Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28204.

chessnut

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Activity: 924

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Quote from: windjc on April 14, 2014, 08:57:49 PM

This is such a weak recovery.

I set my first short at 478 and it hasn't even hit that one yet. I think I may pull the ones above 510, because it doesn't even seem like remotely possible that this rally gets above that. Unless there is some unexpected volume coming in that I don't know about.

I agree with TERA that there just is not enough money on the order books to keep this market afloat at these levels.

I was really hoping I could short all the way up to 525. I hope we can get at least one more leg up. At least a push to 500.

Come on men. Lets get out those train and moon pics! Now is the time.

well then I guess you should short a whole bunch right now Grin

good luck

windjc

legendary

Activity: 2156

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This is such a weak recovery.

I set my first short at 478 and it hasn't even hit that one yet. I think I may pull the ones above 510, because it doesn't even seem like remotely possible that this rally gets above that. Unless there is some unexpected volume coming in that I don't know about.

I agree with TERA that there just is not enough money on the order books to keep this market afloat at these levels.

I was really hoping I could short all the way up to 525. I hope we can get at least one more leg up. At least a push to 500.

Come on men. Lets get out those train and moon pics! Now is the time.

jonoiv

hero member

Activity: 966

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🐺Dogs for President🐺

Quote from: chessnut on April 14, 2014, 08:16:57 PM

lots of support above 438. we will likely see a break upwards from the wedge and test 500. critical. lets see what happens.

Well if they are following Huobi, the chart looks slightly different.

Not sure, but it's more likely in my opinion we will see a drop to around 2650.

Like you said.. lets see what happens.

pjviitas

sr. member

Activity: 434

Merit: 250

Quote from: aminorex on April 14, 2014, 08:29:38 PM

Quote from: silverfuture on April 14, 2014, 08:07:03 PM

What concentration? I really don't see it. The vast majority of hashrate is individual miners in pools and they can switch pools whenever they feel like it. The industrialization of mining will not mean any further centralization other than possible near misses at certain times throughout the early adoption cycle. Asicminer had 30% plus of the hashrate briefly but lost that status and even with Gen 3 will likely not come close to that again with a projected 1600Ph/s

It doesn't matter who owns the hashers if they go through a central chokepoint. Each pool is such a chokepoint. The pool owners determine what transactions are mined, not the hashers. Before pooling, you had H*0.51 points of control required to control the network. After pooling you have maybe 4. Any worthwhile criminal syndicate could now take over the bitcoin network, including black ops of any state with the budget of, say, New York City. And it can be done before anyone has a clue. Indeed, may already have been done, for all I know. I don't get to see the code running at Eligius or ghash.io.

Again, it won't kill the corporeal body of the currency. It will just kill its decentralized soul.

+1

Centralized mining is already well on its way.

https://bitcointalksearch.org/topic/electrical-responsbility-569908

By the end of the summer mining in your home will simply not be worth it without a 400A service.

aminorex

legendary

Activity: 1596

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Sine secretum non libertas

Quote from: silverfuture on April 14, 2014, 08:07:03 PM

What concentration? I really don't see it. The vast majority of hashrate is individual miners in pools and they can switch pools whenever they feel like it. The industrialization of mining will not mean any further centralization other than possible near misses at certain times throughout the early adoption cycle. Asicminer had 30% plus of the hashrate briefly but lost that status and even with Gen 3 will likely not come close to that again with a projected 1600Ph/s

It doesn't matter who owns the hashers if they go through a central chokepoint. Each pool is such a chokepoint. The pool owners determine what transactions are mined, not the hashers. Before pooling, you had H*0.51 points of control required to control the network. After pooling you have maybe 4. Any worthwhile criminal syndicate could now take over the bitcoin network, including black ops of any state with the budget of, say, New York City. And it can be done before anyone not directly involved has a clue. Indeed, may already have been done, for all I know. I don't get to see the code running at Eligius or ghash.io.

Again, it won't kill the corporeal body of the currency. It will just kill its decentralized soul.

billyjoeallen

legendary

Activity: 1106

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Hide your women

Quote from: byronbb on April 14, 2014, 06:38:46 PM

Quote from: silverfuture on April 14, 2014, 06:21:25 PM

YOU CAN'T KILL THE BITCOIN

You can't kill the Bitcoin, but the Bitcoin can kill you if you are not in a position to wait out 4-14 months for the next rally. Those who bought higher are suffering from the sunken cost fallacy. Right now, bitcoins are only worth what a willing buyer and a willing seller agree on. That price is ~$465 dollars. rpiatila and the like are not more prescient than anyone else. Neither am I. The only prediction poll that really matters is the market itself.

Bitcoin don't care. Bitcoin don't give a fuck. That works in both directions.

