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

[Walsoraj]

Crash baby, crash!

You really are terrible at this

not his finest hour

It did crash, for about an hour.

[1714869186]

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[1714869186]

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[Walsoraj]

Why do I get a sneaking feeling (after reading the recent posts) that we are entering the "new paradigm" stage..?
I think I'll give it till 1100-1200 (Bitstamp price), probably earlier.

Naw. Closer to $1400 before we crash below $100 and possibly to single digits  

[kurious]

Someone just stuck 650 BTC ask at 1039 on gox , looks like I can sleep soundly.

Stamp ain't going to climb that 1000 wall it seems, so we are where we are for a bit.   Watching bots now - until the next drama.

Lately I realised I have started to dream of graphs.

[ChartBuddy]

[micalith]

Why do I get a sneaking feeling (after reading the recent posts) that we are entering the "new paradigm" stage..?
I think I'll give it till 1100-1200 (Bitstamp price), probably earlier.

The west just needs a few days to get over the $1000 giddiness

[Walsoraj]

Someone just stuck 650 BTC ask at 1039 on gox , looks like I can sleep soundly
...

^ must be new here.

[kurious]

Why do I get a sneaking feeling (after reading the recent posts) that we are entering the "new paradigm" stage..?
I think I'll give it till 1100-1200 (Bitstamp price), probably earlier.

Naw. Closer to $1400 before we crash below $100 and possibly to single digits  

Only "possibly" now...?   Losing the bear faith, are we?

[Walsoraj]

Why do I get a sneaking feeling (after reading the recent posts) that we are entering the "new paradigm" stage..?
I think I'll give it till 1100-1200 (Bitstamp price), probably earlier.

Naw. Closer to $1400 before we crash below $100 and possibly to single digits  

Only "possibly" now...?   Losing the bear faith, are we?

No. What I meant is that single digits is coming, but might be a second crash immediately following the first to $100. 

[electronrancher]

Why not just si?

Cbit, mbit, ubit, nbit, pbit, fbit, abit

Ceebit, embit, youbit, enbit, peebit, effbit

Hows about:

   Bitcoin         = Bits   = 1 unit
   cents   = cBits   = 0.01 units
   millis or mills      = mBits   = 0.001 units
   micros or mics      = μBits   = 0.000001 units
   Satoshi or sats            = 0.00000001 units
   nanos or nans   = nBits   = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)

The logic being 100 cents in a Dollar/Euro but we don't say centidollar or centieuro, we just say cents.

"centi-bit" cBTC
"milli-bit"   mBTC
"micro-bit" µBTC
"satoshi"   sBTC

probably causes the least confusion

or

"cent-coin"
"milli-coin"
"micro-coin"

or

"ceebits" cBTC
"embits"  mBTC
"mybits"  µBTC

For me:

First lot ok - but too many syllables

Second lot - a little clunky 'cent-coin' yikes...

Third - 'ceebits' / 'embits' /'mybits'....   actually - genius!

[Aido]

So, lets get a vote put up for the following naming conventions:

1. "ceebits" (cBTC) / "embits"  (mBTC) / "mybits"  (µBTC)
2. "centi-bit" (cBTC) / "milli-bit"   (mBTC) / "micro-bit" µBTC / "satoshi"  (sBTC)
3. "cents" (cBTC) / "mills"  (mBTC) / "mics" µBTC / "sats (satoshis)"  (sBTC)

Or will this all need a seperate thread of its own?

[Coinseeker]

Lol. Im not dead just yet

Here comez $100 ltc

+100 

[jojo69]

standard notation; milli, micro

[kurious]

Why do I get a sneaking feeling (after reading the recent posts) that we are entering the "new paradigm" stage..?
I think I'll give it till 1100-1200 (Bitstamp price), probably earlier.

Naw. Closer to $1400 before we crash below $100 and possibly to single digits  

Only "possibly" now...?   Losing the bear faith, are we?

No. What I meant is that single digits is coming, but might be a second crash immediately following the first to $100. 

Single digits would be a catastrophic crash - can you really envisage that without a huge exchange scandal / theft or a systemic failure?

We are talking BTC death at that rate - I can't see it (not impossible, of course) but barring a huge calamity inside the system itself - how?

[kurious]

So, lets get a vote put up for the following naming conventions:

1. "ceebits" (cBTC) / "embits"  (mBTC) / "mybits"  (µBTC)
2. "centi-bit" (cBTC) / "milli-bit"   mBTC / "micro-bit" µBTC / "satoshi"  (sBTC)
3. "cents" (cBTC) / "mills"   mBTC / "mics" µBTC / "sats (satoshis)"  (sBTC)

Or will this all need a seperate thread of its own?

Yes - if there's a Satoshi for No. 1 sBTC too?

