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

[giszmo]

About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?

Sure. If somebody offers me a $60 BTC, I'll buy it.

So how about the 100 dollars for $50? How about the gold and silver coins? Lets add a bank transfer: If you give me $50, I will send you $100. I will even send them first if you insist.

What are you trying to prove? Anyone would buy it so that they can sell it 1 second later for instant profit.

yeah good luck. How many stores don't take $100 bills? How often have you been offered a "real gold chain/coin/whatever" for a hell of a bargain? How many people try to cash out on their hacked bank accounts? Let me guess: you were heavily invested in Pirate@40

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[lucas.sev]

About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?

Sure. If somebody offers me a $60 BTC, I'll buy it.

So how about the 100 dollars for $50? How about the gold and silver coins? Lets add a bank transfer: If you give me $50, I will send you $100. I will even send them first if you insist.

What are you trying to prove? Anyone would buy it so that they can sell it 1 second later for instant profit.

yeah good luck. How many stores don't take $100 bills? How often have you been offered a "real gold chain/coin/whatever" for a hell of a bargain? How many people try to cash out on their hacked bank accounts? Let me guess: you were heavily invested in Pirate@40

Nope, at that time I was only a bitcoin user and not speculator and did not care for price as I spent on the same day as buying them. I don't even remember how much were they, only how much I spent on them. Question stands: what are you trying to prove?

[giszmo]

About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?

Sure. If somebody offers me a $60 BTC, I'll buy it.

So how about the 100 dollars for $50? How about the gold and silver coins? Lets add a bank transfer: If you give me $50, I will send you $100. I will even send them first if you insist.

What are you trying to prove? Anyone would buy it so that they can sell it 1 second later for instant profit.

yeah good luck. How many stores don't take $100 bills? How often have you been offered a "real gold chain/coin/whatever" for a hell of a bargain? How many people try to cash out on their hacked bank accounts? Let me guess: you were heavily invested in Pirate@40

Nope, at that time I was only a bitcoin user and not speculator and did not care for price as I spent on the same day as buying them. I don't even remember how much were they, only how much I spent on them. Question stands: what are you trying to prove?

among dollar on paper, dollar from a bank account, gold, silver, bitcoin from a random anonymous person, bitcoin is the only thing I can take without having to be afraid to get a fake bill, transfer from a hacked account that will be undone, some metal that is worth nothing.

to be fair, bitcoin taint might be an issue at some point but i hope with zerocoin we will have truly fungible bitcoins.

[TheKoziTwo]

But I still think Bitcoin is currently overvalued. 

The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.

https://en.bitcoin.it/wiki/Trade

[wachtwoord]

Frozenlock just gave the answer that ends this discussion. The blockchain has the potential to become so much more than a ledger that stores bitcoin transactions. Bitcoins however are what gives you access to it. Intrinsic value, right there.

Could you give some examples?

I think nerds like to, well, nerd out about the potential of the block chain because it takes a while before you can even wrap your head around what it actually is: a distributed, tamper & attack-proof, eternal, trust-free storage of information. (...)

Yup.

You could "relatively" easily bootstrap an entire financial sector (stocks, options, etc.) on top of bitcoin and be incredibly secure. All this without the need for massive investment, or even a powerful and corrupt-free judicial system.

The price to use this? Transaction fees, paid in bitcoins.

But I still think Bitcoin is currently overvalued. 

So one of two things is true:

1. You believe the Blockchain (including it's current main use as currency) being used extensively for any of the reasons you discuss is very very small
2. You are irrational

[lucas.sev]

But I still think Bitcoin is currently overvalued.  

The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.

https://en.bitcoin.it/wiki/Trade

Is that a list of some obscure vendors who support them? Is any of them 10% as popular as silkroad?

[TheKoziTwo]

But I still think Bitcoin is currently overvalued.  

The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.

https://en.bitcoin.it/wiki/Trade

Is that a list of some obscure vendors who support them? Is any of them 10% as popular as silkroad?

Namecheap is an ICANN-accredited domain registrar and web hosting company, based in Los Angeles, California. They claim to have over 3 million domain names under management and more than 800000 customers.

Alexa rank: 1025

[ChartBuddy]

[Frozenlock]

But I still think Bitcoin is currently overvalued. 

The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.

https://en.bitcoin.it/wiki/Trade

Is that Walter Block?!

