All posts made by jl2012 in Bitcointalk.org's Wall Observer thread



1. Post 1864062 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.53h):

> 1m lag now



2. Post 1865823 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.53h):

It is broken, downward

Quote from: DougTanner on April 17, 2013, 04:24:42 PM
Bearish triangle forming? Or wait is it bullish? Well, it might be a triangle at least...






3. Post 1865991 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.53h):

Quote from: Richy_T on April 17, 2013, 05:10:28 PM
Everyone ready for the almost* inevitable flash-crash?




(*weasel word alert)

I think the rule of the game has changed. Those bullish flash crash won't happen again



4. Post 1866271 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.53h):

Quote from: FuriousTeam on April 17, 2013, 05:39:13 PM
Everyone ready for the almost* inevitable flash-crash?

(*weasel word alert)

You asked for it, here it comes.



May we know from which sites are you taking those graph pls ?

thx !

http://btccharts.com/

It is a paid service



5. Post 1881480 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.53h):

FTFY  Cheesy




Quote from: Franktank on April 19, 2013, 03:30:13 AM
Looks like we've found a battleground.




6. Post 1976054 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.54h):

Quote from: seleme on April 29, 2013, 02:45:29 PM
I don't know what your intentions are, maybe you just have some mental problems but I hope people are smart enough to don't give a shit about your posts and not make 1% of their decisions based on utter crap and maniacal lies you're posting on this forum.

Ah sorry, I made two shorts the same day. One I shorted in Mt.Gox, the other was an OTC trade. At a point I was almost BTC1,500 short of my confort level. Now I have bought both of them back. So sorry, I will not regard you as a douche if you likewise don't call me a liar. Peace?

No, you could not make 2 shorts at same amount that day as it never went back to 153 again. And let me not start about you mourning 10 000 loss that day just to see you claiming your usual self-loving bullshit that it was all part of your plan when price went to good direction few hours later.

I don't really need to be in peace or war with you to be honest, if it is normal stuff I'd have relation with you just as with anyone else who acts normally. You're just full of bullshit and acting like a redneck in need of attention, praise and reputation from random nobodies on internet forums. I tried to not care but couldn't deal with it today as it became too obvious. And most important - such extensive bullshit talk can cause people to act irrational on market so i'ts important to warn them about you.

You remind me on this guy and that speaks  a volume:




The "density" of CNY is pretty low. The biggest note is only 100CNY or 16.2USD equvilent. In this photo there is 1.1M CNY, or 178426 USD in today's value



7. Post 2025867 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.56h):

Quote from: el_rlee on May 04, 2013, 02:44:20 PM
by the way - btcchina.com is not even reachable from within China without VPN or proxy.

FUD? This is the first time I've ever heard this



8. Post 2026891 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.56h):

Quote from: SAQ on May 04, 2013, 04:37:38 PM
I don't think we will see 105 again today. If the posters here are correct that the wall at 111 was eaten rather than pulled - I wasn't here so did not see it - I think then 120 will become support today.

It was eaten. I saw it too



9. Post 2032719 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.56h):

Quote from: arepo on May 05, 2013, 04:25:46 AM

bearish wedge coming to a close right now. midnight dump?

Wedge at what scale? I can't find it



10. Post 2032787 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.56h):

Quote from: Chaang Noi (Goat) ช้างน้อย on May 05, 2013, 04:47:27 AM

bearish wedge coming to a close right now. midnight dump?

Wedge at what scale? I can't find it

5 min chart.  Wink

Not a rigid one IMHO



11. Post 2032854 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.56h):

Why would you call this bearish? The last wedge with a similar shape from 80 to 100 has been proven as bullish


Quote from: arepo on May 05, 2013, 05:01:26 AM
bearish wedge coming to a close right now. midnight dump?

4-hour scale:

-===-






12. Post 2045001 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.56h):

Should we close this thread and make a new one again? It's getting too many pages again.....



13. Post 2057581 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.56h):

Quote from: Babylon on May 07, 2013, 07:08:01 AM
Yep, Chart Buddy is totally broken.

Can't retrieve latest data? It should have a circuit break in this case



14. Post 2058150 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.57h):

Quote from: crazy_rabbit on May 07, 2013, 08:45:51 AM
For the average Joe, Bitcoin is not any more a train about to leave the station.

Make that: "For the average Joe, Bitcoin is not yet a train about to leave the station."

- But it will be. If not this month, then the next. I called a 1-3 month consolidation in 100-120 area before a supermove up. We are right there even now, 4 weeks after the bubble burst. If I panic buy at 144 meanwhile, it is my own problem.

It has plenty of time to go to sub-$100 in May. Even as of this writing, there is $500k bid volume to 102, which is so pathetic that if I show a wall of 1k coins like I did yesterday, it will crash right here and now. It takes about 45 mins to send the coins.

please do then!
EDIT: Wow there is 160K BTC being transfered through many 500BTC sends right now with a very cryptic message embedded "one chinese sb which love 8". 

Whats up with that? No way that much could be sold at once. Right? *gulp*

No, it's just the same 500BTC sending back and forth

For "one chinese sb which love 8", SB is a Chinese slang literally means "stupid puxxy". In proper English, that means: "A Chinese fool who loves the number 8".



15. Post 2121571 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.58h):

Quote from: sarc on May 12, 2013, 12:43:53 PM
The Tony Coleby chart is a magnificent thing, but this less pretty one seems to make it clear that -outside of bubble data - there is a very clear underlying growth trend in the market. It would have the price much much lower than it is now. Unless this bubble changed something that the 2011 bubble failed to, then things look very (very) scary for the price still.



Don't forget reward halve



16. Post 2140172 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.58h):

Quote from: adamstgBit on May 14, 2013, 01:47:07 AM

i really should quit smoking and buy 0.25$ worth of bitcoin everytime i want a smoke. i'd be rich!  Tongue

That will make you rich and living longer



17. Post 2181879 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.59h):

Quote from: thezerg on May 17, 2013, 02:57:51 PM


Despite or perhaps in spite of, what others say I find it increasingly difficult to dislike you.

 Huh I resisted the ignore button till now but this post pushed me over.  Wasting my time to go to bitcoincharts looking for even tiny evidence of something...

+1 I did exactly the same



18. Post 2183120 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_10.59h):

Quote from: ardana123 on May 17, 2013, 05:46:29 PM
why can't i withdraw my bitcoins from btc-e?

Perfectly ok for me



19. Post 3017046 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.14h):

It is the first time since the big crash we hit overbought zone in daily RSI, in all major markets (gox, stamp, e and china)



20. Post 3294271 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.16h):

Quote from: deeplink on October 07, 2013, 05:17:49 PM
By the way, Mr. Loaded just moved his stash. Wonder what he is up to... Time to panic?

https://blockchain.info/address/1BqcwhKevdBKeos72b8E32Swjrp4iDVnjP


I doubt he's selling. Even so, he would do it as a private deal since mtgox is unsafe and the other platforms do not have enough market depth

I guess he just feels unsafe to store 40,000BTC in an used address and moves it to a new one



21. Post 3325765 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.17h):

Quote from: podizzle on October 12, 2013, 03:22:41 PM


after looking at that bids over time chart i think maybe you are right some single entity that controls 50kbtc buy orders pulled them, moved them down, and are slowly moving them back up. already the bids from 70+ are up to 95k from 87k. yet the bid chart doesnt show any new money.

Who would be stupid enough to put new money to gox, while he could buy at >10% lower in other exchanges?



22. Post 3330131 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.17h):

Quote from: niothor on October 13, 2013, 01:04:43 PM
I had my doubts about btcchina with their trade volume and this only adds more

http://mm.btc123.com/btcchina.php , zoom to 100%

What's wrong with it?


Do you see the amounts?  with a total of 4000 bitcoins for sale and bids for 10 000 (and this includes the ask and bids at 4x or 0.25 the value) , how can it even dream of a volume of 15k/day?

Hm.
The Chinese banking system is pretty fast. You don't need to have your money sitting around on the exchange waiting.
Bitcoin is any ways.

Btcchina seams pretty legit to me, sold there myself already. Can't say that for the other Chinese exchanges.  

I know it's legit , I know somebody who used them but that doesn't mean the numbers on their trading volume is real.
Of course there can be bots doing this volume with the 0 fees but still , the market depth is not convincing.

You can't compare apple (Western exchanges) with orange (Chinese exchanges) Just C&P from another thread:

Quote from: jl2012 on October 12, 2013, 07:52:45 PM
Another point most of you do not aware is that Chinese BTC exchanges have the best integration with fiat transfer system. Transferring fiat in and out is the biggest headache for many bitcoin exchanges (see MtGox). In China, however, it is completely painless. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster than depositing bitcoin.

To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).

(However, this is China, which means the government policy could change overnight)




23. Post 3343390 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.17h):

Quote from: rpietila on October 15, 2013, 04:57:27 PM
Let us continue upwards.

Somebody still believes that we will revisit the $40-$70 area ever again?

I told my wife that we would never see <100 again, and Silkroad was busted 2 days later  Grin



24. Post 3343400 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.17h):

Quote from: adamstgBit on October 15, 2013, 05:00:22 PM
bitcoin is shooting for the stars again?



Probably due to the Baidu news. Now on Coindesk: http://www.coindesk.com/chinese-internet-giant-baidu-starts-accepting-bitcoin/



25. Post 3349125 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.17h):

Quote from: DougTanner on October 16, 2013, 01:12:42 PM
Only 31k BTC left on the orderbook. Get yours while you still can...
IMO it doesn't matter which price you buy it at right now: BTC is going to the heavens in the coming months.

Gox liquidity is collapsing. No one wants to sell there anymore.  Undecided


I suspect many of those 30k XBT are actually gox's coins



26. Post 3400683 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.18h):

Quote from: Corelianer on October 24, 2013, 08:15:51 AM
Finally, now can we grow at a sustainable rate?
Sure, until the Chinese wake up

The chinese go to bed in 2 hours. But the US-citisens wake up in 2 hours....

I'm sure most Chinese are not going to bed at 6pm



27. Post 3408535 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.18h):

Watch the 14-day average: the crash yesterday stopped just above it in the big-4 exchanges (gox, btce, stamps, china)



28. Post 3418840 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.19h):

Quote from: EvilLizardApparel on October 27, 2013, 02:23:15 AM
I can't decide where this is going, too little volume.

I shorted around 180 during the downtrend after the huge sell...Then at 180, it perked right back up. I figured it was a short bounce before a continuation downwards, and continued opening short positions up to 190.

Now, I'm not sure if I should close the positions and take a huge loss...or wait it out, and possibly lose all the BTC in my leveraged short positions...

Opinions?

180 in gox? The 300 hours average line is at 181 now and it provides support in all big-4 exchanges. So I don't think we will see 180 in gox again in short term



29. Post 3464768 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.19h):

Quote from: justusranvier on November 02, 2013, 04:08:38 PM
its really hard to say who will get the majority of volume...

Stamps, BTCchina or some other new foreign market!?
BTCChina is not the largest bitcoin exchange in China by volume.

Look at ChBTC: http://btckan.com/price

Forget it. The volume of chbtc is kind of fake. People are trading there to obtain share of the exchange



30. Post 3495474 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.20h):

Quote from: professorhandsome on November 06, 2013, 04:09:30 AM
china is a 7 yuan from their ATH....

Looking at the charts they had an intraday high of 1944(!). But yeah, closing-price high has now been surpassed.

The march 23rd dump on that chart is crazy.

I know, I had to rub my eyes too. It says they sold down to 10 CNY, or 1.64 USD - dayyum!

16,000% profit in 7.5 months? Yes please. I wonder what the volume on that was.

That was a bug in their trading engine. Someone put an ask order at 10CNY, intended to sell at market price, and being executed at 10CNY. As far as I remember, BTCC compensated the loss of the client.

The same bug was (is?) also found in bitstamp's engine. So be careful



31. Post 3495511 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.20h):

266.00001  Grin



32. Post 3497046 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.20h):

Quote from: TERA on November 06, 2013, 08:51:42 AM


I found an interesting fractal when comparing tonight's chart with last week's "mother of all cuphandles". Maybe it forecasts something that's about to happen: We go sideways for a day while drilling away at the resistance and then have a massive breakout?

I feel the same. Another handle may be forming



33. Post 3499615 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.20h):

Quote from: rezurect on November 06, 2013, 03:43:15 PM
Wow, Either Bitcoiners have really learned not to panic or the news hasn't spread.
The Selfish Mining attack :https://bitcointalk.org/index.php?topic=325824.msg3494144#msg3494144
https://bitcointalk.org/index.php?topic=324413.msg3475905#msg3475905
Something like this, though clearly mentioned "theoretical attack", would have triggered a panic sell @ $260.

this published well before the rally. just a theoretical and mostly impractical attack



34. Post 3515615 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.21h):

Quote from: pand70 on November 08, 2013, 01:42:05 AM
what's wrong with China? Why they don't buy at 1900? Is it a cursed number or something?

There is a 1000BTC wall below it



35. Post 3527511 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.21h):

Quote from: mb300sd on November 09, 2013, 03:49:56 AM
who crashed first?

should be China



36. Post 3554805 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.22h):

Quote from: mb300sd on November 12, 2013, 02:39:22 AM
I'm just speculating that most of the information is still there, that maybe only a few bits are wrong, or that something is bit-shifted, or whatever (again, not an expert). It seems much, much less computationally intensive to try to repair the key than crack a wallet blind.

The first few entire sectors of the drive are unreadable.

Shit, sorry man. Some kind of nasty hardware failure? I'd have thought the recovery guys could extract the data.

Yep, physically unreadable, even with cleanroom work. I've accepted the loss... If I really needed coins, it would be alot easier to hire someone to go beat the stolen ones out of pirateat40.

At this point I'm just holding onto the 5k I have left with an iron fist.

Would you mind publishing the address(es)? So I can add them to my provably lost bitcoin list: https://docs.google.com/a/ij.hk/spreadsheet/ccc?key=0Ahdy3Je_nYdOdFVocm4yTzhZOW1waWd6SFJIVHUwYUE&usp=drive_web#gid=0



37. Post 3588459 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.23h):

Triangles are closing at about 15 Nov 12pm UTC at bitstamp, btce, and btcc. What will happen next?



38. Post 3625822 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.24h):

Quote from: BRADLEYPLOOF on November 18, 2013, 05:19:48 PM
I hope you all here are aware what comes after the euphoria (at the very height of the euphoria) in any market.



I'm still at the enthusiasm stage  Cheesy



39. Post 3633858 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.25h):

Quote from: Boxman90 on November 19, 2013, 03:30:54 AM
More and more am I starting to believe that BTCChina is (for a large part) fake.

- Their volume reports are ridiculous. On the 3 minute chart they have almost exclusively 300 btc per candlestick.
- The whole rise-up at BTC-China seems orchestrated. Every sharp rise is nicely crafted into a short dip which then recovers in order to make others believe that it's safe to buy

And most compellingly

- During the crash the volume stays _THE SAME_ throughout. There is a sharp drop, but no panic selling at all! The volume is constant. This does not make any sense to me.
- Notice how every downward candle towards is also attempted to be caugt immediately - many many intermittent recoveries during a crash. It just doesn't make sense.

It's almost as if the whole exchange is scripted to make fake orders to amplify any movements seen on Gox. Zero trading fees would allow this.

=== I'm just speculating here ===

I can testify that's true. I sold at those ridiculous price and always got the CNY out



40. Post 3640222 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.25h):

Quote from: hlynur on November 19, 2013, 04:35:16 PM
as i learned some days ago ( Tongue) a closer look to this won't do any harm in the near future:
http://blockchain.info/charts/bitcoin-days-destroyed?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

A lot of frozen coins wait for the moment to be warmed up and spread to the masses...or am I wrong with that assumption?


The peaks in October was created by FBI



41. Post 3649966 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.26h):

Quote from: Vycid on November 20, 2013, 10:47:33 AM
SON OF A BITCH

I put in a sell market order at the 4000 CNY wall.

"Pending" popped up, everything looked good.

Some motherfucker dumped right ahead of me and I filled at 3900...

Ah well.

You shouldn't make a market order, especially during the volatile period



42. Post 3670895 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.27h):

Quote from: BitPirate on November 22, 2013, 04:13:38 AM
Bitcoin is being remarkably forgiving today -- a beautifully formed crash and subsequent bull trap peak, on lower volume. Get off at this station for some light refreshments before the moon shot. The next station is way back, and on fire.




It's approaching an ATH on Bitstamp with a tonne of buy orders behind it and you're calling this a bull trap??

If you think this is a healthy precursor to a bull run, be my guest, but don't say I didn't warn you.

In fact the tape has been painted all the way up. Just go with the flow. There's no exuberance here, just a dream of what might have been.



Check http://blockchained.com/ , there is ATH amount of fiat on gox at 35MUSD. Only about 24MUSD was there during the April peak. So these money are pretty sure to be new money, not stucked goxbux

At the same time, only 27.5kXBT is for sale. Dividing 35M with 27.5k you have 1273USD/XBT




43. Post 3670992 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.27h):

Quote from: tHash on November 22, 2013, 04:32:17 AM

Check http://blockchained.com/ , there is ATH amount of fiat on gox at 35MUSD. Only about 24MUSD was there during the April peak. So these money are pretty sure to be new money, not stucked goxbux

At the same time, only 27.5kXBT is for sale. Dividing 35M with 27.5k you have 1273USD/XBT



After a big bout of selling at record highs, there's a record sum of USD on gox books? That doesn't sound like new money to me.

Uh, that money had to come from somewhere . . .   Even if all the money on the order book is from sold bitcoins, which it is of course not, the bitcoins that were sold had to be bought by someone with new money . . .   Slightly simplified, but you get the idea.   Do people even think before they say things these days?

Unless that was short-selling by gox, which I don't think it's likely (If so, they should have closed the position with huge profit)



44. Post 4004008 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.40h):

Quote from: adamstgBit on December 17, 2013, 04:13:52 AM
without deposits coming in and withdraws still going out, BTCChina will become the opposite of gox and always be 2-5% lower?
or btcchina crashes to zero?

this gana be weird.....

they should just halt trading and give everyone their monies back, but they wont do that, so this is gana be weird....

It won't crash to zero. For example, the exchange operator could buy up all the cheap coins, and sell at a higher price overseas.

And also, theoretically, people could deposit with cash.



45. Post 4011281 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.40h):

Quote from: adamstgBit on December 17, 2013, 04:25:05 PM
can we gte more panic sellers on this news http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

or do we have to wait for an update?

Sell the rumor, buy the news. It's time to buy



46. Post 4022324 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.41h):

Quote from: Loaded on December 18, 2013, 08:55:03 AM
STOPPPPP!

There is tons of money waiting to buy at these prices, but WE CANNOT GET IT TO THE EXCHANGES.

All this panic does is lead to a longer recovery.

I am boarding a plane for China tomorrow (later today).

What's the trip for? Buying OTC?



47. Post 4022445 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.41h):

Quote from: crazy_rabbit on December 18, 2013, 09:13:30 AM
600.

Fuck me dead.

Thats ummm 120 USD rise in about 3 minutes.

let it settle first.

Looking at Blockchain.info the next few blocks add up to nearly 100K in Bitcoin. So, this ain't over.

Those also include newly bought coins and change. So it's hard to say



48. Post 4022730 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.41h):

Things look similar to April.

On 12 Apr 12pm (UTC, same below), it made the first low at $54.25 (gox), or 1.70x of the last ATH of $32

Then on 16 Apr (Tuesday) 7am, it made a lower low at $50.01, or 1.56x of the last ATH, or 0.92x of the previous low. This is also the all time low so far.


On 7 Dec 7am, it made the first low at $542.38 (bitstamp), or 2.04x of the last ATH of $266

Then today, on 18 Dec (Wednesday) 8am, it made a lower low at $473.01, 1.78x of the last ATH, or 0.87x of the previous low

Do the underlined figures look very similar?

For those who stayed here long enough should remember what happened after the $50.01 low. If the history will repeat, US people will decide to buy when they wake up.



49. Post 4022884 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.41h):

Quote from: User705 on December 18, 2013, 09:47:07 AM
One thing bitcoin needs badly right now is a leveraged trading market with real capital. Bitfinex and Icbit are useless to us because a single margin deposit is likely to exceed their available funds.

How would that solve the volatility issue?  If anything it will create more of it by putting in more capital bottlenecks.  The very same ones you are having issues with right now.

Its pretty obvious he wants to buy right now, but has no funds. With leverage he could use coins to buy coins and volatility during a crash is reduced by large bids and buys.
But the issue with bitcoin is counterparty risk.  What happens when those leveraged counterparties don't deliver the BTC and that will happen.  Currently at least on the exchanges you more certain the bitcoins you are buying exist.

If the counterparty is some big player (not some dodgy platform at BVI), the risk is not higher than any traditional leverage trading. Isn't it?



50. Post 4027839 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.42h):

Quote from: jl2012 on December 18, 2013, 09:42:47 AM
Things look similar to April.

On 12 Apr 12pm (UTC, same below), it made the first low at $54.25 (gox), or 1.70x of the last ATH of $32

Then on 16 Apr (Tuesday) 7am, it made a lower low at $50.01, or 1.56x of the last ATH, or 0.92x of the previous low. This is also the all time low so far.


On 7 Dec 7am, it made the first low at $542.38 (bitstamp), or 2.04x of the last ATH of $266

Then today, on 18 Dec (Wednesday) 8am, it made a lower low at $473.01, 1.78x of the last ATH, or 0.87x of the previous low

Do the underlined figures look very similar?

