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

[marcus_of_augustus]

If you think that Bitcoin is just a currency, you don't know what you're talking about. Cut the analysis bullshit and go back into your metal bagholding forums. You can't sell me such stories.

I guess you did not get the hint when they named it cryptocurrency instead of....cryptomoney.  It is a currency; it's not money.  Currencies are generally always a bad investment on a long timeline and there is no reason to own them unless you actually use them.  Once the market cap tops out, whether that's at $1200 a coin, $200 a coin, or $10,000 a coin, everyone who was attempting to use it as a store of value is going to flee the ship to the base of Exter's pyramid (metals) since they are a superior store of value, while the only people that continue to hold coins will be the people who actually use it as a currency.  

The number of people using it as a currency will obviously be factored by it's throughput (TPS).  To have a high market cap as a currency, TPS would probably have to be drastically higher than it is now with something like a functioning LN and 5000 TPS.  At that level it could probably float a large market cap as a payment processor, but I do not see a currency functioning well at low TPS with 1 MB blocks and no segwit or LN since low TPS is counterintuitive to how a currency is supposed to function (high turnover, not based on being a store of value or generational investment).

Spot on analysis. Bitcoin isnt even a commodity, ergo can never be money. It has no use outside a medium of exchange, all you can do with a btc is dump on the next greater fool lol (not that i mind the pyramid-like profits, ill just make sure i turn them into tangible assets at some point).

... looks like jstolfi and cohort sockpuppets have shown up again, shiny new nyms and everything.

Har har...you're so proggy, man. Can i be an SJW like you ?

must feel pretty shit for you and roach to get cucked by the raging bull bitcoin, such a gimped currency and still crapping all over gold and silver?

You cucks might have to spend a night (or two?) spooning to make each other feel better? Put a roll of gold coins in there to warm yas all up too maybe?

[BinaryReign]

Nostalgia.

This thread started April 13th, 2013. The same week I discovered BTC. also same week I ordered
BFL equip to arrive in May 2013. (Phone voice verified) (Jally 5 gh arrived 🎃 Oct 31st 2017)
Such a clueless Newbie I was. 🤔

Anyway back to this thread start on April 13th, 2013. BTC was 67.43 bucks

https://bitcointalk.org/index.php?topic=178336.msg1858442#msg1858442

Wow!

😳
 

Same story as me, almost exactly. Only I ordered more gh/s of bfl gear, and didn't get it all until late Sept/Oct 😆
 

[JimboToronto]

must feel pretty shit for you and roach to get cucked by the raging bull bitcoin, such a gimped currency and still crapping all over gold and silver?

You cucks might have to spend a night (or two?) spooning to make each other feel better? Put a roll of gold coins in there to warm yas all up too maybe?

LOL pwned.

Don't be so hard on the gold bugs. They can't help it. They try to replace brains with shiny things.  



I sometimes think goldbug threads should be moved to the altcoin folder.
_________

That said, don't get too smug about gold being vulnerable to space mining. Remember what quantum computing could mean to SHA256.  

[r0ach]

must feel pretty shit for you and roach to get cucked by the raging bull bitcoin, such a gimped currency and still crapping all over gold and silver?

You cucks might have to spend a night (or two?) spooning to make each other feel better? Put a roll of gold coins in there to warm yas all up too maybe?

LOL pwned.

Don't be so hard on the gold bugs. They can't help it. They try to replace brains with shiny things.  

This paper market ponzi looks like it's getting a little close to the end of days:

[marcus_of_augustus]

http://www.pbs.org/newshour/making-sense/column-boom-bitcoin-bubble-thats-burst/

some interesting points in here ... and solid conclusion, no bubble, yet. I'd concur with that.

If/when bitcoin goes mainstream it has to go through a "inverse Minsky moment" type event as it runs up the vertical part of the S-adoption curve and confidence in fiat currency takes a major hit in the wider population. Imho we haven't seen anything like that yet and it will be mind-blowing to everyone witnessing it, even the most crazy bullish bitcoin permabulls ...  it will be queues on the street outside bitcoin sellers people wishing to dump fiat like a hot potato type manic insanity.

[bones261]

Well, if the pending financial crisis happens, and only gold will be worth a damn, I'm fortunate that I live near this.http://www.ci.wheatridge.co.us/1184/Gold-Panning I live within walking distance of the prohibited area. I don't think anyone will care about city ordinance at this point. Best part is that if I shovel a bucket load of dirt real quick and do the panning at home, the government won't know that I have the gold.  

As long as you're prepared to move an average of 10-100 tons of earth per ounce.  I'm more bullish on silver, though.

I'll just have to move to the mountains then. I'm sure there will be new interest in all the abandoned silver mines up there. If worse comes to worse, I can just fish to eat and forage for berries and mushrooms. Maybe bring down some elk with my rifle.

[JimboToronto]

This paper market ponzi looks like it's getting a little close to the end of days

This is why some of us don't see the big deal about a Bitcoin ETF.

Paper is just paper, whether it's fiat currency, gold certificates or ETF shares.

My bitcoins are as real as the metal hanging around Lawrence Turauld's neck.

Sure we could lose them. You could ambush Larry, shoot him and steal his chains. You could haul me off to Guantanamo Bay and waterboard me until I gave up my private keys.

