All posts made by Pzi4nk in Bitcointalk.org's Wall Observer thread
1.
Post 2118257 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.58h):
I am speculating a solid dump by Monday and prices to go down to 80 ish
Not that I disagree, but upon what are you basing this? Anyone can just throw out a number.
2.
Post 2128327 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.58h):
If you find the 3-D depth chart unhelpful, then simply ignore the Chartbuddy user - its a bot.
I just find it confusing. How is one to interpret the chart?
3.
Post 2129911 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.58h):
IF we do succeed then these prices will seem like nothing (do the math regarding the float). If we don't succeed then I'm sure we still took part in one of the greatest experiments in recent history. Think about that - governments and wealthy individuals have always controlled money. This is the first step away from that (that I can think of). Still nice to say, years from now, that you tried to do your part to change things. And if things really take off, we shouldn't lose sight of the fact that it is truly all about sharing. I'm game when that time comes, we are all in this together. (Emphasis by Pzi4nk)
I like your overall message but I wonder about the part I highlighted. Do you really think bitcoin is immune from the manipulations of wealthy people, much less governments?
Not to be inflamitory but it seems to me wherever there's a market it can be manipulated by great wealth.
4.
Post 2154757 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.58h):
Coinage Act of 1965, Section 102 states: “All coins and currencies of the United States (including Federal Reserve notes and circulating notes of Federal Reserve banks and national banking associations), regardless of when coined or issued, shall be legal tender for all debts, public and private, public charges, taxes, duties, and dues.” Only United States currencies (including Federal Reserve Notes) are currently legal tender in the US.
Keyword being LEGAL tender. Thanks for that BTW.
"An astute reader may note that legal tender only concerns the repayment of debt, taxes, duties, and dues."Citizens are free to use any currency for an
unofficial transaction.
Not familiar with any laws (or how to read them lawyer speak) so might a dumb question...but does the USD being legal tender in the US mean that other currencies are illegal? Or the other currencies can still be be used but just not legally obliged to be accepted?
That's your answer. Legal tender only matters where the government or judicial system is involved.
So you can't pay taxes in bitcoins. But you can pay your neighbor bitcoins for some vegetables.
You know, upon rereading that, that could be a really good legal loophole as long as transactions remained private. That still would prevent legal mass adoption by businesses I would think, as every legal business needs a business license issued by the government but that is an argument that could be made. Nice.
Actually, business transactions ARE private. Only debts to the government are public. There is nothing stopping businesses in the US from legally accepting bitcoin.
5.
Post 2154766 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.58h):
Can't you sue the DHS? Some loaded early adopter should be able to afford an expensive lawyer, and that's what it's all about in USA, isn't it? [emphasis by Pzi4nk]
I wouldn't limit it to the USA.
6.
Post 2159648 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
I should probably post this in the tech/dev section, but since MtGox is down, here's my proposal for a true P2P Bitcoin network independent of DARPA-tainted interwebz:
Where's the sauna vault?
+1
7.
Post 2159930 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
After reading the
seizure warrent, I'd say: not a huge deal. They target
US based money supply. Even the seized banking account at Wells Fargo was only filled with Dwolla cash, which was sent to Japan. It seems Dwolla was the only critical part. As (hopefully) the other funding options (i.e. wire transfer) aren't linked to US accounts, it should be fine.
Lesson learned today: if you want to do business in the US, you have to do proper US paperwork. And tbh this isn't something unexpected.
Any accounts that wire money to Americans are at risk. Generally, it goes offshore bank --> intermediary (US) bank --> customer bank. That's why we get MT Gox wires from Chase NY, etc. Lots of online gambling money gets nabbed by the feds this way. In reality, they can seize offshore accounts where they have existing bank treaties, when there is "cause".
IMO, don't assume this is the end of this. Some thoughts on the subject:
https://bitcointalk.org/index.php?topic=200228.msg2114965#msg2114965Trying to remain positive here, though.
I think what we need is a simple money transfer service (similar to PayPal or Dwolla) that cannot be reversed. Then any individual could easily convert USD/BTC and vice versa.
Any such individual transactions wouldn't need government permission to operate.
