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

[edwardspitz]

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)

The server market is dominated by Linux. Even Microsoft was using Postfix for their Exchange servers and Hotmail was running on FreeBSD at one point (I don't know if they still are... I read about it a few years ago). I think they also use Linux for several other sites. Kind of funny, but I guess they just pick the best tool for the job  

[inca]

No one has a crystal ball price could do anything up or down.

monkey does.  he wants it down for another week.

Why?

[GreenDude]

Is btc-e with his tiny volume and buy/sell orders trying to manipulate the market? Or someone using btc-e to create a tendency? Should btc-e taken out of places like bitcoinwisdom and replaced by another like okcoin?

[raid_n]

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

At least with open source you can find out about bugs and backdoors.
You have to be pretty foolish not to expect secret services or other large players to have the source code to windows or even their own backdoors specifically put in.
Security through obscurity will eventually come to bite you

After Snowden even the wildest tinfoil hat theories can seem plausible

[Richy_T]

The volume is "fake" because the fees are 0. You can run bots all day long, it doesn't cost a penny. It becomes properly fake if the exchange operates the bots themselves, but I don't think that has been proven to be the case?

Thought experiment: What it the optimal fee for "correct" volume?

[empowering]

No one has a crystal ball price could do anything up or down.

monkey does.  he wants it down for another week.

Would poking him with a pointy stick make him change his mind? Or monkey hookers and cocaine?

EDIT: Gold has a rocket up its arse and the dow is back on course with its plummet, should be a push up but I'm not about to doubt the monkeys wisdom.

Gold has been bouncing off the $1200 mark for past year and a half or so.... last time it went this low (it hit $1208.xx) was in July 2010, support seems strong enough at $1200 for a bounce off here ($1221 a moment ago) if it continues this will be its third bounce off of $1200, remains to be seen if it manages to break $1400 this time around... (I think Gold has got to go nuts at some point)

[Richy_T]

The hoarding "problem" is quite likely an attack and any site/jurno making an issue out of it should raise red flags (plenty of copycats too though).  More spending means more coins entering the market and so more down. (EDIT) The concept of savings being bad is artificial, its also interesting to note that the term "hoarding" has been in common use on this site for more than two years. That's likely an artificial substitution by the shills as "hoarding" is a direct substitution of "saving" and its not a natural one, very few people would use it in normal conversation.

It's the new tactic. Just as taking advantage of laws which lessen your tax burden is now to be viewed as something bad. Unless you are turning all your income over to the collective, you're an evil person.

[Richy_T]

I understood that PayPal is merely accepting dollars from BitPay/Coinbase/Coinsetter and delivering them to merchants who subscribe to PayPal.  And for "digital goods" only. And only in North America. Isn't that so?

Which is pretty much the MO for when you make purchases in a foreign currency anyway. Though I'm sure Paypal attempts to use mostly funds they are holding, no doubt that when there is an imbalance, they go to the exchanges.

[Richy_T]

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

Hal Finney's coins are being sold.

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.

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

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

One thought I had was what if there's some rich Chinese dude looking to "Exit stage left". Buying lots of Bitcoin and cashing out to $$$ would be a decent way of evading currency controls and you might be less concerned about the price.

[ChartBuddy]

Explanation

[empowering]

No one has a crystal ball price could do anything up or down.

monkey does.  he wants it down for another week.

Would poking him with a pointy stick make him change his mind? Or monkey hookers and cocaine?

EDIT: Gold has a rocket up its arse and the dow is back on course with its plummet, should be a push up but I'm not about to doubt the monkeys wisdom.

Gold has been bouncing off the $1200 mark for past year and a half or so.... last time it went this low (it hit $1208.xx) was in July 2010, support seems strong enough at $1200 for a bounce off here ($1221 a moment ago) if it continues this will be its third bounce off of $1200, remains to be seen if it manages to break $1400 this time around...

It seems like its caught by the balls but I've a feeling something big is happening at the mo. The ESF isn't the only one pushing markets around, there's an economic war being fought on them and I think the drop after the US found an excuse to drop bombs on Syria may have been an escalation. In that regard Bitcoin is a bomb ready to go off any time, its another chink in the dollars world reserve armour.

Indeed, Gold is overdue a big move to the upside and it will come eventually, and is being pushed around at the moment and as you say not just the ESF, but it has got to give eventually, been a lot of accumulating going on past few years at a state level,  looks like some players are considering a return to a partial gold standard and a basket of currencies taking the place of the dollar as world reserve. I think you are right, BTC could play a role in this as the currency wars continue to pan out, gold already is already fully in play, as is the printing press of course. If the perfect storm occurs the next proper move to the upside, when the time is right will surely take gold up past $1800 and on towards $3000+.

[Adrian-x]

I understood that PayPal is merely accepting dollars from BitPay/Coinbase/Coinsetter and delivering them to merchants who subscribe to PayPal.  And for "digital goods" only. And only in North America. Isn't that so?

