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

[Searing]

Damn I sure hope you are right. I have 106 BTC more or less.....It would be nice to see what kinda 'ass' I would be with that kinda action.

In Wall Observer or around friends?

Jabroni Friends (before) - "You're stupid man, going to lose all your money.  Can't believe you're buying into a scam (crypto-currency)!"
Jabroni Friends (after) - "Man... I wish I got as lucky as this guy!  You better sell before you're sorry and thank God for that miracle!"

First people think you're just stupid and they laugh.  Then, when you're right, you're just the luckiest person in the world.  You're told you should step away from the edge, before that wrath gets set upon you.  Then, when you're really right, they despise and envy you (your crap friends).  

Yeah it is coming up again as the price rises...I made a thread and a poll on this feel free to tell your story of such on there if you wish

anyway here is the link

https://bitcointalk.org/index.php?topic=1507085.msg15163386#msg15163386

yeah but me I only play cheerleader with BTC now if they bring it up in some kinda context and are not 'asses' about it.......read how it goes for me about 3x this year so far
from my past cheerleader days (2013...hell in 2013 at 1100 btc I told EVERYBODY)

anyway again only bring it up now if they ask or show an interest...but yeah I get where you are coming from

[SheHadMANHands]

Damn I sure hope you are right. I have 106 BTC more or less.....It would be nice to see what kinda 'ass' I would be with that kinda action.

In Wall Observer or around friends?

Jabroni Friends (before) - "You're stupid man, going to lose all your money.  Can't believe you're buying into a scam (crypto-currency) scratch tickets!"
Jabroni Friends (after) - "Man... I wish I got as lucky as this guy!  You better sell not spend all your winnings on scratch tickets before you're sorry and thank God for that miracle!"

FTFY. Buying scratch tickets doesn't become the best investment ever if you win

It's arguably a +EV (expected value) "scratch ticket".  In nine parallel universes, it goes to $0.  In the tenth, it achieves ubiquity and goes to $10,000+.  A bet that usually doesn't pay off doesn't make it a bad bet.  An EV calculation simply takes into account the probabilities of different outcomes.  

[bitconerian]

Damn I sure hope you are right. I have 106 BTC more or less.....It would be nice to see what kinda 'ass' I would be with that kinda action.

In Wall Observer or around friends?

Jabroni Friends (before) - "You're stupid man, going to lose all your money.  Can't believe you're buying into a scam (crypto-currency) scratch tickets!"
Jabroni Friends (after) - "Man... I wish I got as lucky as this guy!  You better sell not spend all your winnings on scratch tickets before you're sorry and thank God for that miracle!"

FTFY. Buying scratch tickets doesn't become the best investment ever if you win

It's arguably a +EV (expected value) "scratch ticket".

Same could be said for every shitcoin currently trading, and every ponzi scheme that hasn't collapsed

In nine parallel universes, it goes to $0.  In the tenth, it achieves ubiquity and goes to $10,000+.  A bet that usually doesn't pay off doesn't make it a bad bet.  An EV calculation simply takes into account the probabilities of different outcomes.  

That's typical Longshot Charlie reasoning: "I only gotta win once, and all this will be worth it." The thing about calculating EV is it can't be done in shell games and crypto, for the same reason: the game is rigged, you are basing your EV calculations on a faulty model, it doesn't work like you think it does

[SheHadMANHands]

LOL.  Not at all...

Scratcher tickets aren't useful innovation.  They don't make any industry processes more efficient.  They don't reduce costs or friction in archaic systems.  They don't impact personal freedom or incentive further value creation.  They don't enable new, useful applications that previously weren't possible.  They're clearly -EV, since there is no real value being created and, on top of that, Uncle Sam takes a healthy slice out (typically from the poorest people of course).

Crypto-currencies are without question useful innovation.  As a crypto-currency, Bitcoin offers unique utility in the real-world that, at least today, is not matched by any alternative crypto-currency.  It exhibits an incredibly strong network effect.  It has the greatest hashing power (by far).  It has the infrastructure and distributed ecosystem of users, payment processors, "Bitcoin 2.0" projects, etc.  It has international brand recognition, and a growing "trust" that's largely a function of time.

