Today in Bitcoin News (2017-10-01) – $4M Bitcoin Bet – Fed Chief vs IMF Chief – Bitcoin Victory

Posted at October 14, 2017 by admin on category Bitcoin News

Guten Morgen Bitcoin height is luntik the asked octobots 5000 each team if been panama cotta with thomas hang on dozen list bus height in bitcoin passier the price of bitcoin was up 1.1 percent the last 24 hours with the last of 4309 a high of 43 69 and a low of 42 63 our top story today Roger veer Satoshi light Ben Davenport Mauro cosa and tourism Easter are betting 1000 Bitcoin that’s 4 million dollars on the Segway 2x hard work the basic bed is this it started with Charlie Lee of light Cohen Fame offering 250 Bitcoin 1 million dollars against Roger Vere offering him 250 bitcoins of Bitcoin 2x so it would be a trade they’re essentially betting on which fort will survive and they’re betting quite a lot Adam back inventor of hash Cats joined in saying that unless Roger Vere puts up at least 25,000 Bitcoin it was a little quick math that would be about a lot of dollars about a hundred million dollars that it doesn’t matter anything else lower his posture will bring the Bitcoin Gregory Maxwell offers to do an atomic swap as tres Meyer says in the comments I agree 250 Bitcoin is not cool 25 25 thousand Bitcoin is cool and if GMAX does the atomic swaps to cryptographically imprudent and forth and cryptographically insuring for stability then let’s play roger responded to that that he would never trust millions of dollars in bitcoin to pre-alpha grade software being promoted by the other side of the bed that would be retarded to which trace my rap on responded i would not trust gene axis atomic swap code either hence peer review you and your a team developers can write a subtle dig at Rogers questionable development team will continue watching this bed and see what happens but remember if someone’s willing to make such a large bet they might know something that you don’t know the two acts hard Fork seems to be much more important than the B cache Hartford Philly Fed chief Bitcoin has little chance of thwarting monetary policy an interesting take from the president of the Federal Reserve Bank of Philadelphia who believes that bitcoin has not been tested by a real catastrophe ignoring the mount GOx closure the Silk Road closure the current Bitcoin civil war and the hard forks all of that must be nothing to him and he still believes that bitcoin is too volatile and that people believe that value comes from governments it’s all trust issues to him on the other side IMF chief Lagarde a tell central bankers it’s not wise to dismiss submit virtual currencies practically echoing Putin’s central banker and the government of the People’s Republic of China she says in many ways virtual currencies just might give existing currencies and monetary policy a run for their money the best response by central bankers is to continue running effective monetary policy while being open to fresh ideas at new demands as economies evolve very interesting and very smart comments from the IMF chief a victory for Bitcoin a rare positive Bitcoin article from Forbes saying that Bitcoin survived the recent Bear Run Bitcoin survived Jamie Dimon and others the ECB chief saying that it was tulips and a fraud Bitcoin survived the price going down after China banned it Bitcoin not only survived it but it came right back as he says in his article the ability of Bitcoin to survive these things and recover has made Bitcoin a much more attractive investor for anyone sitting on the sidelines considering this while he says that institutional money has not started flowing in it could start soon and now we’re joined by tone Vaes for a check of the current markets how’s it going tone hey guys how are you it’s here at the blockchain lab once again my last full day in Italy Venice was great yesterday I got a still tweet out some pictures and sure let’s get to some screen share and we’ll see what’s going on all right so I’m trying to figure out what are my most controversial comments over the last 48 hours and it seems like people are really being bothered it’s like some people are complaining I’m too bullish on Bitcoin and some people are gonna play I’m too bearish on Bitcoin which is kind of hilarious in its own so people continue to question my view that empty mempool is no big deal at all and that’s just wrong that’s people having blinders on right everyone is trying to explain to me how everyone’s a saver but everyone can’t be a saver Bitcoin still needs to be used guys look I disagree with Roger veer the dad bitcoins number one priority is a transactional currency and saving is not important the saving is more important but saving can’t be 99 percent of the value of your asset like this is my gold is kind of useless and this is why gold has not moved at all in in like a hundred years barely at all all right compared to the S&P 500 so you need economic activity on Bitcoin now it doesn’t need to be 80% of the usefulness of Bitcoin but it needs to at least be 10 to 20 percent of the usefulness of Bitcoin and right now with an empty mempool you’re right bitcoin is just saving but if everyone is saving it and no one’s using it a people sooner or later people are gonna realize why the hell am i saving it for okay so there needs to be some economic activity and I’m still nervous about this mempool it’s not a problem today it’s not a problem tomorrow but sometime later this year or next year this could become an issue where some big seller says fuck it I’m gonna sell the price dips another big holder says fuck you no I’m gonna sell too and then the price just escalates to the downside let’s just say if Bitcoin gets to that magic $10,000 number and the mempool is bone-dry I’m gonna be looking for like a 60% correction we’ll go back up but don’t underestimate the fact that we were all fooled that Bitcoin was more useful as a transactional currency that it was because of the spammers all right would it again I would like to provide a counterpoint to that saying that if bitcoin is a store of value in the early phases it’s only because the current monetary system such as credit cards and cash is working fine as Bitcoin as a store of value grows and the other system collapses mainly because of chaos or because of Bitcoin then we would see in the currency option becoming to use as the credit card system in the cash system is either banned or breaks down right that’s my opinion so the good news is I’m here in Europe and the credit card system works like shit okay and everyone’s using credit cards like I’m more optimistic than ever that bitcoin is going to be a transactional currency because first of all my American credit cards don’t work half the time in Europe anymore because of the stupid Chip and PIN system that America didn’t adopt they adopted the chip system without any pin right so half of the machines in Europe I stick my credit card in it’s asking me for a pin I don’t have a freaking pin it’s an American credit card okay even here like we were trying to buy a ticket train ticket to Milan from a machine and that was with an Italian with Italian credit cards and there wasn’t freaking working we have to go see a teller we have to go get like a number like at the DMV and like wait for a teller a lot like look I don’t know the credit card system is I mean I’m like wow it really needs Bitcoin anyway that’s a that’s a fair critique but my credit card has mostly worked although I am being charged a foreign transaction fees every time I spend on you gotta change your parrot comes about like airline credit cards don’t do that like go get on American Airlines go get a United card Discover card well I like half the credit cards no longer do that so you thought that that’s that that’s due diligence on you yeah obviously I was unprepared for this trip it was very last minute and then I also had the issue with bad interface on the bank ATM not telling me that my $500 limit was not going to give me 500 euros but that was just again my my confusion but go ahead Jim I give it another year your $500 should give you more than 500 years but I have anyway the Bitcoin blocks are doing fine took a look at be trash this morning and their instant lining again Jesus Christ I mean look this is the stability look I I thought that was like okay fine maybe they’re stable maybe they’re stable they’re gonna go around profitability and there boom it makes a new low and then boom it makes a new high this is completely unstable they want amounts I saw a great tweet from Charlie Lee saying that there was going to be 45 be cash blocks in the next hour just like Satoshi’s vision right hilarious yeah no they literally went from you know not having a block for seven hours to having 70 blocks in an hour I think I think it’s this is a joke I mean this is a complete and utter joke I mean look at the inflation look at this look at the spike look at this pipe right here and inflation was one of the things I got into this to get rid of right well like they have like no blocks for hours and then insta mining blocks I mean this is hilarious you know it’s really it really something else and and this is why I can’t wait for the 2x hard fork especially like like what’s his name right what when when Roger replied to Satoshi saying hey how come you’re not offering it to me and said oh she’s like I thought you were too busy with d’caché why are you focusing on to act so what the hell is gonna happen this is why if the 2x Fork happens the 2x Fork is only gonna make be cash fork more unstable because they’re going to be fighting each other for those same minors and remember yesterday we learned that bit man is now only accepting be cash making it essentially a company coin III I think I I think when history books get written that’s gonna be one of the stupidest moves any company has ever done while like in the eye I think in 10 years when we write the history books I that might be the stupidest move we have to document this that that I’d be the stupidest move pretty much ever oh and uh somebody hold on a second there was that um I have up too many notifications maybe I’ll find it did you see the latest graphic of d’caché being better yeah I have way too many notifications now this is a whole I have to find it though I just I just realized that and and I wasn’t sure if this was a joke from from a Bitcoin er trolling be cash or it was real from vegan that was that was funny by the way this is – is it this is in the comment – uh – what we said the other this this right here by I I had to double check like I had to ask is this something the the Bitcoin cash people are promoting or is this like a troll making fun of be cash because because it can go either way it looks pretty official but then again photoshop’s not that hard so it could be in mine yeah so so it’s virtually instant blocks which at the moment is kind of true but the no Bitcoin fees three dollars a transaction that was them causing the spam and the 24 transactions a second I mean clearly nobody needs it nobody if he needs three transactions a second at the moment sick Plus teams competing to build the best Bitcoin I would love I would love to know which six teams it is like it’s probably six developers each one having a team well the one team on Bitcoin has over 100 developers all independent I mean this is just propaganda I mean this is just bad it’s just