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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 26731. (Read 26609490 times)

legendary
Activity: 2324
Merit: 1125
Atleast we are back to 630 and it didn't take big volume.

And what does this tell you?
That there is low volume and yep we don't have enought buyers.

Wrong. It tells us very few people are willing to sell at these prices.

Just one motherfucker dumping 1000s a couple of times each day.

One gentlemen wishing to divest at these levels for some reason. He is free to do so Smiley
sr. member
Activity: 378
Merit: 250
Super Smash Bros. Ultimate Available Now!
Atleast we are back to 630 and it didn't take big volume.

And what does this tell you?
That there is low volume and yep we don't have enought buyers.

Wrong. It tells us very few people are willing to sell at these prices.

Just one motherfucker dumping 1000s a couple of times each day.
legendary
Activity: 2324
Merit: 1125
Atleast we are back to 630 and it didn't take big volume.

And what does this tell you?
That there is low volume and yep we don't have enought buyers.

Wrong. It tells us very few people are willing to sell at these prices.
legendary
Activity: 966
Merit: 1000
Atleast we are back to 630 and it didn't take big volume.

And what does this tell you?
That there is low volume and yep we don't have enought buyers.
legendary
Activity: 1792
Merit: 1111

They create a virtual currency, even if it is decentralized. This includes creating altcoins. In fact, Satoshi would have commited a crime creating Bitcoin without registration. (200.2n5)


I don't agree with this interpretation.

Quote
200.2m: Virtual Currency means any type of digital unit that is used as a medium of exchange or a form of digitally stored value or that is incorporated into payment system technology.

200.2n5: controlling, administering, or issuing a Virtual Currency.

So, by their definition, VC is the currency, not the protocol. Satoshi has published Bitcoin the protocol, but he has never "issued" Bitcoin the currency.

Mastercoin and Ripple could be in trouble, though.

 
legendary
Activity: 1400
Merit: 1013
This means "no holding onto excess liquitdity (profits) in BTC". You will have to denominate all business profits in fiat, pay the man his cut for doing business in his state, and then do with your remaining fiat as you like. But the state of NY seems to say you can't just pocket the BTC like it is property (what the IRS thinks it is) and walk away to pay the taxes another day. Bad news there....
Easily bypassed, with only a slight amount of imagination required.
newbie
Activity: 12
Merit: 0
"200-8 (b)Each Licensee shall be permitted to invest its retained earnings and profits in only the following high-
quality, investment-grade permissible investments with maturities of up to one year and denominated in United
States dollars:
(1)certificates of deposit issued by financial institutions that are regulated by a United States federal or
state regulatory agency;
(2) money market funds;
(3) state or municipal bonds;
(4) United States government securities; or
(5) United States government agency securities."

This means "no holding onto excess liquitdity (profits) in BTC". You will have to denominate all business profits in fiat, pay the man his cut for doing business in his state, and then do with your remaining fiat as you like. But the state of NY seems to say you can't just pocket the BTC like it is property (what the IRS thinks it is) and walk away to pay the taxes another day. Bad news there....
member
Activity: 70
Merit: 10
Hi there,

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legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
legendary
Activity: 1260
Merit: 1002
you want to know how they will regulate Bitcoin in NY state ? http://www.reddit.com/r/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/cizyqyz

Entities are considered dealing in virtual currencies if:
They transfer Bitcoins on behalf of one person. This includes Bitcoin tipping (/u/changetip), mixers, Blockchain.info Send Shared, CoinJoin, Dark Wallet (200.2n1)
They hold or have control over Bitcoins for their users. This includes Mining pools, Coinbase, Circle, Greenaddress.it, all exchanges. (200.2n2)
They buy or sell Bitcoins as a business activity. This includes Local Bitcoins sellers, #bitcoin-otc. FinCEN statements includes selling physical coinage (including casascius coins) also regulated. (200.2n3)
They create a virtual currency, even if it is decentralized. This includes creating altcoins. In fact, Satoshi would have commited a crime creating Bitcoin without registration. (200.2n5)
They trade any virtual currency, even for another virtual currency. This includes alt coin exchanges. Mintpal, Cryptsy, BTER, etc (200.2n4)
.. to any resident in New York. Web services, even those incorporated overseas, must either comply or block access for NY users. (200.2n)
Entities 'dealing in virtual currency' must:
Perform AML and collect identities, including verification of government issued Photo ID and proof of address, and retain these information for 10 years. (200.15a)
Retain all transaction logs for 10 years, including real name & physical addresses of ALL parties of a transaction - yes, including whoever you are sending to. (200.12a1)
Report all transactions over the USD value of $3000, and file Suspicious Activity Reports. (200.15g4)
Maintain collateral in the form of USD, including collateral for Bitcoin balances. The % as collateral is unspecified.
Retained earnings and profits of in invested in US dollars. They may not keep any profit in Bitcoin. (200.8b)
Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Not obfuscate any transactions - Bitcoin mixing would be illegal. (200.15f)



Interesting: now these people who creates altcoin would be committing a crime, even satoshi committed a crime following this logic.

its outrageous such inability to face novelty. its not about implementing old mechanisms to somethign new. its about creating a totally different, new frame.
keep trying fools. this will end up as bad as P2P file sharing for the record/movie industry
legendary
Activity: 1148
Merit: 1001
things you own end up owning you
you want to know how they will regulate Bitcoin in NY state ? http://www.reddit.com/r/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/cizyqyz

