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

[LewisPirenne]

Gold and silver is money for people that want this world to be like Dungeons and Dragons.

... and that their only trading partner is the one neutral good Bard that lives down the road. And pray that he doesn't bite the dust.

Actually D&D type world need money-sink like your personal stronghold or fiefdom or some 4th dimensional object like Bag of Holding or some secret hideout out in the astral plane.  Otherwise, you would have run away inflation from endless slaughter of local fauna/mob/npc by your favorite adventurers.   Besides, D&D is more than just bimetallism, I recall that there are copper, electrum, and platinum as well.

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[realr0ach]

Gold and silver is money for people that want this world to be like Dungeons and Dragons.

Money has to have some type of attachment to the real world.  You can't print your way to prosperity, so to speak (aka bitcoin).  If you have no link existing between money and reality, someone or some entity will eventually distort the market for personal profit into huge boom and collapse waves (which are now not just financial crimes, but things resembling dark ages or extinction level events).  In the modern context, most of that is due to expansion of credit. If you were to play god and mandate all money be based around bitcoin, well, bitcoin will never have scalability for everyone to use in native format; people would be using bitcoin derivatives or off-chain shell games.  This means no real possible run on the banks, they would just turn fractional reserve and you would get your dark ages collapse eventually.

If you were to mandate all money can only be physical metals used in native coin format, this means banks run an extreme risk of having a run on them.  This is actually a good thing, because a run (or possible run) on the banks is the only thing that prevents them from distorting markets with credit inflation and deflation.  It provides a governer to limit what order of magnitude fraud they can do.

[LewisPirenne]

The point being that even with strength of 18/00 and a bag of holding, you can only carry so much coin around with you.  Not to mention that it makes you a really fat target.  
So the use of commodities money like silver and gold pretty much leads to the invention of banking, hawala, and consequently lending and fractional reserve system.

Just try to carry around 15~20 kg of silver or gold around with you, like a monster box of 500 Eagle or Maple around for a week and see what happens.  I have done so and it is quite enlightening.
You can immediately see why people want to store this somewhere and not want to carry it around for trade.  It is far easier to to get that "Letter of Credit" and present it to the local branch of some banking serve for delivery of goods at the port rather than haul so much metals around.  

Naturally with "custodial" banking, it does not take a genius to start lending out these "dead weight money" with some sort of fractional reserve system and try to make some money on the side.  

Edit.  This does not mean that some genius won't find a way to start a credit system with crypto, like Ripple is trying to do.  You could have an IOU system build on top of PoW crypto using BTC as reserve.

[bones261]

Yes, we all know when gold and silver was used as money in antiquity, there was no problem at all with the governments at the time enslaving people.  
Plus all that gold really helped Montezuma's empire remain sovereign from the conquistadors.  

Because force is the only valid consensus mechanism.  Bitcoin is designed as a war game exercise that utilizes this "force as the only valid consensus mechanism" concept, but just like a real war game, there is a continuous consolidation of power as opponents are eliminated while new opponents are prevented from entering (adversarial mining, ASIC patents, foundry monopolies, etc) until you have a winner take all scenario or something close to it.  PoW was never a valid way to build anything decentralized and nobody has discovered anything to improve on it because it's not actually possible to create a decentralized cryptocurrency.  

The whole thing was basically a fraud from day one.  The only reason any establishment people (like Larry Summers and Ben Bernanke) promote this garbage is because they want to use it to indoctrinate the slaves (you) into willfully participating in their future cashless society slave grid run by...the same Jewish conmen (Pharisees) that people have had to kick out of different countries 200 times now.  The last thing they want are the slaves to break free from the plantation and get access to real wealth (physical metals).

So what compound are we all going to retreat to and be able to fend off the pillaging and plundering governments who want our hoard of gold and silver? Hope this doesn't end up like Waco. Guess we better learn guerilla tactics real quick since US military seems to have trouble with that.

[RejectedBanana]

As an aside, since nothing is happening and we are bored, let's have a little philosophical kerfluffle. What is the difference between genius and insanity?

Usually about 15 minutes of patience. 

[RoomBot]

As an aside, since nothing is happening and we are bored, let's have a little philosophical kerfluffle. What is the difference between genius and insanity?

Answer:

How much money they can make for their ideas.

