Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28264. (Read 26686339 times)

Boring slow rise before weekend panic 

OK so you must be referring to Cavirtex or some other Canadian exchange -- not to Bitstamp (Slovenia?), Bitfinex (Hong Kong), BTC-e (Bulgaria), or LakeBTC (Hong Kong?) -- which, last time I looked, accounted for almost all trade outside China. 

What are the Canadian regulations that apply to the bitcoin trading services of Cavirtex and other Canadian exchanges (apart from common laws, such as fraud, property theft, money laundering, etc.)? (Serious question.)

YEN = Japan

Jorge has jumped the shark with rockets and bells on.  He is indistinguishable from any other bear troll trying to panic suckers to take their money.  Time to ignore.

https://www.youtube.com/watch?v=3wUmevUvqxs#t=1190 decent reasoning on why it wouldn't be overly regulated in to an out right ban.

Explanation

Canada

Chose my exchange, cause the owner is transparent. And works with the government actively to remain with in compliance. My only momemt of anger was during the first panic's back in Dec the website was super slow but no such issues since improvements.

check out their video on the plans for the future this year. https://www.youtube.com/watch?v=1qETYr2EsiI

420 hasn't changed 

Live on C-Span right now "Bitcoin and the Future of Currency" http://www.c-span.org/live/?channel=c-span-2

What country?

So, is 420 the new 650??

not in my country Jorge, keep spewing your FUD

There is no regulation that prohibits the exchange owner from stealing the coins of all clients and blaming it on "hackers".  (Serious reply.)

Common property theft laws would apply in the latter case, but they are hard to enforce if the exchange is in a foreign country and the owners are anonymouous,  The laws against insider trading do not even apply, the exchanges are not registered or regulated as markets.

How can you ban BTC?

Like how???

You mean knowledge of a certain set of digits is potentially illegal?

I mean we're getting to down to philosophical absolutes now thanks to bitcoin. It's make or break time for humanity. The grey area between libertarianism and authoritarianism is shrinking rapidly.

If you KNOW a string of data, and someone sends bitcoin to that piece of data, would that be illegal?

That's essentially what "owning" bitcoin is.

This needs its own thread, or more probably already has one.

Weren't people talking about border police demanding to know if people were "carrying" btc over the border, and wondering what is considered "carrying."

When making a paper wallet, I generated a private key. I picked a number our of the universe, and told the blockchain that there is where my unspent outputs should be moved to.

If bitcoin becomes "illegal" what happens? Am I supposed to forget the number? Send them to an address I don't own? In which case, what if someone maliciously sends me some more? What if the police send me more to incriminate me?

And we're where we are with drugs (the fun ones). Something that can be used to completely ruin a persons life. It's not like any other crime. Someone can just dump a bag of coke in your car and next time you're driving.....

Which is perfect for launching a new Bitcoin bubble when the dust settles!  

Not sure, it seems that arbitrage traders are very quick; price movements at one exchange are copied over all exchanges within minutes if not seconds.  (They must be fast, else other arbitrage traders will steal their opportunities.)

And now the rumors of China coming back.

A long shot here, but if fundamentals are actually in play, the idea of side-chains being explained to the public now is some of the biggest news ever as far as speculative future underlying value/utility.

MtGOX must have had little influence on the mood of Chinese speculators, since most of them could not trade there.

Also the Chinese exchanges look "different" so the Chinese probably feel that "it could not happen here". (Like the US nuclear industry dismissing Chernobyl because "our designs are different".)

MtGOX is sometmes mentioned in the Chinese news, but I haven't seen any mention of Chinese losing money in it (wheras we still see much of that in the West -- e.g. in last week's "so long and thanks for all the coins" message by the Neo & Bee vanished CEO.).  There may have been Chinese among the MtGOX victims, but I doubt that they were significant in number or money.

When MtGOX finally admitted collapse, the BTC price had been on a steady descending trend for almost a month, and that trend has continued unchanged to this day.

That trend may be due to many possible reasons -- the Chinese getting bored with bitcoin speculation, the steady stream of coins mined in China, growing disenchantment with bitcoin' long-term prospects, competition by Litecoin and other altcoins, and so on.  

Whatever its cause, that trend, like almost every movement of the price since last October or earlier, is clearly a Chinese phenomenon copied to the West by arbitrage.

In addition to that trend, the BTC price had a sudden permanent drop by some 100--300 CNY after the first MtGOX announcement on Feb/10 -- but quite likely because Mark claimed that there was a "bug in the protocol", not for any implication about the MtGOX insolvency (which, at that time, was still vehemently denied by its faithful clients).

The second MtGOX announcement on Feb/20, and its final collapse a while later, did not seem to have had any permanent effect on the price in China, and therefore on the price everywhere else.  

In addition to that trend, the only significant price events with permanent effect were the mysterious jump upwards by ~700 CNY on Mar/03, and the net drop by ~300 CNY on Mar/27 after the Caixin leak.  There was a temporary "bump" during the New Year holidays Jan/29-Feb/06 (when banks were closed and volume was minimal), and another one on Apr/02--Apr/06 (when people were still wondering whether the bank part of the Caixin leak was real).  The persistence of the latter bump is not clear yet.

In summary, I do not think that MtGOX's collapse had a significant influence on the BTC price since late December.  China still defines the price, and they did not care much about MtGOX.  For that reason, I cannot guess what will happen to the price if and when the Chinese market closes.