countries):

- You say all were purchases one month ago, Ok. With WHICH MONEY? Ok, you say cash... why did you have so many cash outside the banking system are you a criminal??? Where does it come from?

- Anyway... You couldn't have make any single purchase of BTC for cash in excess of 3.000€ (legal limit for cash purchases). But then you say... ok, one BTC at a time is under that limit... ok
But then you can't say FROM THE SAME GUY, also you can't say it was 50 purchases in a few months of one BTC each from 50 different guys, because that would be SMURFING/STRUCTURING.

And, again, where did you obtain those 50 * 2000 = 100.000€ in first place? I don't see it in your tax reports....

- Also, you mention you can show records... Ok, let's see those records... Do you have any banking receipts for the deposits to the exchanges? Oh no, it was cash.. ok ok... Well, I am sure you have signed receipts from the individuals you purchased those BTC, don't you? With enough data so that we can also raise an audit on them and check the coherence of your claims.

I could go on and on about how much the tax office has growth its power and methods of control. Maybe not in your country, and maybe you are lucky and they never notice (which doesn't mean it was risk free) but just saying that it's not that easy to avoid big trouble in the future if you don't comply from the beginning.

What if your BTC stash is worth a few millions some day... Do you think your story, without any sound proof of it, will stand?

[criptix]

Of course you have to tell .gov where the fiat comes from.
That is called AML and exist everywhere except in tax paradises.

[bitserve]

Of course you have to tell .gov where the fiat comes from.
That is called AML and exist everywhere except in tax paradises.

Yep. It is already VERY HARD to make them believe how some little money have growed so much in a few years even if you have records of every transfer to the exchanges, every purchase/trade, etc etc.... even with perfect proofs it will raise suspicions if the amount of money is sizeable (let's see enough to buy a cheap property, which you need to first convert to banking fiat and pay taxes). If you add an incredible story with no real valid proof.... that's trouble.

I am always talking about sizeable amounts. If we are talking about only a few thousands, nobody will give a shit about it. The real risk begins in the tens of thousands, is almost a sure thing in the hundreds of thousands, and is a completely sure thing if we are talking about millions (maybe unless you are so rich now that your official net worth is already in the millions of previously taxed banking fiat/real state/etc).

[gentlemand]

Yep. It is already VERY HARD to make them believe how some little money have growed so much in a few years even if you have records of every transfer to the exchanges, every purchase/trade, etc etc....

Why? I can trace the purchase and the price paid, the movement through wallets and the eventual sale price. It's all there to be presented. It's not witchcraft.

If you get taken to court for some reason, what reason would it be? The court would clip the taxman around the ear for wasting its time.

[Elwar]

Yeah this is indeed some great news!
We will get SegWit as wished, without any modifications, and the HF stuff will come later.
However does anybody here if it really will kill ASICBOOST now?
I'm not that deep into the technical stuff and some opinions seems to differ here.
Antpool and Bitmain will probably the last ones to signal. But I'm sure they will do.

From what I have seen, SegWit will make it transparent whenever a miner uses the ASICBOOST exploit. I would imagine this would accelerate a full fix.

[hodl_2015]

I bought bitcoins because I saw it on CNN and CNBC and Fox News last month.

And you created an account on bitcointalk.org 5 years before that? :-)
One thing you will have to explain is how you where able to pay (cash) for all these bitcoins last month.
I just report my bitcoin holdings so I can spend them later without running into issues. The 1.2%/year in taxes is less than the price swings in a single day.

[d_eddie]

Yeah this is indeed some great news!
We will get SegWit as wished, without any modifications, and the HF stuff will come later.
However does anybody here if it really will kill ASICBOOST now?
I'm not that deep into the technical stuff and some opinions seems to differ here.
Antpool and Bitmain will probably the last ones to signal. But I'm sure they will do.

From what I have seen, SegWit will make it transparent whenever a miner uses the ASICBOOST exploit. I would imagine this would accelerate a full fix.

From what I understood, there is overt and covert asicboost. Overt asicboost is relatively harmless (small relative advantage) and won't be harmed by segwit. On the other hand, covert asicboost needs the signatures in the same block and can't be done when the witness data is segregated.

[bitserve]

Yep. It is already VERY HARD to make them believe how some little money have growed so much in a few years even if you have records of every transfer to the exchanges, every purchase/trade, etc etc....

Why? I can trace the purchase and the price paid, the movement through wallets and the eventual sale price. It's all there to be presented. It's not witchcraft.

If you get taken to court for some reason, what reason would it be? The court would clip the taxman around the ear for wasting its time.

Well it depends on many things. I will explain with an extreme example:

- Let's see you are unemployed and have not had any official income for the past 5 years.
- YOu don't really care because you have a few thousand BTC you bought in 2010.
- Now you decide to cash out 500BTC or 1 million eur. you send the coins to the exchange and withdraw to your bank.
- You pay the capital gains on it on your declaration.
- Very probably you raise suspicions and get audited. It is even very possible it even hapenned as soon as the bank received that sum and informed the tax office. Then money is put on hold.
- You have perfect proof of everything... Probably they don't understand it fully and you need to present notarised translated documents. Maybe even some expert witness report explaining the moves, etc...
- Trouble, trouble... in this case you will probably be free to go, but not before a lot of headache.

Unexplained wealth is the reason. And it is on you to prove it didn't come from illicit activities and to pay the proper tax on it.

[gentlemand]

Unexplained wealth is the reason. And it is on you to prove it didn't come from illicit activities and to pay the proper tax on it.

It's not doubt plenty of wealth but it is fully explainable. You're better off contacting your bank beforehand and having all your info together but people do it every single day without being executed.