For those who stayed here long enough should remember what happened after the $50.01 low. If the history will repeat, US people will decide to buy when they wake up.

Update: at 18 Dec (Wednesday) 11am, it made a lower low at $382.21, 1.44x of the last ATH, or 0.70x of the previous low

Still not too bad, especially for the ratio to the last ATH. The big question is whether 382.21 is the new all time low?



51. Post 4034508 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.42h):

It is wire.wire within China is cheap and instant

Quote from: Nolo on December 19, 2013, 12:36:50 AM
This is starting to get posted everywhere:

The front page of huobi.com says "银行汇款充值24小时到账,支持招商、建设银行。"

Apparently it translates to: "You can use the remittance to deposit fiat into our platform. The fund will be available in 24 hours. We support China Merchants Bank and China Construction Bank".

I know huobi is a Chinese exchange.  I know they're saying they are now accepting fiat via "remittance".  What is remittance though?  And they say they support two different banks. Is remittance like a cashier's check form one of these banks?  Is it a bank wire?

It looks like this exchange has found a way around the new regulations.  



52. Post 4035014 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.42h):

Quote from: Nolo on December 19, 2013, 01:04:06 AM
It is wire.wire within China is cheap and instant

This is starting to get posted everywhere:

The front page of huobi.com says "银行汇款充值24小时到账,支持招商、建设银行。"

Apparently it translates to: "You can use the remittance to deposit fiat into our platform. The fund will be available in 24 hours. We support China Merchants Bank and China Construction Bank".

I know huobi is a Chinese exchange.  I know they're saying they are now accepting fiat via "remittance".  What is remittance though?  And they say they support two different banks. Is remittance like a cashier's check form one of these banks?  Is it a bank wire?

It looks like this exchange has found a way around the new regulations.  

So do you believe this could be an answer for the Chinese problem?  Why were the exchanges and depositors having to use 3rd party payment processors, if they could just use the banks directly like this anyway?

Bank wire needs manual operation and 3rd party processors provide API, so they use the latter

Is bank wire the answer? Yes, if their accounts are not frozen later. Look at gox.



53. Post 4035484 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.42h):

Quote from: Loaded on December 19, 2013, 02:19:49 AM
Hello from China.

Buy up all those cheap coins!  Grin



54. Post 4035777 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.42h):

Quote from: seriouscoin on December 19, 2013, 02:56:27 AM
Hello from China.

hey there, have you crapped standing up yet?


lol wut, they do that over there??

Yup


the good old

Don't you think this is more hygienic? (and obviously people are not standing to do that)



55. Post 4036296 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.42h):

Quote from: pera on December 19, 2013, 03:49:53 AM
关于比特币中国暂时停止人民币充值的通告
http://e.weibo.com/2149945883/AnQADcE6L

anyone?

same one, nothing new



56. Post 4040504 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.43h):

Quote from: gizmoh on December 19, 2013, 11:45:00 AM
On a side note , i'm noticing LTC is now stagnating around 17-18 despite current rally.
Charlie Lee,founder of ltc whose  brother Bobby Lee is owner of btcchina; My guess: he is slowly dumping his ltc cause its likely worse than it seems in china..




LTC is hopeless. If China was responsible for 50% of the Bitcoin rally, than it was responsible for 90% of the Litecoin rally



57. Post 4042853 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.43h):

Quote from: FNG on December 19, 2013, 02:57:26 PM
Stamp over Gox   Shocked

Not sure why, but stamp over gox is usually a bullish signal



58. Post 4053444 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.43h):



A massive triangle is closing, and we are about to hit the longer term down trend



59. Post 4061049 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.44h):

Quote from: magicmexican on December 20, 2013, 05:29:07 PM
Sudden dump, i wonder if it will break the 710-705 level

A 1000XBT wall near 4000CNY is just pulled. Pump and dump



60. Post 4061213 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.44h):

Quote from: wachtwoord on December 20, 2013, 05:49:50 PM
Sudden dump, i wonder if it will break the 710-705 level

A 1000XBT wall near 4000CNY is just pulled. Pump and dump

I really hate the XBT nomenclature.. Where did it come from?

http://en.wikipedia.org/wiki/ISO_4217#Without_currency_code

I think it's retarded too. Just ignore ISO and use BTC. Standardizing currency denominators based on issuing country is going out the window anyway.

Even I consider myself as very bullish on the future of bitcoin, I still think this is delusional

Anyway, I have no objection in using BTC, just like RMB=CNY, WON=KRW, YEN=JPY



61. Post 4072506 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_11.44h):

Quote from: mmitech on December 21, 2013, 12:03:29 PM
WTF another Block and my transaction still not included !!!!! I didn't pay any fee thought....I missed 610 and 600 and now it is 592.... F#$% the free transaction  Angry

So you saved $0.06 and lost hundreds or thousands?  Roll Eyes



62. Post 4859828 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.01h):

Quote from: voidmain on January 31, 2014, 04:58:29 PM

It is obvious to me that with the BTC China bank deposit re-acceptance news, people began to buy BTC at there.
Immediately, someone sold those exact amount just to keep the price stable. What a trade volume!
Being successful, people gave up making short profit. Significant volume down.
I call it price control... but who and why? when does this "project" finish?
The moment it finishes, price would start to move. I don't think it would be downward.

I think it's just some bot testing



63. Post 4908776 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.02h):

Quote from: mmitech on February 03, 2014, 09:28:13 AM

but to be honest, if it weren't to Gox, Bitcoin wouldn't be at what it is at today.   

If there were no Gox, we would have Box, Cox, Fox, whatever to make bitcoin to be at what it is at today



64. Post 4926554 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.02h):

Quote from: TERA on February 04, 2014, 07:15:39 AM
Gox: -10%
Btcchina: -10%
Huobi: -30%
Btce: -20%  (altcoins: -90%)
Bitfinex: -15%
Bitstamp: -60%+

Volume is always low during price stability, just like the $5, $13, $120 stability we have seen



65. Post 4952890 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.02h):

Quote from: TERA on February 05, 2014, 10:42:35 AM
Bitstamp has the best liquidity of all exchanges. Its where most people actually enter and exit the ecosystem. If you  have or want cash in a bank account its most likely going to be based on that price. Bitstamp is also a very important hub for nearly all of bitcoin's commercial integration and services. The trendy thing to do right now is to integrate your service with bit stamp to perform all btc to fiat conversions.

By the same note I also consider bitstamp to be btcs single point of failure (centralization). Any FUD involving bitstamp would be really bad - much worse than even huobi/china. This is probably not how satoshi envisioned bitcoin working.

Just 1 year ago:

Quote
MtGox has the best liquidity of all exchanges. Its where most people actually enter and exit the ecosystem. If you  have or want cash in a bank account its most likely going to be based on that price. MtGox is also a very important hub for nearly all of bitcoin's commercial integration and services. The trendy thing to do right now is to integrate your service with bit stamp to perform all btc to fiat conversions.

By the same note I also consider MtGox to be btcs single point of failure (centralization). Any FUD involving MtGox would be really bad - much worse than even huobi/china. This is probably not how satoshi envisioned bitcoin working.

So what? Gox is now dead and the price is increased by 40x.



66. Post 4970043 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.03h):

If it was not a typo, second market had biggest recorded buy yesterday of 5870XBT



67. Post 4989707 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.03h):

Quote from: OldGeek on February 07, 2014, 05:38:47 AM
I was inclined to think the Russia scare was FUD.  Watching BTC-e now I'm not so sure.  A lot of pressure there.

Source: http://genproc.gov.ru/smi/news/genproc/news-86432/

Google translation:

Quote
Monitoring the situation of handling the so-called virtual currencies (kriptovalyut) shows a growing interest to them, including the purpose of legalization (laundering) of proceeds from crime.
In this regard, the General Prosecutor of the Russian Federation, chaired by Chief of the supervision of the execution of federal law Anatoly Palamarchuk expert group meeting held at the Interagency Working Group on combating crimes in the sphere of the economy devoted to the use of the territory of the Russian anonymous payment systems and kriptovalyut.
The work of this group was attended by Deputy Chairman of the Central Bank of Russia Dmitry Skobelkin, heads of relevant departments of the Bank of Russia, as well as officials of the Russian FSB and the Russian Interior Ministry, central staff of the General Prosecutor of Russia.
In accordance with Art. 27 of the Federal Law "On the Central Bank of the Russian Federation", "the official currency (currency) of the Russian Federation is the ruble. Introduction on the territory of Russia and other monetary units issue money substitutes is prohibited. " Certain distribution received anonymous payment systems and kriptovalyuty, including the most famous of them - Bitcoin are money substitutes and can not be used by individuals and legal entities.
Moreover, the distinguishing feature Bitcoin as a virtual mutual funds for accumulation and lack of security is a real value. Its price is determined solely by speculative actions that entails a high risk of loss of value and as a consequence, the violation of the right to keep its citizens and organizations.
Please keep in mind that the owners kriptovalyut today denied in Russia and other states ability to protect its interests in court or administrative order.
Following the meeting, outlining specific joint actions of the Bank of Russia and law enforcement to prevent possible violations in the sphere of money circulation in Russia, a number of specific solutions aimed at preventing violations of property rights of citizens and organizations associated with the use kriptovalyut. Taking into account international experience identified further areas of work on the legal regulation of this sector.
Development of the situation and the implementation of the above activities will be discussed at the next meeting of the expert group.



68. Post 5051454 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.05h):

Quote from: Bullcoin on February 10, 2014, 09:45:51 AM
http://www.bloomberg.com/news/2014-02-10/bitcoin-exchange-mt-gox-says-users-can-withdraw-cash-as-normal.html

Bitcoin Exchange Mt. Gox Says Users Can Withdraw Cash as Normal

 believe it?

Sure, normally it takes >6 months for dcash withdrawal



69. Post 5263538 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.14h):

I have 2FA and the bitcoin withdrawal page is normal. However I have 0 USD and BTC there right now



70. Post 5301990 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.15h):

Quote from: MANofthePEOPLE on February 22, 2014, 04:36:56 PM
What a shame.. Was planning on sending a wire monday morning if it didn't rise by then

The thing about this is you needed to send it last week - like last monday then hope it arrives in less than a week - which it won't.



Well I have made one deposit to gox (in december) and I think that took less than a week. Someone who wired 50k in this thread says it takes around 48 hours

Why did you wire to gox when you could buy cheaper at stamp?



71. Post 5331786 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.17h):

Nothing new here. Just a report of what's happening

Quote from: analytics on February 24, 2014, 06:59:42 AM
Anyone able to translate chinese.... google translate sucks.... just pulled this from a chinese bitcointalk thread


View Profile Personal Message (Offline)
Trust: 0: -0 / +0(0)
Ignore
   
   
Mit.Gox CEO宣布退出比特币基金会 比特币价格继续下跌
Today at 05:54:49 AM
   
Reply with quote  #1
几日前,Mt.Gox被曝将可能面临被关闭的命运。据悉,近段时间出现的一个漏洞导致该平台无法验证比特币交易的唯一性,进而导致刷钱行为出现的可能性。随后,Mt.Gox被迫关闭掉比特币的提现功能来遏制该种威胁。因为这次的事故导致了比特币价格开始出现了下跌。

现在看来,这种消极的情绪在比特币市场中继续蔓延。日前,Mt.Gox CEO宣布退出比特币基金会。比特币基金会是一个致力于监管比特币这种虚拟货币流通的机构。
Coinbase发现了Mt.Gox CEO Mark Karpeles提交的博文。虽然该篇文章并未交代Karpeles离开的真正原因,但是从种种迹象推断,其出走很大可能则是因为Mt.Gox在过去几个月内遭受的技术故障。



72. Post 5334379 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.17h):

Quote from: TERA on February 24, 2014, 10:08:52 AM
I'm suprised there haven't been more of these types of walls all along. They used to be normal, and then disappeared in July. The mtgox orderbook used to have 200K COINS on it during bear markets. Bitstamp currently has only roughly 20K coins. If Bitstamp is becoming the major exchange and then rest of the exchanges are either dying off or being proven to have fake volume, then I should expect bitstamp to be at least somewhat more like mtgox used to be. For example 80K coins on the book might be appropriate.

It's simply because bitcoin worth a lot more now, so people are not taking the risk to put too many on an exchange. The value of the ask wall (in terms of USD) is not that low.



73. Post 5336937 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.17h):

Quote from: ShroomsKit on February 24, 2014, 01:21:53 PM
If this continues we'll be looking at Bitcoin a few months from now as 1 big failed experiment that got ruined by Mark, criminals, inside trading and manipulation. One big ponzi scheme.
The result of non regulation i guess. I wouldn't advise any of my friends anymore to invest in this clusterfuck.
The stuff that's being pulled here makes the real world big bankers and traders look like honest, nice people.




there was even harder times but Bitcoin survived, what is happening now is effecting the price, it may drop really low, some people will lose confidence and cash out and be done with bitcoin, these never believed in Bitcoin anyways, I saw people moving with their lives all the time, everyone has a price...

but what is happening now is just the last clearing before Bitcoin goes mainstream, some people have to be pushed out, it will negatively effect the economy for a short term period but we need this to happen for the long term health of Bitcoin.

so now you are testing your faith, even you stay or you go out, I can give you an advice, if you want to breath easily and if all of this is stressing you, try to sell some of your coins cash them out do something you wanted to do for so long, go to vacation.... and you will feel much better, I really found that helpful...

I really don't know to do anymore. After this bullshit don't see how it will go mainstream anymore. It happens now and what stop it from happening again 6 months from now. Big money will keep using it as a tool to manipulate and crash the market. Over and over again. This won't just magically stop.

So please sell all you bitcoin and stay away from it



74. Post 5356134 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.19h):

gox price has moved. it's now 131.71 instead of 135



75. Post 5356224 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.19h):

Quote from: jojo69 on February 25, 2014, 08:12:59 AM
gox price has moved. it's now 131.71 instead of 135

not seeing it

on the Android Bitcoinium app

btw, still 135 on bitcoinity



76. Post 5364731 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.19h):

Quote from: Loaded on February 25, 2014, 03:40:53 PM
Hearing rumors that gox has been bought out, can't confirm.

It could be a good deal if the liability is limited



77. Post 5376927 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.20h):

Quote from: cbutters on February 26, 2014, 02:16:30 AM
I hate to bring this up with the stigma... but is it just me or is the volume on btcchina creeping up?

You mean Huobi? BTCChina barely has any volume..
No I mean BTCChina... look at the 12H chart... volume was basically silent for all of january... been creeping up over the last week or so.

They reduced the fee from 0.3% to 0.1%



78. Post 5386804 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.20h):

Quote from: mmitech on February 26, 2014, 03:23:32 PM
in other Bitcoin related matter, Blockchain.info is being DDOS-ed and in there were 9 found blocks in only 20 minutes, how odd is that ?

9 found blocks in only 20 minutes from different pool: nothing to see here, it just means it will be more and more difficult to mine bitcoin



79. Post 5400297 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.21h):

Quote from: Peter R on February 27, 2014, 06:25:09 AM
Loaded is offering a reward for information leading to the recovery of personal and client funds stored at MtGox:

https://bitcointalk.org/index.php?topic=489950.0

EDIT: Loaded is a great whale, for those that don't know.  

I'm pretty surprised to learn he still has a sizable amount there. There was plenty of chance to arbitrage and get out in the last bubble, even with profit.



80. Post 5400573 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.21h):

Quote from: fluidjax on February 27, 2014, 06:55:33 AM
I don't understand why ANY of you here would still have funds on mtgox. Mtgox has had blatant liquidity and management problems and been the running joke of this community for almost an entire  YEAR. I removed my funds in AUGUST. We had passed mtgox off as no longer relevant and a facade months and months ago and now suddenly it's a big deal again?

Because someone had to have their funds on Gox, otherwise the truth would have been known earlier.


You are just begging the question....



81. Post 5406988 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.21h):

Quote from: Rampion on February 27, 2014, 02:52:32 PM

That could be a way to move the market.

You want to move the market?  Its not on the site yet..hoax maybe!!

Edit: Hoax surely
Seems that they removed it fast! Maybe it wasn't meant to be published today.

Removed it fast? That's a hoax, you are fooling nobody.

Ignored.



82. Post 5409381 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.21h):

Quote from: fluidjax on February 27, 2014, 04:56:59 PM
It's becoming more and more clear that the coins haven't been stolen, they've just lost the keys lol. Once this is confirmed, should be very bullish.

I don't think that the loss of those coins, per se, would have any effect.  

Think of the exchanges as water tanks where water represents bitcoins in the market, and the water level is the inverse price (how many BTC one can buy with one dollar).

The tanks are connected by pipes at the bottom (coin withdrawals and deposits) so the hydrostatic principle (arbitrage) keeps the water level about the same in all tanks. If one pours more water into any tank (brings more coins to the market) the level in all tanks goes up (meaning the price goes down).  The opposite happens if one takes water out of one tank (buys coins and puts them in cold storage).

If the MtGOX theft did happen, then at some point in the past, someone siphoned most of the water out of the MtGOX tank to a private barrel.  I the keys were lost, most of the water in that tank leaked out and was permanetly lost.  In either case, Mark put some bricks into the tank (hid the theft) so that people would not notice the loss, and the water level was not affected.   Then a few days ago the pipes out of that tank  were closed (withdrawals were blocked),  and the tank was disconnected and removed it from the system.   That would not affect the water level in the other tanks either.

If the theft happened, and the thief then dumped the water in other tanks (sold the coins in other markets), then there was indeed a net rise in the water level (a fall in market price); but that is past history.  

We may expect an effect only if the coins were stolen but have not been not sold yet EDIT: and are sold now.

(This analogy is imperfect because it does not model the money flows, but hopefully it is enough to argue the point.)

I am talking about a case in which the private keys have been lost, in which case 750k BTC has been taken out of the total money supply. If they have been stolen (but the keys are still known) it shouldn't have much of an affect.

If the keys are lost, it brings up an argument to fork the block chain, and change the code to manually recover the money. To a new address. A lot of people would support it. (and many would be against)... talk about polarising the Bitcoin community.


It won't work. Without the private key, how Mark could prove those are really gox's coins?



83. Post 5409767 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.21h):

Quote from: derpinheimer on February 27, 2014, 05:22:24 PM
It's becoming more and more clear that the coins haven't been stolen, they've just lost the keys lol. Once this is confirmed, should be very bullish.

I don't think that the loss of those coins, per se, would have any effect.  

Think of the exchanges as water tanks where water represents bitcoins in the market, and the water level is the inverse price (how many BTC one can buy with one dollar).

The tanks are connected by pipes at the bottom (coin withdrawals and deposits) so the hydrostatic principle (arbitrage) keeps the water level about the same in all tanks. If one pours more water into any tank (brings more coins to the market) the level in all tanks goes up (meaning the price goes down).  The opposite happens if one takes water out of one tank (buys coins and puts them in cold storage).

If the MtGOX theft did happen, then at some point in the past, someone siphoned most of the water out of the MtGOX tank to a private barrel.  I the keys were lost, most of the water in that tank leaked out and was permanetly lost.  In either case, Mark put some bricks into the tank (hid the theft) so that people would not notice the loss, and the water level was not affected.   Then a few days ago the pipes out of that tank  were closed (withdrawals were blocked),  and the tank was disconnected and removed it from the system.   That would not affect the water level in the other tanks either.

If the theft happened, and the thief then dumped the water in other tanks (sold the coins in other markets), then there was indeed a net rise in the water level (a fall in market price); but that is past history.  

We may expect an effect only if the coins were stolen but have not been not sold yet EDIT: and are sold now.

(This analogy is imperfect because it does not model the money flows, but hopefully it is enough to argue the point.)

I am talking about a case in which the private keys have been lost, in which case 750k BTC has been taken out of the total money supply. If they have been stolen (but the keys are still known) it shouldn't have much of an affect.

If the keys are lost, it brings up an argument to fork the block chain, and change the code to manually recover the money. To a new address. A lot of people would support it. (and many would be against)... talk about polarising the Bitcoin community.


It won't work. Without the private key, how Mark could prove those are really gox's coins?

Not just that. You'd try to open pandora's box. I highly doubt the devs would ever put that into a protocol update.
And even if they did at least a majority of miners would then have to move to that change.
Even attempting this would destroy bitcoin

Can you expand on this? I dont understand how it would damage anything.

I mean, assuming we KNOW these 500k lost coins were Gox, why cant they be restored if the community supports it?

How do you KNOW? Who will JUDGE?

Please leave the bitcoin world and go back to your local bank. It's much "safer".



84. Post 5422845 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.22h):

Quote from: billington.mark on February 28, 2014, 09:45:00 AM
Quote
What is Bankruptcy Protection?

"Bankruptcy protection" is the process by which a debtor is "protected" by a court while they reorganize their finances.

Protected from what? Protected from excessively hasty or harassing creditor actions, such as foreclosures, repossessions, law suits, harassing telephone calls, and the like. A more accurate lay-terminology for filing for "bankruptcy protection" would be filing for "financial reorganization" or "financial restructuring" under Chapter 7 or Chapter 13.

Starting when the US law is applicable in Japan?  Roll Eyes



85. Post 5441977 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.22h):

Quote from: gizmoh on March 01, 2014, 08:35:30 AM
http://www.coindesk.com/mt-gox-files-bankruptcy-claims-63-6m-debt/

"That same document also described fiat assets of $32.43m and liabilities of $55m. The assets include $5m “held by CoinLab” and another $5.5m “held by the DHS”. "

So $21 million in liquidity remains in Gox bank  to be disbursed to clients. How much will go back to purchase real coins!  Roll Eyes

Once gox is done liquidated, we are going up..

