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

[gentlemand]

if you are going to compare Bitcoin to a useless fad that became collectible you could sort of compare it to baseball cards.

A fair enough comparison which nevertheless overlooks one crucial point: the utility of Bitcoin technology is orders of magnitude greater than the utility of baseball cards.

The analogy also fails in another way.  Beanie babies and baseball cards were not fungible, and each "species" had its own sentimental/aesthetic/historical value.  That is what made (and makes) those things suitable collectors items.  Bitcoins, however, are fungible and invisible; if they were to lose their financial value, no one would want to buy them as colectibles.

(Before the first USMS aution, some people speculated that those ~30'000 bitcoins would be worth more than ordinary bitcoins in the future; both for having been "blessed" by the US government, and for their historical value, having been through SilkRoad and its takedown.  But no one mentions that now.  The "collectors overprice" of those bitcoins now must be the same as that of the the dollars that once were in Al Capone's bank account: none at all...)

+1

I don't think anyone ever took that idea seriously.

me - 'Hey, I fancy some alpaca socks. Let me get some coins from a guy via localbitcoins.'

him - ''Yep. You can have 0.1 BTC for $23. Or I have some Silk Road BTC for $75. It's only been through 15 transactions since but I can definitely trace some dust to the original batch. In fact I insist you have these. It'll make for a much more fun transaction.'

me - 'Fuck off.'

[1714676003]

1714676003

[spooderman]

So...bitcoin is fungible? Great!

[billyjoeallen]

Current market conditions are a bit alarming to me.

A lot of shorts have been closed, but there is plenty now available to short.  

Using that logic: The employment market is alarming. A lot of people have been hired, but that means more people could lose their jobs.

Probably means that there is less chance of a short squeeze at these low depths.  

And it's more likely that they'll re-load their short positions on any signs of strength.

I don't think there is any chance of a short squeeze around these levels at all.  If anything I do agree with what you mentioned about reloading.  If we break up into the 240's-250 thats when we will start to see some action.  

If anything I think longs are being slightly squeezed atm..Some more than others.  Quite a bit of longs opened up at 250+ just 2 days ago, but there have been a few riding this down

The crash down to $166 was caused by longs getting cascading margin calls. I strongly doubt it would happen again so soon. Yes, some of us longs are being slightly squeezed, but in my case it would have to be a squeeze well into double digits to force a margin call and even then I have the ability to post extra margin.

I'm not one of those longs, still showing a paper profit, but I easily could be soon. I just don't think there are enough coins for sale at this level to keep us here for long. As always, time will tell.

[ChartBuddy]

Coin
Explanation

[pimpjuice]

baseball cards/btc
I was just talking shit about the metaphors people use to contend Bitcoin is a fad and something better will replace it.  I don't think Bitcoin is anything like baseball cards   but was using it to explain the reason most altcoins will fail as an investment.

[hdbuck]

[silverfuture]

So...bitcoin is fungible? Great!

That's what I was thinking too, being fungible is one of the desirable qualities of money. Compare bitcoin to other money systems or networks, not plush toys or hockey cards. You have to be really reaching to make any type of comparison and anyone who does reveals their current level of understanding.

[Fatman3001]

I think lambie hacked hdbucks account

[podyx]

I think lambie hacked hdbucks account

lol ikr

[hdbuck]

[jeffhuys]

It seems bitcoin didn't want to do much today.
And of course, as I'm typing this, it begins to show movement... 
Watching from the sidelines, boys! Have fun.

[billyjoeallen]

So...bitcoin is fungible? Great!

That's what I was thinking too, being fungible is one of the desirable qualities of money. Compare bitcoin to other money systems or networks, not plush toys or hockey cards. You have to be really reaching to make any type of comparison and anyone who does reveals their current level of understanding.

"Fungible" means different things in different contexts. Let's say you were considering using potatoes as currency. Not all potatoes are the same size, shape, ripeness, etc. some might have diseases or bugs.

In that context, bitcoins are almost perfectly fungible. Now of course what you meant was that they can be traced on the blockchain all the way back to their origin so they can become tainted and you are obviously right, but a currency that could be more easily laundered would have a much more difficult time being tolerated by the monetary authorities.

