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

[weloveu]

Wife's birthday is in two weeks, I told her that we were going to have dinner in town for her b-day, but if bitcoin doesn't go to the moon soon we are probably going to have to eat this canned tuna and noodles (kids love noodles  ) next month too  


Family decided to get to wife's mother for the weekend (so she said) so maybe I have more time to study coindesk news now  


Go bitcoin, go!




Waiting for dev roadmap!

Hey what a kwinkie, I'm waiting for the dev roadmap too!   

Personally, I'm a big fan of this type of noodles:

http://www.seriouseats.com/images/2012/04/20120405-200564-sitting-on-noodles.jpg

You could literally live off those noodles.  Literally.

Those are my kids' favorites!

You've clearly not been to universities.

I've certainly not been to universities but having invested in bitcoin as early as 2014 (!) is source of great pride for me.
Maybe I'm not the brightest person on the planet, but I can recognise a disruptive revolutionary technology before everybody else when I see one  

[NotLambchop]

You mean, like I did when I first suggested that moonshot might not be as imminent as y'all thought?



I'm man enough to admit I was wrong, Bitcoin's totally loony nao.

COCKSUCKER

You can't suck mine.  Also wrong forum, you'll have better luck in

>>>Service Announcements.

Ur welcome.

[NotHatinJustTrollin]

Is Bitcoin The Next Internet? According to Yahoo! Finance, the naive and foolish permabulltards at the Bank of England think so.

http://finance.yahoo.com/news/bitcoin-next-internet-163107308.html

Looks like the only permabulltards here are the bulls in this thread:

They say:

"While existing private digital currencies have economic flaws which make them volatile", the paper says, “the distributed ledger technology that their payment systems rely on may have considerable promise.”



They ain't talking about no bitcoin/shitcoin.

[NotLambchop]

...

You've clearly not been to universities.

I've certainly not been to universities but having invested in bitcoin as early as 2014 (!) is source of great pride for me.
Maybe I'm not the brightest person on the planet, but I can recognise a disruptive revolutionary technology before everybody else when I see one  

>disruptive revolutionary technology
U talking about my BTCeanies?  Cos I sure hope you're not talking about that Satoshi thing from the oughts, the one that hasn't made it out of beta & Is dying as we speak.

@Ivanhoe: ur an fagit tho.

[Hfertig]

Speaking of "marshall auction next week"  is this the last of the coins the feds have to auction at this point?  I hope so.  I think that it has caused some parties to keep prices deflated for hopes of purchasing in at a lower price, or just the fears that price will plummet because of such a huge amount being sold off.

no there is another batch

It would be nice if we could just get the auctions out of the way really.  I guess with Bitcoin it will always be something going on though.  What would it feel like without scandals, bankruptcies, coin seizures?

why do people ignore the 200.000 MtGox coins which will be either hitting the market or beeing distributed to creditors this year ?

[weloveu]

...

You've clearly not been to universities.

I've certainly not been to universities but having invested in bitcoin as early as 2014 (!) is source of great pride for me.
Maybe I'm not the brightest person on the planet, but I can recognise a disruptive revolutionary technology before everybody else when I see one  

>disruptive revolutionary technology
U talking about my BTCeanies?  Cos I sure hope you're not talking about that Satoshi thing from the oughts, the one that hasn't made it out of beta & Is dying as we speak.

Yes I originally wanted to invest in Beanie Babies but wife said "you're better off with the invisible coins so I don't have to see them around"!

I bought some Beanies in any case but she doesn't know  

I'm a renegade investor eheh  

[ChuckBuck]

...

You've clearly not been to universities.

I've certainly not been to universities but having invested in bitcoin as early as 2014 (!) is source of great pride for me.
Maybe I'm not the brightest person on the planet, but I can recognise a disruptive revolutionary technology before everybody else when I see one  

>disruptive revolutionary technology
U talking about my BTCeanies?  Cos I sure hope you're not talking about that Satoshi thing from the oughts, the one that hasn't made it out of beta & Is dying as we speak.

Yes I originally wanted to invest in Beanie Babies but wife said "you're better off with the invisible coins so I don't have to see them around"!