[TheKoziTwo]

No idea, kinda looks like him though  

[BitcoinAshley]

Lol @ someone else who is stuck in 2011 and is utterly convinced that bitcoin is still "riding on silk road."

Keep on dreamin, pal. Someone like you shows up every once in a while; we'll try to be nice.

[lucas.sev]

Is that a list of some obscure vendors who support them? Is any of them 10% as popular as silkroad?

Namecheap is an ICANN-accredited domain registrar and web hosting company, based in Los Angeles, California. They claim to have over 3 million domain names under management and more than 800000 customers.

Alexa rank: 1025

Just out of interest, you don't agree that silkroad is the major force that will prevent bitcoins from falling into single digits if something terrible happens like mtgox and major exchanges closing (or some other crisis, exact nature is not the point of this question)? Do you think this namecheap thing if 10% as significant?

[Frozenlock]

No idea, kinda looks like him though  

http://gifsoup.com/view/2125312/walter-block-facepalm.html

It's him. 

[Nightowlace]

https://en.bitcoin.it/wiki/Trade

I love it when they say only Silkroad accepts BTC. Not to mention the over 18,000,000 that was just pledged by a newly formed venture capitalist firm specifically to fund Bitcoin startups.

[Nightowlace]

Is any of them 10% as popular as silkroad?

Do you know anyone who does use Silkroad? I am 99% sure that the majority of the people who use Bitcoin do not frequent Silkroad.

[MickeyT2008]

Is any of them 10% as popular as silkroad?

Do you know anyone who does use Silkroad? I am 99% sure that the majority of the people who use Bitcoin do not frequent Silkroad.

A friend was showing me that site, the prices are ridiculous

[TheKoziTwo]

No idea, kinda looks like him though  

http://gifsoup.com/view/2125312/walter-block-facepalm.html

It's him. 

That makes the .gif even more awesome 

Is that a list of some obscure vendors who support them? Is any of them 10% as popular as silkroad?

Namecheap is an ICANN-accredited domain registrar and web hosting company, based in Los Angeles, California. They claim to have over 3 million domain names under management and more than 800000 customers.

Alexa rank: 1025

Just out of interest, you don't agree that silkroad is the major force that will prevent bitcoins from falling into single digits if something terrible happens like mtgox and major exchanges closing (or some other crisis, exact nature is not the point of this question)? Do you think this namecheap thing if 10% as significant?

Not really. I think we're past the silk road phase at this point, you're overestimating how much effect it has versus other bitcoin businesses. I've seen us going from back in 2011 when I was able to keep up with pretty much *every* news article and *every* new business launch, to now, where even if all I did 24 hours a day was trying to keep up I wouldn't be able to. These are different times.

[BitcoinAshley]

lucas.sev got in a funny-looking delorean in 2011 and showed up here.
Now, like a bewildered Marty McFly, he's looking around in disbelief.

"What? You mean silk road is no longer a significant driver of bitcoin price?"
"What? Thousands of legitimate businesses accept bitcoin, altogether dwarfing silk road in sales volume?"
"What? An ever-increasing number of popular mainstream businesses, websites, and charities, accept bitcoin - like Wordpress, OKCupid, Mega, Gyft, Reddit, Foodler, etc.?"

Just because Amazon, Wal-Mart, and the IRS don't accept bitcoin yet doesn't mean we're still riding on Silk Road's coat tails. 

It's kinda like those jackets that dry themselves and the hovering skateboards... this is the fuuutuuurrree , luke.sev... the fuuuuuttuuurrrreeeee

[lucas.sev]

lucas.sev got in a funny-looking delorean in 2011 and showed up here.
Now, like a bewildered Marty McFly, he's looking around in disbelief.

You are a funny guy! Must be great having you at parties!

Just because Amazon, Wal-Mart, and the IRS don't accept bitcoin yet doesn't mean we're still riding on Silk Road's coat tails.  

It's kinda like those jackets that dry themselves and the hovering skateboards... this is the fuuutuuurrree , luke.sev... the fuuuuuttuuurrrreeeee

Dwarfing silkroad in sales volume in BTC? I take your word for it. What would be your guess of ratio bitcoins being SPENT on services/goods of silkroad vs everywhere else?

[Jozzaboy]

Another price increase, another DDOS and another price drop. Is someone so desperate to put the price down??