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

[Blue]

2014 was sooooo shit.

spooderman = gooderman !

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[NotLambchop]

I'm here because I speculate in Bitcoin.  I have repeated this so many times that I find it hard to believe you can't remember any of them.
Even with my understanding of the average mental state and capacity of the posters in this thread.

Re. "pyramid scheme," here's an abbridged definition from wikip:
"A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public."

The operative word here is "promises," of which Bitcoin makes none.  So the short answer is NO.

I hope this helps, but that hope is being tried each time I have to repost this

The assumption is that I've seen it to remember. Which is false.

Time to start paying attention.

Also that definition of a pyramid scheme is quite narrow... if the community at large involved with a particular asset are making promises, it would typically hold as much weight as a central figure in a narrowly defined "business" environment, due to group think.

You are right.  Some Bitcoin prophets are making promises, thus trying to turn Bitcoin into a pyramid scheme.
We can not blame Bitcoin for the actions of a few idiots who try to profit from it.

So you speculate in bitcoin, you don't think it's a pyramid scheme, but really failed to elaborate beyond yet another assumption that something on Wikipedia is an absolute/definitive source of information. What is your broader opinion of Bitcoin?

I'm not going to let this degenerate into another debate about wikip.  Take this shit up with wikipeedos.
Alternatively, offer me another definition of a pyramid scheme, and I'll tell you if Bitcoin falls under that definition.

[Torque]

Who is this Joe Public? And why do you have such a low opinion of him?

Joe Public is everyone that you want to eventually care about and buy bitcoin.  Without them, bitcoin is doomed.  Why?  Because there are only so many people like us (current nutjob bitcoiners) in the world.

Is it just like the Internet.  There was a time when Joe Public absolutely hated the Internet and stayed far away from it (from lack of trust), while a small nutty community of nerds loved it.

[NotLambchop]

...There was a time when Joe Public absolutely hated the Internet and stayed far away from it (from lack of trust)...

[cbeast]

2014 was a great year for Bitcoin. So much progress was made in acceptance and the political arena. Bitcoin is no longer ignored. 2015 will be even more exciting. Once more unto the breach, dear friends!

[hdbuck]

Who is this Joe Public? And why do you have such a low opinion of him?

Joe Public is everyone that you want to eventually care about and buy bitcoin.  Without them, bitcoin is doomed.  Why?  Because there are only so many people like us (current nutjob bitcoiners) in the world.

Is it just like the Internet.  There was a time when Joe Public absolutely hated the Internet and stayed far away from it (from lack of trust), while a small nutty community of nerds loved it.

still i'd rather have joe public crawl for btc dust, teaching them a lesson with their worship of the current status quo..

[Blue]

btw btc can reach $700 again quite easily -

they just have to do a 2:1 reverse stock split !!

[redsn0w]

2014 was a great year for Bitcoin. So much progress was made in acceptance and the political arena. Bitcoin is no longer ignored. 2015 will be even more exciting. Once more unto the breach, dear friends!

Welcome to the new age   ...

[N12]

Who is this Joe Public? And why do you have such a low opinion of him?

Joe Public is everyone that you want to eventually care about and buy bitcoin.  Without them, bitcoin is doomed.  Why?  Because there are only so many people like us (current nutjob bitcoiners) in the world.

Is it just like the Internet.  There was a time when Joe Public absolutely hated the Internet and stayed far away from it (from lack of trust), while a small nutty community of nerds loved it.

Bitcoin's real value as a digital zero-counterparty risk asset with known inflation has nothing much to do with Joe Public. Pandering to Joe Public is something that the Bitcoin cultists and hipsters came up with so they can make themselves feel good. But Bitcoin just isn't very useful as a currency.

[NotLambchop]

2014 was a great year for Bitcoin. ... 2015 will be even more exciting. Once more unto the breach, dear friends!

Tl:DR:  More progress.  Another price halving.  Much excitement.

[JorgeStolfi]

There was a time when Joe Public absolutely hated the Internet and stayed far away from it (from lack of trust), while a small nutty community of nerds loved it.

That is not quite how the internet developed...

[BitBD]

Not at all with 20x margin....swinging..lol

[njcarlos]

Time to start paying attention.

The assumption is that I saw it, but wasn't paying attention, or that I didn't see it because I wasn't paying attention... both of which are again, false. You really like to make a lot of assumptions.

So you speculate in bitcoin, you don't think it's a pyramid scheme, but really failed to elaborate beyond yet another assumption that something on Wikipedia is an absolute/definitive source of information. What is your broader opinion of Bitcoin?

