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

[ChartBuddy]

Coin
Explanation

[billyjoeallen]

24,262 BTC swaps on bfx!  Pressure building...

you know what would be fun?

everyone lending btc to quit lending it..

shorts would either get forced into major interest rate hikes or to close their shorts

Rates are already @ 0.031% Fifty percent higher than a week ago. (~.020%)

Dollar rates are also going up, so this is gonna be a fun show one way or the other.

[JorgeStolfi]

So what is YOUR take on nations spending money that the unborn will have to repay?

That is terrible, of course.  But replacing a failing currency by a crypto that, if successlul, will make trillionaires of Satoshi & friends is even worse.  Where will those trillions come from?

And if the crypto fails, there will be no one to exchange it for euros at a fixed rate.  Again trillions will have changed hands, with no relation to work done.

[JorgeStolfi]

This is a former Goldman analyst via his linkedin. I guess Goldman Director sounds better for your press release. May even be true, most banks have thousands of "VPs".

Coindesk does it all the time.  Like when a Deputy Director of the Statistics Dept of the PBoC became a "PBoC Director".

[billyjoeallen]

So what is YOUR take on nations spending money that the unborn will have to repay?

That is terrible, of course.  But replacing a failing currency by a crypto that, if successlul, will make trillionaires of Satoshi & friends is even worse.  Where will those trillions come from?

And if the crypto fails, there will be no one to exchange it for euros at a fixed rate.  Again trillions will have changed hands, with no relation to work done.

sigh. You still haven't read any books on economics.Might I suggest Economics in One Lesson by Henry Hazlitt for starters and then The Road to Surfdom by (Nobel Laureate) F.A. Hayek.

Satoshi's trillions will come from the same place as Gates, Jobs, Buffet's billions came from:valuation of assets. If any of them attempted to liquidate those assets in bulk, they would plummet in value, which is why they rarely sell. They use those assets as they were intended to be used.

I myself do not plan to cash out more than 20% of my bitcoins, even if the price skyrockets. I intend to SPEND them. Trade makes both partners better off or it doesn't happen. It's win-win, unlike ANYTHING the government does. If the State did anything worthwhile, they wouldn't have to use force or threat of force to achieve compliance.

Nobody forces you to buy or use bitcoin. Those of us who do understand that it is at our own risk. Fiat currencies, OTOH, are compulsory due to legal tender laws. For that reason I oppose any country adopting bitcoin as a national currency. Instead I advocate the repeal of legal tender laws.

There is more relation to work done with bitcoin than any other currency ever. It is documented proof of work that makes a bitcoin a bitcoin. What makes a dollar a dollar? The whim of a central banker.

[ChartBuddy]

Coin
Explanation

[Wary]

I've just found a mysterious connection. The new Greek finance minister, that suggested taxcoin, used to work at Valve. And they love poines in Valve. So:

ponies - LambChop - bitcointalk - bitcoin - taxcoin - Varoufakis - Valve - poines

[billyjoeallen]

And if the crypto fails, there will be no one to exchange it for euros at a fixed rate.  Again trillions will have changed hands, with no relation to work done.

This is tacit admission that the good professor is using the thoroughly discredited Marxist Labor Theory of Value. The LTOV has been obsolete for more than a century when several economists (including William Stanley Jevons) independently came up with what is known today as Marginal Utility.

Marginal Utility is used by all non marxist economists today, not just Austrians. Keynesians, Monetarists, neoclassical economist all accept it as a better metric. It's like Newton's laws of motion. It's foundational.
If you talk economics and don't understand it, any real economist will know that you are talking out your ass.

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

“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”

― Murray N. Rothbard

[billyjoeallen]

Do you have a clue to what you are talking about or are you just talking out your ass?

Yes I do. When it comes to economics, even my ass is smarter than a Marxist.

[BlackSpidy]

Damn! Looks like the price is breaking down. I wish someone would have warned me. Just a bunch of happy go lucky bitcoiners on this thread. A little dissenting opinion every now and then would be nice. 

a $3 decrease looks like a break down to you? You must be new to bitcoin.

[billyjoeallen]

Do you have a clue to what you are talking about or are you just talking out your ass?

Yes I do. When it comes to economics, even my ass is smarter than a Marxist.

So whats your relationship between marginal utility and exchanging fiat for bitcoin? Enlighten me

I buy bitcoin because it is more efficient and easier (for me) than mining it. Specialization allows greater efficiency because miners benefit from economies of scale.

Large sums of fiat are difficult to store and move. Bitcoin is relatively easier if you know how to do it.

[thebitcoinquiz.com]

Damn! Looks like the price is breaking down. I wish someone would have warned me. Just a bunch of happy go lucky bitcoiners on this thread. A little dissenting opinion every now and then would be nice.  

a $3 decrease looks like a break down to you? You must be new to bitcoin.

Well I wasted my life savings on bitchcoin due to some bad advice so I'm looking to make up a few bucks on Bitcoin.  

You must would have invested when the price was around 1000$?
After all you should only invest what you can afford to lose. Also holding till December wont do any harm.

[BlackSpidy]

Damn! Looks like the price is breaking down. I wish someone would have warned me. Just a bunch of happy go lucky bitcoiners on this thread. A little dissenting opinion every now and then would be nice.  

a $3 decrease looks like a break down to you? You must be new to bitcoin.