But this also means they have to liquidate their remaining coins FIRST, if any left?



86. Post 5465350 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.22h):

Quote from: machasm on March 02, 2014, 04:36:08 PM
I am quite new to this game and have begun mining alts late Oct 13.
These are some of the points I have found frustrating when dealing with bitcoins and other cryptocurrencies.

1). The exchanges appear to be unregulated and trusting them can lead to a load of heartache (Read MtGox here).
2). Time taken to send bitcoins to these exchanges (with confirmations) can be rather lengthy and this may lead to missing any good buy/sell windows.

With these 2 issues in mind, can anyone see a way round them so that you can leave coins on exchanges safely? Or at least speed up the transaction?
I would prefer to be able to leave coins and fiat on trusted exchanges so that I can set up buy and sell orders but I am absolutely paranoid about doing so since this MtGox debacle.
It would seem to me that until people feel safe trusting their money (be it coins or fiat) to these exchanges then this must be really stifling the growth of cryptocurrencies.
Mac.

Actually this dilemma can be perfectly solved by mutli-sig transaction. The function is available in the bitcoin protocol back 2009, but no one is really using it.

EDIT: What I mean is that, with multi-sig transaction, you have a safety level of cold wallet AND the ability to sell instantly



87. Post 5477368 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.23h):

So they lost 2.8B JPY = 26M USD, PLUS 750000BTC. That's totally fucked up and completely hopeless

Quote from: MAbtc on March 03, 2014, 06:56:56 AM
Quote
ANNOUNCEMENT REGARDING AN APPLICATION FOR COMMENCEMENT OF A PROCEDURE OF CIVIL REHABILITATION

MtGox Co., Ltd. made today an application for commencement of a procedure of civil rehabilitation (minji saisei) at the Tokyo District Court. This application was accepted on the same day. Further, MtGox Co., Ltd is under several orders issued by the Court : a preservative order prohibiting it from paying its debts, transferring its assets or establishing security over its assets, an order establishing a comprehensive prohibition of forced attachment of its assets by its creditors and a supervisory order ordering supervision by a supervisory committee. In consequence, MtGox hereby informs you as follows.
We first express our most sincere regrets and apologies for this situation and for causing so much inconvenience to all our users and other interested parties. We will fully respect the above orders and maintain our assets with all the necessary care.

    Financial situation, reasons and timeline leading to this application

        (1) As of now, the liabilities of MtGox Co., Ltd exceed its assets and its financial situation is as follows:
        Total amount of assets   3,841,866,163
        Total amount of current liabilities   6,501,119,371

        (2) The increase of current liabilities may be linked to a loss of bitcoins and customer funds. These are now investigated by an expert and all efforts are made to discover the truth. This application was prompted by the following troubles:

        At the start of February 2014, illegal access through the abuse of a bug in the bitcoin system resulted in an increase in incomplete bitcoin transfer transactions and we discovered that there was a possibility that bitcoins had been illicitly moved through the abuse of this bug.
        As a result of our internal investigation, we found that a large amount of bitcoins had disappeared. Although the complete extent is not yet known, we found that approximately 750,000 bitcoins deposited by users and approximately 100,000 bitcoins belonging to us had disappeared.
        We believe that there is a high probability that these bitcoins were stolen as a result of an abuse of this bug and we have asked an expert to look at the possibility of a criminal complaint and undertake proper procedures.
        On the same day (24th), we found out large discrepancies between the amount of cash held in financial institutions and the amount deposited from our users. The amounts are still under investigation and may vary but they approximate JPY 2.8 billion.
        We are investigating the causes of these problems. Since there are probably a variety of causes including hacking by third parties, we need to investigate a huge amount of transaction reports in order to establish the truth. As of this date, we cannot confirm the exact amount of missing deposit funds and the total amount of bitcoins which disappeared.
        Once we discovered that bitcoins had disappeared and the discrepancies between cash funds and deposit balances, we judged that it would be difficult to continue our activities normally and we therefore closed our site at noon on the 25th (Japan time).

        (3) Regarding the filing of a complaint or damages report, an expert has been mandated and investigations have started. We will make all efforts to ensure that crimes are punished and damages recovered.
        Further we will fully cooperate with inquiries from authorities and investigations related to this matter, in Japan or overseas.

        In order to increase repayments to our creditors, it is necessary to explore the possibility of having MtGox Co., Ltd. continue its business. This is why the civil rehabilitation procedure has been chosen, Rebuilding MtGox Co., Ltd under the supervision of the court in a legally organized procedure while giving proper explanations will not be for the sole benefit of the company but for that of the whole bitcoin community.
        All efforts will now be made to restore the business and recover damages to repay debts to creditors. We hope for the understanding and cooperation of all.
    Outline of the application
        (1) Application date February 28, 2014
        (2) Jurisdiction Tokyo District Court
        (3) Counsel of applicant

        Baker & McKenzie (Gaikokuho Joint Enterprise)
        Attorney-at-law Junko Suetomi
        Attorney-at-law Yamamoto Hideyuki
        Yodoyabashi & Yamagami Legal Professional Corporation
        Attorney-at-law Akio Shinomiya
        Attorney-at-law Kazumasa Kawai
        (4) Supervisor Nagashima Ohno & Tsunematsu
        Attorney-at-law Nobuaki Kobayashi
        (5) Investigator idem
        (6) Case no. 2014 (sai) 12Civil rehabilitation commencement application

    Contact information

    A call center has been established to respond to all inquiries. The call center is planned to start on March 3, 2014. All inquiries to MtGox Co., Ltd. should be made to the following telephone number:
    Telephone number   +81 3-4588-3921
    Working hours   Monday to Friday 10am to 5pm (Japan time)

    Please refrain from contacting the office of the supervisor/investigator.



88. Post 5477907 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.23h):

Quote from: Hlavax on March 03, 2014, 07:52:30 AM
Lose >99% BTC
Lose >40% fiat
Lose database along with customer identity data

Well, Emptygox couldn't possibly have done a much worse job than this.

How could they lose fiat? I understand they lost BTC due to transaction error, but fiat?
Did they have database unencrypted?

They may have used client's fiat to buy bitcoin or speculate. They don't care the hole in fiat anyway, as they could blame their bank / DHS / CoinLab



89. Post 5477990 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.23h):

Quote from: Rampion on March 03, 2014, 08:06:03 AM
Lose >99% BTC
Lose >40% fiat
Lose database along with customer identity data

Well, Emptygox couldn't possibly have done a much worse job than this.

The statement is a joke. How come they did not realize until a few days ago that there was a huge discrepancy between the money they were holding in their bank and the money deposited by their customers?

You all know this is BS and simply cannot happen. They knew very well they had less than they were supposed to, they just decided to run on fractional reserve and spent customers money to cover their own operational expenses. I wouldn't be surprised if Karpeles even cashed out dividends at some point while knowing the company was virtually bankrupt.



He doesn't need dividend. Just by insider trading and arbitraging he would have earned a lot.



90. Post 5478110 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.23h):

Quote from: Asrael999 on March 03, 2014, 08:20:36 AM

If they started using their customers money for anything other than customer transactions for the customer whose money it is , then that is co-mingling of funds, which is a breach of fiduciary duty.

Undoubtedly there is something criminal otherwise one couldn't have lost 20M USD.



91. Post 5485638 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.23h):

Quote from: TERA on March 03, 2014, 05:14:24 PM
I feel bad for the people who lost money on gox too. However... I don't understand why the hell they still had money on gox. Idiots! The warning signs were there for an entire year - gox was the biggest running joke in the whole community. It's kind of like how I feel bad for a chain smoker who died of cancer.

To be honest, just hours before gox closed, I was so tempted to buy on bitcoinbuilder @0.19. I didn't do it. But whenever I think about that I had such an idea, I feel so scary.

People may speculate, but NEVER gamble, NEVER.



92. Post 5485753 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.23h):

Quote from: TERA on March 03, 2014, 05:14:24 PM
I don't understand why the hell they still had money on gox. Idiots! The warning signs were there for an entire year - gox was the biggest running joke in the whole community.

Gox is a money prison. Somebody must hold the bag and that would not be Mark



93. Post 5526132 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.24h):

Quote from: ShroomsKit on March 05, 2014, 02:21:38 PM
Ok so the last hour i did some reading on random news sites and forums etc.
I've seen some hate against Bitcoin in the past but the stuff i read today! It looks like everybody who doesn't actually own any coins hates it! And not just hate it but is absolutely totally digusted by it! Like Bitcoin just killed their dog or something. I don't think i've seen such almost global hate and disgust towards something on the internet ever before.
People want to see it burn! They want to see Bitcoin and Bitcoin users burn in hell!
Oh and like most here already realized, many of those people think Gox = Bitcoin and Bitcoin just broke down. Bitcoin is bankrupt. And they LOVE it! They act like it's the best thing that ever happened on the internet.
The fact that 1 coin is worth 660 dollars doesn't mean anything it seems. Bitcoin is dead and WE ALL lost our money and totally deserved it.

I'm actually a bit shocked. I knew it was bad but this bad?



They hate it because because they have missed have biggest opportunity in their life. They learnt it for months or years. They ignored it, laughed at it, but at the saw time they witnessed the 100x or 1000x appreciation. They were lazy and didn't want to learn about it. They called it a scam/ponzi/tulip bubble at the first day they learnt it, but they have never seen a scam/ponzi/tulip bubble that could grow in such magnitude and time scale (There might have been a few 1000x scam/ponzi/tulip bubble in human history but they could never sustain for years). Mentally they couldn't join the party now because they could have bought at $0.5. If bitcoin really succeed, they will feel like an idiot for the rest of their life. Their only hope is bitcoin getting burnt in hell.

But all these are irrelevant to the future of bitcoin. If there is really some indications with this, it means we still have a huge room for growth. These people are just like mentally shorting bitcoin. They spend time on internet to talk about it because they are paying attention to it. If the growth is astonishing enough, their "mental short" will get squeezed.



94. Post 5526611 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.24h):

Quote from: JorgeStolfi on March 05, 2014, 03:25:39 PM
They hate it because because they have missed have biggest opportunity in their life.

Which opportunity are you referring to?  Putting all their money into BTC at 1100 USD, and being forced to sell them at 700 USD?  Or putting all their money into MtGOX and losing it all?


If you quote please quote the whole thing. I'm referring to those who witnessed the 100x or 1000x appreciation, who learnt bitcoin before 2013.

By the way, I couldn't think of a single reason to put one's all money on gox



95. Post 5582082 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.25h):

Failed. He/she is likely an American: https://bitcointalk.org/index.php?action=profile;u=4129;sa=statPanel

Quote from: ikiki on March 08, 2014, 04:49:03 AM
Time to the most popular game of the day..Internet detective or chief fud engineer . I really hope i'm wrong
evidence #1
1191 BTC
evidence #2
img

evidence #3
Last Active:    February 25, 2014, 02:34:46 PM

evidence #4
http://www.youtube.com/watch?v=K2ku1A5Ox8U
i know he said he hired someone on fiverr but that could be to hide he's really a she?

evidence #5
Autumn Radtke, chief executive of First Meta Pte Ltd, was found dead at her Singapore home on Feb 26.



96. Post 5583638 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.25h):

Quote from: aminorex on March 08, 2014, 09:01:59 AM
I find it weird that she would wire $55k to gox only to commit suicide when it when down. She must have known risk was fairly high. Either way she went on way too early.

If true, I would then suspect (given human nature) that the money was misappropriated in the first place.  Gambling addictions work like that.  You double down to pay it back.  If the house runs off, you're in a world of hurt and shame.

Please stop the unfounded speculation. According to the time TheKoziTwo posted he/she is living in the Americas


Quote from: jl2012 on March 08, 2014, 06:01:35 AM
Failed. He/she is likely an American: https://bitcointalk.org/index.php?action=profile;u=4129;sa=statPanel





97. Post 5652648 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.26h):

Quote from: JorgeStolfi on March 12, 2014, 02:47:49 AM
For example, Cryptocurrency is claimed by China as commodity, not currency. But how can one get that commodity besides mining? By regulation, All banks or payment processors are forbidden to link with exchanges. This means one just can not buy bitcoin on an exchange, as he can't credit his fiat into an exchange in an allowed way.

This results in a funny situation. Exchanges, banks and traders are all doing openly, but not allowed by government. Do I understand correctly.

My question is, why the Chinese government banned Cryptocurrency but allows everything going?

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.

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.



98. Post 5661756 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.26h):

Quote from: JorgeStolfi on March 12, 2014, 04:30:53 PM
Quote
400 toll-free numbers with prefix "4001" are international toll-free numbers which can be routed to destination numbers inside or outside of China. 400 toll-free numbers with prefix "4000", "4006", "4007" or "4008" are national toll-free numbers which can be routed to China destination numbers only.

Thanks.  Then the mystery, in the manner of soup to which cornstarch is added, thickens...  Wink

I think the margin trading on huobi is not free



99. Post 5689450 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.26h):

Quote from: threecats on March 14, 2014, 06:51:19 AM
why are we moving down? i expect to hit $700+ this weekend

You know it is the same as with the diving board, it needs to go down before take off. Wink

Houbi started a little dip because of that payments thing in China ...


http://ca.news.yahoo.com/china-central-bank-orders-halt-online-payments-using-034119459--sector.html

This has absolutely nothing to do with bitcoin.



100. Post 5689878 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.26h):

Quote from: threecats on March 14, 2014, 07:30:07 AM
why are we moving down? i expect to hit $700+ this weekend

You know it is the same as with the diving board, it needs to go down before take off. Wink

Houbi started a little dip because of that payments thing in China ...


http://ca.news.yahoo.com/china-central-bank-orders-halt-online-payments-using-034119459--sector.html

This has absolutely nothing to do with bitcoin.

Market seems to think so.

Another clash in the murky night beween the old guard and the young turks in China

People are not even talking about this on Chinese forums



101. Post 5739632 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.27h):

Quote from: lyth0s on March 17, 2014, 04:21:12 AM


The line is technically only straight on Log plots, its a exponential formula that appears straight when the y-axis is log. I personally don't ignore any relationship that has an R squared of >0.9 . Can it be wrong? Sure. Does the trend show a close relationship of the two variables, you bet.


edit: accidentally wrote "logarithmic", now fixed

Using all data since the inception of MtGox gives and Rsq of 0.879, still very impressing:

https://bitcointalk.org/index.php?topic=470453.msg5739610#msg5739610



102. Post 5739790 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.27h):

Quote from: aminorex on March 17, 2014, 04:51:05 AM


The line is technically only straight on Log plots, its a exponential formula that appears straight when the y-axis is log. I personally don't ignore any relationship that has an R squared of >0.9 . Can it be wrong? Sure. Does the trend show a close relationship of the two variables, you bet.


edit: accidentally wrote "logarithmic", now fixed

Using all data since the inception of MtGox gives and Rsq of 0.879, still very impressing:

https://bitcointalk.org/index.php?topic=470453.msg5739610#msg5739610

I like the wallets squared model better.  It actually explains something.  You do know that an exp(exp(t)) model actually fits better, with higher R^2, right?



exp(exp(t)) is arbitrary because there is no absolute zero for the t.

the wallet (do you mean unique addresses?) number is confounding with t, so we need to do a multiple regression



103. Post 5747066 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.27h):

It's just like in Bitcoin's early days, when people could tip 10BTC for an interesting post here

Quote from: Blitz­ on March 17, 2014, 03:40:20 PM




104. Post 5765561 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.27h):

Quote from: Blitz­ on March 18, 2014, 02:52:12 PM
http://online.wsj.com/news/articles/SB10001424052702303563304579447020246651110

Quote
The Treasury Department will come after the many digital currency exchanges and administrators that haven't registered with the Financial Crimes Enforcement Network, the Department's top official for terrorism and financial intelligence said Tuesday.
Goodbye, Bitstamp and BTC-E.

AFAIK Bitstamp and BTC-E neither operate nor have any bank account in US



105. Post 5765874 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.27h):

Quote from: Threebits on March 18, 2014, 03:19:54 PM

I suppose that BIT may be tempted try to drive the BTC price down before enabling liquidity, because then they would have to pay less USD to the investors who liquidate.  In that "plan", BIT would later buy back those coins on-market to drive the price back up.  I don't know whether this would work; it may push more investors to liquidate and may scare new investors (not that they have many now it seems).  Note that this manipulation is possible with bitcoin due to the limited liquidity of the exchanges.

Does this make sense?

EDIT: typo

I don't understand why BIT wish to drive price down and then liquidate their bitcoins. This undermines their customers and does no good for themselves. Or I'm not smart enough to understand what is it ?

Maybe I am not understanding it right, but this month some of their investors who bought shares at 12$ will be allowed to liquidate, meaning that BIT will have to pay them ~60$ per share (and tear those shares up).

The BIT share price is pegged to the BTC price, so if the latter goes down to 300$ before those investors have time to liquidate, then BIT would have to pay them ~30$/share, instead of ~60$/share.   If the BTC price later returns to 600$, BIT shares will go back to 60$, the other investors (who can't liquidate yet) will be in the same state they were before --- but BIT would have saved a lot of money.

Thanks for the explanation. I see the logic.

That's completely nonsense. BIT is 100% backed by real BTC. If a customer wants to liquidate their BIT share, BIT will just sell the bitcoin at market price.



106. Post 5765932 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.27h):

Quote from: adamstgBit on March 18, 2014, 03:24:39 PM

I suppose that BIT may be tempted try to drive the BTC price down before enabling liquidity, because then they would have to pay less USD to the investors who liquidate.  In that "plan", BIT would later buy back those coins on-market to drive the price back up.  I don't know whether this would work; it may push more investors to liquidate and may scare new investors (not that they have many now it seems).  Note that this manipulation is possible with bitcoin due to the limited liquidity of the exchanges.

Does this make sense?

EDIT: typo

I don't understand why BIT wish to drive price down and then liquidate their bitcoins. This undermines their customers and does no good for themselves. Or I'm not smart enough to understand what is it ?

Maybe I am not understanding it right, but this month some of their investors who bought shares at 12$ will be allowed to liquidate, meaning that BIT will have to pay them ~60$ per share (and tear those shares up).

The BIT share price is pegged to the BTC price, so if the latter goes down to 300$ before those investors have time to liquidate, then BIT would have to pay them ~30$/share, instead of ~60$/share.   If the BTC price later returns to 600$, BIT shares will go back to 60$, the other investors (who can't liquidate yet) will be in the same state they were before --- but BIT would have saved a lot of money.

Thanks for the explanation. I see the logic.

That's completely nonsense. BIT is 100% backed by real BTC. If a customer wants to liquidate their BIT share, BIT will just sell the bitcoin at market price.

i thought BIT would open up a market for BIT shares, were poeple could buy and sell BIT, which should track bitcoin prices closely because its backed by bitcoin.

I'm not sure but if it works like an ETF, customers may also request delivery of real BTC



107. Post 5766759 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.27h):

Quote from: JorgeStolfi on March 18, 2014, 03:54:33 PM
That's completely nonsense. BIT is 100% backed by real BTC. If a customer wants to liquidate their BIT share, BIT will just sell the bitcoin at market price.

That has nothing to do with the issue.

What that "100% backed in BTC" promise means is that, for each share held by investors, BIT will keep 0.1 BTC in its posession.  It does not mean that BIT must sell those BTC when the investor liquidates; if BIT has cash reserves, it can just pay the investor from those and keep the corresponding BTCs as reserve instead. That would not violate the "100% backed by BTC" promise to other investors, on the contrary.

(The whole point of the trust is to insulate the investors from the BTC trading that BIT must do to honor BIT's part of the contract.)

I don't think so, because they do not have other source of USD. All USD from investors (with fee deducted) were spent on buying real BTC. Therefore, they have to sell the BTC if investors request for USD simply because they shouldn't have extra USD to pay

 Even if they have surplus in USD, paying out USD without selling BTC is equivalent to BIT itself investing in BTC. If they really want to do so, they can buy BTC from the open market at any time.



108. Post 5777965 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.27h):

Quote from: OldGeek on March 19, 2014, 06:36:54 AM
This is a little off topic, but what hasn't been for the last week or so   Grin

So... I was gonna donate a little and got to this page:
Code:
..snip..

English is not their first language, but they made their statement pretty clear.  We have quite
a ways to go before global acceptance is assured.


Sorry, I've been missing meetings...where is this from?

PoolMinor gave you the basics, but here is the home page:

http://www.autistici.org/en/index.html



I'm not giving a shit. It's their loss, not ours.

Just look at the story of Overstoke and Tigerdirect. People will soon realize that they can't afford NOT to accept bitcoin

As bitcoiners, what we should do is to put bitcoin-accepting merchants at a higher priority.



109. Post 5779285 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.27h):

Quote from: TERA on March 19, 2014, 08:49:35 AM
any reason why ltc responded to the opening on huobi by tanking? now i wonder what an opening on gox would've been like - worse?

see the news



110. Post 5822596 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.28h):

Quote from: adamstgBit on March 21, 2014, 02:16:49 PM
As i said yesterday, we would need some fud to get to 550~ish, and bam, new china fud out of the blue, either a lucky guess, or someone who wants a crash had same thoughts



China Central Bank says in its official weibo that the news about #bitcoin trading ban is fake

The official weibo (Twitter of China) of PBOC: http://weibo.com/u/3921015143



111. Post 5823276 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.28h):

Quote from: cbutters on March 21, 2014, 03:18:36 PM
Did anyone catch this quote from the mtgox statement.

“Taking into account the existence of the 200,000 BTC, the total number of bitcoins which have disappeared is therefore estimated to be approximately 650,000 BTC.”"

