rpietila Wall Observer - the Quality TA Thread ;)

[superresistant]

Bottom price estimate ?

[1714750143]

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[darlidada]

@Rpietila: did you see that the mtgox coins moved this week too ? and prior to the SR coins and the alleged SR owner coins. Is it a coincidence or should we deduce that the mtgox coins are the hand of the USG? Personally I think it reinforce you 3 letters agency theory.

Either Mark had insider information about the future auction and utilized this knowledge to make it look like the coins were in the hands of the USG. Either the USG doesnt know understand the blockchain yet or doesnt care about it and just tipped its hand!

I love that stuff

Also, talking about investment opportunities, have you seen that ? http://trilema.com/2014/introducing-the-d-series/

Mircea Popescu through MPEx makes it possible to invest on the companies the VC firms invest in ! And at a discount ! This is genius work on so many levels. Before, I thought the people who had access to companies such as bitpay were lucky. Now I am not so sure about it as I realized it would be a bet against bitcoin. Anyone here is interested in taking that kind of bet?

[cspeter8]

There's probably some law that force them to sell any confiscated goods. Just like they sell other stuff, they have to sell Bitcoin too, I guess.

So are they also selling seized drugs? 

I don't know about them selling seize drugs.  The Gov't sells their own illegal cocaine to children, and they do not want competition cutting into their profits.  Please read http://www.infowars.com/drug-war-hypocrisy-drug-traffickings-big-money-benefits-big-brother-and-corrupt-banksters/ it is solid factual reporting.

[eat_more_fruit]

So are they also selling seized drugs?  

Yes, they are putting on the block all the drugs that were sitting on the SR servers.

[dnaleor]

So are they also selling seized drugs?  

Yes,  probably at SR3 ;-)

[jmw74]

What's your take on the 51% situation with GHash.io. Do you think it will harm us?

No.

Nothing will harm Bitcoin. The short term events may provide better entry prices (like the auction). I just can't make myself worried about the 51%.

It doesn't worry you that one of the core developers just sold half his bitcoin stake because of this issue? 
http://www.reddit.com/r/Bitcoin/comments/281ftd/why_i_just_sold_50_of_my_bitcoins_ghashio/

It worries me.  I can't quite see what exactly he expects to happen.  Unless GHash.io is run by someone who only cares about destroying bitcoin, it seems very unlikely that they will attack it.  Still, just the fact that they can, means they control the fate of bitcoin, which is extremely bad, to say the least.

I'm not selling yet, but I am convinced that bitcoin's POW scheme is just fundamentally flawed and that ultimately it will not survive.  Bitcoin itself may carry on with a better scheme though.

[Trolololo]

What's your take on the 51% situation with GHash.io. Do you think it will harm us?

No.

Nothing will harm Bitcoin. The short term events may provide better entry prices (like the auction). I just can't make myself worried about the 51%.

It doesn't worry you that one of the core developers just sold half his bitcoin stake because of this issue? 
http://www.reddit.com/r/Bitcoin/comments/281ftd/why_i_just_sold_50_of_my_bitcoins_ghashio/

It worries me.  I can't quite see what exactly he expects to happen.  Unless GHash.io is run by someone who only cares about destroying bitcoin, it seems very unlikely that they will attack it.  Still, just the fact that they can, means they control the fate of bitcoin, which is extremely bad, to say the least.

I'm not selling yet, but I am convinced that bitcoin's POW scheme is just fundamentally flawed and that ultimately it will not survive.  Bitcoin itself may carry on with a better scheme though.

Ghash.io 51% mining control could only be useful for double spending. That's all.
So don't sell your BTCs because of this FUD.

[klee]

What's your take on the 51% situation with GHash.io. Do you think it will harm us?

No.

Nothing will harm Bitcoin. The short term events may provide better entry prices (like the auction). I just can't make myself worried about the 51%.

It doesn't worry you that one of the core developers just sold half his bitcoin stake because of this issue? 
http://www.reddit.com/r/Bitcoin/comments/281ftd/why_i_just_sold_50_of_my_bitcoins_ghashio/

It worries me.  I can't quite see what exactly he expects to happen.  Unless GHash.io is run by someone who only cares about destroying bitcoin, it seems very unlikely that they will attack it.  Still, just the fact that they can, means they control the fate of bitcoin, which is extremely bad, to say the least.

I'm not selling yet, but I am convinced that bitcoin's POW scheme is just fundamentally flawed and that ultimately it will not survive.  Bitcoin itself may carry on with a better scheme though.

