Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32969. (Read 26467101 times)
June 14, 2013, 09:00:09 AM
100 is either ridiculously expensive or ridiculously cheap. Guess.
June 14, 2013, 09:00:06 AM
June 14, 2013, 08:54:57 AM
Bears on parade
June 14, 2013, 08:54:41 AM
Yeah, still trying to find a good buy-in point for the additional fiat I transferred. Looks increasingly likely that this won't be any time soon, but hey. Let's see how long we hang around near $100. Maybe I'll just add to my trading stash so I can make more money off the n00bs like Coinseeker 
And yet the noob makes a fair point. I am a bullish investor, been all-in on Bitcoin for a while now and just using these dips to DCA but what about this transaction limit of less than 100 per second. Does Bitcoin have room for expandability of this or is it hard-coded due to the confirmations system currently used?
June 14, 2013, 08:51:54 AM
sidewayzzzzzzzzzzzzzzzz
sunday action 50/50
sunday action 50/50
June 14, 2013, 08:42:29 AM
Yeah, still trying to find a good buy-in point for the additional fiat I transferred. Looks increasingly likely that this won't be any time soon, but hey. Let's see how long we hang around near $100. Maybe I'll just add to my trading stash so I can make more money off the n00bs like Coinseeker
June 14, 2013, 08:38:21 AM
Bottom line, Bitcoin will never be a world currency. It won't even be a "new Visa".
YES IT WILL
Fuck off ... go on ... get out ...
How many transactions per second can Gold handle hey ...
Oops...sorry. I meant "Up, Up, Up". "Bitcoin will take over the world." "All hail Satoshi!"
June 14, 2013, 08:38:00 AM
Good morning America?
I'm dying to buy in again.... But if you look at the 30 day chart it looks like a staircase going down at this point
I'm dying to buy in again.... But if you look at the 30 day chart it looks like a staircase going down at this point
June 14, 2013, 08:33:24 AM
Down, Down, Down !
June 14, 2013, 08:29:41 AM
TIMMMBEEERRRRR!!!! 
June 14, 2013, 08:23:58 AM
Quote
Those who are intermediaries in the transfer of virtual currencies from one person to another person, or to another location, are money transmitters that must register with FinCEN as MSBs, unless an exception applies.
Pretty depressing really.Quote
Liberty Reserve operated as an online money transmitter deliberately designed to avoid regulatory scrutiny and tailored its services to illicit actors looking to launder their ill gotten gains.
According to the allegations contained in a related criminal action brought by the U.S. Department of Justice, those illicit actors included criminal organizations engaged in credit card fraud, identity theft, investment fraud, computer hacking, narcotics trafficking, and most relevant for today’s purposes, child pornography.
The action taken by FinCEN was designed to protect the financial system from the risk posed by Liberty Reserve an online, virtual currency, money transfer system that was conceived and operated specifically to allow and encourage illicit use because of the anonymity it offers.
They could replace "Liberty Reserve" with "Bitcoin" and it would still be just as accurate, more so actually.According to the allegations contained in a related criminal action brought by the U.S. Department of Justice, those illicit actors included criminal organizations engaged in credit card fraud, identity theft, investment fraud, computer hacking, narcotics trafficking, and most relevant for today’s purposes, child pornography.
The action taken by FinCEN was designed to protect the financial system from the risk posed by Liberty Reserve an online, virtual currency, money transfer system that was conceived and operated specifically to allow and encourage illicit use because of the anonymity it offers.
Quote
I recently heard a banker say that there is a reason that financial institutions have to obtain licenses. It is a great bestowal of trust that enables banks to be part of the U.S. financial system, to be part of the global financial system.
Yeah... "A great bestowal of trust". It has nothing to do with preventing competition. no no. The saddest thing about this entire document is that they never mentioned that foreign companies / individuals are exempt as long as they do not deal with US.
Guess nobody is really exempt from the almighty world police of USSA.
Quote
I would like to close with a challenge to our great innovators: extend your focus to devising creative solutions for preventing the abuse of virtual currencies by criminals, such as those who would exploit children
The "think of the children" card, honestly, it's getting kind of old.Quote
We all stand to benefit from such innovation, and the related transparency and integrity to our financial system
Oh, the sweet sweet irony.Come on, it's not that bad - they seem to be quite positive about the potential for Bitcoin, but just require US exchangers to be registered and regulated.
They specificaly mention they are not out to get Bitcoin, and the quote you took out of context was used in her speech to specifically point out the differences between Bitcoin and LR. So to say "you could substitute LR for Bitcoin in that sentence" is woefully disengenuous.
It is apparent that Gox is making a best effort to comply with the regulations, and it looks like that has been heard loud and clear by FinCEN.
As for the children angle -- well this is a meeting specifically about that, what do you expect?
It must suck to be around you, since it seems you are wilfully pessimistic about everything.
June 14, 2013, 08:19:06 AM
Bottom line, Bitcoin will never be a world currency. It won't even be a "new Visa".
YES IT WILL
Fuck off ... go on ... get out ...
How many transactions per second can Gold handle hey ...
June 14, 2013, 08:14:58 AM
The trouble is that because BTC is used more for speculation than anything else the price varies wildly according speculators moods. If it was more widely used as a currency then that would give it an intrinsic value and some inertia to its price changes. For example there are traders dealing in USD but if they go crazy then still nobody's going to give you $20000 for £500 because $20000 also represents the price of a new car which £500 obviously doesn't. Widespread use might not be good for speculators but for BTC itself as a currency it would stabilise its value a lot.
Of course though this is a speculators forum so I don't expect this suggestion to be very popular here!
Of course though this is a speculators forum so I don't expect this suggestion to be very popular here!
