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

[kkaspar]

I was wondering if you would say that...so in a year, or two a currency that does not even exist yet, is going to be created, launched, mined, gain popularity and out-trade Bitcoin in the next 52 to 104 weeks, a coin that literally does not exist now..  interesting thought...

What will it do that will make it able to grow this fast and this well that any coins cannot do at present? and even if it is a great coin, can you explain how you think it will grow the network in such a rapid time?

Remember how fast bitcoin did it. And with less attention to the entire subject. Bitcoin has paved the way and now people take the entire idea more seriously.

[zyk]

Yep, bitcoin has gotten obsolete as the head of the chaain-letter just got cut off...you´ll see

[delphic]

Unless you are trading 100% of your coins regularly, why don't you keep a portion cold?

I will lose anything physical. Almost guaranteed. I have to replace my flash drives monthly because I always lose them...

I keep back-ups encrypted and locked in safes in the homes of two family members. It may sound ridiculous, but it is so easy to do in practice. Why not?

Make sure you share at least 51% of your DNA with them.   

[cbutters]

which way is it gonna go on the breakout? We will know soon.....

[Chang Hum]

People are off their heads gambling on that toxic gox shit! If there was really a silver lining don't you think everyone in the know and there familys would be buying and the price would be 5x higher now??

[derpinheimer]

Thanks for all the ideas guys.

Main reason I havent done anything like it is that I'm paranoid something would go wrong. Every time I make a transaction I go character by character to make sure nothing was wrong with the address  . So, I dont trust a computer to encrypt my wallet, thats for sure.

People are off their heads gambling on that toxic gox shit! If there was really a silver lining don't you think everyone in the know and there familys would be buying and the price would be 5x higher now??

Maybe. But maybe not. Its not like you'd make that much money off of it. About 1 million dollars if you bought it up to .5gBTC/BTC. (and it ended up being worth a full BTC each sometime in the future)

[raid_n]

Unless you are trading 100% of your coins regularly, why don't you keep a portion cold?

I will lose anything physical. Almost guaranteed. I have to replace my flash drives monthly because I always lose them...

I keep back-ups encrypted and locked in safes in the homes of two family members. It may sound ridiculous, but it is so easy to do in practice. Why not?

I advise anyone and everyone to actually PRINT paper wallets.
If you are really paranoid that the paper won't last chisel the private key in stone.

[Spaceman_Spiff]

Unless you are trading 100% of your coins regularly, why don't you keep a portion cold?

I will lose anything physical. Almost guaranteed. I have to replace my flash drives monthly because I always lose them...

I keep back-ups encrypted and locked in safes in the homes of two family members. It may sound ridiculous, but it is so easy to do in practice. Why not?

Make sure you share at least 51% of your DNA with them.   

Or don't share the encryption password.....

[derpinheimer]

Unless you are trading 100% of your coins regularly, why don't you keep a portion cold?

I will lose anything physical. Almost guaranteed. I have to replace my flash drives monthly because I always lose them...

I keep back-ups encrypted and locked in safes in the homes of two family members. It may sound ridiculous, but it is so easy to do in practice. Why not?

I advise anyone and everyone to actually PRINT paper wallets.
If you are really paranoid that the paper won't last chisel the private key in stone.

Thats a damned good idea for someone like me...

I'd have to chisel it on a few different stones... but I would know if it was tampered with.

[kkaspar]

The chart seems to be in a desperate hold again. No one is buying and the hodlers are waiting for something to happen so the price starts rising. Soon someone will get tired of waiting and will sell, that will in turn trigger more sells and we will probably see another drop that goes lower then 400.

[bassclef]

People are off their heads gambling on that toxic gox shit! If there was really a silver lining don't you think everyone in the know and there familys would be buying and the price would be 5x higher now??

Not everyone knows about it, lots of new posters lately both here & reddit, don't understand, or don't own enough BTC to take the risk. Not everyone wants to give their ID/ ss# for AML/KYC when they're still figuring out how to use/secure their own wallet.