bad all right anyway let’s get to the price I’ve kept people in suspense long enough weekly chart is neutral it remains neutral now this doesn’t mean you don’t hold Bitcoin it just means you don’t sell the car you don’t sell the apartment and you don’t buy extra Bitcoin that’s all it means okay the last time weekly chart web bullish was for trading purposes was right here the week of the first week of August and it was at a price of 28 25 and you did really really well even after the 40% crash you were still above the buying price which is what trading is trading is trying to find the best price so that you’re never actually losing money in a position high next week next week we go one two three four we might go bullish next week for a tradable position on a long term chart if we start trading about 4600 which at this point seems almost inevitable okay so if you want to be pretty mature sure but according to the numbers the weekly chart is still neutral let’s take a look at the daily chart look at this giant green arrow I drew it one two three four five days ago and look how we’re perfectly each candle is up and down around the arrow I thought it would be a little more volatile but who the hell knows right so look at the daily the daily is on a tradable position there was a lot of resistance in this area you of course you had buy points right like some people got decided to jump early and they bought the breakout above the trend line so that means they would have bought right around 3900 that’s fine other people could have been more conservative those that have my numerical indicator my past clients they would have and they wanted to ignore all other technicals that they could have bought right here at the price of just as we were crossing 4,000 that’s another perfectly reasonable buy point I was probably the most conservative out of them all and I was waiting for 4100 to be crossed in order to be in order to have a safe tradable awesome risk reward position now there was some resistance of 4,200 kept us there for about two-and-a-half days and yesterday we broke out so I am now focused on new all-time highs I see no resistance between here and 5,000 and once we get to 5,000 5,000 is not resistance to me 5,000 is just a double top that’s inevitable to be broken once we break the 5,000 you want to see it go substantially higher than the new high in order to trap the FOMO people and hurt them financially so once we break about 5,000 I am looking for 6,000 and higher and hopefully the weekly chart would cross into a green and we get another one of these runs so I am looking for a weekly run probably to six to seven thousand maybe even to eight thousand this year but guess what that mempool is a problem it may not be a problem for you but you’re gonna be the one screaming in next year if Bitcoin price is falling from ten thousand to four thousand or from ten thousand to five thousand you can scream about but but it’s protecting you it’s savings you can be screening that but the charts are telling me that the higher we go this year the more the pain next year you don’t get to go straight up the market isn’t that simple okay you have to be ready for it so let’s see I can’t predict the top I can I’m better off predicting it in days so in days were are on the seventh candle and we’re already starting the day on a pullback and I’ll explain why we’ve started today on a pullback but I am looking for today to be generally a decent day and then two more days of upside so on Tuesday they’ll probably be a little bit of downside a little bit more than we’re seeing right now so why are we pulling back so again if I go to my Twitter if I go to my Twitter this is the tone vase playing God with a Bitcoin price section okay this was funny by the way I don’t know if you guys seen that Twitter is raising the limit like d’caché oh yeah no nobody saw that part all right come on here we go here we go here we go so I tweeted this out right and I said hey I’m the 4-hour chart I can’t really zoom in here but I said hey on the 4-hour chart we haven’t ate and we’re about to get to a nine once we get to a nine let’s have one more four-hour period of up side we get a nine we get a nice red arrow it’ll be obvious and really cool looking for my chart and I remain you know the coach Radames with my code putting in arrows that are acting perfectly so the idiot that I am I tweeted the south six or seven hours too early and people made fun of me because the following people’s five hours because immediately after I sent the tweet that eight started to sell off I didn’t get to my you know 4,300 area this is like just a couple of days ago I didn’t get through it I didn’t get by nine I didn’t get my red arrow on the chart and I’m upset about that and I said that this would have been right here like this was my eight and this should have been mine I it would have been a nice fat arrow and made fun of me like no you don’t affect the market so last night there was an eight as I was going to sleep and I’m like you know what screw you guys I’m not tweeting this out I’m gonna wait for my night and I grew in a red arrow so this red arrow on a 4-hour chart will stay here now forever because the way my the code is designed like when you get thee when you get the arrows and the nines they stay there forever okay but if you don’t get a nine the numbers disappear so there so there was so there was a reason to go before I went to bed last night I purposely did not tweet out there is a nine coming with the red arrow and a potential sell-off and here it is okay maybe I have enough clients and they all they were all watching it I know that because of the group chat all right so there you go