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Question: 1/24 Closing Price:
<$32,000 - 8 (18.6%)
$32,000-$33,000 - 3 (7%)
$33,000-$34,000 - 1 (2.3%)
$34,000-$35,000 - 3 (7%)
$35,000-$36,000 - 4 (9.3%)
$36,000-$37,000 - 5 (11.6%)
$37,000-$38,000 - 3 (7%)
$38,000-$39,000 - 1 (2.3%)
$39,000-$40,000 - 3 (7%)
$40,000-$41,000 - 2 (4.7%)
$41,000-$42,000 - 0 (0%)
>$42,000 - 10 (23.3%)
Total Voters: 43

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25067978 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (157 posts by 13 users deleted.)
latoxine
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May 18, 2014, 08:26:40 AM

Something i don't understand...


Don't you think the BTC price is way too high ? I mean to imagine to pay everyday things?

>Whe have changed money in europe, and it was, and it is still difficult. You loose your references. I'm 37, and remenber my grand mother crying about that years ago. ( imagine tomorrow 1 dollard = 1/6.6957 of a new US money...you are lost)


I see BTC as the same thing, but more difficult as the price is not stable at all.

An other thing is that for geeks, or mathematicians it will maybe not a problem to pay a coffee 0.000000000198562 btc, of course here we still have double cash and information displays  ( euros / francs ) but...Let's imagine this :


-Hello, let me offer you a coffee.
-hi, two coffee please
-it's 0.000000001 btc.
-thanks, good bye.

(30mn later, you want to pay for the same two coffee.)

-hello, 
-two coffe please,
-it's 0.0001 btc.
-What? so it is...ok....hum...

-So where are the coffee?
-Sorry, no coffee anymore!


Could BTC become seriously something more than a speculativ value? Would 1btc = 1dollard ( or euro  Wink ) something possible in a good way in the future?
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Strange, yet attractive.


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May 18, 2014, 08:41:36 AM

Something i don't understand...


Don't you think the BTC price is way too high ? I mean to imagine to pay everyday things?

[...]

Could BTC become seriously something more than a speculativ value? Would 1btc = 1dollard ( or euro  Wink ) something possible in a good way in the future?


I'd advise you to take a look here: http://en.wikipedia.org/wiki/Velocity_of_money to see what "velocity of money" is standing for. Then take some time to play around with this page: http://www.westegg.com/inflation/
Then; I want you to ask yourself: "What is the nominal value of an asset". ANY asset. Give yourself some time thinking about this. I hope (and believe) you will get the answer in your question. As per the fractional values of bitcoin, there are tons of proposals on how to overcome this issue. I strongly believe that when bitcoin is commonly accepted, companies like Circle https://www.circle.com/ will already have a viable solution for everybody.

Cheers.
RandomPedestrianN9
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May 18, 2014, 08:47:51 AM

Why on Earth would i pay for food and drinks with BTC. Maybe in big american and western world cities you pay for everything with smartphone chips and cards but that doesnt work so well in the rest of the world. Say, there is vending machine in Kenya (Africa), its hot and you are thirsty, with what do you pay for the Cola inside of the locked vending machine? (no electricity, vending machine is operated by 2m tall black gorilla with a key)
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May 18, 2014, 08:52:56 AM

1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.

2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
flynn
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May 18, 2014, 08:59:28 AM

An other thing is that for geeks, or mathematicians it will maybe not a problem to pay a coffee 0.000000000198562 btc, of course here we still have double cash and information displays 

Actually there is a problem here the geeks and the mathematicians will see : you can't pay less than a satoshi, so "0.000000000198562 btc" is just wrong.

The minimum value is 0.000,000,01 BTC = 0;01 µBTC

And two coffees are worth about 10 mBTC today, I don't see where the display problem is.
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May 18, 2014, 09:00:43 AM


Explanation
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May 18, 2014, 09:00:50 AM

1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy.

+1
flynn
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May 18, 2014, 09:08:16 AM

1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.

2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)

Suppose you want to buy an aircraft carrier which cost $ 4 billions (or a set of buildings, or a firm, or whatever around that price) with BTC
You'd need about 10,000,000 BTC which you'll have a lot of difficulty to get, and that's just one big transaction, nothing very unusual here. So I guess BTC's price will have to go up a lot if someone wants to be able to do real business with it.

RandomPedestrianN9
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May 18, 2014, 09:10:09 AM

1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.

2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)

Suppose you want to buy an aircraft carrier which cost $ 4 billions (or a set of buildings, or a firm, or whatever around that price) with BTC
You'd need about 10,000,000 BTC which you'll have a lot of difficulty to get, and that's just one big transaction, nothing very unusual here. So I guess BTC's price will have to go up a lot if someone wants to be able to do real business with it.



WHy not use Litecoin instead? Or Dogecoin, they have enough coins, no need to inflate the price.
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Bitcoin != exchange rate


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May 18, 2014, 09:34:08 AM

1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.

2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)

Suppose you want to buy an aircraft carrier which cost $ 4 billions (or a set of buildings, or a firm, or whatever around that price) with BTC
You'd need about 10,000,000 BTC which you'll have a lot of difficulty to get, and that's just one big transaction, nothing very unusual here. So I guess BTC's price will have to go up a lot if someone wants to be able to do real business with it.



WHy not use Litecoin instead? Or Dogecoin, they have enough coins, no need to inflate the price.

