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

[wobber]

But...can somebody tell me why out of all news recently this is bullish?

Snowball

Waiting for the next wave of buyers after they missed the first wave. Any decent buys will trigger another $15+ rise

So price got up some 10 USD and everyone thinks it will go to the moon again?

I would be impressed if 650 within the hour. 'Dat would be something

[Erdogan]

Lift off everywhere except for Stamp   Traders at Stamp has bought thousands of coins in the $610 area, but these same traders seem more or less uninterested in moving the price up above this level.

Why should they? If they would snap up all selling pressure on this level, price would move up by other buyers...

Maybe I'm a bit too impatient. The breakout on the Chinese exchanges looks pretty solid and Finex is not looking too shabby either. I'm hoping for $628 and will be impressed if we go beyond.

We went past $628. I am officially impressed  

Come on bitstamp, you can do better!

[empowering]

Airliner just went down (reportedly either crashed or shot down) on the Ukraine/Russia border  - 295 passengers on board - timing coincides with the buying of coins.
Probably nothing to do with it - but tension between Ukraine and Russia building,

fubar

[hyphymikey]

Idiot Manipulator should start dumping any minute now.

[ShroomsKit]

But...can somebody tell me why out of all news recently this is bullish?

Snowball

Waiting for the next wave of buyers after they missed the first wave. Any decent buys will trigger another $15+ rise

So price got up some 10 USD and everyone thinks it will go to the moon again?

I would be impressed if 650 within the hour. 'Dat would be something

I think this was it. Dumpers will soon take over again.

[wachtwoord]

It seems someone wanted coins.

[Dragonkiller]

+$10. Nice rally 

[BTCfan1]

+$10. Nice rally 

 

[kireinaha]

Why's everyone selling!???

[ChartBuddy]

Explanation

[dropt]

Why's everyone selling!???

How else are they going to make $52.93 today?

[jeezy]

Well that didn't quiet hit the mark. Let's try again now, shall we?

[CoinsCoinsEverywhere]

http://www.businessinsider.com/nydfs-bitlicense-draft-2014-7

Its not really news, its the same anti money laundering requirements as any financial service and most exchanges already comply with it. As far as I can see merchants and normal users aren't required to jump through those hoops so its not hindering uptake for mainstream adoption.

EDIT:

...
Bitcoin is not a ponzi scheme.  Period.  People have been throwing that word around way too much since the Madoff case.  By definition, a ponzi scheme has a single person or entity through which all the funds flow.  That is obviously not true of bitcoin.  It amazes me (although perhaps it shouldn't) that someone associated with the world bank would be so sloppy.

Bitcoin is a Bubblicious ponzi scheme!

buy Buy BUY!

 

Lol Ok, Ponzi is just plain wrong but reverse pyramid is accurate.

I'm not really sure how it's a pyramid or inverted/reverse pyramid scheme, either.  Could you please explain?

And btw, the reason I'm being nit-picky about such terminology is because of the connotations that go with it.  "Ponzi," "pyramid scheme," and for that matter, just "scheme," are very negative.  Maybe Satoshi Nakamoto created bitcoin to be some sort of elaborate scheme, but that's becoming less likely as it gains acceptance and trades freely in open markets, if for no other reason than that it would be more profitable to slowly sell off his stash than, say, dump all of it on the open market and crash it.

[notme]

...
I'm not really sure how it's a pyramid or inverted/reverse pyramid scheme, either.  Could you please explain?
...

There's more important stuff going on at the mo but whatever. In a pyramid lots of people lose out and a small number gain so in a reverse pyramid a small number lose out to the gain of many.

Why not just call it a wealth distribution mechanism?

[SirChiko]

Atleast we are back to 630 and it didn't take big volume.

[MoreFun]

Atleast we are back to 630 and it didn't take big volume.

And what does this tell you?

[JayJuanGee]

You're more of a bear than my cute avatar

My bear-masked estimates are

LET'S GIVE PROBABILITIES TO THE FOLLOWING EVENTS
a) In 2014, price will visit below 100 = 40%
b) In 2014, price will visit below 200 = 60%
c) In 2014, price will visit below 300 = 70%
d) In 2014, price will visit below 400 = 80%
e) In 2014, price will visit above 500 = 30%
f) In 2014, price will visit above 750 = 5%
g) In 2014, price will visit above 1000 = 1%
h) In 2014, price will visit above 1250 = 0% (for practical purposes)
/LET'S GIVE PROBABILITIES TO THE FOLLOWING EVENTS

For some reason, I missed this post/prediction until it was required by Richy_T.

In sum, the prediction within this post is fucking ridiculous and potentially based on some fantasy land version of the world and bitcoins place in the world.

