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

[Lopumbo]

Oh, hello 2016. I remember the olden days when banks thought they could create their own blockchains to compete with Bitcoin but failed. So now they attack it again.

BTCs market cap is laughable. Nobodys gonna "attack"  
The only conspiracy theory which could apply is, that BTC as an implemention of the blockchain technology is a crucial social experiment  

Two facts from my side:
Every larger company is currently trying to reduce the cost associated with hard cash.
This is the "digitalizing aspect" everybody is talking about. Yes (slow) companies will arrive in the 21. century too.
Finance institutes are looking for experts in blockchain technology (some job offerings I recently read). So count 1+1 together...

[bones261]

You do realize that BTC is the first implementation of the Blockchain technology?  

Sure and that makes BTCs value in what amount better than other crypto assets. Anybody remember myspace? 

Anyone remember Amazon? The cream always rises to the top.   Do you really think BTC has gone without any kind of further development or innovation since 2008?  

[Lopumbo]

Anyone remember Amazon? The cream always rises to the top.   Do you really think BTC has gone without any kind of further development or innovation since 2008?  

Amazon will not stay there forever. Remember IBM and McDonalds?
Sure BTC got under developement, but in my opinion its inherent technological design is broken, if you want it to use as an actual currency.
And that's the argument of many "believers". Current attemps in improving scalability comes at the cost of loosing security, let alone the sheer amount of electricity needed for buying a coffee.

[Elwar]

Oh, hello 2016. I remember the olden days when banks thought they could create their own blockchains to compete with Bitcoin but failed. So now they attack it again.

BTCs market cap is laughable. Nobodys gonna "attack"  
The only conspiracy theory which could apply is, that BTC as an implemention of the blockchain technology is a crucial social experiment  

Two facts from my side:
Every larger company is currently trying to reduce the cost associated with hard cash.
This is the "digitalizing aspect" everybody is talking about. Yes (slow) companies will arrive in the 21. century too.
Finance institutes are looking for experts in blockchain technology (some job offerings I recently read). So count 1+1 together...

Some are finally catching up and realizing that they can't create a centralized decentralized blockchain. So now they attack Bitcoin.

Or haven't you reached that point yet? We don't plan on waiting.

[Elwar]

let alone the sheer amount of electricity needed for buying a coffee.

Are you talking about the sheer amount of electricity it takes to secure dollars in banks and credit cards along with all of the offices, money trucks, printing presses, legislators, wars, etc?

A lot wasted for people to use their Amex.

[JayJuanGee]

yeah no. not several.
2 people, you and Wexlike, so far seem to mind.
everyone else wants the chance at these increasingly worthless tokens.

I was about to vociferously disagree with you. But then...

talk about pot calling kettle black! thread takeover my left foot

Oh. Yeah. Point taken. Carry on then.



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(kill 'em both?)
XD

This is what I think:       

[Elwar]

Hey guys, I'm an investor but I missed the biggest investment in the last decade so let me tell you why that investment is wrong....

And also...blockchain is the next big thing! Don't miss out.


some people are just hilarious

[bones261]

Anyone remember Amazon? The cream always rises to the top.   Do you really think BTC has gone without any kind of further development or innovation since 2008?  

Amazon will not stay there forever. Remember IBM and McDonalds?
Sure BTC got under developement, but in my opinion its inherent technological design is broken, if you want it to use as an actual currency.
And that's the argument of many "believers". Current attemps in improving scalability comes at the cost of loosing security, let alone the sheer amount of electricity needed for buying a coffee.

It's "inherent technological design" is the blockchain. So the blockchain is "revolutionary technology" but it's broken? You are contradicting yourself. Unfortunately, most of these cryptocurrencies we have now are based on the blockchain concept, and have the same flaws.
There probably is a better way. Now we need another genius to come along and show us the better way. Just like Einstein had a better theory of gravity than Newton.

[SERVERIA]

So the Chinese are done cashing out?

[Lopumbo]

Hey guys, I'm an investor but I missed the biggest investment in the last decade so let me tell you why that investment is wrong....

And also...blockchain is the next big thing! Don't miss out.


some people are just hilarious

I never said it is wrong only the wrong rationale - I have invested 1% of my savings - which is fine regarding the risk/reward ratio.

It's "inherent technological design" is the blockchain. So the blockchain is "revolutionary technology" but it's broken? You are contradicting yourself. Unfortunately, most of these cryptocurrencies we have now are based on the blockchain concept, and have the same flaws.

By "technological design" I meant how transactions are currently processed and confirmed,
the hard limit on supply (which makes believers think the price will skyrocket) and the fact that everybody can know what I have in my wallet.

There are already several coins which solve some of this problems, e.g. Monero.

[fluidjax]

So what did I learn? I think BTC has an intrinsic value of around $1000. The rest are hopes and dreams.

How do you get to $1000?... What went into that decision.
 
Too be honest I struggle with orders of magnitude of valuation, but you seem to have it all cracked, whats your secret formula?

