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

[!! pop]

oy vey!

[tarmi]

panic will start @ 220.

[JorgeStolfi]

May you all go broke, and burn in hell...

You know what, I was respecting you although I'm against you in terms of Bitcoin issues.
But after what you said, I'm really shocked.

Aw, it was a moment of rage at the news -- a notorious megascammer using bitcoin to prey on the poor.

Now that I calmed down, I think that a mildly severe sunburn in purgatory will be enough.

[8up]

panic will start @ 220.

agree, if we reach it.

[TReano]

full retrace of the previous day.

Good Luck Bulls from here on!

[oda.krell]

Bitcoin supply is constantly increasing, it is the total number of coins issued to date.
Every ~10 mins 25 more coins are added to the supply.
So now you know https://en.wikipedia.org/wiki/The_Rest_of_the_Story

https://en.wikipedia.org/wiki/Derivative

Let me know when you're done reading. In that case I might be up for another 'discussion' with you on the topic, but no promises :3

OMG, horse nose https://en.wikipedia.org/wiki/Calculus !1one I loos !!1! he2science4me!

but seriously, can you say it in words?

You're thinking in terms of total supply (or demand). Important, sure, but not sufficient. Bitcoin mining reward can be seen as a case of increasing supply (up to a finite total value, assuming for a moment the protocol will never change on that matter ), with a predictably changing growth constant -- as opposed to the supply situation of, say, USD, without a declared finite total value, and undergoing unpredictable (or at least: less predictable) growth. If market participants would be perfectly rational and able to calculate ahead, the changing reward eras shouldn't matter. Whoever thinks that, however, will be rather disappointed, I'm quite sure (which is not to say I belong to the "Rally to the moon, once reward halving" camp).

[BlindMayorBitcorn]

full retrace of the previous day.

Good Luck Bulls from here on!

I'm poor again. This game is so much fun

[natewelt]

panic will start @ 220.

Wonder who started this thread with a new account?

https://bitcointalk.org/index.php?topic=1212240.0

That's embarrassing

[yolalanda]

Bitcoin supply is constantly increasing, it is the total number of coins issued to date.
Every ~10 mins 25 more coins are added to the supply.
So now you know https://en.wikipedia.org/wiki/The_Rest_of_the_Story

https://en.wikipedia.org/wiki/Derivative

Let me know when you're done reading. In that case I might be up for another 'discussion' with you on the topic, but no promises :3

OMG, horse nose https://en.wikipedia.org/wiki/Calculus !1one I loos !!1! he2science4me!

but seriously, can you say it in words?

You're thinking in terms of total supply (or demand). Important, sure, but not sufficient. Bitcoin mining reward can be seen as a case of increasing supply (up to a finite total value, assuming for a moment the protocol will never change on that matter ), with a predictably changing growth constant -- as opposed to the supply situation of, say, USD, without a declared finite total value, and undergoing unpredictable (or at least: less predictable) growth. If market participants would be perfectly rational and able to calculate ahead, the changing reward eras shouldn't matter. Whoever thinks that, however, will be rather disappointed, I'm quite sure (which is not to say I belong to the "Rally to the moon, once reward halving" camp).

You're still treating bitcoin as if it was a consumable. It's not. It's not even a durable good. If the supply of food is cut in half, people still need to eat, so the price will likely go up. Same for houses -- people need a place to sleep.
Bitcoin? Well, they'll just go back to using money, like they did back in the old days, before 2009.
The price of Beanies isn't skyrocketing, even though the supply of Beanie Babies is not increasing as fast as it once was

[tarmi]

panic will start @ 220.

Wonder who started this thread with a new account?

https://bitcointalk.org/index.php?topic=1212240.0

That's embarrassing

your buys @ 260 will be embarrassing very soon.

[natewelt]

panic will start @ 220.

Wonder who started this thread with a new account?

https://bitcointalk.org/index.php?topic=1212240.0

That's embarrassing

your buys @ 260 will be embarrassing very soon.

I'm not buying here. I only buy if I can reduce my average.


Edit: Also, do you actually believe you posting on these forums moves the price? You make me laugh

[chennan]

full retrace of the previous day.

Good Luck Bulls from here on!

