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

[manfred]

So if BTC-China is now accepting deposits, are we still in the train station because it's the middle of the night in China?

It's the Chinese new year and not much happens until 10th February (businesses closed....)

[adamstgBit]

here's my take on the market action

some poeple think since deposits are coming back online for BTCCHina that means we moving up way up

some poeple think that the government won't allow this and the party will be over before it starts

these two forces clash, and BAM we have extreme volume low movement.

the market looks like this ATM:

Cool description!

 

I feel i sodl when i should've hodl YET AGAIN...

but i'm gonna HODL this 50/50ish position as the market can go either way depending on the chinese government reaction.

this is epicness in the making people

[Holliday]

Do you have kids? I think that may have some impact on your calculations.

I find this part about the family a little odd in that implies one's family would care more about the Bitcoins than dad's/husband's life. I guess it varies from family to family. Surely most of us want to provide for our family however if someone were being tortured I imagine the animal instinct of self-preservation would kick in whether we feel warm and fuzzy about it or not.

If you have a stash and you are the only one with the password but even you "can't access it" and you are killed, who will be able to get the stash? If the stash requires multiple signatures and one of the parties dies with the password, who gets the stash?

Anyone who is willing to kidnap you for a ransom can't be trusted. My family could give them everything we own, and I could still be held indefinitely/killed. I wouldn't want my family to bargain with people like this. If everyone thought that way, there would be no kidnappings because there would be no incentive (well there would still be freaks that like to eat people and whatnot).

As I said, there are ways to prevent me from giving up access to my private keys (alone) while still allowing my family to access those private keys. I've already pointed you in the right direction if you want to learn more.

[JorgeStolfi]

The runaway robot at BTC-China has been turned off a few minuts ago.

The 1-minute chart is very interesting.

It all happened around 4:00 03:00 am local time, so perhaps it was a stupid programming mistake.  (Reminds me of the very first internet worm by Robert Morris. 8-)

EDIT: Spoke too soon.  The robot was briefly turned on again a couple of times. Now the charts are no longer updating.

[ChartBuddy]

Explanation

[mellowyellow]

But in the next 24-36 months, bitcoin is somewhere between 10k-50k. It simply has to be. The scale at which the entities getting involved now operate scale wise, bitcoin will be forced there. And 17 year olds that mined this useless Internet money will have their minds blown.

Ah, the forced $50,000 per Bitcoin in 2017.  Let's see what this means.  

If miners decide to sell all their mined Bitcoins, (or 50%), this is how much daily fresh money is needed on the exchanges for the price to be stable:

2014-2016 :   $180 million ($90 million daily if 50% sold)
2017-2020:   $90 million ($45 million daily)                          <--- look here
2021-2024:   $45 million ($22 million daily)
etc.

Don't forget that they have to sell to cover their electricity costs. So, if Bitcoin is $50,000 in 2017, good luck in finding that daily fifty million dollars.

The US National Debt has continued to increase an average of $2.49 billion per day since sept 30 2012... good luck in finding that too

edit: http://www.brillig.com/debt_clock/

this clock is much better:

http://www.usdebtclock.org/

It's even worse in UK, they have a debt of 160 000 per capita, 3 times more than USA

That's strange, I haven't checked out the facts 'cos quite boring really but I have always understood from the FUD that is spread in the media that things may be bad in the UK, but the USA is much worse. We're all sheep - unless we can be bothered to find out the facts for ourselves.

[JorgeStolfi]

That's not how the idea behind the 'wrench' method works.

Why would the bad guys use physical presence and physical force when they can remotely hack into my computer, install a virus that will steal my keys just when I try to use them, and have it send my bitcoins instead to a mixer in Timbuctu?

The police could perhaps save me from the wrench method.  Who is going to help me recover my hacked-off bitcoins?

[magicmexican]

Breaking that 790-820 range feels impossible now

[Davyd05]

Breaking that 790-820 range feels impossible now

hardly.. I keep saying.. it's waiting till Jan 31st ..cause so many people have psychologically ingrained that a crash will happen, they can't risk missing cheap coins.. FFS adam's 50/50, I'm still full hodler, if anything I'd deposit to the exchange but I don't believe anything will happen...it would be the most epic business troll for btcchina to start accepting bank deposits at this time....if China is gonna stamp em two days later.. it simply would be the greatest troll ever.

[Holliday]

That's not how the idea behind the 'wrench' method works.