I bought some Beanies in any case but she doesn't know  

I'm a renegade investor eheh  

Me too!  Me too!  I'm a renegade and I bought a shit ton of Beanie Babies too:



That's me in my living room.  These things really are priceless.  Worth more than any Bitcoin.   

[Andre#]

Real wealth is houses, land, cars, food, services, etc.  Wealth gets created and destroyed, sometimes both in quick succession, as when a cook prepares a meal that gets eaten right away.  

Bitcoin does not create any wealth. Its contribution to productivity, by (allegedly) being a more efficient payment instrument is tiny.  In fact, the contribution of bitcoin to world's production of wealth, so far, has been humongously negative: 100 times (at least) more wealth has been destroyed by the bitcoin network than has been created thanks to it.

It is not because of that tiny positive contribution that large early adopters have become wealthier, either on paper (if they are still holding) or in reality (if they cashed out).  Bitcoin's effect has been mainly to move property from some people to other people, mostly independently of their actual contribution to society.   The gains from the early adopters, in particular, came from the (substantially bigger) losses of  those who have bough coins and are still holding them.  If bitcoin's price ever reached a million, as the holders dream, then trlliions of wealth would be transferred -- little by little, imperceptibly -- from those who buy bitcoins to those early adopters who hold most of the coins.  If a country like Greece adopted bitcoin, that wealth would be taken from its citizens.  

That is the same trick that governments and banks use when they create more money, indeed. But when the government does it, it is just another kind of tax: the government is supposed to use the wealth that it buys with that new money for the benefit of its citizens.  When banks do it, of course, there is no such return: there is net and permanent transfer of wealth from the general people to bank owners.

And that is the case too when private entities create new money, whether it is gift certificates or Linden Dollars -- or cryptocurrencies.  *That* is why cryptocurrencies are a scam, even if they were to succeed.  

Lets see how this translates 2,600 years ago...


Real wealth is houses, land, cars, food, services, etc.  Wealth gets created and destroyed, sometimes both in quick succession, as when a cook prepares a meal that gets eaten right away.  

Gold does not create any wealth. Its contribution to productivity, by (allegedly) being a more efficient payment instrument is tiny.  In fact, the contribution of gold to world's production of wealth, so far, has been humongously negative: 100 times (at least) more wealth has been destroyed by the gold system than has been created thanks to it.

It is not because of that tiny positive contribution that large early adopters have become wealthier, either on paper (if they are still holding) or in reality (if they cashed out).  Gold's effect has been mainly to move property from some people to other people, mostly independently of their actual contribution to society.   The gains from the early adopters, in particular, came from the (substantially bigger) losses of  those who have bough coins and are still holding them.  If the gold price ever reached a million, as the holders dream, then trlliions of wealth would be transferred -- little by little, imperceptibly -- from those who buy gold to those early adopters who hold most of the coins.  If a country like Greece adopted gold, that wealth would be taken from its citizens.  

That is the same trick that governments and banks use when they create more money, indeed. But when the government does it, it is just another kind of tax: the government is supposed to use the wealth that it buys with that new money for the benefit of its citizens.  When banks do it, of course, there is no such return: there is net and permanent transfer of wealth from the general people to bank owners.

And that is the case too when private entities create new money, whether it is gift certificates or Linden Dollars -- or scarce metals.  *That* is why scarce metals are a scam, even if they were to succeed.  


Yeah, makes perfect sense.

[Erdogan]

Is Bitcoin The Next Internet? According to Yahoo! Finance, the naive and foolish permabulltards at the Bank of England think so.

http://finance.yahoo.com/news/bitcoin-next-internet-163107308.html

Looks like the only permabulltards here are the bulls in this thread:

They say:

"While existing private digital currencies have economic flaws which make them volatile", the paper says, “the distributed ledger technology that their payment systems rely on may have considerable promise.”



They ain't talking about no bitcoin/shitcoin.

And that is their grave error.

[NotLambchop]

...
I bought some Beanies in any case but she doesn't know  
...

