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

[podyx]

If fiat does collapse to zero, I assure you the last thing on your mind will be bitcoin - it will be how the fuck am I going to survive this day?

If bitcoin has grown big enough by that time, then I bet other people will be quick to pick up on it aswell.

Of course we're talking a market capitalization a lot bigger then now in that case.

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[JayJuanGee]

I believe that you have kind of answered your question in a couple of places by asserting that you don't really know if the points that you raised are issues are not.

Well, I don't think it answers any questions. Though I agree with what your point seems to be - that we should not automatically assume this is broken.

However, if one embraces (what I perceive to be) the key tenets of Bitcoin -- trustlessness and decentralization -- then we _all_ have a duty to perform due diligence before accepting even a minor change, let alone one that so radically alters the allocation of responsibility as this.

I guess I am just advocating some judicious scrutiny of which of the pied pipers you choose to follow. For it seems that some of the loudest such have not even as of yet read the entire score.

Well there are only so many hours in the day to research every and all aspects of life and how we may be materially affected by various changes and the conduct of others.  Certainly, there is a need for a variety of people to look into matters, rather than taking things at face value, and certainly I cannot fault you for any of your attempts to find flaws that may exist because if you were to uncover any significantly material flaws, then the whole bitcoin community could benefit from uncovering of such flaws, if they exist and were previously unknown.

[ChartBuddy]

Coin



Explanation

[chesthing]

Looks like it shrugged off $400 dump, up we go.

[ssmc2]

There's an intriguing bit of psychology at play as the price rises. And this is only really going to kick in once we're in the quad digits. Humans have this peculiar trait about us that the more expensive something is the more we desire it. People with wealth in other areas will see the rise, and will find themselvews strongly compelled to buy some of these mysterious bits. And this cycle will continue on upwards.

[JayJuanGee]

If fiat does collapse to zero, I assure you the last thing on your mind will be bitcoin - it will be how the fuck am I going to survive this day?

You got a good point there, and even though Armageddon is possible, only the real nut jobs plan their whole future (financial and/or otherwise) based on the less likely scenario, while acting as if Armageddon is coming in the next few hours.

[WeltMaster]

Any of you chaps happen to know how the SR coins were actually seized?

I'd assume they got hold of his shit and found the private keys, but some guy seems to think the NSA used their super sekrit backdoor keys to steal them.

Can anyone shed light on this conundrum

[Fatman3001]

Any of you chaps happen to know how the SR coins were actually seized?

I'd assume they got hold of his shit and found the private keys, but some guy seems to think the NSA used their super sekrit backdoor keys to steal them.

Can anyone shed light on this conundrum

He gave them access to them. Life in prison didn't sound too appealing.

[justspare]

Any predictions on where the btc price is going to around January?

[peonminer]

There's an intriguing bit of psychology at play as the price rises. And this is only really going to kick in once we're in the quad digits. Humans have this peculiar trait about us that the more expensive something is the more we desire it. People with wealth in other areas will see the rise, and will find themselvews strongly compelled to buy some of these mysterious bits. And this cycle will continue on upwards.

Microeconomics 2302.

BULLISH. TIME TO BUY!

I told you on the last page.

Did you listen??

                                                                                                                                   Who's your daddy?

[marcus_of_augustus]

There's an intriguing bit of psychology at play as the price rises. And this is only really going to kick in once we're in the quad digits. Humans have this peculiar trait about us that the more expensive something is the more we desire it. People with wealth in other areas will see the rise, and will find themselvews strongly compelled to buy some of these mysterious bits. And this cycle will continue on upwards.

it is well studied, known as Veblen goods ... https://en.wikipedia.org/wiki/Veblen_good

Interestingly with bitcoin it actually has an underlying utility value logic driving the Veblen good phenomenem also, because as the total value of the bitcoin float goes higher (market cap) it becomes more useful to move larger amounts around (across borders) without causing instability, volatility.

So as the value of 1 bitcoin goes higher it becomes more useful to a greater pool of funds, and as we know most of the global fiat wealth is concentrated in very few hands so it is not a linear trend towards more usefulness but accelerates, i.e. it is an exponentially more useful good as the total bitcoin float value increases. It becomes more valuable to an exponentially greater pool of wealth the higher it goes, it is like an exponentially more desirable Veblen good.