8.
Post 2164368 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
We are in uncharted waters guys....not sure what to think of current situation concerning MTGOX.
the whole mtgox debacle is a good thing for bitcoin. People need to find other ways to trade. I'm trying out coinbase and I love it.
I like Coinbase too. Clean interface, easy transactions. Unfortunately it's not really a platform for actively trading BTC as a commodity. No ability to set bid or ask prices. You just have to take the "market" rate which is MtGox.
If MtGox is not functioning as a dominant BTC market, where does Coinbase get their price?
9.
Post 2167645 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
You overestimate the negative sentiment the masses have on financial institutions and governments. Yes, everybody complains but most are content with what they have. It's certainly not so drastic that people will go through the incredibly difficult processes of setting up wallets, getting money into the system, buying BTC and then finding a way to spend them, which we know are far and few between.
Not to mention, Bitcoin is becoming a bad word associated with all things criminal much faster than it's becoming some "beacon of light" as it relates to currency. It's highly volatile, it's clunky, difficult and confusing and it's absolutely vulnerable to far too many variables. Image is everything and Bitcoin is losing that battle. It's attractive to diehards and high risk investors sure, but most of them have no clue what mainstream wants because they are completely out of the loop.
Bitcoin is like Napster. It has shown us the way but an "iTunes" is coming to do it right. My guess is that's Ripple. They have the advantage of being able to take the high road and separate themselves from the black market, money laundering stigmata that Bitcoin has developed, while still accepting Bitcoin as a currency. This is good for Bitcoin and it's last gasp at mass adoption. If the masses are more concerned with low transaction fees and ease of use, than they are having actual stores of wealth, the XRP will reign because an IOU will be sufficient.
am I right in saying ripple has yet to prove itself in the wild?
Bitcoin on the other hand has a wealth of developers and investments right now working on developing the infrastructure, and the decentralised nature is inherently very important.
on the image issue, I think you are right to a degree, but images can change very quickly. Also if you look at fiat money for a minute, do people not use money because it's "got an image problem"? Because people use it to buy drugs?
I agree with MichaelGedi, image can change. It seem every new technology has been used to satisfy base pleasures and satisfy our carnal desires, from photography and the telephone to craigslist, twitter and the internet itself. All these things were used for things people shudder at, yet they have persisted because they proved their usefulness.
10.
Post 2170014 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
Wow, he actually wrote that. It's clear to me the guy suffers from a textbook "delusion of grandeur", and I'm sure half of this ramblings are just delusions and lies.
As Blitz said, "a crazy guy going nuts"
Honestly, I feel sorry for Rontus (his employee)
I doubt anyone went. I doubt Rontus exists. The supernode conference drama sounded like he took his rejected James Bond script (where he plays James Bond) and he modified it for the supernode conference. At the very least he's autistic. He's entertainment, like a tabloid. You don't really take it seriously.
I don't take him seriously but I do like reading his posts. It's like a man getting eaten by an alligator, you don't want to see it but it's hard to tear your eyes away.
11.
Post 2170143 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
Yes, you can transfer bitcoin for free but you still pay a fee to convert it into fiat currency. Once more businesses accept bitcoin as payment, then PayPal and Western Union will be concerned.
12.
Post 2170569 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
I'm still not sure if anyone really knew what a supernode was...
Here is my take on a supernode ...
Imagine a network of precious metal dealers operating in every major city who now offer their hard-money customers a deflationary store of value - bitcoin.
A supernode is such a dealer who also operates a bitcoin network node that can independently mine bitcoins, with or without a pool.
The supernode network collectively fixes prices periodically with a long settlement period, routing orders among themselves and to other exchanges, e.g. Mt. Gox, Bitstamp.
The supernode network collectively takes other various measures to robustly operate in the face of DDoS, government constraints, etc.
Thanks for that explanation, I was wondering about that. (I just thought it was someone with a ton of BTC.)
13.
Post 2172191 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
"I am currently detained in a psychiatric institution in Helsinki, because I need rest. My physical well-being is taken care of."
Edit: Do psych wards have wifi?