I seriously hope you are trolling here, or do you really don't get it?
RandomPedestrianN9
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May 18, 2014, 09:48:27 AM

1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.

2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)

Suppose you want to buy an aircraft carrier which cost $ 4 billions (or a set of buildings, or a firm, or whatever around that price) with BTC
You'd need about 10,000,000 BTC which you'll have a lot of difficulty to get, and that's just one big transaction, nothing very unusual here. So I guess BTC's price will have to go up a lot if someone wants to be able to do real business with it.



WHy not use Litecoin instead? Or Dogecoin, they have enough coins, no need to inflate the price.

I seriously hope you are trolling here, or do you really don't get it?

You dont seem to get that BTC is not suitable for real world but rather as internet coin to pay for advices on forums or for porn.
Miz4r
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May 18, 2014, 09:49:14 AM

1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.

2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)

Suppose you want to buy an aircraft carrier which cost $ 4 billions (or a set of buildings, or a firm, or whatever around that price) with BTC
You'd need about 10,000,000 BTC which you'll have a lot of difficulty to get, and that's just one big transaction, nothing very unusual here. So I guess BTC's price will have to go up a lot if someone wants to be able to do real business with it.



WHy not use Litecoin instead? Or Dogecoin, they have enough coins, no need to inflate the price.

It's not about the number of coins, that's totally irrelevant. It's about what the total number of coins are worth together if bought at the current market value. If you want to do business in billions of dollars with crypto, then no matter what coin you use the price would have to be a whole lot higher to accommodate that. And you need much more liquidity ofcourse. Litecoin and Dogecoin are unlikely candidates though, and Dogecoin even more unlikely than Litecoin. But that's all reflected in their current market price already.
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May 18, 2014, 09:52:12 AM

What bothers me the most (apart from the train not ChooChooing yet) is that after articles like this:
http://blogs.wsj.com/economics/2014/05/16/congatulations-to-class-of-2014-the-most-indebted-ever/?mod=WSJBlog
people still think that bitcoin is about to fail... Undecided

That article is way too relaxed given the true magnitude of the problem. There was an article on zerohedge a few weeks ago. Apparently more than half of all that debt is not used for school at all. There are people who do the third useless undergrad degree because you don't need to pay the student loans when you study. So you just get degree after degree on student debt. Some people apparently understand the black hole they're falling into any say there's nothing else they can do. They just hope the government will forgive them, because federal student debt is not bankrupt-able. And you know what, the government will, going itself further into the black hole. Indirectly, like, allow people to take undergraduate degrees forever. I'm sure they can just add the death-defaults to freddy and fannie.
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May 18, 2014, 10:00:43 AM


Explanation
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May 18, 2014, 10:06:08 AM
Last edit: May 18, 2014, 10:48:40 AM by simmo77

Why on Earth would i pay for food and drinks with BTC. Maybe in big american and western world cities you pay for everything with smartphone chips and cards but that doesnt work so well in the rest of the world. Say, there is vending machine in Kenya (Africa), its hot and you are thirsty, with what do you pay for the Cola inside of the locked vending machine? (no electricity, vending machine is operated by 2m tall black gorilla with a key)

You would use local currency (the Kenyan Shilling), cold hard cash. Bitcoin will never replace cash.

Imaging this though - what about if after landing in Kenya & picking up your baggage and clearing customs etc, you could stroll straight past all the money exchanger booths to a Bitcoin ATM and withdraw local currency - saving huge $$ in fees and getting a fair rate of exchange. You also avoid having to carry this cash while in transit, meaning it can't be lost or stolen...

This is why Bitcoin ATMs in major tourism locations such as Whistler, Canada (http://www.reddit.com/r/Bitcoin/comments/23mcdt/cash_out_bitcoin_in_47_seconds_bitcoin_atm_in/) are so important to the widespread adoption of cryptocurrencies (imo).

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May 18, 2014, 10:12:02 AM

An other thing is that for geeks, or mathematicians it will maybe not a problem to pay a coffee 0.000000000198562 btc, of course here we still have double cash and information displays 

Actually there is a problem here the geeks and the mathematicians will see : you can't pay less than a satoshi, so "0.000000000198562 btc" is just wrong.

The minimum value is 0.000,000,01 BTC = 0;01 µBTC

And two coffees are worth about 10 mBTC today, I don't see where the display problem is.

Actually it's possible to add 16 extra decimals to BTC so whenever that's a problem, it wont be a problem.
El Cabron
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May 18, 2014, 10:33:55 AM

volume is crazy low. everyone on holiday smoking weed or something?
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May 18, 2014, 10:40:54 AM

1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy.

+1

The price is decided from reserve demand, which includes speculation about its future value. Therefore it is neither to high, nor too low, nor correct. It just is what it is.

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May 18, 2014, 10:41:31 AM

volume is crazy low. everyone on holiday smoking weed or something?

Yes, and yes, and other distractions.  https://bitcoinwisdom.com/markets/mintpal/drkbtc
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May 18, 2014, 10:51:09 AM

Why on Earth would i pay for food and drinks with BTC. Maybe in big american and western world cities you pay for everything with smartphone chips and cards but that doesnt work so well in the rest of the world. Say, there is vending machine in Kenya (Africa), its hot and you are thirsty, with what do you pay for the Cola inside of the locked vending machine? (no electricity, vending machine is operated by 2m tall black gorilla with a key)

Actually, Mpesa is very popular in Africa and not in the western world. So paying with phones is not at all a problem in Africa.
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