[chesthing]

There's an intriguing bit of psychology at play as the price rises. And this is only really going to kick in once we're in the quad digits. Humans have this peculiar trait about us that the more expensive something is the more we desire it. People with wealth in other areas will see the rise, and will find themselvews strongly compelled to buy some of these mysterious bits. And this cycle will continue on upwards.

Tell that to the buyers at $1100 Nov/13.

[chesthing]

There's an intriguing bit of psychology at play as the price rises. And this is only really going to kick in once we're in the quad digits. Humans have this peculiar trait about us that the more expensive something is the more we desire it. People with wealth in other areas will see the rise, and will find themselvews strongly compelled to buy some of these mysterious bits. And this cycle will continue on upwards.

Tell that to the buyers at $1100 Nov/13.

He doesn't have to. They proved it themselves.

Touche'

[peonminer]

If you bought at $1,100.00 and managed to hold on to them all the way down, you're either a very long term believer in hodling, or you don't need to be trading.

[chesthing]

If you bought at $1,100.00 and managed to hold on to them all the way down, you're either a very long term believer in hodling, or you don't need to be trading.

Maybe some killed themselves and their bitcoin are still sitting in wallets, perhaps waiting to double in value next year?

[peonminer]

If you bought at $1,100.00 and managed to hold on to them all the way down, you're either a very long term believer in hodling, or you don't need to be trading.

Maybe some killed themselves and their bitcoin are still sitting in wallets, perhaps waiting to double in value next this year?

FTFY

You could've always shorted those coins on the way down from $1,100 to make some of it back, too. Now is the worst possible time to take out a long term short, btw. This rocket has refueled and is ready for launch.

[marcus_of_augustus]

There's an intriguing bit of psychology at play as the price rises. And this is only really going to kick in once we're in the quad digits. Humans have this peculiar trait about us that the more expensive something is the more we desire it. People with wealth in other areas will see the rise, and will find themselvews strongly compelled to buy some of these mysterious bits. And this cycle will continue on upwards.

Tell that to the buyers at $1100 Nov/13.

... and the buyers at $266 April/13, and the buyers at $32 June/11 ... your point is ??

[chesthing]

There's an intriguing bit of psychology at play as the price rises. And this is only really going to kick in once we're in the quad digits. Humans have this peculiar trait about us that the more expensive something is the more we desire it. People with wealth in other areas will see the rise, and will find themselvews strongly compelled to buy some of these mysterious bits. And this cycle will continue on upwards.

Tell that to the buyers at $1100 Nov/13.

... and the buyers at $266 April/13, and the buyers at $32 June/11 ... your point is ??

My point is don't count on others joining in when the price is really high. This theory has merit, until it doesn't.

[marcus_of_augustus]

There's an intriguing bit of psychology at play as the price rises. And this is only really going to kick in once we're in the quad digits. Humans have this peculiar trait about us that the more expensive something is the more we desire it. People with wealth in other areas will see the rise, and will find themselvews strongly compelled to buy some of these mysterious bits. And this cycle will continue on upwards.

Tell that to the buyers at $1100 Nov/13.

... and the buyers at $266 April/13, and the buyers at $32 June/11 ... your point is ??

My point is don't count on others joining in when the price is really high. This theory has merit, until it doesn't.

noone knows what "high" is, relatively speaking, since the potential pool of buying funds is overwhelmingly massive and the supply of coins is limited and fickle sellers could dry up supply in an instant .... c'est la bitcoin, place your bets, don't whine if you get stopped out, left out or scammed, dyodd.

[JayJuanGee]

If you bought at $1,100.00 and managed to hold on to them all the way down, you're either a very long term believer in hodling, or you don't need to be trading.

Maybe some killed themselves and their bitcoin are still sitting in wallets, perhaps waiting to double in value next year?

It is called dollar cost averaging.  


It is a mere fiction to believe any significant number of people bought at $1,100 and then just sat on their asses for 2 years.


I have already told various levels of details of my story many times in that I bought my first 1.24 BTC at $1500 which adds up to $1,200 per BTC.  

I did not sit on my ass for two years, and now I have many more than 1.24 BTC and my average price per BTC, including various administrative costs and other related fees and expenses is considerably less than $1,200 per BTC.

So, let's get off of the fantastical and speculative topic about these supposed fictitious victims who bought BTC above $1,000