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

[Jettison86]

I wonder if anyone besides me sees why this is a good day to post one?

I know... I know... 

CHINA!

[ChartBuddy]

Explanation

[JorgeStolfi]

That is terribly naive, @aminorex.

when, in this corrupt world, has any improvement ever been obtained except by a robust, educated, diligent and sacrificial naivete?

I can agree with that.  But putting one's hopes on a technological "deus ex machina" is weak and lazy naiveté, not robust and diligent naiveté...

[KFR]

That is terribly naive, @aminorex.

when, in this corrupt world, has any improvement ever been obtained except by a robust, educated, diligent and sacrificial naivete?

I can agree with that.  But putting one's hopes on a technological "deus ex machina" is weak and lazy naiveté, not robust and diligent naiveté...

It may represent a "deus ex machina" to you but to others it represents, at the very least, a strong chance at achieving a profound paradigm shift.

Machina deus est. 

[shmadz]

That is terribly naive, @aminorex.

when, in this corrupt world, has any improvement ever been obtained except by a robust, educated, diligent and sacrificial naivete?

I can agree with that.  But putting one's hopes on a technological "deus ex machina" is weak and lazy naiveté, not robust and diligent naiveté...

It may represent a "deus ex machina" to you but to others it represents, at the very least, a strong chance at achieving a profound paradigm shift.

If people would just begin to understand the current system of currency, its issuance and its control, --

I think bitcoin might be able to put that tickle into their brains where they at least start to think about it.

[JorgeStolfi]

Another advantage of Second Market is that you do not need to worry about safe storage, private keys, exchanges being hacked or being scammers etc - although of course Second Market charges you a lot of $$$ for that. Perhaps even more importantly, you can be very technology naive, never have bit coin wallet etc

OK, but those seem to be small advantages compared to the disadvantage of not being allowed to liquidate for six months.  Could one get those advantages without the disadvantages by hiring an administrator?

Speaking about Chinese ban - is there any evidence that PBoC required exchanges to withdraw from the Bitcoin Summit? Or does it seem to be their initiative to please PBoC?

Not sure.  IIRC, someone recently posted a document from PBoC (an alleged leak?) instructing media channels to avoid coverage of the Summit.  Thus I am assuming that it is the Summit, not bitcoin, that the government is upset about.

Clearly, China has a very different culture from one I 've been brought in (Europe). It does seem very strange to me to allow exchanges to operate, but (effectively) not advertise their services Is this "Chinese way"?

Not sure that they are totally prohibited to advertise.  Their commitment may be only to avoid excessive or misleading marketing that induces naive people to invest all savings etc..  (OKCoin recently had announced an open house party featuring a "bitcoin goddess".  Don't know whether that would count...)

[TERA]

Another advantage of Second Market is that you do not need to worry about safe storage, private keys, exchanges being hacked or being scammers etc - although of course Second Market charges you a lot of $$$ for that. Perhaps even more importantly, you can be very technology naive, never have bit coin wallet etc

What is so difficult about a safe bitcoin wallet? All you have to do is write down your key somewhere, put it in some encrypted file, or remember some way to hash out your key or hash out a brainwallet password. Anyone putting a serious amount of money into bitcoin should have the time to figure out how to do this.  Meanwhile, if you invest with SecondMarket, you take the extra unneccessary RISKS of your funds being stolen by SecondMarket, seized by the government, lost to bankruptcy, lost to hackers, etc. and you can't even use your coins anywhere. You get none of the security features, functionality, or financial freedom that bitcoin provides. I cannot believe people spend extra money to do that. You would have to pay me to do that.

[shmadz]

Another advantage of Second Market is that you do not need to worry about safe storage, private keys, exchanges being hacked or being scammers etc - although of course Second Market charges you a lot of $$$ for that. Perhaps even more importantly, you can be very technology naive, never have bit coin wallet etc

What is so difficult about a safe bitcoin wallet? All you have to do is write down your key somewhere, put it in some encrypted file, or remember some way to hash out your key or hash out a brainwallet password. Anyone putting a serious amount of money into bitcoin should have the time to figure out how to do this.  Meanwhile, if you invest with SecondMarket, you take the extra unneccessary RISKS of your funds being stolen by SecondMarket, seized by the government, lost to bankruptcy, lost to hackers, etc. and you can't even use your coins anywhere.

the problem is that the rich people that we're trying to steal the money (power) from are much stupider than you give them credit for.

this will take some time.

