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

[Last of the V8s]

With CME going live in less than a week, alts better watch their game. This may still be a premature rotation...

Im slightly confused on how CME will affect the price of bitcoin as there is no actual bitcoin bought in their trades and people using CME are basically just betting on the future price. Or have i got it totally wrong?

so are they
so is erryone

[AlcoHoDL]

This has got to be the funniest meme I've ever seen!

LOL!

I hope we have Carolina soon, as I've just got myself two shiny new BTC...

[fluidjax]

With CME going live in less than a week, alts better watch their game. This may still be a premature rotation...

Im slightly confused on how CME will affect the price of bitcoin as there is no actual bitcoin bought in their trades and people using CME are basically just betting on the future price. Or have i got it totally wrong?

so are they
so is erryone

From some I hear it will allows shortesr to destroy Bitcoin, from others it will bring new money (indirectly) into the ecosystem and push up the price. Some say it will stabilise the price, others that it will increase volatility.
I guess we are going to have to simply wait and see.
 

[soullyG]

Ms Kaminska writing lovely things about the Honey Badger as usual

https://www.ft.com/content/c166aa1e-c303-11e7-a1d2-6786f39ef675

And even if all that were possible, none of it changes the fact that if bitcoin’s primary use is for speculation rather than transaction, the energy wastage serves very little constructive social purpose at all.

[Last of the V8s]

Ms Kaminska writing lovely things about the Honey Badger as usual

https://www.ft.com/content/c166aa1e-c303-11e7-a1d2-6786f39ef675

And even if all that were possible, none of it changes the fact that if bitcoin’s primary use is for speculation rather than transaction, the energy wastage serves very little constructive social purpose at all.

energy wastage is heating my house, my mistresses' houses, the office ...

energy from Chinese, Siberian, Canuck dams would be wasted if not used for mining

that girl needs a good somethinging

[LewisPirenne]

Ms Kaminska writing lovely things about the Honey Badger as usual

https://www.ft.com/content/c166aa1e-c303-11e7-a1d2-6786f39ef675

And even if all that were possible, none of it changes the fact that if bitcoin’s primary use is for speculation rather than transaction, the energy wastage serves very little constructive social purpose at all.

Actually I am less and less inclined to educate people on the facts and prefer to let market do its work, i.e. redistribute wealth from those who are ignorant or got it wrong and yet refused to admit their mistakes.  

If she knows anything about mining, those Chinese mining cartels actually ship their Antminers to remote corners of China during rainy season to take advantage of "free" electricity provided by hydro dams.  Due to lack of power grid and long distance power transmission network, those electricity are wasted anyway.  They shipped back their Antminers during dry season to coal producing region such as Inner Mongolia to take advantage of cheap electricity from coal-fired power plant.  

As for why bitcoin even has value or social purpose (and no, it's not about payment utility), I won't bother with a TL;DR discussion of ideas such as social scalability for inherently non-scalable human as per Szabo.  Because that would reveal our hidden agenda of trying to recreate the institutions that give fiat money value or reach consensus on something such as gold, but done via a value transfer protocol over internet, a process that would take places over years, rather than millenniums as per human history.  

[Searing]

Ms Kaminska writing lovely things about the Honey Badger as usual

https://www.ft.com/content/c166aa1e-c303-11e7-a1d2-6786f39ef675

And even if all that were possible, none of it changes the fact that if bitcoin’s primary use is for speculation rather than transaction, the energy wastage serves very little constructive social purpose at all.

Silly or not ....BTC allows WEALTH TO BE HELD IN VALUE OF THE BLOCKCHAIN, rather than thru a bank or institution and regulated

thus sure, like paper money, it is a SOCIAL construct determining worth and value, by those involved who HODL and the only 21 million coin cap

this social construct, like money backed, that is working also by banks etc, just seems to be working quite well  OUTSIDE  of any system of elite control

and BTC is driving the previous status quo NUTS as a result

[DoktorKopf]

LewisPirenne - I enjoy your posts. Obviously not your first time in a canoe. You're a welcome addition here, I hope you won't let the noisy ones put you off.