Why would the bad guys use physical presence and physical force when they can remotely hack into my computer, install a virus that will steal my keys just when I try to use them, and have it send my bitcoins instead to a mixer in Timbuctu?

The police could perhaps save me from the wrench method.  Who is going to help me recover my hacked-off bitcoins?

Well... for starters, don't store your private keys on an online machine...

I thought this was common knowledge by now.

[KFR]

That's not how the idea behind the 'wrench' method works.

Why would the bad guys use physical presence and physical force when they can remotely hack into my computer, install a virus that will steal my keys just when I try to use them, and have it send my bitcoins instead to a mixer in Timbuctu?

The police could perhaps save me from the wrench method.  Who is going to help me recover my hacked-off bitcoins?

Once again if you keep your keys safe, you're keeping your money safe.  

If you choose to keep all your savings in unencrypted and otherwise unprotected private keys on your computer then you're doing the equivalent of walking away from an open-top car with all your savings in cash in a transparent carrier bag in the back.  It may well not be there when you get back.  I'd love to see the police reaction when you reported that one.

Maybe this video will help: http://www.youtube.com/watch?v=I1uefzJJ6nM

[JorgeStolfi]

Well... for starters, don't store your private keys on an online machine...

I thought this was common knowledge by now.

But the image that is being sold to the public is that one will be able to pay purchases in bitcoins by pointing one's smartphone at a QR code on the cashier's screen.  How could I do that without exposing my keys to a hacker attack?

[MikeH]

But the image that is being sold to the public is that one will be able to pay purchases in bitcoins by pointing one's smartphone at a QR code on the cashier's screen.  How could I do that without exposing my keys to a hacker attack?

btc accessible by smartphone should be considered cash, don't hold too much of it.

[Kramerc]

Well... for starters, don't store your private keys on an online machine...

I thought this was common knowledge by now.

But the image that is being sold to the public is that one will be able to pay purchases in bitcoins by pointing one's smartphone at a QR code on the cashier's screen.  How could I do that without exposing my keys to a hacker attack?

Maybe in the same way that you don't keep 1 million dollars in your wallet when you're shopping for groceries?

[mellowyellow]

Breaking that 790-820 range feels impossible now

hardly.. I keep saying.. it's waiting till Jan 31st ..cause so many people have psychologically ingrained that a crash will happen, they can't risk missing cheap coins.. FFS adam's 50/50, I'm still full hodler, if anything I'd deposit to the exchange but I don't believe anything will happen...it would be the most epic business troll for btcchina to start accepting bank deposits at this time....if China is gonna stamp em two days later.. it simply would be the greatest troll ever.

I think a lot of people (including me) are more of the opinion that any further action by the Chinese government will happen after the 31st. So that means I'll be extra twitchy next week, not tomorrow.

[Holliday]

Well... for starters, don't store your private keys on an online machine...

I thought this was common knowledge by now.

But the image that is being sold to the public is that one will be able to pay purchases in bitcoins by pointing one's smartphone at a QR code on the cashier's screen.  How could I do that without exposing my keys to a hacker attack?

So... when you go out to purchase some items at the grocery store, you put your life savings in cash in your back pocket wallet?

You fund your smartphone with however much you think you will spend while you are out...

Have you looked at smartphone wallets like Mycelium and the security which they can offer?

Think a little bit harder before bringing these easy questions.

Edit: I see that at least three people have already provided such an obvious answer.

[aminorex]

The police could perhaps save me from the wrench method.  Who is going to help me recover my hacked-off bitcoins?

Personally, I can deal with electronic security.  It's the guys with guns and wrenches -- cops, robbers, I can't tell the difference anymore -- that I'm worried about.  It's much more impractical to change one's habits to maintain physical security than to change one's habits to defend  information.  Much more expensive, for one thing.  Much more conspicuous, for another.  Much more time-consuming and physically limiting, to cap it all.

[ChartBuddy]

Explanation

[mellowyellow]

We're famous! - well 2 of us are

http://www.ibtimes.co.uk/chinese-new-year-bitcoin-ban-end-days-or-empty-threat-1434495

[BRADLEYPLOOF]

We're famous! - well 2 of us are

http://www.ibtimes.co.uk/chinese-new-year-bitcoin-ban-end-days-or-empty-threat-1434495

LOLZ!!! Proudhon!!!  IT'S CONFIRMED!!!