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

[kurious]

British Island Wants to Make Physical Bitcoins with UK Royal Mint Deal

http://www.coindesk.com/british-island-physical-bitcoins-uk-royal-mint/

They are made of gold so when the price collapses you can melt it down to recover some of the investment.
I find this not the least but ironic.

that article is weird, it says they wont have the private key on them.  So it's just a lump of gold with the bitcoin symbol on it?

Not sure but it does sound bizarre.  The original Financial Times article might give more details but it's behind a paywall... anybody have access?

It says an independent company would hold the coins' private keys in escrow ready to be exchanged by paying a visit to the island.  Can anyone else see the problem with this?  Doesn't this open the door to fractional reserve?  What's to stop them issuing more coins than they have keys?

Paying a visit to Alderney is not exactly easy....!  Seems daft the Bitcoin will probably be worth more than the coin, but you need to turn up in person to a tiny Island in the English Channel to redeem the Bitcoin part of it.    Odd.   Not very 'digital' is it!

[SnowMonkey_CG]

British Island Wants to Make Physical Bitcoins with UK Royal Mint Deal

http://www.coindesk.com/british-island-physical-bitcoins-uk-royal-mint/

They are made of gold so when the price collapses you can melt it down to recover some of the investment.
I find this not the least but ironic.

that article is weird, it says they wont have the private key on them.  So it's just a lump of gold with the bitcoin symbol on it?

Not sure but it does sound bizarre.  The original Financial Times article might give more details but it's behind a paywall... anybody have access?

It says an independent company would hold the coins' private keys in escrow ready to be exchanged by paying a visit to the island.  Can anyone else see the problem with this?  Doesn't this open the door to fractional reserve?  What's to stop them issuing more coins than they have keys?

Paying a visit to Alderney is not exactly easy....!  Seems daft the Bitcoin will probably be worth more than the coin, but you need to turn up in person to a tiny Island in the English Channel to redeem the Bitcoin part of it.    Odd.   Not very 'digital' is it!

Nope.  I'm from the UK and can say I've never been to Alderney, and I can't imagine going there to exchange a bitcoin.

What a bizarre concept.

[ChartBuddy]

[kurious]

British Island Wants to Make Physical Bitcoins with UK Royal Mint Deal

http://www.coindesk.com/british-island-physical-bitcoins-uk-royal-mint/

They are made of gold so when the price collapses you can melt it down to recover some of the investment.
I find this not the least but ironic.

that article is weird, it says they wont have the private key on them.  So it's just a lump of gold with the bitcoin symbol on it?

Not sure but it does sound bizarre.  The original Financial Times article might give more details but it's behind a paywall... anybody have access?

It says an independent company would hold the coins' private keys in escrow ready to be exchanged by paying a visit to the island.  Can anyone else see the problem with this?  Doesn't this open the door to fractional reserve?  What's to stop them issuing more coins than they have keys?

Paying a visit to Alderney is not exactly easy....!  Seems daft the Bitcoin will probably be worth more than the coin, but you need to turn up in person to a tiny Island in the English Channel to redeem the Bitcoin part of it.    Odd.   Not very 'digital' is it!

Nope.  I'm from the UK and can say I've never been to Alderney, and I can't imagine going there to exchange a bitcoin.

What a bizarre concept.

As of April 2013, the island has a population of 1,903 people - and no direct flights from the UK(you have to fly in via Guernsey or Jersey.

Imagine turning up in ten years time:

"Hi, I have come to redeem my Bitcoin, I understand it's held in your digital vault?"

"Ooh, digital vault - I can't remember where we put that, Sir.  Er... hold on, better check at the post office see if they know about it...  Bit coin, you say, eh?   You're not from around here are you..."

[byronbb]

British Island Wants to Make Physical Bitcoins with UK Royal Mint Deal

http://www.coindesk.com/british-island-physical-bitcoins-uk-royal-mint/

They are made of gold so when the price collapses you can melt it down to recover some of the investment.
I find this not the least but ironic.

that article is weird, it says they wont have the private key on them.  So it's just a lump of gold with the bitcoin symbol on it?

Not sure but it does sound bizarre.  The original Financial Times article might give more details but it's behind a paywall... anybody have access?

It says an independent company would hold the coins' private keys in escrow ready to be exchanged by paying a visit to the island.  Can anyone else see the problem with this?  Doesn't this open the door to fractional reserve?  What's to stop them issuing more coins than they have keys?

Paying a visit to Alderney is not exactly easy....!  Seems daft the Bitcoin will probably be worth more than the coin, but you need to turn up in person to a tiny Island in the English Channel to redeem the Bitcoin part of it.    Odd.   Not very 'digital' is it!

Nope.  I'm from the UK and can say I've never been to Alderney, and I can't imagine going there to exchange a bitcoin.

What a bizarre concept.

Interestingly, Alderney grants sports-betting licenses to off-shore books. Pinnaclesports.com, the market leader, has a license from them.

[alexeft]

A certain regular contributor to here has two 'attack threads' about him set up - WTF?!

I think it's the last phase before: "...then you win". Oh well 

I'll show you how it's done!!!!


Everybody out!!!! This boat is sinking! This train is crashing! This rocket is falling!



There! You should try it! 

[theonewhowaskazu]

Oh my god we've been in a $100 range for over 24 hours, what is HAPPENING!

[jojo69]

when I go to sleep I expect a 20% gain by the time I wake up

I am very disappointed in you guys

[Odrec]

Why didn't BTC rose $400 in two days? am I supposed to wait to become rich??? what is this!?!? *outraged*

[alexeft]

So, yeah, all of you are right!!!
If it doesn't always move up, then it's going to crash hard!!!

And we all are very disappointed!!! Sure!!!  

[ChartBuddy]

[ajax3592]

So, yeah, all of you are right!!!
If it doesn't always move up, then it's going to crash hard!!!

And we all are very disappointed!!! Sure!!!  

Yes that's what going to happen in the coming week!

[alexeft]

So, yeah, all of you are right!!!
If it doesn't always move up, then it's going to crash hard!!!

And we all are very disappointed!!! Sure!!!  

Yes that's what going to happen in the coming week!

You mean that it will be stable and we will all be diappointed?

 

[KieranJones1]

So, yeah, all of you are right!!!
If it doesn't always move up, then it's going to crash hard!!!

And we all are very disappointed!!! Sure!!!  

Yes that's what going to happen in the coming week!

You mean that it will be stable and we will all be diappointed?

 

This. People too often forget that there is a third alternative- the price may settle.

[jojo69]

[alexeft]

Enjoy! 

[philip2000uk]

Enjoy! 

Read a trip report
http://flight-report.com/en/report-5061.html

[rpietila]

We also saw this in a big way a few weeks ago when US and Europe "caught" the Chinese bubble pop.

All exchanges did a full -50% from their respective peaks, so with a more trading mindset, it certainly was a tradable flashcrash

I would not say that bitcoin overvaluation is a regional trend. If it goes to $2k-$4k before Christmas (it is on due course to do just that), it will almost certainly crash due to sheer overextension, universally.

[Rampion]

Why didn't BTC rose $400 in two days? am I supposed to wait to become rich??? what is this!?!? *outraged*

This just means that the top is not yet around the corner. The faster it grows, the sooner it crashes.

[ChartBuddy]