So.. its basically official that M.K. is just a complete and utter retard right? Who moves 200,000 BTC to verify they have control of bitcoin and then forgets that they exist. Does this ultimately point to the more likely possibility that M.K. just lost the private keys but had an old database backup that he eventually went and fished these 200,000 coins out of after the community pointed them out?

also... how does 850,000 missing vs 650,000 missing affect the markets?

I think the market is affected by the now confirmed fake news about China banning bitcoin trading



112. Post 5824336 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.28h):

Quote from: jojo69 on March 21, 2014, 04:28:17 PM
Cant believe my eyes

in the front page of zerohedge

Quote
The Nasdaq Biotech index is getting monkey-hammered this morning and is now 10% off its late-Feb highs. Crucially, this sector has been a major pillar of strength for the overall Nasdaq and that means the Nasdaq is also getting crushed

did they actually just say that bitcoin has been propping up the Nasdaq??  lolol

trolling?



113. Post 5870576 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.28h):

Quote from: C. Bergmann on March 24, 2014, 09:03:11 AM
Anyone know about lakebtc.com?

They have an impressive volume for a new exchange

http://bitcoincharts.com/markets/

They look very suspicious. In the Chinese forum they always claim they are "coming from Wall Street", and have been "dealing with derivatives 1000 times more complicated than BTC margin trading (offered by OkCoin and Huobi)"

Quote from: LakeBTC on March 24, 2014, 04:43:12 AM
.....

我们LakeBTC华尔街出身,比融资融币复杂1000倍的结构化衍生产品都做过无数,为

......



114. Post 5872972 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.28h):

Quote from: C. Bergmann on March 24, 2014, 12:12:52 PM
Anyone know about lakebtc.com?

They have an impressive volume for a new exchange

http://bitcoincharts.com/markets/

They look very suspicious. In the Chinese forum they always claim they are "coming from Wall Street", and have been "dealing with derivatives 1000 times more complicated than BTC margin trading (offered by OkCoin and Huobi)"

.....

我们LakeBTC华尔街出身,比融资融币复杂1000倍的结构化衍生产品都做过无数,为

......

Maybe they are from wall street?
I wondered cause they operate since march and have a daily Dollar-volume of 4k. No word about them on bitcointalk and reddit, so they need to have some other fiat-sources (supposed they don't fake volume). This sharp rise and the operating outside this community can be a sign they have a direct link to big money

This is very typical Chinese-style bluffing. The now collapsed btc-gbl did in the same way



115. Post 5875127 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.28h):

Quote from: JorgeStolfi on March 24, 2014, 03:52:32 PM
http://www.coindesk.com/krakens-audit-proves-holds-100-bitcoins-reserve/
No fractional reserve goxbux and goxcoins with kraken and bitstamp and that's provable.
Quote
Kraken’s Audit Proves it Holds 100% of All Bitcoins in Reserve
Bitcoin exchange Kraken has passed a cryptographically verifiable proof of reserves audit with flying colours.

The audit, which was carried out by Stefan Thomas on 11th and 22nd of March, proved that more than 100% of Kraken’s bitcoins are held in reserve.

The process was designed to allow the auditor to verify that the total amount of bitcoins held by Kraken matches the amount required to cover an anonymized set of customer balances.
An audit that aims to prove that an exchange is honest cannot assume that it is honest.

There are two easy ways a dishonest exchange could fool such an audit (and they are even mentioned in Greg Maxwell's write-up).

First, the exchange could exclude some customers from the ledger given to the auditor, or list them with reduced balances.  The Merkle tree allows an ordinary customer to verify that his own account was included in the audit; but accounts that belong to the exchange owners or conniving customers (which are suspected to have existed at MtGOX) can be omitted without risk of being caught by this test.

Second, the exchange may have sold the coins to a long-term investor, who, being an accomplice to to a theft, would want to help the exchange pass the audit, and therefore provide whatever proof of bitcoin ownership that the auditor requests -- such as moving the coins in the way specified by the auditor, or some other crytography-based technique.  It seems very difficult, if not impossible, for A to prove to B that A knows the private keys, without revealing the private keys to B, in a way that cannot be simulated by the real owner C and passed off by A as having been done by himself.

I already commented on Coinbases's "audit" by Antonopoulos, which Greg compares to Ver's "audit" of MtGOX, and was flawed on both counts: according to his report, it did not verify that the total balances provided by Bitstamp were accurate (not even by the Merkle tree test above), and relied on the "move your coins" test to verify their holdings.  Bitstamp't "audit" cannot have been better than that.

Greg's paper discusses ways to fix some of those auditing flaws, but the major exchanges do not apply them yet.

In any case, an audit does not guard against the risk of a "100% honest" exchange suddenly folding, with loss of all client bitcoins.  There is currently no way to prove that an alleged hack or key theft was not done by the owners themselves, and (as the MtGOX case shows) there seem to be no effective way for the clients to recover their "stolen" bitcoins, or even to identify them in the blockchain.

Yes, these audit flaws and risks also exist for ordinary public corporations and banks; Enron, Worldcom, Madoff, Lehmann Bros and other famous failures are proof of that.  But traditional audits are much more thorough, and rely on lots of information that is known to many staff members and/or can be independently verified, such as bank statements, payrolls, tax reports and other official records, transactions with suppliers and retailers, and so on.  Moreover, it is much harder for the owners to steal half of the company's assets without being caught and having their loot seized.

And I know of no case where a hacker invaded a bank, stole all of its clients's money, and got away with it.


So? The lesson is never put money on an exchange more and longer than really needed



116. Post 5877269 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.28h):

Quote from: JorgeStolfi on March 24, 2014, 04:34:27 PM
The lesson is never put money on an exchange more and longer than really needed

It is good advice for long term investors and people who buy/sell bitcoins for commerce purposes.

As others have observed, however, speculative traders need instant access to their coins with no prior warning; and they seem to be responsible for almost all the trade volume on any exchange, and most of its total account balance.  The exchange, on the other hand, needs to ensure that its clients will honor their sell offers immediately. 



So the lesson is not to day trade, at least until we have a wall-street level exchange



117. Post 5984668 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.30h):

Quote from: GameStarter on March 30, 2014, 02:40:12 PM
http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1201&MainCatID=12&id=20140329000174


it is REAL

It's still the same thing, nothing new



118. Post 5995698 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.31h):

I don't have time right now to translate the bter.com notice, but I can say the deposit ban rumor is 99% real. In the meantime, people could still withdraw CNY as usual (processed within 2 hours)

Quote from: Davyd05 on March 31, 2014, 04:32:23 AM
Dear user:

Hello, I am sorry for recharge, bit child just received notification policy reasons, we had to suspend recharge Yuan (CNY) period of time. But mention is CNY without restrictions. Still within two hours arrival. We can at any time withdraw cash at any time to operate.

Bit children uphold the commitment to provide users with 100% guarantee, user withdrawals are not affected.
Bit child provides more than 40 kinds of currency trading passwords, user traffic is China's largest and password bitcoin currency trading platform, the world's largest dog coins, currency future contract currency and other trading platforms, Alexa website ranking China once reached within 1000.

Bit operations unaffected children, recently the latest version on-line trading system, thank you for your support!



google translate from bter.com announcement page.. 2nd newest piece of info only posted in Chinese.

This sounds more like they had to adjust to regulation why is it that this is a ban.. per say lol



119. Post 5995786 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.31h):

Quote from: aminorex on March 31, 2014, 05:00:17 AM
Actually, for the past hour,  huobi is up 5%

Some realizes that it will be more difficult for them to buy bitcoin



120. Post 5998575 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.31h):

Quote from: dreamspark on March 31, 2014, 09:50:05 AM
I'm really looking forward to see how much btc will Second Market buy today or tomorow  Smiley
+1
so do I.
It is a good indicator for me

Do they publish their buys in real time or a few days after ?


Once a day. See my thread: https://bitcointalk.org/index.php?topic=337486.0



121. Post 6014376 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.31h):

Quote from: JorgeStolfi on April 01, 2014, 07:33:44 AM
This Chinese thread seems to say that bank deposit (?) at OKCoin was still working today (Apr/01) around 09:00 local time.

Thought it was clarified via bter that they were closing third party partners not a blanket ban.
I understood their clarification as: "we used a payment processor, that suspeded its service; we do not use bank accounts, so we have no information about that part of the rumor."

yes exactly



122. Post 6035815 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.31h):

Quote from: magicmexican on April 02, 2014, 03:35:38 PM
Actually with that volume i wouldn't be surprised this is the insider dump and some bigger news will show up about 3+ hours from now

The news is already there.....



123. Post 6105628 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.33h):

Quote from: JorgeStolfi on April 07, 2014, 06:11:38 AM
He would end up with a bit more than 8.672 million USD.


For such amount you can't ignore the slippage



124. Post 6150938 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.34h):

Huobi's ICBC account will be closed on 18 Apr

http://www.huobi.com/news/index.php?a=show_notice&id=303 (Chinese)




125. Post 6169910 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.36h):

Quote from: TERA on April 11, 2014, 09:32:02 AM
So the reason we went down 100's was fear of a potential China ban. Today we learn that China won't ban Bitcoin. What does everybody do? They sell.
Well done traders and sheep. Well done for being complete idiots.

Huh
What am I missing about the unbanning of a ban that never happened in the first place?

Correct. This isn't really news and doesn't create any change. Bitcoin, in fact, was never banned in China. However, banks and third party payment processors WERE banned from dealing with bitcoin exchanges, and this has not changed. Actually "ban" was never a word that the PBOC used.  The bank accounts are still being shut down for violating this rule. What the news is saying is that, again, people are free to trade bitcoins and own bitcoins in China if they can find the means to do so.

Exactly.

If Chinese people want to buy BTC with real CNY, or sell BTC for real CNY, they can do it with service like localbitcoin.

If Chinese people want to day trade, they can do it on bitstamp or btc-e.

This is the best solution for all.



126. Post 6175161 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.36h):

Quote from: Davyd05 on April 11, 2014, 05:11:16 PM
Jorge, Danny may have ponzi'd
I don't think he did.  To me it looks like just incompetence and arrogance, at least until the failure became too obvious to ignore.  But some foul play probably happened after that point.


but the real idea about bitcoin is not to trust someone else with your money. I don't think anyone lost money from Danny unless they backed his business venture. To my knowledge they didn't get to the point where they had bitcoin savings accounts with deposits in existence.

That is correct, but the bare protocol is not enough.  Even of bitcoin succeeds (in my definition, not just as a black market currency) ther will be a need for banks and such things.

If you're not well informed yet Jorge you should know the U.S$ is the king of black market and that is unlikely to change. No.. we are our own banks...if you mean keeping our btc funds safe from thrives yeah maybe we will need safer places to access our bitcoin storage than our houses but this is no different that keeping cash at home.

and its not we will see, its we're witnessing they're growth.


I see many promises.  As for Silbert's fund, esterday I posted a rough analysis. It seems that the average investor lost money so far (although some have already made nice profits, and the rest may too if the BTC price goes up).  On the other hand, SecondMarket will profit in any case from fees, and perhaps more if they can buy coins below market price, e.g. from a private mining outfit.

I don't trust your analysis of second market but that is just me.  


You don't need to trust him. It's just common sense as most bitcoins in BIT was bought over $400.

Details: https://bitcointalk.org/index.php?topic=337486.0



127. Post 6216352 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.37h):

Quote from: Loaded on February 27, 2014, 06:44:04 AM
Loaded is offering a reward for information leading to the recovery of personal and client funds stored at MtGox:

https://bitcointalk.org/index.php?topic=489950.0

EDIT: Loaded is a great whale, for those that don't know.  

I'm pretty surprised to learn he still has a sizable amount there. There was plenty of chance to arbitrage and get out in the last bubble, even with profit.

It was not sizable enough to warrant a flight to Japan. However, it is sizable enough to ruin my weekend.

Loaded has disappeared since his weekend got ruined by gox. Hope he's alright



128. Post 6258219 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.38h):

Quote from: hdbuck on April 17, 2014, 12:35:01 AM
oh boy.. seems like now is the time for Chinese people to buy a lot of bitcoins!

-> http://www.zerohedge.com/news/2014-04-16/richest-man-asia-selling-everything-china

c'mon get your money out of china! Cheesy

His private venture has invested in Bitpay



129. Post 6335590 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.39h):

Quote from: windjc on April 22, 2014, 08:54:08 AM


 Sad  Cry

The bitcoin community's reaction to MtGox?  What the hell is he talking about?

Who is the f***ing community and how did "they" react exactly? And what does this have to do with accepting payments?

https://www.survivalfood.com/mountain-house-turkey-tetrazzini-pouch/



They use mtgox as payment processor (!!!) Obviously they are goxxed



130. Post 6384365 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.40h):

Quote from: JorgeStolfi on April 25, 2014, 04:19:32 AM
They also gave us the solution: cash.
The new PBoC "clarification of the clarification" mentions cash too.  But I cannot figure out exactly what they mean.

Quote
As of April 24 , all Bitcoin trading platform has been fully recharge way to stop third-party payment . Most bank card remittance channels have been closed , however , are still allowed to bitcoin bank transfer and cash withdrawal services platform .

In the interviews emphasized the central bank , cash function must also be stopped.

截至4月24日,各比特币交易平台已全面停止第三方支付充值方式。银行卡转账汇款渠道大多数已经关闭,然而,仍有银行允许给比特币平台汇款和提现服务。

央行在约谈中强调,提现功能也必须停止。


IMHO, it's really stupid to comment based on google translation.

The correct translation of the last sentence should be: "fiat withdrawal must also be stopped".



131. Post 6384594 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.40h):

Quote from: JorgeStolfi on April 25, 2014, 04:29:15 AM
Quote
央行在约谈中强调,提现功能也必须停止。

IMHO, it's really stupid to comment based on google translation.

The correct translation of the last sentence should be: "fiat withdrawal must also be stopped".
Thanks!  But this is bad news anyway, isn't it? What do they mean by "cash withdrawal"?



提现 literally means "withdraw cash", but in this context it means "fiat withdrawal through a bank/payment processor".



132. Post 6434847 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.41h):

Quote from: threecats on April 28, 2014, 07:47:57 AM
Huixa bans btc

http://www.hxb.com.cn/chinese/callcenter/show.jsp?cid2=691118&id=13986536615280489

Interesting. I have read exactly the same notice from 1 3rd party processor and 2 banks. It is a canned statement written by the PBOC



133. Post 6448530 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.41h):

Quote from: billyjoeallen on April 29, 2014, 01:20:15 AM
You guys can't find it?? It was posted on a bunch of China BTC news press

Original source:
http://news.hongzhoukan.com/14/0428/mr122254.html

Also found on:
http://www.btc38.com/btc/altgeneral/1542.html
http://www.bi126.com/Analysis/btc/2014-04-28/1086.html
http://business.chinadaily.com.cn/2014/0428/1386875.html
http://www.bit-sky.com/index.php/2013-12-16-02-19-33

Quote
Recently, reporters from Hyflux entertainment game's official website informed that the company recently completed a large international Bitcoin transaction again from the international trading market Bitcoin Bitcoin purchased twenty thousand again, coupled with previously acquired two pieces at the beginning of the bit currency, its total to forty thousand, equivalent to more than 120 million yuan.

Why is a gaming company buying 40k BTC?

If it was me, it would be to have BTC prizes, so I could lure in BTC gamblers.

It's typical Chinese scam



134. Post 6450660 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.41h):

Quote from: TERA on April 29, 2014, 05:01:19 AM
Any thoughts on this one? News released today. This could crash the price hard. 385000BTC for $3M USD? what?

http://www.coindesk.com/us-government-sells-silk-road-users-seized-bitcoins-for-3-million/

if they sold 380,000 btc for 3m, that would be $12 each. - must be a portion, or Im missing out on some seriously 'cheap coins'

Well it's unlikely that they will sell 380,000BTC for the full $173M they are worth. Someone will get cheap coins

Bitcoins are fungible, so even if they don't get dumped on the market, other coins that would have otherwise gone to the purchasers of the seized coins will get dumped on the market. Mathematically it is irrelevant if the result is selling pressure or lack of buying pressure. There is a downward price effect on the market either way.



+1 Same goes for 200,000 Gox BTCs to be liquidated.

And US goverment has now more than  500,000 BTC ?!? 30+k from Silk Road, 130+ personal Ullbricht stash plus 385k from this new drug dealer?

This. The amount of seized BTC that has  to be auctioned and dumped on the market is so high... At least 400K (GOX+Silk+others), if not more, probably sold well under $250 for each coin, ready to be dumped on the market at any point. Truth is, even a relatively small 20K dump could totally crash BTC's value to $50/coin.

I could literally wake up one day and see BTC's value drop 50%. This will kill BTC's  long term value, seriously scary stuff

In recent postings, you have become quite intense in your FUD spreading.    

Your above post is filled with many unfounded assumptions.   Coins would have to be sold for much below market rate before there would be an incentive to dump.  I do NOT see whey the GOVT would sell BTC below market rate unless there is some kind of collusion.. .for example selling to some big bank that wants to bring down the BTC market.
I don't think that the government cares about or believes in a 'market rate' of bitcoin. The market is a manipulated game that we traders play against eachother and has meaning only to us. It is a very fragile illusion caused by hoarding and could not possibly withstand any signiifcant amount of selling. It would take a year to distribute all the those coins at market rate and doing so might cause a collapse and we're not even sure bitcoin will survive till then without some kind of technical glitch. The government is not a big bitcoin bull like you. The government does not want to speculate. What the government wants is cash, in their pocket, now. So if they can manage to sell all the coins and get a substantial amount of cash via large block trades under market rates offline, then they will do so and that would be great for them - a big success. They want a certainty, and a closed deal. I believe this is how the government operates will all kinds of seized assets, selling them at auctions for ridiculously low prices.

I agree that government officials don't care about the price of bitcoin. However, as those forfeited bitcoins are public assets, it is their DUTY to sell them at the highest price as possible, or at least a "fair price" at the time of sale. Otherwise, a corrupt official could easily indirectly sell the bitcoins to himself at $1 each.

Also, I don't see why auctions must lead to a ridiculously low price. A public, open auction should lead to a fair price.



135. Post 6453213 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.41h):

Quote from: TERA on April 29, 2014, 09:48:02 AM
My break-even price is $0, so I'm gonna be around here for a while  Wink
My break even price is -($2500)
Congrats. Mine is only -(low 3 figures).
I figured $0 is end-game for everyone, so didn't bother with negative values... it would be an interesting time when you'd actually be paying people to take bitcoin from you... I'd imagine it to be highly illegal (probably banned 500 times by China by then)
Bitcoin is banned by the federal government and if you are caught owning bitcoin, you pay a fine of 2,500 per coin.


The (US) federal gov has nothing to do for me



136. Post 6476478 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.41h):

Quote from: chessnut on April 30, 2014, 09:19:15 AM

a gaming company just bought 40k BTC.... there's your fresh fiat.



I say once again this "news" is typical Chinese bullshit



137. Post 6555688 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.42h):

Quote from: seljo on May 05, 2014, 02:13:33 PM
What happened to Loaded?
I think he is still trying to get his hands around MagicalTux neck.  Wink  Grin

I think he's fine as long as his 40000 BTC is not moved: https://blockchain.info/address/14j6jLececs66ZQ8ew6vTFNiEn2NupacWJ



138. Post 6585903 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.43h):

Quote from: TERA on May 07, 2014, 04:19:56 AM
so, huobi is going to be localbitcoins now?

The PBOC ban will catalyze the technological innovation in decentralized exchanges.

Buyer will directly transfer fiat to the seller through online banking. With some cryptography the auditor could verify the bank transaction without knowing the online banking password of the payer or payee. This is not only theoretical. The actual development is in progress. Read more at: https://bitcointalk.org/index.php?topic=173220.msg6160307#msg6160307

PBOC can't kill bitcoin. What doesn't kill you makes you stronger.



139. Post 6586712 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.43h):

Quote from: billyjoeallen on May 07, 2014, 06:00:37 AM

PBOC can't kill bitcoin. What doesn't kill you makes you stronger.

I agree with this, but in the short term that which doesn't kill you makes you cheaper.

As you have survived the 2011 great bear market, you are here for long-term, aren't you?



140. Post 6589625 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.43h):

Quote from: wachtwoord on May 07, 2014, 10:06:20 AM
great things are coming with ripple, why you guys are still in denial ?
Ripple is completely irrelevant to this community. It is a centralized system - nothing to do with cryptocurrencies. It is like saying "great things are coming with Google" - so what?

Ripple is not centralized like many others you still fail to get what it is.
This is totally relevant to this community since it will leverage lower transaction fees, instant money trade ...etc

Ripple is far more powerful than bitcoin whatever you say, A first bank, Fidor, has adopted ripple and it's just the beginning...

It is centralized. He's exactly right.

Please stop quoting him



141. Post 6630362 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.43h):

Quote from: Blitz­ on May 09, 2014, 11:05:30 AM
But why exactly did the Chinese exchanges pull out of the bitcoin summit, and what is the real chance they shutdown without notice in the next days?

Shutdown without notice is not that high I think, the chance of a shutdown notice being published is very likely imo.
With a deadline or two, of course!

