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

[empowering]

Ebola causes headaches, feelings of nausea and is very difficult to get rid of.

So similar to Not Lamb Chop then.

The devil's advocate is where you find him. I personally find him insightful and entertaining

The original punch line is....  "sounds like a U2 album" or something along those lines...

[1715268123]

1715268123

[empowering]

I ran into Hitler. I was surprised to see him and asked him what he was up to? He said "This time I am going to kill 6 million Jews and two clowns!" "Two Clowns? Why are you going to kill two clowns?" "See? Nobody cares about zee Jews."

[JorgeStolfi]

My impression of Chinese traders is that the bitcoin market is to them a video game

I believe that there are many who see it that way, yes.(*)  But there must be also many robots.  In their joint statement, last May, the leading Chinese exchanges pledged to curb high-frequency trading to make the field more even for human traders; but it seems that they have backtracked on that pledge.

On OKCoin and Huobi, whenever a large trade opens up the spread, the gap is immediately filled with dozens of small random orders.  I have not looked closely, but my impression is that the orders are mostly bids, so that the spread shrinks towards its upper end.  These sprays seem too quick and too regular to be issued by hand, and they seem to happen 24/7. I would guess that they are one or several robots, perhaps ran by the exchange itself.

(*) An article published several years ago told how Brock Pierce built a billion-dollar company that cornered the market of virtual money and other virtual goods from some computer game (IIRC, World of Warchraft).  He got partners in China who set up "mines" of  those virtual goods.  They had umpteen Chinese workers playing the game all day long, stopping only to eat and sleep on the premises.  His company collapsed when regular players of the game sued it, claiming that their gaming experience was ruined because those Chinese miners were everywhere in the game, and cared only about collecting stuff.

[empowering]

How are children like mobile phones? If you've lost one and haven't found it in a couple days, chances are it's probably dead.

[ChartBuddy]

Explanation

[BlindMayorBitcorn]

My impression of Chinese traders is that the bitcoin market is to them a video game

I believe that there are many who see it that way, yes.(*)  But there must be also many robots.  In their joint statement, last May, the leading Chinese exchanges pledged to curb high-frequency trading to make the field more even for human traders; but it seems that they have backtracked on that pledge.

On OKCoin and Huobi, whenever a large trade opens up the spread, the gap is immediately filled with dozens of small random orders.  I have not looked closely, but my impression is that the orders are mostly bids, so that the spread shrinks towards its upper end.  These sprays seem too quick and too regular to be issued by hand, and they seem to happen 24/7. I would guess that they are one or several robots, perhaps ran by the exchange itself.

(*) An article published several years ago told how Brock Pierce built a billion-dollar company that cornered the market of virtual money and other virtual goods from some computer game (IIRC, World of Warchraft).  He got partners in China who set up "mines" of  those virtual goods.  They had umpteen Chinese workers playing the game all day long, stopping only to eat and sleep on the premises.  His company collapsed when regular players of the game sued it, claiming that their gaming experience was ruined because those Chinese miners were everywhere in the game, and cared only about collecting stuff.

I just remembered that from the news. This was before Bitcoin wasn't it?

Edit: http://boingboing.net/2007/11/15/goldfarming-empire-l.html

[Erdogan]

However , true story :

Let me explain what the difference is:
Money is sent via Western Union when cash is needed immediately.  This money is not sent for stuff like online purchases, otherwise the sender could simply make the purchase and have it shipped to a different address.

Sending Bitcoin is currently extremely cheap, because the miners are subsidised by 10% yearly inflation, AKA "block rewards" (not TX fees).  As block rewards diminish to zero over time, the miners will be forced to rely on TX fees.
Today, Bitcoin is paying 10% of its market cap to maintain the network--that's how many coins are mined in a year.  Once the block rewards approach zero, the transaction fees would have to represent ~10% of Bitcoin's market cap to maintain today's network security.  Because, as Satoshi has pointed out, the cost of mining should approach the price of coins mined.

Imagine that?  Burning 10% of world's wealth YEARLY being paid in TX fees?  

But that's a tangent.  The problem is, after receiving your bitcoin, it still must be converted to cash you can actually spend locally

Let's say one bitcoiner lived in for instance Burma, knew some merchants or pharmacists, for example and had some friends or acquaintances there, knew english. Maybe he had some cash to start a business. Could he find out who got remittances, what they used the money for, and maybe help them for a small profit?

