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

[David M]

    That Joe Public runs away out of fear the safety of his money can't be guaranteed

Whoooooosh.  Bitcoin allows you to become your own bank.  If you cannot trust yourself, then you have no chance.
AFAIK, no one has ever had a break and enter on their premises and stolen a paper wallet

That other, better digital currencies come along, relegating Bitcoin to the sidelines

See above point.

That big banks themselves co-opt the still-relevant technological developments embedded in Bitcoin and junk all the bad parts"

See first point.  And please tell me the bad parts?

What's the point of Bitcoin now?"

I don't have to trust the looters and leeches with my money.

While you are at mister banker, ask all those traders who funds got stolen in the great MF Global heist how safe their money was.
The funds were meant to be in segregated accounts and you allowed him to steal them.

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[KFR]

Surely I am entitled to have an opinion on global warming and energy sufficiency, even though I have not burned a single poud of coal in my life?

Of course.  I merely thought an academic claiming to study the field might aspire to being more informed about actual usage of the thing he's studying than a student on his first day at the "What is a cryptocurrency and how do they work?" course.

Your call.  I just find it hard to understand why you're so resistant to experiencing this absolute basic first lesson.

[nanobtc]

For those too young to know, or not technically inclined, .pif files are very old file formats, that predate Windows (TopView and DESQview). Program Information Files contained info on DOS programs. Windows used them to store info about the programs, font type, etc. Technically .pif files are not executables, but Windows has forever treated them like one.

This makes them a popular vector for virii/keyloggers/etc. Don't click on them, there is never a good reason for them to be in an email attachment.

[mmitech]

I am reviewing my thoughts, there are 2 voices in my head now, the first is telling me that there will be small drops but we will go up but the second and strongest one is telling me it is not over and that we will drop further and we will drop even less than 400.

I am trying to convince my self and gather my thoughts but the gox situation is not letting it go, I cant let it go and I am starting to think that we will sink even further... any thoughts ?

[KFR]

For those too young to know, or not technically inclined, .pif files are very old file formats, that predate Windows (TopView and DESQview). Program Information Files contained info on DOS programs. Windows used them to store info about the programs, font type, etc. Technically .pif files are not executables, but Windows has forever treated them like one.

This makes them a popular vector for virii/keyloggers/etc. Don't click on them, there is never a good reason for them to be in an email attachment.

+1

Best rule of thumb for those that are not highly technical people: NEVER click on an email attachment unless you're 100% confident what it is.

[sonofliberty]

If you could stop quoting obvious trolls, that would be great.

[GreekGeek]

I am reviewing my thoughts, there are 2 voices in my head now, the first is telling me that there will be small drops but we will go up but the second and strongest one is telling me it is not over and that we will drop further and we will drop even less than 400.

I am trying to convince my self and gather my thoughts but the gox situation is not letting it go, I cant let it go and I am starting to think that we will sink even further... any thoughts ?

why don't you distribute your funds between BTC - USD to a rate you feel more confidence

[zyk]

I am reviewing my thoughts, there are 2 voices in my head now, the first is telling me that there will be small drops but we will go up but the second and strongest one is telling me it is not over and that we will drop further and we will drop even less than 400.

I am trying to convince my self and gather my thoughts but the gox situation is not letting it go, I cant let it go and I am starting to think that we will sink even further... any thoughts ?

Yep...short the hell out of this dying ponzi until you hear not a single bullish bagholder voice in this forum and then switch to Litecoin  

[billyjoeallen]

stamp freaking out over senator news?

A senator that doesn't even know the difference between "weary" and "wary". Says it all.

People who don't understand how the American political process really works (including most Americans) don't know how laughable this is. The Senator from J.P. Morgan would have to expend a massive amount of political capital to pass a ban, and would get no more benefit from it than the Senator from BankAmerica or the Senator from Goldman Sachs. Politics is about concentrating benefits and distributing costs. This would achieve the opposite in terms of political capital. It won't happen. Bitcoin won't get banned until after it's too big to stop, and maybe not then.

The regulators and central bankers know who's behind this and they know why. They may have to give lip service to the shopworn concerns presented, but thy have concerns of their own and they have much bigger problems to deal with. Support for an unenforceable Bitcoin ban is simply a bargaining chip created for the purpose of trading it away for something more politically valuable.

[cbutters]

Sounds like an endorsement!

He literally says "spending Bitcoin now will cost you many orders of wealth in the future."

Sounds like a bull to me



Haha on another note, Its pretty funny that in one breath he says that bitcoin will be super valulable in the future, and then the next says that "hard-working" americans will holding a valueless currency in the next.... make up your mind.

[JorgeStolfi]

If I was a gambling man, I would bet large sums of money that you have, throughout your life, used electricity created by burning coal to the extent that it was equivalent to a pound burned (most likely much higher).

No need to gamble; Stanford U. has its own coal-fueled power generation plant in the middle of campus.  But the only coal I ever put my hands on was a small chunk that I found on the sidewalk next to that plant, once.

[KeyserSoze]

I just find it hard to understand why you're so resistant to experiencing this absolute basic first lesson.

Is it as obvious to everyone as it is to me? He is beginning to question his conclusion Bitcoin is a ponzi. He already softened his stance by admitting he now feels "pyramid" may be more appropriate than "ponzi". A part of him is concerned he could soften further, and using the currency may suck him in. He's in an intellectual battle with himself. He's fighting valiantly. It's natural. We train ourselves "if it's too good to be true it usually is" yet here is Bitcoin which is just about too good to be true and yet it is true. It is revolutionary. It is a ground shaking paradigm shift. It will change the world.

[kkaspar]

Haha on another note, Its pretty funny that in one breath he says that bitcoin will be super valulable in the future, and then the next says that "hard-working" americans will holding a valueless currency in the next.... make up your mind.

I think that the man is trying to say that a small number of people, will get rich at the expense of others, if bitcoin spreads. I think that this isn't an wrong concern, because this is the logical outcome if bitcoin spreads.
I wouldn't worry much though. Evolution will do it's thing and bitcoin will just become obsolete by a digital currency that offers better wealth distribution. Technological evolution has made it harder for people to leech on other people.

[ChartBuddy]

Explanation

[billyjoeallen]

Is bitcoin a cult?

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

CONFIRMED.

since when is getting rich not a cult ?

US$ is a cult, gold money is a cult ... all money is a cult, and a bubble too.

In religion, the only difference between a legit faith and a cult is time. Christianity was once a cult. Islam was as well. Most recently Mormonism became legit roughly around the same time Mitt Romney got the Republican presidential nomination. A cult is a small community that typically grows exponentially and is centered around an unconventional premise. In this respect, the Bitcoin community resembles a cult, but how do unconventional premises become conventional? It's a nothing slur. A hollow pejorative. http://en.wikipedia.org/wiki/Argumentum_ad_populum

[scorp1618]

http://shouldibuyorsellbitcoin.com  

[bitcoinlord]

I knew it, am I the only one who got this ? how many of you out there who got the same e-mail ?

I got the same email message as yours as described above. Don't open the attached file

[mmitech]

http://letstalkbitcoin.com/somethings-not-right-at-gox/#.Uw5lrfmwJBl

[virtualfaqs]

http://shouldibuyorsellbitcoin.com  

Is that yours?

[scorp1618]

http://shouldibuyorsellbitcoin.com  

Is that yours?

Yes.