This Week In Bitcoin - Feb 14 through Feb 20, 2011

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

This Week In Bitcoin - Feb 14 through Feb 20, 2011.

Note - These daily and weekly summaries now have a home:

http://www.BitcoinNews.com
Follow us on Twitter @BitcoinNews

Sunday, Feb 20th, 2011

BitDroid - Bitcoin network protocol implemented in Java.
http://github.com/cdecker/BitDroid-Network
https://bitcointalksearch.org/topic/bitdroid-network-implementation-opensourced-3662
[Editor’s note. This is (or soon will be) kind of a big deal.]
s3052’s special Technical Analysis alert:
- Long Term Perspective: “Key indicators continue to be strongly bearish.”
- http://mtgox.com/blog/?p=255
New sites and other content:
- Presentation: Bitcoin - new P2P currency Juraj Bednar http://bit.ly/dRO1iw
- BitDraw (Gambling) http://en.bitcoin.it/wiki/BitDraw http://bitdraw.nfshost.com

Current week (updated throughout the day):
http://www.bitcoinnews.com

Previous weekly summaries:
http://www.bitcoinnews.com/archive

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

This Week In Bitcoin - Feb 14 through Feb 20, 2011.

Friday, Feb 18th, 2011

The pool Is CLOSED. (to new signups, that is.) The operator of Bitcoin Pooled Mining (BPM) temporarily closed the ability to register new accounts.
http://www.bitcoinminer.com/post/3364505716/mining-pool-registration-closed
This follows this week’s earlier announcement regarding how compensation would change to a “score-based” algorithm.
https://bitcointalksearch.org/topic/m.50002
Video of Wednesday's Security Now 288: Q&A:
http://www.youtube.com/watch?v=RCzsCmhkjMM
Steve Gibson talks about bitcoin from 0:44:00 into the video until 1:13:00.
Unusually heavy selling on the exchanges saw the BTC/USD exchange rate drop from $1.04 to as low as $0.7801 before recovering to roughly a midpoint between those two.
A service issue was reported with one of Bitcoin’s oldest and largest eWallet providers, MyBitcoin.com. Forum members had reported that payments made to MyBitcoin addresses were not being credited to the online eWallet accounts. The issue appears to have been resolved, with the problem lasting nearly one full day.
http://twitter.com/#!/bitcoinstatus/status/38734315055480832
s3052’s Technical Analysis:
https://bitcointalksearch.org/topic/m.51015
- Long Term:
- Some key indicators have turned bearish so we may see more days/weeks of correction/consolidation.
- Short Term:
- The $1 marks the resistance.
- If prices break out above 1$ the rally can continue to 1.1$ (all time high) and then higher towards 1.5$, 2$, etc.

Current week (updated throughout the day):
http://bit.ly/thisweekinbitcoin

Previous Week in Bitcoin (Feb 7 to Feb 13, 2011) summary:
http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

This Week In Bitcoin - Feb 14 through Feb 20, 2011.

Thursday, Feb 17th, 2011

Steve Gibson talks Bitcoin for a second week in a row.
Security Now 288: http://twit.tv/sn288 (between 0:44:00 and 1:13:05 of the show)
http://www.bitcoinmoney.com/post/3345584830/security-now-podcast-questions
- GRC (Gibson’s company) will add bitcoin as a payment method for customers of its software products.
- Bitcoin “is like God’s gift to money laundering.” “That's what happens when you end up with a technology like this that is so powerful."
Bitcoin uncovered as “the secret” that was allowing Compute4Cash.com to pay money to those running their software:
http://www.bitcoinminer.com/post/3347178364/compute4cash-geeks3d-article
Total network hashing strength: 261 Ghash/sec, difficulty 36460
http://www.bitcoinminer.com/post/3359058885/hashing-difficulty-36460
The #Bitcoin-OTC web site got a nice facelift:
Web-based order book: http://bitcoin-otc.com/vieworderbook.php
Guilde: http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc
Wiki: http://wiki.bitcoin-otc.com
Chinese added as an additional language supported on the Bitcoin wiki:
Chinese: http://zh-cn.bitcoin.it (Nefario has started translating FAQ & others)
French: http://fr.bitcoin.it
English: http://en.bitcoin.it
Subscribers to the Bitcoin Media blog get posts sent via email:
http://bitcoinmedia.posterous.com

