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

[GGALINff]

uptick past 330

[peonminer]

uptick past 330

with 3000 BTC sell walls waiting right by the fib line

[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.

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.

To say that gold is a better investment than Ruppees is not an argument for gold. It's an argument against Ruppees.  Anything looks good compared to something worse. A bitcoin that can buy more blockspace is more valuable than a bitcoin that can buy less blockspace, because it's not just for BTC xactions. It's for timestamps, colored coins, anti-spam email, immutable data, etc.

[makeacake]

...
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...

Yeah, they pretty much gonna have to. No one else will pat them on the back for missing a great exit opportunity. Again.
*correction, "except for everyone who sold, while hodlers were dreaming about unattainable highs."

[AlexGR]

To say that gold is a better investment than Ruppees is not an argument for gold. It's an argument against Ruppees.  Anything looks good compared to something worse.

When you have to store your wealth, and you live in a "developing" country with foreign exchange issues, capital controls, or even gold restrictions or taxes to prevent you from dumping your national currency in order to buy the X or Y hard asset, your options are limited.

This is the reality of billions of people around the world and it's an argument in favor of "sound money" compared to confetti* fiat. Naturally money will find its way towards gold, silver, btc.



* Even in the US and EU, our money is not even worth the metal it is printed on. 1c coins are zinc. In Europe it's even worse. 1c/2c/5c are all iron (steel).

Iron FFS

And they plate it with a thin layer of copper to make it appear valuable.

[peonminer]

[billyjoeallen]

To say that gold is a better investment than Ruppees is not an argument for gold. It's an argument against Ruppees.  Anything looks good compared to something worse.

When you have to store your wealth, and you live in a "developing" country with foreign exchange issues, capital controls, or even gold restrictions or taxes to prevent you from dumping your national currency in order to buy the X or Y hard asset, your options are limited.

This is the reality of billions of people around the world and it's an argument in favor of "sound money" compared to confetti* fiat. Naturally money will find its way towards gold, silver, btc.



* Even in the US and EU, our money is not even worth the metal it is printed on. 1c coins are zinc. In Europe it's even worse. 1c/2c/5c are all iron (steel).

Iron FFS

And they plate it with a thin layer of copper to make it appear valuable.

I'm not arguing against sound money. I agree with you as long as it's the market that determines the standard and not the State. I'm arguing against small blocks and the flawed notion that transaction utility is not important.

[makeacake]

...
* Even in the US and EU, our money is not even worth the metal it is printed on. 1c coins are zinc.

That's how fiat money works -- it doesn't matter what the coin is made out of, USD isn't backed by copper. That said, the penny is one coin that actually costs more to make than its face value. It's not made out of zinc because can't afford copper.
If you insist on you government wasting resources like Bitcoin does, I'll see what can be done about raising the cost of printing $100 bill to $99, bitcoin-stylee.

[billyjoeallen]

Gold became the world standard because it was more TRANSPORTABLE than silver or other alternatives for a given value. Small blocks specifically and a lower network capacity generally make bitcoin less transportable.

Gold is less transportable than dollars and is losing value relative to dollars. Transportability matters. Transaction capacity matters. 

[AlexGR]

That's how fiat money works -- it doesn't matter what the coin is made out of, USD isn't backed by copper. That said, the penny is one coin that actually costs more to make than its face value. It's not made out of zinc because can't afford copper.

Fiat money was not supposed to be backed by precious metals, but then the debasement got so high that they can't even be minted on base metals like nickel and copper.

They are manipulating people perception with the copper plating - a process which adds a lot to the minting cost.

The US mint could use a zinc alloy, and in EU, they could be using a stainless steel alloy, as is, without any plating whatsoever, but they don't. They want people to think their money is copper

Monetary perception is everything for the value of money. Bitcoiners could learn a thing or two from the banksters.

[ChartBuddy]

Coin

Explanation

[makeacake]

That's how fiat money works -- it doesn't matter what the coin is made out of, USD isn't backed by copper. That said, the penny is one coin that actually costs more to make than its face value. It's not made out of zinc because can't afford copper.

Fiat money was not supposed to be backed by precious metals, but then the debasement got so high that they can't even be minted on base metals like nickel and copper.

They are manipulating people perception with the copper plating - a process which adds a lot to the minting cost.

The US mint could use a zinc alloy, and in EU, they could be using a stainless steel alloy, as is, without any plating whatsoever, but they don't. They want people to think their money is copper

Monetary perception is everything for the value of money. Bitcoiners could learn a thing or two from the banksters.

That's just about the craziest thing I've heard today. Most people (other than batshit crazy brokeass goldbugs who can't afford gold) couldn't care less about what pennies are made of. We leave them in 'take it or leave it' penny cups, even panhandlers don't want pennies.
Just how paranoid are you, bro, to think that someone wants to deceive you about the value of pennies?

[r0ach]

If you insist on you government wasting resources like Bitcoin does, I'll see what can be done about raising the cost of printing $100 bill to $99, bitcoin-stylee.

So many damn fools try to equate the distribution process of Bitcoin as being the cost per transaction.  Your fail premise might work if the block reward was linear.

[peonminer]

All the gold was premined, all the silver was instamined. It's all worthless

[makeacake]

If you insist on you government wasting resources like Bitcoin does, I'll see what can be done about raising the cost of printing $100 bill to $99, bitcoin-stylee.

So many damn fools try to equate the distribution process of Bitcoin as being the cost per transaction.  Your fail premise might work if the block reward was linear.

You want to try saying that in people-talk?
I'm guessing you disagree with satoshi's assertion that the cost of mining 1 BTC should approach the price of 1 BTC?

>340 after lunch.   

What did you have for lunch? Crow tartare with a helping of humble pie for desert?

[Fatman3001]

lambie? lambi! lambie...
lambie? lambie, lambie.
lambiiieee!!!! lambie...

[aminorex]

Gold became the world standard because it was more TRANSPORTABLE than silver or other alternatives for a given value. Small blocks specifically and a lower network capacity generally make bitcoin less transportable.

Gold is less transportable than dollars and is losing value relative to dollars. Transportability matters. Transaction capacity matters.  

Gold became a reserve currency for that reason.  Silver was ever the dominant transaction currency for the opposite reason.

Silver is very interesting to me, as is platinum.  PMs should bottom between today and next Tuesday.  This is a deep extension of a pattern which should have reversed earlier this week, but did not.  My monkey is much better with PMs than with crypto.  He claims that PMs will make a significant move up over the next two weeks, as a minor correction to a major downtrend lasting until at least late December.  Since this coincides with my fundamental view that gold is doomed with the oil glut - Saudis can't afford gold; wheat is their new gold - but I am not a buyer of wheat until late next week - and only seasonal fuel oil demand or an international political change can interrupt that, I am very much inclined to bet with the monkey on this one.

In the long run, industrial uses of silver and platinum give them a natural floor of support which gold lacks.  Moreover, declining copper prices mean declining copper mining, which implies less silver on the market.  (Silver/platinum is mostly a side-product of copper/gold mining.)

[makeacake]

.@Fattyfatfat: Every time you lose another dollar, an angel gets his wings!

http://www.tacomaweekly.com/assets/tacomaweekly/upload/article/Zuzu.jpg

YOU'RE BROKE, LOL!

[Fatman3001]

.@Fattyfatfat: Every time you lose another dollar, an angel gets his wings!



YOU'RE BROKE, LOL!

Poor lambie. Basic arithmetic crept up and took you from behind again.

Have you ever been to Wales? You'd love it. Wonderful people.

[GGALINff]

it's a slooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooow  day BTC