MANofthePEOPLE
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March 18, 2014, 03:14:46 PM |
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Pretty damn weak support to keep it over 550
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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March 18, 2014, 03:15:43 PM |
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its not LTC that overstock accepts as payment people...
If I recall correctly, Overstock's CEO invested heavily in bitcoin, Was that from his pocket, or through the company? where did you get that? just buy a bitcoin Jorge... He begins to build some credibility by contributing information in various respects, then all of a sudden comes out with these lame assertions... like conspiracy theory that take a very large stretch of credulity to fathom their even possibility. Accordingly, it seems that these kinds of stretches of credulity undermine the previously built Jorge brand.
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FTWbitcoinFTW
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March 18, 2014, 03:16:07 PM Last edit: March 18, 2014, 03:54:45 PM by FTWbitcoinFTW |
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Yes, I am certain that at least Bitstamp does business with people in the US. It would probably be wise to decline US customers in the future until they register with FinCEN, but I expect nothing out of Bitcoin exchanges. Talking more about US global power, what could be the levrage on stamp from US gov ? A lot of compagny doesnt have the FINCEN agrement but make business with american. Don't get me wrong i agree with you, i don't trust exchange as it's the weak part of the chain
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adamstgBit
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March 18, 2014, 03:17:52 PM |
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its not LTC that overstock accepts as payment people...
If I recall correctly, Overstock's CEO invested heavily in bitcoin, Was that from his pocket, or through the company? where did you get that? just buy a bitcoin Jorge... He begins to build some credibility by contributing information in various respects, then all of a sudden comes out with these lame assertions... like conspiracy theory that take a very large stretch of credulity to fathom their even possibility. Accordingly, it seems that these kinds of stretches of credulity undermine the previously built Jorge brand. Jorge spends alot of time thinking about bitcoin, he NEEDS to own some! go buy a bitcoin Jorge...
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Threebits
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March 18, 2014, 03:19:54 PM |
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I suppose that BIT may be tempted try to drive the BTC price down before enabling liquidity, because then they would have to pay less USD to the investors who liquidate. In that "plan", BIT would later buy back those coins on-market to drive the price back up. I don't know whether this would work; it may push more investors to liquidate and may scare new investors (not that they have many now it seems). Note that this manipulation is possible with bitcoin due to the limited liquidity of the exchanges.
Does this make sense?
EDIT: typo
I don't understand why BIT wish to drive price down and then liquidate their bitcoins. This undermines their customers and does no good for themselves. Or I'm not smart enough to understand what is it ? Maybe I am not understanding it right, but this month some of their investors who bought shares at 12$ will be allowed to liquidate, meaning that BIT will have to pay them ~60$ per share (and tear those shares up). The BIT share price is pegged to the BTC price, so if the latter goes down to 300$ before those investors have time to liquidate, then BIT would have to pay them ~30$/share, instead of ~60$/share. If the BTC price later returns to 600$, BIT shares will go back to 60$, the other investors (who can't liquidate yet) will be in the same state they were before --- but BIT would have saved a lot of money. Thanks for the explanation. I see the logic.
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Asrael999
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March 18, 2014, 03:21:24 PM |
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Goodbye, Bitstamp and BTC-E. AFAIK Bitstamp and BTC-E neither operate nor have any bank account in US What does it matter? They serve US customers without following the regulations, and the US has global power. c. De-Centralized Virtual Currencies A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort. A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency. Doesn't this imply that anyone who sells a cryptocurrency for fiat is a money transmitter? So not just the exchanges but anyone who sells bitcoin for cash?
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JorgeStolfi
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March 18, 2014, 03:22:50 PM |
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If I recall correctly, Overstock's CEO invested heavily in bitcoin, Was that from his pocket, or through the company?
