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

[ssmc2]

You seem to be missing the point of the whole discussion. Artificial scarcity results in artificially high prices given a constant demand. Artificial scarcity can reduce demand if the higher prices make an alternative relatively more attractive.

To be honest, I've forgotten how the discussion started amongst images of a universe filled with pigs.

I just want some bacon.

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[ChartBuddy]

Coin

Explanation

[GGALINff]

this bacon potato talk has got me hungry

if you are in the states,  use delivery.com  15% off code  TAKEBREAK in the next 5 hours to get your fix

[billyjoeallen]

once we've established a clear upward trend, coin-scarcity will go up exponentially, we are at the very beginnings of this happening.

>500 is no longer a sell signal

are full blocks, higher xaction fees and six hour confirmations a sell signal?

no the implementation of the solution to these self imposed limitation and subsequent market reaction (32,000$), is the sell signal.

the implementation is the buy signal and we haven't gotten it yet...if ever.

Imagine if confirmation time slows to a crawl, kind of like the delay in fiat withdrawals at Gox.  With the BTC exit blocked instead of the fiat exit, we get a gox bubble in reverse.

It's just too big of a risk to take. I already bought a lottery ticket this week. Waiting for a miracle to happen is not a sound investment strategy.

[DieJohnny]

once we've established a clear upward trend, coin-scarcity will go up exponentially, we are at the very beginnings of this happening.

>500 is no longer a sell signal

are full blocks, higher xaction fees and six hour confirmations a sell signal?

no the implementation of the solution to these self imposed limitation and subsequent market reaction (32,000$), is the sell signal.

the implementation is the buy signal and we haven't gotten it yet...if ever.

Imagine if confirmation time slows to a crawl, kind of like the delay in fiat withdrawals at Gox.  With the BTC exit blocked instead of the fiat exit, we get a gox bubble in reverse.

It's just too big of a risk to take. I already bought a lottery ticket this week. Waiting for a miracle to happen is not a sound investment strategy.

I think you are inventing fear and using it to either slay your own dreams or those of others. WE can imagine disasters all day the bottom line is I can pay a large mining fee of a whole dollar and my transfer moves instantly....

what is your real point

[adamstgBit]

once we've established a clear upward trend, coin-scarcity will go up exponentially, we are at the very beginnings of this happening.

>500 is no longer a sell signal

are full blocks, higher xaction fees and six hour confirmations a sell signal?

no the implementation of the solution to these self imposed limitation and subsequent market reaction (32,000$), is the sell signal.

the implementation is the buy signal and we haven't gotten it yet...if ever.

Imagine if confirmation time slows to a crawl, kind of like the delay in fiat withdrawals at Gox.  With the BTC exit blocked instead of the fiat exit, we get a gox bubble in reverse.

It's just too big of a risk to take. I already bought a lottery ticket this week. Waiting for a miracle to happen is not a sound investment strategy.

i know it's confusing but it's true, when the hot potato gets wrapped in bacon and then infused with blue cheese, its relative hottest becomes 100 times hotter then the regular potato we have going around today.

[billyjoeallen]

once we've established a clear upward trend, coin-scarcity will go up exponentially, we are at the very beginnings of this happening.

>500 is no longer a sell signal

are full blocks, higher xaction fees and six hour confirmations a sell signal?

no the implementation of the solution to these self imposed limitation and subsequent market reaction (32,000$), is the sell signal.

the implementation is the buy signal and we haven't gotten it yet...if ever.

Imagine if confirmation time slows to a crawl, kind of like the delay in fiat withdrawals at Gox.  With the BTC exit blocked instead of the fiat exit, we get a gox bubble in reverse.

It's just too big of a risk to take. I already bought a lottery ticket this week. Waiting for a miracle to happen is not a sound investment strategy.

I think you are inventing fear and using it to either slay your own dreams or those of others. WE can imagine disasters all day the bottom line is I can pay a large mining fee of a whole dollar and my transfer moves instantly....

what is your real point

it's not mere imagination. It an extrapolation of current trajectory.  Nobody hopes I'm wrong more than I do.

[DieJohnny]

Not that again No, not everything that gets laughed at [though the internet never was] eventually becomes outrageously popular. Most do not.

Bitcoin transactions are growing. Payment processors like Bitpay release stats that show increasing usage. Things are moving forward. Could they move faster? Of course. IMO they could move way faster if there was integration of online games and Bitcoins so that an entire new generation of tech-savy kids can grow up with Bitcoins. They don't need to be "educated" in its use nor will they find it "too complicated". The user base could explode if a few large game companies allowed gamers to buy/sell with BTCs (or altcoins) from inside the game's marketplace - while they take a commission from these transactions for maintaining the marketplace.

Well sure. "Each individual investor" decided that bitcoin is a speculative commodity, one which has lost 2/3rds of its value over the last 2 years. What's your point?

If you've bought at 3$ you are up 100 times and if you bought at 30$ you are up 10 times.

