I don't know what the "Ecuadorcoin" will be; but since it will be state-managed, it will be totally different from Auroracoin.

It will amost certainly require registration with full ID to use.  For sure the government will have access to every transaction (at least to the same extent that it has access to ordinary bank transactions), it will be able to reverse transactions in some circumstances, block and seize accounts,  etc..  Why would the government -- any government -- create a payment system without these features?

He copy-pasted a post of mine on another thread.

It caught my attention because his ideas were uncommonly sensible and remarkably well-put. 

From what I uderstood of those news, they won't even think of competing with bitcoin or other cryptocoins.  And vice-versa, there will be no space for cryptos in Ecuador.  And unless they really botch it up, people will use their coin because it will be cheaper than other payment methods AND much faster than bitcoin payments.

The only purpose of the blockchain, miner network, and associated cryptocoin paraphernalia is to get rid of the bank as trusted intermediary and manager of the account ledger.  Since their coin will be managed and intermediated by their federal bank, the only part of the cryptocoin idea that is of any use to them is the public-key signing of the "digital checks", with offline generation of private and public keys.  

However it is quite possible that the Ecuador law was pushed by some company who expects to be the monopolistic manager of that coin.  That would be a move very much in the style of Brock Pierce.  

Indeed, since 2000 Ecuador's official currency is the US dollar.  So the "Ecuadorcoin" may well be a pilot implementation of Pierce's Realcoin...  

The point is that his prediction "10$" was 1/60 of the actual price at the end of Q2 (~600$).  If he had said "50'000$", that prediction would be 83 times the actual price.

So his error woudl have been much bigger (in relative terms, that is, log scale) if he had said "50'000$" rather than "10$".  But in that case no one in this forum would have opened a thread to ridicule him, would they? 

Scammers have found another rich lode: nerds who have thousands of dollars lying around, know a lot about computers and internet, but have little business experience and know zilch about scams and scammers.  

There seem to be many former MtGOX clients who ignored all obvious signs of insolvency, and now believe that Sunlot genuinely intends to ressurect the exchange, return their share of the 220'000 BTC "right away", and find the thief of the rest.

This user seems to be copy-pasting old posts of other users.  Reported.

Hey, this is copy-paste of a post of mine!  A robot trying to bump his post count?

I would first try hard to erase my tracks -- by laundering tumbling, etc -- as much as possible.  Maybe taking several months, thousands of addresses and thousands of blockchain transactions per day.

[ CHARITABLE CONTRIBUTION TO THE PAGE COUNT ]

A month ago I did a quick count of the first 100 or so entries in the "recent posts" to this forum.  I did the same again today:

   2014-06-21  !   2014-07-25  !
---------------+---------------+
 Posts !     % ! Posts !     % ! Category                       
-------+-------+-------+-------+--------------------------------
     8 |   6.7 |    14 |  12.6 | Off-topic                      
     4 |   3.3 |     7 |   6.3 | Gambling                       
    18 |  15.0 |    12 |  10.8 | Bitcoin mining                 
    37 |  30.8 |    22 |  19.8 | Bitcoin non-mining             
    53 |  44.2 |    56 |  50.5 | Altcoins (including mining)    
-------+-------+-------+-------+--------------------------------
   120 | 100.0 |   111 | 100.0 | TOTAL         

The numbers are not comparable however because the samples were taken at different hours, and that makes a lot of difference, it seems. 

Today's sample was taken when China was asleep, so there were only a couple of entries in Chinese.  The June 21 sample was taken a few hours later, during working hours in China, and had 26 posts in Chinese.

In fact,  more than half of the June posts about "Bitcoin non-mining" (19 of 37) were in Chinese; of the 22 July posts, none were.  So posts about bitcoin proper, excluding mining and posts from China, actually increased: from 18/120 (15%) to 22/111 (20%).

On the other hand, there were no posts from China about "Bitcoin mining" in either sample, so those did decrease from 15% to 11%. 

As for "Altcoins (including mning)", excluding the Chinese posts there were 48/120 (40.0%) in June, 53/111 (47.7%) in July.

Next time I should try to spread the sample evenly over a 24 h period.

Not me!

Yes, I meant old OKCoin/Mainland (BTC x CNY) closing in favor of OKCoin/International (BTC x USD).

They only need to increase the volume on the latter by a factor of 1000 or so. 

(But I hope that they both fail, so that their owners will learn to pick less confusing names next time  )

Indeed, after MtGox had suspended withdrawals and its price was falling fast, someone bragged on this forum that he had deposited 50'000 USD in there, to scoop up those cheap coins.

At least one serious crime appears to have been commited at MtGox: allowing clients to deposit even after it was known to be insolvent.  (If Sunlot or some other "rescuer"  succeeds in acquiring MtGox, and thus derailing the bankruptcy process, that and other eventual crimes will not be investigated and their authors will go unpunished.  No wonder the former management supports those takeover plans.)  Did Intersango do the same?

OKCoin (mainland) seems to have detached from Huobi (it is ~12 CNY lower now, used to be only 203 CNY apart) and has very sparse order book.  Its volume has recovered (~43 kBTC yestertday Jul/24), but that is still at the low end of its former range, and very low for a "dumping day".  Is it on its way to closure?

Just to let you know, if you don't know it already, that OKCoin has opened their International section (http://www.okcoin.com, separate from the Mainland site http://www.okcoin.cn),
trading BTCxUSD and LTCxUSD.

However their volume is still tiny (less than 30 BTC -- not kBTC -- in the last 24 hours).  The order book is not visible to unregistered readers it seems.

The drop happened on July 24 09:00 UTC (17:00 in China), 7 hours after OKCoin opened its International section (July 24 10:00 am in China, 02:00 UTC).  The BTC:USD price there opened at 606$ and fell almost immediately to 596$: https://www.okcoin.com/ (wait for the plot to show up). 

However the volume of the latter is still tiny (24 BTC in the last 24 hours).  Apart from the 7 hour delay, the drop could not have been due to people selling their coins there.

But perhaps the end-of-May rise was due to Mainland Chinese traders stocking up in bitcoin in antecipation of the launch; and the drop was due to some of them realizing that OKCoin/International was not what they expected it to be, for some reason, and dumping their coins back into the Mainland market?  Perhaps they had not realized that they needed to re-register, and maybe get over some legal obstacles?

A nomenclature question: bulls believe the price will go up, bears believe that it will go down.  What animal believes that the price will not change?

Sorry if it sounded that way.  I meant other LA countries except Ecuador are just "let's wait and see what the US does".

Ecuador may not be a technology hub, but the current government seems to be smarter than average about cyberthings.  Ecuador gave asylum to Assange, for example, while many other countries that should have helped him (including Brazil) were still uncertain about their view of Wikileaks. 

The policy of Brazil and other LA countries towards bitcoin seems to be "er, we don't understand it well, let's follow the US and hope it works out".   And the US is strangely sympathetic to bitcoin, I wonder why.  However Brazil, like most countries, has laws that prohibit the use of currencies other than the Real in retail commerce and other contexts.  It is likely those countries will some day apply those laws to crypto, too.

Ecuador is just ahead of them in having a plan for a national digital currency.  In my understanding, that prmompted them to explicily restate those laws for digital currencies too.

Did you mean this list, linked from the CoinDesk article? https://angel.co/bitcoin-opportunity-corp

[troll]Or Realcoin?  [/troll]