Entities are considered dealing in virtual currencies if:
They transfer Bitcoins on behalf of one person. This includes Bitcoin tipping (/u/changetip), mixers, Blockchain.info Send Shared, CoinJoin, Dark Wallet (200.2n1)
They hold or have control over Bitcoins for their users. This includes Mining pools, Coinbase, Circle, Greenaddress.it, all exchanges. (200.2n2)
They buy or sell Bitcoins as a business activity. This includes Local Bitcoins sellers, #bitcoin-otc. FinCEN statements includes selling physical coinage (including casascius coins) also regulated. (200.2n3)
They create a virtual currency, even if it is decentralized. This includes creating altcoins. In fact, Satoshi would have commited a crime creating Bitcoin without registration. (200.2n5)
They trade any virtual currency, even for another virtual currency. This includes alt coin exchanges. Mintpal, Cryptsy, BTER, etc (200.2n4)
.. to any resident in New York. Web services, even those incorporated overseas, must either comply or block access for NY users. (200.2n)
Entities 'dealing in virtual currency' must:
Perform AML and collect identities, including verification of government issued Photo ID and proof of address, and retain these information for 10 years. (200.15a)
Retain all transaction logs for 10 years, including real name & physical addresses of ALL parties of a transaction - yes, including whoever you are sending to. (200.12a1)
Report all transactions over the USD value of $3000, and file Suspicious Activity Reports. (200.15g4)
Maintain collateral in the form of USD, including collateral for Bitcoin balances. The % as collateral is unspecified.
Retained earnings and profits of in invested in US dollars. They may not keep any profit in Bitcoin. (200.8b)
Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Not obfuscate any transactions - Bitcoin mixing would be illegal. (200.15f)



Interesting: now these people who creates altcoin would be committing a crime, even satoshi committed a crime following this logic. and NY wants to take your coins, so you wont be able to use your coins as a saving method ? yea so bad news for hodlers.


this is the whole document if you want to read it http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf
legendary
Activity: 3920
Merit: 11299
Self-Custody is a right. Say no to"Non-custodial"
You're more of a bear than my cute avatar Smiley

My bear-masked estimates are

LET'S GIVE PROBABILITIES TO THE FOLLOWING EVENTS
a) In 2014, price will visit below 100 = 40%
b) In 2014, price will visit below 200 = 60%
c) In 2014, price will visit below 300 = 70%
d) In 2014, price will visit below 400 = 80%
e) In 2014, price will visit above 500 = 30%
f) In 2014, price will visit above 750 = 5%
g) In 2014, price will visit above 1000 = 1%
h) In 2014, price will visit above 1250 = 0% (for practical purposes)
/LET'S GIVE PROBABILITIES TO THE FOLLOWING EVENTS


For some reason, I missed this post/prediction until it was required by Richy_T.

In sum, the prediction within this post is fucking ridiculous and potentially based on some fantasy land version of the world and bitcoins place in the world.

Largely, my somewhat subtle irritation with the prediction stems from the 99% or more likelihood that Jorge knows better. NOT only is he sloppy with his description of his prediction, his predictive numbers are restarted.


In essence, Jorge's prediction is in lala land bc it seems quite unlikely, less than 30% chance, absent some catastrophic event, that bitcoin prices are going below $500 in the remainder of 2014.

Further, seems that it is more likely than not (more than 50% chance) that BTC prices will go above $750 during the remainder of 2014.






legendary
Activity: 1008
Merit: 1003
WePower.red
Atleast we are back to 630 and it didn't take big volume.

And what does this tell you?
legendary
Activity: 966
Merit: 1000
Atleast we are back to 630 and it didn't take big volume.
legendary
Activity: 1904
Merit: 1002
...
I'm not really sure how it's a pyramid or inverted/reverse pyramid scheme, either.  Could you please explain?
...

There's more important stuff going on at the mo but whatever. In a pyramid lots of people lose out and a small number gain so in a reverse pyramid a small number lose out to the gain of many.

Why not just call it a wealth distribution mechanism?
hero member
Activity: 532
Merit: 500

Its not really news, its the same anti money laundering requirements as any financial service and most exchanges already comply with it. As far as I can see merchants and normal users aren't required to jump through those hoops so its not hindering uptake for mainstream adoption.

EDIT:
...
Bitcoin is not a ponzi scheme.  Period.  People have been throwing that word around way too much since the Madoff case.  By definition, a ponzi scheme has a single person or entity through which all the funds flow.  That is obviously not true of bitcoin.  It amazes me (although perhaps it shouldn't) that someone associated with the world bank would be so sloppy.

Bitcoin is a Bubblicious ponzi scheme!

buy Buy BUY!

 Cheesy

Lol Smiley Ok, Ponzi is just plain wrong but reverse pyramid is accurate.
I'm not really sure how it's a pyramid or inverted/reverse pyramid scheme, either.  Could you please explain?

And btw, the reason I'm being nit-picky about such terminology is because of the connotations that go with it.  "Ponzi," "pyramid scheme," and for that matter, just "scheme," are very negative.  Maybe Satoshi Nakamoto created bitcoin to be some sort of elaborate scheme, but that's becoming less likely as it gains acceptance and trades freely in open markets, if for no other reason than that it would be more profitable to slowly sell off his stash than, say, dump all of it on the open market and crash it.
legendary
Activity: 1237
Merit: 1010
Well that didn't quiet hit the mark. Let's try again now, shall we?
legendary
Activity: 1512
Merit: 1000
Why's everyone selling!???

How else are they going to make $52.93 today?
legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
sr. member
Activity: 350
Merit: 253
Why's everyone selling!???
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