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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 24848. (Read 26712318 times)

legendary
Activity: 1512
Merit: 1000
@theshmadz
http://www.fincen.gov/news_room/rp/rulings/html/FIN-2014-R011.html

http://www.fincen.gov/news_room/rp/rulings/html/FIN-2014-R012.html

Two new FINCEN rulings today. Bullish or Bearish?

*edit*

Bearish. First ruling does not distinguishing between exchanges that allow trading fiat for crypto vs those that only allow crypto for crypto. That is, both have the same "Exchanger" MSB status.

Thanks for this, it'll take a while to get through but this little clip I thought was priceless.

 
Quote
You state in your letter that the Company wishes to set up a Platform that consists of a trading system (the “System”) to match offers to buy and sell convertible virtual currency for currency of legal tender (“real currency”)

I dunno, I just chuckle to see them call legal tender "real currency" quotes and all 'cuz they know it's a lie.
hero member
Activity: 910
Merit: 1003
Anything on requiring auditing yet? We're in-between exchange fuckups at the moment so it would be best to have that in place before the next one happens.
its probably more focused on KYC and AML then actually protecting consumers
Monetas is coding voting pools as fast as humanly possible.  Real-time automatic auditing which both prevents operators from stealing customer deposits and also prevents operators from refusing valid withdrawals.

I would be surprised if FINCEN, SEC, or the like will take the time to develop regulations specific to bitcoin exchanges.  It would be a lot of work for a very small segment of the economy.  (Note that the FINCEN letters quoted above only clarify how the FINCEN thinks that bitcoin exchanges fit into existing regulations.) 

That NY regulator does not seem to be putting much effort into the bitlicense regulations, either.

Anyway, exchanges should post Terms of Service where they promise not to do all the nasty things that exchanges could do to their clients, such as giving non-existing bitcoins or dollars to some clients, trading against their clients, playing with client coins elsewhere, delaying or blocking withdrawals, etc.  Then the law would automatically prohibit those things, just as it enforces any contract.  Moreover, theft and fraud are crimes, irrespective of the method used by the criminal or the nature of the property taken from the victims.

As for auditing: I don't know what is the state of the art now, but the auditing protocols that were proposed earlier this year could be easily circumvented by a malicious exchange.  (The amateur "audits" that some exchanges did after MtGOX were sorry jokes that proved nothing.)   The blockchain and the account database record only part of the real situation of the exchange, so I doubt that fancy protocols could ever replace a true independent audit done in the traditional way.   But even a true audit would have trouble dealing with the bitcoin side of the accounting.

Anyway, the main problem is not what the exchange is doing, but what it can do at any moment without prior warning.  At any moment it could become another SheepMarketplace; and then what?

legendary
Activity: 1512
Merit: 1000
@theshmadz


Don't give up, earthlings.  Exercise and stay tasty.



  ~Your Beneficent Reptilian Overlords.

you were right bro... we are like those ant, trapped inside goverment and their laws and fiat and religion. and bitcoin can set us all free... !!!

FREEDOM !!!

PS : u dont take me coin, no u dont

LOL

they can take our FREEDOM, but they'll never take our BITCOIN!!!
hero member
Activity: 504
Merit: 500
Moderator
sr. member
Activity: 378
Merit: 254
newbie
Activity: 20
Merit: 0
Looking at the bitfinex charts and btc swaps at ATH, for the first time ever, for a second, I thought that maybe I should jump aboard and SHOTR, because it seems so obvious at the moment. Good that I caught that thought and was able to rationalize it, because, I believe, that's exactly what someone(s) who are accumulating those swaps, want it to appear.

Hold on to your hats, because in a few days or weeks, we are going nowhere but up.



...or not, but that's not the end of the world. Wink
hero member
Activity: 504
Merit: 500
Moderator
legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
legendary
Activity: 1176
Merit: 1000
Shorts at ATH. MACD green for three bars. Market oversold. Yep we are going ..up Smiley
legendary
Activity: 3948
Merit: 11416
Self-Custody is a right. Say no to"Non-custodial"
IT's  HAPPENING!!!!!!!!
I am expecting some kind of high volume battle... we haven't had one of them for several days....

SOON

and i will be there, fighting the good fight.


ME TOO!!!!!  At least, to the best of my mediocre BTC purchasing abilities. 

Recently, I became disconnected from some of my investment planning and monitoring Excel documents - and various references therein to my BTC investment funds that are projected to be available to me. 

