Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 29164. (Read 26711315 times)

Yay!  Some people (who didn't put money or BTC into Gox) think that the bitcoin world will be a better place.  I'm agreeing with this: http://www.washingtonpost.com/blogs/the-switch/wp/2014/02/28/the-sooner-mt-gox-goes-away-the-better-for-bitcoin/

there is CNY trading on ripple, are they not able to get out this way?

Someone recently posted (yesterday?) a booklet, for foreigners, explaining the main aspects.

has he bought back in yet?

The proposal is interesting but there are many practical problems.  If MtGOX has enough assets to honor only (say) 20% of the client's account balances, then those clients who join would need to have their balances reduced by 80% anyway, otherwise it would be a scam for new depositors. 

Anyway, the filing for bankruptcy makes that proposal moot, I suppose,

Moreover, it remains to be seen whether those "millions" of MtGOX clients are any more real than MtGOX's bitcoins.  I suspect that they had less than 10,000 active clients.

Their description of what China did is inaccurate, I assume that their reporting on Vietnam is not any better,

AFAIK, the Central Bank of China (PBoC) prohibited the use of bitcoin as currency of commerce, prohibited banks and other financial institutions from playing with it, prohibited payment processors from feeding the exchanges, and banned the sale of bitcoins by e-commerce sites.

Thus, bitcoin as currency is pretty much dead in China.  Bitcoins can still be bought and traded at the exchanges, and may enter and leave the country; but since they cannot be legally used for anything else in China, for most Chinese they must have become little more than a gambling tool.

The only way to get money in or out of the exchanges is in CNY throught Chinese banks. Any profits the Chinese traders may make are in CNY and come out of the pockets of other Chiense traders.  That is true even for traders who do arbitrage between China and the rest of the world. 

Any Chinese tourist who pays his expenses abroad with bitcoins that he bought in China is not evading Chinese currency export constraints, because  those expenses are actually paid by the non-Chinese traders who bought his bitcoins with non-Chinese currency at the non-Chinese exchanges.   From PBoC's point of view, that is good.

Any foreigner who tries to do the reverse, in order to exploit the involuntary generosity of Chinese bitcoin traders, would have to open a bank account in China first.

I am guessing that Vietnam, at worst, did something similar.  Let's wait for better reports.

Secondmarket sell off will be enabled on monday, or tomorrow?

Buying on stamp.

+1

I am sure they won't look like 'idiots' in a year. Sure they could have paid half of what they paid for it. But the price could have also very easily gone up to $2-3k in that time.

Here's another wild idea.

Karpeles had the US Gov seize $5 mil and threaten to chase him down and eventually shove hot pokers up his ass at Guantanamo Bay for being instrumental in drug money laundering. He consults an attorney and they come up with the plan of claiming that he really has not done any business since 2011 because he's an incredible programmer fuckup and doesn't know how to hire good people to fix problems for him. He never visited this forum personally so he never heard of offline wallets or safety precautions. The attorney tells him the US Gov can't prosecute you if you were not really exchanging money. Wait a year or so, go bankrupt and claim the incident happened back in 2011. The US Gov will back off so no more hot poker up the ass threats. Hell, ten years from now if Bitcoin survives you can even spend some of the stolen Bitcoins!

life itself is an experiment, so we all must be in some sort of beta

bitcoin as whole system is still an experiment and still Beta, and btw bitcoin-qt represents the wallet and the protocol at the same time...

beta is bitcoin-qt client wallet software

Soo... HODL?

What do you know about their reasoning, information and timeframes? So far you are the only one proving yourself as such.

don't forget, bad advertisement is still advertisement, bad advertisement is an art, in fact I was talking to a friend who works in Media which told me that some bad advertisement are intended to suck so hard to leaves a huge impression, mostly new brands adopt this type.... because you are new and you need to be remembered and searched for, legit advertisement will take so long to bring results, horrible advertisement if done smartly will have instant effect.

^^this^^

This in just now

http://qz.com/182637/meet-the-4-25-billion-asset-manager-that-took-a-bath-on-bitcoin/

moving roughly initial 22k coins on exchanges is not such a big deal, ofc it makes impact but nothing drastic if not dumping/buying all at once

This is what a takeover looks like.

Real money wants in. Thanks, kids, for coming up with this here “Bitcoin” – we get it now. You’ve shown that it’s so robust and useful that even the incompetent and the illegal can take it to $10Bn. Now kindly leave and let us take it from here.

That letter from the Next Money Representative 5 left MK hanging out to dry. He thought they would help, but they just supplied a coup de grace. They want a clear-out and to bring in a legislative framework. They’re building acceptance, so the unacceptable need to go.

Short term, the media and banks will crucify the ecosystem. This will cover the smart money accumulation phase. Some here will hand over their coins in exchange for a car or a house. That’s fine, and it’s a shame others got burned, but there’s a handover going and a little turbulence is to be expected.

We’re heading out of beta.