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

[peonminer]

[billyjoeallen]

To say that gold is a better investment than Ruppees is not an argument for gold. It's an argument against Ruppees.  Anything looks good compared to something worse.

When you have to store your wealth, and you live in a "developing" country with foreign exchange issues, capital controls, or even gold restrictions or taxes to prevent you from dumping your national currency in order to buy the X or Y hard asset, your options are limited.

This is the reality of billions of people around the world and it's an argument in favor of "sound money" compared to confetti* fiat. Naturally money will find its way towards gold, silver, btc.



* Even in the US and EU, our money is not even worth the metal it is printed on. 1c coins are zinc. In Europe it's even worse. 1c/2c/5c are all iron (steel).

Iron FFS

And they plate it with a thin layer of copper to make it appear valuable.

I'm not arguing against sound money. I agree with you as long as it's the market that determines the standard and not the State. I'm arguing against small blocks and the flawed notion that transaction utility is not important.

[makeacake]

...
* Even in the US and EU, our money is not even worth the metal it is printed on. 1c coins are zinc.

That's how fiat money works -- it doesn't matter what the coin is made out of, USD isn't backed by copper. That said, the penny is one coin that actually costs more to make than its face value. It's not made out of zinc because can't afford copper.
If you insist on you government wasting resources like Bitcoin does, I'll see what can be done about raising the cost of printing $100 bill to $99, bitcoin-stylee.

[billyjoeallen]

Gold became the world standard because it was more TRANSPORTABLE than silver or other alternatives for a given value. Small blocks specifically and a lower network capacity generally make bitcoin less transportable.

Gold is less transportable than dollars and is losing value relative to dollars. Transportability matters. Transaction capacity matters. 

[AlexGR]

That's how fiat money works -- it doesn't matter what the coin is made out of, USD isn't backed by copper. That said, the penny is one coin that actually costs more to make than its face value. It's not made out of zinc because can't afford copper.

Fiat money was not supposed to be backed by precious metals, but then the debasement got so high that they can't even be minted on base metals like nickel and copper.

They are manipulating people perception with the copper plating - a process which adds a lot to the minting cost.

The US mint could use a zinc alloy, and in EU, they could be using a stainless steel alloy, as is, without any plating whatsoever, but they don't. They want people to think their money is copper

Monetary perception is everything for the value of money. Bitcoiners could learn a thing or two from the banksters.

[ChartBuddy]

Coin

Explanation

[makeacake]

That's how fiat money works -- it doesn't matter what the coin is made out of, USD isn't backed by copper. That said, the penny is one coin that actually costs more to make than its face value. It's not made out of zinc because can't afford copper.

Fiat money was not supposed to be backed by precious metals, but then the debasement got so high that they can't even be minted on base metals like nickel and copper.

They are manipulating people perception with the copper plating - a process which adds a lot to the minting cost.

The US mint could use a zinc alloy, and in EU, they could be using a stainless steel alloy, as is, without any plating whatsoever, but they don't. They want people to think their money is copper

Monetary perception is everything for the value of money. Bitcoiners could learn a thing or two from the banksters.

That's just about the craziest thing I've heard today. Most people (other than batshit crazy brokeass goldbugs who can't afford gold) couldn't care less about what pennies are made of. We leave them in 'take it or leave it' penny cups, even panhandlers don't want pennies.
Just how paranoid are you, bro, to think that someone wants to deceive you about the value of pennies?

[r0ach]

If you insist on you government wasting resources like Bitcoin does, I'll see what can be done about raising the cost of printing $100 bill to $99, bitcoin-stylee.

So many damn fools try to equate the distribution process of Bitcoin as being the cost per transaction.  Your fail premise might work if the block reward was linear.

[peonminer]

All the gold was premined, all the silver was instamined. It's all worthless

[makeacake]

If you insist on you government wasting resources like Bitcoin does, I'll see what can be done about raising the cost of printing $100 bill to $99, bitcoin-stylee.

