Rockford
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Activity: 87
Merit: 10
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June 02, 2013, 11:54:49 PM |
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Earlier this morning, about 4 million was dumped within 30 minutes, right? According to Bitcoinity, it would only take a 12.5 million dump on gox to slide all the way down to $20. Am I reading this chart correct?
I realize 12.5 mil is not likely to be dumped all at once. But still... $20 doesn't seem that far away.
Almost 1% of the total bitcoins that exist. I think a proportionaly large sell offer of any other currency would have the same effect to that currency. soon.... (mainstream adoption:selling dollar for bitcoins)  |
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zemario
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June 03, 2013, 12:03:37 AM |
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Earlier this morning, about 4 million was dumped within 30 minutes, right? According to Bitcoinity, it would only take a 12.5 million dump on gox to slide all the way down to $20. Am I reading this chart correct?
I realize 12.5 mil is not likely to be dumped all at once. But still... $20 doesn't seem that far away.
Almost 1% of the total bitcoins that exist. I think a proportionaly large sell offer of any other currency would have the same effect to that currency. soon.... (mainstream adoption:selling dollar for bitcoins) Unfortunately USD doesn't need Bitcoin. By itself, it does a great job free falling. |
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Rockford
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Activity: 87
Merit: 10
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June 03, 2013, 12:14:00 AM |
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Earlier this morning, about 4 million was dumped within 30 minutes, right? According to Bitcoinity, it would only take a 12.5 million dump on gox to slide all the way down to $20. Am I reading this chart correct?
I realize 12.5 mil is not likely to be dumped all at once. But still... $20 doesn't seem that far away.
Almost 1% of the total bitcoins that exist. I think a proportionaly large sell offer of any other currency would have the same effect to that currency. soon.... (mainstream adoption:selling dollar for bitcoins) Unfortunately USD doesn't need Bitcoin. By itself, it does a great job free falling. yes.. and I am worried about the implications. |
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adamstgBit
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Activity: 1904
Merit: 1037
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June 03, 2013, 12:26:23 AM |
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i see there was some action while i was gone  oh how i want to get that buy btn lock and loaded already DROP DROP DROP!!! |
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hlynur
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June 03, 2013, 12:39:22 AM |
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very interesting so do I get the meanings of that article right (It's late, I'm half awake right now  ): Somebody who's mining btc and selling them via exchange is a money transmitter? -> means that any miner (or at least mining pool) in US would need a license for that? (if that's the case it would be a good strategy for US government to grab the bull by the balls and not by the horns) |
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BitcoinAshley
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June 03, 2013, 12:50:41 AM |
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very interesting so do I get the meanings of that article right (It's late, I'm half awake right now ): Somebody who's mining btc and selling them via exchange is a money transmitter? -> means that any miner (or at least mining pool) in US would need a license for that? (if that's the case it would be a good strategy for US government to grab the bull by the balls and not by the horns) It might look that way, but a miner who mines over an encrypted connection and sells the coins via in-person or on the web OTC - times several thousand - would be hard to grab by the balls. The only surefire way to do it is to attempt to fill OTC markets with federal agents, or start a "report your neighbour for bitcoin mining" program. Very expensive. Politically risky. Print more dollars to pay for it? Going after bitcoin like this would be SURE to jumpstart rapid-fire adoption. Think of it like trying to go after individual bittorrent users; I know there are a lot more of those, but they don't even TRY for privacy. Bitcoin miners tend to know a little more about what they are doing. Catching thousands of miners who make a concerted effort to remain pseudonymous will take a LOT of money and man-hours. I'm not saying miners do this now (most don't) but if push came to shove... well, there's a profit to be had so they would make some changes. And, yes, a few of the lazy miners will get a friendly knock on the door from a federal marshal. |
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phoenix1
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June 03, 2013, 12:56:27 AM |
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very interesting so do I get the meanings of that article right (It's late, I'm half awake right now ): Somebody who's mining btc and selling them via exchange is a money transmitter? -> means that any miner (or at least mining pool) in US would need a license for that? (if that's the case it would be a good strategy for US government to grab the bull by the balls and not by the horns) It might look that way, but a miner who mines over an encrypted connection and sells the coins via in-person or on the web OTC - times several thousand - would be hard to grab by the balls. The only surefire way to do it is to attempt to fill OTC markets with federal agents, or start a "report your neighbour for bitcoin mining" program. Very expensive. Politically risky. Print more dollars to pay for it? Going after bitcoin like this would be SURE to jumpstart rapid-fire adoption. Think of it like trying to go after individual bittorrent users; I know there are a lot more of those, but they don't even TRY for privacy. Bitcoin miners tend to know a little more about what they are doing. Catching thousands of miners who make a concerted effort to remain pseudonymous will take a LOT of money and man-hours. I'm not saying miners do this now (most don't) but if push came to shove... well, there's a profit to be had so they would make some changes. And, yes, a few of the lazy miners will get a friendly knock on the door from a federal marshal. Much easier to just 'ask' those selling ASICs for a list of customers ... |
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ChartBuddy
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Activity: 2156