Anything that is both useful and scarce will have value.  Any new technology that provides real utility in the world is not a Ponzi scheme.  To ask why speculators have gotten wealthy quickly, and why many continue to accumulate bitcoins, is to strike the bedrock of what constitutes real value in a society with the shovel of a stupid question.  The value of the Bitcoin network is not a function of the fact that there exists an internal unit of account ("bitcoins"), and that this unit of account is exchanged between peers, and that some of these peers, being mere mortals, may be motivated by the opportunity for financial gain.  If that were the case, you'd have to apply this same fallacious logic to any tradable instrument.  Is Tesla a Ponzi scheme because some investors might want to "get rich quick"?  What about gold?  Is Facebook suddenly a crappy company because individuals, acting in their own self-interest, purchase the stock out of desire for financial gain?

Furthermore, what about people shorting Bitcoin?  You've only mentioned one side of the equation, though both are of course motivated by selfish reasons.  "After all, we are not Communists."  This is capitalism in action.

[SheHadMANHands]

As an analogy, let's say you were bullish on the Internet in the early 1990s, and you decided to start buying up domain names as a speculative play.  You believed that, in time, there would emerge significant, real demand for domain names and then you'd be able to cash in huge.  Let's say you bought all the simple shapes - circle.com , square.com , octagon.com , rectangle.com...

Anyone could have said, "but what about alt-domains!  There's nothing unique about .com... there's an infinite supply!"  And yet ".com" was the winner, which continues to this day.  If those were your investments, you'd have made an absolute killing.  Except rectangle.com probably (ha).  The reality is that people grew very familiar and comfortable with .com.  To this day, there exists of course ".net" , ".cc" and so forth, but ".com" clearly won out.  

[bitconerian]

LOL.  Not at all...

Scratcher tickets aren't useful innovation.  They don't make industry processes more efficient.  They don't reduce costs or friction in archaic technologies.  They don't enable new, useful applications that previously weren't possible.  They are clearly -EV, since there is no real value being created and Uncle Sam takes a healthy slice.  

Crypto-currencies are a useful innovation.  As a crypto-currency, Bitcoin offers unique utility in the real-world that, at least today, is not matched by any alternative crypto-currency.  It exhibits an incredibly strong network effect.  It has the greatest hashing power (by far).  It has the infrastructure and distributed ecosystem.  It has international brand recognition, and a growing "trust" due to it's age and familiarity, and these things only strengthen with time.

Anything that is both useful and scarce will have value.  A new technology that provides real utility in the world is not a Ponzi scheme.  To ask why speculators have gotten wealthy, some quite quickly, is to strike the bedrock of what constitutes real value (in society) with the shovel of a stupid question.  The value of the "thing" is not a function of the fact that there's an internal unit of account ("bitcoins") and that this unit of account is traded between peers.  Else you'd have to apply this fallacious logic to any tradable instrument.  Is Tesla a Ponzi scheme because some investors might want to "get rich quick"?  What about gold?

>Scratcher tickets aren't useful innovation.  They don't make industry processes more efficient.
What industrial processes are you talking about? Turning electricity into waste heat? That could be done more efficiently via legacy methods, like electric space heaters.
If you're thinking payment processing, 3 tps @ $8 per transaction (at current BTC rate of $580) is, like, the worst possible way to do commerce.

>They don't reduce costs or friction in archaic technologies.
Other than the ransomware, name one.

>It has the greatest hashing power (by far)
Hash power is useless, an overly complicated way of turning electricity into heat. If you build a machine that has the greatest rate of flushing money down the toilet? Trust me, they won't come.

>It exhibits an incredibly strong network effect.
So did crack.

>It has international brand recognition
Yeah, so do AIDS and cancer. Everyone has heard about bitcoin, the defacto currency of cybercriminals.

>Anything that is both useful and scarce will have value
Bitcoin blows it in both respects. It can't scale, and, for all but criminals, it ain't useful.

>A new technology that provides real utility in the world is not a Ponzi scheme.
Huh? Saying that it's not a ponzi often & emphatically enough doesn't make it so.

>To ask why speculators have gotten wealthy, some quite quickly, is to strike the bedrock of what constitutes real value (in society) with the shovel of a stupid question.
You drop a lot of acid, Miller, back in the hippie days?