[RealMachasm]

So let me get this straight.
A lot of peeps were worried about the impact of S2x on BTC which may have stalled the price rise a little.
Now that the threat has dissipated, the price is going down? Why don’t peeps just hodl and make the commodity scarce and watch their wealth increase?
I guess trading isn’t a game I want to take up any time soon!

[vroom]

So let me get this straight.
A lot of peeps were worried about the impact of S2x on BTC which may have stalled the price rise a little.
Now that the threat has dissipated, the price is going down? Why don’t peeps just hodl and make the commodity scarce and watch their wealth increase?
I guess trading isn’t a game I want to take up any time soon!

many people sold altcoins and bought bitcoin to get free coins from b2x. now there are no free coins and people change back to altcoins. once this is over we should see a new ATH soon.

[yefi]

Im slightly confused on how CME will affect the price of bitcoin as there is no actual bitcoin bought in their trades and people using CME are basically just betting on the future price. Or have i got it totally wrong?

The price of bitcoin should converge with the futures price due to arbitrage.

I'd expect institutional investors to go long given momentum and that we're at ATHs. It's probably going to be easier to push this to $20K than say $2K.

Actually I am less and less inclined to educate people on the facts and prefer to let market do its work, i.e. redistribute wealth from those who are ignorant or got it wrong and yet refused to admit their mistakes.  

This. Maybe they'll get the picture when they're our worker bees.

[drbrockcoin]

Well would you look at that, Bitcoin is dropping while Alts are once again skyrocketing in value.

If Bitcoin can't scale and can't be used for everyday transactions, then this also diminishes its usefulness as a store of value. Bitcoin becomes primarily an instrument for rich speculators, and little else. Other coins will be used for actual commerce and day to day transactions.

Are you all happy now?

Yes I am happy.

This scenario is completely acceptable.

In a world where Gold is still used as money (you know for thousands of years) then are you buying your shopping with GOLD or are you using another payment method such as I$I$Coin (FIAT)?

So....

Bitcoin is where you save and speculate if you want

And Etheerum/Litecoin or whatever is what you use to buy condoms at 7/11

[rjclarke2000]

I'm telling myself this little drop the next day after being told no free coins makes sense right?

Selling the btc they don't want due to no free 2x coin?


Right?


Right?

[eXpl0sive]

I'm telling myself this little drop the next day after being told no free coins makes sense right?

Selling the btc they don't want due to no free 2x coin?


Right?


Right?

RIGHT. Just BTFD!      

But I'm sure this is not the bottom yet. Waiting to BTFD.

[AlcoHoDL]

The Duck has awoken!

https://bitcointalk.org/index.php?topic=2378845.0

[Arriemoller]

Looks like us libertarian oldtimers are being overrun by leftist newbies.

https://medium.com/@hamptonfischer/bitcoin-investors-political-views-might-not-be-what-you-think-e6200234d584

[conspirosphere.tk]

Looks like us libertarian oldtimers are being overrun by leftist newbies.

https://medium.com/@hamptonfischer/bitcoin-investors-political-views-might-not-be-what-you-think-e6200234d584

Yes I noticed a number of newfags lately, some of which attempted to troll me acting as red guards of the political correctness. It is the same demographics pushing for bitcoin as cash/trash. Let's hope that they will stay in their safe space playing with their new goymoney for lattes from now on.

[P_Shep]

I can't believe that bitcoin is back at the price it was a day ago. 

[Ibian]

Looks like us libertarian oldtimers are being overrun by leftist newbies.

https://medium.com/@hamptonfischer/bitcoin-investors-political-views-might-not-be-what-you-think-e6200234d584

Inevitable. It's always K types who explore risky ventures like this, and once it's proven to be more or less safe the rabbits join in.

[Arriemoller]

Looks like us libertarian oldtimers are being overrun by leftist newbies.

https://medium.com/@hamptonfischer/bitcoin-investors-political-views-might-not-be-what-you-think-e6200234d584

Inevitable. It's always K types who explore risky ventures like this, and once it's proven to be more or less safe the rabbits join in.

Yes I know, but it makes me feel sad, there are no places for us anymore. Well fewer at least, and I miss the good old days when we were all libertarians and the discussions revolved around different flavours of libertarianism, rather than us against them.


EDIT: revolved