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922
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: November 25, 2013, 10:40:58 PM
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Well, I see healthy profit taking and weak hands shaken. I wouldn't bet a significant amount on it going down significantly, but maybe I'm biased and just euphoric  Blitz, say with me: no 2011 ever again In this moment, I am euphoric. Not because of any phony central bank's blessing. But because, I am enlightened by my intelligence. Well, I'm euphoric just because I've had some good wine  |
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925
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Other / Archival / Re: I sold everything at $158/159 this morning
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on: November 25, 2013, 10:16:14 PM
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No, it has a static supply of 21M BTC. It's irrelevant whether these have been issued or not.
I understand your point -- that the bitcoins already exist, but they just haven't been released yet. However, you can't value them fully because they are not actually part of the money supply. On the other hand, they do have a present value which is greater than 0. His point *might* be that Bitcoin has a fixed supply that cannot be changed (unless there is a hard fork); thus the money supply is predictable and cannot be altered by third parties. That's one of the *fundamentals* that make Bitcoin very attractive, but that doesn't mean that BTC is currently deflationary: in fact it is the opposite. I'm refuting the mantra some noobs repeat like its some versicle of the bible, implying that the BTC/USD exchange rate is growing "because BTC is a deflationary currency". That's simply false and a silly, oversimplified statement that shows little understanding on the matter: the BTC/USD exchange rate is growing because the demand is exceeding the supply for many reasons, among which the incredible fundamentals and revolutionary aspects of BTC - but that doesn't change the fact that we are currently in a heavily inflationary phase. Plus, what "watchwoord" says is extremely wrong (the inflation rate being irrelevant). We are currently living an inflationary phase - when we reach the deflationary phase Bitcoin will face a huge and uncharted challenge: will the miners be able to cover their costs only by fees? In any case, the inflation rate has a DEEP impact on the economy, it's not irrelevant at all - I guess we all saw how the price skyorocketed after the last mining halving, the bubble started just there. Technically we are in an inflationary phase. Whether it is heavy or light probably depends on how we choose to look at it. What is interesting is that BTC, practically speaking is deflationary right now, as the demand is greater than the supply. So the word "inflationary" to me, might be technically correct, but looking at he huge demand and rising price (if that continues) we will continue to see BTC as essentially deflationary. And judging by the world economic situation continuing to darken, I don't see the deflationary "argument" changing. IAS Probably the fact that BTC is designed to be deflationary n the future it's a key factor on the demand being greater than the supply. It's more "the promise" of a deflationary currency that a deflationary currency itself (at the moment). In fact, I think the inflation rate is tied with the volatility. In its current phase Bitcoin appreciates and depreciates very fast: in 2012 it lost 96% of its value, 75% in April 2013; that's not how a deflationary currency behaves, that's the kind of dynamics you see in a penny stock market. In the next yeaes the inflation rate will go down, the market cap will grow and the distribution will even. At that point I'd expect much less volatility and a behavior in line with what Bitcoin is designed to be, a deflationary currency. |
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927
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: November 25, 2013, 09:52:59 PM
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Holy shit what a fucking moron. Some people REALLY need to be protected from themselves. Obviously, no risk no gain but people like that don't deserve that amount of money. No they don't deserve it, and that's why he has nearly lost it all. Unfortunately for his sister too. So sad. No sense of responsibility at all, his ONLY duty is to protect that money and instead investing a small chunk he gambles it all by day trading Bitcoin. Honestly, I feel a lot of pity for his sister - not at all for him. |
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928
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: November 25, 2013, 09:46:28 PM
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Wow, this is so fucked up at so many levels What's so difficult to understand about BUY AND HOLD? You just have to see the fucking chart and realize that the historical yearly gains of B&H are so huge that selling your coins it's just playing Russian roulette, unless you are securing your profits and not deluding yourself while you dream about "beating the market". BTC it's not the fucking FOREX And in other news: "LTC shares" Good lord help us |
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930
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: November 25, 2013, 09:38:42 PM
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Staggering all the way down to $100, with increasing buy amounts on the way down. Time to take some money.