Yeah, it's good to have diverse holdings like that, just to hedge against Bitcoin disrupting math & NOT going to the moon for some reason.
By balancing your portfolio you double your money twice as fast cheaper==>smart, like me.

[BitChick]

Speaking of "marshall auction next week"  is this the last of the coins the feds have to auction at this point?  I hope so.  I think that it has caused some parties to keep prices deflated for hopes of purchasing in at a lower price, or just the fears that price will plummet because of such a huge amount being sold off.

no there is another batch

It would be nice if we could just get the auctions out of the way really.  I guess with Bitcoin it will always be something going on though.  What would it feel like without scandals, bankruptcies, coin seizures?

why do people ignore the 200.000 MtGox coins which will be either hitting the market or beeing distributed to creditors this year ?

I thought that they were already "distributed" in that they are "missing?"  Correct me if I am wrong here.

[gentlemand]

Speaking of "marshall auction next week"  is this the last of the coins the feds have to auction at this point?  I hope so.  I think that it has caused some parties to keep prices deflated for hopes of purchasing in at a lower price, or just the fears that price will plummet because of such a huge amount being sold off.

no there is another batch

It would be nice if we could just get the auctions out of the way really.  I guess with Bitcoin it will always be something going on though.  What would it feel like without scandals, bankruptcies, coin seizures?

why do people ignore the 200.000 MtGox coins which will be either hitting the market or beeing distributed to creditors this year ?

I thought that they were already "distributed" in that they are "missing?"  Correct me if I am wrong here.

They were miraculously found by M Karpeles in the aftermath and that's what is left to give back. However I assume a lot of expenses are coming out of that amount so their original owners may not get as much as they expect.

[MomLambchop]

...
I bought some Beanies in any case but she doesn't know  
...

Yeah, it's good to have diverse holdings like that, just to hedge against Bitcoin disrupting math & NOT going to the moon for some reason.
By balancing your portfolio you double your money twice as fast cheaper==>smart, like me.

It's dinner time son.  Please come out of the basement.

[Andre#]

My ignore list after twelve days of membership:

fonzie
NotLambchop
YourMother
Dump3er
NotHatinJustTrollin
ChildPr0nzUsers
NoIgnore4u
JihadCoinz
MomLambchop

It even includes a moderator! (fonzie)

[ChartBuddy]

Coin
Explanation

[KryptoFoo]

well, this won't do. markets are sleepwalking higher on no volume. Lightened my long position considerably for now. Of course, we'll probably break higher now that I sold some

[NotLambchop]

...
I bought some Beanies in any case but she doesn't know  
...

Yeah, it's good to have diverse holdings like that, just to hedge against Bitcoin disrupting math & NOT going to the moon for some reason.
By balancing your portfolio you double your money twice as fast cheaper==>smart, like me.

It's dinner time son.  Please come out of the basement.

Wish I could, mom, but a nice Bitcoiner promised me candy and ice cream so he could touch me inappropriately.  But he said all Bitcoiners were doctors, so it's not wrong.
I'll be home as soon as he unties me.

[MomLambchop]

...
I bought some Beanies in any case but she doesn't know  
...

Yeah, it's good to have diverse holdings like that, just to hedge against Bitcoin disrupting math & NOT going to the moon for some reason.
By balancing your portfolio you double your money twice as fast cheaper==>smart, like me.

It's dinner time son.  Please come out of the basement.

Wish I could, mom, but a nice Bitcoiner promised me candy and ice cream so he could touch me inappropriately.  But he said all Bitcoiners were doctors, so it's not wrong.
I'll be home as soon as he unties me.

Ok sweetie

[Hfertig]

Speaking of "marshall auction next week"  is this the last of the coins the feds have to auction at this point?  I hope so.  I think that it has caused some parties to keep prices deflated for hopes of purchasing in at a lower price, or just the fears that price will plummet because of such a huge amount being sold off.

no there is another batch

It would be nice if we could just get the auctions out of the way really.  I guess with Bitcoin it will always be something going on though.  What would it feel like without scandals, bankruptcies, coin seizures?

why do people ignore the 200.000 MtGox coins which will be either hitting the market or beeing distributed to creditors this year ?

