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

[JimboToronto]

Only bitcoiners consider bubble/P&D cycles as "natural behaviour and growth of a promising investment".

Only Trader cultists compare Bitcoin to stocks, penny or otherwise.

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[NotHatinJustTrollin]

And that's ignoring the fundamentals, which are pretty bad by themselves...

Such as?

-The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.
-Scalability issues (and their solution proposals bring other problems and controversy)
-Mining centralisation, 51% attacks, the possibility of mining cartels.
-Higher fees in the future. BTC has low fees now that miners are allowed to print money mine bitcoins like quazy, but fees will be higher as block reward is reduced.
-slow transactions (you can't replace cash with something that can take half an hour or more to confirm, 0 confirmation transactions are not secure)
-ridiculous volatility that fucks up uses for bitcoin as a currency.
-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.

And countless others.

The idea behind the blockchain (a distributed ledger) has potential, sure, but the bitcoin blockchain and especially bitcoin THE CURRENCY are way too limited, in my opinion.

Centralised finance works just fine and while it might use the underlying technology/idea behind the blockchain, it doesn't need a new artificially limited, volatile, pyramid scheme-like currency.

For all we know:
decentralised ledgers = the internet
Any cryptocurrency like bitcoin = pets.com

[NotHatinJustTrollin]

Only bitcoiners consider bubble/P&D cycles as "natural behaviour and growth of a promising investment".

Only Trader cultists compare Bitcoin to stocks, penny or otherwise.

I don't see why not.
It's an asset that can be traded and is subject to supply/demand dynamics like any other asset.

Every chart tells you a story, and the all time bitcoin chart and his bubble cycles tell you something ugly.

[NotLambchop]

...With bitcoin, eventually the new coins stop and has no choice but to slowly become more distributed.

Nonsense.  Nether gold nor BTCeanies become more evenly distributed with time.  Granted, the gold comparison's almost as grasping as "OMG, it's liek Internets!1!!" and the "it's more like my grammy's farts" analogy is far more fitting, I just didn't want to seem negative.

[dillpicklechips]

...With bitcoin, eventually the new coins stop and has no choice but to slowly become more distributed.

Nonsense.  Nether gold nor BTCeanies become more evenly distributed with time.  

Neither are really used to purchase everyday things.

[NotLambchop]

...With bitcoin, eventually the new coins stop and has no choice but to slowly become more distributed.

Nonsense.  Nether gold nor BTCeanies become more evenly distributed with time.  

Neither are really used to purchase everyday things.

Well duh, neither is Bitcoin.  Not unless you got a heavy dope/gambling habit.

[Sitarow]

...With bitcoin, eventually the new coins stop and has no choice but to slowly become more distributed.

Nonsense.  Nether gold nor BTCeanies become more evenly distributed with time.  

Neither are really used to purchase everyday things.

Well duh, neither is Bitcoin.  Not unless you got a heavy dope/gambling habit.

Who can honestly fall for this drivel.

And that's ignoring the fundamentals, which are pretty bad by themselves...

Such as?

-The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.

-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.


The idea behind the blockchain (a distributed ledger) has potential, sure, but the bitcoin blockchain and especially bitcoin THE CURRENCY are way too limited, in my opinion.

Centralised finance works just fine and while it might use the underlying technology/idea behind the blockchain, it doesn't need a new artificially limited, volatile, pyramid scheme-like currency.

For all we know:
decentralised ledgers = the internet
Any cryptocurrency like bitcoin = pets.com

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

[Brewins]

no pump and no dump on weekend?

It is starting to get too boring

[dillpicklechips]

-The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.
-Scalability issues (and their solution proposals bring other problems and controversy)
-Mining centralisation, 51% attacks, the possibility of mining cartels.
-Higher fees in the future. BTC has low fees now that miners are allowed to print money mine bitcoins like quazy, but fees will be higher as block reward is reduced.
-slow transactions (you can't replace cash with something that can take half an hour or more to confirm, 0 confirmation transactions are not secure)
-ridiculous volatility that fucks up uses for bitcoin as a currency.
-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.

And countless others.

The idea behind the blockchain (a distributed ledger) has potential, sure, but the bitcoin blockchain and especially bitcoin THE CURRENCY are way too limited, in my opinion.

Centralised finance works just fine and while it might use the underlying technology/idea behind the blockchain, it doesn't need a new artificially limited, volatile, pyramid scheme-like currency.