So many damn fools try to equate the distribution process of Bitcoin as being the cost per transaction.  Your fail premise might work if the block reward was linear.

You want to try saying that in people-talk?
I'm guessing you disagree with satoshi's assertion that the cost of mining 1 BTC should approach the price of 1 BTC?

>340 after lunch.   

What did you have for lunch? Crow tartare with a helping of humble pie for desert?

[Fatman3001]

lambie? lambi! lambie...
lambie? lambie, lambie.
lambiiieee!!!! lambie...

[aminorex]

Gold became the world standard because it was more TRANSPORTABLE than silver or other alternatives for a given value. Small blocks specifically and a lower network capacity generally make bitcoin less transportable.

Gold is less transportable than dollars and is losing value relative to dollars. Transportability matters. Transaction capacity matters.  

Gold became a reserve currency for that reason.  Silver was ever the dominant transaction currency for the opposite reason.

Silver is very interesting to me, as is platinum.  PMs should bottom between today and next Tuesday.  This is a deep extension of a pattern which should have reversed earlier this week, but did not.  My monkey is much better with PMs than with crypto.  He claims that PMs will make a significant move up over the next two weeks, as a minor correction to a major downtrend lasting until at least late December.  Since this coincides with my fundamental view that gold is doomed with the oil glut - Saudis can't afford gold; wheat is their new gold - but I am not a buyer of wheat until late next week - and only seasonal fuel oil demand or an international political change can interrupt that, I am very much inclined to bet with the monkey on this one.

In the long run, industrial uses of silver and platinum give them a natural floor of support which gold lacks.  Moreover, declining copper prices mean declining copper mining, which implies less silver on the market.  (Silver/platinum is mostly a side-product of copper/gold mining.)

[makeacake]

.@Fattyfatfat: Every time you lose another dollar, an angel gets his wings!

http://www.tacomaweekly.com/assets/tacomaweekly/upload/article/Zuzu.jpg

YOU'RE BROKE, LOL!

[Fatman3001]

.@Fattyfatfat: Every time you lose another dollar, an angel gets his wings!



YOU'RE BROKE, LOL!

Poor lambie. Basic arithmetic crept up and took you from behind again.

Have you ever been to Wales? You'd love it. Wonderful people.

[GGALINff]

it's a slooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooow  day BTC

[galdur]

New York Fed President William Dudley said "it is quite possible that the conditions the Committee has established to begin to normalize monetary policy could soon be satisfied." What he didn´t say, the discreet chap that he is: We think that the threat of Hillary Clinton landing in the White House next year instead of a room with rubber walls where she belongs under the care of people in white coats - is very real! And we´re prepared to do anything to prevent this calamity, even tank the markets and the economy in an election year.

He was with Goldman Sachs and can spook the market. Wall St. will probably appoint him as next Sec of the Treasury.

Apparently the FED hasn´t mentioned negative rates for several days now so it´s quite possible that they´ll hike rates next month. Good for the dollar, terrible for stocks.

[JayJuanGee]

>340 after lunch.   

I'm getting a little frustrated trying to trade the various smaller swings.

Sure there is money to be made, and it can be a little bit of fun when things are going well. 

On the other hand, it is very time-consuming, and since I am trying to play safe, I am not really playing with enough money at time to make it a very productive use of my time.

I'm thinking about modifying my strategy to only play the bigger swings, yet I understand "bigger" to be relative, and therefore, maybe just a slippery slope that will drag me back down into the quagmire of day trading from time to time.... And, really, since bitcoin remains so volatile, there seem to be a large frequency of "bigger" swings, especially in recent times (the past few weeks).

Also, I am not sure whether I have the patience of Adam, when we were in the upper $300s, and you kept calling $330 etc etc... and really at the time, $330 seemed to be "pie in the sky" thinking.

[peonminer]

Just dump it all back to 240 where we had real support and get this damn weekend over early.

[JayJuanGee]

it's a slooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooow  day BTC

Every day is slow, until





BAMM!!!!!!

[abercrombie]

is crypto done??