Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33636. (Read 26461417 times)

Meh, it was a bank holiday in Japan. I'm assuming tomorrow will be much more exciting.

Quiet monday...

There goes 145...

I was astounded by your join date. You don't seem to be too smart, having spent here so long, still not understanding anything. Or was it just that you sold at the bubble pop in February 7th, 2013, and have a hard time adjusting your reality?

I knew a guy who got a bad rash on his penis from banging a goat. He used OTC cream to fix it up.

I'm not sure what either one of our stories have to do with banks or bitcoins. But there you have it.

I made two infamous BTC700-BTC799 trades last week. One was at gox, the other was OTC. Let's split the banking system effect:

- I sell at the casino -> receive internal gox money -> banking system not affected (practically impossible to withdraw already but we've got used to it, no big deal if it is cut altogether)

- I buy at the casino -> receive btc -> problem solved, bitcoin transfer not affected

- I sell OTC to my local friend -> he pays cash, gold, silver -> banking system not affected (he is still short EUR 7k from the deal and will need to deposit it physically this week as he has some issue with the bank)

- I buy OTC from goat -> now this is a tricky one since he needs to be paid in the local currency -> I spend several hours trying to pay in multiple installments to minimize the risk of bank default. The staff in the bank make it so difficult that I end up deciding to pay all at once, without escrow; too difficult, not worth my time, I trust goat, he trusts me, I don't trust bank and I really have a problem if the banks fail on this. But so do they, it will be their last fail to screw both of us in front of the bitcoinworld. Nobody can trust the banks any more if they fail in this one. (This does not mean that they won't, however, but I never play with more than I can afford to lose to prove a point...)

So, my conclusion:

To me it seems that the banking system has already played itself out of this game. In only one of the 4 transactions was it involved at all, and even there they acted like jerks who had been doing it for too long and wanted to be out. If it was convenient to have .999 metric gold in Thailand (which it isn't; they have both different purity and different unit) I would have probably sent it over by Fedex rather than bothering to call the bank.

Not that it was not difficult to send gold. You run into all kinds of trouble.. but after bitcoin, all the trouble that the world system heaps on you, will act to their own detriment, not yours. By playing nice or ignoring you, they make themselves unimportant, since bitcoin works better. By fighting you, they can eat up hours of your precious time and make themselves sound like jerks, and everyone will read about it in Bitcointalk and wise up.

Banks, according to my observation, you have a precious little share in bitcoin transactions right now, and about to lose it all. Bitcoin user won't even notice when the last cord is cut. Bears better buy in. It's gonna be a ride from now as people are understanding this (read it all, just recently pruned with a steady hand!).

I do most of my trades for cash.  I run a bot, but I only ever deposit and withdraw bitcoin.

Yeah, we "Bears" have been preaching this all along, yet we were pointed at by the "true believers" and accused of "FUD".

The main problem I see is that Bitcoin is so dependant on the banking system. The exchanges fall apart without bank accounts, without wires, without ach deposits. Bitcoin works great as a "secondary" or "transaction" currency. Which means you use it when you want the privacy (buying bongs/dildos) or to avoid fees (sending to people in different countries). So you still use USD, you're paid in USD, you just use Bitcoin when the situation warrants it (and the advantages it brings).

When an exchange can be crippled because one american bank account gets closed, that sorta points to the fact this "de-centralized" currency really needs the "centralized" banks to operate. Bitcoin is doing well because Govts/Banks are letting it exist. Sure they can't destroy it, but they sure could make it a lot harder to use. Most sellers wouldn't want BTC if they couldn't convert it to their native currency. But Banks are greedy, they launder money for drug cartels, so I doubt they care about Bitcoin as long as they get a share (which they do, wires are expensive).

People can't help but get enthusiastic and energized when they learn about Bitcoin. It is that amazing. But of course we all knew that already

and it's go!

Ok, now count me as very hyped. 

Check out this guy's portfolio. That fund he's talking about...

Worth listening to:
http://youtu.be/59uTUpO8Dzw?t=19m14s

(starts at 19m14s)

It seems Bitcoin received nothing but very good news these last few days.

Count me as hyped.

Paul Buchheit: "Bitcoin may be the TCP/IP of money."

I just loaded some rocket fuel, we're about to blast off to the moon!

That would be a nice point to buy some more. Exchanges will improve, news is still positive ATM, everything looks stronger in mid term

that's the spirit 

I think we go down to $120 again now.