Largely, my somewhat subtle irritation with the prediction stems from the 99% or more likelihood that Jorge knows better. NOT only is he sloppy with his description of his prediction, his predictive numbers are restarted.


In essence, Jorge's prediction is in lala land bc it seems quite unlikely, less than 30% chance, absent some catastrophic event, that bitcoin prices are going below $500 in the remainder of 2014.

Further, seems that it is more likely than not (more than 50% chance) that BTC prices will go above $750 during the remainder of 2014.

[mmitech]

you want to know how they will regulate Bitcoin in NY state ? http://www.reddit.com/r/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/cizyqyz

Entities are considered dealing in virtual currencies if:
They transfer Bitcoins on behalf of one person. This includes Bitcoin tipping (/u/changetip), mixers, Blockchain.info Send Shared, CoinJoin, Dark Wallet (200.2n1)
They hold or have control over Bitcoins for their users. This includes Mining pools, Coinbase, Circle, Greenaddress.it, all exchanges. (200.2n2)
They buy or sell Bitcoins as a business activity. This includes Local Bitcoins sellers, #bitcoin-otc. FinCEN statements includes selling physical coinage (including casascius coins) also regulated. (200.2n3)
They create a virtual currency, even if it is decentralized. This includes creating altcoins. In fact, Satoshi would have commited a crime creating Bitcoin without registration. (200.2n5)
They trade any virtual currency, even for another virtual currency. This includes alt coin exchanges. Mintpal, Cryptsy, BTER, etc (200.2n4)
.. to any resident in New York. Web services, even those incorporated overseas, must either comply or block access for NY users. (200.2n)
Entities 'dealing in virtual currency' must:
Perform AML and collect identities, including verification of government issued Photo ID and proof of address, and retain these information for 10 years. (200.15a)
Retain all transaction logs for 10 years, including real name & physical addresses of ALL parties of a transaction - yes, including whoever you are sending to. (200.12a1)
Report all transactions over the USD value of $3000, and file Suspicious Activity Reports. (200.15g4)
Maintain collateral in the form of USD, including collateral for Bitcoin balances. The % as collateral is unspecified.
Retained earnings and profits of in invested in US dollars. They may not keep any profit in Bitcoin. (200.8b)
Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Not obfuscate any transactions - Bitcoin mixing would be illegal. (200.15f)



Interesting: now these people who creates altcoin would be committing a crime, even satoshi committed a crime following this logic. and NY wants to take your coins, so you wont be able to use your coins as a saving method ? yea so bad news for hodlers.


this is the whole document if you want to read it http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

[hdbuck]

you want to know how they will regulate Bitcoin in NY state ? http://www.reddit.com/r/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/cizyqyz

Entities are considered dealing in virtual currencies if:
They transfer Bitcoins on behalf of one person. This includes Bitcoin tipping (/u/changetip), mixers, Blockchain.info Send Shared, CoinJoin, Dark Wallet (200.2n1)
They hold or have control over Bitcoins for their users. This includes Mining pools, Coinbase, Circle, Greenaddress.it, all exchanges. (200.2n2)
They buy or sell Bitcoins as a business activity. This includes Local Bitcoins sellers, #bitcoin-otc. FinCEN statements includes selling physical coinage (including casascius coins) also regulated. (200.2n3)
They create a virtual currency, even if it is decentralized. This includes creating altcoins. In fact, Satoshi would have commited a crime creating Bitcoin without registration. (200.2n5)
They trade any virtual currency, even for another virtual currency. This includes alt coin exchanges. Mintpal, Cryptsy, BTER, etc (200.2n4)
.. to any resident in New York. Web services, even those incorporated overseas, must either comply or block access for NY users. (200.2n)
Entities 'dealing in virtual currency' must:
Perform AML and collect identities, including verification of government issued Photo ID and proof of address, and retain these information for 10 years. (200.15a)
Retain all transaction logs for 10 years, including real name & physical addresses of ALL parties of a transaction - yes, including whoever you are sending to. (200.12a1)
Report all transactions over the USD value of $3000, and file Suspicious Activity Reports. (200.15g4)
Maintain collateral in the form of USD, including collateral for Bitcoin balances. The % as collateral is unspecified.
Retained earnings and profits of in invested in US dollars. They may not keep any profit in Bitcoin. (200.8b)
Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Not obfuscate any transactions - Bitcoin mixing would be illegal. (200.15f)



Interesting: now these people who creates altcoin would be committing a crime, even satoshi committed a crime following this logic.

its outrageous such inability to face novelty. its not about implementing old mechanisms to somethign new. its about creating a totally different, new frame.
keep trying fools. this will end up as bad as P2P file sharing for the record/movie industry

[ChartBuddy]

Explanation