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

[NotLambchop]

...This is a good thing. Our jobs as the decentral bankers is to eat volatility and for now we've eaten it.

Bitcoin's only selling point was its volatility--a socially acceptable & borderline legal form of gambling.
Thanks for ruining my Bitcoin

[itod]

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.

It is not entirely true that Bitcoin has not yet brought any significant contributions to commerce. Last time I've executed SWIFT international money transfer it was a pain in the ass. Spent half an hour in the bank and had to manually fill and sign a few forms on pieces of paper, bring the paper copy of the invoice to the bank employee, etc. Not to mention the fees, they were far from insignificant. I'm not saying Bitcoin is the similar contribution to civilization as invention of gold coins, but it is not without some practical advantage.

[samsonn25]

I did  read  it.

Both the  account  and  guy were wrong if  they blindly  send  50k wires by email  instructions.  

Of course. Just as wrong as people who leave bitcoin and fiat on exchanges. But the point was to disprove NotLambchop's fabulous consumer protection that banks give according to him. They don't.

Credit  card  would  have that protection. And  thats what bitcoin  doesn't  have fraud protection  and  reimbursememt.  Thats the few percentage  points  difference between them both for the transaction  fees.

[BrewCrewFan]

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.

It is not entirely true that Bitcoin has not yet brought any significant contributions to commerce. Last time I've executed SWIFT international money transfer it was a pain in the ass. Spent half an hour in the bank and had to manually fill and sign a few forms on pieces of paper, bring the paper copy of the invoice to the bank employee, etc. Not to mention the fees, they were far from insignificant. I'm not saying Bitcoin is the similar contribution to civilization as invention of gold coins, but it is not without some practical advantage.

WU is another one too. Takes forever to not only fill forms out to send, but to receive also.
Then we are not even going to touch how much it cost to send money via WU.

With BTC, its only a matter of a few pennies to send money anywhere.

The only thing really making it perfect is having instant access to be able to cash out like WU, and the ATMs for BTC are popping up every day. I guess if I had the time I could drive to a bigger uban area to get to an ATM, but ATM, still can be a pain.

[BrewCrewFan]

I did  read  it.

Both the  account  and  guy were wrong if  they blindly  send  50k wires by email  instructions. 

Of course. Just as wrong as people who leave bitcoin and fiat on exchanges. But the point was to disprove NotLambchop's fabulous consumer protection that banks give according to him. They don't.

Credit  card  would  have that protection.

You know , people pay though the nose for that "protection" in a form called interest rates. Plus you assume that everyone has a credit card, which is hardly the case.

[NotLambchop]

...
Apparently not, because he tried (did you read the story?). So where is the fabulous consumer protection? Oh, right, there was no merchant paying for it. So, though luck!

Lol, you've got to be kidding me.  I didn't read past "I run an accelerator for Bitcoin startups" (eyeraping stylesheet, fuuuuk) to know the whole thing's a good story, bro.

A Bitcoin entrepreneur (yes, a euphemism. yes, safe to assume I'm laughing my ass off as I'm typing) ... wait for it... blaming banks.  Imagine?

Andre#, if you're trying to kill me by making me die from laughter, it ain't gonna work.  I read Bitcointalk, my tolerance is sky-high.

Hilarity intensifies--this guy Adam Draper, who allegedly accidentally $50k, is the son of Bitcoin-famous Tim Draper.  This is just

[billyjoeallen]

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.

It is not entirely true that Bitcoin has not yet brought any significant contributions to commerce. Last time I've executed SWIFT international money transfer it was a pain in the ass. Spent half an hour in the bank and had to manually fill and sign a few forms on pieces of paper, bring the paper copy of the invoice to the bank employee, etc. Not to mention the fees, they were far from insignificant. I'm not saying Bitcoin is the similar contribution to civilization as invention of gold coins, but it is not without some practical advantage.

Is everybody forgetting about micropayments?

[NotLambchop]

...
You know , people pay though the nose for that "protection" in a form called interest rates. Plus you assume that everyone has a credit card, which is hardly the case.

You, for one, clearly do not have a credit card.  If you did, you'd know that CCs don't charge interest unless you fail to pay on time.

