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

[Miz4r]

User count is going to stabilize at some point, and will become lower than the actual BTC inflation rate. I see no reason why that wouldn't lead to price stability (not in USD terms perhaps but that's because USD is actually not stable at all).

It's hard to believe that the usercount will stop and stay stable. In my idea, it will more probably either increase or decrease.
But what remains the same is that the inflow of new coins will slow down and get more expensive.
All of it combined will keep bitcoin far away from stability.

Ofcourse the usercount is going to become more stable in future, at some point the market is going to become saturated and the amount of new users getting into bitcoin each day will start to decrease until we reach a stable base. The usercount can't increase linearly or exponentially forever, I'm sure you would have to agree with that as well. So the increase in usercount will slow down as well as the amount of new coins and thus we are going to reach a state of equilibrium eventually. It's just a matter of time.

[JorgeStolfi]

I won my last facebook naysayer discussion with these three

The links were truncated in the cut-and-paste.  (Is any of them about TelexFree?)

[Kerrai]

Thus, I would be very surprised if MtGOX gets rescued.

I wouldn't be. I made the argument here, although it's a simplistic one:

http://theblogchain.com/2014/02/26/mtgox-is-getting-rescued-by-other-bitcoin-businesses/

Thanks.

I have one nit about your document: you suggest that the company that would rescue MtGOX could buy coins from the other exchanges.  But the coins in the exchanges' wallets do not belong to the exchanges, they belong to their clients.  

In fact, my preferred explanation at the moment for how MtGOX "lost" all those coins is that they sold them off-market in order to play with the cash, confident that they coudl re-purchse them if and when needed; but then the BTC price jumped from 100$ to 800$  in november-december, and they could no longer do that.

So, I think that it would be too risky (if not criminal) for the exchanges to sell those coins to the Save-MtGOX company.  Ditto for any bitcoin investment funds.

Does this make sense?

I think that's a possible explanation re: Gox.

As for acquiring from other exchanges, they take in both USD and BTC in fees. They all have enormous BTC stashes as a result.

[bronco]

Gox Gox
can somebody explain me why in hell so many ppl kept their coins there after march 2013? I dont know anything about manipulation but wasnt stupid enough to keep coins at gox after march 2013.

lazy, ignorant of warnings, wanted to trade whenever with no wait times.

after Gox i cant even keep USD at bitstamp, trust no one

[donut]

There seems to be a lot of psychological projection in your attribution of motives, Jorge. I'm sure there is in my case also, but it reveals something about you.

One reason to believe in the future of bitcoin is that their salesmen are very good at winning the hearts of potential customers and skeptics. 

If you think that only a sick mind could imagine such a scenario, read this, for example:

http://www.assetrecovery.org/kc/node/b7b13256-28f7-11de-900c-81c63910293a.0;jsessionid=9697605F2890DC6814DA990ADC28D28C

I won my last facebook naysayer discussion with these three

 Not looking good in South America
http://online.wsj.com/.../SB10001424127887323951904578292...

or Iran
http://online.wsj.com/.../SB10000872396390444592404578029...

Or you could trust these guys http://www.forbes.com/.../a-ponzi-pandemic-500-ponzi.../

None of your links work

[JorgeStolfi]

As for acquiring from other exchanges, they take in both USD and BTC in fees. They all have enormous BTC stashes as a result.

But any part of that revenue that is left over from expenses will be taken out by the owners as profits.

So you were thinking of the individuals investing in SaveMtGOXco, rather than their companies?

[Adrian-x]

Let's not rule out the possibility that Mark is simply lying, again.

I'm sure it is more likely a gag order from the US, putting his seized funds at risk, possibly more.

Not to mention some drug dealers with a different moral standards for justice.

[Davyd05]

There seems to be a lot of psychological projection in your attribution of motives, Jorge. I'm sure there is in my case also, but it reveals something about you.

One reason to believe in the future of bitcoin is that their salesmen are very good at winning the hearts of potential customers and skeptics.  

If you think that only a sick mind could imagine such a scenario, read this, for example:

http://www.assetrecovery.org/kc/node/b7b13256-28f7-11de-900c-81c63910293a.0;jsessionid=9697605F2890DC6814DA990ADC28D28C

I won my last facebook naysayer discussion with these three

 Not looking good in South America
http://online.wsj.com/.../SB10001424127887323951904578292...

or Iran
http://online.wsj.com/.../SB10000872396390444592404578029...