Ghash.io 51% mining control could only be useful for double spending. That's all.
So don't sell your BTCs because of this FUD.

And don't make transactions people!!!! lololol

[upupup]

But its only 30k=16mln, nothing to worry about. Walllstreet makes/steals 16bln in profits :/

[jmw74]

Ghash.io 51% mining control could only be useful for double spending. That's all.
So don't sell your BTCs because of this FUD.

No, that's not all.  They could take 100% of the mining rewards by only building on their own blocks, knocking everyone else out of the mining business so that they then control 100% of the mining.  They could also halt the network and destroy it completely.   

And you're going to say "but they can't steal coins".  So what?  They can make everyone's coins value drop to zero, which is about the same as stealing them from any coin holder's standpoint.

So then you might say "but why would they destroy the network?  They'll lose money too."  We don't even know who "they" are.  Maybe that was their intent all along, or maybe a government agency is going to compensate them.  Given what's at stake you can't just ignore this risk.

[RAJSALLIN]

Well only positive out of all the news in the last 24h is at least now the US could never illegalize bitcoins after selling some. How could they? Even many years in the future it would be very difficult to illegalize something the government sold on the open market.

[akujin]

China wants to go down 

[akujin]

Damn finex.. always trying to stop it going down... I better bail out of here soon 

[windpath]

Well only positive out of all the news in the last 24h is at least now the US could never illegalize bitcoins after selling some. How could they? Even many years in the future it would be very difficult to illegalize something the government sold on the open market.

Hemp as an example comes to mind...

If they feel the need to criminalize bitcoin they will not hesitate.

[RAJSALLIN]

Well only positive out of all the news in the last 24h is at least now the US could never illegalize bitcoins after selling some. How could they? Even many years in the future it would be very difficult to illegalize something the government sold on the open market.

Hemp as an example comes to mind...

If they feel the need to criminalize bitcoin they will not hesitate.

Yes probably true but still somewhat of a move in the direction of bringing bitcoin into an acceptance

[Erdogan]

Well only positive out of all the news in the last 24h is at least now the US could never illegalize bitcoins after selling some. How could they? Even many years in the future it would be very difficult to illegalize something the government sold on the open market.

Hemp as an example comes to mind...

If they feel the need to criminalize bitcoin they will not hesitate.

Yes probably true but still somewhat of a move in the direction of bringing bitcoin into an acceptance

Double standard. One for you, one for the government types. Prescription medicine, atomic bombs, lying in the house of representatives, insider trading, lying in investigations, fill inn 100 more...

[ArticMine]

i think it depends on the method of how the sr coins get sold.

Explained here:
http://www.usmarshals.gov/assets/2014/bitcoins/

Crony auction at its best. Too short notice for anyone with BTC to attend. Until next monday I am supposed to have created a bank account in the U.S., and have transferred 100% of my anticipated total bid amount into it in USD, the proceed of the bitcoin sales that I have made in the space of this few hours/days?

Sorry. This is going to achieve exactly what was intended. Almost no bids, and the ones rock-bottom. Bad publicity, resulting panic selling. Bitcoins of the people going to the hands of banksters cheaply. But really - what else did you expect?  

It is actually a over a week to set up the US bank account and initiate the wire transfer for the 200,000 USD deposit. The deadline for registration is noon June 23rd 2014. For the balance of the funds on a winning bid it is July 01, 2014.

Edit: Why would anyone with BTC sell BTC to raise USD in order to participate in this auction? Hoping to get back in at a lower price? This could very easily backfire.

[pftq]

I set up a few automated charts here for anyone interested:
http://ripple.tech-trader.net/?pair=BTC-USD

Main value of the algos there are the trendlines and support/resistance drawing, which are strength-weighted based on how well the levels are tested.  I'm also working on a few automated strategies for the trading itself if anyone's interested in collaborating.

I'm mainly watching to see if the support at $550 holds.  If not, I'd expect a test of the next closest trendline below that.
http://ripple.tech-trader.net/2014-06-13_19-43,_60_Minute_BTC-USD_Chart.jpg

[BTCfan1]

I set up a few automated charts here for anyone interested:
http://ripple.tech-trader.net/?pair=BTC-USD

Main value of the algos there are the trendlines and support/resistance drawing, which are strength-weighted based on how well the levels are tested.  I'm also working on a few automated strategies for the trading itself if anyone's interested in collaborating.

I'm mainly watching to see if the support at $550 holds.  If not, I'd expect a test of the next closest trendline below that.

good looking charts!

[Mythul]

Great thread mr rpietila. Thank you.