I am still in the process of recovering my various BTC investment Excel documents, and as far as I can determine, I have about $1,600 this week for BTC purchases, and about an additional $2,600 available to me by this upcoming weekend to contribute to our BUY, BUY, BUY efforts.... 

To elaborate: If we BTC investors believe BTC prices are going lower, then we are likely inclined to save ourselves for purchasing BTC at the lowest possible price (and some of us may short or sell, but seems dangerous to me) - however, I rarely seem to get the feeling exactly for the exact price direction (that is part of my biasness in the bull-ish way of thinking). 

To repeat, in spite of my bullish inclinations, I have little to NO ability to predict the quantity of BTC that still may be in the hands of various bearwhales manipulators who remain inclined to continue their downward price battle to the extent that they are capable of achieving such.. and their ability to get others to jump on board with them to get and/or to keep BTC prices moving downwardly.. Also,  their ability to potentially overwhelm or at least achieve yielding and acceptance of the bullwhales to allow such downward BTC price manipulation.

Many of us bull-ish thinkers, are inclined to believe that in the end, there exist a sufficient number of truly capable bullwhales who are both disinclined to allow BTC prices to drop below a certain price point, and who would also be truly capable to bring to the table enough fiat funds to, on their own, push BTC prices well in excess of $10k per BTC... and in fact, they would likely NOT need to accomplish this upward BTC price manipulation on their own because many of us tend to believe that there are likely enough dollars on the sidelines and also enough willing investors on the sidelines who would also be willing to jump into a rising tide once the tide starts rising sufficiently to show that it is NOT likely to reverse in the near future... especially once BTC prices seem to be going up into the upper 3 digits and then likely thereafter into the $1k to $2k territory and beyond, with all the hoopla that will likely accompany such BTC price movement(s), once they start to occur (this year or next year or 2016?).

In a somber note, I can see why some regular people may be beginning to lose faith in the possibility of another upwardly inclined BTC price spurt.  In spite of a variety of positive news regarding BTC, there has been quite a bit fear-mongering and negative news spreading regarding aspects of BTC, from the likes of NOT NotPork and others of similar inclinations.  Yes, a lot of these kinds people want people to sell their BTC because they come to the belief that BTC is going "nowhere, but down."  Surely, the longer that prices linger in these lower territories and even get pushed down beyond expectations and put the BTC portfolios of newer investors considerably in the red, will cause quite a few of these newer investors to lose faith and lose confidence and lose staying power, b/c they were NOT mentally and/or financially prepared for such downward prices.
legendary
Activity: 1036
Merit: 1000
Nighty Night Don't Let The Trolls Bite Nom Nom Nom
SATOSHI NAKAMOTO ANAGRAMS:
SATOSHI NAKAMOTO    =

-A HOOK TO SATANISM
-I AM NSA, TOOK OATHS
-SO A MAN TOOK A SHIT
RUN FOR THE HILLS!!!!!!!

I prefer -

A Saki Tomato Nosh
A Has Toast Kimono
A Hookas Moan Tits
legendary
Activity: 1260
Merit: 1116
LOL

Just a wee dump...it's still good it's still good
sr. member
Activity: 378
Merit: 254
In your hour of need Gentlemen...





  ~Your Beneficent Reptilian Overlords.
hero member
Activity: 742
Merit: 500
Support being pulled and dumped on. It is a fraction of what is was a few days ago.
hero member
Activity: 742
Merit: 500
Looks like market is preparing to leave the sideways and start the next big move (I give it one or two days if not less, by the look of things I'd say down eheh).

Support is starting to get pulled on various exchanges. Keep a close look at the depth chart and how it changes  Wink
legendary
Activity: 1260
Merit: 1116
These walls are paper thin Cry  hard...to...observe
hero member
Activity: 742
Merit: 500
Should we use Bitfinex or OkCoin trend lines? mmh



In one or two days the Bitfinex triangle should close and we should decide which way to go.
Or maybe some big whale just decides to market dump (that I cannot predict  Cheesy) on support right now, we break down and panic ensues.


Some support on Bitfinex was just pulled (while other 1000 BTC was dumped on few hours ago).
full member
Activity: 141
Merit: 100
dumb moves broke the sup line
legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
hero member
Activity: 742
Merit: 500
Why is nobody commenting on the Satoshi Nakamoto anagrams???   Cry Cry Cry Cry Cry


It's mind blowing shit for fuck's sake LOL Cry
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