Losing and gaining is highly dependent on your point of entry.

In the end of the day, the spike is irrelevant. If the spike never occurred, and you told people back in the start of 2013 that in the end of '13 we'll be at 100$ from 30$, in the end of 2014 we'll be at 200$ and in the end of 2015$ we'll be at 300$ - everyone would be happy, except bears, trolls and shorters .

It's the perception that it went higher and then lower that plays with people's feelings. Otherwise the long-term trend is good.

If you want to see some real pumps and dumps in speculative commodities, check the Rhodium long-term chart;

Transactions mean absolutely nothing, nobody transacts in Gold EVER. Bitcoin is asset protection and remittance above all else. Transactions day to day are at least 10 years away, and i am pretty sure will be nothing like what they are now, probably not even in this blockchain.

I love your second point though it is exactly right.

[makeacake]

this bacon potato talk has got me hungry
...

Mmm... seduce me?

https://alexraphael.files.wordpress.com/2014/03/miss-piggy.jpg

[adamstgBit]

[DieJohnny]

once we've established a clear upward trend, coin-scarcity will go up exponentially, we are at the very beginnings of this happening.

>500 is no longer a sell signal

are full blocks, higher xaction fees and six hour confirmations a sell signal?

no the implementation of the solution to these self imposed limitation and subsequent market reaction (32,000$), is the sell signal.

the implementation is the buy signal and we haven't gotten it yet...if ever.

Imagine if confirmation time slows to a crawl, kind of like the delay in fiat withdrawals at Gox.  With the BTC exit blocked instead of the fiat exit, we get a gox bubble in reverse.

It's just too big of a risk to take. I already bought a lottery ticket this week. Waiting for a miracle to happen is not a sound investment strategy.

I think you are inventing fear and using it to either slay your own dreams or those of others. WE can imagine disasters all day the bottom line is I can pay a large mining fee of a whole dollar and my transfer moves instantly....

what is your real point

it's not mere imagination. It an extrapolation of current trajectory.  Nobody hopes I'm wrong more than I do.

Bitcoin transaction volume is a complete red herring, the worst distraction argument of ALL time. Today daily transactions mean absolutely NOTHING to today's bitcoin value. NOBODY transacts in Bitcoin absolutely not one single person besides myself have I met in day to day life (not bitcoin community friends) wants or would want to transact in bitcoin.

There are probably only a fraction of important transactions that happen in bitcoin every day compared to the real volume, those are deposits of BTC into exchanges and real remittance services. Both of which are a fraction of the transaction noise that is going on and both of which the sender will always send a higher fee for the value of that transaction.

[billyjoeallen]

Transactions mean absolutely nothing, nobody transacts in Gold EVER. Bitcoin is asset protection and remittance above all else. Transactions day to day are at least 10 years away, and i am pretty sure will be nothing like what they are now, probably not even in this blockchain.

I love your second point though it is exactly right.

Gold would have to appreciate by 74% to be at it's 2011 valuation. That's a very poor argument for holding BTC with no xaction value.

[Venusianism]

..Ladies & Gentlemen this thread^ now has^ a =WINNER= !!!!!!!@11!!!1!1!!!

[adamstgBit]

>340 after lunch.   

[noobtrader]

for some strange reason i feel hungry... 

maybe i should buy more ?

[makeacake]

>340 after lunch.  

https://cdn3.cdnme.se/4072703/7-3/flygande_gris_511e926eddf2b3699e10b7e8.jpg

>500 is no longer a sell signal

Correction, those who didn't sell in 300s/400s are so very very sorry now. Guaranteed to dump if we ever hit 350 again. For sure

[ChartBuddy]

Coin

Explanation

[Tzupy]

>340 after lunch.  

Well, the triangle should have broken down by now, so this looks fishy for a bearish position. I closed my short just in case, may reopen later.
If this breaks up, it could go to 360$, and then start a correction.

[adamstgBit]

>340 after lunch.  

>500 is no longer a sell signal

Correction, those who didn't sell in 300s/400s are so very very sorry now. Guaranteed to dump if we ever hit 350 again. For sure

everyone that didn't sell is going to pat themselves on the back pretty soon...

[AlexGR]

Transactions mean absolutely nothing, nobody transacts in Gold EVER. Bitcoin is asset protection and remittance above all else. Transactions day to day are at least 10 years away, and i am pretty sure will be nothing like what they are now, probably not even in this blockchain.

I love your second point though it is exactly right.

Gold would have to appreciate by 74% to be at it's 2011 valuation. That's a very poor argument for holding BTC with no xaction value.

Again, it depends where you live.

If you are in India, which is an extremely large holder of gold, and people deal with gold all the time, your national currency used to buy 1 USD with 45 INR in the start of 2011. Now you need 66 INR to buy 1 USD.

What this means, if you are living in India, is that if you dumped your INR for gold (which hundreds of millions do - something that is unimaginable for us, westerners), your fiat "losses" in your national currency are much different than those of an American.