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In Bitcoin We Trust
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Created: by Arkiteq Attachments:18

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In Bitcoin We Trust

  #51 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Beginner
Platform: Sierra Chart
Favorite Futures: Bitcoin
 
Posts: 57 since May 2013
Thanks: 30 given, 41 received

Don't gamble kids, trade

I will elaborate on my view about the Dwolla>Gox shutoff. It is not clear that DHS is in any way specifically targeting the Bitcoin network, the only evidence is an automated e-mail circulating from Dwolla (referenced in the aforementioned article).

What is more likely (my opinion), is they are attempting to shut down an institution that does business in Bitcoin's access to US based funds, probably gambling...DHS seems to really really hates gambling for some reason, probably daddy issues?

While im sure this won't be too great for Bitcoin, reducing liquidity in the economy. I would be sweating more bullets if I was holding Satoshi Dice securities.

On the lighter side, Gyft opens bitcoin acceptance to 50000 merchant locations. This is a huge step.

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  #52 (permalink)
Elite Member
Lehrte, Germany
 
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Daytrader999's Avatar
 
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Money laundering ?

Looks like all assets at Mt. Gox exchange have been freezed due to suspicion of money laundering...

The coming political battle over Bitcoin

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  #53 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Beginner
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Daytrader999 View Post
Looks like all assets at Mt. Gox exchange have been freezed due to suspicion of money laundering...

The coming political battle over Bitcoin

I didn't read your source, but that is not correct. Only their US arm was seized due to failure to apply for money transfer license back in 2011, before Fincen even qualified Bitcoin as a currency.

Gox is Japan based, their Wells Fargo account was for the Dwolla>Gox funding option.

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  #54 (permalink)
Elite Member
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Daytrader999's Avatar
 
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I really can't judge about whether Homeland Security is right or wrong, I just quoted an article of today's Washington Post and wanted to give a heads-up...


Last edited by Daytrader999; May 15th, 2013 at 04:24 PM.
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  #55 (permalink)
Elite Member
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Excerpts from the warrant.


Quoting 
As part of the account opening process, Wells Fargo required Karpeles and Mutum Sigillum LLC to complete a "Money Services Business (MSB) Accounts, Identification of an MSB Customer" form. That document was completed on May 20, 2011 and identified Mutum Sigillum LLC as a business not engaged in money services. The application asks several questions; to include, "Do you deal in or exchange currency for your customer?" and "Does your business accept funds from customers and send the funds based on customers' instructions (Money Transmitter)?" Karpeles answered these questions "no," indicating that Mutum Sigillum LLC does not deal in or exchange money, and that it does not send funds based on customer instructions.

Money transmitting businesses are required by 31 USC section 5330 to register as such with FinCEN. According to FinCEN records on May 6, 2013, neither Mt. Gox nor the subsidiary, Mutum Sigillum LLC, is registered as a Money Service Business.

src: Feds reveal the search warrant used to seize Mt. Gox account | Ars Technica

K.K. Tibanne (a Japanese company) holds the exchanges assets, not Mutum Sigillum.

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  #56 (permalink)
Trading for Profit
Pittsburgh, Pennsylvania
 
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Pedro40's Avatar
 
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Just when finally the price started to get stabilized and bitcoin was almost good as a currency, this happens. Anyhow, this is just a warning what could still come...

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  #57 (permalink)
Elite Member
Portland, OR
 
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Pedro40 View Post
Just when finally the price started to get stabilized and bitcoin was almost good as a currency, this happens. Anyhow, this is just a warning what could still come...

This is just the start, oddly it actually confirms its legitimacy in a way, from the fed. This incident just reeks more Mt.Gox incompetency, check the damn box Gox! They need some competent legal counsel ASAP.

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  #58 (permalink)
Trading Apprentice
Groningen Netherlands
 
Futures Experience: Beginner
Platform: MtGox
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Posts: 1 since May 2013
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Hope you've still got your coins. At $125 now.

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  #59 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Beginner
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Posts: 57 since May 2013
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zzzzzzzzz

Evenin gents,

Sorry for the lack of updates, was on vacation and incidentally locked myself out of my brokerage account shortly thereafter due to upgrading my hardware. Having your security precautions too convoluted can also be a bad thing .

Not to worry though, I went 100% cash before I left and will get my access back in another week, my only risk is opportunity missed, of which there hasn't been much so far. Low volatility and lowest volume in over a year, taking it as a sign to hit the books. I need to work on my edge--which is spotty at best.

I plan to get back into fiat trading in parallel, Bitcoin was meant to be a hobby more-or-less. I don't want my future as a trader to be determined by only that market, and I certainly want to keep the fan-boyism in check as to not affect my performance.

No chart updates, still getting my new comp set up. Market is still calm and waiting for new information. I don't believe it to last, but hopefully we'll have healthier swings on the next up or down trend. I do not currently have a technical bias.

About a year ago I was doing a lot of simming using volume profile, watched a lot of what FT71 had to say, fumbled through a good amount of Market Profile literature. At the time I felt the evidence based approach would be a good fit for me, I work in logistics by day. For whatever reason I never found a lot of success with it, perhaps I was biting off too much I could chew at the time.

A few months back I started looking into Al Brooks material, thinking PA would be a good introductory route, and it was until I started to really dig into Al's stuff where it got more and more convoluted and overly subjective for my taste. I'm sure if I keep at it, I can gain the confidence to trust in what I am seeing. But, when I am looking at a setup on a PA chart, I can't help but wonder how many people are participating? Are those bids getting absorbed? Where is value?

While you can arrive at similar conclusions using either methodology, I prefer to have the additional data point of volume, perhaps it's who I am. It might not matter to the market, but it matters to me, and understanding myself is the first step of trading.

Live well, trade well.

-Arkiteq


Last edited by Arkiteq; June 2nd, 2013 at 05:58 AM. Reason: dun speak engrish so god
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  #60 (permalink)
Elite Member
V/Austria
 
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BTC the only Buy and Hold option out there...


either zero or hero.....

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