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

[ChartBuddy]

Explanation

[Bitcoin_is_here_to_stay]

The candle has been lit.

What candle?

Yeah, what do you mean, Tera?

[Torque]

The candle has been lit.

What candle?

Yeah, what do you mean, Tera?

Lol

[JorgeStolfi]

Only deposits via banks or payment processors are blocked.  Withdrawals via banks are still working, and the exchanges have found alternative not-so-convenient deposit channels.  But further restrictions are still possible.

Which means they can still ban it... Again... On the other hand, if they wanted to shut it down, wouldn't they have done it by now? It's been over six months!

*shakes head*

I don't think the Chinese government wants to shut it down necessarily.  There is a sizable bitcoin mining industry that depends on it and generates export revenue, and also many investors, big and small, who would lose money and get mad if they did.  They just want to make sure that it is not used as a currency in commerce (which they mostly did already) nor a payment medium for illegal trade, bribery, and foreign subversion (which they still seem to be worried about) or as a way for a few smart people to suck money from unwary investors and traders (which they may worry about once enough victims start complaining).

[madmat]

Only deposits via banks or payment processors are blocked.  Withdrawals via banks are still working, and the exchanges have found alternative not-so-convenient deposit channels.  But further restrictions are still possible.

Which means they can still ban it... Again... On the other hand, if they wanted to shut it down, wouldn't they have done it by now? It's been over six months!

*shakes head*

I don't think the Chinese government wants to shut it down necessarily.  There is a sizable bitcoin mining industry that depends on it and generates export revenue, and also many investors, big and small, who would lose money and get mad if they did.  They just want to make sure that it is not used as a currency in commerce (which they mostly did already) nor a payment medium for illegal trade, bribery, and foreign subversion (which they still seem to be worried about) or as a way for a few smart people to suck money from unwary investors and traders (which they may worry about once enough victims start complaining).

As time passes, bitcoin will become unstoppable. Only a major 51% attack could block it.

[adamstgBit]

Only deposits via banks or payment processors are blocked.  Withdrawals via banks are still working, and the exchanges have found alternative not-so-convenient deposit channels.  But further restrictions are still possible.

Which means they can still ban it... Again... On the other hand, if they wanted to shut it down, wouldn't they have done it by now? It's been over six months!

*shakes head*

I don't think the Chinese government wants to shut it down necessarily.  There is a sizable bitcoin mining industry that depends on it and generates export revenue, and also many investors, big and small, who would lose money and get mad if they did.  They just want to make sure that it is not used as a currency in commerce (which they mostly did already) nor a payment medium for illegal trade, bribery, and foreign subversion (which they still seem to be worried about) or as a way for a few smart people to suck money from unwary investors and traders (which they may worry about once enough victims start complaining).

As time passes, bitcoin will become unstoppable. Only a major 51% attack could block it slow it down.

ftfy

[madmat]

Only deposits via banks or payment processors are blocked.  Withdrawals via banks are still working, and the exchanges have found alternative not-so-convenient deposit channels.  But further restrictions are still possible.

Which means they can still ban it... Again... On the other hand, if they wanted to shut it down, wouldn't they have done it by now? It's been over six months!

*shakes head*

I don't think the Chinese government wants to shut it down necessarily.  There is a sizable bitcoin mining industry that depends on it and generates export revenue, and also many investors, big and small, who would lose money and get mad if they did.  They just want to make sure that it is not used as a currency in commerce (which they mostly did already) nor a payment medium for illegal trade, bribery, and foreign subversion (which they still seem to be worried about) or as a way for a few smart people to suck money from unwary investors and traders (which they may worry about once enough victims start complaining).

As time passes, bitcoin will become unstoppable. Only a major 51% attack could block it slow it down.

ftfy

I agree with your modification.

[bitcoinsrus]

I do not think a 51% attack would mean the end. The pool would have to have a malicious intent. The people in the pool, probably would switch over to another pool (or the smaller pools could form together).

The 51% attack could only affect future blocks and not past blocks so, people could just stop using btc or blockchain could shut down until issue is resolved.

New modifications can prevent future attacks. I just do not see it as a serious threat. Does anyone agree with me on here (or am I missing something?)

