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

[ImI]

Bitcoin is too fragile to be used for 'global economic unity' or anything like that. Try to think in a timespan of beyond 20 years in which it will definitely be hacked/cracked by then or they will find some way to keep the network from functioning in some way or the other. In a best case scenario, we briefly touch something like $20,000 in a speculative bubble before crashing. That is the play here.

Agree, one last hurra and bust seems possible.

[gentlemand]

You better hope that BTC won't become the "global economic unity". If so even one BTC would be worth hundreds of millions US$ and every current holder would be haunted.

I can live with that. However I can't quite see the global elite choosing to enrich a bunch of nasty brats who took a break from COD to do a little mining back in the day.

[ImI]

You better hope that BTC won't become the "global economic unity". If so even one BTC would be worth hundreds of millions US$ and every current holder would be haunted.

I can live with that. However I can't quite see the global elite choosing to enrich a bunch of nasty brats who took a break from COD to do a little mining back in the day.

I see before Bitcoin could really get worth something in global terms we will see dozens of forks because folks are unable to compromise longterm. And dozens if not hundreds of forks mean prices = toilette.

Regarding "i can live with that." Imagine a horde of millions of humans plus future AIs searching the web and especially all archives of the web for traces of your identity. I think you would have no chance of hiding your true identity, somewhere, sometime you made a little error with some IP or purchase or whatever. And then you have in times of basically anarchy (because we are talking a post-state-era here) a horde haunting you. -> No chance imo.

So you better hope BTC stays in its niche. 

[cmacwiz]

This is it, time is up. rewards have been halved, hype is brewing. Bitcoin always going to be bummin' around, and paper $$$ only gets less useful by the day.

In 1 week we will be pushing 800

In 1 year we will be pushing 2400

In 10 years, global economic unity.

Liquid fucking bits

I like your optimism.

I don't know why, when I read Cmacwiz's post, I felt it's really true and it will happen.

You better hope that BTC won't become the "global economic unity". If so even one BTC would be worth hundreds of millions US$ and every current holder would be haunted.

We can decide to just distribute our wealth and fund programs of art, athletics and academics. Maybe invest in renewables research, desalination, etc... We don't all have to Scrooge McDuck our BTC forever.

With regards to my oracle sh!tpost: I hardly can find anything to say, but I'm trying to get that fourth coin next to my username!

I do believe what I said.

[ImI]

We don't all have to Scrooge McDuck our BTC forever.

Doesnt matter imo, just the fact that you were uppon the very first 0.00001% of the worl population that actually bought BTC will make you a target.

[cmacwiz]

Then I'll invest in security and a body double.

[ImI]

Then I'll invest in security and a body double.

Jepp, basically investing in security will be the only option. And as it will be fuckn expensive i would expect clusters to form of folks that all have the same problem.

But freedom to go where you want, whenever you want will be gone. Its like a golden cage or something. 

[gentlemand]

Regarding "i can live with that." Imagine a horde of millions of humans plus future AIs searching the web and especially all archives of the web for traces of your identity. I think you would have no chance of hiding your true identity, somewhere, sometime you made a little error with some IP or purchase or whatever. And then you have in times of basically anarchy (because we are talking a post-state-era here) a horde haunting you. -> No chance imo.

Well, if they can identify me by my burger shots then I certainly am in trouble.

There are millions of publicly rich people who get around just fine. If it really does meet the stratosphere I'll either have blown it long before then or will be enjoying my gains by living in constant transit so the baying hordes won't be able to afford to catch up with me.

[ImI]

There are millions of publicly rich people who get around just fine.

Agree. But to me BTC gets "stratospheric" only in a post-state-situation where states have collapsed and BTC becomes the new FIAT and in such a situation you have basically no state on your side that guards you as a rich person. So you go and buy a house and the next day some idiot just comes and moves in with his family. 

Then you need a special security company that helps you to get that asshole out of your house and you hope that his security company isnt better/more capable than yours. 

But now we are way OT cause those are basically issues of anarcho-capitalism.

[cmacwiz]

There are millions of publicly rich people who get around just fine.

Agree. But to me BTC gets "stratospheric" only in a post-state-situation where states have collapsed and BTC becomes the new FIAT and in such a situation you have basically no state on your side that guards you as a rich person. So you go and buy a house and the next day some idiot just comes and moves in with his family. 