Current week (updated throughout the day):
http://bit.ly/thisweekinbitcoin

Previous Week in Bitcoin (Feb 7 to Feb 13, 2011) summary:
http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13

Cusipzzz

sr. member

Activity: 334

Merit: 250

great stuff sgornick, thanks.

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

This Week In Bitcoin - Feb 14 through Feb 20, 2011.

Wednesday, Feb 16th, 2011

We’re all friends here now.
- https://www.x.com/community/ppx/devzone/blog/2011/02/12/fyi-virtual-currency-bitcoin-reaches-dollar-parity
- https://twitter.com/DwollaX/statuses/37913382627717120 (also see https://bitcointalksearch.org/topic/dwolla-1-usd-giveway-earn-btc-2616 )
Virtual goods purchases to exceed $2 billion in 2011:
http:/bitcoinmoney.com/post/3328500436/virtual-goods-meeker-presentation
QOTD: If anyone puts a number less than 10,000 in bc,calc, it should just reply ‘LOL’
- bk128 via IRC #bitcoin-otc after seeing results from gribble: ;;bc,calc nnn
http://en.bitcoin.it/wiki/Gribble#List_of_commands
s3052’s Technical Analysis: http://mtgox.com/blog/?p=246
- Long Term:
- The market has consolidated over the past 7 trading days in a narrow range. Volume in the consolidation is lower, which is BULLISH.
- Short Term:
- It is almost impossible to predict if we are in a triangle, a-b-c zigzag correction, flat or any variation of these.
Bitcoin Minecraft server: IRC: #bitcoin-minecraft bitcoinholdem.dyndns.biz
Minecraft in 3 minutes: http://www.youtube.com/watch?v=LnjSWPxJxNs

Current week:
http://bit.ly/thisweekinbitcoin

Previous Week in Bitcoin (Feb 7 to Feb 13, 2011) summary:
http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13

ribuck

donator

Activity: 826

Merit: 1039

Quote from: srb123 on February 16, 2011, 09:12:36 AM

But its amazing how accurate he has been for such a small economy.

Self-fulfilling prophesy!

kiba

legendary

Activity: 980

Merit: 1014

Quote from: srb123 on February 16, 2011, 09:12:36 AM

There is no way he can predict things like Slashdot effect etc. But its amazing how accurate he has been for such a small economy.

Confirmation bias!

srb123

newbie

Activity: 58

Merit: 0

There is no way he can predict things like Slashdot effect etc. But its amazing how accurate he has been for such a small economy.

Binford 6100

hero member

Activity: 504

Merit: 500

PGP OTC WOT: EB7FCE3D

Quote from: caveden on February 16, 2011, 06:47:56 AM

Come on, the guy predicted dollar parity in February months before it happened! Of course it is a "weather forecast", but he was very accurate on that one.

uhm, i've missed that one. maybe he deserves credit after all.

caveden

legendary

Activity: 1106

Merit: 1004

Quote from: Binford 6100 on February 16, 2011, 06:41:08 AM

Quote from: Stephen Gornick on February 16, 2011, 04:01:35 AM

s3052’s Technical Analysis: http://mtgox.com/blog/?p=237

^^ is a weather forecast. when the exchange rate bumped .5 $ on the way to 1$ his forecast was
"a correction to 0.4 will follow" ... resistance ... blah blah
ok, everyone makes mistakes, let's move one.

Come on, the guy predicted dollar parity in February months before it happened! Of course it is a "weather forecast", but he was very accurate on that one.

caveden

legendary

Activity: 1106

Merit: 1004

Just watched Gavin presentation. Very nice!