[N12]

NotLambchop, WTF are you doing with your life? You average ~20 posts per day on bitcointalk over nearly a year's time.

[Fatman3001]

NotLambchop, WTF are you doing with your life? You average ~20 posts per day on bitcointalk over nearly a year's time.

You're the moderator

Edit: just looked at your Shroomie quote. One of the most bullish signs we've had since the super-crash is his absence.

[NotLambchop]

NotLambchop, WTF are you doing with your life? You average ~20 posts per day on bitcointalk over nearly a year's time.

Enjoying the fruits of my labor

[samsonn25]

I did  read  it.

Both the  account  and  guy were wrong if  they blindly  send  50k wires by email  instructions. 

Of course. Just as wrong as people who leave bitcoin and fiat on exchanges. But the point was to disprove NotLambchop's fabulous consumer protection that banks give according to him. They don't.

Credit  card  would  have that protection.

You know , people pay though the nose for that "protection" in a form called interest rates. Plus you assume that everyone has a credit card, which is hardly the case.

Credit  is a privilege  not a right.  If someone hacked into  your bitcoin  wallet amd stole 50k from it you wish it would  have  been a credit card instead that you  could  report stolen.   The interest  and wouldnt mind paying interest to use it, only if you  dont pay it in full in a month.

[Mervyn_Pumpkinhead]

Why is BTC price so limp lately?  Not saying Bitcoin's dying, but it's like an abandoned casino lately.  Is this what you call singularity, or is this the tipping point?
Whatever it is, make it stop, I can't gamble like this.

Bitcoin is an abandoned casino...
Accumulated coins mined at 2014 with high production costs, upcoming auctions of confiscated coins, unknown whereabouts of 600k gox stolen coins and the planned distribution of 200k coins that were "found" etc.
All of this is driving away serious players. Mostly only bagholders from the 500$+ region and the hardcore fanatics of becoming rich without work are left in the game.

There is a lot of gambling magic happening with other cryptos. Classical fun with high risk/high reward games, like it was with bitcoin, before it became the hope of success for all the cab drivers and bartenders around the globe.
Just step out of the bitcoin comfort zone and you can also have some fun.

[ChartBuddy]

Coin
Explanation

[Fatman3001]

I'm going to bed now. Don't destroy Bitcoin while I'm sleeping.

[Sitarow]

[JorgeStolfi]

https://medium.com/@adamdraper/a-hacker-stole-50k-from-my-bank-account-388822389671

Hahahahahahahahahaha  Another BITCOIN SCAMMER

"My name is Adam Draper, I run an accelerator for Bitcoin startups called Boost VC and on January 14th, 2015 I had $50,000 stolen from me. Which is a lot of money, and the worst part is, I don’t know who did it, so I can’t take my rage out on them. So this was my $50,000 lesson."

I wonder, did he report the theft to the FBI?

I don't know... I think I would have sent immediately an email to the TCF Bank, with copy to the appropriate FBI address, telling them of the hack and requesting that they block the money.  They may not do it, but it would be something to use against them it they turn out to be less than innocent and diligent in this affair.

[chessnut]

Bitcoin is an abandoned casino...

If that were true the price would be $zero. There has been plenty of action to see recently if you would only come out from under your bridge to see it. Right now there is a lot of accumulation going on, in fact there is at least one very large player that I know of that has large bids at $210.

Gambling in garbage alt coins is not the answer.

[empowering]

Adam Draper is Tim Drapers son

Wow, they do not call you bullet for nothing

[tomothy]

Very interesting regarding btc-e and licensing. I hope they do. I would be interested in helping contribute depending on what they sold shares at. You could try to use lighthouse to crowdfund the business lol. Make it a DAC. Working on the legal intricacies would be a blast too. It's funny when you look at what's happened with some of the other 'licensed' exchanges and then you compare that to btc-e's op/sec and they still seem to be standing strong but then again there could be an unintended or intended consequence of not going after them... I figure they'ed also need msb/regs too though, the total cost + licensing would be steep I figure. You might be able to buy like a deli who already has a mtl but that would lock you in just for that state.

sitarow- that gif was great. lol