BBmodBB

full member

Activity: 154

Merit: 100

BTC = FREEDOM IS OUR ONLY HOPE!

Quote from: chessnut on April 14, 2014, 08:16:57 PM

lots of support above 438. we will likely see a break upwards from the wedge and test 500. critical. lets see what happens.

^hold tight::after tomorrow we head North to $3000+ imhfo ! Cool

*watch!*

pjviitas

sr. member

Activity: 434

Merit: 250

Quote from: silverfuture on April 14, 2014, 08:07:03 PM

Quote from: aminorex on April 14, 2014, 07:06:52 PM

Quote from: silverfuture on April 14, 2014, 06:21:25 PM

YOU CAN'T KILL THE BITCOIN

Don't have to. It's obviously suicidally seeking an undead existence: The concentration of mining means concentration of consensus, which means centralized currency, centralized planning and control, which means we're a dead man walking; unless there's dramatic action taken, it won't be long before bitcoin is a zombie, an unnatural hollow shell of its former self. Bitcoin as a currency will continue to function, but the bitcoin idea, the ghost in its machine, will no longer be attached to the currency. It's also not clear how even dramatic action is capable of preventing this outcome. Moving mining to sidechains with smaller faster block rewards is the best I can come up with, and it's not at all clear that's enough, nor even that the will to do that exists.

There's no particular reason to think this condition will affect price in the near term, however.

What concentration? I really don't see it. The vast majority of hashrate is individual miners in pools and they can switch pools whenever they feel like it. The industrialization of mining will not mean any further centralization other than possible near misses at certain times throughout the early adoption cycle. Asicminer had 30% plus of the hashrate briefly but lost that status and even with Gen 3 will likely not come close to that again with a projected 1600Ph/s

Here is a simple question...how many 1TH/s miners do you think you can plug into a house?

BBmodBB

full member

Activity: 154

Merit: 100

BTC = FREEDOM IS OUR ONLY HOPE!

Quote from: silverfuture on April 14, 2014, 08:07:03 PM

Quote from: aminorex on April 14, 2014, 07:06:52 PM

Quote from: silverfuture on April 14, 2014, 06:21:25 PM

YOU CAN'T KILL THE BITCOIN

Don't have to. It's obviously suicidally seeking an undead existence: The concentration of mining means concentration of consensus, which means centralized currency, centralized planning and control, which means we're a dead man walking; unless there's dramatic action taken, it won't be long before bitcoin is a zombie, an unnatural hollow shell of its former self. Bitcoin as a currency will continue to function, but the bitcoin idea, the ghost in its machine, will no longer be attached to the currency. It's also not clear how even dramatic action is capable of preventing this outcome. Moving mining to sidechains with smaller faster block rewards is the best I can come up with, and it's not at all clear that's enough, nor even that the will to do that exists.

There's no particular reason to think this condition will affect price in the near term, however.

What concentration? I really don't see it. The vast majority of hashrate is individual miners in pools and they can switch pools whenever they feel like it. The industrialization of mining will not mean any further centralization other than possible near misses at certain times throughout the early adoption cycle. Asicminer had 30% plus of the hashrate briefly but lost that status and even with Gen 3 will likely not come close to that again with a projected 1600Ph/s

^fwiw--i'm back to mining BTC with 33GH/s ;-)

chessnut

legendary

Activity: 924

Merit: 1001

lots of support above 438. we will likely see a break upwards from the wedge and test 500. critical. lets see what happens.

KFR

hero member

Activity: 560

Merit: 500

Per ardua ad luna

Quote from: JorgeStolfi on April 14, 2014, 07:46:21 PM

Quote from: hmmmstrange on April 14, 2014, 06:42:18 PM

Is your time here part of a funded research project? If so, what are the predicted benefits to those of which have funded you? Is the funding private or public?

I am a full professor of computer science at a public university, with a fixed salary, light teaching load, a few grad students, no admin duties at the moment, a foot in a slow-going research project, and freedom to choose my research topics. And also occasional public advocate on social things like electronic voting.
...

Loudmouth opinonated freeloader is a tax-funded career path over there then? Sign me up! Wink

j/k no offense intended.

derpinheimer

legendary

Activity: 896

Merit: 1000

Looks like China bulls are ignoring the manipulation on bitstamp and trying to push thru 3000 for the third time.

silverfuture

legendary

Activity: 947

Merit: 1008

central banking = outdated protocol

Quote from: aminorex on April 14, 2014, 07:06:52 PM

Quote from: silverfuture on April 14, 2014, 06:21:25 PM

YOU CAN'T KILL THE BITCOIN

Don't have to. It's obviously suicidally seeking an undead existence: The concentration of mining means concentration of consensus, which means centralized currency, centralized planning and control, which means we're a dead man walking; unless there's dramatic action taken, it won't be long before bitcoin is a zombie, an unnatural hollow shell of its former self. Bitcoin as a currency will continue to function, but the bitcoin idea, the ghost in its machine, will no longer be attached to the currency. It's also not clear how even dramatic action is capable of preventing this outcome. Moving mining to sidechains with smaller faster block rewards is the best I can come up with, and it's not at all clear that's enough, nor even that the will to do that exists.

