Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 15798. (Read 26623559 times)

The Token. Please forget about it for now:

the token is an ERC20 token, held in an ETH wallet

This is today’s article from The Australian (a national newspaper and it is the most bullish thing I have read in the mainstream media.   You can skip most of it but read point 4.

Why Bitcoin Will Fail

As bitcoin — an alternative global currency — breaks another new record with a serious jump in value this week to cross $US8,300, one of the world’s biggest banks has spelled out why it won’t work.
 
Paris based BNP Paribas has gone beyond the usual arguments about crime, security and tax evasion to pinpoint why bitcoin can’t fulfil the promise at the heart of its success — to offer consumers an alternative means of exchange to banks and currencies as we know them.
 
The French Bank is reacting to the growing acceptance of bitcoin and other cryptocurrencies around the world. In Japan, bitcoin has been accepted as “a legitimate method of payment,” while in the US, the Chicago Mercantile Exchange is planning to trade bitcoin futures.
Here’s the main flaws from BNP Paribas:
 
1. It offers no lender of last resort — Every shaky European bank would certainly understand quickly the importance of this function in a currency. If there is a crisis, bitcoin has no well funded regulator to step in and cover losses. BNP says in that scenario consumers would rush to find real cash which could in turn create a run on banks, the biggest nightmare in the financial system.
 
2. Deflation — Though speculators love that there is only a finite number of bitcoins, this means you have the opposite of inflation as a looming problem. With just 16.7 million bitcoins in circulation, the risk of inflation is eliminated but deflation, already an issue in global trade, could cause a range of problems in the future.
3. Unreliable exchange of value — Bitcoin’s wildly fluctuating share price is perfect for traders but hell for consumers if they wish to use it in any significant fashion.
 
4. No profits for central banks — If bitcoin genuinely starts to replace cash as we know it central banks will lose a key source of income called seigniorage, which is the profit they get from printing money. No government will want to subsidise central banks which have lost a revenue source.
 
In short, BNP Paribas infers bitcoin could undermine the global monetary system as we know it. On that basis that bank suggests a global coordinated move to regulate bitcoin is on the cards. In Sydney, AMP chief economist Shane Oliver has also been looking at the issue. Usefully, Oliver says he does not
fully understand bitcoin (who really does?) and though he worries it is a bubble he also says there is every chance the value of bitcoin may keep going up for some time. Intriguingly, Oliver also floats the idea that bitcoin and its cryptocurrency variants may survive — or at least the blockchain technology behind them may survive. But Oliver believes the cryptocurrencies of the future will be official just like the legal tender of notes and coins of today.[/quote{

I know a lot of you guys think this tether thing is just fud, but if it's true it essentially means that Tether is forging bank notes regardless of what their terms of service say.

And who exactly is buying USDT from tether? Why would any VC want to purchase usdt in volume in order to purchase other crypto's when they can just buy btc with fiat directly and not have the associated risks implied in the tether terms of service?

It might not effect things right away because the mania is so strong right now and any dip will be bought by fomo or by bitfinex QE, but if this is legit it could all unravel very quickly.

I sold mine immediately on Yobit and managed to get a rate of 0.4 somehow - not sure what the price is now - but I suspect its nowhere near that. Feeling lucky

3 ignores in a row. Bullish!

Nope. BTG is nothing compared to BCC. Would not expect anything from this alt. Can't see any future.

Pay attention.   This is how you day trade.  Set your limit orders and then go to the beach. If you have to place a market order, it means you are behind the market and not in front of it. This means you are doing it wrong.

https://mobile.twitter.com/bitfinex/status/933134086289453056

Bitfinex now have a EUR BTC market. Dunno if it's a proper one with SEPA and real money and stuff.

They're also reopening USD wires for little people.

Jamie Dimon: "Ohh I guess we'll allow it.... but but it's still a FRAUD I tells ya!"

http://www.businessinsider.com/bitcoin-jpmorgan-might-get-involved-even-though-jamie-dimon-hates-it-2017-11

Not sure I follow all the sudden doom and gloom about it. r/buttcoin has been trying for years to blow up the tether tangle. Some hacker absconds with worthless tokens and suddenly the whole show is a facade? Where is this all coming from?