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

[adamstgBit]

f this i quit this fourm.

[Ragnar Danneskjold]

Lol. Re: girlfriends - mine kept saying 'what if it's not really open source? What if it's a plot by *insertshit*.

I would say 'no look, here is the source code. Look. It's there. That's it. That's what it is. I can see what it is and what it will do.'

More frustrating than the bear market tbh!

I would say to mine "No one can stop you transacting Bitcoin and there is no power on earth that can take your coins from you if you store them properly. You can walk with impunity through any customs port in the world. Bitcoin will make mockery of capital controls. Someone just transacted $20,000,000 in a few minutes and paid no fees". She would respond "that's very good my dear...... Where do you want to eat tonight".

Ragnar

NSA back door discovered on all iPhones direct from factory! The scope of these NSA intrusions are not even known yet... do NOT believe you are safe because you have android phone. the NSA will be able to seize your coins under almost any circumstance, if they wish to. maybe some of the hacks are NSA thefts? how do you know they are not?

Not if they don't have your keys. As you should know it is (for all practal purposes) impossible to hack an offline wallet. Take all the computer power in the world and dedicate it towards deriving a private key from a public key and it could not be done in millions of years. Bitcoins on my phone or my online computer, I grant, can be vulnerable as is cash in my pocket. So what? Even offline they can be vulnerable to old fashioned physical theft. So what. Memorize an appropriately long password. Don't write it it down or tell anyone what it is - though you could perhaps engrave it on a stone and hide it in the Forrest leaving a cryptic map with a trusted or feeble relative - and your bitcoins are safer than anything else that you own.

Ragnar

[Ragnar Danneskjold]

Welcome to active participation, and hot Chinese girlfriends are likely over-rated - especially once you get to know them for a while.  Accordingly, you likely can just get a new one, if you employ some decent logistics.. and also, if you were capable of getting one hot Chinese girlfriend, then you are likely capable of getting another one.  

Just use the Chinese Slumber Method.

Speaking of which, you may like to know that my crusade to warn my fellow Brazilians away from bitcoin has been an embarassing failure so far.

Almost everybody I talked to about bitcoin was already way more skeptical about it than I am, and would never consider buying it.  All I could do was to give them a few more reasons to be skeptical -- which they listened to impatiently, only out of politeness, because they did not need any.

Perhaps the problem was that those people were much smater than me.

The only exceptions were two young chaps who now and then insult me on twitter, and love bitcoin because they believe that it will let them buy illegal drugs in total safety.

Dr Stadler Stolfi, I have respect for your intellect and academic approach. It is always healthy to have a skeptic around, even if they won't recognize their own biases. It is delightful, though not unexpected, that you have failed to convince people of your view.
     Bitcoin can so easily look like a ponzie, or a con to the closed minded. After all hey don't even physically exist! If your powers of mind and eloquence can't convince people that Bitcoin is bad.......!!! That is quite bullish!

[molecular]

New reports from the Bank of England about Bitcoin have been released:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin2.pdf

They are all slowly moving away from denial phase

And they are acknowledging a danger for their mandate in case of bitcoin gaining substantially higher adoption, just like the ECB has in 2012.

Of course their "real goal" might differ from the "official goal", but I think the danger is real for both of them.

[ChartBuddy]

Explanation

[xalex]

Lol. Re: girlfriends - mine kept saying 'what if it's not really open source? What if it's a plot by *insertshit*.

I would say 'no look, here is the source code. Look. It's there. That's it. That's what it is. I can see what it is and what it will do.'

More frustrating than the bear market tbh!

I would say to mine "No one can stop you transacting Bitcoin and there is no power on earth that can take your coins from you if you store them properly. You can walk with impunity through any customs port in the world. Bitcoin will make mockery of capital controls. Someone just transacted $20,000,000 in a few minutes and paid no fees". She would respond "that's very good my dear...... Where do you want to eat tonight".

Ragnar

NSA back door discovered on all iPhones direct from factory! The scope of these NSA intrusions are not even known yet... do NOT believe you are safe because you have android phone. the NSA will be able to seize your coins under almost any circumstance, if they wish to. maybe some of the hacks are NSA thefts? how do you know they are not?

Sure, but who said anything about a phone?

NSA has back doors installed in common software as well. Windows, Mac OS X, you better believe it. Any time they want, they can access your PC with a RAT and steal the coins! There is nothing anyone can do!

Is this the currency you would like to trust your life savings too? I think many people prefer cash and traditional banking still!

They're going to steal my coins that are on a machine running an open source OS, open source wallet, that doesn't have wifi?

OK, how... and then... why?

