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

[adamstgBit]

mtgox's announcement(s) is not all that important in the long run, but it matters to alot of poeple as a lot of people have funds there... but, i like to think bitcoins fundamentals are FUD resistance  
in any case, i think ~600$ coins is a  good price not buying at the top thats for sure... fully prepared for further dips, always.... but the story that is bitcoin is very interesting to a gorwing nobuer of poeple.....

[JorgeStolfi]

    Deifenbach: Mr. Lundegaard, this is Reilly Deifenbach calling from GMAC. How are you this morning?
    Jerry: Yah, real good. How you doin'?
    Deifenbach: Pretty good, Mr. Lundegaard. You're damned hard to get on the phone.
    Jerry: Yah, it's pretty darned busy here, but that's the way we like it.
    Deifenbach: That's for sure. Now, I just need, on these last, these financing documents you sent us, I can't read the serial numbers of the vehicles on here, so I--
    Jerry: But I already got the, it's okay, the loans are in place, I already got the, the what, the -
    Deifenbach: Yeah, the three hundred and twenty thousand, you got the money last month.
    Jerry: Yah, so we're all set.
    Deifenbach: Yeah, but the vehicles you were borrowing on, I just can't read the serial numbers on your application. Maybe if you could just read them to me--
    Jerry: But the deal's already done, I already got the money.
    Deifenbach: Yeah, but we have an audit here, I just have to know that these vehicles you're financing with this money, that they really exist.
    Jerry: Yah, well, they exist all right.
    Deifenbach: I'm sure they do, but I can't read their serial numbers here. So if you could read me--
    Jerry: Well, but see... I don't have them in front of me. Why don't I just fax you over a copy?
    Deifenbach: No. Fax is no good, that's what I have and I can't read the darn thing.
    Jerry: Yah, okay, I'll have my girl send you over a copy, then.
    Deifenbach: Okay, because if I can't correlate this note with the specific vehicles, then I gotta call back that money.
    Jerry: Yah, how much money was that?
    Deifenbach: Three hundred and twenty thousand. See, I gotta correlate that money with the cars it's being lent on.
    Jerry: Yah, no problem, I'll just fax that over to ya, then.
    Deifenbach: No, no, fax is--
    Jerry: I mean send it over. I'll shoot it right over to ya.
    Deifenbach: Okay.
    Jerry: Okay, real good, then.

[creekbore]

Given the amount of negative BTC stories in the popular press this last week I thought I would check out what the Bitcoin Foundation was doing to counter some of it.  Apart from a couple of brief blog posts I couldn't find anything - which is very disheartening.

There is clearly a war being waged here (hearts and minds and all that) in the media and it seems BTC isn't even participating, there are a few champions but I'm actually quite disturbed there isn't a greater effort to counter to some of the nonsense being printed.

Bitcoin Jesus will save us

He does press releases, yeah?

Yep

http://www.youtube.com/watch?v=1cexawnOlR8

Some old Youtube video isn't a press release....a press release is in text format, has a title and a date, a story and contact numbers for the lead 'actors' in the story....then lazy journalists cut and paste it, may be call a number for a quote, give it to a sub editor who actually does some work tidying it up, an editor waves it through, then it gets printed and lots of people believe its true because a journalist at the [insert name] wrote it.  

Most media outlets publish anything that lands on their desk without checking facts (blame time, blame money, blame falling standards).  Check out 'businessinsider.com.au' which last week published a press release verbatim about BTC which was a complete lie - Aussies to open world's first BTC bank - the world first actually opens in Cyprus next week.

See where I'm going with this...it's really easy to get your message across but the Bitcoin Foundation aren't participating in the game.....and people wonder why the market is crashing.

The press-release model, while important, is not necessarily the best way to get the word out. The r/Bitcoin Reddit, for instance, does more to get the Bitcoin message across better than any centralized press desk could.

As an ex-broadcast and print journalist I have to disagree - content/copy is gold and if you send it out it tends to get published.  MtGox may have many flaws but it puts out PR and has won this particular battle with regard to malleability.  The world now thinks BTC is flawed because that story made good headlines, and no-one bothered to counter it swiftly.  The disposable income that powered BTC to its last surge in price probably came from middle class families, who this last week have been bombarded by negative stories.  They may be online but they will still be reading traditional, trusted brands.

I'm wary of both reddit's accuracy but more so its penetration - like much social media it is an echo chamber.  Over-estimating its influence and under-estimating traditional outlets is strategic madness, if you want something as universal as 'new money' to gain traction.

Everyone knows the Foundation is dysfunctional and that their current role is basically limited to code maintenance.

...do they, I don't, where was this stated?  

Perhaps it was on Reddit?

Has someone told them?

But if they are dysfunctional, isn't the role of a 'community' to address these issues?  

Which is why I bring it up...let's get some press releases out guys!!!

[FTWbitcoinFTW]

MtGox may have many flaws but it puts out PR and has won this particular battle with regard to malleability.  The world now thinks BTC is flawed because that story made good headlines

THIS is the problem
A PR operation to obfuscate a internal problem.
It's hurting bitcoin so bad !