Binford 6100

hero member

Activity: 504

Merit: 500

PGP OTC WOT: EB7FCE3D

Quote from: Stephen Gornick on February 16, 2011, 04:01:35 AM

s3052’s Technical Analysis: http://mtgox.com/blog/?p=237

^^ is a weather forecast. when the exchange rate bumped .5 $ on the way to 1$ his forecast was
"a correction to 0.4 will follow" ... resistance ... blah blah
ok, everyone makes mistakes, let's move one.

how did the price of lama wool socks in bitcoins change since the last week?
how's the price of coffee or cosmetics? do they accept btc at an exchange rate 1:1?
or rephrasing the question, what will the price be at the end of this week?

ribuck

donator

Activity: 826

Merit: 1039

Quote from: Stephen Gornick on February 16, 2011, 04:01:35 AM

Presentation (video) by Bitcoin principal Gavin: http://blip.tv/file/4771178

Wow! Not only is gavin a great software developer, he also has superb presentation skills.

He's TED Talk material for sure.

S3052

legendary

Activity: 2100

Merit: 1000

This is great stuff!

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

This Week In Bitcoin - Feb 14 through Feb 20, 2011.

Sunday, Feb 20th, 2011

BitDroid - Bitcoin network protocol implemented in Java.
http://github.com/cdecker/BitDroid-Network
https://bitcointalksearch.org/topic/bitdroid-network-implementation-opensourced-3662
[Editor’s note. This is (or soon will be) kind of a big deal.]
s3052’s special Technical Analysis alert:
- Long Term Perspective: “Key indicators continue to be strongly bearish.”
- http://mtgox.com/blog/?p=255
New sites and other content:
- Presentation: Bitcoin - new P2P currency Juraj Bednar http://bit.ly/dRO1iw
- BitDraw (Gambling) http://en.bitcoin.it/wiki/BitDraw http://bitdraw.nfshost.com

Saturday, Feb 19th, 2011

Vigilantism - Bitcoin Style: The Case of the Russian Scammer: https://bitcointalksearch.org/topic/the-case-of-the-russian-scammer-3628

Friday, Feb 18th, 2011

The pool Is CLOSED. (to new signups, that is.) The operator of Bitcoin Pooled Mining (BPM) temporarily closed the ability to register new accounts.
http://www.bitcoinminer.com/post/3364505716/mining-pool-registration-closed
This follows this week’s earlier announcement regarding how compensation would change to a “score-based” algorithm.
https://bitcointalksearch.org/topic/m.50002
Video of Wednesday's Security Now 288: Q&A:
http://www.youtube.com/watch?v=RCzsCmhkjMM
Steve Gibson talks about bitcoin from 0:44:00 into the video until 1:13:00.
Unusually heavy selling on the exchanges saw the BTC/USD exchange rate drop from $1.04 to as low as $0.7801 before recovering to roughly a midpoint between those two.
A service issue was reported with one of Bitcoin’s oldest and largest eWallet providers, MyBitcoin.com. Forum members had reported that payments made to MyBitcoin addresses were not being credited to the online eWallet accounts. The issue appears to have been resolved, with the problem lasting nearly one full day.
http://twitter.com/#!/bitcoinstatus/status/38734315055480832
s3052’s Technical Analysis:
https://bitcointalksearch.org/topic/m.51015
- Long Term:
- Some key indicators have turned bearish so we may see more days/weeks of correction/consolidation.
- Short Term:
- The $1 marks the resistance.
- If prices break out above 1$ the rally can continue to 1.1$ (all time high) and then higher towards 1.5$, 2$, etc.