That depends - currently I use my own equipment. But seriously guys, the whole idea is that this would be a period of
rest for me. I have worked too hard, gotten irritated, and my behavior has not been up to the par. So now I will take a rest and mind my own business in calm quietness for days, weeks or months. They will tell me when I am clear to leave. Just forget about me, until I come public again.
If everybody talks about me all the time, what difference does it even make whether I am here or not?? 
Roni Blomberg (rontus). Ambassador-at-Large of rpietila supernode in
San Jose.
If somebody believes that
I do not even exist, there is a good way to find out. If
rontus does not appear to San Fransisco airport with flight SK3713 scheduled to land at 12:20 PST (in about 30 minutes from now, though I don't know or care if it's early or late), I am probably a bullshitter. If he does, but denies being my Ambassador-at-Large, I am a joker. If however he comes with Annina, who is a tall and beautiful lady, and they both tell stories about the Haikko Summit, and express their reverence towards me who sent them there (even though I was physically detained in an institution), you just have to believe me
and leave me alone. Right? Please..?
rpietila, you're a presence on the boards that's for sure, whether in person or by proxy. So please, for your own sanity, take a break and don't look at what's being written. We all look forward to hearing from you when you're well again.
14.
Post 2178637 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
Not going to double digits after the initial Dwolla/MtGox FUD is an über-bullish sign.
Yes, I agree. It didn't fall as much as I expected it would. I was hoping to buy in below $90.
Bulls are strong, bears are crapping their pants, and most of the members in here already sold their BTC (at least some of them) and they are waiting "the best entry point". Heck, even Smoothie sold some BTC and is waiting to buy back, IMO this means that NOW is a good entry point - maybe not the best in the short term, but I really do not see how we could be going under $90 unless something really bad happens.
Again, agree. I finally bought back at $111, but that was just luck. It's been pretty well supported above $115 lately.
No one can predict the future of bitcoin but if you're bullish I believe it's as good a time as any to get back in.
15.
Post 2183259 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
Can't wait until i get my sub $90 coins back. Should be soon!
What channel are you watching?
ha ha ha
16.
Post 2184060 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
I can imagine that quite a few who bought in around $112 will have their fingers hovering over the trigger right about now. Lets hope most have steady hands.
I don't know how many people are in it for the short score. I think most buyers are looking long term.
17.
Post 2184183 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
I'm putting my neck on the line here: bottom of $118 top of $144 by the end of the weekend :p
I'm not really a predictor bear in mind, more of a summariser of what's gone before.
ballz!
18.
Post 2189833 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
This "Get-out-of-Gox"
yankee-rally won't last long
[emphasis added by Pzi4nk]
Is this a baseball thing?
19.
Post 2189912 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_10.59h):
Solex, that's a great signature.
"Got a new wallet? Here's a test address to practice sending to: 18acC6avzFy495oQWbRtr2Z7hirYW4u8DD"
Do you get many takers?
20.
Post 2264691 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.00h):
The obvious question now: what are LR users going to transact with instead?
And how many people had money sitting on LR. Seems like a fairly big deal. Without Dwolla, I'd imagine LR was a fairly big chunk of Gox deposits. Surprised no one is talking about this, they were down all day Friday. Maybe not that many people used LR.
Wow this is HUGE big shitz, LR is a gigantic washing machine with millions transiting, many exchange business that deals with LR also do bitcoin, like Aurumxchange. Expect big Losses due to this shutdown for whole digital currency community.
Well BTC is Monopoly now , heck i'm turning ubber bull, i'm holding btc for long, to hell with short term trading.
What do you mean, "BTC is Monopoly now"? Bitcoin is anything
but a monopoly. I don't get it.
21.
Post 2265033 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.00h):
I'm getting the impression from the level of creative input and discussion regarding p2p exchanges and fiat-to-digital methods that we are getting quite close to a combination of systems that could prove to be the silver bullet on that one. In particular are an idea from fellowtraveler being provisionally called
BMOT and one proposed solution to the fiat -> digital fiat without trust problem even has a 10BTC bounty for anyone who can find fault with it! It is the brainchild of bytemaster to be found
here, having come out of BTCLuke's hot
Primer for a P2P Distributed Exchange thread.
