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

[niothor]

People claim bitcoin is broken... we go down
People claim bitcoin is fixed.... we go down

Clear sign we are going to the moon!

[1715286765]

1715286765

[1715286765]

1715286765

[runam0k]

I can't help but think that when this non-issue is officially fixed - tomorrow? - it's going to fly.

[kkaspar]

I don't get this panic.. it's a part of bitcoins normal cycle when the price drops as low as 200$.
The crash of the bubble has always went down to the top of the previous bubble, then some time of stability and then a new bubble.
It seems that people are confused because the current bubble didn't burst in a day, but it took 2 months for it to burst. That is why I was telling that the stupidity that drove the uptrend during January, actually slowed down progress in the long run.

[Dragonkiller]

This crash is exactly what we needed for a lot of reasons, an important one being that hedge funds don't usually build poisitions at ATHs. And like it or not, we are not going to $5000+ without them involved.

[JorgeStolfi]

People claim bitcoin is broken... we go down
People claim bitcoin is fixed.... we go down

My DNS must have been hacked, because I look at the charts and see nothing out of the ordinary. 

Are people really alarmed because Bitstamp fell a mere 30$?

[podyx]

I can't help but think that when this non-issue is officially fixed - tomorrow? - it's going to fly.

nah, dont think so

u dont get bitcoin

[magicmexican]

People claim bitcoin is broken... we go down
People claim bitcoin is fixed.... we go down

My DNS must have been hacked, because I look at the charts and see nothing out of the ordinary. 

Are people really alarmed because Bitstamp fell a mere 30$?

But-but, gox is 480

[lemonte]

I can't help but think that when this non-issue is officially fixed - tomorrow? - it's going to fly.

Hope it recovers and everyone leaves Gox

[adamsgtBit]

I just cancelled all of my buy orders above 200$.
Months of desperation are in front of us. I think i´ll leave this place, it´s going to be a forum for depressives.

[niothor]

People claim bitcoin is broken... we go down
People claim bitcoin is fixed.... we go down

My DNS must have been hacked, because I look at the charts and see nothing out of the ordinary. 

Are people really alarmed because Bitstamp fell a mere 30$?

It's too much of a coincidence that the prices started to get down , even by 30$, right when the news about the fix started to appear.

[Richy_T]

It only moves Yuan from a Chinese pocket to other Chinese pockets.  The total amount of Yuan in China remains the same.

The total amount of Bitcoin remains the same (ignoring the mining aspect for a second) yet value goes up, value goes down.

[KFR]

http://www.cryptocoinsnews.com/2014/02/13/bitcoin-developers-ddos-fix-ready/

It's a bit of a puff piece but at least it's fairly accurate.

[windjc]

I'm not saying we are reversing the bear market soon, but we are primed for a major snapback.  Maybe we have one more big sell off first, but I am ready to an entry point real soon and I hardly ever trade.

[Erdogan]

http://www.forbes.com/sites/timworstall/2013/11/21/finally-a-proper-use-for-bitcoin-avoiding-capital-controls/

Note that the article was written before the Chinese stomped on bitcoin.

But even if nothing had changed, there is one little snag in that article.  If a Chinese citizen uses Yuan to buy bitcoins in China and then sells them for dollars in the US, there is no export of Yuan to the US actually.  Instead the guy gives his Yuan to other Chinese traders, and the US traders give him a bunch of dollars. 

So why would the Chinese government object to a Chinese national receiving a gift from americans?

Sure, after that transaction there would be fewer bitcoins in China and more bitcoins in the US.  But since bitcoins have no intrinsic value, the material wealth of China would not change. There would be still the same amount of food and cars in the Chinese market, and the same amount of Yuan in circulation inside China.

If bitcoins could be used to buy things in China, there might be some Yuan inflation as the bitcoins became scarce and the Yuan lost value relative to them.  But that is why the government banned their use in commerce.

You are onto something here. It might well be that they think this way, and see it as no problem. But still, the value will flow out of the country. I think the mercantilists in all countries will suddenly meet the harsh reality.

[phoenix1]

I can't help but think that when this non-issue is officially fixed - tomorrow? - it's going to fly.

Probably
And for traders, its probably a great opportunity.
For me the question is more one of what damage has been done credibility-wise, and how long it will take for that to wash through the system, and for people to forget about it. Let's be honest, the whole thing does not look great.
Flip side is that if it got fixed quick, some credibility is re-gained ...
Interesting times ...

[Peter R]

I don't want to get all doom and gloomy, because the malleability problem will eventually get fixed.  However, I'm not convinced that the market has come to terms with the "step backwards" that bitcoin usability has just taken.  

What the malleability attack showed is that it is possible [and in some cases probable] that a zero-confirm transaction will become invalid even if both customer and merchant are honest, and proper fees were paid.  This affects the usability of bitcoin at brick-and-mortar stores as I describe here: https://bitcointalk.org/index.php?topic=459678.msg5113081#msg5113081

The "fix" that should appear shortly is more of a "work-around."  Gmaxwell estimates it will be on the order of a year before the malleability issue is properly resolved.

The "work around" prevents wallets from using unconfirmed change outputs, thereby making all zero-confirm transactions in brick-and-mortar stores more trustworthy again.  But remember, this degrades usability: there are situations where you may only have unconfirmed change outputs in your mobile wallet, and thus you would not be able to immediately pay for your coffee [see my linked post above].

There's a work-around for this work-around too, and that involves making "smarter" wallets.   These smart wallets would ensure that you have a good supply of confirmed coins at your disposal, by breaking up large coins when necessary.  

The point I'm trying to make is that the malleability issue cannot be easily or quickly fixed, and the work-arounds have consequences themselves and take us a step-backwards in usability.  This will all be resolved eventually, but in the meantime, we've presented the forum trolls with an all-you-can-eat smorgasbord of troll food.

[niothor]

The protocol is broken as far as i know, they will release a statement in the next days. 
I´m really startin to worry about Bitcoin. It was overall awesome in the last years, but it seems those days are gone and history.
From here on this is a downards spiral :-(
It was fun anyways as long as it lasted.

GOOD RIDDANCE!

lol
adamsgtBit

This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic.

Lols,  this is one hell of a moderated topic ))))

[ElectricMucus]

http://www.cryptocoinsnews.com/2014/02/13/bitcoin-developers-ddos-fix-ready/

It's a bit of a puff piece but at least it's fairly accurate.

Bitcoin Developers: DDoS Fix is Ready


lol

[Walsoraj]

http://www.cryptocoinsnews.com/2014/02/13/bitcoin-developers-ddos-fix-ready/

Any news from exchanges? Btc-e is working... What about Stamp?

The most interesting thing about this article is that of the three donations accepted (near bottom), one is Dogecoin.

[KFR]

Adam can you kill your clone?  I know imitation is flattery but we have enough fonzies around here already.  Actually while you're at it, could you kill him too?