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

[bananaControl]

Just to point out, if you generate your private key on a computer that is connected to the internet, the NSA and a probably a bunch of other people know your private key.

Windows not affected.

No need either, the NSA already have all the holes they could wish for.

[bananaControl]

gnu bash vulnerability fear mongering going on /r/bitcoin, be safe do your research.

This is why you keep you wallet on a window system

I know this is supposed to be funny, but try to take a look at how long time it takes MS to close their holes compared to the open source world, now thats a real joke.

[Torque]

Guys, why even bother keeping up with the minute to minute.

Here's a summary:

1.  Whale pumps bitcoin on PayPal news, hoping to spark a mini-rally
2.  Mini rally fails
3.  Whale slowly sells off coins
4.  Price grinds back down to where it was before rally

Gee, whouda thunk it huh?  

Occam's Razor at its finest  

I think Occam's Razor applies to my theory of the price action since June 1st,

Ok, let me play devil's advocate to some of your possible arguments:

Hal Finney's coins are being sold.

Possibly

He was the earliest adopter and probably had 500,000 coins.

In June, he started selling because he needed the money for medical bills and the cryo project.

So you know for a fact that he didn't have health insurance to cover the majority of his medical bills?  Very unlikely.

His family is still selling. Soon they will be done selling and up we will go.

Possibly, but health insurance should cover the bulk of his base medical bills.  But probably not the cryo stuff.  Then again, he would have to pre-pay for most of cryo setup, not after.

Also, his wife would be an absolute FOOL to sell all of their btc!!  She could live off of that slowly for the rest of her life, and still end up a gazillionaire at the end of it.

BTW the days destroyed won't show it because he moved his coins around a lot.

Hmmm... maybe.  But his wife would likely have a hard time keeping track of all those wallets. Don't assume that she was tech literate. He most likely consolidated the majority of btc for her to deal with.

[Richy_T]

U.S. citizens (and residents?)

Yup. Basically anyone who is supposed to be filing taxes in the US I believe, including many people who aren't aware of it. FBAR is particularly nasty. Though enforcement appears to be almost nonexistent. Penalties appear to be aimed at Donald Trump's level over sums that would buy a low-end used car.

[raid_n]

Guys, why even bother keeping up with the minute to minute.

Here's a summary:

1.  Whale pumps bitcoin on PayPal news, hoping to spark a mini-rally
2.  Mini rally fails
3.  Whale slowly sells off coins
4.  Price grinds back down to where it was before rally

Gee, whouda thunk it huh?  

Occam's Razor at its finest  

I think Occam's Razor applies to my theory of the price action since June 1st,

Ok, let me play devil's advocate to some of your possible arguments:

Hal Finney's coins are being sold.

Possibly

He was the earliest adopter and probably had 500,000 coins.

In June, he started selling because he needed the money for medical bills and the cryo project.

So you know for a fact that he didn't have health insurance to cover the majority of his medical bills?  Very unlikely.

His family is still selling. Soon they will be done selling and up we will go.

Possibly, but health insurance should cover the bulk of his base medical bills.  But probably not the cryo stuff.  Then again, he would have to pre-pay for most of cryo setup, not after.

Also, his wife would be an absolute FOOL to sell all of their btc!!  She could live off of that slowly for the rest of her life, and still end up a gazillionaire at the end of it.

BTW the days destroyed won't show it because he moved his coins around a lot.
Hmmm... maybe

Occam's razor != wildly guessing

Hal stated he did not have a very large stash (I believe it was a few k coins) He did mine in the early days but stopped. (At least that's what I recall from an interview I once read)
There was some analysis on the blockchain showing very very early coins being sold around the peak of the last bubble and it is believed that those were some of his

[prophetx]

He was the earliest adopter and probably had 500,000 coins.

Where did you get the figure from?

he pulled it out of his ass...

Hal refers to mining block 70 something, and finding several blocks.

https://bitcointalk.org/index.php?topic=155054.0

However only 1 block in the 70s has ever moved and into a wallet that had an aggragate of 40 block rewards.

edit* https://blockchain.info/address/14yF89mjn831zpbrX7TW2HExLGuqXaK3hc

made up of 40 50 BTC blocks.

those 2000 coins started to move again last year.

