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

[Ibian]

https://youtu.be/YIMWLOSRZ_A

whoah nelly. Lloyd Blankfein begins to understand consensus and ... and bitcoin.

I can barely imagine how much cream would've poured out of everyone's knickers if that was posted in any year other than this one.

As it stands, it's a little silly that a completely logical stance is lauded, but that goes to show the calibre of the average detractor.

Just humans in general, really. We feel first, then we rationalize and tell ourselves how logical we are.

[lightfoot]

Hm. Lambos are way cheaper than I thought. Wonder if I can fit in one.

Hm.

[marcus_of_augustus]

you guys really think that this will go on forever? What when the whole US population has a wallet on Coinbase?

most of you guys still don't get it ... the "whole US population" is pretty much broke, even though the US is still near top of per capita wealth globally.

Wealth is incredibly concentrated at the top of the pyramid, arguably more so than at any other time in history. bitcoin doesn't need to go "mainstream" to achieve crazy valuations, capturing just few percents of total wealth, since the mainstream is basically broke. If bitcoin did go mainstream before the top 0.1% went in to bitcoin then that would be the greatest economic revolution and rebalancing of wealth inequality witnessed in history, so I'd be very skeptical that adoption will play out like that. Most likely the wealthy will want to remain wealthy and try to front run the mainstream, as they always do, that means very few "Coinbase users".

There's something like 2,050 billionaires in the world and ~200,000 UHNWI (>$30million). A small percent of these 202,000 people allocating a small percent of wealth to bitcoin is most likely what is happening. That is not to say this relatively small group of people aren't influenced by evidence of millions of people joining Coinbase and other bitcoin sites. But most likely they are chasing gains like everyone else or actually need to use bitcoin to move some funds around the globe frictionlessly, permissionlessly.

[El duderino_]

So maybe the possibility to reach 7700 before the star wars relaese becomes close :-)

[niners]

"Coinbase Adds A Record 100,000 Bitcoin Traders In One Day"

zerohedge...its in your bookmarks

[img]

http://www.zerohedge.com/news/2017-11-02/coinbase-adds-record-100000-bitcoin-traders-one-day

Bitcoin is not a bubble ... Bitcoin, it's people.
With real money and that, it's new for all.

Reach 10k$ before the end of 2017.

How can that be??  I am amazed!  100k users in a day?
IN-FUCKING-SANE!

I think it was actually a 48-hour period not 24.
Also, Zerohedge puts out a lot of bullshit and I have never once seen a retraction.
Then there is the word 'trader' being used for every person who signs up. The number of users who ever buy or sell anything is unknown.

Okay so it's not as sensational as it sounds at first but it still is further evidence that exponential growth is happening.

[conspirosphere.tk]

https://i.imgur.com/RfD1GQM.jpg

indeed :-D  But not my case, luckily.
I'm too having fun looking at /biz/ lately.

[Last of the V8s]

So maybe the possibility to reach 7700 before the star wars relaese becomes close :-)

easy peezy Daisy Ridley

[LewisPirenne]

Actually most of people on this planet are broke and just worry about daily sustenance.  So even if they knew something about bitcoin, they probably would buy very little, if at all, and had get out as soon as they need the money for something else.  

So even if Mircea Popescu type of elitism is repugnant, he is right in that Bitcoin does NOT give a fook whether it sees widespread use as payment or the masses adopt it.  It's going to go up if enough elites see it as a hedge against central bank experimentalism or as a new method of exerting controls.  As I stated before, I got in in late 2012 mostly as a hyperdeflationary experiment, i.e. I want to see whether we can trigger the first recorded case of hyperdeflation in human history.  

Since bitcoin is highly deflationary by design, it is irrational to spend it when you have fiat alternatives readily available, e.g. Visa/Master/Paypal/Alipay/Debit-card/Fiat-Cash.  If any kind of S curve adoption occurs, then BTC would be hoarded to oblivion.  Gresham's law would tell you that people always want to spend the "bad money", e.g. fiat, before spending "good money" like gold or BTC.  So eventually just as in hyperinflation, people try to spend the toilet paper confetti before it becomes worthless, people would hoard BTC before it becomes even more valuable.  The end game would be the same, they lose their function as a medium of exchange, because one has zero function as storage of value, and the other because it is just too valuable to be spent.  

If one just look at BTC in fiat term, going from sub $1 to $7000+ in 7+ years is pretty hyperdeflationary.  It's even worse if one looks at it in "purchasing power parity" terms, i.e. Laszlo's pizza, 2 pizza for USD$70 million, an increase of at least 7,000,000 times.  Naturally the implication would be that if BTC undergoes hyperdeflation, any charting/wave-theory/fibonacci/TA would be meaningless.  That's like applying TA to Weimar stock market or the IBVC (Venezuela stock index), which is up like 20x in 2017 alone and 50x in 1 year.  

[pfrtlpfmpf]

So maybe the possibility to reach 7700 before the star wars relaese becomes close :-)

easy peezy Daisy Ridley

I´m so thanksful, that i have google  

[vortex1878]

do   we   keep   an   eye   on   the   price   movement   chart

we are observe wall

Now, THAT is a beautiful wall, though your english isn`t as beautiful.
I like the brick in the lower left, he`s holding it all together.

