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

[anshar]

Bitcoiners await the coming of wall street like christians await the rapture.

Bitcoin is a cult.  Get on with your lives.

Hmmm, how is it a cult?

Alot of bitcoiners do push it a lot I have to say but since the price drop only true believers are talking about it!

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[1715167729]

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[CoinDox]

Google adds crypto, and the price goes down  

Price of BTC the currency is not relevant to the utility value of BTC the technology. Google adding crypto speaks to the latter not the former.

Utility doesn't pay the utility company.

They are not mutually exclusive.

Price is everything.

I did not mean to imply that the value of BTC the currency is irrelevant to the network as a whole. Miner's (utility companies if you will) depend on it yes. I was simply saying that the two can't be melded into one in a causation type of relationship.

[anshar]

Google adds crypto, and the price goes down  

Price of BTC the currency is not relevant to the utility value of BTC the technology. Google adding crypto speaks to the latter not the former.

Utility doesn't pay the utility company.

They are not mutually exclusive.

Price is everything.

I did not mean to imply that the value of BTC the currency is irrelevant to the network as a whole. Miner's (utility companies if you will) depend on it yes. I was simply saying that the two can't be melded into one in a causation type of relationship.

Fair enough, you have a point.

[thresher]

I hope people don't fall for this trap twice in one day and let it hit 200.

So it would be a good time to buy then, instead of sell.

Probably.  It will get pumped 5-20 dollars and then slammed on us again, so if you like games why not 

[entertainment]

The current average cost of production of bitcoins is in excess of $300. Purchasing a good below cost of production is considered cheap. Make the most, it wont last.

The actual cost is around 90$, for some miners even less.

[ssmc2]

“There are years that ask questions and years that answer.” — Zora Neale Hurston

[marcus_of_augustus]

The current average cost of production of bitcoins is in excess of $300. Purchasing a good below cost of production is considered cheap. Make the most, it wont last.

How did you get this figure of cost of production?

[smracer]

The current average cost of production of bitcoins is in excess of $300. Purchasing a good below cost of production is considered cheap. Make the most, it wont last.

The actual cost is around 90$, for some miners even less.

There are huge upfront costs to be able to mine a BTC for $90.  

Maybe if you are mining in mommy's basement with cheap electricity, but even then you are limited by your electric service.

[thresher]

The current average cost of production of bitcoins is in excess of $300. Purchasing a good below cost of production is considered cheap. Make the most, it wont last.

The actual cost is around 90$, for some miners even less.

There are huge upfront costs to be able to mine a BTC for $90.  

Maybe if you are mining in mommy's basement with cheap electricity, but even then you are limited by your electric service.

What are the upfront costs?  Paying losers to promote their scam mining companies in sigs on btc talk?

[marcus_of_augustus]

The current average cost of production of bitcoins is in excess of $300. Purchasing a good below cost of production is considered cheap. Make the most, it wont last.

The actual cost is around 90$, for some miners even less.

Average cost ... reading comprehension problems?

[Eamorr]

The current average cost of production of bitcoins is in excess of $300. Purchasing a good below cost of production is considered cheap. Make the most, it wont last.

How did you get this figure of cost of production?

Easily resolved by lowering the difficulty. Next.

[coins101]

The current average cost of production of bitcoins is in excess of $300. Purchasing a good below cost of production is considered cheap. Make the most, it wont last.

The actual cost is around 90$, for some miners even less.

There are huge upfront costs to be able to mine a BTC for $90.  

Maybe if you are mining in mommy's basement with cheap electricity, but even then you are limited by your electric service.

quite a few people just plug directly into the street power supply or hot wire and bridge over their meter.

[ChartBuddy]

Coin
Explanation

[mmitech]

Look at the bears go

1-2% decline in price and they start gigglin like a schoolgirl
It's cute

True.

Haha.

-28.78% in last 30 days , still funny?

+10000% in 4 years. Yep, hilarious

yes, but did you buy 4 years ago @ $2 ?

[Eamorr]

The current average cost of production of bitcoins is in excess of $300. Purchasing a good below cost of production is considered cheap. Make the most, it wont last.

The actual cost is around 90$, for some miners even less.

There are huge upfront costs to be able to mine a BTC for $90.  

Maybe if you are mining in mommy's basement with cheap electricity, but even then you are limited by your electric service.

quite a few people just plug directly into the street power supply or hot wire and bridge over their meter.

Even then the numbers don't add up.

If you spend $1000 on hardware, you'd need about 3 or 4 years of 24/7/365 electricity to break even.

[oda.krell]

http://en.wikipedia.org/wiki/Velocity_of_money

It is not compatible. I don't give a shit about that article, or the concept of velocity of money. I have written about that numerous times. Although it can be computed, giving a number, the parameter says exactly nothing of the value of money.

I don't get. At least at its core, this isn't some economical conjecture, this is just what you can or cannot do given a set of constraints on your medium of exchange.

If we agree on a medium that consists of a total of 10 tokens, we know that we'll buy and sell goods worth $100 each day, each transfer causes the tokens used in that transfer to be out of circulation for one day, then there is no way around an associated valuation per token of at least $10, or one of the other constraints has to give in (more tokens, less value transferred, less time before token is back in circulation).

At least to my understanding, velocity of money is essentially a formalization of the intuition behind the trivial example I just gave.

But feel free to correct my lack of understanding on this matter. It's possible that I'm missing something very fundamental here.

[marcus_of_augustus]

Easily resolved by lowering the difficulty. Next.

Did you look at the graph? Difficulty has never gone down significantly, at worst it plateaus ... so, you and who's army? Next.

[mmitech]

The current average cost of production of bitcoins is in excess of $300. Purchasing a good below cost of production is considered cheap. Make the most, it wont last.

This is just ignorant statement, price is defined by demand and supply and not by the cost of production, even when assuming that the cost of mining a bitcoin today is $300, what about the bitcoins that were mined last year and the year before that and so on ? the cost would be so small that today's price seems crazy profitble....

even if we consider this to hold, cost is defined by difficulty factor and mining expenses (mainly electricity) and hardware cost, assuming that the expenses and hardware cost are fixed the difficulty will drop down until the mining operations are profitable, therefore the cost is acceptable.


for someone who have been a long time around some of your statements are so ignorant, maybe it is only the fear talking....maybe you will be of those stuck holding the bag.

[thresher]

We are getting close to finex wall, will it move, or not taking bets lol

[ghandi]

I'm curious how finex will stand up against the other exchanges now...~3500k BTC @ 220 on Finex while the others don't really have any resistance....