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

[Ibian]

As long as bitcoin has intrinsic value (which we agree it does), the price can boom due to economic conditions, just like the precious metals.

where's the intrinsic value? i don't believe anything has intrinsic value in the great scheme of things. value's awarded and mutually agreed, it's not a concrete thing.

you're right, all value is necessarily subjective because value is a human construct that doesn't have an object existence you can prove with experimental or observational evidence.

However, Landauer's principle of information theory ensures that entropy-increasing, irreversible computations (like bitcoin's proof-of-work hashing) consume a quantifiable minimum requirement of energy. Energy is an objective, extrinsic property associated with many different tradeable commodities that are widely marketed. i.e. valuable, across the planet.

But energy is just an underlying need in all things based on computational technologies, and we have just founded this critical issue a priori, so the potential value of bitcoin was never calculated based on its energy consumption.

Basically, yes. But if you look at what he wrote and not what he meant you could say that the base of the minimum price is the cost of running a handful of RaspPi's. The myth he is attempting to promote is perpetuated by many Hero and Legendary members of the community. Sort of worrying. And a good indication of how much trust you should put in anything written here.

When you start using words like "myth" and the like, what you are really saying is "I don't have a counter for that argument".

Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.

[tailor]

Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.

But money spent does not mean there's value.

[Ibian]

Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.

But money spent does not mean there's value.

The value is whatever the market determines. Regardless of your opinion.

[tailor]

Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.

But money spent does not mean there's value.

The value is whatever the market determines. Regardless of your opinion.

Yay, we agree!

[marcus_of_augustus]

Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.

But money spent does not mean there's value.

and only idiots would waste terajoules of energy a year digging yellow metal out of the ground.

[tailor]

Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.

But money spent does not mean there's value.

and only idiots would waste terajoules of energy a year digging yellow metal out of the ground.

I think we can agree that if I spent terajoules digging sand instead of gold I wouldn't have something as valuable as the idiots you refer too.

[marcus_of_augustus]

I think we can agree that if I spent terajoules digging sand instead of gold I wouldn't have something as valuable as the idiots you refer too.

so there it is, an admission that money needs to be tethered to the production of a valuable good. QED.

[Fatman3001]

Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.

But money spent does not mean there's value.

and only idiots would waste terajoules of energy a year digging yellow metal out of the ground.

I think we can agree that if I spent terajoules digging sand instead of gold I wouldn't have something as valuable as the idiots you refer too.

As you see, plenty of circular reasoning going on.

[tailor]

I think we can agree that if I spent terajoules digging sand instead of gold I wouldn't have something as valuable as the idiots you refer too.

so there it is, an admission that money needs to be tethered to the production of a valuable good. QED.

Well there's some circular logic.

Money spent does not mean a valuable good has been produced because cost of production alone doesn't determine value. If it did, production levels wouldn't fluctuate with price.

[nioc]

Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.

But money spent does not mean there's value.

and only idiots would waste terajoules of energy a year digging yellow metal out of the ground.

I think we can agree that if I spent terajoules digging sand instead of gold I wouldn't have something as valuable as the idiots you refer too.

As you see, plenty of circular reasoning going on.

At least if you are going around in a circle you don't get lost.

Oh wait, Columbus.  I still stand by my statement, I'm getting dizzy.


Speaking of valuable, at the time of the having I will be visiting a very old person, much older than Jimbo.

[Tippingcoin]

I think we can agree that if I spent terajoules digging sand instead of gold I wouldn't have something as valuable as the idiots you refer too.

so there it is, an admission that money needs to be tethered to the production of a valuable good. QED.

Well there's some circular logic.

Money spent does not mean a valuable good has been produced because cost of production alone doesn't determine value. If it did, production levels wouldn't fluctuate with price.

What's wrong with you, don't you understand science?!
Look, bitcoins are clearly a valuable good. It's an antifragile, disruptive, distributed public ledger with literally millions of real-world uses.
Its value value is guaranteed to double in a few hours by the immutable laws of the cosmos.
Have you even read the White Paper?

[Bulgarian]

a very old person, much older than Jimbo.

Trapped in amber?

33 ! 33 block , then I take Nika away from "under the ground" at behind bazaar , to magical land of many dream : Canada!

[tailor]

What's wrong with you, don't you understand science?!
Look, bitcoins are clearly a valuable good. It's an antifragile, disruptive, distributed public ledger with literally millions of real-world uses.
Its value value is guaranteed to double in a few hours by the immutable laws of the cosmos.
Have you even read the White Paper?

Dammit, upon further inspection it appears this paper is indeed ivory, and not white. According to the Theory of Colors, that explains things.

[Master_dandosha]

i guess <800 is reasonable price after halving 1000 $ can be reached in the end of 2016 hopefully .

[PoolMinor]

I think we can agree that if I spent terajoules digging sand instead of gold I wouldn't have something as valuable as the idiots you refer too.

so there it is, an admission that money needs to be tethered to the production of a valuable good. QED.

QED-->PT-->VS

[Tippingcoin]

32.
Did you see what the daily high is on BFX?

https://s32.postimg.org/jhjkwk085/Capture.jpg

Good thing I already spilled innocent blood this morning at His smelly altar, or I'd be worried.

[nioc]

Just bought my weekly btc.  I'll be back here after the happening of the having.

[Fatman3001]

Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.

But money spent does not mean there's value.

and only idiots would waste terajoules of energy a year digging yellow metal out of the ground.

I think we can agree that if I spent terajoules digging sand instead of gold I wouldn't have something as valuable as the idiots you refer too.

As you see, plenty of circular reasoning going on.

At least if you are going around in a circle you don't get lost.

au contraire mon frère

http://scienceblogs.com/notrocketscience/2009/08/20/do-lost-people-really-go-round-in-circles/

Oh wait, Columbus.  I still stand by my statement, I'm getting dizzy.

And there you go...

Speaking of valuable, at the time of the having I will be visiting a very old person, much older than Jimbo.

Tell him/her that I said "hi" if you run out of conversation material. That kind of stuff fills in a lot of time with old people.


"Aw, that's nice!"
"He's such a nice boy."
"Who?"
"Have I met him?"
"Was he the creepy guy down the street?"
"Who's his parents?"

[stereotype]

For once stop arguing, and get your historic bids in....  https://bitcointalk.org/index.php?topic=1540484.msg15523507#msg15523507

[Hyperjacked]

I think we let the bollinger band tighten with some sideways trading...

Looking for 600-700 range

The dates between 6/22 - 7/1 sets the stage

disclaimer:someone needs 2 b the voice of reason