so I don’t want to hear it alright so so that’s cool right so this is why we’re having your little sell-off right now it’s it’s right here I got the nine I got the sell now what does this mean so this means that on a 4-hour chart I am looking for a one to four candle pullback so that’s at most one day like half a day to a day so this is why I am expecting the first half of today to be a bit of a pullback but the daily candles are still telling you two and a half more days of upside so we’re gonna have half a day of weakness I’m looking for the next two and a half days of uptime and then maybe we’ll get another nine on the 4-hour chart there should have been a nine right here there probably would have been if I didn’t if I didn’t get Twitter happy so there’ll be one more nine on a 4-hour chart which hopefully will coincide with a nine on a daily chart in a couple of days and that could cause a one to four day pullback as opposed to the one to four for our candle pullback we’re dealing with right now alright so that’s what I’m personally looking for here is the hourly chart it’s not really all that useful nothing’s going on but B trash hey guys you got a houston we have a problem where we I mean I bit main tried to support it but it clearly didn’t work you got a little green arrow right here you had a little green arrow here as well the buncher price a smidge for one day and then it was lower this 13 is coming from this nine so yeah I gotta look at my code here I didn’t think this should be a one you’re in the middle of another 13 anyway if you still have be trash you may want to consider consider get rid of that sucker all right I am off to Prague tomorrow I am teaching my trading seminar on Wednesday it is almost full there may be one more seat left I have a mass capacity of 15 people I already have like twelve and two of the people in there are trying to convince their friends to come so I have probably either 3 or 1 seats remaining I will be selling the last seat 4.1 Bitcoin for the three hours so the last that the last one will pay a little bit extra point one Bitcoin for the three hours after that it’s off the block on which is the event in Santa Monica I am teaching my trading seminar there now I want to starting to fill up too I mean that one I don’t know how many that one seats but I definitely more than 15 but it’s filling up and I’ll be in Ukraine on October 30th and then I will probably go to scaling Bitcoin and in December its Columbia they finally they finally updated a case of people because people keep asking me so it’s a lot bit Kampf my big cum finally updated their Twitter handle I will be in Colombia for the Latin American it’s quite a block chain where a block chain come from the Latin American Bitcoin conference and that’s in Colombia in fifth it’s in Bogota Colombia so I should probably put my tickets and a place to stay first before I start promoting it before I end up paying like a tax the amount but anyway I will be here I will be at this event speaking I can’t wait to go to Colombia that’s um that’s pretty much it for me I know it’s a little bit of a longer show I made you my own economic show later tonight depends how much work I get done and I’m planning to spend the entire day today updating the educational training section of my website because too many people are attending my seminars and they keep asking me Oh what do I have to prep ahead of time so I am gonna fill out so two more as of tomorrow please go to my website Liberty life trail comm there is an educational section go to trading and I’m gonna have a bunch of stuff there for you and hopefully you can start learning the basics of trading without having to pay anyone a consulting fee you know it’s free information all right there a little longer than usual today but back to you thumbs alright thanks Tom for that update and I just wanted to go back and talk more about the Bitcoin bet as much as I like the idea that they’re putting skin in the game and they both really hated even their projects I think it’s it’s embarrassing that they’re they’re spending a million dollars in that way and it’s kind of embarrassing that it’s also not really hacker to show that you have that money it’s a big sign to the government that these people are going to get IRS notices and other things maybe they’re in other countries they don’t care but it just seems like if I have a million dollars I wouldn’t be gambling it on a project that would be investing it in other things that I think would make the world better and a toned Polly on this idea before the show you could go okay good job well save that it’s and we’ll save that for another show but I really hate it I really hate it because look guys I back when Mitt Romney was running for US president he actually did an amazing job pretending to be a middle class man while being a billionaire uh he really did and right now like a lot of people don’t like people like Roger and Jihan and some of the others mostly because of the money they have and people like Charlie Lee people like like like people should know that tres mayor has a lot of the coin but but he you know he doesn’t flash it and Charlie Lee you know had a good run of you know being this I broke developer you know working for coinbase as the CTO you know like Gregory Maxwell has this persona that he’s doing it you know out of the goodness of open-source development and privacy and not necessarily a Bitcoin early adopter with you know potentially thousands of bitcoins you the Bitcoin core guys are doing a very good job not flashing the money you know living a normal lifestyle you know not just you know working developing enough not not throwing parties well I like