[kurious]

So, lets get a vote put up for the following naming conventions:

1. "ceebits" (cBTC) / "embits"  (mBTC) / "mybits"  (µBTC)
2. "centi-bit" (cBTC) / "milli-bit"   mBTC / "micro-bit" µBTC / "satoshi"  (sBTC)
3. "cents" (cBTC) / "mills"   mBTC / "mics" µBTC / "sats (satoshis)"  (sBTC)

Or will this all need a seperate thread of its own?

Yes - if there's a Satoshi for No. 1 sBTC too?

Let's pester for a vote - I think it actually matters in terms of adoption and the future.

Maybe we will then be voting (as you suggested) for a next target of $2 / mBTC !

EDITED doh...

[macsga]

After the $1K mark today; I've been -literally- bombarded with questions about the "roof" the price will be "landed". I know that bitcoin is nothing like anything we know up until today; but still; we can estimate a projected value regarding something similar. Gold.

This is a rough estimation I did back in March (before the April crash). I think it remains pretty accurate to give you an idea. It's also posted at www.bitcoinvest.eu for Greek readers.
The money in circulation today ($USA) is 1,18 trillion dolars (data 20.03.2013, Federal Reserve). Gold minted during our presence here is now 171,300 metric tons. Therefore there's $6,888.5 per kilo of gold. The current (27.03.2013) gold value per kilo is $51,267 (http://goldprice.org/) which means this is overpriced about a factor of circa 7.5. That's because NOT ALL of gold is available for trading.
If the total lot of bitcoins reaches 21M (it comes @ 2140) and NO EXTRA DOLARS are being "cut" (unlikely, but say it is so), the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
If you now take in mind the overpriced hypothesis of gold; then you get the idea...

PS:
It's also posted here answering (guess) the same question...  
http://np.reddit.com/r/Bitcoin/comments/1rloww/serious_question_do_we_have_any_reasonable_idea/

If you have any objections; please let me know.

[maz]

After the $1K mark today; I've been -literally- bombarded with questions about the "roof" the price will be "landed". I know that bitcoin is nothing like anything we know up until today; but still; we can estimate a projected value regarding something similar. Gold.

This is a rough estimation I did back in March (before the April crash). I think it remains pretty accurate to give you an idea. It's also posted at www.bitcoinvest.eu for Greek readers.
The money in circulation today ($USA) is 1,18 trillion dolars (data 20.03.2013, Federal Reserve). Gold minted during our presence here is now 171,300 metric tons. Therefore there's $6,888.5 per kilo of gold. The current (27.03.2013) gold value per kilo is $51,267 (http://goldprice.org/) which means this is overpriced about a factor of circa 7.5. That's because NOT ALL of gold is available for trading.
If the total lot of bitcoins reaches 21M (it comes @ 2140) and NO EXTRA DOLARS are being "cut" (unlikely, but say it is so), the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
If you now take in mind the overpriced hypothesis of gold; then you get the idea...

PS:
It's also posted here answering (guess) the same question...  
http://np.reddit.com/r/Bitcoin/comments/1rloww/serious_question_do_we_have_any_reasonable_idea/

If you have any objections; please let me know.

Taking into consideration the hash rate, what are we talking coins in existence that we will see in our average life time? minus a small percentage for lost coins.

[simonk83]

Crash baby, crash!

You really are terrible at this

not his finest hour

It did crash, for about an hour.

If your definition of a crash is less than 10%, then sure. 

But no.

[macsga]

Taking into consideration the hash rate, what are we talking coins in existence that we will see in our average life time? minus a small percentage for lost coins.

It's projected accordingly the mining procedure of minerals like gold. It's now based over an exponential equation that degrades since it's scarcity develops as we go further in time. So; unless a new ''golden'' planet is found (with more reserves) then, the hashrate increase (thus btc mining) may very well imitate the gold mining procedure (minus a small percentage for lost coins.)

[jojo69]

After the $1K mark today; I've been -literally- bombarded with questions about the "roof" the price will be "landed". I know that bitcoin is nothing like anything we know up until today; but still; we can estimate a projected value regarding something similar. Gold.

This is a rough estimation I did back in March (before the April crash). I think it remains pretty accurate to give you an idea. It's also posted at www.bitcoinvest.eu for Greek readers.
The money in circulation today ($USA) is 1,18 trillion dolars (data 20.03.2013, Federal Reserve). Gold minted during our presence here is now 171,300 metric tons. Therefore there's $6,888.5 per kilo of gold. The current (27.03.2013) gold value per kilo is $51,267 (http://goldprice.org/) which means this is overpriced about a factor of circa 7.5. That's because NOT ALL of gold is available for trading.
If the total lot of bitcoins reaches 21M (it comes @ 2140) and NO EXTRA DOLARS are being "cut" (unlikely, but say it is so), the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
If you now take in mind the overpriced hypothesis of gold; then you get the idea...

PS:
It's also posted here answering (guess) the same question...  
http://np.reddit.com/r/Bitcoin/comments/1rloww/serious_question_do_we_have_any_reasonable_idea/

If you have any objections; please let me know.

nobody is getting my BTC for a mere $56,000 each...no way