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

[Spaceman_Spiff]

"Bitcoins, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the miners which produce them." -David Bitcardo

Maybe you would also like to hear it from a long-term bull (though not bullish on the short term right now) instead of the bears: this is total nonsense.  If I spend one year polishing a turd, that doesn't mean a polished turd is worth >10000 USD.

[Norway]

"Bitcoins, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the miners which produce them." -David Bitcardo

Maybe you would also like to hear it from a long-term bull (though not bullish on the short term right now) instead of the bears: this is total nonsense.  If I spend one year polishing a turd, that doesn't mean a polished turd is worth >10000 USD.

How about
9999 USD?

[gentlemand]

http://www.tate.org.uk/art/artworks/manzoni-artists-shit-t07667/text-summary

[Norway]

Nothing is happening...

It's happening!... ?? https://recode.net/2015/09/15/nine-of-the-worlds-biggest-banks-form-blockchain-partnership/

This will save banks a lot of money...

...while they loose all their customers 

[BlindMayorBitcorn]

Nothing is happening...

[JayJuanGee]

Nothing is happening...

It's happening!... ?? https://recode.net/2015/09/15/nine-of-the-worlds-biggest-banks-form-blockchain-partnership/

Yeah, right!!!


Does this really mean anything for Bitcoin?  They are creating a competing platform to have a private blockchain, but surely that blockchain is going to be centralized and secretive... .and then in the end, to what extent would it incorporate bitcoin's infrastructure at all? 

[sAt0sHiFanClub]

Nothing is happening...

It's happening!... ?? https://recode.net/2015/09/15/nine-of-the-worlds-biggest-banks-form-blockchain-partnership/

Yeah, right!!!


Does this really mean anything for Bitcoin?  They are creating a competing platform to have a private blockchain, but surely that blockchain is going to be centralized and secretive... .and then in the end, to what extent would it incorporate bitcoin's infrastructure at all?  

The main thrust of a similar project that i'm aware of is that it would be decentralized between the participating banks - they would all carry out verifiable POW activity (mining)  which will secure the network for all participants. There would be an initial release of tokens, after which no more would be created (absent a need to expand the network) Transaction fee's would be a form of demurrage, creating an internal market for the tokens among the participants.  But the tokens would not be a currency in themselves - they would simply represent a real world asset, be it currency, trade finance, bonds, shares, etc. Banks would effectively settle among themselves with the same token, over and over again.

It would have zero impact on bitcoin. It would more than likely be employed over a leased line network similar to SWIFT, but there is no reason why it couldn't use the public internet at some point. I cant see how it could use the same Blockcain as bitcoin - there is no technical need for them to do so.

[JayJuanGee]

Nothing is happening...

It's happening!... ?? https://recode.net/2015/09/15/nine-of-the-worlds-biggest-banks-form-blockchain-partnership/

Yeah, right!!!


Does this really mean anything for Bitcoin?  They are creating a competing platform to have a private blockchain, but surely that blockchain is going to be centralized and secretive... .and then in the end, to what extent would it incorporate bitcoin's infrastructure at all?  

The main thrust of a similar project that i'm aware of is that it would be decentralized between the participating banks - they would all carry out verifiable POW activity (mining)  which will secure the network for all participants. There would be an initial release of tokens, after which no more would be created (absent a need to expand the network) Transaction fee's would be a form of demurrage, creating an internal market for the tokens among the participants.  But the tokens would not be a currency in themselves - they would simply represent a real world asset, be it currency, trade finance, bonds, shares, etc. Banks would effectively settle among themselves with the same token, over and over again.

It would have zero impact on bitcoin. It would more than likely be employed over a leased line network similar to SWIFT, but there is no reason why it couldn't use the public internet at some point. I cant see how it could use the same Blockcain as bitcoin - there is no technical need for them to do so.

Your further explanation doesn't really contradict anything that I said in my earlier post.   Admittedly, you seem to be much more informed about the details than me, yet the whole concept seems to have quite a bit of  variability in how it could develop and then be implemented.

So,  even though money may NOT be a central concern of big banks, yet I could envision scenarios in which some of them may want to build some kind of private system, but to incorporate the bitcoin infrastructure in order to save money on computing power and security issues, meanwhile retaining some control over the extent to which they use the bitcoin blockchain infrastructure to achieve their private money moving objectives  - in that regard, rather than reinventing the wheel to take advantage of some of the wheel that already exists.

[ChartBuddy]

Coin
Explanation

[sAt0sHiFanClub]

Nothing is happening...

It's happening!... ?? https://recode.net/2015/09/15/nine-of-the-worlds-biggest-banks-form-blockchain-partnership/

Yeah, right!!!


Does this really mean anything for Bitcoin?  They are creating a competing platform to have a private blockchain, but surely that blockchain is going to be centralized and secretive... .and then in the end, to what extent would it incorporate bitcoin's infrastructure at all?  