Then you need a special security company that helps you to get that asshole out of your house and you hope that his security company isnt better/more capable than yours. 

But now we are way OT cause those are basically issues of anarcho-capitalism.

Well in that case I live on an island, with EMP's loaded on drones to intercept aircraft. And danger-dolphins to protect form incoming ships, which will be quite slow anyways. And then I'll grow pineapple and roast island pigs

[ImI]

There are millions of publicly rich people who get around just fine.

Agree. But to me BTC gets "stratospheric" only in a post-state-situation where states have collapsed and BTC becomes the new FIAT and in such a situation you have basically no state on your side that guards you as a rich person. So you go and buy a house and the next day some idiot just comes and moves in with his family. 

Then you need a special security company that helps you to get that asshole out of your house and you hope that his security company isnt better/more capable than yours. 

But now we are way OT cause those are basically issues of anarcho-capitalism.

Well in that case I live on an island, with EMP's loaded on drones to intercept aircraft. And danger-dolphins to protect form incoming ships, which will be quite slow anyways. And then I'll grow pineapple and roast island pigs

Sounds good, count me in! 

[Temp_JayJuanGee]

This is it, time is up. rewards have been halved, hype is brewing. Bitcoin always going to be bummin' around, and paper $$$ only gets less useful by the day.

In 1 week we will be pushing 800

In 1 year we will be pushing 2400

In 10 years, global economic unity.

Liquid fucking bits

I like your optimism.

I don't know why, when I read Cmacwiz's post, I felt it's really true and it will happen.

O.k... 1 week, possibly $800...

O.k.... possibly, some kind of global economic unity in 10 years, but more likely 30-50 years.. As others have suggested, there can be a lot of different ways that "global economic unity" would play out, and 10 years seems way too soon to sort those kinds of matters out.

Regarding the "pushing 2,400", I think that is a problematic number to be "pushing."  Even though the future does not play out the same as the past, $2400 is an awkward place for BTC.

Once we get passed the mid $800's, the most likely price range would end up in the $3k to $5k territory, and then likely we would have a correction of some sort.

I doubt that we are going to get stuck at $2,400 for any significant time, unless it would be coming back after the correction, which could take a bit more than a year's time to play out.  

On the other hand, it is possible that we could experience a pump into the $3 to $5k range, and then experience a correction that takes place quickly, but causes use to get stuck in the $2,400 range and therefore "pushing" $2400.

Bitcoin is too fragile to be used for 'global economic unity' or anything like that. Try to think in a timespan of beyond 20 years in which it will definitely be hacked/cracked by then or they will find some way to keep the network from functioning in some way or the other. In a best case scenario, we briefly touch something like $20,000 in a speculative bubble before crashing. That is the play here.

Hahahahaha


That is pessimistic.  

Therefore, in your view, if I just HODL my current coins, the best case price appreciation scenario that I could expect with my current coins is 30x....

Oh Fucks!!!!  Seems that I am only going to be 30x more richie with my current BTC.  

[Paashaas]

id like to remind everyone that

SegWit is great for Bitcoin. It brings more transaction throughput, fixes malleability, defrags the UTXO set, makes hardware wallets more secure and most importantly, it enables Lightning which will bring instant low cost Bitcoin transactions to the world. The team at BTCC have been working hard at making their exchange and mining pool services SegWit ready, and everyone else should do the same.

You are correct but people are forgetting one major thing; Bitcoin cannot go mainstream with just bigger blocks. You need something like 1gig blocks to make a shot for it, the internet cant even handle that. Hardforking from 1mb all the way up to 1gig is just a no-go zone, Lightning will fulfill that job because you really want to have high capacity when ''monkey see monkey do'' situation arrives.

This is correct, but: why stop natural growth at 1 MB? It's not like we'll be at 1 MB for 10 years and then BOOOOM, we scale to global level overnight.

There is nothing wrong with bigger blocks, but we need extra layers to make Bitcoin mainstream. Increasing blocks will be much smoother when the community, dev, miners are on the same side.

[DaRude]

This is it, time is up. rewards have been halved, hype is brewing. Bitcoin always going to be bummin' around, and paper $$$ only gets less useful by the day.

In 1 week we will be pushing 800

In 1 year we will be pushing 2400

In 10 years, global economic unity.

Liquid fucking bits

I like your optimism.

I don't know why, when I read Cmacwiz's post, I felt it's really true and it will happen.