>Is Tesla a Ponzi scheme because some investors might want to "get rich quick"?
Tesla makes cars.
Bitcoin takes the marks' money and turns it into heat, tears, and failure.

[SheHadMANHands]

Sorry bro, you need read up more on the topic.  It isn't worth anyone's time here explaining Bitcoin use cases to you, when you're either trolling or lack the initiative to research the topic yourself.  Unless you want to pay me in bitcoin, of course, for an hourly consulting/mentorship gig?    

Just let me know and I'll shoot you my Skype name and BTC address.

EDIT: Also google "opportunity cost".  No one will otherwise take your arguments concerning energy consumption/waste seriously.  

[bitconerian]

Sorry bro, you need read up more on the topic.  It isn't worth anyone's time explaining Bitcoin use cases to you, when you're arguably trolling and, like anyone intelligent, can research the topic yourself.  Unless you want to pay me in bitcoin, of course, for an hourly consulting/mentorship gig?    

Just let me know and I'll shoot you my Skype name and BTC address.

Sure, just walk away... too weak to even admit that you got nothing

Re. your edit: "opportunity cost" is the cost of having your IRL money tied up in bitcoin, instead of actually investing it.

You're the guy that keeps "reinvesting" his ponzi "profits" in the ponzi, because it's so darn profitable. The hallmark of the perfect mark

[SheHadMANHands]

Sorry bro, you need read up more on the topic.  It isn't worth anyone's time explaining Bitcoin use cases to you, when you're arguably trolling and, like anyone intelligent, can research the topic yourself.  Unless you want to pay me in bitcoin, of course, for an hourly consulting/mentorship gig?    

Just let me know and I'll shoot you my Skype name and BTC address.

Sure, just walk away... too weak to even admit that you got nothing

Your arguments are too fallacious and you're obviously trolling.  Or I hope it's trolling, for your sake.  No one with any degree of sophistication would take the time to respond to those arguments and red herrings.  It'd be a clear waste of their time.

Anyway... ignored.  Have fun.  

[bitconerian]

Sorry bro, you need read up more on the topic.  It isn't worth anyone's time explaining Bitcoin use cases to you, when you're arguably trolling and, like anyone intelligent, can research the topic yourself.  Unless you want to pay me in bitcoin, of course, for an hourly consulting/mentorship gig?    

Just let me know and I'll shoot you my Skype name and BTC address.

Sure, just walk away... too weak to even admit that you got nothing

Your arguments are too fallacious and you're obviously trolling.  Or I hope it's trolling, for your sake.  No one with any degree of sophistication would take the time to respond to those arguments and red herrings.  It'd be a waste of their time.

Anyway... ignored.  Have fun.  

>too fallacious ... any degree of sophistication
Lol, check out the big brain on Brad! The sucker must be made to believe that he is the smart one at the table.

[savetherainforest]

to $2000 soon

That's exactly what I was smoking for the past 20 pages!

[kehtolo]

The last 24 hours were critical, the next 24 hours are criticaller.

[Ted E. Bare]

Bitcoin Block Reward Halving Countdown:
Only 29 more days!

Reward drop ETA: Sun, 10 Jul 2016 14:35:25 GMT

[SomaliRebel]

Bitcoin Block Reward Halving Countdown:
Only 29 more days to get right with your God!

Reward drop ETA: Sun, 10 Jul 2016 14:35:25 GMT

But of that day and hour knoweth no man, no, not the angels of heaven, but my Father only.

[ssmc2]

UP by tomorrow night. And I mean UPPPPP. 

[BlindMayorBitcorn]

Do you read the bible, Brett? Well there's this passage I got memorized, sort of fits the occasion.

Yah! You've got to ask yourself one question. Do I feel lucky? Well, do ya, punk?

Fatty, we live in a world that has walls, and those walls have to be guarded by men with guns.
   
You don't want the truth because deep down in places you don't talk about at parties, you want me on that wall -- you need me on that wall.

Shut up! I won't have a yellow bastard sitting here *crying* in front of these brave men who have been wounded in battle!