Thanks for those links, thoughtfan. Good stuff.
22.
Post 2268618 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.00h):
Mt Gox down
23.
Post 2279616 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.00h):
If you plot a straight line using a log chart, you are in fact plotting an exponential curve.
+1
24.
Post 2288386 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.00h):
Well, that little trip below 129 broke the 10/21 EMA -0.25% threshold so I'm out for now. I'm guessing it's a whipsaw but I'm on the sidelines until it heads north of the 21 EMA +0.25% line again.
25.
Post 2449711 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.04h):
I told, I have three things I need to do in bitcoinworld to make it $300/m
BTC this year.
Then they took me to a
mental institution, and what I wrote, could not be established without me. Even now, it is unlikely that I will be the sole contributor. But please take a look about
one of the three pillars. When something is not good, comment to add. It is not ready, and I am under medication, for which reason I also cannot talk as sharply as I could normally.
What happened to you?
Don't make the poor guy rehash that history.
A quick search of the forum will make it abundantly clear.
26.
Post 2450307 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.04h):
There is some small ideas and big ideas to enforce BTC, though. We already gave Bitcointip in Haikko, and I am likely extending it to Punavuori (an area in the center part of Helsinki where about 5000-10000 people live). We will dole out free millibitcoins as bills, and inform all the restaurants there that if they serve their clients well, they will receive tips (because tips are already there in the hands of their clientele - we have give them out for free to all the inhabitants
)
Then the restaurants can cash them in for euros, or redeem them for actual bitcoins. Or keep them in circulation as bitcoin-denominated change.
My idea is to start with 5, 10, 20 so very small notes that we give out for free and prepare that many do not care. But some will, and that's going to be fun
You gave away notes worth 5-20 Euro to 5,000-10,000 people?
That's a 75,000 Euro giveaway, right?
I don't see this helping Bitcoin as the notes can be readily converted into fiat. Only people already interested in Bitcoin will see the notes as BTC.
27.
Post 2451329 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.04h):
I say, now that we've broken through $111, it's $119 by Saturday.
28.
Post 2481687 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.04h):
The market rate has been steadily narrowing between MtGox and BitStamp over the past few weeks.
The current difference is <1%.
This seems to indicate there's not much movement of capital between the two exchanges as it costs at least 2% to rotate capital between these two exchanges.
29.
Post 2481902 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.04h):
The market rate has been steadily narrowing between MtGox and BitStamp over the past few weeks.
The current difference is <1%.
This seems to indicate there's not much movement of capital between the two exchanges as it costs at least 2% to rotate capital between these two exchanges.
It takes time to rotate cash, Bitcoins on the other hand...
One week ago the difference was >$4 for several hours. I bought ~50BTC $104 at Bitstamp when it was $108@Mtgox.
But I guess these opportunities will get fewer as the arbitrators learns their lessons...
Yes, it's free to transfer BTC from Bitstamp to MtGox and you can buy low and sell high, but that's just a one-time event unless you rotate fiat back to Bitstamp to purchase BTC again.
That whole process incurs transaction fees and hence why there's a difference between MtGox and Bitstamp.
When the difference is less than the transaction fees though it indicates people are not rotating capital.
30.
Post 2716355 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.10h):
" instantly purchase bitcoins from connected bank account for a 1% fee."
Seems pretty high to me.
Any currency exchange is going to charge a fee. Many charge more than 1%.
31.
Post 2727298 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.10h):
I like my support/resistance lines on the body of the candles, not wicks. We are sitting below 2 resistance lines if that is the case. Interesting to think we might have broken out of a descending triangle, but down and now come back up to meet it.
Why use the body instead of the wick? The body just represents an arbitrary cutoff period, it's no more indicative of sentiment than any price along the wick.
32.
Post 2733496 (copy this link) (by Pzi4nk) (scraped on 2020-04-04_Sat_11.10h):
Quote from famous rpietilla:
The wisest people buy bitcoins now. They are cheap, and survived two bubbles. You can buy with rather big money. Everybody knows, but very few are in yet.
Viva Rpietilla forever!