Are you really putting in new money, ie money you haven't gained from Bitcoin? If so, you surprise me. Probably the good old proudhon realized that being a bear didn't play so well. Considering how long he has been around, id say that the chunk of his net worth represented by Bitcoin should be so big that allocating new money wouldn't make much of a difference. |
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931
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Other / Archival / Re: I sold everything at $158/159 this morning
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on: November 25, 2013, 07:56:29 PM
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No, it has a static supply of 21M BTC. It's irrelevant whether these have been issued or not.
I understand your point -- that the bitcoins already exist, but they just haven't been released yet. However, you can't value them fully because they are not actually part of the money supply. On the other hand, they do have a present value which is greater than 0. His point *might* be that Bitcoin has a fixed supply that cannot be changed (unless there is a hard fork); thus the money supply is predictable and cannot be altered by third parties. That's one of the *fundamentals* that make Bitcoin very attractive, but that doesn't mean that BTC is currently deflationary: in fact it is the opposite. I'm refuting the mantra some noobs repeat like its some versicle of the bible, implying that the BTC/USD exchange rate is growing "because BTC is a deflationary currency". That's simply false and a silly, oversimplified statement that shows little understanding on the matter: the BTC/USD exchange rate is growing because the demand is exceeding the supply for many reasons, among which the incredible fundamentals and revolutionary aspects of BTC - but that doesn't change the fact that we are currently in a heavily inflationary phase. Plus, what "watchwoord" says is extremely wrong (the inflation rate being irrelevant). We are currently living an inflationary phase - when we reach the deflationary phase Bitcoin will face a huge and uncharted challenge: will the miners be able to cover their costs only by fees? In any case, the inflation rate has a DEEP impact on the economy, it's not irrelevant at all - I guess we all saw how the price skyorocketed after the last mining halving, the bubble started just there. |
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932
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: November 25, 2013, 06:59:05 PM
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Is he still a friend?
Yes indeed, now I'm a "genius" for him. Last funny thing: he told me at the beginning of October: "hey man, $10k is a lot of money for me, I think I will sell, if then "some day" Bitcoin arrives to $1k x BTC I will hit myself in the head, but now I know that I could use the money..." I told him: "$1k per coin? That's nothing. That's around the corner. We will go through $1k before you can even notice it, like a hot knife through butter". So he decided to hold a little more... And like 5 days later the rally began The guy is now so happy you can't even believe it. But, bad thing, he is now fully convinced that he has to hold forever and he will probably become a billionaire with his 70 coins. I told him many times: do not forget to reap some profits on the way up, this thing could very well go to 0 at some point... At least enjoy some of the profit, never go full fiat and always keep the vast majority of your coins for the long run, but don't be greedy and sell some on the way up, you need to give a piece of the pie also to the ones coming behind you |
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933
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: November 25, 2013, 06:56:07 PM
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$1000 invested, 1.25 coins O.O
LOL!! I remember how I sold $1000 worth of coins to my best friend in January this year... I told him he couldn't afford to lose the opportunity, and he said "ok, WTF, take $1,000 and send me some of that magic internet money"... Do you know how many coins I sold him? BTC71 Crazy bitcoin, so crazy... And you have to know that at that time it seemed very expensive to him. He told me "come on man, can't you round it up and give me 100 coins? This is crazy, $1,000 hard earned dollars for 70 monopoly-like tokens" I will add that Bitcoin ALWAYS feel expensive when you first buy it. But it's not. damn, $1000 becomes 56800 in a year? wtf? In less than a year, Sir. I sold him the coins at the beginning of January 2013 - and yes, I bought them back from Gox as soon as I sold them to my friend |
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934
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Other / Archival / Re: I sold everything at $158/159 this morning
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on: November 25, 2013, 06:54:58 PM
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No, just read his post history (I did it with a sense of dark entertainment), he is currently saying that he is out because Bitcoin is a bubble and it will collapse because its needed too much money constantly flowing into Bitcoin to sustain the current price given the actual inflationary phase (3.600 coins are "created" every day).