In other words, it is just like Dell: people who buy BTC now (on the exchanges or over the counter, in bulk or retail) are paying the shopping bills of owners of old cheap coins who choose to "pay with bitcoin".  Only that there is one more intermediary (PayPal) taking their fee.

Yip I know, quite exciting, all those countries that dont have PayPal, they can now make international payments / orders to the countries that support PayPal's - Bitcoin.

this is very positive news for small enterprises wanting to sell goods (virtual or otherwise) to countries where there are strict exchange controls or where PayPal in not competitive enough to be supported.  

the increased demand for Bitcoin is just a side show.

[hyphymikey]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

[Adrian-x]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

note to self never do anything shady* with "hyphymikey's" bitcoins, they have been tied to his identity.  

ps. remember to declare all the capital gains on those coins they in the IRS ledger.

* shady here in Canada - or at lease British Columbia is buying something at a garage sale, or lemonade from a kids lemonade stand and not self assessing the tax and sending it to the government. You are also expected to self asses the value of gifts from out of Provence calculate the tax (PST) and send a cheque to the government for there share.

failure to do so is against the law and tax evasion. The truth is we are all evading tax in BC Canada, just now if you can track the money and put an identity to it you can technically collect it.  

I'm sure other parts of the free world have laws just as asinine.

so just think about how you get your bitcoin.

[notme]

No one has a crystal ball price could do anything up or down.

monkey does.  he wants it down for another week.

Would poking him with a pointy stick make him change his mind? Or monkey hookers and cocaine?

EDIT: Gold has a rocket up its arse and the dow is back on course with its plummet, should be a push up but I'm not about to doubt the monkeys wisdom.

Gold has been bouncing off the $1200 mark for past year and a half or so.... last time it went this low (it hit $1208.xx) was in July 2010, support seems strong enough at $1200 for a bounce off here ($1221 a moment ago) if it continues this will be its third bounce off of $1200, remains to be seen if it manages to break $1400 this time around...

It seems like its caught by the balls but I've a feeling something big is happening at the mo. The ESF isn't the only one pushing markets around, there's an economic war being fought on them and I think the drop after the US found an excuse to drop bombs on Syria may have been an escalation. In that regard Bitcoin is a bomb ready to go off any time, its another chink in the dollars world reserve armour.

Indeed, Gold is overdue a big move to the upside and it will come eventually, and is being pushed around at the moment and as you say not just the ESF, but it has got to give eventually, been a lot of accumulating going on past few years at a state level,  looks like some players are considering a return to a partial gold standard and a basket of currencies taking the place of the dollar as world reserve. I think you are right, BTC could play a role in this as the currency wars continue to pan out, gold already is already fully in play, as is the printing press of course. If the perfect storm occurs the next proper move to the upside, when the time is right will surely take gold up past $1800 and on towards $3000+.

What if the state level accumulation was primarily short covering?

[Richy_T]

The server market is dominated by Linux. Even Microsoft was using Postfix for their Exchange servers and Hotmail was running on FreeBSD at one point (I don't know if they still are... I read about it a few years ago). I think they also use Linux for several other sites. Kind of funny, but I guess they just pick the best tool for the job  

They tried to switch Hotmail over to Windows and crashed and burned horribly and had to switch back. I believe they have since managed a successful conversion.

Not to forget as well that when Microsoft forgot to renew hotmail.com, a Linux guy came to the rescue.

[Torque]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

A lot of people here would love to experience Circle, if they would ever fkn approve our requests for an account.

I've been sending them email requests since April.

[notme]

Anyone else in here use Circle?

I've never experienced a better way to buy bitcoins. So easy my grandma can do it.

A lot of people here would love to experience Circle, if they would ever fkn approve our requests for an account.

I've been sending them email requests since April.

I requested an invite once within a week of it being available.  I got my invite today.  Perhaps they don't like being spammed?

[gnode]

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

Hal Finney's coins are being sold.

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.

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

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

One thought I had was what if there's some rich Chinese dude looking to "Exit stage left". Buying lots of Bitcoin and cashing out to $$$ would be a decent way of evading currency controls and you might be less concerned about the price.

Interesting thought, but wouldn't this be price neutral since he would be buying and selling?

It looks more like somebody is selling a lot of coins. They started in June halting the run up probably to a new high.

[xyzzy099]

people who buy BTC now (on the exchanges or over the counter, in bulk or retail) are paying the shopping bills of owners of old cheap coins who choose to "pay with bitcoin".

So once upon a time, it was relatively cheap to produce bitcoins, and those who produced them are now profiting from that.  This is called 'seigniorage'.  Wikipedia notes that 'Seigniorage is a convenient source of revenue for some governments.'.

You are paying the shopping bills of those who produce your currency too.

The difference with bitcoin is that there will only ever be 21M bitcoins which become more and more expensive to produce, so seigniorage for bitcoin is not quite the never-ending scam it is for governments.