Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[inca]

Sorry odalv I keep forgetting he is widely ignored!

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[ChartBuddy]

Explanation

[Bagatell]

I really do not understand why are you quoting every troll in this forum.

Is it feeding time already?

[JimboToronto]

I really do not understand why are you quoting every troll in this forum.

[NotLambchop]

...
assuming you invest in a currency of country which has a limited supply of money and you can be pretty sure that it will never be changed.

assume further that this country has the possibility to fill some niches in the global economy

you think it is insane to invest in the currency of this country?

If the currency is inflating @ 10% a year, and its dollar exchange rate has fallen by more than 50% in 2014?  Let's just say "not very smart."

the dollar exchange rate has increased by around 150 times in the last one and a half years - very smart investment

induction as an indicator over time is stupid.

you can argue that my assumptions are wrong or that the niche is very small but arguing over charts is beyond stupid

if these assumptions are true and the niche is big enough you can say that investing in this "currency" is sane.

Bitcoin's exchange rate has gone up infinitely over the past five years.  There once was a time when it was worth exactly nothing.  Extrapolating from that, your future profits should also be infinite.

If you wish to get back to reality, you may consider Bitcoin's performance in recent past.  Since December of 2013, the price has been steadily declining.

If your reasoning proves anything, it proves entirely too much.  It proves that any investment which did well in some distant past is bound to be profitable in the future.  Regardless of its recent performance.

I hope I do not need to dwell on the folly of such assumptions.

Re. "induction as an indicator over time": wat?

what I said is that you cannot take the price as an indicator of the quality of an investment - you cannot build a theory from observation if the observation is constantly changing (as the price or the chart of bitcoin).

So much for watching walls and all the TA silliness...  Sadder still, so much for the notions of price reflecting the market sentiment.

what you can do instead is build a set of assumptions and say if they are valid or not valid.

If price does not reflect worth now, assuming that it will in the future requires an irrational leap of faith.  If you like that logic stuff.

to be fair you need a point of reference - according to this http://www.reddit.com/r/Bitcoin/comments/1sowur/how_is_a_2600000000000_market_cap_for_btc_possible/

the market cap of gold is 8 trillion, the one of us bonds is 35 trillion - bitcoin at this point of time is 5 billion [I think most people do not realise how small this on a global scale].

so golds market cap is more than 1000 times higher than the one of bitcoin - I assume that bitcoin never catches up, but to assume that there is place to grow is definetely not insane.

at this point we do not know how big the niche of bitcoin in the financial will be and let us not end arguing about pascals wagers, but that the niche is potentially existent is reasonable.

But Pascal's wager is exactly the fallacy you're leaning on.  You are ignoring all recent price data (showing that demand for Bitcoin is declining) in favor of extrapolating from the potential upside.
By that logic, I should invest in any d00d who tells me he'll conquer the world.  The upside is limitless, the downside finite.

Here's the problem with your reasoning:  The likelihood of Bitcoin becoming world's major currency is slim enough to make me (and my Lizard Overlords) laugh.  If it does become a threat to the status quo, it will be banned--already talk in Russia of criminalizing it.  It won't vanish, but it certainly won't thrive.

A couple of brief points. Firstly, sentiment reflects price, not the other way around.

Secondly, you seem very happy to post the chart from the recent ATH to now - I wonder why. Others, myself included prefer to quote the long term multi year log chart, or perhaps a chart from 275 upwards to now. Based on those charts bitcoin is in fact trending upwards.

Your argument against bitcoin rising to become a global reserve currency is a bit silly. Bitcoin doesn't need to be more than a tradeable digital asset and it can still move up two orders of magnitude easily in market cap valuation.

A couple of brief replies:
1. Nonsense.  Price reflects sentiment.
2. Nonsense.  I prefer to post the chart from Dec. 2013, when the price bubbled to over 1k.  Not the puny 417 recent "ATH."
3. You don't know what "a couple" means.

Regardless, I said "world's major currency"--one of many.  Not world's reserve currency--that's just wacky!
Anyhow, I was replying to an arguments extrapolating Bitcoin's potential worth from gold market cap.  Ridiculous, I know, but I like to entertain the most outlandish ideas.
If only to deposit them in the dumpster, where they belong

[Micky25]

I think everyone is expecting a coil pop to the end of the bear market. Lets just be calm and enjoy the weekend with popcorn in hand.

You can keep your popcorn. I'll keep these.

whats that? Pocket pussies?

[Bagatell]

whats that? Pocket pussies?

Octopussies.

[JimboToronto]

You can keep your popcorn. I'll keep these.

-gyros image-

You can keep your popcorn and your pork gyros. I prefer well-marbled beef.   

[ChartBuddy]

Explanation

[Micky25]

Agreed, but this one probably died from obesity.

[marcelus]

You can keep your popcorn. I'll keep these.

-gyros image-

You can keep your popcorn and your pork gyros. I prefer well-marbled beef.   

fucking hell there's more marble than beef there.

[justusranvier]

Here's the problem with your reasoning:  The likelihood of Bitcoin becoming world's major currency is slim enough to make me (and my Lizard Overlords) laugh.  If it does become a threat to the status quo, it will be banned--already talk in Russia of criminalizing it.  It won't vanish, but it certainly won't thrive.

"The primary purpose of evil people is to instill helplessness in the morally energetic." --Stefan Molyneux

[BBmmBB]

RUN TIME? I FEEL A RALLY COMING ON!!!! 

[adamstgBit]

Here's the problem with your reasoning:  The likelihood of Bitcoin becoming world's major currency is slim enough to make me (and my Lizard Overlords) laugh.  If it does become a threat to the status quo, it will be banned--already talk in Russia of criminalizing it.  It won't vanish, but it certainly won't thrive.

"The primary purpose of evil people is to instill helplessness in the morally energetic." --Stefan Molyneux

Stefan Molyneux's getting quoted 

cool guy smart guy, i've watch a bunch of his youtube channel

[Room101]

Number of unique bitcoin addresses used per day is now at all time high

[JimboToronto]

Agreed, but this one probably died from obesity.

LOL Either that or from decadent indulgence.

Most people know about the beer diet and daily sake massages used to produce tender, marbled Kobe beef, but many consider Kobe to be inferior to Matsusaka or Maesawa (pictured) beef.

The beauty of pure-bred Wagyu beef is that while it has a high fat content, it is especially rich in omega-3 and -5 fatty acids and has a much higher unsaturated to saturated fat ratio than other beef. Think of it as health-food beef.

Too bad the Japanese refuse to export it. Most American "Kobe" beef is Wagyu crossed with Angus. Luckily here in Ontario we can get Wagyu-Hereford, vastly superior to the low-quality commercial Angus crap. The "Certified Angus" industry does run an effective marketing campaign though.

[Room101]

Number of transaction excluding popular address continues its relentless march higher, another month and it will hit all time high

[fonzie]

I have that strange feeling that Mr. 10000BTC @Huobi might get his wall filled in the next days and won´t have to chase to price.
My gut tells me, so it´s most likely legit.

[adamstgBit]

I have that strange feeling that Mr. 10000BTC @Huobi might get his wall filled in the next days and won´t have to chase to price.
My gut tells me, so it´s most likely legit.

*goes to see the wall*

oh ya! thats a nice one, might of been easier for him to get that filled yesterday! but you're right if he patient he'll get it filled...

..maybe! 

market's been very strong the past weeks...

[el chavo]

walls
walls everywhere