Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 29525. (Read 26608895 times)

I'll have to try that next time I am at a party.   Jorge is obviously hodling.  

Did he mention the bit where one guy throws the $50 bill in the air and someone in Slovenia catches it.

Jorge, by the look of your Twitter account you seem fairly obsessed with demonizing Bitcoin and diminishing those involved. Charming. You seem to be relishing the price drop. Is that part of your purely academic reasoning for being here?

"Trading or mining bitcoins produces zero real wealth. Those who made money with it, did so by swindling someone else."
"Anyone who has invested in Bitcoin more than he has got out of it is a sucker,who exchanged something of value for something of no value,"
"The only hope such a sucker has to make up for his loss is to find an even bugger sucker who will buy his coins at a hight enough price."
"As in any Ponzi scheme, the profit of the smart ones who leave the bitcoin system early is the loss of those who remain in it,"
"Bitcoin is now back at ~800 US$. P. T. Barnum was right it seems 8-). Or at least many people believe he his. 8-) 8-)"
"It is just to show that investing in Bitcoin is playing the lottery" (translated)
"it has speculators who try to convince unwary BTC to invest in promising huge profits ..." (translated)

In a couple tweets Stolfi equates Bitcoin with Telexfree, a Brazilian ponzi.
http://en.wikipedia.org/wiki/Telexfree
"É por isso que acho Bitcoin uam Telexfree. Porque dinheiro comum sumiria? Porque *bitcoin* seria única cripto usada?"

-------
Jorge's plan to make money (a satire on Jorge's view about the Bitcoin ponzi):
http://www.ic.unicamp.br/~stolfi/bitcoin/2014-02-17-HowToMakeSomeEasyMoney.html

"I ask ten people to form a circle, each holding a 50 dollar bill. I tell each person to pass his bill to the next guy at his right, slowly at first but gradually quickening.

I show them mathematically that, at any moment, the sum that each one had, plus everything that he received from his Left neighbor, is always more than what he gave to his Right neighbor; so that everybody will win in the end.

I give the example by taking the bill from my Left neighbor and giving it to my Right neighbor, "like this, see." Soon the eleven of us are smoothly passing the ten bills around.

A passer-by asks, "may I join too?" "Sure, get a 50 dollar bill and enter the circle." "If I contribute two bills, will I get twice the profit?" "Of course!" He calls two of his friends, who call others, and so on.

Soon we are twenty-one people circulating thirty bills. Everybody notices that the method is working: each one now must grab another bill from Left before he has a chance to give his bill to Right.

A few minutes later, I stop for a moment to pick up the pen that I dropped on the floor. While doing so I discreetly pocket the bill that Left just handed me, and I immediately resume the play. With the bills in motion, no one can count them and notice that now there are only twenty nine going around.

No, wait, that guy across the circle is angrily staring at my pocket, he noticed my trick! I am done! But, instead of blowing the whistle, the scoundrel winks at me, pauses for a moment to blow his nose, discreetly pockets the bill from Left too, and goes on playing. Phew!

But I'd better play safe. I tell everybody, "sorry folks, I must pick up my turtle at the gym, you carry on without me." And I walk out holding high "my" bill, that I just got from Left. That scoundrel does the same. The other nineteeen guys thank me for the great opportunity and keep on passing the remaining twenty-six bills around, already thinking on how they will spend their profit."

Thank you KFR

https://api.soundcloud.com/tracks/135546450/download?client_id=b45b1aa10f1ac2941910a7f0d10f8e28

His analysis is, as usual, spot on.

that page is such a mess of scrypts I cant even figure out which one I have to allow to make it play

I refuse to consume media that I have to spawn a one use VM to safely receive.

Hot!

Its interesting. Andreas seems assured Gox is solvent. However, he thinks it will take them 2-4 weeks to get the malleability issue fixed and start withdraws again. Wow. 4 more weeks of this shit would suck.

Bitcoin has a long way to go towards mass adoption. Right now we are seeing too much hype and pumping, with too little actual adoption.

Mass adoption is only if people actually use them. But if every person sees it and thinks "What is bitcoin? Oh it's this highly volatile speculative commodity with no protection. Why would I use that instead of a bank with fiat?" then it might not be mass adoption after all.

Brisket?

If those ATMs are successful they will spread like wildfire. Despite all this FUD, mass adoption is on its way.

It should be noted that Andreas does not think there is solvency problems and explains why. And this is the man that has helped Gox coordinate fixing this issue.

They morphed into bloggers with insufficient budget to investigate anything.

Yes, sir.

Listend to it all the way, and I agree.

For the onces doing yabba yabba: Listen from 51:80. K thanks.

Andreas obliterates Mt. Gox management team:

http://letstalkbitcoin.com/e85-mtgox-and-malleability/?utm_source=dlvr.it&utm_medium=twitter#.UwQ7JV5sgfE

For those who want real info and not just the usual tripe found on this thread.

Although I agree with your basic premise behind a legitimate transaction, I think that how many people trade the system and how many actual coins make-up the market hold important implications for true value approximation - first approximations are too general for me. This information becomes even more important if you really dissect the concept of a "fake" transaction.

Lax regulation, back-room deals for large holders, and a highly interconnected group of large stakeholders (listen to Andreas towards the middle of the talk when he speaks of how the various "good" actors reacted to the Mt. Gox press release http://letstalkbitcoin.com/e85-mtgox-and-malleability/#.UwQ8K4V_e_y) create a perfect breeding ground for acts like self-trading and collusion. Houbi is likely rife with less than legitimate transactions if we use the strict definition of "fake" as per your text. Unfortunately, since these forms of collusion often are hard to discern from volume and technical analysis even in good market conditions, an unlimited algo assisted trade environment does not make the task any easier. I know I kind of went on a rant there, but the point is to acknowledge the grey nature of the environment and see that certain technical metrics are less effective at understanding the reality of the stakeholders within this market.


Ditto.


Agreed, the government does not have direct influence inside the exchange per say, but they are still indirectly in control of how the future of trading bitcoin unfolds via regulation and other tools of submission.


True, I should have read that sentence more carefully - BTC trading is but a part (a very large one) of the entire system and are not the same thing.

Explanation

might be, one of those two does it.

Here's something interesting. Gox appears to breaking some type of trend. That's if you use linear scale. But if you use logarithmic scale, then it is not. I'm not sure which one to use.