You may get shot, and you may get killed, but you're going up to the fighting. Either that, or I'm going to stand you up in front of a firing squad. I ought to shoot you myself, you god-damned... bastard!

I'd show you but I'm too old; I'm too tired; I'm too fucking blind. If I were the man I was five years ago I'd take a flame-thrower to this place!

Fuck, fuck, fuck,
Mother motherfuck
Mother motherfuck fuck
Motherfuck motherfuck
Noise, noise, noise
1, 2, 1, 2, 3, 4
Noise, noise noise
Shmokin'Weed shmoking wizz
Doin' coke, drinkin' beers
Drinkin' beers, beers, beers
Rollin' fatties, smokin' blunts
Who smokes the blunts?
We smoke the blunts!

Dave's not here.
No, man, I'm Dave, man.
Hey, c'mon, man.
Who is it?
It's Dave, man, will you open up? I got the stuff with me.

Who?
Dave, man, open up.
Dave?
Ya, Dave.
Dave's not here.

No, man, I am Dave, man, will you?
C'mon, open up the door, will you?
I got the stuff with me, I think the cops saw me.
Who is it?
Oh, what the hell is it c'mon open up the door, it's Dave.

Who?
Dave, D A V E, will you open up the goddamn door.
Dave?
Ya, Dave...

Dave?

You went out six hours ago to buy a money counter and you come back with a semi-conscious Gloria and a bag of fertilizer. Alarm bells are ringing, Willie.

We need fertilizer Winston.

Mmmhmm. We also need a money counter. This money's got to be out by Thursday, I'm buggered if I'm gonna count it. Just make sure if you do need to buy sodding fertilizer you could be a bit more subtle.

What do you mean?

We grow copious amounts of ganja, yah? And you're carrying a wasted girl and a bag of fertilizer. You don't look like your average horti-fucking- culturalist! That's what I mean Willie.

Winston Smith [voice-over]: It was three years ago, on a dark evening. Easy to slip past the patrols, and I'd gone into the proletarian areas. There was no one else on the street, and no telescreens. She said, "Two dollars," so I went with her. She had a young face, painted very thick. It was really the paint that appealed to me: white like a mask, and bright red lips. There were no preliminaries. Standing there with the smell of dead insects and cheap perfume, I went and did it just the same.

Ugh. All day long I felt like white open-toed shoes after Labor Day.

My father was a relentlessly self-improving boulangerie owner from Belgium with low grade narcolepsy and a penchant for buggery. My mother was a fifteen year-old French prostitute named Chloe with webbed feet. My father would womanize, he would drink. He would make outrageous claims like he invented the question mark. Sometimes he would accuse chestnuts of being lazy.

[fichtn12345]

The last 24 hours were critical, the next 24 hours are criticaller.

LoL
Even more criticaller than the last (critical) 24h?! Please tell me when will be the most criticallest 24h? 

[kehtolo]

The last 24 hours were critical, the next 24 hours are criticaller.

.

LoL
Even more criticaller than the last (critical) 24h?! Please tell me when will be the most criticallest 24h? 

The next 24 are always the criticallest, of course!

[savetherainforest]

china seems unwilling to break 4000 CNY atm...

so it seems like we won't go to the moon just yet

maybe it's time for europe to take the lead for once.

I'm feeling a huge bear trap incoming at ~650$ ...

By the looks of things there is a huge entity doing weird stuff ... That entity does not seem to care about FIAT ... it also buys with the right and then sells with the left to itself just to keep buying "cheap 580$ coins" LOL!

So there might be a billionaire, The People's Republic of China, or some weird China bitcoin cartel.

[USB-S]

china seems unwilling to break 4000 CNY atm...

so it seems like we won't go to the moon just yet

maybe it's time for europe to take the lead for once.

I'm feeling a huge bear trap incoming at ~650$ ...

By the looks of things there is a huge entity doing weird stuff ... That entity does not seem to care about FIAT ... it also buys with the right and then sells with the left to itself just to keep buying "cheap 580$ coins" LOL!

So there might be a billionaire, The People's Republic of China, or some weird China bitcoin cartel.

We can't even touch $600, I'm feeling leveraged Chinese Seamen make dump within 5 hours.