You better hope that BTC won't become the "global economic unity". If so even one BTC would be worth hundreds of millions US$ and every current holder would be haunted.

We can decide to just distribute our wealth and fund programs of art, athletics and academics. Maybe invest in renewables research, desalination, etc... We don't all have to Scrooge McDuck our BTC forever.

With regards to my oracle sh!tpost: I hardly can find anything to say, but I'm trying to get that fourth coin next to my username!

I do believe what I said.

Hmm already talking about islands and body doubles. The inverse theory says we must be going down soon?!?!
Plus i'd venture a guess that most here would OD on hookers and blow, way before private islands would get in range

[yefi]

Bitcoin is too fragile to be used for 'global economic unity' or anything like that. Try to think in a timespan of beyond 20 years in which it will definitely be hacked/cracked by then or they will find some way to keep the network from functioning in some way or the other. In a best case scenario, we briefly touch something like $20,000 in a speculative bubble before crashing. That is the play here.

No, you have it the wrong way round. Humans are too fragile to be here in 20 years to use Bitcoin. We will be hacked/cracked or some other way to disrupt our network will be found.

[DaRude]

Is Ether good for btc price?

Huh straight to the point. I'm kinda split on that. From the investment stand point, it's a competitor so it takes market cap away from BTC and has a theoretical potential to dethrone BTC. But currently it's only like 6% of BTCs market cap so not much to worry about yet (if ever). On another hand it's a cryptocoin so it gets publicity to the space, and technically can be seen as a testbed for new proposals to see how technology/market will behave and the good ideas can be cherry picked into BTC  and for the bad ones they can just hard fork and roll back like twice a day and no one cares  

Probably good now, but can start turning bad if they'll start picking up market share say above 25% of BTC

[Spaceman_Spiff]

Bitcoin is too fragile to be used for 'global economic unity' or anything like that. Try to think in a timespan of beyond 20 years in which it will definitely be hacked/cracked by then or they will find some way to keep the network from functioning in some way or the other. In a best case scenario, we briefly touch something like $20,000 in a speculative bubble before crashing. That is the play here.

Maybe so, but maybe not. Let's find out shall we?

..........

.......... Goddamn this is taking too long !  

[JimboToronto]

Good morning Bitcoinland, slept in a little today.

Still stuck pretty much where we've been for 2 weeks... currently $739 on Bitcoinaverage.

Understandably, conversation around here sounds like a bunch of bored people, a little rehashing of the block-size debate, mixed with random bullish enthusiasm and bearish trolling.

I'll be happier to get back to quadruple digits Canadian (currently $994CAD) but if I have to wait a little longer I won't lose any sleep over it.

November is almost over and it's looking like it'll end up where it began. Ho freaking hum.

[molecular]

Bitcoin is too fragile to be used for 'global economic unity' or anything like that. Try to think in a timespan of beyond 20 years in which it will definitely be hacked/cracked by then or they will find some way to keep the network from functioning in some way or the other. In a best case scenario, we briefly touch something like $20,000 in a speculative bubble before crashing. That is the play here.

Agree, one last hurra and bust seems possible.

I don't think that's how it's going to go down. I'm much more optimistic.

[molecular]

id like to remind everyone that

SegWit is great for Bitcoin. It brings more transaction throughput, fixes malleability, defrags the UTXO set, makes hardware wallets more secure and most importantly, it enables Lightning which will bring instant low cost Bitcoin transactions to the world. The team at BTCC have been working hard at making their exchange and mining pool services SegWit ready, and everyone else should do the same.

You are correct but people are forgetting one major thing; Bitcoin cannot go mainstream with just bigger blocks. You need something like 1gig blocks to make a shot for it, the internet cant even handle that. Hardforking from 1mb all the way up to 1gig is just a no-go zone, Lightning will fulfill that job because you really want to have high capacity when ''monkey see monkey do'' situation arrives.

This is correct, but: why stop natural growth at 1 MB? It's not like we'll be at 1 MB for 10 years and then BOOOOM, we scale to global level overnight.

There is nothing wrong with bigger blocks, but we need extra layers to make Bitcoin mainstream.

I agree.

Increasing blocks will be much smoother when the community, dev, miners are on the same side.

What side? The side that wants to keep the 1 MB blocksize limit? You're saying we should all agree to that in order to remove that limit? What twisted logic is used here?