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

[Fatman3001]

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.

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[Fatman3001]

So tense...im feeling a dump btw...why rush to buy in last few hours...
I think dump, its one last chance for a shake out, then within next day or two...boom back up

Dafuq? Mrrumpypumpy bullish?

[JayJuanGee]

86

Yes, I think this picture sums up very well the upcoming Bitcoin halving.  Bring back usability to Bitcoin, development team, or forget it and let's think about another Crypto currency.

Yeah,... you sound like a retard, Agaguk24... making shit up.. as if there were some kind of actual problem with bitcoin besides some stupid-ass talking point that you want to fantasize...   By the way, which alt are you suggesting, stupid ass?  By the way, there's no alt crypto that even come close to bitcoin in it's development, security and immutable censorship resistance, which is really all that matters in the whole scheme of things.

[savetherainforest]

I should report all of you for off-topic posts.
Bitcoin price is moving. Downwards.

Well... not exactly! ... Too many sheeple are awakening!

The mining cartel that creates shortages and rapes bears will force many to hold till the price is satisfactory!

[JayJuanGee]

oh fuck, i didn't think the level of lame dumb-ass FUD couldn't get any worse ... and then it just did

It's FUCD. Don get it twisted, institutional investor JayJuan"AllMyCoinsOnExchange"Gee said so. Buy Buy Buy! Or, just keep hodling like Marcus, he ain't no fool buying $600 coins.

(Is dragon sleeping again? He looks a little droopy going into the last "bullish backstory for loose rubes" event pre-2020.)

Well, thanks for thinking of me, dumbfbr.  

Regarding buying or selling, what you do, kind of depends upon where you are at.  If you do not have any coins, then of course you buy, buy buy at this point.  On the other hand, if you have accumulated quite a few coins, like I have and probably a lot of other longer term folks, then you sell small amounts on the way up and buy on the dips... with the goal of continuing to accumulate and to bring down your average costs per BTC.

It's also good to have a little bit of a theory.. for example, considering that overall we are in a bull market at the moment, unless prices go below $500 for some kind of significant period of time, and there is a bit of resistance until about $800 or $850.. Once prices go passed $800 or $850, then likely BBBBBBAAAAAAMMMMM.. we have decent chances to go to the $3k to $5k price territory.

There are a few other things to keep in mind, but overall the above are good starting presumptions.. and we kind of continue to monitor on a fairly regular basis just to account for how the market dynamics are playing out.. and to consider whether we need to make any significant tweaks to our plans or our perspectives.



EDIT:  BTW

41

[marcus_of_augustus]

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.

... some people are clever enough to stop digging when they are in hole, others just go and jump right on in to big holes others have dug.

[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 .