Heyhey, security specialist here,

How about modifying hardware chips at a major supplier to mess with the entropy of the pseudorandom number generator of your system. Then, with a significantly smaller possible key-space only known to the attackers, regenerate keys and find balances to swipe.
In this case your offline machine can be crushed, burned and burried right after you generate your wallet and still be swiped years later.

Don't be fooled by your idea of knowing what there is to know about this subject. Diversify your storage methods like you diversify your investments. You simply can't know the unknown, but you can manage the unknown.

-xalex

[Ragnar Danneskjold]

NSA has back door installed on all iPhone, and maybe android and Windows computers. even paper wallet is dangerous, because NSA can place back door in network connected printer!

do not trust your bitcoins ANYWHERE. do not be tempted to buy into any false recovery, keep your money in cash or at a bank so that it is safe!

So don't print them! In the words of Shroomskit,"welcome to ignore"

[molecular]

Ahoy-hoy Bitcoin people. I have been lurking here for well over a year but neglected joining partly because my girlfriend induced in me a soporific, hedonistic, idleness. I spent months trying to teach her about bitcoin - I even gave her a couple back in the bubble at the end of last year - then a few weeks ago she asked me if I could trust all of my savings with "the bitcoin company"! I told her that my bitcoins are stored in my head. Her eyes glazed over, and our relationship had to end.
      So, here I am. As a second best alternative to a hot Chinese girl , I suppose I may start to post musings on small percentage changes in the dollar rate of the good old bitcoin.

Pirate Ragnar

Ahoy pirate Ragnar! You are surely a welcome addition to this crew of mostly men (some trolls among us). Some of us have alienated friends or even partners just like you, only to board this sturdy ship and sail these dreaded seas so volatile that many souls it ate already.

The staleness of this place has come to be a burden lately though, and I for one look forward to a fresh strong breeze to come!

Hey ho!

[JayJuanGee]

Work with me, Dump3er!   We'll try to get there together...

You mean I should help you to establish your ShroomsKit scheme and see normal market behaviours as fanciful conspiracies of whale bear manipulators?

I'm thinking that I am NO where near Shroomie's level of negative emotionalism in my assessment of what's going on in the bitcoin space, including the exchanges.  

So, if you are willing to work with me, and set aside what seems to be some of your extreme negativisms you may learn to appreciate that bitcoin amounts to more than just 6 weeks of downward price manipulation (as you seem to be focused on such doomsday depictions in your in your post history in this thread to date).

Well, in any event, hopefully "they" are paying you well to come up with your arguably witty one-liner posts.. and your attempts at creative image renderings.  

[inca]

NSA has back door installed on all iPhone, and maybe android and Windows computers. even paper wallet is dangerous, because NSA can place back door in network connected printer!

do not trust your bitcoins ANYWHERE. do not be tempted to buy into any false recovery, keep your money in cash or at a bank so that it is safe!

So don't print them! In the words of Shroomskit,"welcome to ignore"

I placed you on ignore already, I don't having time for bitcoin bulls. how does it feel to reach $460 again? give up your false hope for a recovery!

If you had him on ignore falllling it would say this user is currently ignored and not let you reply. Keep up old chap.

[molecular]

Lol. Re: girlfriends - mine kept saying 'what if it's not really open source? What if it's a plot by *insertshit*.

I would say 'no look, here is the source code. Look. It's there. That's it. That's what it is. I can see what it is and what it will do.'

More frustrating than the bear market tbh!

I would say to mine "No one can stop you transacting Bitcoin and there is no power on earth that can take your coins from you if you store them properly. You can walk with impunity through any customs port in the world. Bitcoin will make mockery of capital controls. Someone just transacted $20,000,000 in a few minutes and paid no fees". She would respond "that's very good my dear...... Where do you want to eat tonight".

Ragnar

NSA back door discovered on all iPhones direct from factory! The scope of these NSA intrusions are not even known yet... do NOT believe you are safe because you have android phone. the NSA will be able to seize your coins under almost any circumstance, if they wish to. maybe some of the hacks are NSA thefts? how do you know they are not?

Sure, but who said anything about a phone?

NSA has back doors installed in common software as well. Windows, Mac OS X, you better believe it. Any time they want, they can access your PC with a RAT and steal the coins! There is nothing anyone can do!

Is this the currency you would like to trust your life savings too? I think many people prefer cash and traditional banking still!

They're going to steal my coins that are on a machine running an open source OS, open source wallet, that doesn't have wifi?

OK, how... and then... why?

Heyhey, security specialist here,

How about modifying hardware chips at a major supplier to mess with the entropy of the pseudorandom number generator of your system. Then, with a significantly smaller possible key-space only known to the attackers, regenerate keys and find balances to swipe.
In this case your offline machine can be crushed, burned and burried right after you generate your wallet and still be swiped years later.