I'm poor again. This game is so much fun

No kidding... I woke up today feeling confident about my small purchase last night, now I'm feeling quite stupid.  Oh well, guess I'm going back to work to make up for the losses

[tarmi]

I'm not buying here. I only buy if I can reduce my average.

Edit: Also, do you actually believe you posting on these forums moves the price? You make me laugh

260-265 seems like a great spot to load up on some more

I am here for the lels.

[yolalanda]

... You make me laugh ...

"Sigmund Freud in his 1927 essay Humour (Der Humor) puts forth the following theory of the gallows humor: "The ego refuses to be distressed by the provocations of reality, to let itself be compelled to suffer. It insists that it cannot be affected by the traumas of the external world; it shows, in fact, that such traumas are no more than occasions for it to gain pleasure."

Cool defense mechanism, bro.  Besides, poverty's no crime, embrace it!

[natewelt]

I'm not buying here. I only buy if I can reduce my average.

Edit: Also, do you actually believe you posting on these forums moves the price? You make me laugh

260-265 seems like a great spot to load up on some more

I am here for the lels.

For the aggressive trader believing we stay above the channel, 260 is a great spot to buy in my opinion. I'm not that aggressive trader though.

I'm merely pointing out what my charts say...and not saying I will be buying at XXX.

[ChartBuddy]

Coin

Explanation

[Oblodo]

I like that we are climbing slowly. A few corrections is expected. Better slow and steady than rocket and crash.

[ImI]

panic will start @ 220.

Wonder who started this thread with a new account?

https://bitcointalk.org/index.php?topic=1212240.0

That's embarrassing

your buys @ 260 will be embarrassing very soon.

like your short at 235$ before we went to 314$?

[yolalanda]

...
What is the logic behind upgrading (investing in new gear) 'when things are as marginal as they are now'? Wouldn't it make more sense to simply keep the old gear running, with no additional investment, while it's making money?  

If you have paid for a 500KW facility with with shelves for 500 machines, 500 psu's, 500 power outlets, Network with 500 lan cables, 10 power distribution units. 5 industrial grade fans, and so on, It makes a lot of sense to migrate to a more power efficient miner and turn your 500TH facility to a 1.5PH facility.

I see. New gear cost/downtime/teardown/buildout labor are all negligible; new gear always works as advertised and arrives on time.
Success assured!

BTW, while I'm on this positivity kick? Here's a thought: If not too late, those 'dutch and belgian mining operations with 20 cents per kw/h' shouldn't go out of business! My Simple Plan: preorder some new, more efficient gear & go with that new trend you've told me so much about, the one 'that involves not putting bitcoin mines in the tropic.'
You with me thus far?  It only gets better!

Yeah, we move that new gear right into a '500KW facility with with shelves for 500 machines, 500 psu's, 500 power outlets, Network with 500 lan cables, 10 power distribution units. 5 industrial grade fans, and so on' but, get this, this is the disruptive bit -- will blow your black swan right out of the f8ckin' water & totally shift your paradigm.
Ready?
BONUS! Our new '500KW facility with with shelves for 500 machines, 500 psu's, 500 power outlets, Network with 500 lan cables, 10 power distribution units. 5 industrial grade fans, and so on'? Located where they charge us  < 20 cents per kw/h!! PROFIT!
1. Sell 500 PSUs to some idiot who thinks mining is profitable.
2. ditto for lan cables/industrial fans etc.
3. strip out all the wiring/copper plumbing from 'facility,' sell to scrapper.
4. let the police and the tax man landlord miss you.

In all things mining, we must emulate our ideal: friedcat!

Poor lambie. So you got fucked over trying to mine? It happens to the best of us (Not really, but I think that's what I'm supposed to say).

Not the most pragmatic guy, have bins and rackfulls of utterly useless obsolete gear, spanning fro '20s to '00s. I guess you could say the stuff's a testament to thousands and thousands of misspent hours and $. Never owned a single ASIC miner tho, that's just weird.

[tarmi]

like your short at 235$ before we went to 314$?

bought from a local miner 100 BTC at 285, waited for the top, then sold and then shorted.

everybody happy except the bastards I dumped into.