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

[ChartBuddy]

[Spaceman_Spiff]

And we have a winner !

[rampantparanoia]

It's cool, bro. I feed my cows all-natural, organically grown & insecticide & gen-patent free free range grass.  That & bone meal, made from their mamma cows.  Corn feed is for sissies.

Do I smell a minecraft reference?

[Richy_T]

I dunno.  I'm sure folks who bought @266 would find some fault with your logic.  People nitpick like crazy, don't see *the bigger picture* like us

Bitcoin went down because someone printed up a bunch of them? If not, your version of logic differs significantly from what is accepted by those who use it correctly.

It's cool, bro. I feed my cows all-natural, organically grown & insecticide & gen-patent free free range grass.  That & bone meal, made from their mamma cows.  Corn feed is for sissies.

The point is misallocation of resources. It may actually be optimal for people to keep their money rather than spend it in fear of having it stolen from under them. Resources consumed without genuine want or need are wasted.

[Richy_T]

And we have a winner !

I could probably generate a nicer looking thumbnail now that I look at it.

[molecular]

[...]Bitcoin has a limited supply. The money will disperse over the long run (rich people spend and invest, borrowers default). [...]

I can't see the logic here offhand, but, presuming that's true, does it then follow that those looking to accumulate more bitcoins than Average Joe are backing the wrong horse?

No, I think you are backing exactly the correct horse in trying to accumulate more. At least when you're still young and not looking death in the eye yet. Everyone will always try to excel and be better than others and that's a good thing. It will benefit society as a whole and increase prosperity.

Are you saying that non-inflationary currencies encourage spending?

No, life encourages spending. A non-inflationary currency just facilitates an environment in which people are put in a position to suffer the consequences or reap the benefits of their actions. There are no distortions of price signals or misallocations of capital that would allow inefficient behaviour to persist for long. People who make bad decisions experience an outflow of money. Since noone makes good decisions all the time, money will not concentrate at a single point. The rich will tend to spend more money than the poor (simply because they have more and want to live life) and by this logic non-inflationary money tends to disperse.

I don't know wether this logic makes much sense, but it's the way I currently think about this issue.

[ChartBuddy]

[uhoh]

[...]Bitcoin has a limited supply. The money will disperse over the long run (rich people spend and invest, borrowers default). [...]

I can't see the logic here offhand, but, presuming that's true, does it then follow that those looking to accumulate more bitcoins than Average Joe are backing the wrong horse?

No, I think you are backing exactly the correct horse in trying to accumulate more. At least when you're still young and not looking death in the eye yet. Everyone will always try to excel and be better than others and that's a good thing. It will benefit society as a whole and increase prosperity.

Are you saying that non-inflationary currencies encourage spending?

No, life encourages spending. A non-inflationary currency just facilitates an environment in which people are put in a position to suffer the consequences or reap the benefits of their actions. There are no distortions of price signals or misallocations of capital that would allow inefficient behaviour to persist for long. People who make bad decisions experience an outflow of money. Since noone makes good decisions all the time, money will not concentrate at a single point. The rich will tend to spend more money than the poor (simply because they have more and want to live life) and by this logic non-inflationary money tends to disperse.

I don't know wether this logic makes much sense, but it's the way I currently think about this issue.

+1
Nicely put.

[seleme]

Screw the fancy economy talk, where the heck we're going now? 

[notme]

Screw the fancy economy talk, where the heck we're going now? 

To the right.... always to the right.

[Walsoraj]

http://blog.coinbase.com/post/55203204550/instant-bitcoin-purchases-at-coinbase

No more need for US traders to keep money on Gox.

Prediction: to da' moon. I.e., over $265 w/in 30 days.

[zemario]

Screw the fancy economy talk, where the heck we're going now? 

To the right.... always to the right.

ROFLMAO

[Spaceman_Spiff]

Screw the fancy economy talk, where the heck we're going now? 

To the right.... always to the right.

Nice one !

[chanson]

Or milk,

You know where milk comes from, right? You know what those animals are fed, right? You know how much oil is used to support the growth of those crops, right? Then you know how all that stuff is moved around, right?

It's cool, bro. I feed my cows all-natural, organically grown & insecticide & gen-patent free free range grass.  That & bone meal, made from their mamma cows.  Corn feed is for sissies.

I just let mine graze on federal land.

[ChartBuddy]

[marvinrouge]

goodbye 88 wall !!

[adamstgBit]

goodbye 88 wall !!

oh shit

[zemario]

Mmmm.... The market appears to be distilling quite well.

Could this be the bottom? It's looking good, not many would expect the bounce here, but it does appear that people is regaining trust.

[notme]

Mmmm.... The market appears to be distilling quite well.

Could this be the bottom? It's looking good, not many would expect the bounce here, but it does appear that people is regaining trust.

It would take a bull with some balls.  Or at least enough balls to take us up a couple more dollars and trigger the daily goomboos.

[ChartBuddy]