[PoolMinor]

Though the GOX internal FUD has tarnished BTC, I believe this makes an important buying opportunity for those that are endowed and able to take advantage. Clearly when/if GOX fixes the problem the truth about the proper problem will surface to main stream media, and BTC will flourish again.

[KeyserSoze]

I cannot believe stamp is just following gox like this. This is pissing me off. I thought this was over.

Even Stamp knows Gox is still the King.

[bassclef]

    Deifenbach: Mr. Lundegaard, this is Reilly Deifenbach calling from GMAC. How are you this morning?
    Jerry: Yah, real good. How you doin'?
    Deifenbach: Pretty good, Mr. Lundegaard. You're damned hard to get on the phone.
    Jerry: Yah, it's pretty darned busy here, but that's the way we like it.
    Deifenbach: That's for sure. Now, I just need, on these last, these financing documents you sent us, I can't read the serial numbers of the vehicles on here, so I--
    Jerry: But I already got the, it's okay, the loans are in place, I already got the, the what, the -
    Deifenbach: Yeah, the three hundred and twenty thousand, you got the money last month.
    Jerry: Yah, so we're all set.
    Deifenbach: Yeah, but the vehicles you were borrowing on, I just can't read the serial numbers on your application. Maybe if you could just read them to me--
    Jerry: But the deal's already done, I already got the money.
    Deifenbach: Yeah, but we have an audit here, I just have to know that these vehicles you're financing with this money, that they really exist.
    Jerry: Yah, well, they exist all right.
    Deifenbach: I'm sure they do, but I can't read their serial numbers here. So if you could read me--
    Jerry: Well, but see... I don't have them in front of me. Why don't I just fax you over a copy?
    Deifenbach: No. Fax is no good, that's what I have and I can't read the darn thing.
    Jerry: Yah, okay, I'll have my girl send you over a copy, then.
    Deifenbach: Okay, because if I can't correlate this note with the specific vehicles, then I gotta call back that money.
    Jerry: Yah, how much money was that?
    Deifenbach: Three hundred and twenty thousand. See, I gotta correlate that money with the cars it's being lent on.
    Jerry: Yah, no problem, I'll just fax that over to ya, then.
    Deifenbach: No, no, fax is--
    Jerry: I mean send it over. I'll shoot it right over to ya.
    Deifenbach: Okay.
    Jerry: Okay, real good, then.

Well let's hope the wood chippers don't get involved...

[creekbore]

I don't want to refry the beans as it were but this is from Gox's latest PR:

BlockChain.info have implemented changes to address the malleability issue.
Our solution should work in the short term, while a longer-term solution is being
discussed with the Bitcoin Core Dev team and the Bitcoin Foundation. We are
also discussing this with other exchanges and businesses.

They imply they have taken charge of the situation and are leading the way in terms of resolution.  The last sentence suggests they control BTC itself.

Mark may have his faults but he knows (or someone there) knows how to spin a story.

In contrast, a blog post from the Foundation nearly a week ago:

The issues that Mt. Gox has been experiencing are due to an unfortunate interaction between Mt. Gox’s implementation of their highly customized wallet software, their customer support procedures, and their unpreparedness for transaction malleability, a technical detail that allows changes to the way transactions are identified.

A repudiation but flawed: hidden away; tempered (probably because Mark is on the board) and lacking a definitive conclusion.  The headline included the phrase "Bitcoin is not at fault" and this should surely have been included in this paragraph for both clarity and SEO.

"Great protocol, lousy PR" could be Bitcoin's epitaph by the end of the week.

[spooderman]

very interesting to a gorwing nobuer of poeple.....

r u accually dolan?

[medialab101]

Blockchain.info just put this out:

Server Maintenance Notice

Posted on February 17, 2014 by cpzhao
We will be performing a server upgrade around 9:00 AM on Monday (2/17) GMT.  Some services will be interrupted for roughly 30 minutes.  We apologize for the inconvenience this may cause. Thank you for your understanding and support.

Blockchain Team

I wonder if this is in any way tied to the changes that Gox implies Blockchain is implementing as part of the temporary fix to get withdrawals moving again.

[CryptStorm]

Given the amount of negative BTC stories in the popular press this last week I thought I would check out what the Bitcoin Foundation was doing to counter some of it.  Apart from a couple of brief blog posts I couldn't find anything - which is very disheartening.

There is clearly a war being waged here (hearts and minds and all that) in the media and it seems BTC isn't even participating, there are a few champions but I'm actually quite disturbed there isn't a greater effort to counter to some of the nonsense being printed.

Bitcoin Jesus will save us

He does press releases, yeah?

Yep

http://www.youtube.com/watch?v=1cexawnOlR8

Some old Youtube video isn't a press release....a press release is in text format, has a title and a date, a story and contact numbers for the lead 'actors' in the story....then lazy journalists cut and paste it, may be call a number for a quote, give it to a sub editor who actually does some work tidying it up, an editor waves it through, then it gets printed and lots of people believe its true because a journalist at the [insert name] wrote it.   