Merit: 1745
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June 03, 2013, 01:01:21 AM |
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hlynur
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June 03, 2013, 01:07:03 AM |
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very interesting so do I get the meanings of that article right (It's late, I'm half awake right now ): Somebody who's mining btc and selling them via exchange is a money transmitter? -> means that any miner (or at least mining pool) in US would need a license for that? (if that's the case it would be a good strategy for US government to grab the bull by the balls and not by the horns) It might look that way, but a miner who mines over an encrypted connection and sells the coins via in-person or on the web OTC - times several thousand - would be hard to grab by the balls. The only surefire way to do it is to attempt to fill OTC markets with federal agents, or start a "report your neighbour for bitcoin mining" program. Very expensive. Politically risky. Print more dollars to pay for it? Going after bitcoin like this would be SURE to jumpstart rapid-fire adoption. Think of it like trying to go after individual bittorrent users; I know there are a lot more of those, but they don't even TRY for privacy. Bitcoin miners tend to know a little more about what they are doing. Catching thousands of miners who make a concerted effort to remain pseudonymous will take a LOT of money and man-hours. I'm not saying miners do this now (most don't) but if push came to shove... well, there's a profit to be had so they would make some changes. And, yes, a few of the lazy miners will get a friendly knock on the door from a federal marshal. Much easier to just 'ask' those selling ASICs for a list of customers ... so if they can't get get the miners they go for the mining rig producers, introducing fees or something? (I'm still sure US gov not just wants more regulation but at least a small part of the cake too, they won't let that pot of btc just stand there and look how it's growing and devaluing their fiat) |
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phoenix1
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June 03, 2013, 01:14:40 AM |
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so if they can't get get the miners they go for the mining rig producers, introducing fees or something?
(I'm still sure US gov not just wants more regulation but at least a small part of the cake too, they won't let that pot of btc just stand there and look how it's growing and devaluing their fiat)
Who knows ... It's obviously very unclear at the moment and they are making it up as they go along. But IF they decide miners are 'money- transmitters' and need a license, then there is a very weak link in the chain of anonymity, and that is the producers. Much the same as the exchanges ... Time will tell I certainly don't have the answer |
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hlynur
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June 03, 2013, 01:36:46 AM |
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so if they can't get get the miners they go for the mining rig producers, introducing fees or something?
(I'm still sure US gov not just wants more regulation but at least a small part of the cake too, they won't let that pot of btc just stand there and look how it's growing and devaluing their fiat)
Who knows ... It's obviously very unclear at the moment and they are making it up as they go along. But IF they decide miners are 'money- transmitters' and need a license, then there is a very weak link in the chain of anonymity, and that is the producers. Much the same as the exchanges ... Time will tell I certainly don't have the answer jup we will see. if i compare it to mining gold, there are the big companys (with licences) digging in huge mines and there are the single individuals nibbling in their own hole or fishing around in some rivers (without need of license). So at least licensing for mining pools or fee per mining-rig could come up the table. whatever is happening at the exchanges right now...adaptation progress is good symbol (integrate und regulate at least the production before that becomes a problem) |
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ChartBuddy
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June 03, 2013, 02:01:09 AM |
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adamstgBit
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June 03, 2013, 02:02:53 AM |
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its going down! i haven't been watching the action closely this week ...but i have a feeling hitting the buy btn will be a good move very soon, place your risky bids NOW! |
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nmersulypnem
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June 03, 2013, 02:04:06 AM |
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its going down! i haven't been watching the action closely this week ...but i have a feeling hitting the buy btn will be a good move very soon, place your risky bids NOW! I'm afraid to go to sleep... I don't want to miss buying at the bottom! |
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adamstgBit
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Activity: 1904
Merit: 1037
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June 03, 2013, 02:10:00 AM |
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its going down! i haven't been watching the action closely this week ...but i have a feeling hitting the buy btn will be a good move very soon, place your risky bids NOW! I'm afraid to go to sleep... I don't want to miss buying at the bottom! you have till monday night to buy the bid filled on tuesday morning are going to be prime time winners. place bids now and hope they fill while you sleep and trust me, i've been doing this longer then most.  I'm short and will stay that way till we hit bottom But I'm a 1337Pro, so I trade Bi-monthly....  |
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adamstgBit
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June 03, 2013, 02:21:06 AM |
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OK i'm gonna set a date here..... Nov 1st we will probably be hitting bottom, trade your lil trades till then but be preapair to go all in on the low near Nov 1st! .... i'm serious guys get ready... I have plans in progress projects for bitcoin too you know....And when my BigEvent hits ,,; and the world sees me and listens to MY bitcoin's Story you KNOW we're going from the bottom to the top you can be sure of that, just saying.... i'm not stupid.... |
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adamstgBit
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June 03, 2013, 02:21:59 AM |
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