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

[ChartBuddy]

[molecular]

$6000 arb between gox and virtex.........

this is because i am currently locked out of my account at virtex... my cat killed the wire to charge my tablet and i have 2 factor Auth...


stupid cat, costing me such a good opportunity...

What kind of cable? You cannot go out and buy a replacement?

I ordered one, Its on its way here.

Can't buy, waiting for wire to arrive. Hilarious.

[Kazu]

Up to $250 per BTC
https://bitcointalk.org/index.php?topic=283820.0;all

I don't see the connection with $250.

DeathAndTaxes is very good at math.I really like his posts.

For example 65 million difficulty gaining 75% per month for a year results in 50 billion difficulty.  The electrical cost even at 1W/GH and $0.10 per kWh would >$250 per BTC.

This is actually pretty funny. The basis of a currency is how many resources must be wasted to make it. I like.

The resources aren't wasted, and that's just a number that one should look at before deciding to mine or buy.

They aren't wasted because you get Bitcoins for them. Ok, sure. I'm not against mining, you know. There is an overhead of wasted resources whenever you try to get any group of people to do basically anything together.

[LightRider]

Up to $250 per BTC
https://bitcointalk.org/index.php?topic=283820.0;all

I don't see the connection with $250.

DeathAndTaxes is very good at math.I really like his posts.

For example 65 million difficulty gaining 75% per month for a year results in 50 billion difficulty.  The electrical cost even at 1W/GH and $0.10 per kWh would >$250 per BTC.

This is actually pretty funny. The basis of a currency is how many resources must be wasted to make it. I like.

Waste and inefficiency is the basis for any monetary system. Capitalism thrives on overpricduction and overconsumpton. If you want a sane economic model, look into a resource based economy.

[crumbs]

They aren't wasted because you get Bitcoins for them.

Nope, that's just a neat way of distributing the currency.

It's neat, but not efficient.  A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them.  In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it.  If the FED was working on that kind of margin, people might be even moar pissed

[Kazu]

They aren't wasted because you get Bitcoins for them.

Nope, that's just a neat way of distributing the currency.

It's neat, but not efficient.  A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them.  In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it.  If the FED was working on that kind of margin, people might be even moar pissed

All bills $50 and below cost more to print than their face value.

[crumbs]

They aren't wasted because you get Bitcoins for them.

Nope, that's just a neat way of distributing the currency.

It's neat, but not efficient.  A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them.  In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it.  If the FED was working on that kind of margin, people might be even moar pissed

All bills $50 and below cost more to print than their face value.

Wow, didn't know that.  A link?

Edit:
"... Details on the procedure are not in the public domain for obvious reasons. However, the estimated cost of one dollar bill has been placed at around 8 to 9 cents per dollar bill." -- not authoritative, but unless you have some better sauce, i'm going with that.

[bobdude17]

Sooo.. what happens at 150?

[Kazu]

They aren't wasted because you get Bitcoins for them.

Nope, that's just a neat way of distributing the currency.

It's neat, but not efficient.  A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them.  In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it.  If the FED was working on that kind of margin, people might be even moar pissed

All bills $50 and below cost more to print than their face value.

Wow, didn't know that.  A link?

Edit: "Answer
The printing and reproduction of the dollar bill is a task that is reserved for the US government. Details on the procedure are not in the public domain for obvious reasons. However, the estimated cost of one dollar bill has been placed at around 8 to 9 cents per dollar bill." -- not authoritative, but unless you have some better sauce, i'm going with that.

You aren't counting the fact that they have to re-print the bill every period of time. I was looking for a source until I found this: http://advancedriskology.com/the-day-i-bought-15000/. Then I had a really good time and figured I'd find a source later.

[Walsoraj]

Sooo.. what happens at 150?

Probably rocket past +200, then once Ask-Sum is depleted we crash to new lows. Single digits, maybe .67 cents even

[ChartBuddy]

[byronbb]

Lots of order book dancing going on...

[crumbs]

They aren't wasted because you get Bitcoins for them.

Nope, that's just a neat way of distributing the currency.

It's neat, but not efficient.  A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them.  In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it.  If the FED was working on that kind of margin, people might be even moar pissed

My point was that the Bitcoin network's main purpose is not creating/distributing bitcoins.

My point is regardless of intended purpose, miners are mining for profit.  That's why millions of dollars are being spent on developing ASICs which will burn trillions of KWs of energy -- or the total value of bitcoins they produce, whichever's greater  Intent is only important to Baby Jesus.

[crumbs]

They aren't wasted because you get Bitcoins for them.

Nope, that's just a neat way of distributing the currency.

