rpietila Wall Observer - the Quality TA Thread ;)

[notme]

Neat;

Western Union:  Hello David, could you please send us a private message that includes detailed information on why you suggest BitCoin to be examined? Tell us about your experience, we will be more than glad to help you.

Um, what do I say?

Tell them it is an option they should explore for international money transfer.  Tell them it has the potential to save them millions of dollars compared to bank transmission and forex fees.  Also, tell them to put ATMs in all their stores.

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[David Rabahy]

I send them the following private message;

Bitcoin *might* be an option to explore for international money transfer.  It might have the potential to save millions of dollars compared to bank transmission and forex fees.  Also, Bitcoin ATMs in stores could be very handy.

[Ivanhoe]

I send them the following private message;

Bitcoin *might* be an option to explore for international money transfer.  It might have the potential to save millions of dollars compared to bank transmission and forex fees.  Also, Bitcoin ATMs in stores could be very handy.

Replace 'might be' with 'is'. If you want to sell something you should believe in it yourself as well.

[David Rabahy]

Western Union:
And how could Western Union help you in regards this, is there something we can do for you?

David Rabahy:
Personally I am just promoting Bitcoin.  I see a tremendous opportunity for Western Union to take advantage of Bitcoin.  What I would like is for Western Union to examine Bitcoin and see if it makes sense to take advantage of it.  I know a lot about Bitcoin and would be delighted to share my knowledge.

[David Rabahy]

Western Union:
Thanks for the advise David. Due to our policy, advertising BitCoin through our page will not be appropriate, our Sales Team constantly review our market and I am sure they will get to know about your suggestion in the future.

Thanks again for taking some of your valuable time to share this with us.

... and with that they took down my posting on their wall.

David Rabahy:
Hmm, it wasn't my intention to advertise Bitcoin but I can see where it might have looked like that.  Can you help me connect with your Sales Team?

[billyjoeallen]

I think there is a demand for a good bitcoin escrow service, if WU is smart, they step in here.

it is technologically possible to have a trustless escrow service where both parties have to agree to release the funds and otherwise they are locked up forever. it's just a matter of software.

[David Rabahy]

I wonder why searching the business WU website for Bitcoin leads to http://business.westernunion.com/resource-center/fx-101/hedging/?

[threecats]

That Western Union response ....

Sorta sounds like the dinasaurs shortly before the giant rock hit the planet.

[aminorex]

I'm all for boosterism, but in keeping with rpietila's original intent, perhaps we should move topics unrelated to speculation on price trajectory elsewhere?

[aminorex]

The current pennant has failure-to-breakout written all over it.  Leg down coming up.

[eiprol]

Sorry for my newbie question about TA, but I'm not very familiar with Elliot Wave analysis... and after reading all the threory, and seeing again and again here that we are at the end of ABC, I'm not able to come to the same conclusion as you watching the charts (this is being on C of ABC, isn't it?). Could anyone give me a hint on it, like which interval chart should I look to, or some graphic example from tradingview related to this exact moment of the wave?  

[windjc]

The current pennant has failure-to-breakout written all over it.  Leg down coming up.

You think it's going to break down to 500 on Stamp without news?

[MAbtc]

The current pennant has failure-to-breakout written all over it.  Leg down coming up.

You think it's going to break down to 500 on Stamp without news?

Without discussing targets, we certainly don't need news to make a big down move at this point.

Frankly, I am more or less ignoring news and China. This has worked well for me recently.

[windjc]

The current pennant has failure-to-breakout written all over it.  Leg down coming up.

You think it's going to break down to 500 on Stamp without news?

Without discussing targets, we certainly don't need news to make a big down move at this point.

Frankly, I am more or less ignoring news and China. This has worked well for me recently.

I think most of the time news follows sentiment, not creates it. However, during this rally only at 1240 and again 2 days ago did the market drop without "some" news. Both times it was severely over bought.

It is not over bought right now. Which makes me think there would have to be a trigger to send it down fast. Am I wrong about this?

[aminorex]

The current pennant has failure-to-breakout written all over it.  Leg down coming up.

You think it's going to break down to 500 on Stamp without news?

I don't have a very strong opinion about the duration or strength of the next leg down.  It could be very minor.  A lack of coins on Mt. Gox would be the main obstacle to downward movement right now.

When you can't get fiat back, you had might as well go all coin, eh?  Forced hodling.  It probably saves most of their clients from a lot of losses.

[windjc]

The current pennant has failure-to-breakout written all over it.  Leg down coming up.

You think it's going to break down to 500 on Stamp without news?

