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

[simmo77]

Mining doing nothing but eating up the planets resources, with less and less efficiency.

If bitcoin goes mega scale someone will have to find a way to make it greener. Or we will all be sitting naked and hungry, oh but with some bitcoins. Woo hoo.

Bitcoin is not the cause of the world's environmental problems.

The energy is being used for a productive purpose, unlike the energy I'm wasting right now reading this thread.

[york780]

Mining doing nothing but eating up the planets resources, with less and less efficiency.

If bitcoin goes mega scale someone will have to find a way to make it greener. Or we will all be sitting naked and hungry, oh but with some bitcoins. Woo hoo.

Bitcoin is not the cause of the world's environmental problems.

The energy is being used for a productive purpose, unlike the energy I'm wasting right now reading this thread.

Reading is never a waste of energy my friend. Its a fucking ace!!!

[silverfuture]

Mining doing nothing but eating up the planets resources, with less and less efficiency.

If bitcoin goes mega scale someone will have to find a way to make it greener. Or we will all be sitting naked and hungry, oh but with some bitcoins. Woo hoo.

Bitcoin is not the cause of the world's environmental problems.

The energy is being used for a productive purpose, unlike the energy I'm wasting right now reading this thread.

Right? I feel like I'm transported back in time to 2011 when the same fears were expressed and dispelled.

[LFC_Bitcoin]

It's going to crash and let me tell you why. Satoshi Nakamoto is going to see the price at bitfinex and poloniex and he is going to sell.

What a load of

 

[chopstick]

Everyone, everyone, calm down.

I am Satoshi

[DeathAngel]

Everyone, everyone, calm down.

I am Satoshi

Finally you've revealed yourself oh great Satoshi

Lend us a couple of dozen bitcoin's buddy

Haha

[r0ach]

Bitcoin is neither over-bought nor overvalued.

If the purpose of bitcoin is to be decentralized, then it's value should probably be zero due to the following:

creating a "decentralized" currency is probably not even possible without the ability to make something like decentralized captchas where mining requires manual human intervention, otherwise it's just externalized proof of stake in practice - a Rube Goldberg machine that doesn't solve anything.  If you can extract money from people simply by amassing a large amount of capital and using that advantage against them making it where they can't compete or they're forced to buy from you, that's called rent seeking usury, not decentralization.

This then goes back to the Warren Buffet argument about gold where he claims it's stupid for economics to be dictated by people digging something up from the ground then putting it back into the ground again (vault).  It would be kind of the same with decentralized captchas/puzzles - people mindlessly staring at a screen all day doing nothing productive except solving a captcha for money.  In both cases (gold mining and captcha based bitcoin mining) you're spending time and resources in a mostly unproductive pursuit.  

Current ASIC Bitcoin mining puts this process on cruise control, but the mere fact that it's on cruise control means it's just plain old rent seeking usury in practice and solves nothing in terms of economic monopoly.  Bitcoin is currently designed as a usury system for men to have control of other men as slaves.  It's externalized proof of stake - a closed entropy system in practice PRETENDING to be open entropy.

It's not stupid for economics to be dictated by an asset.  That's just protection against an inflationary currency.

Gold is dictated by its value as a scarce resource - with fiat currency, any amount of it could be created at any time, whereas with gold, the supply is moderately predictable which rightly gives people a sense of stability.

Bitcoin is similar, while also being decentralised which gives it intrinsic value as a safe digital asset, as well as having additional benefits like being infinitely divisible and safer to hold as it can't be directly stolen if you store it properly.

Claiming bitcoin is decentralized is a joke at this point when not even bitcoin developers themselves can mine it.  Do they lack the technical capabilities to do so?  No, the situation is obviously just how I stated it.  They are capital constrained because bitcoin is just externalized proof of stake - a rent seeking usury system pretending to be open entropy but is really closed entropy in practice.  

Bitcoin solves no economic monopoly problems in current state.  It's actually designed to trend towards monopoly.  The only somewhat positive thing it does is attempt to provide a check against government printing, but bitcoin probably doesn't have convergence without a block reward and might need to fork to inflation anyway.  There's really nothing bitcoin does better than gold and silver at this point besides the ability to dump it faster.

But everybody already knows bitcoin doesn't work the way salesmen like Antonopolous claim it does, so without further ado, you can stop watching Antonopolous propaganda and view the full one hour Richard Spencer Q&A at Auburn Univ:

https://www.youtube.com/watch?v=g1JJA6UiEio

[Ted E. Bare]

We NEED shorters on our way to the moon. Please short (at your own risk).

[arklan]

...what on earth just happened? started dropping (stamp) about 6 hours ago, the nose dive 2 hours ago, dropped 40 bucks total and not a mention here?

also, as to the environmental aspect of mining: aside from materials used to make the miners (the majority of which are recyclable, i think) then only other used resource is electricity, which can come from many renewable and sustainable resources. the only by product is heat, which itself can be used to generate electricity or otherwise put to useful work.

in short: oh shut up ya bloody tosser. THINK, god dammit.

[spooderman]

It's going to crash and let me tell you why. Satoshi Nakamoto is going to see the price at bitfinex and poloniex and he is going to sell.

lol. insight of the year over here.

thank god you said something or i might not have sodl everything.

[york780]

It's going to crash and let me tell you why. Satoshi Nakamoto is going to see the price at bitfinex and poloniex and he is going to sell.

lol. insight of the year over here.

thank god you said something or i might not have sodl everything.

Thanks man.
Guys we must sodl everything now.
Its confirmed 

[becoin]

Who sold at the bottom?

[monsanto]

There's really nothing bitcoin does better than gold and silver at this point besides the ability to dump it faster.

Kinda hard to gamble or buy drugs online using that gold ingot hidden under the floorboards though.

[york780]

Who sold at the bottom?

I am trying but its hard to sell at the bottom.
I was just starting my wallet and the bottom was gone already.

[arklan]

so no one has any idea why we dipped? well ok then.

[york780]

so no one has any idea why we dipped? well ok then.

-bitfinex cold storage decrease
-weekend
-litecoin fomo
-BU blocks increase
-twitter message
-brain error


Pick one please

[arklan]

so no one has any idea why we dipped? well ok then.

-bitfinex cold storage decrease
-weekend
-litecoin fomo
-BU blocks increase
-twitter message
-brain error


Pick one please

oh oh, brain fart for 1000 alex!

[monsanto]

It's going to crash and let me tell you why. Satoshi Nakamoto is going to see the price at bitfinex and poloniex and he is going to sell.

Satoshi Nakamoto... the first Tether billionaire?  I dunno.. even Satoshi probably doesn't want anything to do with usdt right now.

[buwaytress]

Everyone, everyone, calm down.

I am Satoshi

No, I am Satoshi=D.

I wonder if all the Satoshis in Japan ever travel the world and get loving looks of adoration from Bitcoiners who run into them. Or if Pokemon people wonder if Nakamoto also created Ash. Gotta catch 'em all, them cryptos!

[Qartada]

...what on earth just happened? started dropping (stamp) about 6 hours ago, the nose dive 2 hours ago, dropped 40 bucks total and not a mention here?

I think this is part of the drop I was talking about yesterday, which some ultra-bulls didn't agree with.  Clearly there are some weak fundamentals right now and Bitfinex will make them worse.

We might keep going a little bit further up but I would expect a drop to $1150 or lower within a couple of weeks before a sustained rise.