Are you being intentionally oblique, or would you like to rephrase your question?

Just checking out your imagination. Do you have any imagination? If not, can you imagine what killed your imagination? Are you a fish?

You've been completely undone by loss, Erdogan, but we'll get you through this.  Can you still dial the phone?  Do you know where you are?  Do your fingers feel numb?

I can say that I made sure that my kids kept the power of imagination that they were born with, as they do with their own kids.

[hdbuck]

^dude. stop. feeding. troll?

[JimboToronto]

^dude. stop. feeding. troll?

But it's so much fun, especially when the troll's a nitwit.

[shmadz]

...
Yeah, fonsie, if it once was a good store of value, it's a good store of value now.  Because things never change and always stay the same

Are you really that stupid? Because it is at this very moment more in dollar value than it was in 2009, it is indeed a good store of value NOW, it however doesn't guarantee it will be tomorrow. We'll have to wait 24 hours to know that.

Yeah, a long time ago it was a store of value, but for the past year has been a huge bag of dicks.
Such a simple notion, why do you find it so difficult to understand?

Sorry lambsy, gotta call you on this one.

The US dollar has been losing value consistently since the inception of the federal reserve.

Bitcoin is just taking a bit of a breather after an overheated speculation bubble.

 The overall trend remains.

[empowering]

<stabs self in face>

[NotLambchop]

Grampa, you're acting up again.  Now take your age=appropriate meds, don't make me call Dr. Benway

[JorgeStolfi]

An article published several years ago told how Brock Pierce built a billion-dollar company that cornered the market of virtual money and other virtual goods from some computer game (IIRC, World of Warchraft).  He got partners in China who set up "mines" of  those virtual goods.  They had umpteen Chinese workers playing the game all day long, stopping only to eat and sleep on the premises.  His company collapsed when regular players of the game sued it, claiming that their gaming experience was ruined because those Chinese miners were everywhere in the game, and cared only about collecting stuff.

I just remembered that from the news. This was before Bitcoin wasn't it?

Edit: http://boingboing.net/2007/11/15/goldfarming-empire-l.html

Yes, but I was thinking of this two-part Wired article:
The Decline and Fall of an Ultra Rich Online Gaming Empire
http://archive.wired.com/gaming/virtualworlds/magazine/16-12/ff_ige?currentPage=all

A Drive Through Laurel Canyon With Brock Pierce
http://archive.wired.com/gaming/virtualworlds/magazine/16-12/ff_ige_pierce

[NotLambchop]

<stabs self in face>

Self-mutilation is one of the primary symptoms of Bitcoin

[NotLambchop]

...
Yeah, fonsie, if it once was a good store of value, it's a good store of value now.  Because things never change and always stay the same

Are you really that stupid? Because it is at this very moment more in dollar value than it was in 2009, it is indeed a good store of value NOW, it however doesn't guarantee it will be tomorrow. We'll have to wait 24 hours to know that.

Yeah, a long time ago it was a store of value, but for the past year has been a huge bag of dicks.
Such a simple notion, why do you find it so difficult to understand?

Sorry lambsy, gotta call you on this one.

The US dollar has been losing value consistently since the inception of the federal reserve.

Bitcoin is just taking a bit of a breather after an overheated speculation bubble.

 The overall trend remains.

Fiat is *designed* to lose value over time.  That's what discourages hoarding and encourages investing.  Who but in idiot would invest in a business that earns 10% a year, when one could get more by simply keeping his money in a mattress?  (The Bitcoiner's Dream)  Fiat is not intended to be a good store of value.

Regardless of Bitcoin's claim to be a good store of value, over the last year Bitcoin has really been losing it--even when measured in USD!  And since we both agree that fiat is utter shit store of value, how shit does that make Bitcoin?

[empowering]

<stabs self in face again>

[NotLambchop]

<stabs self in face again>

Working out well for you?
*Keep going tho, can't hurt you any more than your ace Bitcoin investment.

[empowering]

[BlindMayorBitcorn]

<stabs self in face again>

Working out well for you?
*Keep going tho, can't hurt you any more than your ace Bitcoin investment.

We all know you are perma-bull, bro

[empowering]