[edwardspitz]

The candle has been lit.

What candle?

Yeah, what do you mean, Tera?

Lol

Possibly Tera means that there is finally a green 1wk macd candle on Bitstamp. It was sort of confirmed with high volume. It is barely lit   It could be positive if we are dealing with macd obsessed whale Long time ago I remember Tera said that a green 1 wk macd could indicate that it is a good time to buy (or maybe build on a position?). I can't tell if that was a joke or not. Tera likes to be a bit cryptic sometimes.

[madmat]

I do not think a 51% attack would mean the end. The pool would have to have a malicious intent. The people in the pool, probably would switch over to another pool (or the smaller pools could form together).

The 51% attack could only affect future blocks and not past blocks so, people could just stop using btc or blockchain could shut down until issue is resolved.

New modifications can prevent future attacks. I just do not see it as a serious threat. Does anyone agree with me on here (or am I missing something?)

I meant a 51% attack by a government.

[luke997]

https://www.jpmorgan.com/‎      https://Ghash.io - Join us - High reward - Lots of fun
"To have failed in everything, always, out of a love of discouragement." aka Bitcoin 2014  - Emil Cioran

So, what project are you managing at JP Morgan?  New JP Morgan coin?  The conflict of interest here is amusing.

I am not allowed to disclose that right now. Let´s just say, when you´ll hear about it Bitcoin will already have been hit Nagasaki style.

It doesn't take much to figure out what JP is doing.
What's low is trolling to downplay BTC...

http://www.zerohedge.com/news/2013-12-10/chasing-bitcoin-jpm-preparing-unveil-its-own-electronic-currency

[ChartBuddy]

Explanation

[adamstgBit]

[Krabby]

I laughed a lot.

[JayJuanGee]

All I know is buying more back in the 330's looks so good right now

I think that it would look good only if you were just beginning to invest in BTC or that you had recently sold your BTC investment to buy in at a lower price.  Otherwise $330s would be seriously problematic for BTC and would delay what seems to be our upcoming, pending and seemingly imminent choo choo.

[smiley123]

I do not think a 51% attack would mean the end. The pool would have to have a malicious intent. The people in the pool, probably would switch over to another pool (or the smaller pools could form together).

The 51% attack could only affect future blocks and not past blocks so, people could just stop using btc or blockchain could shut down until issue is resolved.

New modifications can prevent future attacks. I just do not see it as a serious threat. Does anyone agree with me on here (or am I missing something?)

I meant a 51% attack by a government.

From what I've read, it seems that a 51% attack can be detected pretty easily and dealt with when it happens, even without modifications to bitcoin to prevent it.  What I haven't seen is what exactly is the procedure to deal with it when it happens.  I think it is this uncertainty that has become an endless source of fear and doubt, because just having faith in the mining pools to act appropriately is not enough.

[keithers]

Welp, we are back firmly under the $600 levels.   Still have not been able to consistently stay above.   Depending on how the auction goes...things could get interesting..

[aminorex]

imminent choo choo.

monkey is sad about bitcoin this week.

[Krabby]

I do not think a 51% attack would mean the end. The pool would have to have a malicious intent. The people in the pool, probably would switch over to another pool (or the smaller pools could form together).

The 51% attack could only affect future blocks and not past blocks so, people could just stop using btc or blockchain could shut down until issue is resolved.

New modifications can prevent future attacks. I just do not see it as a serious threat. Does anyone agree with me on here (or am I missing something?)

I meant a 51% attack by a government.

From what I've read, it seems that a 51% attack can be detected pretty easily and dealt with when it happens, even without modifications to bitcoin to prevent it.  What I haven't seen is what exactly is the procedure to deal with it when it happens.  I think it is this uncertainty that has become an endless source of fear and doubt, because just having faith in the mining pools to act appropriately is not enough.

A pool is easy to deal with because everyone will leave.
But it will be much harder if the 51% is owned by one person.

[aminorex]

I meant a 51% attack by a government.

From what I've read, it seems that a 51% attack can be detected pretty easily and dealt with when it happens

"dealing with" an attack "by a government" is called war.