The latest rumor is shutdown before 30 June



142. Post 6737484 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.44h):

Quote from: JorgeStolfi on May 15, 2014, 05:01:21 AM
I can't find any new facts about China; only news, such as these:

International Business Times, 2014-05-13:
Chinese Bitcoin Exchanges Planning to go Offshore to Escape PBOC Crackdown
http://www.ibtimes.co.uk/chinese-bitcoin-exchanges-planning-go-offshore-escape-pboc-crackdown-1448335
"Leon Li, founder and CEO of Huobi [said:] 'We don't want to touch the customers' money in China, because maybe [regulation] is going to get worse'"

Want China Times, 2014-05-10
Trading platforms struggle as more banks ban bitcoin in China
http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20140510000119&cid=1102&MainCatID=11
"'If China maintains tough regulatory policies, the price of bitcoin will definitely keep dropping, 'said Du Jun, co-founder of Huobi. [ ... ] Li Qiyuan, CEO of BTC China, said more exchanges may close down in the future."

Yet, looking at the charts, it seems that the Chinese traders are growing more confident, gradually.  It is the "plane didn't crash yet, perhaps there is no ground below" syndrome?

On the other hand, I understand that some customers of FXBTC are furious because the exchange shut down at 24:00 of May/09 instead of 00:00 of May/10, as they had announced:
http://bitcoinnewsbrief.com/blog/2014/05/14/shutdown-of-chinas-fxbtc-exchange-leads-to-customer-outrage/
Huh Cheesy 

isn't 24:00 of May/09 = 00:00 of May/10?



143. Post 6769451 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.45h):

Quote from: MANofthePEOPLE on May 16, 2014, 07:49:39 PM
What happened to the order book at stamp? Only 4k btc until $400

I see ~10k



144. Post 6875772 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.46h):

Quote from: JorgeStolfi on May 22, 2014, 02:49:46 PM

Indeed, and that is the problem:  many external factors are sudden and unpredictable, and the magnitude of their effect is largely unpredictable as weel.  But, in retrospect ,the causal connections are very clear.  

One cannot predict, from price analysis or any other way, whether and when there will be further moves against bitcoin by the Chinese government.  One can say however that if that happens then the price will probably fall by tens or dollars or more, depending on the severity of the move.  And if the PBoC reverses its policy about banks x exchanges, then the price may shoot up by hundreds of dollars.  On the other hand one can predict that if another store chain accepts bitcoin through BitPay, then the price will hardly twitch.

Since the last rally was due to the opening of the Chinese market, another rally to 10'000$ would require opening another market even bigger than the Chinese one.  Perhaps some big regulatory change would attract big investors in the US or Europe; but who can predict that?

It is not rational to expect that new markets will continue to open at regular intervals, each 10x bigger than the previous one, just because there were three such events before with roughly similar spacing.


Your whole argument fails here. BTCChina was established in 2011 after the $32 bubble. Bitcoin has been opening to Chinese since that was only $2



145. Post 6876741 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.46h):

Quote from: JorgeStolfi on May 22, 2014, 03:45:34 PM
Quote
Since the last rally was due to the opening of the Chinese market,

Your whole argument fails here. BTCChina was established in 2011 after the $32 bubble. Bitcoin has been opening to Chinese since that was only $2
In early 2013 Bobby Lee joined tiny Shanghai-based BTC-China: http://en.wikipedia.org/wiki/BTC_China  With experience from other large companies, he apparently improved their marketing and operations.  That seems to have coincided with the start of the early 2013 rally.

Shanghai is a special economic zone of China; I don't know whether that was a limiting factor for further expansion of BTC-China in the rest of the coutry.  In any case, Huobi and OKCoin later opened in Beijing, offering zero-fee trading.  Again, the time of their opening (second half of 2013) seems to coincide with the start of the October-November rally, whose first signs are detectable in late September.  (Looking at the daily volumes, it seems that they stole most of BTC-China's customers.)  

A couple of months ago, China had about 95% of the worlds trade volume.  People have claimed that most of their volume was fake, but I have not seen any sign of that.  (On the other hand, a large fraction of the volume in Western exchanges must be merely arbitrage with China.)  And, even if half of the Chinese volume was fake, the other half would still  be 90% of the world's total.

As I just posted, until last month the Chinese traders were obviously setting the price, and the rest of the world was just following the,.  (That may still be the case now, not clear yet.)

All events are confounded

The early 2013 rally followed block reward halve and the release the AVALON, the first ASIC

The late 2013 rally started 10 days after the death of SilkRoad

So I could say both rallies were triggered by improvement in fundamentals, not speculation



146. Post 6897157 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.46h):

Quote from: dreamspark on May 23, 2014, 04:11:36 PM
I don't see no triple bottoms or double tops, apart from the double top we just bounced of that met the last high in April.

There's your double top



Unless it goes below 470, it is not a double top.



147. Post 6941320 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.47h):

Quote from: JorgeStolfi on May 26, 2014, 03:37:18 AM
Suddenly the price freezes, volume drops, and silence falls on the forums.  It is that tense moment right before the tyrannosaur jumps out of the jungle.

Or maybe just lunchtime in China.



As a computer science professor with academic interest in bitcoin only, and not owner, not trader, the right section for you is "Development & Technical Discussion", not "Speculation".

As a computer science professor who is very skeptical of bitcoin's longterm success, the right thing to do is to criticize the design of the blockchain, not to concern when do Chinese people have their lunch



148. Post 6941663 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.47h):



Look at the 1-day RSI chart. The pattern is repeating. If that's true, we should keep raising to 700-ish, stabilize at 600-ish for a month, and the real bubble begins at July.



149. Post 6941837 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.47h):

Quote from: YipYip on May 26, 2014, 04:26:08 AM


Look at the 1-day RSI chart. The pattern is repeating. If that's true, we should keep raising to 700-ish, stabilize at 600-ish for a month, and the real bubble begins at July.

everybody goes history does not repeat blah blah blah

But i agree this biatch certainly is doing a very good impression of the same thing ...

Maybe we should say humans repeating their same mistakes or humans not changing their behaviour in the context of (GREED/FEAR)

Further zooming out you will see this pattern has happened 3 times in a row




150. Post 6946348 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.47h):

Quote from: JorgeStolfi on May 26, 2014, 10:31:45 AM
As for the rest of the bitcoin protocol, and the Satoshi blockchain in particular, I am more skeptical than ever.


From you posting history, you seems much more interested in the timing of Chinese people eating and sleeping, rather than the design of blockchain.



151. Post 6962368 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.47h):

There is an alternative theory for Willy, saying that it's a special API for whales.

Quote from: JorgeStolfi on May 27, 2014, 03:29:46 AM
In case anyone cares, the Willy Report got coverage in Chinese e-media today (which is alread Tue May/27 in China)

比特币去年年末暴涨,是因为机器人交易?
[GT]Bitcoin skyrocketed late last year , because the robot trading ?[/GT]
2014-05-27 08:32:59 Source: ZDNet
http://tech.163.com/14/0527/08/9T85SOTU000915BF.html

There seem to be an interesting article in the Atlantic Monthly about the future of digital payments in general, many Chinese sources are copying it.

If I understand correctly this camera review article, even consumer video cameras are being infected with bitcoin mining viruses:
http://www.qianjia.com/html/2014-05/27_231277.html
商用网络摄像机,你往何处去
[GT]Commercial network cameras, you where to go[/GT]
Quote
[ ... ] 有安全研究人员发现,国内某知名安防企业的数字硬盘录像机存在安全问题,作为用于存储摄像头视频数据的设备,由于弱口令而被感染了病毒。此外,设备还被安装了比特币挖矿程序。显然这个病毒是专门针对目前的ARMLinux设备,那目前国内的同类型系统都涉及到这个风险。
[ ... ]Security researchers have found that there is a well-known domestic enterprises security DVR security issues, as the camera equipment used to store video data , due to the weak passwords have been infected with a virus . In addition , the device also bitcoin mining program installed. Obviously, this virus is specifically targeted at the ARMLinux equipment , the same type that the current domestic system are related to this risk.

Today's Chinese lesson:

暗黑币 = Ànhēi Bì = Dark Coin

(Its recent 15-fold price rally got some attention in Chinese e-news today.)



152. Post 6964346 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.47h):

Quote from: rpietila on May 27, 2014, 06:19:25 AM
Here's a tip for those people who keep dumping around 600. If you don't dump the price will go up and your coins will be worth more. Crazy rocket science, i know.

That's a prisoner's dilemma type situation though that could never happen in practice, because one bad actor dumps and takes advantage of the other people holding.

Anyone who dumps here without buying back in short order is as stupid as I was in 9/2013 selling 2,000+ btc, my biggest (and by and large the only) really stupid trade.

That's not bad if you could learn from your mistake and 2000BTC was only a small portion of your profile.



153. Post 6965759 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.47h):

Quote from: dnaleor on May 27, 2014, 08:24:52 AM
And we have a new trend channel Smiley



If this channel will not fail, we will hit 1000 USD again bwentween june 17 and 23.
We will see if this rapid rising exchange rate will continue, but in Bitcoin, nothing is impossible Wink

This channel is growing too fast. I guess it will be broken today.



154. Post 6983854 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.47h):

Quote from: williamj2543 on May 28, 2014, 01:28:46 AM
I really want the bitcoin price to skyrocket. I am saving up for a triple monitor setup and right now i have ~0.23 BTC, and I want the price to be at LEAST 1000$ when I cash out, until then, I won't be cashing out, and I will be left with less money to spend...

0.23BTC @ 1000$ won't even buy you 1 really good monitor. Why would you need 3 monitors to watch the price?



155. Post 6988444 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.47h):

Quote from: edwardspitz on May 28, 2014, 09:08:53 AM
There must be some new FUD out... Otherwise I can't see why traders @ OKCoin would dump 3-5000 coins into that ever expanding bid wall at 3565.

Do you mean 3-500?



156. Post 7008619 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.48h):

Quote from: YogoH on May 29, 2014, 06:31:03 AM
Wal-Mart now selling Butterfly Labs bitcoin miners.


Who is down to take advantage of their return policy?

http://www.walmart.com/ip/Butterfly-Labs-Bitcoin-Miner-10-GH-S-Processor-USB-2.0-BF0010G/34952957

It takes 36 months for ROI!



157. Post 7057120 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.48h):

Quote from: oda.krell on May 31, 2014, 04:20:36 PM
In the event of no good or bad press, based on the charts we're due for another pop over 630 approximately June 2-3.  


I've been saying it for the last few days and I will say it again. $666 by Monday. Once the walls are removed/eaten that's the next stop. It seams to be a favorite hangout spot and then we will either crash back to $610-$605 or continue our rise. If we break $700 we will see a new ATH before any significant down turn.

I'm not saying you're wrong about $666 after the weekend, or even breaking $700 fairly soon. But I keep wondering how people can start seriously getting excited about the next ATH when volume still looks like this:





At some point between now and a new ATH we will need to see at least the volume of the peak days. Right now, we're at about a third to a fifth of that peak volume.

To be clear: that's not my way of saying that this rally is doomed. just that it seems way premature to even mention a new ATH before we're seeing similar volume spikes again as we did before, with upwards of 100k coins per day USD volume (and, yes, I'm okay with summing over stamp, finex and btc-e to have that count towards 100k)

You have a point but please remember in the post-gox era people do not trust exchanges as much as before



158. Post 7066054 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.49h):

Quote from: Blitz­ on June 01, 2014, 05:41:30 AM
Some people are worried about China, but China has led a long time during this past winter. Sure it will probably end in disaster, but it can last a while, and a higher price at China will make it more difficult for Bitstamp et al. to decline.

I do wish I knew why people still have funds there and why their behaviour has recently changed.

They are using "4th party processor", i.e. recharge voucher

1st parties are the exchanges and client
2nd party is the commercial banks
3rd party is the Alipay (like Paypal)

PBoC banned 2nd and 3rd parties, so the exchanges add one more layer on top of that.

All noobs and non-believers should have sold during the capitulation. The Chinese who are buying now are those really understand the value of bitcoin.



159. Post 7074477 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.49h):

The bid wall on stamp looks very thin. $660 was also a resistance in March. We may have some correction here (possibly another cup-and-handle)



160. Post 7082655 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.49h):

Quote from: jl2012 on June 01, 2014, 04:27:37 PM
The bid wall on stamp looks very thin. $660 was also a resistance in March. We may have some correction here (possibly another cup-and-handle)

cup-and-handle forming?



161. Post 7093640 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.49h):

Quote from: JayJuanGee on June 02, 2014, 05:47:55 PM
Nice surprise right when I woke up, rpietila showing his mansion at the front page of Helsingin Sanomat, Finland's largest news papers:

http://www.hs.fi/ulkomaat/Suomalaismies+osti+kartanon+bitcoinilla/a1401596630456



From the article:
"34-year old Pietilä may be one of the few people who got rich with bitcoin before the virtual currency crashed in value"  Roll Eyes

Also my first post here, been lurking tightly since the last bubble when I first learned about bitcoin and bought my first ones. Bought a little more this morning after reading the news.  Grin

He looks a lot like Anders Breivik, I reckon.


I almost hate to say this; however, I cannot resist.

If someone who looks like this guy in this picture has a lot of money, then he needs to put that money to work for his own benefit, health wise.  I am NOT talking about the genetic factors that cannot be changed, and I am sorry if there are unknown genetic factors present.

What I am suggesting is that this person, seemingly admittedly Rpietila, is looking too sickly for a 34 year old in the 21st century.  These days we have longer longevities, but this picture looks like a person who is nearly on his death bed - pale and a kind of skinny fat.

Rpietila, I make this suggestion to you without hate and with your best interest in mind - b/c I would like you to be around in 1 year or 10 years or more, if possible. 

I would prescribe changing some of the health factors that are within your control, and you have additional control over several lifestyle matters b/c you are supposedly well off in the money department (you do NOT have to work, if you do NOT want to).   

Most important is diet.  You need to make sure that you are getting sufficient quantities of meat and fat in your diet.  Red meat, fatty fish would be good to make sure as staples.   Some green vegetables would be good too.  Cut out foods with added sugars, and especially a large number of processed foods, including those with fillers such as wheat, corn and soy.  Try to limit your carbs to less than 35% of your diet.  Actually less than 20% would be o.k. too, but up to 35% is acceptable so long as those carbs are mostly whole foods, and are not dominated by processed foods and sugars.

2nd :  Sleep.  Most people need at least 6 hours per day, but 6-9 hours may be o.k.  More than 9 hours may NOT be good.

3rd:  Exercise.  Of course this can vary based on your total activities, but from the look of the picture, you have NOT been getting too much exercise in recent years.  At minimum you should be getting 2 hours per week over 3 days.  I would recommend more however, such as 4-5 hours of exercise per week.   You do NOT want to over do exercise, b/c you need to control inflammation, especially if you are NOT used to exercise.    Also, most people need to space out their exercise in order to build in rest and recuperation times, especially as we get older. You can combine resistance training such as weights with cardio-vascular.  But since it looks like you may NOT exercise too much, you may want to warm up 5-10 minutes of cardiovascular before partaking in resistance training.  Usually, it is better to save the bulk of the cardio-vascular for the end of your work-out rather than the beginning b/c you do NOT want to wear yourself out with cardio-vascular when it appears that you may need some muscle building.






2 more advice:

No smoking

Light drinking



162. Post 7109311 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.50h):

Quote from: derpinheimer on June 03, 2014, 02:18:31 PM
Still no money hitting bitstamp orderbook.. doesn't look so good to me. Huobi/Bfx are doing fairly well with bid/ask depth.

The bid on bitstamp is already healthier than 2 days ago when we hit 680 the first time



163. Post 7120336 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.50h):

Quote from: derpinheimer on June 04, 2014, 02:31:22 AM
With this dump it is looking more and more like it did right before the massive run-up in November. 

I guess this is a good sign then?  Wink

How exactly is this dump looking similar to pre-November run up?

there was massive bear traps on the way, i know, i fell in every single one.

Sorry to break it to you, but one of these is not alike.



This formation never occurred in April or November. I really doubt this rally will reach new highs.

My personal opinion: Its done.


My personal opinion: this is just a pre-rally. It will be followed by a period of stagnation and the real rally to ATH will come

Quote from: jl2012 on May 26, 2014, 04:37:18 AM


Look at the 1-day RSI chart. The pattern is repeating. If that's true, we should keep raising to 700-ish, stabilize at 600-ish for a month, and the real bubble begins at July.

everybody goes history does not repeat blah blah blah

But i agree this biatch certainly is doing a very good impression of the same thing ...

Maybe we should say humans repeating their same mistakes or humans not changing their behaviour in the context of (GREED/FEAR)

Further zooming out you will see this pattern has happened 3 times in a row





164. Post 7122457 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.50h):

Quote from: Blitz­ on June 01, 2014, 06:02:44 AM
They are using "4th party processor", i.e. recharge voucher

1st parties are the exchanges and client
2nd party is the commercial banks
3rd party is the Alipay (like Paypal)

PBoC banned 2nd and 3rd parties, so the exchanges add one more layer on top of that.

All noobs and non-believers should have sold during the capitulation. The Chinese who are buying now are those really understand the value of bitcoin.
Do they seriously think the PBOC won't ban "4th party" too, or didn't intend to ban it already? The exchange operators seem to be playing an extremely dangerous game here.

The latest rumor says that PBoC is going to ban "recharge code":

http://www.btcbbs.com/forum.php?mod=viewthread&tid=15521 (in Chinese)

This should well explain the drop to 3756CNY (600USD) at Huobi few hours ago.

The rumor says it's the Document 140/2014 of Payment and Clearing Association of China

Similar rumors have been floating for a few days, but more details is given today. It's not confirmed, but I think this should eventually happen.

Just FYI. I personally don't give a fuck to PBoC




165. Post 7122877 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.50h):

Quote from: Blitz­ on June 04, 2014, 06:56:52 AM
The latest rumor says that PBoC is going to ban "recharge code":
Boy, what a surprise. The question is, why where the Chinese ever so naive to think it wouldn't happen?

As I said, I think all cowards have gone during the bear market. The remaining Chinese traders don't really care what PBoC says. For them, this probably is the last chance to buy bitcoin easily. The overhead cost will be much higher when recharge code is banned.



166. Post 7142902 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.50h):

Quote from: machasm on June 05, 2014, 08:43:36 AM
I am offering 5000BTC at a 10% discount for sale via Paypal. PM me if interested, otherwise i will dump them in Bitstamp with a market order in 12 hours.

Escrow with JorgeStolfi at 0.5% okay?

Does JorgeStolfi even have a BTC wallet?Huh
Anyway, best of luck with the deal. Let us know if its successful. Seems dodgy to me though.

This Jorge is fake. Ignore him



167. Post 7147556 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.50h):

Quote from: GreekGeek on June 05, 2014, 01:44:03 PM
How long have we waited brothers to see the 1 week macd turn green? Its been a long 6 months but we're on the cusp guys.

I have created a "combined" BTC price by putting together the major exchanges

https://www.tradingview.com/e/lrCSkda8/

guess what?

weekly MACD has crossed to green

It is crossed on Huobi but not stamp nor btc-e



168. Post 7161457 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.51h):

Quote from: JorgeStolfi on June 05, 2014, 04:42:56 AM
On page 4, that article by Academic Prof. Kristoufek says
Quote
For examination of the relationship between the USD and Chinese Renminbi (CNY) Bitcoin markets, we use prices and volumes of the btcnCNY market which is by far the biggest CNY exchange.
But "btcnCNY" is BTC-China, which at the time the article was written (after MtGOX was found to be insolvent) was essentially dead.  No wonder his fancy wavelet method found no influence of "China" on the USD price.

He must be excused however, since his source for price series is www.bitcoincharts.com -- which STILL refuses to admit the existence of any Chinese exchange other than BTC-China.


Your account opened on Dec 2013. Do you even know anything about bitcoin before that?

BTCChina was always the leading exchange in China, until they started to charge fee in mid-December 2013. Kristoufek's analysis is mainly about the pre-2014 price, so he should look at nothing but BTCChina



169. Post 7165668 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.51h):

Quote from: JorgeStolfi on June 06, 2014, 01:38:38 PM
From that same article: "Caballero’s team has big plans aside from Facebook and is currently working on a universal tipping platform for WordPress, Drupal, Joomla, Xenforo, PHPBB and others."
But that is not good news for bitcoin, is it? It is a competitor, not an adopter.

Those scam coins will eventually be doomed to fail. The main point is Facebook allows crypto coin apps



170. Post 7166152 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.51h):

Quote from: 0x3d on June 06, 2014, 02:08:44 PM
From that same article: "Caballero’s team has big plans aside from Facebook and is currently working on a universal tipping platform for WordPress, Drupal, Joomla, Xenforo, PHPBB and others."
But that is not good news for bitcoin, is it? It is a competitor, not an adopter.

Those scam coins will eventually be doomed to fail. The main point is Facebook allows crypto coin apps

It says "Universal tipping platform" so I guess that includes Bitcoin. All of these as-of-yet BTC-unaware Joe Averages will start to see things popping up such as "Like my article/blogpost/video/whatever? Fund/support/tip me with some WhateverCoins" and that should lead to them having to buy those WhateverCoins first because of course mining is way to complicated for your Joe Average.

Also it could lead to a leveling of the Altcoin playing-field when a mass of those crypto-unaware users can buy whatever coin they deem fit for their needs which to me seems like one big step in the direction of mass adoption of cryptos in general which, correct me if I'm wrong, is what we're all waiting for.