[ChartBuddy]

Explanation

[mooncake]

He was the earliest adopter and probably had 500,000 coins.

Where did you get the figure from?

just a guess.

I read somewhere that he mined the first few blocks. Back then there were 50 BTC in 1 block. I did a rough calculation and concluded he had less than 4000 BTC.

[spooderman]

Genuinely LOLing at people suddenly promoting windows.

I mean LOLING.

ok.

So you're saying windows updates faster than free software, therefore is more secure.

lol I can't even

Can someone else deal with this?

edit: by the way I'm not advocating OSX in ANY WAY.

[adamstgBit]

windows is less secure simply because its the most widely used and so the most targeted.

[NotLambchop]

@adam:

https://bitcointalk.org/index.php?topic=796276.0

[adamstgBit]

cheap coins??

Cheap COINS!!!!!!!!

 

[spooderman]

windows is less secure simply because its the most widely used and so the most targeted.

No, its because the NSA backdoors it.

It's also NOT the most used.

GNU/Linux is the most used OS in the world if I'm not mistaken?

[NotLambchop]

windows is less secure simply because its the most widely used and so the most targeted.

No, its because the NSA backdoors it.

It's also NOT the most used.

GNU/Linux is the most used OS in the world if I'm not mistaken?

You're grossly mistaken.

http://en.wikipedia.org/wiki/Usage_share_of_operating_systems

[adamstgBit]

@adam:

https://bitcointalk.org/index.php?topic=796276.0

lol

i'm no bear... but these are bearish times.

i invite you all to watch my new thread, its sure to be a hit!

oh ya  

[keithers]

looks like we are coming upon another day to scoop up some cheap coins.   If we dip under $400, I am pulling out my wallet again and adding more to my holdings.  I am actually happy with what I have already, but I don't like to pass on good opportunities when they come around...

[magicmexican]

Huge pumps incoming, cut your loose and buyback

[Torque]

@adam:

https://bitcointalk.org/index.php?topic=796276.0

lol

i'm no bear... but these are bearish times.

i invite you all to watch my new thread, its sure to be a hit!

oh ya  

So you made a single post and locked this thread because....??

[paul2000]

...

Check edit and buy food from vendors that accept btc directly, those that use payment processors are supporting a competing economy

I have some mixed feelings about these points.  I understand the point that you are making and I agree that if you know that the business is holding BTC, then they would be the preferred business to patronize.  


However, I tend to believe that anyone taking BTC is a good thing, and surely, we should also be sympathetic to the businesses using payment processors (and really we do NOT have any meaningful way to verify the extent to which the payment processor businesses are directly converting or holding some percentage).  We should, if we can, be inclined to replace any BTC that we spend, anyhow.

Another ongoing issue remains the tax treatments to use BTC as a form of currency... which is bullshit to have this accounting disincentive hanging over our heads.... Currently, I am trying to get around this (put this off) by simultaneously (within a week or so) replacing any BTC that I spend, and that way I can claim that there was NO capital gains or loss (makes for easier accounting for me, so far).   Now, down the road, if I begin to make some substantial purchases that also include capital gains, then I will NEED to account for such gains in my projected IRS filings for the year.

Maybe consider residence in Germany if you're likely to be badly stung with that one, they stated funds from addresses that haven't moved for more than a year are tax-free. No idea how long that will last, they had the same opening on precious metals but changed it fairly recently.

+1 on the more accepting btc the better and accepting via a payment processor is far better than not accepting, the spending drive gets to me is all, "spend, spend, spend" sounds a lot like the "waste, waste, waste" of perpetual "growth".

Are you from Germany? (I am) Is it confirmed somewhere, that non moved bitcoins on an address are a legitimate proof for the tax free selling of these coins?

[spooderman]

windows is less secure simply because its the most widely used and so the most targeted.

No, its because the NSA backdoors it.

It's also NOT the most used.

GNU/Linux is the most used OS in the world if I'm not mistaken?

You're grossly mistaken.

http://en.wikipedia.org/wiki/Usage_share_of_operating_systems

I humbly take it back

I was under the impression that billions of servers were all using linux, dwarfing the desktop PCs in numbers. And then there's android which is huge (and also linux)