Most media outlets publish anything that lands on their desk without checking facts (blame time, blame money, blame falling standards).  Check out 'businessinsider.com.au' which last week published a press release verbatim about BTC which was a complete lie - Aussies to open world's first BTC bank - the world first actually opens in Cyprus next week.

See where I'm going with this...it's really easy to get your message across but the Bitcoin Foundation aren't participating in the game.....and people wonder why the market is crashing.

The press-release model, while important, is not necessarily the best way to get the word out. The r/Bitcoin Reddit, for instance, does more to get the Bitcoin message across better than any centralized press desk could.

As an ex-broadcast and print journalist I have to disagree - content/copy is gold and if you send it out it tends to get published.  MtGox may have many flaws but it puts out PR and has won this particular battle with regard to malleability.  The world now thinks BTC is flawed because that story made good headlines, and no-one bothered to counter it swiftly.  The disposable income that powered BTC to its last surge in price probably came from middle class families, who this last week have been bombarded by negative stories.  They may be online but they will still be reading traditional, trusted brands.

I'm wary of both reddit's accuracy but more so its penetration - like much social media it is an echo chamber.  Over-estimating its influence and under-estimating traditional outlets is strategic madness, if you want something as universal as 'new money' to gain traction.

Everyone knows the Foundation is dysfunctional and that their current role is basically limited to code maintenance.

...do they, I don't, where was this stated? 

Perhaps it was on Reddit?

Has someone told them?

But if they are dysfunctional, isn't the role of a 'community' to address these issues? 

Which is why I bring it up...let's get some press releases out guys!!!

I like the way you think creekbore-- nice to have a more strategic, general POV that accepts the truth of spin around here. Cheers!

[CryptStorm]

So when can I cold store my coins?

[theonewhowaskazu]

Bitcoin won't be having an epitaph by the end of the week. Gox, however, will. Because, at the end of the day, the people who decide if Bitcoin survives or not are the people who know what they're doing. The opinion of the masses are key to Bitcoins success, but not to its survival. Only those somewhat knowledgeable in BTC are required to keep Bitcoin afloat. And, presumably the knowledgeable folks recognize Gox for what it is. The worst case scenario, and I'm talking a complete cockup, FUD-tastic, super duper media rage scenario is that BTC goes down to $100 for a year while the airwaves are purified by time.

[aminorex]

So when can I cold store my coins?

Are you in the northern hemisphere or the southern hemisphere?

[smoothie]

So I wish I new how to show this, but I drew a line from the Dec 19 low on stamp to the Feb 9 low and it perfectly intersected the Feb 13 low, and it shows an upward slope.

This?

Thanks!

OK, I'm not on this thread everyday-- but, I gotta say, you guys are awesome (not Fonzie, which, as a side note, is my dog's name, doh)! I always feel like there are a handful of hard core, intelligent folks who are just kinda kicking ass.

Shouts to the very few I know, Vycid, Blitz, Niothor, Adambtsgststa, ElectricMucus, BitcoinAshley, Rampion, Goat, Aminorex, BillyJoelAllen,  solex, JataJuta, windjc, so many of you guys 'get it' and are a pleasure to be around. Just saying. Rock on. I need another beer, now.

Looking forward to the unwinding of this debacle (which, I unfortunately, did not trade awesomely, but should be ok), and the continuance of a legit ecosphere.

I personally think that this trend line will be broken in the weeks to come. Just a matter of time.

Long term Bitcoin going to the MOON.

[ChartBuddy]

Explanation

[JCviggen]

The worst case scenario, and I'm talking a complete cockup, FUD-tastic, super duper media rage scenario is that BTC goes down to $100 for a year

That's the worst case scenario? I think that'd be pretty good for BTC's long term success. It offers buying opportunity for everyone, it implies stability, it looks less like a "tulip bubble" to all those armchair economists and it would allow for real world applications to develop more easily.

[FTWbitcoinFTW]

The worst case scenario, and I'm talking a complete cockup, FUD-tastic, super duper media rage scenario is that BTC goes down to $100 for a year

That's the worst case scenario? I think that'd be pretty good for BTC's long term success. It offers buying opportunity for everyone, it implies stability, it looks less like a "tulip bubble" to all those armchair economists and it would allow for real world applications to develop more easily.

Impossible !
With this wave of new bitcoiners since november
Buying pressure (once this problem will be fixed) is toooo big.
Bitcoin is rare
+ Chinese NY is almost finish.

In 3 month, max for this summer, all this shit will be behind us, exept for Gox&Marc

[theonewhowaskazu]

The worst case scenario, and I'm talking a complete cockup, FUD-tastic, super duper media rage scenario is that BTC goes down to $100 for a year

That's the worst case scenario? I think that'd be pretty good for BTC's long term success. It offers buying opportunity for everyone, it implies stability, it looks less like a "tulip bubble" to all those armchair economists and it would allow for real world applications to develop more easily.

Worst case in terms of what everybody in my neighborhood thinks of me for the next year.

[RandyMagnum]

So when can I cold store my coins?

Are you in the northern hemisphere or the southern hemisphere?