I thought that they were already "distributed" in that they are "missing?"  Correct me if I am wrong here.

They were miraculously found by M Karpeles in the aftermath and that's what is left to give back. However I assume a lot of expenses are coming out of that amount so their original owners may not get as much as they expect.

You are very correct, Sir. Only a proportion of that will be distributed. Some will be sold to cover for expenses. the question is if all will be sold and fiat will be distributed or only the expenses part will be sold and the remaining coins to be distributed. Either way, lots of coins....

[JorgeStolfi]

Lets see how this translates 2,600 years ago...

Real wealth is houses, land, cars, food, services, etc.  Wealth gets created and destroyed, sometimes both in quick succession, as when a cook prepares a meal that gets eaten right away.  

Gold does not create any wealth. Its contribution to productivity, by (allegedly) being a more efficient payment instrument is tiny.  In fact, the contribution of gold to world's production of wealth, so far, has been humongously negative: 100 times (at least) more wealth has been destroyed by the gold system than has been created thanks to it.

Does not translate.  The replacement of barter by money transactions hugely improved the flow of goods and services, by breaking down complicated multi-party trasactions into independent two-party steps, that could be widely separated in time and space.

Bitcoin, on the other hand, has not yet brought any significant contributions to commerce.  The benefits of bitcoin are, at best, the saving of a few percent in the price of international payments. That is counted as a benefit, because otherwise the payment of those extra fees would have meant waste of work by bank staffers, for services that (allegedly) were not really necessary.  All those saved fees together may barely add up to 10 million dollars.  

The losses caused by bitcoin include, first, all the wealth consumed by the "bitcoin phenomenon": the bitcoin mining equipment and electrical energy used by miners, all the time spent by bitcoiners looking at charts, trading bitcoins, and watching Antonopulos videos, all the time and equipment and electricity consumed by bitcoin companies, all the time spent by non-bitcoiners listening to bitcoiners and trying to understand the thing.  We should also add all the losses and hardships suffered by victims of bitcoin thefts, scams, and collapse of bitcoin companies.  Even if we discount from the latter the losses of wealthy people (which, a communist might argue, were just cases of thief stealing from thief), we can easily get to a billion dollars of damages.  

Hence the claim that, so far, bitcoin has brought 100x more losses than benefits to mankind.

Gold's effect has been mainly to move property from some people to other people, mostly independently of their actual contribution to society.   The gains from the early adopters, in particular, came from the (substantially bigger) losses of  those who have bough coins gold and are still holding them.  If the gold price ever reached a million, as the holders dream, then trlliions of wealth would be transferred -- little by little, imperceptibly -- from those who buy gold to those early adopters who hold most of the coins.  If a country like Greece adopted gold, that wealth would be taken from its citizens.  

These statements applied to bitcoin because of its huge increase in market price in a short time, which led to large-scale transfers of wealth (hard to estimate, but may be more than a million dollars per day) to the early adopters who sold for a big profit, and from the later investors who are holding the bag and may lose their money.  

Those statements may not apply so much to gold, since, during most of those 2600 years you mention, gold's price has not risen that fast and that much; so the profit that individuals may have made from long-term investment in gold was probably not that significant.  However, in recent times we have seen a gold bubble, and that bubble must have resulted in huge wealth transfers, unrelated to wealth creation -- just as bad as bitcoin.  (I am not a "gold bug", if that is what you thought.)

That is the same trick that governments and banks use when they create more money, indeed. But when the government does it, it is just another kind of tax: the government is supposed to use the wealth that it buys with that new money for the benefit of its citizens.  When banks do it, of course, there is no such return: there is net and permanent transfer of wealth from the general people to bank owners.

And that is the case too when private entities create new money, whether it is gift certificates or Linden Dollars -- or scarce metals.  *That* is why scarce metals are a scam, even if they were to succeed.

These statemetns of course make no sense when applied to gold. Banks and governments do not create more gold, and private entities do not create new scarce metals.  It obviously applies to fiat money, such as dollars and cryptocurrencies.