Bitcoin is dead. $5 by the end of the weekend.

/troll

Just placed a buy order for 1000 btc at $100. Come on panic sellers, let's make this happen!

For those who don't know, China has also banned Facebook and porn, neither of which is exactly suffering from it. In the grand scheme of things, this means nothing regardless of whether they've banned it or not (which they haven't anyway).

Looking at it from their point of view, when the government slaps them with a 60% tax rate can you really blame them for trying to worm their way out of it? Taxes are at the point where they're just ridiculous, and everyone tries to cheat on them as a result.

Usually that chart would indicate that some rich guy is trying to sell off his stash a little at a time so he doesn't completely crash the market. After each dip, the demand is so high that it pushes the price back up to where it was before.

However in this case Gox's engine is just screwed up and I would avoid trading on there at all.

This.

Non-merchants usually don't realize that it actually takes 6 months to confirm a credit card transaction. Merchants just let you have your stuff immediately because it would be stupid to tell you wait 6 months for a coffee. The reason they can do this is because usually only about 1% of customers try to scam you anyway, so it's not important.

I think you're confused about how trading works. There is no "main price" for bitcoin. Each exchange has its own price that does not directly affect the prices on the other exchanges. I can put up a buy order for 1 bitcoin at $1,000,000,000 USD on Mt Gox and it will not affect the price on Bitstamp at all.

If you're wondering then why the exchanges have (generally) the same prices, look up "arbitrage." Basically if the price on one exchange is vastly different from another, people will move to that exchange and the prices will move towards each other (ex. gox last is 1000, bitstamp last is 5000, obviously I'm going to buy on gox and sell on bitstamp, therefore the gox price will increase and bitstamp price will decrease until they're about the same).

So to answer your original question, localbitcoins has no effect on any exchanges, and since localbitcoins is not an exchange it will have no effect on other localbitcoins orders. Plus, if you offer some ridiculous price on localbitcoins, people will know it's fake and ignore it anyway.

Also, you asked if someone with enough funds such as JPMorgan could manipulate the price (let's say on a single exchange such as gox). The answer is yes, but this is where the market cap comes into play. To significantly manipulate bitcoin's price you would need to be playing with tens of millions, maybe even a hundred million dollars, and even the riskiest investment bank is not going to do that. I remember seeing a 2 million dollar sell order a couple weeks ago and it did nothing to the market. Coins with smaller market caps can be manipulated easier but you still need to risk a lot of capital to try it. I understand the basic idea of how to do this but would be interested to hear more about it if anyone else wants to chime in.

Can someone tell me which altcoin can best be mined using CPU? Preferably a coin that I can sell on BTC-e or Cryptsy.

This.

Bankers don't care about the products they're investing in. They only care that those products are making money.

If gold is making money, they invest in gold. If bitcoin is making more money, they gradually move to invest in bitcoin.

There is no "bankers and the 1% love fiat money and fiat is here to stay." Bankers don't care about fiat, they care about making lots of money and buying expensive things. If bitcoin is the best way to achieve that goal, they'll be investing in bitcoin soon enough.

Yes that is the basic idea behind how it works. However at this point, it baffles me as to why people still panic sell, as if they haven't realized that bitcoin is a volatile investment and 20% fluctuations aren't too uncommon. They just see it drop by $20 and immediately panic sell, then they see it rise back up and immediately panic buy, and this is how most people lose money trying to be traders.

So it's basically fiat.

This is how I would do it?

1. blockchain.info
2. Sweep key
3. Optional: send funds to new paper wallet

Keep in mind most PayPal employees are just average joes making close to minimum wage to copy/paste generic answers from a guidebook. They used to offer dedicated support for high volume clients but got rid of it months ago because I guess they decided customer support wasn't important.

Should've had the guy pay you in bitcoin.

Is this a joke? If the major world economies collapse and we enter the apocalypse, bitcoin will be useless as well. The economy is the most important aspect of a functioning country. If the dollar suddenly went to 0 overnight, nothing would function and you certainly wouldn't be "rich."

Assuming you're talking about a less severe attack similar to the theory behind that Pelham 123 movie (spoiler: bad guy buys gold, then commits act of terrorism, causing dollar to decrease and gold to increase in value), then that still wouldn't have much of an effect on bitcoin since the majority of the general public doesn't even know what bitcoin is. Gold would go up, bitcoin wouldn't.

Pretty sure I'm replying to a troll thread but whatever.

True. You could just write down a password clue for yourself that isn't too complicated, for example if your name is "joe miller" write down the clue "___ miller" (obviously this is a ridiculous example, but it's just an example). It would be almost impossible to not be able to crack the password yourself, but a common thief would be at a loss.

Now yeah, if you get hit in the head and have total amnesia for the rest of your life, then you would probably forget the answers to the password clues, but I think that's such a highly unlikely scenario that it's unnecessary to plan for it.

He cancelled the payment. Every merchant in the world blacklists customers who do that because it's usually due to fraud on the customer's end. That hardly makes the merchant a "scammer."

I did nothing when bitcoin hit $1000 (well, I bought more). I'm not really planning to "cash out" as I think more and more merchants will just start accepting bitcoin over time as the price continues to rise anyway.

I would probably sell a few if it hit $10,000 just to have some USD as a safety net.

Lol! If I were to pay someone to do a job, I'd rather pay them in fiat and keep the BTC for myself

Coinbase often seems to be backed up on their support tickets although I've never waited longer than a week for a reply. Perhaps your entire account is now flagged for fraud and your messages just go straight to their trash folder. I know a couple of their staff members post on here but not sure how active they are.

You could write down the password in a way that only you would understand, then laminate that and stuff it in a magazine in your attic. Even if someone finds the password paper (which they won't) they won't understand it anyway. And as if a common street thug who breaks into your house is even going to care about stealing this thing that looks like a paperweight.