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

[alexeft]

When is the SR coins auction?

On Friday, from 6am to 6pm.

Thanks!

What timezone is that?

[elebit]

Yes, but don't you realize that extending IOUs is exactly how the current, broken fractional reserve banking system works?  And is pretty much why Mt Gox. went bankrupt?

No and no. (There are lots of problems with the current banking system but IOUs for spreading risk is not one of them.)

In fact, Bitcoin markets would be both more secure and more liquid for it. A win-win if I ever saw one.

[BRADLEYPLOOF]

http://www.usmarshals.gov/assets/2014/bitcoins/

[ShroomsKit]

Here's some neat news from coindesk: http://www.coindesk.com/california-bill-bitcoin-lawful-money-heads-to-governor/

Great! Better dump some coins!

Why did they put a picture of George Bush in the article by the way?

[alexeft]

http://www.usmarshals.gov/assets/2014/bitcoins/

Thanks

Will we officially know who the winners are and the price?

[Nicholas-Carraway]

If I were going to place a bid on a blind auction to buy bitcoins, and the auction was going to be closed in a couple days, I would put a bid in at $541.00 or $551.00.  There seems to be good technical support at those areas and I would feel like there would be a good risk/reward ratio.  I'd feel like I'd be able to make some money on a trade (eventually) and/or it would be a good price for a long term hold as well.  If I didn't win I wouldn't be too disappointed.  If I did win, I'd feel pretty certain I'd be able to do well either trading out or holding.  Remember, I'd have to take out $200K out of money for the deposit that was otherwise working for me elsewhere, and the time-cost involved for the auction. 

Where would you place your blind bid today for any amount of bitcoin?

Nick

[uhoh]

Has it been said anywhere how quickly the USM are going to be able to settle the coins to the winners?

EDIT: Ignore me, doesn't look like its gonna be quick


Bitcoins will be transferred to winning bidders in the order that each winning bid was received. No bitcoin transfer will be made until the USMS has confirmed receipt of all purchase funds. The winning bidder(s) will be given private instructions related to the transferring of the bitcoins.

Let's hope they don't mess up the transfer in the same way as the email

[pepo]

Dont miss the hole point , every day 80.000 people start to use btc. A network worth growts exponentially when you add more users. Hold your coins and buy some tagged btc to the fbi

[windjc]

If I were going to place a bid on a blind auction to buy bitcoins, and the auction was going to be closed in a couple days, I would put a bid in at $541.00 or $551.00.  There seems to be good technical support at those areas and I would feel like there would be a good risk/reward ratio.  I'd feel like I'd be able to make some money on a trade (eventually) and/or it would be a good price for a long term hold as well.  If I didn't win I wouldn't be too disappointed.  If I did win, I'd feel pretty certain I'd be able to do well either trading out or holding.  Remember, I'd have to take out $200K out of money for the deposit that was otherwise working for me elsewhere, and the time-cost involved for the auction.  

Where would you place your blind bid today for any amount of bitcoin?

Nick

It depends if you actually wanted to win the auction. If I wanted to win Id put my bid somewhere between $600 and $630.

[CEG5952]

It depends if you actually wanted to win the auction. If I wanted to win Id put my bid somewhere between $600 and $630.

So you are pretty confident that the coins will be sold above the exchange rate? I can see arguments for both sides, but it's all very murky to me.

[alexeft]

every day 80.000 people start to use btc

Where did you get that number?

[Nicholas-Carraway]

If I were going to place a bid on a blind auction to buy bitcoins, and the auction was going to be closed in a couple days, I would put a bid in at $541.00 or $551.00.  There seems to be good technical support at those areas and I would feel like there would be a good risk/reward ratio.  I'd feel like I'd be able to make some money on a trade (eventually) and/or it would be a good price for a long term hold as well.  If I didn't win I wouldn't be too disappointed.  If I did win, I'd feel pretty certain I'd be able to do well either trading out or holding.  Remember, I'd have to take out $200K out of money for the deposit that was otherwise working for me elsewhere, and the time-cost involved for the auction.  