Besides: >700 on Monday

Future's bright, nuff' said Wink

That facebook apps supports like 10 crypto coins, not including bitcoin. Although Joe Average may start with a scam coin, he will eventually find that's worthless and will go to bitcoin



171. Post 7199646 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.51h):

Quote from: JorgeStolfi on June 08, 2014, 05:00:16 PM
Some of you may be interested in this Chinese interview of Huobi's CEO, from a month ago:
https://www.huobi.com/news/index.php?a=show_notice&id=364

I hope you are not literally interpreting his words, with awkward google translation

He's just pretending a little puppy, licking the feet of PBoC, begging for the dictator's mercy



172. Post 7207295 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.51h):

Quote from: shmadz on June 09, 2014, 03:58:38 AM
Have you noticed the drop in hashrate lately. 


yeah, sorry about that, I had to go out of town for work, just logged in to see that one of my miners is off-line  Angry

just keep the price steady for me for a few days and when I get back I will rectify the hashrate problem... promise Wink


Hashrate always drops after every difficulty increase. Nothing unusual



173. Post 7209849 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.51h):

1w MACD is crossing up, while 1d MACD is crossing down. Daily RSI goes below 70. It looks very similar to the chart of Sept 2013



174. Post 7244595 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Quote from: jl2012 on June 04, 2014, 02:38:52 AM
With this dump it is looking more and more like it did right before the massive run-up in November. 

I guess this is a good sign then?  Wink

How exactly is this dump looking similar to pre-November run up?

there was massive bear traps on the way, i know, i fell in every single one.

Sorry to break it to you, but one of these is not alike.



This formation never occurred in April or November. I really doubt this rally will reach new highs.

My personal opinion: Its done.


My personal opinion: this is just a pre-rally. It will be followed by a period of stagnation and the real rally to ATH will come



Look at the 1-day RSI chart. The pattern is repeating. If that's true, we should keep raising to 700-ish, stabilize at 600-ish for a month, and the real bubble begins at July.

everybody goes history does not repeat blah blah blah

But i agree this biatch certainly is doing a very good impression of the same thing ...

Maybe we should say humans repeating their same mistakes or humans not changing their behaviour in the context of (GREED/FEAR)

Further zooming out you will see this pattern has happened 3 times in a row



Time to revisit this chart. Now the daily RSI had dropped below 70. If the pattern is going to repeat, we will get stable around 650 for at least a month. This will also form a cup-and-handle pattern on the chart.



175. Post 7245357 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Loaded Observer: https://bitcointalk.org/index.php?action=profile;u=73652

Loaded logged-in few days ago without leaving a word  Roll Eyes

(If you do not aware, he disappeared since the death of mtgox)



176. Post 7245586 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Quote from: ChrisML on June 11, 2014, 06:39:11 AM
Loaded Observer: https://bitcointalk.org/index.php?action=profile;u=73652

Loaded logged-in few days ago without leaving a word  Roll Eyes

(If you do not aware, he disappeared since the death of mtgox)

There was this other guy who wired in $50k just days before Gox filed bankruptcy.. never heard of him either.

That guy is back alive. I'm not quoting his name nor profile link for privacy reason



177. Post 7251649 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Quote from: Tzupy on June 11, 2014, 11:36:32 AM
Where's the arbitrage? It's still middle of the week. It's ridiculous how inefficient this market is.

Probably bitcoins are bought in China and sold at Bitstamp. The same happened in January with MtGox.
Some insiders expect PBoC FUD soon. It's been quiet for too long.

Buy high sell low? It doesn't make sense



178. Post 7255432 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Quote from: JorgeStolfi on June 11, 2014, 05:30:50 PM
This Chinese article from 2014-06-10 seems to report some deal between blockchain.info and OKcoin:
http://3c.ycwb.com/2014-06/10/content_6936946.htm
Google Translate is not very helpful.  Any hints?


The ex-"technical chief supervisor"* of Blockchain.info joins OKCoin

(* I don't know the exact title of his original position in blockchain.info. I just translate it literally)



179. Post 7273655 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Quote from: manfred on June 12, 2014, 04:05:45 PM
Morning everyone!   Just checked the prices for the first time today, and noticed the little slippage in the pricing...has any big news come out today or just market correction?
Just more of the same, Chinese fud
http://finance.caixin.com/2014-06-12/100689938.html

BS. This happened last week. Nothing new



180. Post 7278981 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

The auction of Silk Road coins will be the black swan event that ignites the next rocket to new ATH



181. Post 7279133 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Quote from: beetcoin on June 12, 2014, 09:46:58 PM
FYI guys, the coins will be auctioned off in 10 blocks of about 3,000 coins each... that means, at today's prices, it would be $1.8 million per block... but they'll probably get a discount, so let's say 1.5 million.

i don't think there are many investors willing to pay that kind of money. could it be something set up for wallstreeters with big backings to enter the game at a relatively low price?

Are you serious? 1.5M is just pocket change for many people.



182. Post 7279169 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Quote from: Bhosted on June 12, 2014, 09:50:15 PM
What happened to Innocent until proven guilty? How can the government sell personal property until the case is adjudicated ? This is still America?  

Those coins are Silkroad's, not DPR's. Since no one claims they are the owner of Silkroad, the US gov could sell the coins. (Claiming SR's coins is just a plea of guilty)



183. Post 7283971 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Quote from: Bitcoin_is_here_to_stay on June 13, 2014, 04:02:15 AM

What do these double spends mean? 51% attack?

EDIT: There are even triple spends. Can somebody please explain how it is related to GHash.IO exceeding 50% hashrate?

No, not related at ALL



184. Post 7284278 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Quote from: aminorex on June 13, 2014, 04:40:44 AM

What do these double spends mean? 51% attack?

EDIT: There are even triple spends. Can somebody please explain how it is related to GHash.IO exceeding 50% hashrate?

No, not related at ALL

All of those multiple spends were in blocks relayed by either cex.io or by lukejr, both of whom are known for their historical behavior of attacking cryptocurrency security using their hashing power, in lukejr's case, successfully.

A private key owner could double/triple/quadruple.....-spend his coin (of course, only one of these could be included in the blockchain). It's not related to mining pool.



185. Post 7284403 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.52h):

Quote from: aminorex on June 13, 2014, 04:51:05 AM
A private key owner could double/triple/quadruple.....-spend his coin (of course, only one of these could be included in the blockchain). It's not related to mining pool.

Not in separate blocks. 

Not sure what do you mean, but only one of the conflicting transactions could be included in all historical, current, and future blocks.



186. Post 7310065 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.53h):

Quote from: minerpumpkin on June 14, 2014, 04:22:59 PM
Finex low at 522? The heck?

long squeeze



187. Post 7329105 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.53h):

Bears please try harder. SecondMarket will bid the FBI coins: http://newsbtc.com/2014/06/14/bitcoin-trust-secondmarket-btc-trading-desk-bid-u-s-marshals-bitcoin-auction/



188. Post 7375378 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.53h):

Quote from: Globb0 on June 18, 2014, 07:31:22 AM
very true, its the vulnerability of it all, seems hackers just keep finding ways to steal other peoples coins or get coins they didn't earn or pay for lol amazing

this is my point, and if coins shoot up to thousands of dollars it is only going to be more attractive to steal/cheat them than to earn/trade/mine them.

Plus how many scammers got busted so far? I see a lot of scams have happened.

compared with other crime it seems practicaly risk free with greater potential gains too.

This could undermine the protocol, despite the fact its not directly protocol related. Credibility is important



Stealing 100,000BTC@$1 is same as stealing 1BTC@$100,000



189. Post 7436993 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.54h):

Quote from: BuildTheFuture on June 21, 2014, 03:02:04 PM
I think the blockchain.info bitcoin days destroyed chart is looking interesting. There was a spike up when the SR coin auction was announced, plenty of old coins got cashed out to raise money for bidding in the auction I guess.

You don't need to guess. That was FBI moving their coins. So your hypothesis is wrong



190. Post 7511288 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.55h):

Quote from: kireinaha on June 25, 2014, 04:12:14 PM
Bid submissions for the SR coin auction are now closed, so we can no longer claim it's interested parties attempting to keep the price down until Friday  Tongue

No, bid submission starts at Friday 10am UTC



191. Post 7511544 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.55h):

Quote from: oda.krell on June 25, 2014, 04:28:34 PM
Guys, just a few moments ago there was another USMS auction email fuckup... this time, they leaked the form every potential bidder had to fill before submitting a bid:


Quote
We received your bid request. As your bid request met some of our volume and frequency thresholds, we will have to kindly ask you to help us better understand the nature of your relationship with Bitcoin. In order to do so, we require that an additional KYC (know your customer) procedure is completed before we can proceed with the processing of your bid.

We kindly ask you to answer the following KYC questionnaire:

1. How did you learn about Bitcoin?
2. The purpose of buying Bitcoins?
3. When and how did you obtain your USD?
4. What is the reason for your activity - depositing BTC, selling, withdrawing?
5. What are your future plans and activities planned during your life?
6. Do you plan more of such bids in the future? If yes, how many and why?
8. Which bank are you using? Please provide the complete address and SWIFT code.

We kindly ask you to submit your answers and documents in a reply to this ticket.

This is FAKE

Source:

Quote
We received your withdrawal request. As your withdrawal request met some of our volume and frequency thresholds, we will have to kindly ask you to help us better understand the nature of your relationship with Bitstamp. In order to do so, we require that an additional KYC (know your customer) procedure is completed before we can proceed with the processing of your transfer.

We kindly ask you to answer the following KYC questionnaire:

1. How did you learn about Bitcoin?
2. The purpose of trading on Bitstamp?
3. What is the origin of the deposited Bitcoins? If mining, please specify your hardware specifications and submit a receipt or an invoice for your mining equipment.
4. When and how did you obtain your Bitcoins?
5. What is the reason for your activity - depositing BTC, selling, withdrawing?
6. What are your future plans and activities planned on our exchange?
7. Do you plan more of such withdrawals in the future? If yes, how many and why?
8. Which bank are you using? Please provide the complete address and SWIFT code.

We kindly ask you to submit your answers and documents in a reply to this ticket.



192. Post 7594970 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.56h):

Silbert said this and ONLY this:

Quote
Results of our US Marshals bitcoin syndicate:

Bidders - 42
Bids received - 186
BTC quantity bid - 48,013

Winners notifed by USMS on Mon

Anything else is just BS



193. Post 7595034 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.56h):

Quote from: mizzle on June 30, 2014, 08:12:29 AM
ya sorry its 48,013 coin bid. so if what he is saying is the amount of btc bid on the amount for sale. 48013 / 30000 = 1.6 btc per 1 btc sold by the government. someone do the math i can't, how much of an increase by percent ?

They could bid 48013BTC @ $1/BTC, so that would be a decrease by 600-fold



194. Post 7595323 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.56h):

Quote from: BTCfan1 on June 30, 2014, 08:31:46 AM
hot off the price heres a list of the prices for each block so far.

1 - Pantera - $900
2 - SecondMarket - $750
3 - SecondMarket - $700
4 - DRW Trading Group - $700
5 - Coinbase - $685
6 - Rangeley Capital - $660
7 - SecondMarket - $651
8 - Coinbase - $640
9 - Matrix Capital Management - $601
Block 10 - Yelp - $626
Is this list real?

Seems very unlikely that SecondMarket would enter a bid itself.  Can people see why that would be a big ethical problem?

no not real

No one will bid at $900. That's nonsense



195. Post 7595412 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.56h):

Quote from: mizzle on June 30, 2014, 08:36:52 AM
these are special ones though. you can't just get these on an exchange bruh. PS i know that list was not real i don't care I'm having fun!. today a good day for bitcoin.

These coins may carry some historical premium but definitely not 50%



196. Post 7621647 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.56h):

Quote from: wachtwoord on July 01, 2014, 03:18:19 PM
I also have one btc stowed away. In the format of a ticket for the btc1k party. It's in a corner, almost forgotten, has been accumulating dust for a while. I wouldn't mind using it before Xmas this year.

There is a good chance that the price will be 5k on the day of the btc1k party.

So the ticket to the $1k party was $1k (as you will only get to use it if Bitcoin reaches $1k again). That's quite pricey for a party ...

You can pay $650 to buy 1 bitcoin and use the bitcoin to buy a ticket now



197. Post 7621881 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.56h):

Quote from: wachtwoord on July 01, 2014, 03:29:13 PM
I also have one btc stowed away. In the format of a ticket for the btc1k party. It's in a corner, almost forgotten, has been accumulating dust for a while. I wouldn't mind using it before Xmas this year.

There is a good chance that the price will be 5k on the day of the btc1k party.

So the ticket to the $1k party was $1k (as you will only get to use it if Bitcoin reaches $1k again). That's quite pricey for a party ...

You can pay $650 to buy 1 bitcoin and use the bitcoin to buy a ticket now

But it will only count if Bitcoin reaches $1k one day so effectively it will have cost you $1k. There's no way around this.

No. Just consider it as a lottery ticket. If bitcoin will never reach 1k, you lose the money you spent on that bitcoin (say $650). If bitcoin reaches 1k someday, you still lose $650, but you get a party ticket of >$1k



198. Post 7622112 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.56h):

Quote from: wachtwoord on July 01, 2014, 03:39:26 PM
I also have one btc stowed away. In the format of a ticket for the btc1k party. It's in a corner, almost forgotten, has been accumulating dust for a while. I wouldn't mind using it before Xmas this year.

There is a good chance that the price will be 5k on the day of the btc1k party.

So the ticket to the $1k party was $1k (as you will only get to use it if Bitcoin reaches $1k again). That's quite pricey for a party ...

You can pay $650 to buy 1 bitcoin and use the bitcoin to buy a ticket now

But it will only count if Bitcoin reaches $1k one day so effectively it will have cost you $1k. There's no way around this.

No. Just consider it as a lottery ticket. If bitcoin will never reach 1k, you lose the money you spent on that bitcoin (say $650). If bitcoin reaches 1k someday, you still lose $650, but you get a party ticket of >$1k

This is all bullshit if your alternative is to hold onto the BTC1. You are still stuck thinking in fiat. Think about it.



See the highlight. YOU are the one stuck thinking in fiat, not me.



199. Post 7631831 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.57h):

Quote from: lay785 on July 02, 2014, 03:51:22 AM
So today we had two major retailers announce that they're taking bitcoin and we're now lower value than we were 24 hours ago. This market is brutal.
As many people have pointed out already, those major retailers announced that they are taking dollars -- that will come from the sale of bitcoins, mostly by bitcoin enthusiasts.  So those news may give bitcoin more visibility, but it is questionable whether they will expand the number of bitcoin owners, and they imply more coins moving from hoards into the market.

And, anyway, those news are irrelevant to the Chinese traders -- who seem to be leading the current drop.


Merchant adoption is the next step towards global acceptance after the initial investment / speculation phase. It's the next logical step and it's a good sign.

They are not taking dollars, they are taking Bitcoins. And not all of the merchants are selling 100% of the Bitcoins back to dollars by the way.

When people start to realize how easy crazy is to buy things in locally and the internet without the need of giving credit card or bank information to anyone acceptance is going to increase. It's the next natural / logical step, credit cards are a thing of the past and obsolete.



Interesting points. However I still cannot understand why someone would pay with bitcoins if rewards credit cards offer bonus cashback + services and features.
eg. many companies add an extra year warranty + some have purchase protection if item gets stolen/breaks within 90 days + protection from sellers who dont send quality goods and refuse to make good on the purchase and many more features.

Some of these benefits coupled with extra cash back (eg. I have a card that gives 2% cashback on all purchases) wont exactly make people flock to bitcoin unless they have something to hide or are paranoid and want to be "anonymous" (as if the nsa cant track you anyway...).

P.S. Of course there is a use for someone who cant get their hands on a credit card with features like those mentioned above (most people probably can though).



Do you truly believe all these bonus cashback, services, features, extra year warranty, purchase protection, and ability to charge-back are FREE? YOU are the one paying for all these crap, and even you don't want these you have no choice



200. Post 7632667 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.57h):

Quote from: lay785 on July 02, 2014, 05:31:58 AM
What the heck are you talking about, ive been getting all these benefits "for free". I have never paid a dime to any credit card company. No annual fees, no charges, nothing... I have all the above "totally free". If you have never heard about these things you should do some research.

You absolutely have, you just aren't aware of it.  Merchants are charged fees by the CC processors and those are passed onto you, the customer.  Don't think you're not paying for that shit one way or another just because you don't see the charge first hand.
Maybe there is a markup to make up for transaction fees. The point that Im making is that the merchants charge the same price whether you pay by cc or cash or bitcoin. At least I get a few % cashback + other benefits and it basically negates any markup. You pay the same price with bitcoin and get no benefits.

Therefore unless bitcoin payments get some sort of discount youd have to be pretty stupid or paranoid about the nsa snooping on you to pay via bitcoins...

SOME merchants charge you the same, but not all. Here I always buy computer parts with cash because I have to pay at least 2% extra with CC, and that could not cover those CC "benefits". For those merchants who charge you the same, the price is usually less competitive.



201. Post 7896282 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.59h):

Quote from: mmitech on July 17, 2014, 04:51:36 PM

They create a virtual currency, even if it is decentralized. This includes creating altcoins. In fact, Satoshi would have commited a crime creating Bitcoin without registration. (200.2n5)


I don't agree with this interpretation.

Quote
200.2m: Virtual Currency means any type of digital unit that is used as a medium of exchange or a form of digitally stored value or that is incorporated into payment system technology.

200.2n5: controlling, administering, or issuing a Virtual Currency.

So, by their definition, VC is the currency, not the protocol. Satoshi has published Bitcoin the protocol, but he has never "issued" Bitcoin the currency.

Mastercoin and Ripple could be in trouble, though.

 



202. Post 7897102 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_12.59h):

Quote from: theonewhowaskazu on July 17, 2014, 06:12:28 PM
This is crazy. What is the justification for forcing someone to forfeit coins after 5 years? And how the absolute fuck do they intend to enforce that? After 5 years you can easily claim you forgot your private key, or rotate your coins to a new address, or anything of that nature.

And now you can officially be a criminal for posting a combination of characters onto the internet. Wonderful  Roll Eyes

It's the dormant coins storing on exchanges, not in your own wallet



203. Post 7979984 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.00h):

Quote from: JorgeStolfi on July 23, 2014, 02:11:28 AM
Someone noted that COIN will be insured against theft.  Do they already have an insurance arrangement?

It would be interesting to know the premium and the safety procedures that were/will be required by the underwiter. 

The precautions that an individual should take to guard against theft of his personal coins seem to be well understood and adequately safe.  It is less clear what a company can do to guard against insider theft (technically embezzlement, right?), which could be committed by anyone, including its chief officer(s).

The unique features of bitcoin seem to make the risk of theft from the firm's cold wallets more severe than the risk of theft of ordinary money from its bank accounts.  All it takes is to get copies of the private keys.  Even Trezor-like hardware wallets could have secret factory-istalled backdoors or be swapped for malicious counterfeits...


There is no perfect solution.

Putting money in bank account may protect you from ordinary theft, but it allows the bank and the government to rob you, LEGALLY.

Paper wallet is always the best way for cold storage. IMHO it is just too risky to use hardware wallet, basically a black box, to store a huge amount of bitcoin. It is much safer to use an offline generic computer with open source software to handle a long-term saving account.

To prevent insider theft, the insurance company may require COIN to use an M-of-N multi-sig address. N chief officers will generate private keys privately and independently. Each chief officer will physically sign a statement like this:

Quote
I, <name>, am the generator of the private key for <public key>. The private key is stored in the vaults of <bank A> and <bank B>. Except the copies in the said vaults, there is neither physical nor digital copy of the private key.

In case a theft occurred without breaking the vaults, these chief officers would have civil and even criminal liability.

So the only problem left is the physical security of the vault. The risk is actually much smaller than storing gold in vaults because it is impossible to have M-of-N multi-sig gold.



204. Post 7980118 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.00h):

Quote from: JorgeStolfi on July 22, 2014, 08:23:04 PM

(3) Bitcoin's only intrinsic value is its utility as a method of payment.  Its value as an investment depends entirely on that utility.  Bitcoin is a high-risk invstment because no one can tell what the demand for that use will be, and there is a positive probability that such demand (and therefore its value) will go to zero at some point.   Approval of the ETF will not affect the expected demand for that use, nor that probability of failure. Therfore COIN shares will be just as risky an investment as bitcoin itself.  If large institutional investors do not trust bitcoin now, why would they trust COIN?

No, this is not true. A significant portion of bitcoin value comes from its utility as a storage of value: an asset that is scarce, non-confiscatable, exceptionally carriable (cf. gold), pseudonymous, uncorrelated to any traditional asset, and more.

Even for its utility as a method of payment, the approval of COIN will make bitcoin looks much more legitimate, and it will certainly attract more merchants to accept and even hold bitcoin.



205. Post 7980740 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.00h):

Quote from: JorgeStolfi on July 23, 2014, 03:45:41 AM
Putting money in bank account may protect you from ordinary theft, but it allows the bank and the government to rob you, LEGALLY.
We are talking of assets of an investment fund (or some other enterprise) that are to be insured against theft.  Some of your comments about paper wallets etc. apply to personal funds,  I have said that safety there is "solved problem" in theory.

I can't think what could be a "legal theft" of a company's assets by a bank.  Loss of deposits due to bank failure is a definite risk, but insurers presumably know how to evaluate that.  And funds should not leave their assets in bank accounts anyway.

"Legal theft" of a fund's assets by the government must be seizure because the fund did something wrong.  In that case they can seize bitcoins just as easily. (Refusing to hand over the keys to legally seized cois would be stealing government's property.)  Or are you thinking of "haircuts" on bank deposits? Again, funds should not leave their assets there.

To prevent insider theft, the insurance company may require COIN to use an M-of-N multi-sig address. N chief officers will generate private keys privately and independently. Each chief officer will physically sign a statement like this:

Quote
I, <name>, am the generator of the private key for <public key>. The private key is stored in the vaults of <bank A> and <bank B>. Except the copies in the said vaults, there is neither physical nor digital copy of the private key.