Paper assets are only as secure as whomever issues the certificates. They can steal your money without ever even getting close to you.

[r0ach]

My bitcoins are as real as the metal hanging around Lawrence Turauld's neck.

The main issue with your thinking is the assumption that bitcoin is free of counter party risk just because you have the private keys.  It's not.  MatTheCat is a few Budweisers short of a 6pack and even he figured this out.  Holding a commodity form of money in your hand (generally noble metals) and defending it with an AR15 is really the only way to completely get out of counter party risk, as the bitcoins never actually leave the blockchain in the first place - an electronic amalgamation of a domain in which you don't really have any power over yourself.

[abercrombie]

Bitcoin supply shock chart... suggests we're headed for a huge rally.

https://www.tradingview.com/chart/BTCUSD/fkvt3QyC-Bitcoin-Demand-Supply-Shock-chart/

[JimboToronto]

My bitcoins are as real as the metal hanging around Lawrence Turauld's neck.

The main issue with your thinking is the assumption that bitcoin is free of counter party risk just because you have the private keys.  I think it's not.  MatTheCat is a few Budweisers short of a 6pack and even so he also thinks he has figured this out.  

ftfy  

Holding a commodity form of money in your hand and defending it with an AR15 is really the only way to completely get out of counter party risk.

LOL Until someone offs you with a drone.

p.s. This is real life not some Hollywood adventure/action script. It's also the 21st century. Guns are so 2nd millennium.

I'd love to carry on this lively little discussion but it's Friday night and there are beer, live music and real women awaiting. Catch you later.

[Johnny00]

Bound to be a correction. This must be all FOMO. Etf gets rejected then this will drop. More buying opportunities. Thing is every here is just holding acting like this is gold. Once people start panicking might crash quick

[r0ach]

Bound to be a correction. This must be all FOMO. Etf gets rejected then this will drop. More buying opportunities. Thing is every here is just holding acting like this is gold. Once people start panicking might crash quick

If anything, there are more shorters to squeeze and a ton of bitcoin media spam right now so it would likely keep going up till ETF.  Bitfinex is a crooked bucketshop, so if anyone but the house takes out a large position on that exchange or Okcoin it's going to be squeezed by Finex moving the market.  And if the house takes out a position and it doesn't go their way, well, there's going to be a goxing.

[harrymmmm]

I sometimes think goldbug threads should be moved to the altcoin folder.

That said, don't get too smug about gold being vulnerable to space mining. Remember what quantum computing could mean to SHA256.  

I'm remembering that quantum computing hardly affects sha256.
If you mean ecdsa tho, that's a different question and the answer is it wrecks it.

[zoinky]

My gawd when will the madness take a break?  

[savetherainforest]

My gawd when will the madness take a break?  

Rats will get a "burning sh!p sensation" around ~1450$ and will start jumping... but until then... there are very little 'cold feet' people. And at ~1500$ we will probably see a dump / correction for a day or few then go back up again.

[dontburnmonkeys]

My gawd when will the madness take a break?  

Hopefully never 
To TRAPPIST-1 we go!

[Searing]

Nostalgia.

This thread started April 13th, 2013. The same week I discovered BTC. also same week I ordered
BFL equip to arrive in May 2013. (Phone voice verified) (Jally 5 gh arrived 🎃 Oct 31st 2017)
Such a clueless Newbie I was. 🤔

Anyway back to this thread start on April 13th, 2013. BTC was $67.43 bucks

https://bitcointalk.org/index.php?topic=178336.msg1858442#msg1858442

Wow!

😳
 

Same story as me, almost exactly. Only I ordered 35gh/s worth of bfl gear, and didn't get it all until late Sept/Oct 😆
 

I was newbie stupid but got lucky..i upgraded the 65mm stuff and paid a fee too boot to upgrade to a monarch card....(8.5k in) thought it was lost
but a year later was refunded (one of the few) by BFL due to the SEC snooping around. They only paid 35k penalty the BFL corp took the losses
they would have been better off paying back no one ..even if it was just a few of us..dumb luck

So hey...rest assured the BFL crew...are all whales now due to us..and enjoying this price pump immensely like the rest of us minions

I can't even contemplate the number (feel free to do the math) of the diff between the april 13th 2013 post of $67.43 BTC raise till the now price of $1293 per BTC now

damn...that would be a lot of moo la...at 100 btc....can't go that high..the shock of such  rise in a 3 year period would make me a nervous wreck!

ack! (the old can't live with the BTC the price is too high....can't live without the BTC and sell it may pump....argh........the angst.....)

hopefully we will all be whining about that in 3 years as our worse problem



 

[Karartma1]

One more week before the answer we are all waiting for. We had plenty of time to prepare for mega dumps (etf rejection) or a likely big rally (etf approval). This time there's no willie bot running the show. It's up to you and me (and the SEC )

[orpington]

One more week before the answer we are all waiting for. We had plenty of time to prepare for mega dumps (etf rejection) or a likely big rally (etf approval). This time there's no willie bot running the show. It's up to you and me (and the SEC )

You and me and the SEC...

That's so heartwarming.

[york780]

And millions of other traders lol. The fear is real