I don't have a very strong opinion about the duration or strength of the next leg down.  It could be very minor.  A lack of coins on Mt. Gox would be the main obstacle to downward movement right now.

When you can't get fiat back, you had might as well go all coin, eh?  Forced hodling.  It probably saves most of their clients from a lot of losses.

In a post you made in this thread earlier today, you said you expected a pretty straight breakout to $500 on Stamp.

It seems like this would be the time for it?

[MAbtc]

The current pennant has failure-to-breakout written all over it.  Leg down coming up.

You think it's going to break down to 500 on Stamp without news?

Without discussing targets, we certainly don't need news to make a big down move at this point.

Frankly, I am more or less ignoring news and China. This has worked well for me recently.

I think most of the time news follows sentiment, not creates it. However, during this rally only at 1240 and again 2 days ago did the market drop without "some" news. Both times it was severely over bought.

It is not over bought right now. Which makes me think there would have to be a trigger to send it down fast. Am I wrong about this?

We don't need to be overbought. If we were overbought while making lower highs (eg from 765), I'd probably take it as a bullish sign. And I think while extremely negative news could trigger a sell off, so could exhaustion of buying pressure. Really, the trigger itself is someone trying to force a sell off into weak buying pressure. Whether this actually could initiate a sell off is the question. Looking at the strength of CMF and volatility indicators on this last bounce, I'd be hesitant to say we are ready for a strong down move yet. I think we bounce around a bit first. More consolidation. But my position remains -- down before re-testing highs.

[telemaco]

Hope this Pdf is interesting for you regarding Western Union position and an interesting analysis of Bitcoin and other electronic currencies.

2013 Consumer Protection &
Compliance Conference
Emerging Risk of Digital Currency

https://events.westernunion.com/WUComplianceConference/presentations/2013/EmergingRiskofDigitalCurrency.pdf


Seems they are doing their homework



After a thorough study. Their conclusion regarding bitcoin is: (page 28)

Is Bitcoin ready for international money transfer?

Western Union and other large money transmitters are
aware of digital currencies
keeping an eye on further developments
Worldwide use of bitcoin is growing
but there is not sufficient use and liquidity yet for massive adoption
Also, consumer interfaces to bitcoin are not sufficiently mature yet
ease of use, clarity of transactions, taxation issues, etc.
And…many regulatory issues yet to be adequately addressed

NO


David, interesting person to contact in western union if you or anyone else want to talk about bitcoin possibilities:

Scott Apodaca, CAMS
Senior Manager - Global Monitoring and Intelligence
Consumer Protection, Compliance and Ethics Office
Office: (720) 332-4544
Email: Scott.apodaca@westernunion.com
 FIU@westernunion.com


Please excuse me if this has already been posted, was a great and interesting excuse to join this great thread.

Cheers,

[Stevenrm87]

My day trading bot says we should be holding fiat. im bullish however

[thoughtfan]

Hope this Pdf is interesting for you regarding Western Union position and an interesting analysis of Bitcoin and other electronic currencies.

2013 Consumer Protection &
Compliance Conference
Emerging Risk of Digital Currency

https://events.westernunion.com/WUComplianceConference/presentations/2013/EmergingRiskofDigitalCurrency.pdf


Seems they are doing their homework



After a thorough study. Their conclusion regarding bitcoin is: (page 28)

Is Bitcoin ready for international money transfer?

Western Union and other large money transmitters are
aware of digital currencies
keeping an eye on further developments
Worldwide use of bitcoin is growing
but there is not sufficient use and liquidity yet for massive adoption
Also, consumer interfaces to bitcoin are not sufficiently mature yet
ease of use, clarity of transactions, taxation issues, etc.
And…many regulatory issues yet to be adequately addressed

NO


David, interesting person to contact in western union if you or anyone else want to talk about bitcoin possibilities:

Scott Apodaca, CAMS
Senior Manager - Global Monitoring and Intelligence
Consumer Protection, Compliance and Ethics Office
Office: (720) 332-4544
Email: Scott.apodaca@westernunion.com
 FIU@westernunion.com


Please excuse me if this has already been posted, was a great and interesting excuse to join this great thread.

Cheers,

Thanks for posting this.  I had seen an interview or something some months back that had given me the impression WU were on the ball with it.  Just because they're not embracing Bitcoin with open arms ahead of the curve doesn't make them dinosaurs!  If you look at their history from the time of the telegram it indicates they have ridden out many changes in technology over the centuries.  They may judge this one wrong and dive in at the wrong time or in the wrong manner losing their advantage but I wouldn't bet on it.  They have a pretty good track record on that one!

Edit: accidentally quoted myself therefore double posting rather than editing.