do you have a good thing going you’ve screwing it up I’ll try enough to curse here you’re screwing it up okay you’re screwing it up I think this is bad I would never participate in this even if I had that kind of Bitcoin which are making clear that I don’t you you really don’t want to do that you want to stay humble I like I know I can take things too far sometimes and people think that you know I go overboard but I would never do that right like I would never I like some of the things like I would never tweet out like that I have insider knowledge of things several of our people are doing that like I would never flash these kinds of bets publicly or privately like I almost been Roger Vere like actually Roger wanted to bet me ten thousand dollars publicly in Mexico I don’t think it was on video or not I don’t they never release the videos and I turned them down for the money even though I I can probably afford a $10,000 bet it was over a Bitcoin unlimited which I would have won though probably would have been debatable but uh but no I better myself reputation means more to me how about we bet reputation how about how about a few chain succeeds you stop being a public person and if my chase it like if your chain succeeds I stop being a public person and if my chain succeeds you stop being a public person well like I would rather make reputational bets and then giant financial debts let’s put it that way yeah and well tones right we’re not gonna go into it in great detail but we were talking about what we would do if we had a million dollars and I was like well I’d pay off my credit card bills could try now I’m paying the monthly minimums and I was like I’d start a Bitcoin journal and I do world crypto Network 24/7 I’d do all this stuff and tone was more on the other side he’s like I would need security and I would have a serious tax problem no not a million that doesn’t start at a million well I I can I’ll have an easy time you know if I hiding a million in Bitcoin that’s not das hardware we’re talking a hundred million you know like between 10 and 100 million if you have between 10 and 100 million and at that point you got to make a decision am I still gonna live like a broke bomb or am I gonna fly or am I gonna you know start to live comfortably and what if everyone knows you know what what if some guy decides to donate to one of our public addresses like ten million dollars and somebody’s watching our public addresses and now everybody knows but what do you do now see I can’t even think beyond a million I have the credit card it’s the house buy some nice shoes I don’t know I’m not I’m not too much into things other than just trying to cure my advice yeah I can I mean I I’m still worried that you know bitcoin is not going to be sustainable long term so if because we don’t know it’s still experimental and it’s still new so if assuming I have I have or I had or I will have a million dollars in Bitcoin I would still you know be speculative that it’s gonna turn into 10 million but I’m ready for it to go to zero so nothing on my end would change at all like nobody would notice a difference because I’m waiting for them 1 million in Bitcoin to be ten million in Bitcoin and then I’ll sell some but I’m always that by 1 million on paper will go to zero and that is something a lot of the 19 and 20 year olds in the space trading prepare for because like I’ve had money before it I have a reputation now if my 1 million in Bitcoin goes to zero I’ll be perfectly fine I’ll just you know transition into traditional markets and maybe go back to find another job which would be a high-paying job well like that’s not I mean I I do this because I really want to do this but what happens when you are paper you know if you have 3 4 million on paper and you have absolutely no idea you you don’t understand how you became that millionaire because you’re because you’re an i co trader and when i goes to zero you have nothing to fall back on yeah I’m not really worried about Bitcoin going to zero I’m more worried about Bitcoin having a lot of zeros behind it but I just like to thank Paloma for providing today’s Bitcoin artwork this is vitamin B has a lot of Bitcoin symbols and the blockchain and some other stuff in it and we’re out of time for today so I’m just going to show the QR code as tone says we totally expect a million dollars but we’re actually fine with ten or twenty bucks or five bucks any kind of donation helps and remember I am traveling Europe right now it’s a little expensive and I don’t want to bum you out but making mad bitcoins videos don’t really pay that well but I like doing it and I’m going to keep doing it and I like this channel so please make sure that you thumbs up this video and share and if it’s your first time here please subscribe down below us look at our stats thirty percent of the people watching our videos haven’t subscribed yet so it’d be great if you guys subscribed and if you want more information about when the show start YouTube has a notifications function you can turn on the notifications it’ll send you an email some kind of thing you could follow mad bitcoins on Twitter I tell you when the shows are on at least my show or you can follow the world crypto Network on Twitter that would be good to do too but thanks so much for watching we’ll be back tomorrow and we’ve got the the vortex show with the Bitcoin news show later today sometime today I don’t know I mean I mean Berlin on automata is in California but you will figure that out and we did the Bitcoin group a couple of days ago if you want to watch that check out Jimmy song show off chain and until next time bye-bye

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