I struggle to comprehend - why you want to stretch logic to attempt to see a zebra in a herd of horses.... and zebras are a rarity. I don't undertsand your remark. I stated a fact (AFAIK, read it here) and asked a factual question. No opinions there. By the way, zebras are notorious for being impossible to tame. You can't take them for a ride. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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jl2012
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March 18, 2014, 03:23:18 PM |
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I suppose that BIT may be tempted try to drive the BTC price down before enabling liquidity, because then they would have to pay less USD to the investors who liquidate. In that "plan", BIT would later buy back those coins on-market to drive the price back up. I don't know whether this would work; it may push more investors to liquidate and may scare new investors (not that they have many now it seems). Note that this manipulation is possible with bitcoin due to the limited liquidity of the exchanges.
Does this make sense?
EDIT: typo
I don't understand why BIT wish to drive price down and then liquidate their bitcoins. This undermines their customers and does no good for themselves. Or I'm not smart enough to understand what is it ? Maybe I am not understanding it right, but this month some of their investors who bought shares at 12$ will be allowed to liquidate, meaning that BIT will have to pay them ~60$ per share (and tear those shares up). The BIT share price is pegged to the BTC price, so if the latter goes down to 300$ before those investors have time to liquidate, then BIT would have to pay them ~30$/share, instead of ~60$/share. If the BTC price later returns to 600$, BIT shares will go back to 60$, the other investors (who can't liquidate yet) will be in the same state they were before --- but BIT would have saved a lot of money. Thanks for the explanation. I see the logic. That's completely nonsense. BIT is 100% backed by real BTC. If a customer wants to liquidate their BIT share, BIT will just sell the bitcoin at market price.
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keithers
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This is the land of wolves now & you're not a wolf
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March 18, 2014, 03:23:47 PM |
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LTC/BTC is really surging while this temporary slow bleed on the price per BTC is going on. It's a good time to be converting a few LTC back to BTC. This is if you have a decent sized holding of LTC. If not, I would suggest just continuing to hold your LTC (and BTC)
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adamstgBit
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March 18, 2014, 03:24:39 PM |
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I suppose that BIT may be tempted try to drive the BTC price down before enabling liquidity, because then they would have to pay less USD to the investors who liquidate. In that "plan", BIT would later buy back those coins on-market to drive the price back up. I don't know whether this would work; it may push more investors to liquidate and may scare new investors (not that they have many now it seems). Note that this manipulation is possible with bitcoin due to the limited liquidity of the exchanges.
Does this make sense?
EDIT: typo
I don't understand why BIT wish to drive price down and then liquidate their bitcoins. This undermines their customers and does no good for themselves. Or I'm not smart enough to understand what is it ? Maybe I am not understanding it right, but this month some of their investors who bought shares at 12$ will be allowed to liquidate, meaning that BIT will have to pay them ~60$ per share (and tear those shares up). The BIT share price is pegged to the BTC price, so if the latter goes down to 300$ before those investors have time to liquidate, then BIT would have to pay them ~30$/share, instead of ~60$/share. If the BTC price later returns to 600$, BIT shares will go back to 60$, the other investors (who can't liquidate yet) will be in the same state they were before --- but BIT would have saved a lot of money. Thanks for the explanation. I see the logic. That's completely nonsense. BIT is 100% backed by real BTC. If a customer wants to liquidate their BIT share, BIT will just sell the bitcoin at market price. i thought BIT would open up a market for BIT shares, were poeple could buy and sell BIT, which should track bitcoin prices closely because its backed by bitcoin.
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dreamspark
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March 18, 2014, 03:24:49 PM |
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Goodbye, Bitstamp and BTC-E. AFAIK Bitstamp and BTC-E neither operate nor have any bank account in US What does it matter? They serve US customers without following the regulations, and the US has global power. c. De-Centralized Virtual Currencies A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort. A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency. Doesn't this imply that anyone who sells a cryptocurrency for fiat is a money transmitter? So not just the exchanges but anyone who sells bitcoin for cash? Pretty much. Cassius was having trouble with his physical coins due to money transmitter laws. Im sure they stopped him at least at the time if I remember correctly?