For all we know:
decentralised ledgers = the internet
Any cryptocurrency like bitcoin = pets.com

Some of those are real issues but I think there is also potential fixes for them because it's software. I was looking for what fundamentals were mistaken. The only one that seems a likely issue is the 51% attack. I'm skeptical though as with time it might not be an issue.

[dillpicklechips]

...With bitcoin, eventually the new coins stop and has no choice but to slowly become more distributed.

Nonsense.  Nether gold nor BTCeanies become more evenly distributed with time.  

Neither are really used to purchase everyday things.

Well duh, neither is Bitcoin.  Not unless you got a heavy dope/gambling habit.

It is used and black/grey markets don't count with currency? I know your mostly trolling but do you have any evidence that is bitcoin's main use?

[NotHatinJustTrollin]

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Because that was my point, people buying bitcoin to use it for its supposed utility as a currency.

[DefendKebab]

no pump and no dump on weekend?

It is starting to get too boring

We need some good China flash crashes.

[NotLambchop]

...With bitcoin, eventually the new coins stop and has no choice but to slowly become more distributed.

Nonsense.  Nether gold nor BTCeanies become more evenly distributed with time.  

Neither are really used to purchase everyday things.

Well duh, neither is Bitcoin.  Not unless you got a heavy dope/gambling habit.

It is used and black/grey markets don't count with currency? I know your mostly trolling but do you have any evidence that is bitcoin's main use?

When you said "purchase everyday things," I didn't realize you meant meth and child porn.  I stand corrected
As far as less shady stuff?  Those merchants accept dollars, not BTC.  That's why the BTC price is calculated for you at the moment of purchase from the real price.

[Sitarow]

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Because that was my point, people buying bitcoin to use it for its supposed utility as a currency.

@NotHatinJustTrollin.

Knowledge, Understanding & Wisdom is a lost art on you it seems.

[lyth0s]

Any uptrend you can see in bitcoin's price history looks exactly like a textbook penny stock pump&dump.
The 2011 bubble, the two 2013 ones.

They are bubbles, not healthy sustainable uptrends.

Bitcoin looks like a mega bubble that bursted that can be divided by 3 smaller bubbles/pump&dumps, the second one ended up pumping way higher than the first one, the third one ended up pumping way higher than the second one but now retraced completely returning to the second bubble levels.


Doesn't look like something anybody in his right mind should put money in, currently. And that's ignoring the fundamentals, which are pretty bad by themselves...

Only bitcoiners consider bubble/P&D cycles as "natural behaviour and growth of a promising investment".

Have you ever seen valuations of companies pre-IPO? Like when they are still in the VC funding mode and prior to that? Looks very similar to bitcoin prior to it becoming mainstream.

[dillpicklechips]

When you said "purchase everyday things," I didn't realize you meant meth and child porn.  I stand corrected
As far as less shady stuff?  Those merchants accept dollars, not BTC.  That's why the BTC price is calculated for you at the moment of purchase from the real price.

I did mean everyday things. You said illegal items. I asked for proof. Non provided. Whatever, I'm off to do other things. Have a good day!

[NotLambchop]

When you said "purchase everyday things," I didn't realize you meant meth and child porn.  I stand corrected
As far as less shady stuff?  Those merchants accept dollars, not BTC.  That's why the BTC price is calculated for you at the moment of purchase from the real price.

I did mean everyday things. You said illegal items. I asked for proof. Non provided. Whatever, I'm off to do other things. Have a good day!

When was the last time you bought milk, butter or gas with bitcoin?  And I don't mean through a payment processor.

[NotHatinJustTrollin]

Your first argument is a feeble attempt to push fallacy as fact.
Bitpay one of a few service providers says otherwise.

http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html

In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

Because that was my point, people buying bitcoin to use it for its supposed utility as a currency.

@NotHatinJustTrollin.

Knowledge, Understanding & Wisdom is a lost art on you it seems.

Why the hell are you posting a pic of BTC-E? Does that answer any of these questions (especially the last one)?
Nope.

it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that.

[Sitarow]

[Brewins]

...With bitcoin, eventually the new coins stop and has no choice but to slowly become more distributed.

Nonsense.  Nether gold nor BTCeanies become more evenly distributed with time.  

Neither are really used to purchase everyday things.

Well duh, neither is Bitcoin.  Not unless you got a heavy dope/gambling habit.

It is used and black/grey markets don't count with currency? I know your mostly trolling but do you have any evidence that is bitcoin's main use?

there is enough evidence of BTC acceptance is places like Berlin and etc.

And it is easy to find big guys that accept BTC in one way or another(like Dell and Microsoft)

But since silkroad is down I doubt the dark market usage is significant