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

[Spekulatius]

We could have government, laws and taxes in bitcoin world also. Governments just would be for people not for kings (banksters). If you choose to live here, you will do it by law or otherwise you can move elsewhere. Governments (or countries) would be in more equal position to one another if there would not be kings who globally dictate all governments below them.

EDIT. To make myself more clear, it's about power (money) and how power is divided to people. In this system groups that have power have become too small and in this system this power just keep on rising. This is the biggest bubble in the world which is about to explode with the help of bitcoin.

Is this a variant of the 1% controlling 40% of the wealth argument?  In that case, money = money.  After the initial reshuffling of the deck, the same disparities will begin to emerge if the rules of the game don't change.  Bitcoin already has its millionaires & paupers, and even in this microcosm the spread between the haves & have nots is pretty big.

Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

In PPC world it does btw.

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[ElectricMucus]

Protect yourself and hold as little fiat as you can safely get away with.

This ^^

If not Bitcoin then anything inflation proof will do as a way to store money, even things like collecting antiques

We are in a deflationary phase now actually.

You start buying when blood is running in the streets?

I'll buy when I think I can sell for more than 2% profit within 24 hours. (With relative certainty)

The problem is, under those conditions one frequently ends up selling high and buying higher.

So? It still accumulates profit, that's better than the average market participant can say.

[gandhibt]

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

It was 1971 when Nixon separated gold from USD.

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

It was 1971 when Nixon separated gold from USD.

What point are you trying to make?

Edit:  People are easily impressed when numbers are big, charts are red & exponential, and scary words like "debt" & "inflation" are brought into play.  Please understand that when a dollar buys 1/100th as much & your income is x100 bigger, those numbers imply one thing only:  invest, don't hoard.  Everything else stays the same, unless you fixate on numbers.  As far as national debt?  How does it affect you directly? 

[niothor]

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

insert large graph here

It was 1971 when Nixon separated gold from USD.

Do you want to say that a country with a currency backed by gold can't get in debt or go bankrupt?
History has so many examples proving the opposite.

Btw , how many times did Greece failed in the past? =)))

[ElectricMucus]

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

It was 1971 when Nixon separated gold from USD.

Still under the weekly forex volume.

[Its About Sharing]

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

It was 1971 when Nixon separated gold from USD.

What point are you trying to make?

LOL - Are you watching what I was going to type? ehehh

[gandhibt]

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

It was 1971 when Nixon separated gold from USD.

What point are you trying to make?

That it's not fair that if job costs you too much you can simple print more money to buy it. That's what kings are doing today. If people don't do what they want, they simple pay more (with printed money). Economy can't work like that. It was a scheme to separate USD from gold, to trick people to slavery for the kings.

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

It was 1971 when Nixon separated gold from USD.

What point are you trying to make?

That it's not fair that if job costs you too much you can simple print more money to buy it. That's what kings are doing today. If people don't do what they want, they simple pay more (with printed money). Economy can't work like that. It was a scheme to separate USD from gold, to trick people to slavery for the kings.

Economy not only can, but does work that way.  As others have already pointed out, gold standard has nothing to do with ability to rack up debt.  Further, please explain to me why it is awful for US to have its current national debt -- as a mental exercise.  What would happen if it continued to climb?  Expand.

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It was 1971 when Nixon separated gold from USD.

Still under the weekly forex volume.

[NewLiberty]

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

The trick you will have to solve in order to have this paragraph make sense, is how to get someone to accept a fractionally reserve borrowed "~bitcoin" as payment.

[molecular]

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

The trick you will have to solve in order to have this paragraph make sense, is how to get someone to accept a fractionally reserve borrowed "~bitcoin" as payment.

Winklevoss to the rescue?

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

The trick you will have to solve in order to have this paragraph make sense, is how to get someone to accept a fractionally reserve borrowed "~bitcoin" as payment.

I have x bitcoins.  I issue you & 10 other people letters of credit for x/9.  Magic.

[Its About Sharing]

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

insert large graph here

It was 1971 when Nixon separated gold from USD.

Do you want to say that a country with a currency backed by gold can't get in debt or go bankrupt?
History has so many examples proving the opposite.

Btw , how many times did Greece failed in the past? =)))

I think the thing with gold backed money is it reduces greatly the liquidity, and hence expansion, of the money supple. So those countries generally limit growth, which isn't a bad thing but when there is global competition, I can see why they did it (not that I agree with it fully.)

[ChartBuddy]

[JimboToronto]

It was 1971 when Nixon separated gold from USD.

Looks like a bubble. 

[NewLiberty]

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

The trick you will have to solve in order to have this paragraph make sense, is how to get someone to accept a fractionally reserve borrowed "~bitcoin" as payment.

I have x bitcoins.  I issue you & 10 other people letters of credit for x/9.  Magic.

OK, next you are going to have to solve the problem of how to get someone to accept a letter of credit for Bitcoin.  Or in other words, the same thing I wrote in the last challenge to this scheme.  You've done no magic yet.  It is ~bitcoin, or !bitcoin if you prefer...  Who accepts it?

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Sure, but the point is that in bitcoin world big money doesn't automatically mean more money, because you can't print and loan bitcoins. That's pretty simple.

You don't think there were tycoons & beggars with gold standard?  We had the silly thing in US 'til the seventies!  As far as lending with Bitcoin, i can talk you through many interesting lending schemes where the total number of bitcoins in circulation is not the ceiling (hint:  when you borrow a million dollars from a bank, do you take it home in a trunk?)

The trick you will have to solve in order to have this paragraph make sense, is how to get someone to accept a fractionally reserve borrowed "~bitcoin" as payment.

I have x bitcoins.  I issue you & 10 other people letters of credit for x/9.  Magic.

OK, next you are going to have to solve the problem of how to get someone to accept a letter of credit for Bitcoin.  Or in other words, the same thing I wrote in the last challenge to this scheme.  You've done no magic yet.  It is ~bitcoin, or !bitcoin if you prefer...  Who accepts it?

The same person who accepts anything more interesting than a pawnshop/payday loan.  Unless you're used to asking for your loans in used, nonsequential twenties, you're familiar with one piece of paper representing another.

Edit:  Think "line of credit."  If it seems inconceivable to you, figure out how the fractional reserve system come into being -- there's no need to "print" all the monyz you lend
Edit2 (tangent):  I will also issue Crumblets, paper promissory notes denominated in bitcoins.  As tangible currency, requiring no internet access or gizmos, this folding money will become more popular than Bitcoin itself.

[Traktion]

If your libertarian romantic ever plays out I rather think we are facing the extinction of the human race.  

Why would rejecting institutionalised violence cause the extinction of the human race? Are peaceful people incapable of functioning without being threatened from day to day?

Institutional violence is just a result of urbanization, the entire population is urbanized, and dependent of the financial system to keep them from dying from starvation.

IF you are serious start a farm.

Eh? You don't need institutional violence in order to have a financial system. Why would you think otherwise?

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It was 1971 when Nixon separated gold from USD.

Still unsure what you meant to say with your chart, but actually looked at the numbers for the first time.  You sneak!  1900 to 2020?  Really?  Who's doin' all the prognosticating?  "Reliable Source"?