Thursday, Feb 17th, 2011

Steve Gibson talks Bitcoin for a second week in a row.
Security Now 288: http://twit.tv/sn288 (between 0:44:00 and 1:13:05 of the show)
http://www.bitcoinmoney.com/post/3345584830/security-now-podcast-questions
- GRC (Gibson’s company) will add bitcoin as a payment method for customers of its software products.
- Bitcoin “is like God’s gift to money laundering.” “That's what happens when you end up with a technology like this that is so powerful."
Bitcoin uncovered as “the secret” that was allowing Compute4Cash.com to pay money to those running their software:
http://www.bitcoinminer.com/post/3347178364/compute4cash-geeks3d-article
Total network hashing strength: 261 Ghash/sec, difficulty 36460
http://www.bitcoinminer.com/post/3359058885/hashing-difficulty-36460
The #Bitcoin-OTC web site got a nice facelift:
Web-based order book: http://bitcoin-otc.com/vieworderbook.php
Guilde: http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc
Wiki: http://wiki.bitcoin-otc.com
Chinese added as an additional language supported on the Bitcoin wiki:
Chinese: http://zh-cn.bitcoin.it (Nefario has started translating FAQ & others)
French: http://fr.bitcoin.it
English: http://en.bitcoin.it
Subscribers to the Bitcoin Media blog get posts sent via email:
http://bitcoinmedia.posterous.com

Wednesday, Feb 16th, 2011

We’re all friends here now.
- https://www.x.com/community/ppx/devzone/blog/2011/02/12/fyi-virtual-currency-bitcoin-reaches-dollar-parity
- https://twitter.com/DwollaX/statuses/37913382627717120 (also see https://bitcointalksearch.org/topic/dwolla-1-usd-giveway-earn-btc-2616 )
Virtual goods purchases to exceed $2 billion in 2011:
http:/bitcoinmoney.com/post/3328500436/virtual-goods-meeker-presentation
QOTD: If anyone puts a number less than 10,000 in bc,calc, it should just reply ‘LOL’
- bk128 via IRC #bitcoin-otc after seeing results from gribble: ;;bc,calc nnn
http://en.bitcoin.it/wiki/Gribble#List_of_commands
s3052’s Technical Analysis: http://mtgox.com/blog/?p=246
- Long Term:
- The market has consolidated over the past 7 trading days in a narrow range. Volume in the consolidation is lower, which is BULLISH.
- Short Term:
- It is almost impossible to predict if we are in a triangle, a-b-c zigzag correction, flat or any variation of these.
Bitcoin Minecraft server: IRC: #bitcoin-minecraft bitcoinholdem.dyndns.biz
Minecraft in 3 minutes: http://www.youtube.com/watch?v=LnjSWPxJxNs

Tuesday, Feb 15th, 2011

http://www.witcoin.com Gets a big update.
Presentation (video) by Bitcoin principal Gavin: http://blip.tv/file/4771178
Bitcoin Pooled Mining (BPM) (aka "slush’s" pool): 59 Ghash/s, up from 32 a week ago.
http://mining.bitcoin.cz/stats
Difficulty esimated to change around Friday Feb 18th, 3am UTC to about 35K, a rise over 34%, much faster faster than previous increases: http://bit.ly/ihYVjK
Online Shrink? “Psychological advisory”:
https://bitcointalksearch.org/topic/psychological-advisory-3509

Monday, Feb 14th, 2011

s3052’s Technical Analysis: http://mtgox.com/blog/?p=237
- Long Term:
- Next target is $1.50 then followed by $2, $5, $10.
- Price targets should not be confused with time targets.
- Short Term:
- Prices paint a texbook-type ascending triangle just under $1.10.
- Typically, this leads to a break out to the upside.
Bitcoin client v0.3.20 is at release candidate stage, though some modifications pending.
jgarzik introduced his pushpool project which implements a binary RPC for miners.
https://bitcointalksearch.org/topic/bitcoin-binary-data-protocol-for-mining-monitorblocks-etc-3493
A vehicle was, for the first time, offered in exchange for a certain number of bitcoins:
https://bitcointalksearch.org/topic/car-for-sale-australia-3485

Current week (updated throughout the day):
http://bit.ly/thisweekinbitcoin

Previous Week in Bitcoin (Feb 7 to Feb 13, 2011) summary:
http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13

Each day I will post a reply with the previous day's summary, and will update this specific post to include each daily summary as well.

Topic: This Week In Bitcoin - Feb 14 through Feb 20, 2011 (Read 2127 times)