The main thrust of a similar project that i'm aware of is that it would be decentralized between the participating banks - they would all carry out verifiable POW activity (mining)  which will secure the network for all participants. There would be an initial release of tokens, after which no more would be created (absent a need to expand the network) Transaction fee's would be a form of demurrage, creating an internal market for the tokens among the participants.  But the tokens would not be a currency in themselves - they would simply represent a real world asset, be it currency, trade finance, bonds, shares, etc. Banks would effectively settle among themselves with the same token, over and over again.

It would have zero impact on bitcoin. It would more than likely be employed over a leased line network similar to SWIFT, but there is no reason why it couldn't use the public internet at some point. I cant see how it could use the same Blockcain as bitcoin - there is no technical need for them to do so.

Your further explanation doesn't really contradict anything that I said in my earlier post.   Admittedly, you seem to be much more informed about the details than me, yet the whole concept seems to have quite a bit of  variability in how it could develop and then be implemented.

So,  even though money may NOT be a central concern of big banks, yet I could envision scenarios in which some of them may want to build some kind of private system, but to incorporate the bitcoin infrastructure in order to save money on computing power and security issues, meanwhile retaining some control over the extent to which they use the bitcoin blockchain infrastructure to achieve their private money moving objectives  - in that regard, rather than reinventing the wheel to take advantage of some of the wheel that already exists.

Because I was agreeing with your post. :-) 

I think you are right, Banks will have some interaction with the bitcoin blockchain, especially if adoption improves and they find that more of their customers use it, then they will have to integrate it into their systems. But I think their interest in Blockchain tech, for now, could easily exist independent of bitcoin.

[ChartBuddy]

Coin
Explanation

[BlindMayorBitcorn]

Coin
Explanation

[JayJuanGee]

Nothing is happening...

It's happening!... ?? https://recode.net/2015/09/15/nine-of-the-worlds-biggest-banks-form-blockchain-partnership/

Yeah, right!!!


Does this really mean anything for Bitcoin?  They are creating a competing platform to have a private blockchain, but surely that blockchain is going to be centralized and secretive... .and then in the end, to what extent would it incorporate bitcoin's infrastructure at all?  

The main thrust of a similar project that i'm aware of is that it would be decentralized between the participating banks - they would all carry out verifiable POW activity (mining)  which will secure the network for all participants. There would be an initial release of tokens, after which no more would be created (absent a need to expand the network) Transaction fee's would be a form of demurrage, creating an internal market for the tokens among the participants.  But the tokens would not be a currency in themselves - they would simply represent a real world asset, be it currency, trade finance, bonds, shares, etc. Banks would effectively settle among themselves with the same token, over and over again.

It would have zero impact on bitcoin. It would more than likely be employed over a leased line network similar to SWIFT, but there is no reason why it couldn't use the public internet at some point. I cant see how it could use the same Blockcain as bitcoin - there is no technical need for them to do so.

Your further explanation doesn't really contradict anything that I said in my earlier post.   Admittedly, you seem to be much more informed about the details than me, yet the whole concept seems to have quite a bit of  variability in how it could develop and then be implemented.

So,  even though money may NOT be a central concern of big banks, yet I could envision scenarios in which some of them may want to build some kind of private system, but to incorporate the bitcoin infrastructure in order to save money on computing power and security issues, meanwhile retaining some control over the extent to which they use the bitcoin blockchain infrastructure to achieve their private money moving objectives  - in that regard, rather than reinventing the wheel to take advantage of some of the wheel that already exists.

Because I was agreeing with your post. :-) 

I think you are right, Banks will have some interaction with the bitcoin blockchain, especially if adoption improves and they find that more of their customers use it, then they will have to integrate it into their systems. But I think their interest in Blockchain tech, for now, could easily exist independent of bitcoin.

Sorry, I did NOT mean to imply some kind of confrontation... hahahahaha, and really it seems like both of us, and probably a lot of other bitcoin (blockchain) watchers are trying to pay some attention and to learn details about these kinds of various options to attempt to verify the extent to which various big players in the financial world integrate into the bitcoin blockchain or attempt to build competitive systems that might attempt to innovate on blockchain technologies.

Accordingly, without really being certain about how it plays out whether it complements or competes against bitcoin, some posters may find a large number of these kinds of developments to be bullish for bitcoin. 

I personally do NOT really know what to think in terms of whether some developments are bullish or bearish because sometimes we identify some kind of current and new development that seems like it should have a positive effect on bitcoin and its price, and the price may in fact move the opposite direction in spite of such new development.

[ChartBuddy]

Coin
Explanation

[Morecoin Freeman]

6 Hour turning bullish.

[JayJuanGee]

6 Hour turning bullish.

The volume the past 24 hours has been relatively pathetic, compared with several weeks previously...

Does that affect your "bullish" assessment regarding the 6 hour view?

[ChartBuddy]

Coin
Explanation

[aztecminer]

6 Hour turning bullish.

hows the bitfinex 5000btc buy wall ?? ... that still happenen ??

[ChartBuddy]

Coin
Explanation

[DieJohnny]

I forgot about bitcoin for a few days, it was really nice