Or you could trust these guys http://www.forbes.com/.../a-ponzi-pandemic-500-ponzi.../

None of your links work

Not looking good in South America
http://online.wsj.com/news/articles/SB10001424127887323951904578292383059267360
or Iran
http://online.wsj.com/news/articles/SB10000872396390444592404578029810117268752

Or you could trust these guys http://www.forbes.com/sites/jordanmaglich/2014/02/12/a-ponzi-pandemic-500-ponzi-schemes-totaling-50-billion-in-madoff-era/
updated them all in op and here, but they are paywalled at  wsj

I viewed em for free to begin, guess I had my free views of the day

[barbs]

I do believe good sirs the train is leaving the station.

All aboard!

[jojo69]

Gox Gox
can somebody explain me why in hell so many ppl kept their coins there after march 2013? I dont know anything about manipulation but wasnt stupid enough to keep coins at gox after march 2013.

old accounts created back when all you needed was an anonymous throw away email account to sign up...can't really do that anymore

[Davyd05]

I do believe good sirs the train is leaving the station.

All aboard!

I think 600-620 is the next station, then its a express to the moon. Hopefully some buyers show up after lunch.

[Kerrai]

As for acquiring from other exchanges, they take in both USD and BTC in fees. They all have enormous BTC stashes as a result.

But any part of that revenue that is left over from expenses will be taken out by the owners as profits.

So you were thinking of the individuals investing in SaveMtGOXco, rather than their companies?

Profits don't go straight to the owners. They are corporations, they go on the balance sheet.

I was also talking about the investors literally 'depositing' (I doubt they really deposited, but instead more likely were just given contracts with unlimited funds and told to write a check at the end) money on the exchanges and buying BTC on them as well, though. I think it's likely that happened.

[fonzie]

CHOoooo CHooooooo next stop 500$ ETA 52h

[kurious]

I like it!
Best promo for bitcoin ever!

Combine future tech with future tech.

http://www.youtube.com/watch?v=Wu7tMD3ufKI

+1 Got to love that - even five years back that would have looked like seriously futuristic sci-fi...

[JorgeStolfi]

Gox Gox
can somebody explain me why in hell so many ppl kept their coins there after march 2013?

old accounts created back when all you needed was an anonymous throw away email account to sign up...can't really do that anymore

Ah.

Is that the reason why so many people are so anxious to save MtGOX, even with a radical haircut on their balances, rather than liquidating it?

[ChrisML]

I like it!
Best promo for bitcoin ever!

Combine future tech with future tech.

http://www.youtube.com/watch?v=Wu7tMD3ufKI

+1 Got to love that - even five years back that would have looked like seriously futuristic sci-fi...

You'd be fucked if you walk around in Amsterdam nodding to al the hookers in the redlight district. Better be careful with that shit  

[dreamspark]

I like it!
Best promo for bitcoin ever!

Combine future tech with future tech.

http://www.youtube.com/watch?v=Wu7tMD3ufKI

Awesome, but would definitely not want to use a non reversible payment method with it though

[dreamspark]

Ah.

Is that the reason why so many people are so anxious to save MtGOX, even with a radical haircut on their balances, rather than liquidating it?

Nope strangely enough people just want their money back 

[Walsoraj]

Is bitcoin a cult?

http://www.forbes.com/sites/petercohan/2014/02/26/is-bitcoin-an-investment-or-a-cult/

CONFIRMED.

[kurious]

When Gox was all there was, the amount of coins sitting around must have been huge.

And it seemed like it would never change.  So the temptation to use assets sitting around to maybe bail out a little temporary hitch must have been huge.

But once you start stealing from the cookie jar...

Then other exchanges take market share and price goes through the roof at the wrong time.

Panic - cover up, make it good somehow...   Then things start to flake and the whole house of cards come tumbling down.

The thing with 'rescue' is one simple question.

How much is the deficit?

If anyone serious was looking, it would be the only question 40,000 BTC - maybe.

750,000 BTC - no.

If that is the case - name only sale, no one will put that kind of money in.

When 'how much' is known - that will decide it.