I'm not going to let this degenerate into another debate about wikip.  Take this shit up with wikipeedos.
Alternatively, offer me another definition of a pyramid scheme, and I'll tell you if Bitcoin falls under that definition.

Assumptions and selective attention. Not good. If you could, answer the question. That's the thing in my quote that ends with a question mark.

[Torque]

Who is this Joe Public? And why do you have such a low opinion of him?

Joe Public is everyone that you want to eventually care about and buy bitcoin.  Without them, bitcoin is doomed.  Why?  Because there are only so many people like us (current nutjob bitcoiners) in the world.

Is it just like the Internet.  There was a time when Joe Public absolutely hated the Internet and stayed far away from it (from lack of trust), while a small nutty community of nerds loved it.

Bitcoin's real value as a digital zero-counterparty risk asset with known inflation has nothing much to do with Joe Public. Pandering to Joe Public is something that the Bitcoin cultists and hipsters came up with so they can make themselves feel good. But Bitcoin just isn't very useful as a currency.

You must be a young lass.  Yes, the whole point of bitcoin is to grow to a global currency of some level.  And yes, we need the masses to get onboard in order for that to actually happen.  And yes, bitcoin will be much more useful as a daily currency with 100,000 nodes and at $10k/btc than it is today.

And I'm constantly amazed by why you Blitz are a moderator of a pro-bitcoin forum.

[N12]

Then you must be a fool if you think (which it seems you do?) that supplanting global currencies such as the Dollar and the Euro could happen within 5 or 6 years or whatever. It would take decades, probably generations.

Bitcoin is just not a good currency yet (I don't know if it will ever be a unit of account), but it already is a good asset for those who seek to control their digital wealth and invest in it.

No need for Joe Public, only need some people who value the properties I listed in an asset, and this is happening, see people like Winklevosses, Tim Draper. From there it goes on to banks, hedge funds, ....

And I'm constantly amazed by why you Blitz are a moderator of a pro-bitcoin forum.

And I'm amazed that someone who is supposed to be pro Bitcoin is non stop posting FUD about how Bitcoin is doomed. It seems I'm actually the most positive one around here, because I've accepted Bitcoin's limitations in permeating the world.

@njcarlos

I probably should, it's pretty much the default way of writing my posts in this thread, but that's probably because of its speed.

[njcarlos]

@Blitz, I saw like 10 ninja edits. You should probably just think about it more before hitting that submit button.

Edit: point taken

[ChartBuddy]

Explanation

[Torque]

Then you must be a fool if you think (which it seems you do?) that supplanting global currencies such as the Dollar and the Euro could happen within 5 or 6 years or whatever. It would take decades, probably generations.

I'm not one of those crazy people that believe that bitcoin will supplant global currencies, at least any time soon.  But I do believe that it can and will exist side-by-side with them.  And bitcoin has more potential to be used globally than any form of regional alt currency that currently exists.  Just look at the success of the Brixton Pound, and other forms of alternate currencies.

Open you eyes man:

http://brixtonpound.org/about-b/b-history/

http://en.wikipedia.org/wiki/Alternative_currency

[nanobrain]

There was a time when Joe Public absolutely hated the Internet and stayed far away from it (from lack of trust), while a small nutty community of nerds loved it.

That is not quite how the internet developed...

But why let facts get in the way of the loveable, Hollywood myth.

And let's not forget that mainstream global acceptance of the internet was powered by firstly by commercialisation then by social media, neither of which are particularly inline with the original ideals of the internet (as envisaged by those nutty nerds^TM).

On a tangent: I read recently that Facebook sign ups have pretty much stalled this year and they are admitting they have reached market saturation.  By coincidence Zuckerberg has started "internet.org" this year, to bring the internet to the disadvantaged; anyone more cynical than I would suggest he is creating new markets, so he can can flog more advertising.

[JorgeStolfi]

Yes, the whole point of bitcoin is to grow to a global currency of some level.  And yes, we need the masses to get onboard in order for that to actually happen.  And yes, bitcoin will be much more useful as a daily currency with 100,000 nodes and at $10k/btc than it is today.

The point of bitcoin was only to prove that the protocol designed by "Satoshi" (mining rewards, fees, proof of work etc) could be self-sustaining and self-adjusting.  That experiment may still be successful even if the user base and prices return to the 2010 level.

I do not see a connection between price, number of mining nodes, and usefulness as a currency.  The latter depends on how many businesses and employers adopt bitcoin (actually, not through Bitpay/Coinbase).  Increased adoption arguably would raise the price, but that is not happening yet.