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

[ag@th0s]

I'm just going to put this out there...Anything below 5k is a bargain.

I've come to the conclusion you are just a bull-troll.

No, he's a Bear.  Anything below 10K is cheap.  All you need to do to is allow time to pass to discover that this is true.  Or not.
All for one, and one for all  

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[Bitcoines]

what would you be able to trade bitcoins for if the dollar/euro crashed first?
or if it gets stronger by that time, would it replace them?
or if its not ready for the colective conciusness would it crash as well?
or what would you be able to trade it for?


btw cant see no big wall, its only day trading, bots and traps atm it seems, looks like it will continue steadly rising .

I'm going to step away from the uber-bullishness for a minute to say that the dollar/euro aren't going to be immediately swept away by Bitcoin. That simply won't happen.

It's not to say that Bitcoin can't rapidly achieve a trillion-dollar-plus market cap - I believe it can - just that the role of inflationary currencies will continue to be a large and important one for the foreseeable future. Beyond the fact that tax obligations have to be paid in state-issued fiat, banking will be difficult in Bitcoin, and financial markets will certainly not be switching anytime soon - most "wealth" is in equities or derivatives, priced in dollars.

Then there's the fact that oil can only be purchased with dollars.

Gold, silver, and fiat have been coexisting for many years now, and I do not expect Bitcoin will upset that balance. We're looking at a timescale of decades before we can expect fiat to go away.

Frankly, I much prefer it that way. A functional alternative to fiat is actually better than a giant upheaval.

Some people still get the paper in their driveway every morning. And sometimes even I enjoy the experience.

I guess i agree with you, you make valid points, and true i prefer it that way as well, i was just thinking it becuase as i see it works kind of like this way the backd up   Gold/Silver --->>> Currencies --->>> Bitcoin value?,   *correct me if im wrong

while the direct backup for bitcoin is the hash number of each?

or am i just tripping

Not really sure what you're talking about.

Nothing is backed by anything but faith these days. "The Economy" is a collective hallucination.

lol, sorry if i didnt explained myself in a more clear way, english is not my first language, even so, you answered my point, as everything is backed by the faith or value perception only.

Well for the time beeing im starting to love this collective hallucination xD Beautifull and elegant way of describing it

[OldGeek]

I think Vycid said it pretty clearly, and I agree.  The unmentioned part that is exciting to me is the underlying value of the protocol/blockchain.  The rest is us speculating on the future price of the mining reward.

[ChartBuddy]

[adamstgBit]

There is no "backing". There is only utility.

I would argue that bitcoin is backed by a very specific cryptographic algorithm.

I think Vycid said it pretty clearly, and I agree.  The unmentioned part that is exciting to me is the underlying value of the protocol/blockchain.  The rest is us speculating on the future price of the mining reward.

yup!

[Miz4r]

what would you be able to trade bitcoins for if the dollar/euro crashed first?
or if it gets stronger by that time, would it replace them?
or if its not ready for the colective conciusness would it crash as well?
or what would you be able to trade it for?


btw cant see no big wall, its only day trading, bots and traps atm it seems, looks like it will continue steadly rising .

I'm going to step away from the uber-bullishness for a minute to say that the dollar/euro aren't going to be immediately swept away by Bitcoin. That simply won't happen.

It's not to say that Bitcoin can't rapidly achieve a trillion-dollar-plus market cap - I believe it can - just that the role of inflationary currencies will continue to be a large and important one for the foreseeable future. Beyond the fact that tax obligations have to be paid in state-issued fiat, banking will be difficult in Bitcoin, and financial markets will certainly not be switching anytime soon - most "wealth" is in equities or derivatives, priced in dollars.

Then there's the fact that oil can only be purchased with dollars.

Gold, silver, and fiat have been coexisting for many years now, and I do not expect Bitcoin will upset that balance. We're looking at a timescale of decades before we can expect fiat to go away.

Frankly, I much prefer it that way. A functional alternative to fiat is actually better than a giant upheaval.

Some people still get the paper in their driveway every morning. And sometimes even I enjoy the experience.

I really don't know about that to be honest. I wish bitcoin could peacefully exist next to fiat, I wouldn't mind personally as long as I have the freedom to choose. But I can't help but feel that once bitcoin settles itself as a perfectly legit and accepted form of money people are going to all run into bitcoin. I mean who the hell wants to hold on to constantly depreciating paper fiat when you have something like bitcoin? Everyone would just keep the minimum needed in fiat and keep the rest in bitcoin. Fiat just can't compete, it's no match and people will find that out very very quickly.

[Bitcoines]

There is no "backing". There is only utility.

I would argue that bitcoin is backed by a very specific cryptographic algorithm.

that's wht i tried to mean by hash   thanks for the clearance as well

[OldGeek]

Not to derail this interesting topic, but I think it is neat that a couple of sells totaling ~72000 USD doesn't even faze Gox anymore.

[beaconpcguru]

Same effect 4,000$ had 6 months ago

[OldGeek]

Now there is some action.  

edit:  100 bitcoins soaked up without any hesitation.

[OldGeek]

Sell suckers, sell.

[OldGeek]

Not listening to me.  Ratz

[Vycid]

Not listening to me.  Ratz

Well, somebody dumped 21 coins. That's some money now, right? 

[olli]

I think early 2014 will actually be an exciting time.

Naval (video below) stated that Bitcoin would become more and more relevant to the start up space when the market cap reached the ~$3-5B range.
http://www.youtube.com/watch?v=Jl-HZWfxUFw

We've blown through that quickly, and we're now sitting at ~$12B.  I imagine (though I'm far from an insider) things are really developing quickly now in that space.  
...

I did not know the video, but actually I found it very inspiring. I'm a programmer myself and though I see that bitcoin as a technology has interesting features, the term "programmable money" and the presented scenarios completely blew me.

I joined the train in September at around 130$, which I consider to be late even while we didn't break into mainstream yet, but I'm even more amazed at some (tech savvy) friends of mine which are also kind of intrigued by the idea of btc but tell me the train is already gone, they won't join anymore. Well, I'd say time for mBTC so investing is worthwhile again

[beaconpcguru]

No sell hinders BTC

[OldGeek]

Damn.  I may have missed the bottom of this run.

[dwdoc]

you didn't miss it

[ChartBuddy]

[oroboras]

That's hardly backing...it's more the mechanics of btc...backing surely means a promissory equivalence:  you can't approach the blockchain and ask for an equivalent weight of gold, as you might with a GBP...."I promise to pay the bearer".

 

Except the UK did away with the gold standard years ago. The GBP is based on nothing now, like with all (or most, at least) other currencies.

You try going into the bank and demanding 5lbs of Gold for your £5 note

[Vycid]

That's hardly backing...it's more the mechanics of btc...backing surely means a promissory equivalence:  you can't approach the blockchain and ask for an equivalent weight of gold, as you might with a GBP...."I promise to pay the bearer".

 

Except the UK did away with the gold standard years ago. The GBP is based on nothing now, like with all (or most, at least) other currencies.

You try going into the bank and demanding 5lbs of Gold for your £5 note

Even that is meaningless, since gold is not backed by anything.

I can imagine a currency backed by a basket of commodities with utility - oil, wheat, farmland - but I'm not sure such a thing is necessary.

Perhaps someday titles to goods and property will be exchanged in colored coins, and derivative currencies will exist that are convertible to a basket of those colored coins. That would be an interesting future.