Well I wasted my life savings on bitchcoin due to some bad advice so I'm looking to make up a few bucks on Bitcoin.  

You must would have invested when the price was around 1000$?
After all you should only invest what you can afford to loose. Also holding till December wont do any harm.

The guy won't make it through march without panic selling, if a $4 range (that's the range for the latest 24 hours) scares him.

[billyjoeallen]

Do you have a clue to what you are talking about or are you just talking out your ass?

Yes I do. When it comes to economics, even my ass is smarter than a Marxist.

So whats your relationship between marginal utility and exchanging fiat for bitcoin? Enlighten me

I buy bitcoin because it is more efficient and easier (for me) than mining it. Specialization allows greater efficiency because miners benefit from economies of scale.

Large sums of fiat are difficult to store and move. Bitcoin is relatively easier if you know how to do it.

Alright that totally doesnt answer my question but we will leave it at that.

You should state your question better then. You asked about my relationship. Individuals act according to their own subjective values of utility.

[thebitcoinquiz.com]

Damn! Looks like the price is breaking down. I wish someone would have warned me. Just a bunch of happy go lucky bitcoiners on this thread. A little dissenting opinion every now and then would be nice. 

a $3 decrease looks like a break down to you? You must be new to bitcoin.

Well I wasted my life savings on bitchcoin due to some bad advice so I'm looking to make up a few bucks on Bitcoin. 

You must would have invested when the price was around 1000$?
After all you should only invest what you can afford to loose. Also holding till December wont do any harm.

loose
lo͞os/
adjective
adjective: loose; comparative adjective: looser; superlative adjective: loosest

    1.
    not firmly or tightly fixed in place; detached or able to be detached.

lose
lo͞oz/
verb
verb: lose; 3rd person present: loses; past tense: lost; past participle: lost; gerund or present participle: losing

    1.
    be deprived of or cease to have or retain (something).

Thanks for pointing it out. Corrected it.

Damn! Looks like the price is breaking down. I wish someone would have warned me. Just a bunch of happy go lucky bitcoiners on this thread. A little dissenting opinion every now and then would be nice. 

a $3 decrease looks like a break down to you? You must be new to bitcoin.

Well I wasted my life savings on bitchcoin due to some bad advice so I'm looking to make up a few bucks on Bitcoin. 

You must would have invested when the price was around 1000$?
After all you should only invest what you can afford to loose. Also holding till December wont do any harm.

The guy won't make it through march without panic selling, if a $4 range (that's the range for the latest 24 hours) scares him.

Panic sellers shouldn't invest in bitcoin and at least who fear of bitcoin going up and down by 4$ should stay away from it.

[BlackSpidy]

Har, har. Let me guess the joke "bitcoin went down in price constantly for about a year". Yeah, that got real real old real fast. LambChop wore it out 100 pages ago.

[ChartBuddy]

Coin
Explanation

[billyjoeallen]

Do you have a clue to what you are talking about or are you just talking out your ass?

Yes I do. When it comes to economics, even my ass is smarter than a Marxist.

So whats your relationship between marginal utility and exchanging fiat for bitcoin? Enlighten me

I buy bitcoin because it is more efficient and easier (for me) than mining it. Specialization allows greater efficiency because miners benefit from economies of scale.

Large sums of fiat are difficult to store and move. Bitcoin is relatively easier if you know how to do it.

Alright that totally doesnt answer my question but we will leave it at that.

You should state your question better then. You asked about my relationship. Individuals act according to their own subjective values of utility.

Yes Exactly! MU is determined by this subjectiveness. So how you could paint such a broad definition was a bit beyond me.  

definition of what? MU? I wasn't using MU as a defense of bitcoin's value. I was using it as an example of Jorge's ignorance of economic theory.

[billyjoeallen]

Do you have a clue to what you are talking about or are you just talking out your ass?

Yes I do. When it comes to economics, even my ass is smarter than a Marxist.

So whats your relationship between marginal utility and exchanging fiat for bitcoin? Enlighten me

I buy bitcoin because it is more efficient and easier (for me) than mining it. Specialization allows greater efficiency because miners benefit from economies of scale.

Large sums of fiat are difficult to store and move. Bitcoin is relatively easier if you know how to do it.

Alright that totally doesnt answer my question but we will leave it at that.

You should state your question better then. You asked about my relationship. Individuals act according to their own subjective values of utility.

Yes Exactly! MU is determined by this subjectiveness. So how you could paint such a broad definition was a bit beyond me.  

definition of what? MU? I wasn't using MU as a defense of bitcoin's value. I was using it as an example of Jorge's ignorance of economic theory.

MU isn't a defense of Bitcoins value because MU is subjective. Jorge's ignorance stems from him not understanding that the only thing that will change is the ratio of fiat exchanged for Bitcoin.

I think that's more of a result of his ignorance than the cause. I think he was using a flawed theory of value. If his premise is incorrect, then his conclusion will be incorrect, even if his logic is sound.

[marcus_of_augustus]

00000000000000000b63fd2b074637a7252d9d456968d9d0e747f279dd8bc131

What does this number represent?