Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 27142. (Read 26711601 times)

What's up with the monkeys lately?

Some cheap BTC en route by the way.

$4.8 million demand (unfulfilled) for USD swap at Bitfinex at the flexible rate (currently 0.19%/day and falling).  For long date ranges (20-30 days).  If they wanted short-term swap they could get it as $400k is available.

Somebody is trying to buy all the bitcoins!

Try saying that again.. in a way that makes sense, preferably.

Who is noticing the large BTC orders appear on the Bitfinex walls only for them to be consumed within a split second before any non-exchange insider traders can react to them!? As if to give an illusion of support as Bitcoin begins it's crumbly grind down to find support at lower price levels........"ooooh, maybe I shouldn't sell cos look at those big 150 BTC orders at 605!!?"

Bitfinex paint the tape, and fake volume, and everyone knows that they do. Not that it matters in the bigger picture. Bitstamp will decide what the market does.

I have a monkey - not really a pet, more of an experimental laboratory animal - that throws darts, and I decide whether I want to take the trading recommendations which I derive from his dart throwing.  Sometimes he does well, sometimes less so, but in general he does better than any other monkey of my acquaintance.

Btw can you explain what you mean by monkey?

What a surprise. People are panicking again.

What a surprise. People are panicking again.

My first rule when investing is not to invest funds with an obvious scammer.
I will respect that rule, even if the proposition appears attractive by all rational, objective criteria, because I have learned from hard experience that a truly corrupt person can think of more ways to steal money from people in the course of a pleasant spring afternoon than I could ever hope to imagine in a lifetime, not being trained to think in this manner.
(In fact I have gone to great lengths to train myself NOT to think in this manner, lest I should be tempted to pursue a particularly lovely idea at some point, elegant ideas being so dangerously, intrinsically compelling.)

Reality is not a stark as the terms I will use here.  
There is gray, there is color, and I describe things in black-and-white, polarizing terms.  
I do that to clarify and highlight the issues I consider dispositive.
You might consider other factors dispositive.

Nxt is a premine scam.  They generally end up like ripple, like bytecoin - most do not fare as well as those pathetic cases, in fact.  
I think that in a democratic society, or common law, people who perpetrate these things would be criminally sanctioned.
Nxt is a very good premine scam, better than ripple, even - far and away better than bytecoin.
Mussolini was an extremely good dictator, but that would not make me buy his soap.

Nxt doesn't have any actual reason to exist.  
There is nothing in the 2.0 apps which Nxt has now or in the pipe which requires creating a new currency.  
Therefore, the only function of the currency is to take money from suckers and give it to the founders.  
There are honest and accepted ways of capitalizing a venture, but they chose to use deceit instead.

I might scalp Nxt for a quick buck, but holding would actually enrich these people. who are morally incompetent, whether by idiocy or by criminality, so I won't do it.
Moreover, I can't construct a scenario in which Nxt retains long-term value.
It just doesn't add anything.
The Nxt software looks quite useful and good.
It will be reformulated to work without Nxt currency, if it demonstrates its value in practice.

The only good use of currency is for currency functions:  Exchange, transmission, and storage of value.
Currencies are not a way to lever a distributed database or transaction protocol into a tool for sucking money out of other people's pockets.

That said, you may do well in Nxt, if you time your entry and exit well.  
I would advise against it for both pecuniary and moral reasons.