He made some money, so good for him. No need to blame OP he doesnt want to risk anymore. Those who bough Bitcoins from him can sell with profit if they need money as well, so all happy It seems no matter what price you buy, if you wait you cant loose. Remember Bitcoin is deflationary. Not yet. This year's inflation rate is 12.5%. Next year (2014) inflation rate will be roughly 11.11%. Remember, Bitcoin will be inflationary till +2030.  No, it has a static supply of 21M BTC. It's irrelevant whether these have been issued or not. Wrong. It's not irrelevant at all - the first mining halving deeply affected price, and so will do subsequent mining halvings. Right now there are 3.600 newly minted coins EVERY DAY - the reduction of that (which is the inflation rate) will have a profound impact on BTC economy. It's just that noobs repeat like a Mantra that "BTC is deflationary" because they have read that on Wikipedia, while they do not realize that BTC is currently in a heavily inflationary phase. |
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935
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: November 25, 2013, 06:30:31 PM
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Is 800 the new 15 and or 130???
hmmm
You have to ask? How about this, $15 you sell your wife to buy BTC If its $130, you buy yourself another wife Deal? yeah, i more or less did something like that... going all in at $3 was pretty hard for a while. anyway she is getting a very nice ring for christmas. diamonds and gold is still are she really cares about, lol. silly girls. I am a girl and I would prefer Bitcoins to Diamonds at this point! Why? In a year or two I could get 10 or even 100 for the price of 1!  I have always loved a great deal. Bitcoin could be the best "deal" ever! We will see though. I was complaining this morning that so far our investment in Bitcoin has only grown in the virtual world. We have not yet seen any benefits from it in the physical world. We will start pulling some out in a year or so I think, depending on how fast and high it grows. Do not forget to take profits on the way up. exactly, my wife has more bitcoins than most people on the forum. she held and now she wants some bling. she is young so whatever. its not like she is selling a significant amount. BTC appreciated so much that somebody that bought aprox. 1 year ago (lets say 2012, or even Jan-Feb 2013) now has such a massive amount of unrealized profits (50x- 60x) that by selling only 10% of their stash they would be looking to at least a 5x profit compared to their initial investment... While continuing to hold to 90% of their stash. Not realizing profits in that scenario is plain dumb IMO, we all need some bling |
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936
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: November 25, 2013, 06:24:45 PM
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Is 800 the new 15 and or 130???
hmmm
You have to ask? How about this, $15 you sell your wife to buy BTC If its $130, you buy yourself another wife Deal? yeah, i more or less did something like that... going all in at $3 was pretty hard for a while. anyway she is getting a very nice ring for christmas. diamonds and gold is still are she really cares about, lol. silly girls. I am a girl and I would prefer Bitcoins to Diamonds at this point! Why? In a year or two I could get 10 or even 100 for the price of 1! I have always loved a great deal. Bitcoin could be the best "deal" ever! We will see though. I was complaining this morning that so far our investment in Bitcoin has only grown in the virtual world. We have not yet seen any benefits from it in the physical world. We will start pulling some out in a year or so I think, depending on how fast and high it grows. Do not forget to take profits on the way up. |
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937
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: November 25, 2013, 06:21:13 PM
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$1000 invested, 1.25 coins O.O
LOL!! I remember how I sold $1000 worth of coins to my best friend in January this year... I told him he couldn't afford to lose the opportunity, and he said "ok, WTF, take $1,000 and send me some of that magic internet money"... Do you know how many coins I sold him? BTC71 Crazy bitcoin, so crazy... And you have to know that at that time it seemed very expensive to him. He told me "come on man, can't you round it up and give me 100 coins? This is crazy, $1,000 hard earned dollars for 70 monopoly-like tokens" I will add that Bitcoin ALWAYS feel expensive when you first buy it. But it's not. |
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940
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Other / Archival / Re: I sold everything at $158/159 this morning
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on: November 25, 2013, 05:51:48 PM
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No, just read his post history (I did it with a sense of dark entertainment), he is currently saying that he is out because Bitcoin is a bubble and it will collapse because its needed too much money constantly flowing into Bitcoin to sustain the current price given the actual inflationary phase (3.600 coins are "created" every day).
He made some money, so good for him. No need to blame OP he doesnt want to risk anymore. Those who bough Bitcoins from him can sell with profit if they need money as well, so all happy It seems no matter what price you buy, if you wait you cant loose. Remember Bitcoin is deflationary. Not yet. This year's inflation rate is 12.5%. Next year (2014) inflation rate will be roughly 11.11%. Remember, Bitcoin will be inflationary till +2030. |
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