[elasticband]

just done something really stupid  

Got an email from support@localbitcoin.com saying my account had been flagged for fraudulent activity.

checked my account and nothing, opened up electru grabbed an address and then send my funds to the wallet. incoming transaction.

check the support desk no ticket. check back at email and obviously the link contains a hidden phishing address, phew close call but all is safe.

Go to electrum to send my funds back over to LBTC, need them to have online adverts active, upon entering the password all i get is invalid.

Turns out i sent them to a wallet that was generated on the 6th of December on my run around laptop and i don't appear to know the password at the moment   tried several combinations but nope..... must have been feeling smart that day and NO i did not right down the seed as i was actually generating the wallet whilst giving my friend a step by step run down on how to setup electrum, why i didn't follow my own instructions of remembering password and keeping a copy of the seed safe i will probably never live down  


who's the local brute force expert?

went for some dinner drank some beer came home, still clueless.

is this the wrong subsection or something but not even noobs want to help 
https://bitcointalk.org/index.php?topic=958012.msg10483136#msg10483136

[camolist]

20% interest rates going on bitfinex for USD loans

no one has some unused dollars to lend cheaper?

[jeffhuys]

just done something really stupid  

Got an email from support@localbitcoin.com saying my account had been flagged for fraudulent activity.

checked my account and nothing, opened up electru grabbed an address and then send my funds to the wallet. incoming transaction.

check the support desk no ticket. check back at email and obviously the link contains a hidden phishing address, phew close call but all is safe.

Go to electrum to send my funds back over to LBTC, need them to have online adverts active, upon entering the password all i get is invalid.

Turns out i sent them to a wallet that was generated on the 6th of December on my run around laptop and i don't appear to know the password at the moment   tried several combinations but nope..... must have been feeling smart that day and NO i did not right down the seed as i was actually generating the wallet whilst giving my friend a step by step run down on how to setup electrum, why i didn't follow my own instructions of remembering password and keeping a copy of the seed safe i will probably never live down  


who's the local brute force expert?

went for some dinner drank some beer came home, still clueless.

is this the wrong subsection or something but not even noobs want to help  
https://bitcointalk.org/index.php?topic=958012.msg10483136#msg10483136

I really feel for you, man. Have you tried this?

"An open source Bitcoin wallet password recovery tool designed for the case where you already know most of your password, but need assistance in trying different possible combinations."
https://github.com/gurnec/btcrecover

[Colonel Panic]

(Before the first USMS aution, some people speculated that those ~30'000 bitcoins would be worth more than ordinary bitcoins in the future; both for having been "blessed" by the US government, and for their historical value, having been through SilkRoad and its takedown.  But no one mentions that now.  The "collectors overprice" of those bitcoins now must be the same as that of the the dollars that once were in Al Capone's bank account: none at all...)

I don't remember it ever being considered that seriously.

Far more important was the point that the U.S. Govt was selling them at all. That for the first time the powers were de facto admitting bitcoins' legitimate right to exist, as it were. Illegitimate spoils of busts - the drugs themselves for example - aren't auctioned, but destroyed.

The beauty of fungibility then extended that 'blessing' to all bitcoins.

[marcus_of_augustus]

carrots, bitcoins are just like carrots ... these guys with the baseball cards and beanie babies are using tired old, dead, unoriginal counter-arguments (in their own special low brow way).

https://bitcointa.lk/threads/dont-buy-bitcoins.5721/

https://bitcointalk.org/index.php?topic=6417.0

https://www.youtube.com/watch?feature=player_detailpage&v=DoK8HXMSsNg#t=119 ... and no, bitcoins are NOT just like vegetables you idiots.

[podyx]

https://www.youtube.com/watch?feature=player_detailpage&v=DoK8HXMSsNg#t=119 ... and no, bitcoins are NOT just like vegetables you idiots.

[gotmilk_]

https://news.vice.com/article/a-nasdaq-for-bitcoin-vice-news-interviews-the-winklevoss-twins-about-the-future-of-cryptocurrency 

[ChartBuddy]

Coin
Explanation