[empowering]

I was wondering if you would say that...so in a year, or two a currency that does not even exist yet, is going to be created, launched, mined, gain popularity and out-trade Bitcoin in the next 52 to 104 weeks, a coin that literally does not exist now..  interesting thought...

What will it do that will make it able to grow this fast and this well that any coins cannot do at present? and even if it is a great coin, can you explain how you think it will grow the network in such a rapid time?

Remember how fast bitcoin did it. And with less attention to the entire subject. Bitcoin has paved the way and now people take the entire idea more seriously.

How long Bitcoin did it in , so 5 plus years then (we do not know how long Satoshi worked to create the code/concept/features and test it before 2009)?
So lets call it 6 years... maybe more...

[JorgeStolfi]

I think the flaw in your system is that it doesn't incorporate the people.

Indeed, that is why I said "the loss of those coins, per se".

I think that overall it may have a negative effect, by reducing the trust in all exchanges and therefore driving people away from bitcoin.   

However, the market price seems to be determined in good part by a relatively small set of active speculators (in the tens of thousands worldwide, perhaps?) whose sentiment may be very different from that of the general public.  So, if that loss of coins somehow makes those speculators more confident, the price may go up.

[Erdogan]

Did mtgox loose coins?  Yes.

Someone discovered that mtgox could be fooled by malled transactions, and retrieve their coins multiple times. That was the reason why mtgox coins were a hundred bucks higher than the competition. Two hundred bucks when this fact was leaked to other thieves.

When mtgox stopped the coin withdrawal, the situation was suddenly turned on it's head. The thieves knew that coins were lost, probably this information was leaked to a broader group. Now the point was to get the fiat out before everyone else, a run to not be the last.

So, what we thought was insufficient arbitrage due to fiat transfer problems, was really arbitrage - but the other way. The gox coins, for the thieves, were really half the listed price.

[Bronstad]

The chart seems to be in a desperate hold again. No one is buying and the hodlers are waiting for something to happen so the price starts rising. Soon someone will get tired of waiting and will sell, that will in turn trigger more sells and we will probably see another drop that goes lower then 400.

The chart seems to be in a desperate hold again. No one is buying and the hodlers are waiting for something to happen so the price starts rising. Soon someone will get tired of waiting and will buy, that will in turn trigger more buys and we will probably see another rise that goes higher then 700.

[cee-euros]

battle of the blocks on stamp

[solex]

Did mtgox loose coins?  Yes.

Someone discovered that mtgox could be fooled by malled transactions, and retrieve their coins multiple times. That was the reason why mtgox coins were a hundred bucks higher than the competition. Two hundred bucks when this fact was leaked to other thieves....

No. Anyone who saw the 10k sell on bitstamp would also see that it made only a few flat lines in a much bigger trend. The price could not be pushed $200 for weeks.
The higher price on gox was the glacial fiat withdrawal issue.

[Miz4r]

I think we'll probably consolidate for a while here until the whole MtGox situation gets cleared up and we can move on. We know MtGox is pretty much finished by now but there are still a lot of question unanswered. Once we get more answers there I think the market will choose its direction.

[raid_n]

Great time to be lending BTC on bitfinex - it is sitting at an incredible 0.35% daily right now!  That is around 127% APR - compounded daily which would make it an effective annual rate of over 255%!!  Why are more people not lending BTC over there??

The same reason we didn't store bitcoins at Gox.

Darn you Holliday.  You just motivated me to withdraw all my funds from Bitfinex.

But this got me thinking: all exchanges and wallets where the user doesn't control their private key will likely be experiencing larger-than-average withdrawals as the Gox situation unwinds.  As the tide recedes, will we learn that anyone else was swimming naked?

  

Another such situation on a different exchange would cause carnage at this point and time

[Richy_T]

[...]communism movement. On the outside, it looked like idealistic people want to give more freedom and liberty to the people, but really they were just interested in redistributing power to their favor, while actually concentrating power even more then before.

I don't know which "outside" you were on but to most of us, it looked like exactly what it was.