Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28890. (Read 26609780 times)

I cannot speak for Russia, but in NYC I often see signs saying "Euros accepted".  You would not want to be at the business end of their implied exchange rates.

I would like to see a steady erosion of asks over a longer period of time that brings the price up. Not 4K in sudden buys elevating the price for a few days only for a steady erosion of sells that push it back down to where it started. By this Sat i am going to guess that the price will back below 630ish and we will be in the same spot we were in 12 hours ago. People, at this time, have no reason to think a new all time high is close at hand and only a steady progressive change of sentiment will push us higher. I dont see major whale buyers getting in enmasse until sentiment is ripe. The big buys we saw today are going to end up being short term trades. Not long term holds.

I have specific knowledge that all of them actually accept bitcoin, with the probable exception of TigerDirect.

Yes, and please also notice that Huobi, OKCoin and BTCChina are now accepting deposits from ICBC, Agricultural BOC, CCB, and BOC. These are the top 4 banks in China and they are under DIRECT control of the PBOC. So I'm pretty sure PBOC is well aware of what's happening in the past 3 months.

As most speculate, I believe the main reason of banning 3rd party processor is AML.

That is because the US Government is still lukewarm about bitcoin.  AFAIK you cannot legally sell chewing gum in China for bitcoin, and I suppose that a corporate entity cannot take rent in bitcoin.  If the US decides that it doesn't like bitcoin after all, you will not be able to do that in the US either.

By the way, are those merchants actually accepting bitcoin, or do they receive dollars through processors like Bitpay?


"Quite popular" is relative.  Surely no e-commerce site in Russia will post prices in dollars or accept payment in dollars.  So what things can you buy with dollars in Russia, away from hotels, airports, and other tourist-frequented places?

The code of law was is partially to protect person and property from violence and theft, partly it is degenerated to suit the robber gangs. Adam Smith, in his studies into the wealth of nations, explained (for me it was him) how the sovereigns in Europe amassed wealth from their citizens by theft, basically to cement the domination structure which they were on the top of. After that it is clear to me that the modern governments do the same, but with leaving just as much freedom as the citizens will not give up, while still robbing most of it for the same purpose. The wealth is doled out to the supporters of the state to preserve it. In stead of one man on the top, now it is a less static elite. Much resources goes to hide how the state works, to degrade the citizens, and to hide the fact that the state can only function as long as the people give away their own sovereignty and money. This is done with lies, threats, violence and a bit of bread and circus.

You can clearly not change this overnight without a plan to replace the functions that the state has now monopolized. But just a new plan with maybe some other people in charge of it, is no progress. A gradual change could be possible. That means less state. Currently, the states all over the world expands their volume, monoplolizing more and more functions. A specially negative development, maybe due to technology, is the state's spying on its citizens, and the power that is misused through the payment systems, and the destructive central planning of the production structure through money and credit expansion and the low interest rate policy.

A practical goal is to stop making it worse, and reintroduce markets where possible.

I think we are on the verge of breaking out of the downtrend since we saw the all time high.

Several large buys on bitstamp this night. Price jumps, falls back to the previous higher low, consolidates for a few hours, price jumps again, etc...

I hope we see this slow breakout continue for at least a few days, this is good to bring "memory in the market"

Sounds like a distinction without a difference, and actually, you seem to be over-emphasizing the "force" aspect, just as one of the people on your team, I believe it may have been Billyjoeallen, asserted that I am failing/refusing to see the gun. 

So in that regard, guys on your team seem to be emphasizing the gun, and I don't think the gun is as important as the weight that you are giving to it...   In my thinking the gun is only important in your state of mind and your consideration of the matter....   And, it seems to me that guys on your team seem to overfocus on the gun b/c guys on your team are so hostile to paying into the community that you guys are truly of the belief that you are being forced and you are feeling sorry for yourselves b/c you want to be "free" from community whatever the fuck that is... detached from society.. live on your own microcosm...

AFAIK that is not correct, the exchanges are legal and people can transfer money to/from exchanges via banks.  In fact, the only way to move Yuan into or out of exchanges is by bank transfer between Chinese bank bank accounts.  What the Chinese banks cannot do is buy or sell bitcoins themselves, or deal with bitcoin in any way.  To the banks, an exchange are just another corporate customer, and they do not touch any bitcoin, they deal with the Yuan exclusively.

The Chinese government has effectively confined bitcoin to playpens --- the exchanges --- where it can have no significant effect on the economy.   At that point the PBoC apparently stopped worrying about it.

A commercial transaction always has two legs, the client sends the payment and the merchant sends the goods/services.  Even if the first leg were safe and anonymous (which is very hard to ensure), if the transaction is illegal the government can easily catch the customer by the second leg.

So it's either a low volume melt-up or big buys that aren't organic. What would qualify as a bullish signal to you?

at this point we definitely have a series of higher lows and higher highs.  if the next low turns above 614.17 it will be pretty unambiguously time to gear up.  the uptrend started about noon on Saturday.  i'm guessing it persists at least until Thursday AM.  just guessing.

You do appear to have a first grader's understanding of the topic at hand. Government robbers are a subset of the larger class of robbers, which includes private sector robbers.
Grizzly bears and dogs are both mammals. The State and bandits are both robbers. They are different, but not in the ways that qualify them as mammals and robbers respectively.

Bandits Brandishing Badges Behave Belligerently Because Bad Bitcoining Begets Big Banks

Okay, that is the best I could do on short notice.

Wow, that's a lot of upside!  I had thought I was bullish!

No, a bit more consolidation left to go imho. $635, $625 or $615 would be good buy targets, in decreasing orders of likelihood. If the pennant breaks down we could go sub $600 for awhile, although that is less likely.

Sorry to repeat, but they cannot "export capital" with bitcoin.

When a Chinese national buys bitcoin with Yuan from other Chinese, transfers the bitcoins to another exchange outside China, and sells them there for dollars,  the net result is that the Chinese national got some dollars from non-Chinese people. All the Yuan remained in China.  The PBoC sees nothing wrong in that, quite the opposite.

That is different from when Chinese citizens exchanges Yuan for dollars at a foreign bank, in China or outside it, since in thsi case the bank effectively becomes owner of some of China's real wealth.

As for store of value, there are zillions of options that are better than bitcoin.

The only substantial thing left is speculation.  I wonder how many people are involved in that.  My guess is less than 10,000, which would be less than 0.001% of the population...

I posted this yesterday morning.  I think it worked.  

I doubt it. Seems like big buys are moving the market up. not very organic growth. the buyers probably want to see if they can get the lemmings to join in then hammer it down come friday/sat. rinse repeat.

2.5 K buy on Bistamp! 

Is now one of those moments i will be kicking myself later if i dont buy?