There's no particular reason to think this condition will affect price in the near term, however.

What concentration? I really don't see it. The vast majority of hashrate is individual miners in pools and they can switch pools whenever they feel like it. The industrialization of mining will not mean any further centralization other than possible near misses at certain times throughout the early adoption cycle. Asicminer had 30% plus of the hashrate briefly but lost that status and even with Gen 3 will likely not come close to that again with a projected 1600Ph/s

trc

full member

Activity: 164

Merit: 100

Quote from: JorgeStolfi on April 14, 2014, 07:46:21 PM

I believe that bitcoin is a terrible investment at this time.

May I ask, what is a good investment you would recommend at this time? The very meaning of the word involves risk and you're right about it from one point of view and it is that people shouldn't be investing sums that they couldn't do without the next week. Now, this isn't an investment, this is pure stupidity. But then again this isn't a general investment advice club either.

I'm sure there are many low risk low reward ops, including your local bank's "superb-interest" accounts. They'll make a ton of profits on it and pay you a tiny percent of what they make. Virtually risk free and small gain investment. If you include inflation in the math, you'll realize you actually lost money at the end of the year, but there you go.

billyjoeallen

legendary

Activity: 1106

Merit: 1007

Hide your women

Quote from: boumalo on April 14, 2014, 07:41:48 PM

Quote from: chessnut on April 14, 2014, 06:03:16 PM

OK. just need to break 499 now before we are out of the wedge! then 510 is last major resistance, and maybe we will see the real short squeeze!

It goes up and then it stays really steady around a specific number, 460$ on bitstamp atm

I am betting on a bull trap, we may see one or two other dip before we get going this summer and in autumn

I fear the trap has already sprung. The last time this happened, it took from March 2 to March 26 for everyone the realize that the whale infusion of capital had completely left the market. Most of us were thinking the bottom was in. Me included.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: hmmmstrange on April 14, 2014, 06:42:18 PM

Is your time here part of a funded research project? If so, what are the predicted benefits to those of which have funded you? Is the funding private or public?

I am a full professor of computer science at a public university, with a fixed salary, light teaching load, a few grad students, no admin duties at the moment, a foot in a slow-going research project, and freedom to choose my research topics. And also occasional public advocate on social things like electronic voting.

I believe that bitcoin is a terrible investment at this time. I think I owe to the people who pay my salary to tell them so, and why. But unfortunately the salesmen are knocking at the door (in the last two weeks, warm "news" articles about bitcoin suddenly appeared in all the major media - usually without mentioning MtGOX, Neo&Bee, China bans, the falling price, ....) Angry

boumalo

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Quote from: chessnut on April 14, 2014, 06:03:16 PM

OK. just need to break 499 now before we are out of the wedge! then 510 is last major resistance, and maybe we will see the real short squeeze!

It goes up and then it stays really steady around a specific number, 460$ on bitstamp atm

I am betting on a bull trap, we may see one or two other dip before we get going this summer and in autumn

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: p0peji on April 14, 2014, 05:37:00 PM

Anyone thinks that Huobi and the other Chinese exchanges are going to be the new mt gox (an exchange with no possibility of getting fiat out)?

I doubt it. An exchange in Hong Kong (GBL) tried it and the owners got caught by the Chinese police. http://www.globalpost.com/dispatch/news/xinhua-news-agency/131203/china-exclusive-china-detains-bitcoin-fraud-suspects

Are there other cases of goxers going to jail for goxing?

aminorex

legendary

Activity: 1596

Merit: 1030

Sine secretum non libertas

Quote from: TooDumbForBitcoin on April 14, 2014, 04:54:44 PM

Is he still portraying himself as his countrymen's defender against the evil of bitcoin?
If yes, I wonder why he has no posts on the Portuguese language boards of bitcointalk.

Another point suggesting that he is here for bearish price manipulation. Clearly this is not an established fact, but I personally consider it the conclusion best supported by the preponderance of evidence.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: TooDumbForBitcoin on April 14, 2014, 04:54:44 PM

Is he still portraying himself as his countrymen's defender against the evil of bitcoin?
If yes, I wonder why he has no posts on the Portuguese language boards of bitcointalk.

Oops! Thanks for the tip, I didn't even think of that.

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