Don't be fooled by your idea of knowing what there is to know about this subject. Diversify your storage methods like you diversify your investments. You simply can't know the unknown, but you can manage the unknown.

-xalex

This is good advice.

Regarding the first point: there's simple random number generators very hard to backdoor called dice. Use them.

[cmacwiz]

f this i quit this fourm.

don't leave, I owe you a beer when things turn Bullish! Also I like the penguin

[Adrian-x]

So I would like to point out that there is a possibility we can see a drift to the down side.
I'm thinking the mining race is not competitive enough and the cost of producing Bitcoin is relatively low given the current price.

In short we need to see difficulty increase until the cost of production is close to the price the market will pay, or the price to drop to that level. From there the squeeze and the pop and growth spurt happens.

The event horizon is coming with the next block halving, however it's looking like difficulty is slowing, (relatively speaking over the last 3 weeks)  

I'm watching for obvious indicators like a 100% increase in difficulty or 50% drop in price and anything in-between, so on the macro manipulation scale we're still in accumulation and dispersal mode.

Obviously anything goes in Bitcoin but for a stable bottom in price I'm looking for low margins on the cost of production.

[empowering]

blah

I fart in your general direction...

Please ignore me too.

[oldm8]

NSA has back door installed on all iPhone, and maybe android and Windows computers. even paper wallet is dangerous, because NSA can place back door in network connected printer!

do not trust your bitcoins ANYWHERE. do not be tempted to buy into any false recovery, keep your money in cash or at a bank so that it is safe!

So don't print them! In the words of Shroomskit,"welcome to ignore"

I placed you on ignore already, I don't having time for bitcoin bulls. how does it feel to reach $460 again? give up your false hope for a recovery!

Oh my god its you isn't it falllling.
All this backdoor stuff, insecure paper wallets, just a ruse.
But you couldn't help yourself could you, back to posting the old "abandon all hope" routine.

[Ragnar Danneskjold]

Thank's Molecular. Bitcoin has been exciting and entertaining since I have been involved. And I believe future waves will be far higher and equally choppy.

Ragnar

[JimboToronto]

FUD

In the words of Shroomskit,"welcome to ignore"

I placed you on ignore already... more FUD

If you already him on ignore, what were you doing reading his post? LOL

Troll fail.

Or maybe that should be Faiiiil.

[JayJuanGee]

Work with me, Dump3er!   We'll try to get there together...

You mean I should help you to establish your ShroomsKit scheme and see normal market behaviours as fanciful conspiracies of whale bear manipulators?

Goat was an annoying troll before establishing himself as a whale.

bitcointalk works like that.

No one is really talking about who the whales are, yet I am sure that the level of sophistication of whales differs between individuals, who act as whales as opposed to institutions that act as whales.....

Surely, if a person works for a whale institution then the agenda of that employee/agent person would be different from a person who evolves into a whale b/c of the acquisition of greater BTC wealth.

Your comment that any of us could be a whale or become a whale seems to be somewhat distracting from the point(s) that we were discussing unless you are suggesting that we can somehow relate to whale manipulators because some day one or more of us could evolve into one?   

[wachtwoord]

Work with me, Dump3er!   We'll try to get there together...

You mean I should help you to establish your ShroomsKit scheme and see normal market behaviours as fanciful conspiracies of whale bear manipulators?

Goat was an annoying troll before establishing himself as a whale.

bitcointalk works like that.

Was? Goat still loves trolling. He wasn't banned from here for no reason

[JayJuanGee]

Work with me, Dump3er!   We'll try to get there together...

You mean I should help you to establish your ShroomsKit scheme and see normal market behaviours as fanciful conspiracies of whale bear manipulators?

Goat was an annoying troll before establishing himself as a whale.

bitcointalk works like that.

I'm hoping that with the amount of bitcoin I own, I will become a whale in say 3+ years.  That will be fun, I'll start trading thousands of bits and trolling.  

Maybe you own more than 40BTC? 

It is difficult to imagine that smaller amounts of BTC than 40BTC would be whale material in 3+ years......   

Unless, I mean if BTC goes from today's $6.5 Billion market cap to $1.5 trillion (which is NOT impossible in 3+ years), then under those circumstances, less than 40 BTC could be a sufficient quantity to be whale material b/c in those circumstances each BTC would be worth approximately the equivalent of $100k (which is about 200X today's price).   Even with that amount of 40 BTC, you would be a fairly small whale b/c your dollar equivalency would only be about $4million...

Even though a $1.5 trillion market cap for BTC seems a bit of a stretch for such an acceleration in BTC value that we could have such a market cap of BTC in 3+ years... but it is NOT out of the realm of possibilities (probably less than a 1% chance.... how much less than 1% chance, I am not really sure - speculation.. wait???).