In 2011 Visa peaked at 11,000 transactions per second. Now that's, two years ago.
2013, Bitcoin can handle only what, 5-7 transactions per second?
Bottom line, Bitcoin will never be a world currency. It won't even be a "new Visa".
There are so many ways to improve upon Bitcoins speed, but as the lead developer Gavin said, in general, developers don't plan for something that hasn't yet arrived. (within reason and I'm paraphrasing).
If you think this open source software is operating at the highest level it can, then you are mistaken.
Another thing, BTC isn't to replace all of what Visa does. Clearly some people don't care about fees and such. We are just trying to get a small % (to start) of their transactions. That alone will change our price magnitudes (yes). I'm sure when Visa was 4 years old that it couldn't handle 11k transactions per second and it is unfair to think BTC should right now (not to mention it doesn't need to).
We are still in Beta and yet trading at $100+ (and my bet, like yours, to come down in price.
) June 14, 2013, 08:09:12 AM
The trouble is that because BTC is used more for speculation than anything else the price varies wildly according speculators moods. If it was more widely used as a currency then that would give it an intrinsic value and some inertia to its price changes. For example there are traders dealing in USD but if they go crazy then still nobody's going to give you $20000 for £500 because $20000 also represents the price of a new car which £500 obviously doesn't. Widespread use might not be good for speculators but for BTC itself as a currency it would stabilise its value a lot.
Of course though this is a speculators forum so I don't expect this suggestion to be very popular here!
Of course though this is a speculators forum so I don't expect this suggestion to be very popular here!
In 2011 Visa peaked at 11,000 transactions per second. Now that's, two years ago.
2013, Bitcoin can handle only what, 5-7 transactions per second?
Bottom line, Bitcoin will never be a world currency. It won't even be a "new Visa".
June 14, 2013, 08:08:12 AM
Quote
Those who are intermediaries in the transfer of virtual currencies from one person to another person, or to another location, are money transmitters that must register with FinCEN as MSBs, unless an exception applies.
Pretty depressing really.Quote
Liberty Reserve operated as an online money transmitter deliberately designed to avoid regulatory scrutiny and tailored its services to illicit actors looking to launder their ill gotten gains.
According to the allegations contained in a related criminal action brought by the U.S. Department of Justice, those illicit actors included criminal organizations engaged in credit card fraud, identity theft, investment fraud, computer hacking, narcotics trafficking, and most relevant for today’s purposes, child pornography.
The action taken by FinCEN was designed to protect the financial system from the risk posed by Liberty Reserve an online, virtual currency, money transfer system that was conceived and operated specifically to allow and encourage illicit use because of the anonymity it offers.
They could replace "Liberty Reserve" with "Bitcoin" and it would still be just as accurate, more so actually.According to the allegations contained in a related criminal action brought by the U.S. Department of Justice, those illicit actors included criminal organizations engaged in credit card fraud, identity theft, investment fraud, computer hacking, narcotics trafficking, and most relevant for today’s purposes, child pornography.
The action taken by FinCEN was designed to protect the financial system from the risk posed by Liberty Reserve an online, virtual currency, money transfer system that was conceived and operated specifically to allow and encourage illicit use because of the anonymity it offers.
Quote
I recently heard a banker say that there is a reason that financial institutions have to obtain licenses. It is a great bestowal of trust that enables banks to be part of the U.S. financial system, to be part of the global financial system.
Yeah... "A great bestowal of trust". It has nothing to do with preventing competition. no no. The saddest thing about this entire document is that they never mentioned that foreign companies / individuals are exempt as long as they do not deal with US.
Guess nobody is really exempt from the almighty world police of USSA.
Quote
I would like to close with a challenge to our great innovators: extend your focus to devising creative solutions for preventing the abuse of virtual currencies by criminals, such as those who would exploit children
The "think of the children" card, honestly, it's getting kind of old.Quote
We all stand to benefit from such innovation, and the related transparency and integrity to our financial system
Oh, the sweet sweet irony.Come on, it's not that bad - they seem to be quite positive about the potential for Bitcoin, but just require US exchangers to be registered and regulated.
They specificaly mention they are not out to get Bitcoin, and the quote you took out of context was used in her speech to specifically point out the differences between Bitcoin and LR. So to say "you could substitute LR for Bitcoin in that sentence" is woefully disengenuous.
It is apparent that Gox is making a best effort to comply with the regulations, and it looks like that has been heard loud and clear by FinCEN.
As for the children angle -- well this is a meeting specifically about that, what do you expect?
It must suck to be around you, since it seems you are wilfully pessimistic about everything.
June 14, 2013, 07:59:58 AM
June 14, 2013, 07:57:13 AM
Obviously the Sunday dumps will not go on forever...
Of course not!Better watch out ... dumper may turn round and decide to scoop you up instead
June 14, 2013, 07:47:07 AM
Quote
then the no-brainer approach will be to sell your coin now, and stock up on your fiat, ...
As a "no-brainer", thats just what I did Do you really believe the "dumper" will follow the same pattern this week? That's quite a long shot. If I was him, I wouldn't dump when everybody is expecting it. It would be very stupid.
My opinion is that the next dump will happen before weekend. Like yesterday, this will be today.
June 14, 2013, 07:21:22 AM
Obviously the Sunday dumps will not go on forever...
Of course not! June 14, 2013, 07:20:40 AM
Quote
then the no-brainer approach will be to sell your coin now, and stock up on your fiat, ...
As a "no-brainer", thats just what I did Do you really believe the "dumper" will follow the same pattern this week? That's quite a long shot. If I was him, I wouldn't dump when everybody is expecting it. It would be very stupid.
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