In case a theft occurred without breaking the vaults, these chief officers would have civil and even criminal liability.
The key could be be stolen as it is generated, without the officer knowing it. (Think of N non-nerd financial managers who get their wallet software installed by the same Chief Security Officer.) Therefore the officer cannot meaningfully sign the last part of that statement.

I suppose that, each time some coins have to be taken out of cols storage, the affected addresses would have to be completely emptied, due to the risk of the private keys being captured at that time; and any remainder would then be transferred to a new cold address, previously generated.

It will be interesting to see how that works out (if we get to know it).

I think it depends on how paranoid they are. To prevent the risk of bad security officer, each non-nerd financial manager will be asked to shuffle 5 decks of 54 cards privately. The manager will use a specialized hardware wallet to transform these 5 sequences into 5 key pairs. One of these 5 key pairs, together with the hardware wallet, will be stored in the vault. The other 4 key pairs, with the card sequences, will be examined by independent security officers of the COIN and insurance company.

(EDIT: For money in a bank account, you don't need to do anything wrong to have a "legal" theft. Just look at Cyprus)



206. Post 7981000 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.00h):

Quote from: JorgeStolfi on July 23, 2014, 05:06:30 AM
Quote from: Jorge_Stolfi
(3) Bitcoin's only intrinsic value is its utility as a method of payment.  Its value as an investment depends entirely on that utility.
No, this is not true. A significant portion of bitcoin value comes from its utility as a storage of value: an asset that is scarce, non-confiscatable, exceptionally carriable (cf. gold), pseudonymous, uncorrelated to any traditional asset, and more.
Those properties do not suffice to make an asset into a reliable store of value. (The last one is in fact a defect.)
Yes they do.
No they don't.  

Think again about the Pluto land example.  With the premise of UN guarantee etc, it has all the qualities that you listed.  Why wouldn't it be a good investment? The problem is not that a comet may dig a crater in your plot.  The problem is that its value is not pegged to anything.  Therefore it may perfectly go from 1 M$ to 10$ at any time, without any reason.

That in fact is what has happened to Bitcoin in the last six months: its market price has changed drastically and unpredictably, because it is not supported ("yet", you may say) by its use as currency.  The demand that lifted the price at the current 620$  was entirely speculative, and there is no argument that excludes it going to 400$ or 1200$ tomorrow. We have seen it reach both.

Or consider any altcoin, no matter how stupid.  It may never be widely used as currency, but apart from that it has the same qualities that you listed above.  If those qualities were enough, then any altcoin would be just as good an investment as bitcoin.


Not this BS again.

1oz gold is 1oz gold is 1oz gold. Its value is not pegged to anything.

Also read "Rai stones" on wikipedia

For alt-coins, bitcoin is better than alt-coins because of its novelty. You may have 1000 bitcoin clones, but Bitcoin is always the FIRST successful cryptocurrency.



207. Post 8268140 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.03h):

Quote from: JorgeStolfi on August 09, 2014, 05:44:01 PM
In other words, you're saying that people attach a speculative premium to bitcoin.  I disagree--there has always been a speculative discount relative to its utility.  This discount reflects the non-zero probability that bitcoin may fail.
True believers in the future success of bitcoin as global currency should be buying and holding even if the price rose to five figures.  That they are not means that any such true believers have run out of money so they can't influence the price any more.



A rational true believer should understand that any project has a non-zero probability to fail. Also, no one wants to live in underground sewage while holding five figures of bitcoin @ five figures USD each.



208. Post 8288993 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.03h):

Quote from: JayJuanGee on August 11, 2014, 03:15:05 AM
Today, I was able to confirm both the good luck and the superstition with 777

 I was in my local Chinese town to-go restaurant, and I told the gentleman behind the counter that i wanted 6 barbecued chicken wings and 10 soy chicken feet.  He was NOT sure about what I said and he asked the lady next to him to translate into chinese.  

When he weighed up the chicken wings, I saw the price came to $7.xx, and I had not really noticed the details of the price, I was just thinking, "shit more than $7.xx for 6 chicken wings."  Don't get me wrong, they were big-ass chicken wings, but still I was thinking about the price, and as the guy was acknowledging the price, he was getting really excited about how lucky I was and kept pointing at the wings and the box and going "oh, oh, oh..."  

I then glanced back at the price on the scale, and it was $7.77, and I just smiled and nodded in agreement with the guy, even though I was thinking that it was NOT such a big deal.  Then as he weighed my 10 soy chicken feet, he wrote down the price and threw in two extra soy chicken feet.. and he kind of winked at me.  Then I thought, "oh, there is something to the luck of $7.77 b/c I just scored two extra soy chicken feet out of the deal."    

Anyhow, rumor about lucky 7s is true in the Chinese community and confirmed  by experience of two extra soy chicken feet.


Edit:  BTW... I was thinking that since 6 chicken wings was $7.77, then 5 chicken wings would have been $6.66 and 7 chicken wings would have been $8.88.. just gotta get lucky, or unlucky with the exact weight of each chicken wing.


4 and 7, particularly 4, is more considered as bad rather than good in Chinese culture. "4" sounds like "die", and "7" is also related to death.

Commemorative banknote with 4 or 7 in the serial number will carry a lesser premium.

Just search "無47" (No 4 and 7) ( https://www.google.com.hk/search?q=%E7%84%A147 ) and you will find lots of ads of commemorative banknote trading



209. Post 8401249 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.06h):

Quote from: Sandia on August 17, 2014, 04:50:55 PM
what does that mean  P= (M * V)/T assuming that the velocity will be much lower and transactions much higher then the price will:

a) stay somehow stable if transactions and adoption are almost equal.
b) rise slowly, with no bubbles whatsoever if the adoption is slightly more than the transactions.
c) can even drop a bit if adoption slow down and current holders start using it as a currency


which confirm the theory above "the use of bitcoin will increase 1000x, therefore the price will rise 1000x, I believe the first part, but I don't think the second part follows necessarily", dont you think ?
First of all, you're doing it wrong.

P is not the exchange rate of the currency - it's the price of good and services.

With M approximately constant, and with V approximately constant, increasing T means that the cost of good and services priced in Bitcoin will fall, a.k.a the purchasing power of a bitcoin has increased.

Velocity would also depend on the application:
Store of value would have a very small velocity.  My coins have essentially zero real velocity (moving between my wallets or to an exchange should not count).
Remittance companies could theoretically churn through the same coins over and over again, yielding a high velocity.
As a currency, I would expect velocity to be similar to any other currency.

I don't think we will have an answer until btc has much wider adoption.

Using it as store of value will decrease the T



210. Post 8572423 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.09h):

Quote from: jonoiv on August 28, 2014, 04:08:01 PM

As there is a good chance many of the asics are already run at a loss.  


This is statement is unfounded at all. Electricity could be very cheap in some part of China

Quote
Maybe it's real but I don't buy it. Especailly as if "secret" in China, it would send out a massive heat signature and the authorities would think they are growing cannabis in those buildings.  

So what? The police will just find a computer farm instead of a cannabis farm.



211. Post 8573188 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.09h):

Quote from: jonoiv on August 28, 2014, 04:51:58 PM

As there is a good chance many of the asics are already run at a loss.  


This is statement is unfounded at all. Electricity could be very cheap in some part of China

Quote
Maybe it's real but I don't buy it. Especailly as if "secret" in China, it would send out a massive heat signature and the authorities would think they are growing cannabis in those buildings.  

So what? The police will just find a computer farm instead of a cannabis farm.

http://translate.google.co.uk/translate?hl=en&sl=zh-CN&u=http://www.360doc.com/relevant/212102353_more.shtml&prev=/search%3Fq%3D%25E4%25B8%25AD%25E5%259C%258B%25E9%259B%25BB%25E5%258A%259B%25E6%2588%2590%25E6%259C%25AC%26client%3Dfirefox-a%26hs%3Dzmj%26rls%3Dorg.mozilla:en-US:official%26channel%3Drcs

1.00 USD    =    6.14322 CNY

1 CNY = 0.16 cent

very low cost electricy in china is about 0.5 CNY (8 cent per KW/h)

even if the price of EQ is $2000 per TH and it the most effienet machine @ 0.7 watts per GH then it's still run at a loss and at current rates would never break even.  Even if the EQ was free, and it's the most efficient Asic available it would still only be making $12 a month by December (at current difficulty increase).   Similar conditions (only more extreme) than October last year.  BTC is very undervalued.


As for the authorities, finding such an operation I suspect the tax man might be interested, I doubt they would just walk away after finding a 1/4 of a billion $ setup.  

If that's true no one in China (and most parts of the world, actually) should be mining, as they could get more bitcoin by simply buying from the market.



212. Post 8681095 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.10h):

Quote from: JorgeStolfi on September 04, 2014, 11:43:20 PM
Please, tell me an example where someone lost bitcoins from a properly secured wallet...
First you give me an example of hackers stealing credit card information from a properly secured server.

Seriously do you think Bitcoin is less secure than fiat?
Yes I do.  How do you propose to measure that?
I propose you to encrypt the fiat from your wallet: try to give a password to your $100 fiat paper, then you can try to do a brain wallet from them...
Stupid for stupid: I propose that you write a malware that can steal a 10$ bill from my pocket.

(And note the word MEASURE.)

Just for curiosity, if some day you use bitcoin to buy a car, how will you make sure that the address that you are sending the bitcoins to is indeed the car dealer's?  What will you do if the car dealer tells you that they did not receive any bitcoins, and that their payment address is not the one you used?

Do you know you can try that 'suspicious' address from your car dealer, by sending first a few shatoshis right? Just saying...

Sure.  You scan the QR code on the screen or catalog and send 1 satoshi there.

Then you check the blockchain and see that the satoshi was indeed sent to the address displayed on the screen.

You call the dealer, and Bill from Sales confirms that the satoshi was indeed deposited in their payment address.

You then send the other 999.99999999 BTC to the same address.  So you think.

You check the blockchain and find that the second transaction went to a DIFFERENT address!

You call the store, and Bill says that the second address is not theirs.   

Then what?

OR, TO KEEP THINGS SMPLE:

One day you find that all your bitcoins were stolen from all your paper wallets.

Then what?

(How could that happen? Hint: how did you create the paper wallets?)




One day you find that all your coins were stolen from all your wallets.

Then what?



I really can't image this kind of shit would come from a computer science professor. This is just a generic computer security problem, and is not specific to Bitcoin. If your computer is infected by malware, you will certainly lose money in many different ways. Your personal information will be used to borrow money. Your credit card number will be used to subscribe pron sites. Your files will be encrypted and you have to pay ransom. Your naked photos will be spread on Facebook.



213. Post 8681138 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.10h):

Quote from: cbeast on September 05, 2014, 04:56:03 AM
If you go to a bank and take out money to buy a car, then when you buy the car you find out the money is counterfeit? What do you do?

This does happen. People draw money from ATM and find out the money is counterfeit. The bank would never admit their fault and it's hardly possible for the customer to prove it.



214. Post 8702920 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.10h):

Quote from: JorgeStolfi on September 06, 2014, 05:05:47 PM


Indeed, there seems to be a fundamental dilemma there.  Satoshi solved the problem of secure trustless e-payments, but there is still no solution for the problem of recovering stolen coins without spoiling that primary goal.

I have some sliver coins got stolen. Please teach me how I could recover them.



215. Post 8703291 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.10h):

Quote from: JorgeStolfi on September 06, 2014, 05:51:50 PM
I have some sliver coins got stolen. Please teach me how I could recover them.
You go to the police and hope that they can catch the thief and get your coins back.
 

So just do the same in case your bitcoin is stolen.



216. Post 8705363 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.11h):

Quote from: JorgeStolfi on September 06, 2014, 06:45:00 PM
I have some sliver coins got stolen. Please teach me how I could recover them.
You go to the police and hope that they can catch the thief and get your coins back.
So just do the same in case your bitcoin is stolen.
Do you know of any case?


If they could catch DPR and seize his bitcoin I can't see why it is fundamentally impossible to catch a bitocin thief.






217. Post 8705454 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.11h):

Quote from: JorgeStolfi on September 06, 2014, 06:39:24 PM
Indeed, there seems to be a fundamental dilemma there.  Satoshi solved the problem of secure trustless e-payments, but there is still no solution for the problem of recovering stolen coins without spoiling that primary goal.

This is unsolvable. Please ponder about the definition of 'stolen' in a system where property is defined by 'knowledge of a key'.
There is no way to mathematically demonstrate that a transaction, for example, was fraudulent. Or that if two people know the same key then one is a rightful owner (whatever that means) and the other is not.

Precisely!

One fundamental flaw of  cryptocoins (that supportes consider a feature) is that they are intended to eliminate the notion of "property" for money, and leave only "possession" instead.

You have "possession" of something if you physically can use it or dispose of it as you like.

The thing is your "property" if, and only if, the  government thinks you should have possession of it, and you can get his cops and courts to get it.

If a thief steals your car, it becomes his possession; but it is still your property, because the government thinks so, and is expected to take the car from him and give it back to you, by force if needed, once he is found.  If your tenant stops paying the rent and refuses to leave, the house is still your property because the government thinks so, and will help you get the guy out.    If a hacker empties you bank account, he may get possession of the money, but that money is still your property -- only because the government thinks so.  If you fail to pay taxes by the due date, you retain possession of that money, but it will be property of the government -- just because they think it is.

There is no way to define propeprty without reference to some government.  If there is no government, there is no property, only possession; and when something gets stolen from you, it becomes the thief's possession, and that is it.  YOU (and your friends) may think that it is still your property, but the thief (and his friends) will disagree; what then?  

By design, cryptocoins (as the libertarians see them) are meant to be impossible for any government (or any other entity) to take away from their possessors.  But then, by design, no government (or any other authority) can enforce any property rights on cryptocoins.  (Indeed, early adopters had hoped that the government would be unable even to discover who has possession of the coins; and now that bitcoin has been found to be inadequate in this aspect, they  are turning to more sophisticated "truly anonymous" altcoins.)  

Therefore, there is no concept of "property" in the realm of cryptocoins.  Only "possession".

The notion of "property" as distinct from "possession" is very old; it may have been invented when humans adopted agriculture and settled down, abandoning the "share the catch" economy of nomadic hunter-gatherers.  It has become such a basic feature of society that people seem to forget what makes it work.  

Do we really want to eliminate the concept of "property" with regards to money?
  
(PS. And then there is the misleading use of "possession" instead of "knowledge" when talking about keys; but that is another issue.)

All your examples: cars, houses, bank account, tax are non-anonymous. Try again with cash, gold bullion.

Satoshi made it very clear in the title of the white paper: Bitcoin: A Peer-to-Peer Electronic Cash System. Bitcoin is e-cash, not a e-car or e-house.



218. Post 8713119 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.11h):

Quote from: JorgeStolfi on September 06, 2014, 10:07:54 PM

I know what "fungibility" means, But note the boldfaces in my post.  That is exactly what I wrote.  The court ruled that that physical  banknote was not the victim's property any more.  But of course the 20£ (as abstract amount) that the thief stole remained the victim's property, and the government would take 20£ from the thief and return then to the victim, if they were to identify him and found that he had that much money in his possession or in his bank account.

EDIT: quote markup

Same principle applies to a bitcoin theft. A bitcoin thief, if caught, will have his property gets seized and returned to the victim.

There is just no guarantee that the police would catch a banknote thief or a bitcoin thief. However, this is a matter of the police's competency, not whether bitcoin is better or worse than banknote.



219. Post 8759122 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.11h):

Quote from: ChancellorOnABrink on September 10, 2014, 11:02:08 AM




MtGox started on 17 July 2010

https://bitcointalk.org/index.php?topic=444.0



220. Post 8857776 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.13h):

Quote from: mmitech on September 17, 2014, 09:42:19 AM
What is happening with Ripple ? it did almost 10% the last 24 hours and around 30% the last 7 days ?!!!  Darkcoin also seem to be doing very well 20% in 24 hours...




A famous Chinese investor announces that he bought "some" XRP. Just an obvious pump-and-dump



221. Post 8868599 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.13h):

Quote from: keewee on September 18, 2014, 02:43:39 AM
Anyone knows loaded's stance on bitcoin these days?

I know he had a shit load of coins, probably around 80k

Must feel pretty shitty to lose all that money when price is going down lol. unless he sold

He bought the majority of his coins WELL below these prices.

40K of them are still in one address, that I think he still owns, unless he sold them all at once 11 months ago before the bubble.

https://blockchain.info/address/14j6jLececs66ZQ8ew6vTFNiEn2NupacWJ

He only verified his ownership of the 40k in that address and if they're still in the same address then he must still own them. He was also managing another 160k for other people. Would be interesting to hear from him again

He disappeared since mtgox's collapse, which "ruined his weekend". He did log-in once in June but said nothing. Actually, I suspect he's among us, posting with a different name.

Anyway, I'd be nice to here from him again. Not for any investment advice, just want to know he's okay after the mtgox mess



222. Post 8869192 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.13h):

Quote from: Bitcopia on September 18, 2014, 04:01:22 AM

The hash rate blows my mind at 275,000,000 GH/s. Litecoin's hash rate is at just under 1,000,000 MH/s equaling roughly 1/275,000 of the bitcoin hash rate. Why is the price discrepancy not greater? Wouldn't it be more profitable to mine LTC and trade it for bitcoin? What am I missing here?

Comparing the hashrate of SHA256 and Scrypt is pointless. You need to compare the cost of generating the hashrate.



223. Post 8877537 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.13h):

Quote from: fonsie on September 18, 2014, 05:34:31 PM
What would be dead is the inflated expectations of a few overzealous people. That's all.

So it's greedy if a bitcoiner buys a bitcoin sometime, ANYTIME in 2014, and expects it to more or less retain it's value? Should no one have bought any bitcoins AT ALL in 2014 and held them?

Honestly answer the question.  2014 is nearly over, it's been 10 months.
Maybe not greedy but naive? Bitcoin went up x100 in 2013. Do you expect this to just maintain its value without major corrections?

If you want to retain value short to mid term at least, then Bitcoin is not the asset to do that. Bitcoin is an asset to look for high growth, and with that growth comes the cost of RISK.

Sticky please. First post everyone should read who enters this forum.

This is what frustrates me about the constant touting of bitcoin as a "store of value." Ask anyone who bought in during 2014 how that's working out for them.

Now go ask the same question to those who bought in 2012/2013 and come back in a few years.


I still remember the day Pirate's ponzi collapsed in August 2012. It crashed from $15 to $7. (I wonder how many here know who's Pirate)

I still remember the day when MtGox got DDoSed in April 2013. It crashed from $266 to $100.



224. Post 8877656 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.13h):

Quote from: Blitz­ on September 18, 2014, 05:42:57 PM
I still remember the day Pirate's ponzi collapsed in August 2012. It crashed from $15 to $7. (I wonder how many here know who's Pirate)

I still remember the day when MtGox got DDoSed in April 2013. It crashed from $266 to $50.
FTFY

I always spell it wrong  Tongue

For the 2013 one it only dropped to $105 on that day. The $50 bottom was made in the second wave



225. Post 8877674 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.13h):

Quote from: adamstgBit on September 18, 2014, 05:44:58 PM
I still remember the day Pirate's ponzi collapsed in August 2012. It crashed from $15 to $7. (I wonder how many here know who's Pirate)

I still remember the day when MtGox got DDoSed in April 2013. It crashed from $266 to $50.
FTFY

this is well documented in the first 100 pages of this thread.

You mean the original wall observer?



226. Post 8888885 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.14h):

Quote from: Malin Keshar on September 19, 2014, 01:37:36 PM
FUUUU almost a hour and a half and no confirmation.


Why the price crashed just when I needed to transfer some coins Sad

blockchain.info is broken. The height now is 321524



227. Post 9081328 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.19h):

Quote from: Blitz­ on October 04, 2014, 02:48:39 PM
So cheap coins are now or should I wait for even cheaper prices?

Why would these dumpers stop here? They will go on till Bitcoin is completely worthless.
I don't have a problem with cheap coins.

PS: The multi month downtrend isn't manipulated/manufactured, it's because there isn't enough buying to counteract the supply.

How do you know Blitz?
I can't prove it (how could you even rely on the phony exchange's data we have?), but it's my strong suspicion as someone who's seen it before in this asset. Bubble pops, money slowly leaves, miner profit margins (at record highs in winter due to the switch to ASIC tech) shrink compelling them to hoard less of the mined coins. It's natural bubble deflation.

No manipulator can control the prices over such long peridos without incurring losses. If you think that, then you basically ascribe him a deity status.

You guys are just looking for someone to blame. But it is nothing special.

Yes, I believe the current situation is purely an imbalance of demand and supply, and is not something fundamental. This certainly hurts anyone with a long position but if you are not in leverage and have enough fiat to pay all your bills, you should have nothing to worry.



228. Post 9783801 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.38h):

Quote from: JorgeStolfi on December 09, 2014, 07:37:38 AM
The dip may have been due to a rumor about China's Unionpay doing something about their connection to bitcoin exchanges.
The rumor however has been denied, it is claimed.
http://www.reddit.com/r/Bitcoin/comments/2oqf3i/someone_disclosed_the_news_china_unionpay_will/

Unionpay has NEVER played any important role in the transfer of fiat to and from Chinese exchanges. Even if the news was true the impact would be small.



229. Post 9783860 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.38h):

Quote from: JorgeStolfi on December 09, 2014, 07:53:38 AM
"Falcon Global Capital closed its bitcoin fund because of slow demand, said co-founder Brett Stapper. "
http://www.moneynews.com/investinganalysis/bitcoin-fund-slow-demand/2014/12/08/id/611833/



Bitcoin didn't make them 50x richer in 10 months so they close fund?