Löl. Did you know that '≠`? And that a brick is actually neuter, not male? And that English is spelled with an upper case "E"?
People who live in glass houses shouldn't throw stones...  

You´re german, right ?
Please, don´t embarrass us further !

Das kann ich nur zurückgeben. ^^
Schnall' mal den Unterschied zwischen dem Französischen "l'accent" ´ bzw. ` (Du bist nicht einmal konsistent falsch. Löl.) und dem Apostroph '. Und dem ganzen anderen Mist, den ich erwähnte. Mach' Dich nicht lächerlich.
Aber zum Thema nochmals: Wer im Glashaus sitzt...

[Last of the V8s]

LewisPirenne you read this? http://nakamotoinstitute.org/mempool/hyperbitcoinization/

[jbreher]

grasping...

https://blog.bitgo.com/bitgos-segwit2x-plan-bb8f17e972d3
Belshe's plans

also nb: During this period we’ll be doing two things:  1. Isolating BitGo’s coins ...

inadvertently (?) admits the coins are his if they're on his exchange/wallet

That's not what I get out of it:

At the time of the fork, BitGo will begin a process of double spending (via RBF) some of its own coins to isolate them onto each chain.
...
Isolating BitGo’s coins onto each of the two chains for replay safety, as described above.
...
All transactions will include split coins from BitGo, and will therefore mitigate the risk of spending on the minority chain.

They're obviously describing a process where they mix some post-split coins with transactions funded by pre-split coins in order to provide replay protection. Can't do that without post-split coins. For which they will use their own. Not putting customer coins at risk for the minimally-yet-somewhat risky operation of being split by timing onto chain.

Of course, if you have evil in your heart, you'll see demons lurking in every shadow.

[Torque]

So maybe the possibility to reach 7700 before the star wars relaese becomes close :-)

easy peezy Daisy Ridley

I remember back in May when Bitcoin first hit 2187. I had a little chuckle.

[LewisPirenne]

LewisPirenne you read this? http://nakamotoinstitute.org/mempool/hyperbitcoinization/

I think that article is merely referring to the superiority of BTC against fiat if they were allowed to freely compete and BTC would see widespread adoption as a result.  

But with hyperdeflation, it is not only fiat losing great deal of purchasing power, BTC would also gain enormous purchasing power against other more traditional and productive assets, e.g. gold/crude-oil/farmland.  

As we know, gold and silver retain its purchasing power over long period time, i.e. the tuition for a four year Ivy League degree is still about 5 kg (150 oz) of gold after more than a hundred years and price of cattle since Roman empire time didn't change much in terms of gold.  There is also a somewhat stable relationship between important cross rate such as oil/gold.  But with hyperdeflation, you would expect something like Francis Bacon's triptychs, hoarded and pass off as heirlooms, where owning bitcoin alone would confer status and respect, like some birthright for the aristocracy.    

[jbreher]

you guys really think that this will go on forever? What when the whole US population has a wallet on Coinbase? IMO what is happening is just because almost no alts can be bought for fiat, so bitcoin is a forced step both to get in and out of alts. That's why it's pumping for the double effect of fiat inflow and alt dumping.

At some point some alts might well get traction. Just a matter of time.

Possible, but unlikely. What the average person on the street hears in terms of crypto:

"...bitcoin bitcoin blockchain bitcoin ethereum bitcoin drugs blockchain bitcoin money laundering bitcoin bitcoin bitcoin..."

No, probably won't go on forever. Indeed, once everyone is in, there is pretty much nowhere to go. But we're orders of magnitude away from that.

[BlindMayorBitcorn]

you guys really think that this will go on forever? What when the whole US population has a wallet on Coinbase? IMO what is happening is just because almost no alts can be bought for fiat, so bitcoin is a forced step both to get in and out of alts. That's why it's pumping for the double effect of fiat inflow and alt dumping.

At some point some alts might well get traction. Just a matter of time.

Possible, but unlikely. What the average person on the street hears in terms of crypto:

"...bitcoin bitcoin blockchain bitcoin ethereum bitcoin drugs blockchain bitcoin money laundering bitcoin bitcoin bitcoin..."

No, probably won't go on forever. Indeed, once everyone is in, there is pretty much nowhere to go. But we're orders of magnitude away from that.

Normals are still trying to blockchain all the things. I swear 90% of people in 'fintech' are retarded.

[marcus_of_augustus]

^^^ ... the "everyone all in" adoption scenario figure I come up with for top of the S-curve price is around USD5million per btc (upper bound), but that would be in today's USD which will be toilet paper, wheelbarrow money by then. So 'only' 3 orders of magnitude possible increase left. It maybe be difficult to price btc in that scenario since it will be the numeraire, even gold and silver may be being cast in the streets ...

[jojo69]

TORQUE!!!

thank god

[BitcoinNewsMagazine]

Sometimes it helps to look at a log scale chart. Here is Bitstamp daily bitcoin log scale with a reasonable pitchfork drawn:



The pitchfork suggests we may reach roughly $8000 before a sharp correction down to about $5000 before new all time highs greater than $10,000 by year end. The sell off might occur during the fork drama and rather than the end of the world present just another buying opportunity.

[BitUsher]

https://twitter.com/BitfuryGeorge/status/926104635001143297

"Last 2 weeks we had over 50 Multi-Billion Family Offices approach us to get into Bitcoin !"