Where would you place your blind bid today for any amount of bitcoin?

Nick

It depends if you actually wanted to win the auction. If I wanted to win Id put my bid somewhere between $600 and $630.

Thank you for your honest reply.  There are currently about 3100 coins on the Ask to $605 at Bitstamp.  Did this influence your decision?  I know there are other factors... Asks getting pulled, exchange risk, etc.  Honestly just exploring what the winning bid(s) might be.

[BTCtrader71]

Hmm.  So now that the PBoC has begun to articulate a plan for integrating bitcoin into the Chinese economy, that should be bullish, right?
Oh, I'm sorry, I forgot.  Some pocket change from SR 1.0 bust is intimidating everyone. 
ShroomsKit is like a Sophoclean chorus to this drama.
Curious how the monkey seems almost to control everything...simia ex machina?

Source?

http://cointelegraph.com/news/111911/china-there-is-space-for-bitcoin-pboc-deputy-secretary

https://bitcointalk.org/index.php?topic=664022.0

[ChartBuddy]

Explanation

[Richy_T]

And, if it's not that, it's all of the new corporate mines that have popped up.  Generally, IMO, they're not interested in Bitcoin other than to load up on fiat, and since these operations are huge they're taking most of the newly mined coins and dumping them on the market for fiat.  In years past, the mining base was much more spread out and mining participants, on average, were more intereseted in building BTC reserves than the fiat equivalent.  This concept coupled with the fact that at low prices the daily volume was much greater meant that any new coins mined that did make it to market had little effect on the exchange rate.  Now, with higher price, lower volume, and corporate mines with no interest in holding BTC you get an ever increasing supply of fresh coins comparative to historical time frames.

That's an interesting postulation. Though if true, it's not necessarily a bad thing.

[madmat]

Dont miss the hole point , every day 80.000 people start to use btc. A network worth growts exponentially when you add more users. Hold your coins and buy some tagged btc to the fbi

This number is ridiculously too high. Looking at gbianchi work, I would say 1000 new users a day is a maximum.

[explorer]

Has it been said anywhere how quickly the USM are going to be able to settle the coins to the winners?

<snip>

Let's hope they don't mess up the transfer in the same way as the email

Why?

It would not surprise a lot of people 

[sickpig]

... simia ex machina?

ROTFL
this is such a gem

[sickpig]

And, if it's not that, it's all of the new corporate mines that have popped up.  Generally, IMO, they're not interested in Bitcoin other than to load up on fiat, and since these operations are huge they're taking most of the newly mined coins and dumping them on the market for fiat.  In years past, the mining base was much more spread out and mining participants, on average, were more intereseted in building BTC reserves than the fiat equivalent.  This concept coupled with the fact that at low prices the daily volume was much greater meant that any new coins mined that did make it to market had little effect on the exchange rate.  Now, with higher price, lower volume, and corporate mines with no interest in holding BTC you get an ever increasing supply of fresh coins comparative to historical time frames.

That's an interesting postulation. Though if true, it's not necessarily a bad thing.

I'm total newbie in regard of trading / price discovering etc... but I always wondered: if someone is selling  someone else has to buy, am I right?

[Dragonkiller]

And, if it's not that, it's all of the new corporate mines that have popped up.  Generally, IMO, they're not interested in Bitcoin other than to load up on fiat, and since these operations are huge they're taking most of the newly mined coins and dumping them on the market for fiat.  In years past, the mining base was much more spread out and mining participants, on average, were more intereseted in building BTC reserves than the fiat equivalent.  This concept coupled with the fact that at low prices the daily volume was much greater meant that any new coins mined that did make it to market had little effect on the exchange rate.  Now, with higher price, lower volume, and corporate mines with no interest in holding BTC you get an ever increasing supply of fresh coins comparative to historical time frames.

That's an interesting postulation. Though if true, it's not necessarily a bad thing.

I'm total newbie in regard of trading / price discovering etc... but I always wondered: if someone is selling  someone else has to buy, am I right?

Yes.