[bones261]

Gold and silver is money for people that want this world to be like Dungeons and Dragons.

With gold and silver as money, might makes right. That's why in D&D fantasy, the dragons always have the biggest hoards.

[infofront]

As an aside, since nothing is happening and we are bored, let's have a little philosophical kerfluffle. What is the difference between genius and insanity?

Answer:

How much money they can make for their ideas.

Good point. See: Tesla vs. Edison.
One of these two was a good businessman, and the other is still regarded as a kook.

[BlindMayorBitcorn]

Why would there be any kind of link between intelligence and mental illness? If syphilitic spirochetes corking holes in yours brains were the answer we'd be handing them out at breakfast.

[BlindMayorBitcorn]

PS. Dooom

[jojo69]

blah blah blah metals gold blah blah
blah bitcoin no schelling point blah blah
blah blah built in rent seeking middlemen blah blah
blah blah evil jews blah blah goyim usury slaves blah blah blah

You know your shtick is getting real tired r0ach. Maybe if you just cut and paste the same shit from your 1000 other older posts it might save you some time.  

all his posts look the same to me, same 5 words every time

[BlindMayorBitcorn]

PS. Dooom

Scratch that. Carry on.

[micalith]

Dip

[BlackFlag]

what about this:
https://www.cnbc.com/2017/09/28/south-korea-bans-all-new-cryptocurrency-sales.html

[yermom]

As an aside, since nothing is happening and we are bored, let's have a little philosophical kerfluffle. What is the difference between genius and insanity?

Answer:

How much money they can make for their ideas.

Good point. See: Tesla vs. Edison.
One of these two was a good businessman, and the other is still regarded as a kook.

Difference? As I see it, none

Edison: Awesome businessman, and common "scientist"
Tesla: Awesome scientist, really bad businessman

Bitcoin is NOTHING like physical metals.  Bitcoin does not remove counter party risk or middlemen.  It has built in rent seeking middlemen (transaction validators)

Well, we didn't agree on decentralization matters. Nor here
But since I want to interact with people as if they're normal (no troll or whatever) I'm going to share my point of view. Don't want to convince you.

My prism is: IF everyone of us becomes a middlemen/transaction validator, then the concept itself dissapears.

Have a good day people!

[micalith]

what about this:
https://www.cnbc.com/2017/09/28/south-korea-bans-all-new-cryptocurrency-sales.html

Typo,

"It added Friday's announcement doesn't mean the government is accepting trading of virtual currencies as part of its financial system,"

That would be an isn't methinks.

Ergo no big deal for current cryptos

[BlindMayorBitcorn]

Dip

Lauda should be here telling us how dumb selling at $4000 would be before we break under.

[micalith]

Dip

Lauda should be here telling us how dumb selling at $4000 would be before we break under.

If only I wasn't travelling  right now I could swing this! Banning ICOs has been on the cards for a while, and I'd actually bullish for Bitcoin. ICOs getting replaced by airdrops from now on I reckon

[savetherainforest]

what about this:
https://www.cnbc.com/2017/09/28/south-korea-bans-all-new-cryptocurrency-sales.html

ooooooo .. CNBC ..

But besides that, even if it is true.. This makes no sense! I mean, they obviously know if they want something to happen faster.. they just have to oppress it.

So this makes me think that they actually want cryptos to succeed ??  WTF!??    

Something bigger than what they can handle is about to happen. Like an ice age or some sh!t, they are trying to create an independent sustainable economy. They know they can't resolve the issue themselves with politics, so they thought about banging that negative publicity tin can down the road and pull this stunt to spread awareness of cryptocurrencies.

They need us so f**ing bad!

[micalith]

what about this:
https://www.cnbc.com/2017/09/28/south-korea-bans-all-new-cryptocurrency-sales.html

ooooooo .. CNBC ..

But besides that, even if it is true.. This makes no sense! I mean, they obviously know if they want something to happen faster.. they just have to oppress it.

So this makes me think that they actually want cryptos to succeed ??  WTF!??    

Something bigger than what they can handle is about to happen. Like an ice age or some sh!t, they are trying to create an independent sustainable economy. They know they can't resolve the issue themselves with politics, so they thought about banging that negative publicity tin can down the road and pull this stunt to spread awareness of cryptocurrencies.

They need us so f**ing bad!

Tldr bullish