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

[LFC_Bitcoin]

this must be the wealthiest forum in history.

 

Haha I’ll bet, thoroughly enjoyable fellow gentlemen.

[Tadblt]

We might reach $8000 this weekend with this unstoppable hype in bitcoin, i dont have bitcoin which is sad for me.
I put it on alts and theyre still dumping, bitcoin eating the alts are unbelievable BTC Dominance: 61.4%
I still have faith that bitcoin will give little mercy to alts 

[Elwar]

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.  

This all assumes that you get paid in fiat and convert some to bitcoin.

If you can get paid 100% in bitcoin and live 100% off of bitcoin, why would you choose to ever use fiat as per Gresham's law?

Even a poor person being paid in bitcoin and spending only bitcoin will be better off for it.

Once you hit that, you can only "hoard" it up to a point. You still have to spend money to survive.

If everyone used 100% Bitcoin then the only deflationary pressure would be population growth which is hardly hyperdeflationary.

[becoin]

New day, new ATH. Boring.

[fragout]

Wtf is going on in bitstamp. seems some bot is buying fractions of bitcoin every couple of seconds.  Turn on sound for effect:)  https://www.bitstamp.net/market/tradeview/

Edit, seems to have stopped now

[mike4001]

New day, new ATH. Boring.

Only a messed up hardfork can do us any harm now

[Elwar]

I just saw that the house I sold last year for $260k is now on the market for $325k.    

That guy sure did invest wisely.

All I got out of it was a couple hundred BTC at $650 each.

[TheFlynn49]

Wtf is going on in bitstamp. seems some bot is buying fractions of bitcoin every couple of seconds.  Turn on sound for effect:)  https://www.bitstamp.net/market/tradeview/

Edit, seems to have stopped now

OMFG ! WillyBot is back ?!?

[fragout]

New day, new ATH. Boring.

Only a messed up hardfork can do us any harm now

Who would be so stupid to have a hard fork now? Not only could it be messed up, it could be disastrous.
Imagine if bitcoin was cocaine and large holders were a cartel and some nerds tried to launch fake coke.
Obviously all large holders are not cartel like but i am sure there are some.
Jamie diamond might be right about one thing like people may die

Disclaimer: been watching a lot of Narcos .

[Uld]

I just saw that the house I sold last year for $260k is now on the market for $325k.    

That guy sure did invest wisely.

All I got out of it was a couple hundred BTC at $650 each.

If you sold your house for a couple hundred BTC, you surely made a better deal than the actual owner reselling it for 325k.

But I can't understand how you made only a couple hundred if you sold for 260k when btc was at 650$... you should have made double...

[Phil_S]

The graph so far:

[kurious]

I just saw that the house I sold last year for $260k is now on the market for $325k.    

That guy sure did invest wisely.

All I got out of it was a couple hundred BTC at $650 each.

If you sold your house for a couple hundred BTC, you surely made a better deal than the actual owner reselling it for 325k.

But I can't understand how you made only a couple hundred if you sold for 260k when btc was at 650$... you should have made double...

Maybe he had a mortgage to clear?

[pfrtlpfmpf]

Guys, i can´t comprehent my sudden wealth, please help me.

This no joke. It´s probably, because i have no use of lambos, don´t know . . .

If u'r in your prime, you have 50 years left to live. What is your desire?? (Be greedy with your cravings if they make you feel better, healthy, happy, relaxed and make you live longer!)

I just wanna go surfing  

My ultimate dream is a sign in front of my business:  "Gone swimming" !

Move somewhere with good waves , but an existing surfing business, pay someone else to run it, and go surfing then.

Investing in something that might be burdensome and for something like 'waves' that are for free is not a good business.

True but being the guy/gal that owns the surf shop and spends their days on the beach definitely comes with perks.

Nope, just surfing !  

[Elwar]

I just saw that the house I sold last year for $260k is now on the market for $325k.    

That guy sure did invest wisely.

All I got out of it was a couple hundred BTC at $650 each.

If you sold your house for a couple hundred BTC, you surely made a better deal than the actual owner reselling it for 325k.

But I can't understand how you made only a couple hundred if you sold for 260k when btc was at 650$... you should have made double...

Maybe he had a mortgage to clear?

Yep. Fortunately I had a lot of equity.

[D2R2]

what the fast exchange to track btc price . I know only bitifinex

[mymenace]

what the fast exchange to track btc price . I know only bitifinex

https://bitcoinwisdom.com/

multiple choices

side note 5 ounces of gold for 1 btc wow

[P_Shep]

side note 5 ounces of gold for 1 btc wow

Or 1Kg, for a little over 6

[Spaceman_Spiff_Original]

Guys, i can´t comprehent my sudden wealth, please help me.

This no joke. It´s probably, because i have no use of lambos, don´t know . . .

This is an interesting problem. Not quite sure what you should do other than buy a 70 foot tall grain silo, fill it with gold, and go swimming like scrooge McDuck.

Donate to life extension / old-age diseases research, gmaxwell did as well ( https://www.mfoundation.org/300 ).

Check www.sens.org --> they accept bitcoin.

[LewisPirenne]

This all assumes that you get paid in fiat and convert some to bitcoin.

If you can get paid 100% in bitcoin and live 100% off of bitcoin, why would you choose to ever use fiat as per Gresham's law?

Even a poor person being paid in bitcoin and spending only bitcoin will be better off for it.

Once you hit that, you can only "hoard" it up to a point. You still have to spend money to survive.

If everyone used 100% Bitcoin then the only deflationary pressure would be population growth which is hardly hyperdeflationary.

I doubt that Bitcoin will become the One World Currency so that people won't have any other methods of payment.  Most likely BTC will be used mainly as a storage of value and people would still use their respective national currency (even if gone digital or blockchained) or some corporate backed system like Japan's upcoming "J-Coin", China's Alipay, East Africa's M-Pesa, Paypal/Samsung/Apple Pay, plus the traditional Visa/Master/JCB/UnionPay credit card or bank issued debit cards.  

It also highly unlikely that people would be paid in bitcoin as tax payable are due in respective national currency.  Not to mention the problem of how to record the salary compensation or for employees to report their income tax, given the possible exchange rate risk and potential capital gain.  

The point being that if you want to design a crytocurrency which people would want to spend, it actually has to have some kind of "demurrage" feature like Freicoin.  But something that evaporates your saving and force consumption would never see adoption, while a highly deflationary one like BTC has huge incentive for people to get in early and hoard/hodl it.  So in the end, instead of something that liberates people from financial system, BTC behaves more like a digital commodity that fuels speculation and boom-bust cycle.  

Now it is quite possible that if we were to succeed in building a new financial order, i.e. with Bitcoin at the bottom of "Exter's Pyramid", then we can start issue paper IOU backed by BTC and create credit and then derivatives on higher layer (which I think Wall Street is going to try in the next few years).  Then people would have incentive to spend those BTC backed credit as a medium of exchange.  It doesn't even have to be like the existing system, it could be Ripple type payment hub or a side-chain/new-cryto pegged to BTC and used only for payment, etc.  

[Elwar]

Guys, i can´t comprehent my sudden wealth, please help me.

This no joke. It´s probably, because i have no use of lambos, don´t know . . .

This is an interesting problem. Not quite sure what you should do other than buy a 70 foot tall grain silo, fill it with gold, and go swimming like scrooge McDuck.

Donate to life extension / old-age diseases research, gmaxwell did as well ( https://www.mfoundation.org/300 ).

Check www.sens.org --> they accept bitcoin.

I hope to become very involved in life extension. Hopefully it will play a big role on the seastead, many seasteaders I've met so far support it.