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

[cyclotronmajesty]

http://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/08/bitcoin-isnt-the-future-of-money-its-either-a-ponzi-scheme-or-a-pyramid-scheme/

Awww. He kinda fizzled out at the end there. I encourage not jumping to conclusions to attract readers. He had an open mind there for a second but then. SLAM. gone. :\ . Tech stock is a good term, but it's not a stock it's more of a money. Cutting out the middleman is a great libertarian ideal, we can all be the middle man now. Isn't that more interesting? Novelty has value. Bitcoin is a novelty of novelties.

229.68 bitfinex

Holding on for now.

Lets break 230.5 today.

[ChartBuddy]

Coin
Explanation

[ChartBuddy]

Coin
Explanation

[itod]

Cutting out the middleman

You wanna cut out the middleman? Don't use Bitcoin then.

Bitcoin: Bob → Bank → Bitcoin exchange → Bitcoin exchange → Bank → Alice

Ever heard of blockchain?

[empowering]

A user here quoted a dounet image which was posted by the winks on their insta account.

The plate had 4 delicious donuts   and the user said that the donut equals to zero and this means that zero day is on Friday.

It is national Doughnut day (in the US of A)

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

I know, the user said it have something to do with the launch of Gemini.

Last friday, the day the image was posted, was national donut day, not this coming friday ...
So ... a plate of donuts posted on national donut day ... hmmm ... what could tha mean? Happy National Donut Day maybe ?? Occam's Razor anyone ??

But no, it must be a code ... you add the rocket pic as a 1 and the 4 donuts and its a sign that price will be at $10,000 last friday. That must be it  

No it's just a plate of donughts.

[Wings1987]

You have to figure Gemini will launch soon right? I figure they planned for "Gemini" all along. 12 days left.

[ChartBuddy]

Coin
Explanation

[paul2000]

Cutting out the middleman

You wanna cut out the middleman? Don't use Bitcoin then.

Bitcoin: Bob → Bank → Bitcoin exchange → Bitcoin exchange → Bank → Alice

Bank transfer: Bob → Bank → Bank → Alice

Cash: Bob → Alice

Facepalm! To the ignore list!

[shmadz]

Poll is missing the "remain rangebound between 220 and 230" option.

[adamstgBit]

Poll is missing the "remain rangebound between 220 and 230" option.

thats like a technical impossibility

[BlackSpidy]

chmod755, there is a very fundamental flaw in your "middleman diagram". You include where the people got the bitcoin into the "middlemen" that hande transaction of bitcoin between the network users. You failed to include the employer, the mode of payment the employer uses (it usually involves a bank), and the impossibility of sending cash to people 2,000 miles away in 60 minute's time in the cash part of the diagram.

It fails to include P2P transactions for goods, where (if you ignore the middle men of obtaining the bitcoin, as you do with cash) it not only performs the same, but above cash, due to the reliable 60-minute waiting time (at the moment, with a $0.0001 fee) one must wait for bitcoin to "arrive" (multiple confirmations of the transaction), regardless of where in the world you are sending bitcoin to. Not to mention that you never need to worry about change.

[ChartBuddy]

Coin
Explanation

[Blavatsky]

Poll is missing the "remain rangebound between 220 and 230" option.

thats like a technical impossibility

that's like the reality for now.

But the correct interval is 220-250

[dreamspark]

P2P transactions in Bitcoin are extremely rare.

No they are not...

[saatana]

P2P transactions in Bitcoin are extremely rare.

No they are not...

technically all transactions are p2p, because one people send the coins to other one.

But was it what he meant?

[spooderman]

ugh trolls.

[ChartBuddy]

Coin
Explanation

[elux]

Cutting out the middleman

You wanna cut out the middleman? Don't use Bitcoin then.

Bitcoin: Bob → Bank → Bitcoin exchange → Bitcoin exchange → Bank → Alice

Bank transfer: Bob → Bank → Bank → Alice

Cash: Bob → Alice

Bank transfer:



http://gendal.me/2013/11/24/a-simple-explanation-of-how-money-moves-around-the-banking-system/


Bitcoin allows:

Bitcoin: Bob → Bank → Bitcoin exchange → Bitcoin exchange → Bank → Alice
or
Bitcoin: Bob → Bank → Coinbase →Alice
or
Bitcoin: Bob → Circle → Alice

or just

Bitcoin: Bob → Alice

And now that Alice has some Bitcoin:

Alice → Anyone


Bitcoin: Choose allows you to choose your middlemen.

From many, to one or none.

[BlackSpidy]

Majority!? You named three transaction types. Bitcoin alone has several scenarios you failed to mention solely for the misrepresentation of the cryptocurrency in order to (wrongly) assert that it has many more middlemen than fiat transactions.

Bitcoin
Purchasing bitcoin using fiat in exchange:      Bob → Bank → Bitcoin exchange → Alice (selling is the same, backwards)
Purchasing bitcoin using fiat:                       Bob → Alice or (more recommended) Bob → escrow → Alice
Exchanging bitcoins for goods personally:      Bob → Alice
Exchanging bitcoins for goods at a distance:   Bob → Alice or Bob → escrow → Alice

[Well, seems Elux put it better than me]

[Stagger Lee]

Majority!? You named three transaction types. Bitcoin alone has several scenarios you failed to mention solely for the misrepresentation of the cryptocurrency in order to (wrongly) assert that it has many more middlemen than fiat transactions.

Bitcoin
Purchasing bitcoin using fiat in exchange:      Bob → Bank → Bitcoin exchange → Alice (selling is the same, backwards)
Purchasing bitcoin using fiat:                       Bob → Alice or (more recommended) Bob → escrow → Alice
Exchanging bitcoins for goods personally:      Bob → Alice
Exchanging bitcoins for goods at a distance:   Bob → Alice or Bob → escrow → Alice

[Well, seems Elux put it better than me]

Makes lots of sense, because open a bank account is as easy as creating a bitcoin address and with same fees and you can transfer to any bank anywhere in the world with same easy