It's neat, but not efficient.  A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them.  In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it.  If the FED was working on that kind of margin, people might be even moar pissed

All bills $50 and below cost more to print than their face value.

Wow, didn't know that.  A link?

Edit: "Answer
The printing and reproduction of the dollar bill is a task that is reserved for the US government. Details on the procedure are not in the public domain for obvious reasons. However, the estimated cost of one dollar bill has been placed at around 8 to 9 cents per dollar bill." -- not authoritative, but unless you have some better sauce, i'm going with that.

You aren't counting the fact that they have to re-print the bill every period of time. I was looking for a source until I found this: http://advancedriskology.com/the-day-i-bought-15000/. Then I had a really good time and figured I'd find a source later.

I'm certain that they haven't considered the cost from when the cotton seed is placed in soil, nor for what that soil could otherwise be used.

I'm certain they haven't considered the cost of creating the universe which contains the sun which makes the seeds grow either, what's your point?

Edit:  When you buy a book, presume all the costs are covered, including the cost of growing the tree that makes the paper that the bookbinder uses to make the book.

[Kazu]

They aren't wasted because you get Bitcoins for them.

Nope, that's just a neat way of distributing the currency.

It's neat, but not efficient.  A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them.  In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it.  If the FED was working on that kind of margin, people might be even moar pissed

All bills $50 and below cost more to print than their face value.

Wow, didn't know that.  A link?

Edit: "Answer
The printing and reproduction of the dollar bill is a task that is reserved for the US government. Details on the procedure are not in the public domain for obvious reasons. However, the estimated cost of one dollar bill has been placed at around 8 to 9 cents per dollar bill." -- not authoritative, but unless you have some better sauce, i'm going with that.

You aren't counting the fact that they have to re-print the bill every period of time. I was looking for a source until I found this: http://advancedriskology.com/the-day-i-bought-15000/. Then I had a really good time and figured I'd find a source later.

I'm certain that they haven't considered the cost from when the cotton seed is placed in soil, nor for what that soil could otherwise be used.

Actually they sort of have. These costs are factored into the cost of the material from which the bill is made.

[crumbs]

...
Actually they sort of have. These costs are factored into the cost of the material from which the bill is made.

And, of course, we're talking dollar bills -- the cost of printing fives, tens & twenties doesn't go up proportionately.  Perhaps we could petition the FED to make money last *loo0nger* -- that'll save us money

[crumbs]

They aren't wasted because you get Bitcoins for them.

Nope, that's just a neat way of distributing the currency.

It's neat, but not efficient.  A miner is left on as long as the bitcoins it produces are worth more than the power cost of producing them.  In other words, in a (plausible) worst-case scenario, each bitcoin mined will cost just a fraction below the power burned to mine it.  If the FED was working on that kind of margin, people might be even moar pissed

My point was that the Bitcoin network's main purpose is not creating/distributing bitcoins.

My point is regardless of intended purpose, miners are mining for profit.  That's why millions of dollars are being spent on developing ASICs which will burn trillions of KWs of energy -- or the total value of bitcoins they produce, whichever's greater  Intent is only important to Baby Jesus.

The original conversation was about wasted resources. The poster "Kazu" suggested that the resources are not wasted because bitcoins are created in the process.

The resources are not wasted because they power a network which allows anyone, anywhere in the world, to transfer value to anyone, anywhere in the world, without requiring permission from a third party. It also allows individuals to store value without risk of seizure. The more resources the honest nodes employ, the more resources the dishonest nodes will require to attack the network. Since I value the properties of the network, I do not consider those resources employed by the honest nodes to be wasted.

None of this has anything to do with coin creation and distribution, nor those who profit from it.

I didn't realize we were quibbling over semantics.  Nothing is wasted if someone derives something from it, even when the derived value is the simple joy of knowing how much you have wasted.

If the convenience of sending a dollar around the world is worth a hundred dollars of burnt electricity to you, who am i to argue?  Value is subjective, you're correct.

[wonkytonky]

Sooo.. what happens at 150?

Probably rocket past +200, then once Ask-Sum is depleted we crash to new lows. Single digits, maybe .67 cents even

even without the rocket to +200 we will crash at some point..
we have not had a real correction for some long time now...    if it's going down..

it's going doooowwwwwnnnnn

last time we had such a small ask orderbook  the bubble popped ..  

i realy hope it bubbles  the short will be legendary

[crumbs]

It looks like my prognostication is going to fail again.  Consider using me as the oracle that is consistently wrong.

[RationalSpeculator]

It looks like my prognostication is going to fail again.  Consider using me as the oracle that is consistently wrong.

Hey crumbs

I admire your modesty.

I also did not expect this. It's a strong breakout from the previous gradual bubble deflation.