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jl2012
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March 18, 2014, 03:26:25 PM |
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I suppose that BIT may be tempted try to drive the BTC price down before enabling liquidity, because then they would have to pay less USD to the investors who liquidate. In that "plan", BIT would later buy back those coins on-market to drive the price back up. I don't know whether this would work; it may push more investors to liquidate and may scare new investors (not that they have many now it seems). Note that this manipulation is possible with bitcoin due to the limited liquidity of the exchanges.
Does this make sense?
EDIT: typo
I don't understand why BIT wish to drive price down and then liquidate their bitcoins. This undermines their customers and does no good for themselves. Or I'm not smart enough to understand what is it ? Maybe I am not understanding it right, but this month some of their investors who bought shares at 12$ will be allowed to liquidate, meaning that BIT will have to pay them ~60$ per share (and tear those shares up). The BIT share price is pegged to the BTC price, so if the latter goes down to 300$ before those investors have time to liquidate, then BIT would have to pay them ~30$/share, instead of ~60$/share. If the BTC price later returns to 600$, BIT shares will go back to 60$, the other investors (who can't liquidate yet) will be in the same state they were before --- but BIT would have saved a lot of money. Thanks for the explanation. I see the logic. That's completely nonsense. BIT is 100% backed by real BTC. If a customer wants to liquidate their BIT share, BIT will just sell the bitcoin at market price. i thought BIT would open up a market for BIT shares, were poeple could buy and sell BIT, which should track bitcoin prices closely because its backed by bitcoin. I'm not sure but if it works like an ETF, customers may also request delivery of real BTC
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dreamspark
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March 18, 2014, 03:30:28 PM |
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Wall that was propping up $610 ish has been removed
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bassclef
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March 18, 2014, 03:43:31 PM |
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Was just reading about this. Pretty excellent news!
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aminorex
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Sine secretum non libertas
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March 18, 2014, 03:52:02 PM |
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A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.
Doesn't this imply that anyone who sells a cryptocurrency for fiat is a money transmitter? So not just the exchanges but anyone who sells bitcoin for cash?
A plain reading does not indicate that merely dealing in bitcoin constitutes money transmission. If it did, then dealing in mp3s would constitute money transmission no less.
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aminorex
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Sine secretum non libertas
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March 18, 2014, 03:53:13 PM |
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Pretty much. Cassius was having trouble with his physical coins due to money transmitter laws. Im sure they stopped him at least at the time if I remember correctly?
They did. And they are criminals making threats of under color of law.
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barbs
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March 18, 2014, 03:54:31 PM |
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Bull trap?
Bear trap?
We're not out of the woods yet boys
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JorgeStolfi
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March 18, 2014, 03:54:33 PM |
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That's completely nonsense. BIT is 100% backed by real BTC. If a customer wants to liquidate their BIT share, BIT will just sell the bitcoin at market price.
That has nothing to do with the issue. What that "100% backed in BTC" promise means is that, for each share held by investors, BIT will keep 0.1 BTC in its posession. It does not mean that BIT must sell those BTC when the investor liquidates; if BIT has cash reserves, it can just pay the investor from those and keep the corresponding BTCs as reserve instead. That would not violate the "100% backed by BTC" promise to other investors, on the contrary. (The whole point of the trust is to insulate the investors from the BTC trading that BIT must do to honor BIT's part of the contract.)
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BitChick
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March 18, 2014, 03:57:25 PM |
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Bull trap?
Bear trap?
We're not out of the woods yet boys
But it isn't as boring as it was last week. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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fonzie
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March 18, 2014, 04:01:51 PM |
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Greetings from my latest journey to S-E-Asia. A full Bitcoin sponsored trip(shorting profits ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) )stuffed with a huge package of Acid bought with BTC. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) I just wanted to let you know that i´m still bullish about BTC after i talked to the local bulls over here, altough it might take a few days until they will fully attack. ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fi58.tinypic.com%2F2hnyuef.jpg&t=665&c=N0hdcYNOC2SiWA) ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fi62.tinypic.com%2F2vvqq9u.jpg&t=665&c=E-oQPufxuDSnxQ) If you could please pump it to about 900$ that would be awesome See you soon ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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