[ChartBuddy]

Explanation

[windjc]

Looks like momentum to the upside is waning?

Can the bulls hang on here?  We are getting very close to major resistance points on the exchanges.

Can Houbi break through 2867? Can it make a push to 3000?

Or are we going to see a sell off again?

Even in a new "bull market" we could certainly have a 50% retracement down to 2700 (430ish).

Will it happen? Hmmmm.

[Azeh]

Only 800BTC to 3000 on Huobi...

[Bitcoin_is_here_to_stay]

Another advantage of Second Market is that you do not need to worry about safe storage, private keys, exchanges being hacked or being scammers etc - although of course Second Market charges you a lot of $$$ for that. Perhaps even more importantly, you can be very technology naive, never have bit coin wallet etc

What is so difficult about a safe bitcoin wallet? All you have to do is write down your key somewhere, put it in some encrypted file, or remember some way to hash out your key or hash out a brainwallet password. Anyone putting a serious amount of money into bitcoin should have the time to figure out how to do this.  Meanwhile, if you invest with SecondMarket, you take the extra unneccessary RISKS of your funds being stolen by SecondMarket, seized by the government, lost to bankruptcy, lost to hackers, etc. and you can't even use your coins anywhere. You get none of the security features, functionality, or financial freedom that bitcoin provides. I cannot believe people spend extra money to do that. You would have to pay me to do that.

I would personally not use Second Market because they charge so much and of lack of freedom to sell - but they already have many customers and even some people in this forum declared they would use them. Think the wealthy GrandPa type as their target investors . There is still high entry barrier into bitcoin, especially for older folks. Moreover, with all the stories about Gox, hacks, etc some people would pay a lot not to have to deal with exchanges.

Of course, it is possible Second Market will turn out to be a scam - but highly unlikely, iirc for the company who runs it the bit coin fund is a small side business. And even if they are problem, they are a company operating at US, that is supposed to comply with US regulation, much easier to sue etc than private or semi -anonymous exchange owner in distant countries.  

[Bitcoin_is_here_to_stay]

Looks like momentum to the upside is waning?

Can the bulls hang on here?  We are getting very close to major resistance points on the exchanges.

Can Houbi break through 2867? Can it make a push to 3000?

Or are we going to see a sell off again?

Even in a new "bull market" we could certainly have a 50% retracement down to 2700 (430ish).

Will it happen? Hmmmm.

I am curious, too. Going to bed now. My hunch is we will end up going down again, but after a long and torturous fight. Probably including some up move.

[windjc]

Only 800BTC to 3000 on Huobi...

Uh, no. More like 5000.

[Azeh]

Only 800BTC to 3000 on Huobi...

Uh, no. More like 5000.

Yeah, missed a zero and a 5

[chessnut]

CCMF! lol. prolly gonna break the exp trend soon but fun to watch.

[cbeast]

CCMF! lol. prolly gonna break the exp trend soon but fun to watch.

Oooooohhh! Splines!

[ChartBuddy]

Explanation

[freebit13]

Another advantage of Second Market is that you do not need to worry about safe storage, private keys, exchanges being hacked or being scammers etc - although of course Second Market charges you a lot of $$$ for that. Perhaps even more importantly, you can be very technology naive, never have bit coin wallet etc

What is so difficult about a safe bitcoin wallet? All you have to do is write down your key somewhere, put it in some encrypted file, or remember some way to hash out your key or hash out a brainwallet password. Anyone putting a serious amount of money into bitcoin should have the time to figure out how to do this.  Meanwhile, if you invest with SecondMarket, you take the extra unneccessary RISKS of your funds being stolen by SecondMarket, seized by the government, lost to bankruptcy, lost to hackers, etc. and you can't even use your coins anywhere. You get none of the security features, functionality, or financial freedom that bitcoin provides. I cannot believe people spend extra money to do that. You would have to pay me to do that.

I think this is where hardware wallets come in, although quite delayed. Getting new tech like this in the hands of people will be a great thing for bitcoin and a great thing for adoption. Hardbit apparently goes on sale today: http://www.coindesk.com/trezor-hardbit-hardware-bitcoin-wallets-will-launch-within-days/.  We're still in the very early stages imho.

[Blue]

Huobi and okcoin creeping along

BUT BTC-e having a pump - so who is behind the pump ??

it´s not China