[Arriemoller]

Hey guys, I'm an investor but I missed the biggest investment in the last decade so let me tell you why that investment is wrong....

And also...blockchain is the next big thing! Don't miss out.


some people are just hilarious

I never said it is wrong only the wrong rationale - I have invested 1% of my savings - which is fine regarding the risk/reward ratio.

It's "inherent technological design" is the blockchain. So the blockchain is "revolutionary technology" but it's broken? You are contradicting yourself. Unfortunately, most of these cryptocurrencies we have now are based on the blockchain concept, and have the same flaws.

By "technological design" I meant how transactions are currently processed and confirmed,
the hard limit on supply (which makes believers think the price will skyrocket) and the fact that everybody can know what I have in my wallet.

There are already several coins which solve some of this problems, e.g. Monero.

And that tells me you haven't taken economics 101.
How, prey tell, is a price determined?

[mymenace]

It's "inherent technological design" is the blockchain. So the blockchain is "revolutionary technology" but it's broken? You are contradicting yourself. Unfortunately, most of these cryptocurrencies we have now are based on the blockchain concept, and have the same flaws.

By "technological design" I meant how transactions are currently processed and confirmed, the hard limit on supply and the fact that everybody can know what I have in my wallet.
There are already several coins which solve some of this problems, e.g. Monero.

there is far better tech that will provide complete anonymity, and this tech can and will be added on top of bitcoin. ( third layer?? ahaha!)
right now things like Ether and Monero, bcash, they have an edge, somthing that adds utility and sets them apart.
but sooner then you realize, bitcoin will have better solutions then anyone of these altcoins... and then what are these altcoin worth? not a fucking thing....

this old discussion

bitcoin is the building block e.g. blockchain

the idea was to build on top of it

e.g.  http://www.rsk.co/
Ginger is the public release of the open source Testnet Network. Powered by Bitcoin, the most secure distributed network in the world, users will be able to run their smart contracts in a platform that can scale up to 2.000 tx/sec on chain and 20.000 tx/sec off chain, providing the scalability needed for global financial solutions.


and thus the value of bitcoin is tested, established and valid



exactly what Killerpotleaf is saying

[Karartma1]

How is it possible that a chain of blocks which is formed by blocked added one after the other and linked by cryptographic signatures and secured by an immense proof-of-work is a revolutionary technology?
This is bitcoin!!! Not the blockchain! The bitcoin protocol is made of all this, the blockchain is a fraction of the whole! We can't it separate from the protocol.

Jeez still explaining this after 3 years  

Observing the bottoms: I think next one is around $3050 on Bearstamp

[flashbit]

So what did I learn? I think BTC has an intrinsic value of around $1000. The rest are hopes and dreams.

How do you get to $1000?... What went into that decision.
 
Too be honest I struggle with orders of magnitude of valuation, but you seem to have it all cracked, whats your secret formula?

Long time I didn't read anything about the end of bitcoin. A little dump and it start again; it's fun. $3000 was a dream at the begin of the year.

$1000, why not $10? I also would know the secret formula

[Lopumbo]

And that tells me you haven't taken economics 101.
How, prey tell, is a price determined?

Nothing is determined. You can have my morning turd...its unique and supply is limited to one.
Its price only depends on the amount of turd collectors. Same with bitcoin. As long as you find always new believers the rocket will fly.
A healthy economy needs some amount of inflation. Why should I buy something if my currency is more worth tomorrow. Yes I know this argument has a beard but enlighten me.

there is far better tech that will provide complete anonymity, and this tech can and will be added on top of bitcoin. ( third layer?? ahaha!)
right now things like Ether and Monero, bcash, they have an edge, somthing that adds utility and sets them apart.
but sooner then you realize, bitcoin will have better solutions then anyone of these altcoins... and then what are these altcoin worth? not a fucking thing....

Sure, "Bitcoin" has its name on it. This is a huge advantage and the fact that altcoins are currently traded with regard to its worth in Bitcoin as a base currency. That might fade. We'll see.

[bimasena25]

ViaBTC
Announcement on closing ViaBTC exchange platform For more: https://t.co/J4LrIWsDHq

[mymenace]

So what did I learn? I think BTC has an intrinsic value of around $1000. The rest are hopes and dreams.

How do you get to $1000?... What went into that decision.
 
Too be honest I struggle with orders of magnitude of valuation, but you seem to have it all cracked, whats your secret formula?

Long time I didn't read anything about the end of bitcoin. A little dump and it start again; it's fun. $3000 was a dream at the begin of the year.

$1000, why not $10? I also would know the secret formula

secret formula "bottom trend line"

gold very similar

at this moment bottom is $400 without new investors

 with current investors bottom $1220 start of current pump and where last high was about in 2014

[Elwar]

e.g. Monero.

Took you a while but you finally got around to your shitcoin investment.

[Lopumbo]

Took you a while but you finally got around to your shitcoin investment.

Yes i like monero - its currently more or less ASIC proof - and mining some. I also own ETH and BTC. So what?