Anyway, the secondmarket fund is still doing well



230. Post 9783920 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.38h):

Quote from: JorgeStolfi on December 09, 2014, 08:03:48 AM
Yesterday's Blockchain.info debacle (weak keys, sometimes same private keys given to different users; coins stolen, unknow losses) happened because someone decided to "improve"  the random number generator:
https://github.com/blockchain/My-Wallet/commit/98d5a7ca59ef04d06ac6aee468634b12975a0f5c


bc.info is nothing but a fancy UI. It is never a reliable wallet



231. Post 9857472 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.39h):

The worst currency today is not Bitcoin. It's Ruble. It's down 10% today even after raising interest for 6.5%

http://finance.yahoo.com/q?s=RUBUSD=X



232. Post 9993337 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.42h):

Quote from: BitAddict on December 31, 2014, 01:59:16 PM

5th amendment Cheesy to the filing this time I guess the juicy part was them outlining the shares to be sold. I wish the process would have a better time it will take the SEC to approve/disapprove

So is it approved yet?

I have no fucking clue, thanks to the vagueness of everything.

Typical Wall Street

If you read in the main sec.gov COIN page:

Filing Date
2014-12-31
Accepted
2014-12-30 21:10:03

Documents
14

So, I guess it is already accepted and they will work now to launch it.

NO. It always says "accepted", e.g. the first submission: http://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/0001193125-13-279830-index.htm



233. Post 10106171 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.46h):

Quote from: JorgeStolfi on January 10, 2015, 07:01:07 PM
Well ironically the winkelvoss ETF would be a derivative. Their company plans to purchase one BTC for every 5 shares in the etf owned. Unfortunately this is exactly what BTC needs right now to allow the gamblers a regulated environment for purchasing BTC with stupid amounts of money.

Except that the first 200'000 BTC or so will be purchased from the Winkles' personal holdings.

Source?



234. Post 10122012 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.46h):

Quote from: JorgeStolfi on January 10, 2015, 07:57:11 PM
Well ironically the winkelvoss ETF would be a derivative. Their company plans to purchase one BTC for every 5 shares in the etf owned. Unfortunately this is exactly what BTC needs right now to allow the gamblers a regulated environment for purchasing BTC with stupid amounts of money.
Except that the first 200'000 BTC or so will be purchased from the Winkles' personal holdings.
Source?
They are rumored to have 200'000 BTC.  The SEC filing says that the initial offer will be 1 million shares each representing 0.2 BTC.



So that's your pure speculation.

As far as I know, they bought those bitcoin at 2 digits. If they wanted to sell, they could have sold anytime since late 2013 in the open market with sound profit. Why do they need to wait for SEC approval?

Quote
Why do you think they (or anyone) would want to create a bitcoin ETF?

Same question could be asked for any commodity ETF. One reason is to earn management fee. An ETF on NASDAQ will also significantly improve the liquidity of the bitcoin market and increase the value of their personal stash.



235. Post 10333536 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.55h):

Quote from: 12345mm on February 02, 2015, 10:17:47 AM
wow ... 7 billion people on this planet ... this is the major forum for bitcoin ... and this is the major thread for ongoing price discussion ... and nobody even bothers to post in several hours ... silence speaks volumes ... nobody cares anymore ... the only involved people left are the fanatics ... everyone else is back to living in the real world ...

There are only a few million individuals that are part of bitcoin.

a million people using bitcoin out of the global population is 0.000142857 % ... according to my math ... do explain how that counts as a mass adopted global currency ...

Your math fails.



236. Post 10396338 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.57h):

Quote from: JorgeStolfi on February 08, 2015, 04:13:04 PM
"Mycoin.hk", a bitcoin thing in Hong Kong, apparenly closed without warning and owners disappeared with all clients coins.  Losses seem to be about 3 billion yuan, or 500 million USD -- on the same level as the MtGOX collapse.

The nature of mycoin.hk's business was not clear.  It apparently involved mining, and perhaps some Ponzi-like scheme.  I could not tell whether it also worked as a live exchange.

Article in Chinese:
http://hk.apple.nextmedia.com/news/art/20150208/19034053

Google translation:
Quote
WASHINGTON virtual currency Bitcoin (Bitcoin) once touted, Hong Kong discovered bust incident involving three billion yuan. Legislative Councillor Leung Yiu-chung received nearly ten investors in Bitcoin for help, said the suspect was a bit currency trading scams and storage platform, the largest loss of over $ 10 million estimate amounted to 30 the number of people affected, involving an amount or up to three billion yuan, victims today collective police. […]

EDIT: See also the reddit thread.  One comment in there claims that the report is incorrect.

It's a Ponzi involving some kind of mining contract. The scammer said they would pay 0.64BTC of interest per day for every 90BTC investment.

By the way, they claim 3 billion HKD, not CNY. But this 3 billion HKD is pulled out of their ass. Only 30 victims seek help and they claims loss of 1 million HKD on average. The legislative councillor speculates that there are 3000 victims and ALL OF THEM lost 1 million HKD. That's how the 3 billion HKD calculated.



237. Post 10396581 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.57h):

Quote from: JorgeStolfi on February 08, 2015, 04:31:48 PM
Google translation:
Quote
WASHINGTON virtual currency Bitcoin (Bitcoin) once touted, Hong Kong discovered bust incident involving three billion yuan. Legislative Councillor Leung Yiu-chung received nearly ten investors in Bitcoin for help, said the suspect was a bit currency trading scams and storage platform, the largest loss of over $ 10 million estimate amounted to 30 the number of people affected, involving an amount or up to three billion yuan, victims today collective police. […]

EDIT: See also the reddit thread.  One comment in there claims that the report is incorrect.
Never heard of that site, 500 million USD? what? How is that even possible for an unknown site like that to have so many funds?

The math does not seem right.  If I understood the translation correctly, 30 victims sought the police and some losses (the largest ones?) were 10 million yuan.  That would be 300 million yuan, not 3 billion.  

Perhaps the reporter goofed?

Perhaps they extrapolated to 300 clients?

Number digits in China and Japan are traditionally grouped by fours rather than by threes, so that "2 million" is written "200 万" where 万 means "ten thousand".  Perhaps that is the source of confusion, either by the reporter or by Google Transalte?


EDIT: forget it, see the post by @jl2012 above

The land area of Hong Kong is just about the same as the New York City. If there were 3000 people here all losing 1 million HKD (129000 USD), I would literally expect blood on street.



238. Post 10503526 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_13.59h):

Quote from: Fatman3001 on February 18, 2015, 06:12:06 PM

But this has been known for ages. Not the exact date, but there isn't much left of Q1.

The sale is expected, but it's really annoying that they are not selling all 98000BTC this round.



239. Post 10972878 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.08h):

Quote from: JorgeStolfi on April 03, 2015, 05:29:13 PM
You speak in what if's with little knowledge of the subject or that mater what "miners" want. No alts for starters...  A larger block size would solve transaction limits as was the original intent.

Did you read the posts?

Adam wrote that it was so difficult to get consensus on even trivial changes like increasing block size, imagine on postponing the halving.  I just pointed out that the miners will have no monetary gain with larger blocks, but would have a huge one with the postponement.

Last time I checked, the top 4-6 miners had more than 51% and were all in China.  Do we know what they may want?  

Since that "attack" would not be risk free, the top miners will not want to risk it unless they have much more than 51%.  Also, if the price more than doubles before that, say 800 $/BTC by early 2016, they would probably regain a comfortable profit margin and may be happy with it.

But with the price at 800 $/BTC, on the other hand, postponing the halving would give them ~500 M$ of extra revenue per year...

Yes but ONLY IF Bitstamp, Bitfinex, Bitpay, BTC-E, Second Market BIT, Winklevoss fund, etc accept these "Bitcoin"



240. Post 10973123 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.08h):

Quote from: JorgeStolfi on April 03, 2015, 06:10:23 PM
in any case, if one small group starts to mine this 25mill BTC bitcoin fork, it doesn't it mean everyone else can't continue to mine the original 21mill BTC bitcoin. And there would be HUGE incentive for poeple like me (highly invested but never got a miner) to get a miner and add hashrate to the original 21mill BTC bitcoin.

it would be like this massive cryptonic-hashrate-cyber war
fucking wonderful!

I discussed that "attack" at length in another thread.  It will be a small group of half a dozen miners, but it will have more than half of the global hashpower.  WIth that power they can still profitably mine the 25 M chain and jam the original one so that it becomes unusable and un-mineable.  


In that case, bitcoin is DEAD. Both the 21M and 25M forks are dead. No one will trust the miners in the 25M fork because that can easily extend it to a 250M fork in the same way. Finally, miners will just mine for nothing valuable.

Congratulations, you have just rediscovered 51% attack.

Quote from: JorgeStolfi on April 03, 2015, 06:10:23 PM
On the other hand, if he upgrades and the attack then fails, his coins will still be there on the 21 M chain, unspent.  Again, for the typical user, the decision to upgrade should be a no-brainer.

Yes, but with the reason above, no one will exchange anything valuable with those bitcoin, no matter the 21M or 25M fork



241. Post 10973180 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.08h):

Quote from: adamstgBit on April 03, 2015, 06:23:48 PM
in any case, if one small group starts to mine this 25mill BTC bitcoin fork, it doesn't it mean everyone else can't continue to mine the original 21mill BTC bitcoin. And there would be HUGE incentive for poeple like me (highly invested but never got a miner) to get a miner and add hashrate to the original 21mill BTC bitcoin.

it would be like this massive cryptonic-hashrate-cyber war
fucking wonderful!

I discussed that "attack" at length in another thread.  It will be a small group of half a dozen miners, but it will have more than half of the global hashpower.  WIth that power they can still profitably mine the 25 M chain and jam the original one so that it becomes unusable and un-mineable. 

So, for the individual miner, he either joins the cartel on the 25 M chain, and keeps earning as much BTC as before, or keeps mining the old chain, and has all his blocks orphaned by the cartel jamming.  For the typical miner, switching should be a no-brainer.

Moreover, each client who has N coins on the original chain will get another N coins on the 25 M chain, accessible through teh same keys, whether he wants them or not. So each client can upgrade his software (at any time, before or after the fork) and use his coins, or refuse to upgrade and have his coins blocked until if and when the "attack" fails.  On the other hand, if he upgrades and the attack then fails, his coins will still be there on the 21 M chain, unspent.  Again, for the typical user, the decision to upgrade should be a no-brainer.

first no one comes close to having 50% of the network hashrate https://blockchain.info/pools

second they would need 101% of the network hash rate 50% dedicated to securing their BS version of bitcoin, and the other 50% dedicated attacking the one and only true Bitcoin.

third the great-massive-online-cryptonic-hashrate-cyber-war would make Bitcoins hashrate double overnight.

forth, who's to say we wouldn't come up with a defence against such an attack ( lets all agree to ignore BS blocks coming from the attacker )

lastly, everyone would sell there BS version of bitcoin BTC never to reinvest at any price, because we would CRUSH THEM.

With merge mining, only 51% is enough.



242. Post 11046870 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.10h):

Quote from: 12345mm on April 10, 2015, 07:38:50 PM
logically ... i think satoshi's actions can only fall into a limited # of boxes - assuming he's got access to his million bitcoins (and they weren't lost due to some freak lightning strike / house fire or something like that), he's been watching his personal value go from over $1B now down to more or less 1/4 of $1B for the last year and a half - not bothering to take any action whatsoever while this is occurring can only be explained a few ways - #1 he's fucking nuts and delusionally believes he's god or some shit like that and really thinks these things will be worth millions per btc some day and he'll rule the world ... basically satoshi is the world's biggest bulltard ... so he refuses to sell even a few thousand btc to even take a couple million $ for himself , despite seeing the value go from $1200 to $200 ... #2 he's dead / locked up in some fashion - this makes a lot of sense actually in explaining why he's been willing to sit on his btc while he's lost now nearly a billion dollars of personal net worth also nicely explains why he's disappeared for years without a peep ... #3 he's living in exile voluntarily for whatever personal reason , has given up on using money whatsoever , is living as a buddhist monk in a monestary or something like that having given up all personal possessions and sworn off money entirely ... #4 he doesn't exist outside of being a made up figurehead by the true architects of bitcoin , who *have* sold their millions of other bitcoin , relying on the mythos of "satoshi" and him not moving his bitcoins as an integral part of the sham ...

so i think those are the most likely anyway ... either the coins are fucking gone due to computer-destroying disaster , he's nuts and holding , he's dead or locked up , he's sworn off money and all personal possessions , or he doesn't exist and those coins not being moved is considered an integral part of the bitcoin scam by the true architect(s) ...

5. He is already a multi-millionaire and doesn't need more money



243. Post 11292857 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.14h):

Quote from: JorgeStolfi on May 05, 2015, 03:59:24 PM
Why would that happen?  The halving means that there will be only 1800 BTC per day to be mined rather than 3600.  Many miners will have to stop mining, starting with those with smaller efficiency (hashes per dollar of electricty and other recurrent costs).  It is not clear whether these miners will be small or large.  My guess is that mining will become more centralized, and more China-based.

The price of bitcoin has halved 2-3 times since the ATH. In terms of mining profitability, effect of price halving and reward halving are just the same, since miners are paying bills in fiat. Therefore, a planned reward halving should not have a very dramatic effect on the hashing power (see what happened after the first halving in 2012). Also, price is expected to raise after halving due to decreased supply, which will compensate at least part of the loss of reward halving.

Quote from: JorgeStolfi on May 05, 2015, 03:59:24 PM

I have seen a proposal by an Israeli mathematician to change the way miners get their blocks from pools, that he claims willo reduce the risk of centralization by letting individual miners choose which transactions to include in a block.  Perhaps.

There is that "21" company that apparently intends to put mining chips inside domestic equipment. Let's see...


Probably you are staying in the speculation forum for too long. We already have that for a long time. It is called "getblocktemplate", the BIP22 and 23. At least the Eligius pool supports GBT.

https://github.com/bitcoin/bips/blob/master/bip-0022.mediawiki
https://github.com/bitcoin/bips/blob/master/bip-0023.mediawiki

As a professor in computer science with academic interest in bitcoin only, I suggest you spend more time in the technical forum rather than the wall observer.



244. Post 11343659 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.14h):

[This is quite new. No spoilers please]

A clip for you all, turn on speaker

Background:

When: 9 May 2015
Where: Guizhou, China
Who: 80 cops
What: Rehearsal for the "Chinese Dream" event

https://www.youtube.com/watch?v=5TdARfnvSDg



245. Post 11797386 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.19h):

7.4% ballot counted. It's clearly OXI  Grin




246. Post 11797510 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.19h):

Quote from: esse83 on July 05, 2015, 05:34:07 PM
Official referendum result page [English]EUROZONE

http://ekloges.ypes.gr/current/e/public/index.html?lang=en#{"cls":"main","params":{}}

17.83% counted. 60.36% OXI



247. Post 11869733 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.21h):

Quote from: aztecminer on July 13, 2015, 03:24:04 PM

yes.. for now. because the central banks are buying and hoarding metals atm.. the point here is you guys think bitcoin is going to be the replacement currency for the failing usd and suddenly we will all be buying boats... in my scenario: when the usd finally fails there will be a bank holiday and capital controls, a new currency will be rolled out that will be metals backed. the old fiat usd will be exchanged for the new currency and our bitcoins will be revalued in the new metals backed currency. .. we wont be buying boats by holding bitcoins .. instead we will take another huge loss like many of us have during the big pump and dump .

we wont be trading 'gold coins' on the street. we will trade our metals into a depository for the new metals backed currency. and we will trade our bitcoins for a lot less of the new currency than what they are worth in fiat dollars today. we're going to take a haircut just like holders of fiat usd. you are betting that bitcoins will replace the fiat "in god we trust" for the fed to print and manipulate dollar and it's not going to .

This is nonsense

Let say now 1 BTC = 1 USD = 1 burger. When USD collapses and is replaced, that becomes 1 BTC = 100 USD = 1 New-USD = 1 burger. BTC holders can still enjoy a burger, while USD holders can only have 1/100 of a burger.



248. Post 11930743 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.21h):

Quote from: BlackSpidy on July 21, 2015, 04:48:40 AM
nah probably not... it is more likely 'all of us' bitcoiners will take a nice big haircut during the 'big block of cheese day' which many of us know is coming. too many issues with bitcoin right now. what happens when peeps die and no one can un-encrypt their wallets ?? value goes up because there is less bitcoins ?? if an EMP strikes then no one can buy anything cuz all currency is cryptos .. that wont work because it is a weakness.. one EMP bomb takes out a countries entire economic infrastructure ??

if it does go to 32k+ that would be great because i have a few bitcoins.. but i think gold will be 32k+ before bitcoins will be....

ripple has just as good if not better chance at the new generation of fiat currency than does bitcoin because at least they are straight forward about making more coins when people lose their coins.. eventually bitcoin will be forced to 'create out of thin air' more bitcoins and we all know how that is going to turn out. when tell everyone your never going to make more bitcoins and that is why your different than fiat when you know you will be forced to print more at some point is not being straight forward. and when you finally print more then you are a glorified fiat.. ..... sure its innovating but it has problems that going to take a lot more innovation to be resolved... it is doubtful there is enough time left to fix all of it's shortcomings.

and bitcoin is backed by NOTHING...  it's intrinsic.. hhahhahha.

What happens when people die and nobody can un-encrypt their wallets? Sad day for whoever's next of kin. That's not a problem with bitcoin, that is the problem of one idiot user not taking his own mortality into account when handling his money. A nationwide wildfire could theoretically destroy an entire nation's fiat, you know how common nation-wide EMP blasts are? As common as nation-wide fires. And last time I checked EMPs DO NO DAMAGE TO PAPER WALLETS. How dare you call yourself a miner when displaying such blatant ignorance!? Back up your shit, and it's good against the destruction of the backed-up material. If you have bitcoin and two neurons to rub together, you have several backups in several forms and storage means.

Yeah, at the time, 32K seems excessive. I think we'll be at 10K by 2020, tops.

Sure, any other and more widely accepted crypto has a chance at being as (or more) popular and widely used than bitcoin. And we can sit here and type for days about the millions of hypothetical scenarios where bitcoin ends below the competition (be it fiat or altcoins). One bitcoin is 1 billion satoshi. There will be 21 million billion satoshi by the time all bitcoin are mined. Even if 90% of that is lost, we will have 2.1 million billion satoshi... are those not enough to circulate? There are $5 trillion in printed cash in the world. There is (the equivalent) of 500 trillion pennies in cash in the world at the moment (according to this: http://gizmodo.com/5995301/how-much-money-is-there-on-earth). Are 2,000 trillion satoshi (10% of total bitcoin that there will ever be) not enough to be used as cash!? "Eventually, it will not be enough!" what a dishonest argument. We won't have to worry about that. Our children won't have to worry about that. Our children's children might ponder that someday there might not be enough satoshi to use bitcoin as fiat... I doubt that the hypothetical scenario of having to re-start block rewards will happen this century.

No form of value exchange is intrinsically backed by anything. Gold? Just pretty looking metal, arbitrarily chosen to be valuable. Fiat? Backed by politic stability, look at what happened to the Euro over the Greek drama. Crypto? Arbitrarily chose bits and bytes to represent value. So long as it's good to exchange for goods and services, I dont care what arbitrary, human-created token we use.

Just forget such stupid "we will not have enough satoshi" or "lost bitcoin is not recoverable" arguments. 2 years ago I have shown how we could indefinitely sub-divide a satoshi with a soft-fork.

https://bitcointalk.org/index.php?topic=256516.10



249. Post 12399302 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.26h):

Quote from: JorgeStolfi on September 12, 2015, 03:10:49 AM

I still believe that bitcon's price will go to zero in a few years; but almost certainly not by that route...

Would you put money where your mouth is?



250. Post 13195443 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.36h):

Quote from: philip2000uk on December 09, 2015, 03:20:59 PM
Question: Could i sell my bitcoin in wallet while being 1 year behind?
How large is 1 year 20 weeks to download?

As long as you have the wallet and password, of course you could spend your money

It may take hours and days. If you don't want to wait, you may switch to a lite client such as Electrum



251. Post 13465276 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_14.40h):

Quote from: BlindMayorBitcorn on January 06, 2016, 02:11:30 PM

bitcoin isn't gonna down deeper unless there are some of the major bugs in bitcoin.


Wait for the first roll-out of RBF. Not bugs per se, but new, unique gaming opportunities for the clever scriptwriters.

Mind you, they are in such a panic to rush this through, I'm sure there will be some fun bugs too.

RBF could be the 'killer-app' that the alternative clients need to gain traction. With less than 40% on the last core update, it will be interesting to see how many bother.

RBF seems to be a necessary ingredient for LN. Can anybody explain how?

No, LN does not need RBF. LN only needs BIP68, 112, and segregated witness



252. Post 17272090 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_15.00h):

Quote from: Loaded on December 23, 2016, 04:41:29 AM
Soon.

Nice to see you again!



253. Post 17272239 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_15.00h):

where is adamstgBit? Hope he's fine



254. Post 17363646 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_15.00h):

btccharts.com has been dead for a while. Is there any other service that allow monitoring multiple markets at the same time?




255. Post 17410784 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_15.01h):

No one is posting this?




256. Post 17410887 (copy this link) (by jl2012) (scraped on 2020-04-04_Sat_15.01h):

Quote from: offliberty on January 05, 2017, 06:16:45 PM
No one is posting this?



So, where are we according to you?

Bear trap. Clearly we are not in the Public Phase yet.