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

[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.

[Ibian]

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 . . .

focus on self sufficiency

water, food, concrete

Boat. In the event of local riots you can bug out, you have electricity off the grid, and if none of those happen you still have a boat.

[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.

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.

Cool, I really like the fact that it is becoming much less of a fringe idea than before, much like another radical idea/technology that we know   .

[600watt]

This ratio.

Bitstamp | Total bids: 106610570 USD. Total asks: 1930 BTC. Ratio: 55232.55661 USD/BTC. | Data vintage: 0.0227 seconds

Wow. The ratio is getting out of hand. Looks like we still have a way to go in this one.

Just went out for a quick walk and made a years salary. Not so easy to comprehend this atm.

you can´t just say something like that to non-bitcoiners. they would think you got mental problems. but it´s also hard to not talk about it at all because it is so hard to comprehend. that is why we are talking in here i guess.

congrats for escaping the rat-race.


and yes, that ratio is  

[bitserve]

Less than 1500BTC to $8150 @ Bitstamp.

Just saying....

[GHCoins45]

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.

looool

[Elwar]

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.  

I have been paid 100% in bitcoin. Dealing with taxes is the same as being paid in fiat.

Funny you should mention Bitcoin as a reserve currency. While brainstorming a new floating island currency we were confronted by the hard truth that the currency would have too much volatility. One solution was to peg our currency's value to bitcoin. From our research we found that pegging the value to something like gold would cost a lot of money in holding a certain amount of gold, having it audited, ensuring that it was secure, etc. While using bitcoin as a reserve currency you can transparently show that it is backed, auditing is simplified and securing is easier than for gold. Bitcoin's price trend over time has shown less volatility, as it becomes less volatile than over a dozen national currencies. It is not a huge stretch to predict that bitcoin price could be one of the more stable currencies in the world and perhaps it could become a major reserve currency due to the ease of doing so.

[Last of the V8s]

I see you bumbling imbeciles haff not yet completed vave 5.

[LewisPirenne]

I have been paid 100% in bitcoin. Dealing with taxes is the same as being paid in fiat.

Funny you should mention Bitcoin as a reserve currency. While brainstorming a new floating island currency we were confronted by the hard truth that the currency would have too much volatility. One solution was to peg our currency's value to bitcoin. From our research we found that pegging the value to something like gold would cost a lot of money in holding a certain amount of gold, having it audited, ensuring that it was secure, etc. While using bitcoin as a reserve currency you can transparently show that it is backed, auditing is simplified and securing is easier than for gold. Bitcoin's price trend over time has shown less volatility, as it becomes less volatile than over a dozen national currencies. It is not a huge stretch to predict that bitcoin price could be one of the more stable currencies in the world and perhaps it could become a major reserve currency due to the ease of doing so.

Bitcoin is already acting as the reserve currency of crypto world, since most ALT are quoted in BTC and it is much more liquid to trade/quote BTC pairs than say ETH or even fiat pairs.  It is also the gateway to crytpto world since you can't even buy most ALT if you don't have BTC. 

Now there are people like Russian/Chinese central bankers and journalist such as FT's Iza Kaminska that outright suspect us as trying to create a new reserve currency to replace USD/EUR/SDR.  So it is unwise to be like Roger Ver, who recently claim that he is trying to replace USD/EUR/JPY and all other national currency with his project.  On a mainstream media too. 

[DonQuijote]

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.

Its very sad... my best wishes my friend

[Last of the V8s]

grasping...

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

snip

That's not what I get out of it:

snipsnip

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

busted. edited my post
takes one to know one

[Last of the V8s]

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

https://cryptowat.ch/
https://bitcoinity.org/markets

[Elwar]

Now there are people like Russian/Chinese central bankers and journalist such as FT's Iza Kaminska that outright suspect us as trying to create a new reserve currency to replace USD/EUR/SDR.  So it is unwise to be like Roger Ver, who recently claim that he is trying to replace USD/EUR/JPY and all other national currency with his project.  On a mainstream media too. 

But we are. Ending the Fed has been the goal from the beginning.

[sirazimuth]

This ratio.

Bitstamp | Total bids: 106610570 USD. Total asks: 1930 BTC. Ratio: 55232.55661 USD/BTC. | Data vintage: 0.0227 seconds

Wow. The ratio is getting out of hand. Looks like we still have a way to go in this one.

Just went out for a quick walk and made a years salary. Not so easy to comprehend this atm.

you can´t just say something like that to non-bitcoiners. they would think you got mental problems. but it´s also hard to not talk about it at all because it is so hard to comprehend. that is why we are talking in here i guess.

congrats for escaping the rat-race.
T

and yes, that ratio is  

Other than a coworker who recently got into crypto, this is the only

place I talk bitcoin. I've long since given up discussing it unless the other

person brings it up. You'd think that with what’s going on now, Joe Public

would be catching on. But to me it seems not to be the case.

In the past when I did bring it up in conversation it would almost seem like people resent

it because I caught the bitcoin express and they didn’t....  and then... "why are you bothering me with

this crazy nerdy computer thing that’s gonna eventually fade away?

Now let me check my Facebook and Twitter ...oooh look!... I got 3 likes!!"

 

[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?

Yep. Fortunately I had a lot of equity.

It was obviously a damn good move; fortune favours the brave.  

[vroom]

20 years ago I quit my job to switch to the internet industry. It was the early days of the internet, most people didn't know about internet. It worked out good for me, I got higher salaries and enjoyed my work.
Now I'm about to quit my job again and switch to the bitcoin industry. I not only invest my money in bitcoin, I trust that in the future I will get paid to work with bitcoin.

IMO bitcoin especially the blockchain technology is here to stay and it will become the financial layer of the internet.

[conspirosphere.tk]

I see you bumbling imbeciles haff not yet completed vave 5.

tick, tock,...

[lightfoot]

It was obviously a damn good move; fortune favours the brave.  

In retrospect. Could have also dropped to $300 for years, forcing him to eat his shoes.

As long as you don't think this means you have a magic gift for picking winners you will be ok.

Meantime 7300 this morning. Time to get going to work...

C