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

[notme]

look im just saying, the only reason why people think btc can go to $10000 is because if enough people start using it so much that it becomes accepted everywhere, such that the only reason why it would be worth $10000 per BTC is because fiat would become essentially redundant or worthless.  With another huge Chinese company, especially a state owned one, shows that this can happen sooner than people expect.

basically fuck the speculators, fuck the greedy assholes that think it can just be a get rich quick scheme and dont fully understand btc.  The move to $10000 is irrelevant of them.  what will get us to $10000 is real people converting their fiat because btc is better

(ps i know this has been said before but your comment suggests that you dont understand the way to $10000)

Utter shite.

If gold can be worth 7 trillion without anyone spending it, Bitcoin can be worth 500 billion without anyone spending it.

Repeat after me. Bitcoin is a new asset class.

mate if you are such a bear and have no hope for btc then why are you even here

I can't figure out who you are talking to.  Both people you quoted made bullish statements.

[1715677389]

1715677389

[MahaRamana]

look im just saying, the only reason why people think btc can go to $10000 is because if enough people start using it so much that it becomes accepted everywhere, such that the only reason why it would be worth $10000 per BTC is because fiat would become essentially redundant or worthless.  

I don't think so.

If fiat would become redundant or worthless due to bitcoin success, we would be looking more into  $10 000  per mBTC rather than $10 000 per BTC ($10 million per BTC)

But that would be measuring using today's USD purchasing power. If USD becomes worthless and redundant, nobody will give a mBTC even for $10 million... So in this extreme scenario you need to use another unit of value. 1 ounce of gold is quite good.

I don't see fiat becoming redundant tough. That's an extreme scenario.

[explorer]

look im just saying, the only reason why people think btc can go to $10000 is because if enough people start using it so much that it becomes accepted everywhere, such that the only reason why it would be worth $10000 per BTC is because fiat would become essentially redundant or worthless.  With another huge Chinese company, especially a state owned one, shows that this can happen sooner than people expect.

basically fuck the speculators, fuck the greedy assholes that think it can just be a get rich quick scheme and dont fully understand btc.  The move to $10000 is irrelevant of them.  what will get us to $10000 is real people converting their fiat because btc is better

(ps i know this has been said before but your comment suggests that you dont understand the way to $10000)

Utter shite.

If gold can be worth 7 trillion without anyone spending it, Bitcoin can be worth 500 billion without anyone spending it.

Repeat after me. Bitcoin is a new asset class.

mate if you are such a bear and have no hope for btc then why are you even here

 I believe the point is that mass point of sale adoption and mass value asset adoption are not mutually required for one or the other to drive the price up. Bitcoin is many things.

  -and among other things mine are kinda lonely

[elux]

@Holiday indicated that parity with gold was reached earlier.
Gold is now just 10 cents higher than BTC all time high.

[vps15]

on top of this i just saw someone post about a major Chinese state owned telecommunications company that started accepting btc on a previous page, $10000 is coming

So is winter. Aw, shit... I just looked out the window.  Looks like 10K   

[explorer]

I guess next is ATH BTC=ATH Au then page count parity and beyond!

[ajax3592]

Please the change the poll. Bitcoin has already crossed $1000 

[hyphymikey]

Please the change the poll. Bitcoin has already crossed $1000 

and Gold.... so what's next to vote on?

[vps15]

look im just saying, the only reason why people think btc can go to $10000 is because if enough people start using it so much that it becomes accepted everywhere, such that the only reason why it would be worth $10000 per BTC is because fiat would become essentially redundant or worthless.  

I don't think so.

If fiat would become redundant or worthless due to bitcoin success, we would be looking more into  $10 000  per mBTC rather than $10 000 per BTC ($10 million per BTC)

But that would be measuring using today's USD purchasing power. If USD becomes worthless and redundant, nobody will give a mBTC even for $10 million... So in this extreme scenario you need to use another unit of value. 1 ounce of gold is quite good.

I don't see fiat becoming redundant tough. That's an extreme scenario.

right well the 10k is just an arbitrary round large number, it has been used a lot before so thats why i was quoting 10k

complete redundancy of fiat is a rather extreme scenario, but the ideas and reasons behind 10k are still relevant due to btc's finite amount 21m
im saying btc would make fiat more redundant than it is now

[solex]

on top of this i just saw someone post about a major Chinese state owned telecommunications company that started accepting btc on a previous page, $10000 is coming

So is winter. Aw, shit... I just looked out the window.  Looks like 10K   

who, what is that face?

[Bitcoines]

Please the change the poll. Bitcoin has already crossed $1000 

and Gold.... so what's next to vote on?

to reach the number of pages on this post as previously suggested by someone else XD

[justusranvier]

complete redundancy of fiat is a rather extreme scenario

What is the historical track record of fiat currencies in terms of longevity?

[explorer]

on top of this i just saw someone post about a major Chinese state owned telecommunications company that started accepting btc on a previous page, $10000 is coming

So is winter. Aw, shit... I just looked out the window.  Looks like 10K   

who, what is that face?

That's my dad.

[explorer]

complete redundancy of fiat is a rather extreme scenario

What is the historical track record of fiat currencies in terms of longevity?

irrefutable.  zero cometh for all...

[ElectricMucus]

@Holiday indicated that parity with gold was reached earlier.
Gold is now just 10 cents higher than BTC all time high.

That should read GoxBux vs ComexPromises.
It's true if the cross exchange weighted price and the retail price of one oz Bullion including agio are equal. Only then can one real Bitcoin be worth one real Ounce of Gold.

[niner]

@Holiday indicated that parity with gold was reached earlier.
Gold is now just 10 cents higher than BTC all time high.

Thanks. 'Tis a thing of beauty!

[ChartBuddy]

[windjc]

Am I the only one that is seeing that coins on much more sparse on Mtgox than on Stamp?  If this is true, it would suggest that in the future it is going to be impossible for Stamp to keep up with Gox.

So much has been talked about regarding the fiat "stuck" in Gox and how people would theoretically have to buy bitcoin to get their currency out. However, the other thing is that who wants to sell their coins there if you can't get the money out? If most people with coins who need the money quickly would prefer to use Bitstamp for these obvious reasons, there is just going to be ALOT more bitcoins available on Bitstamp

We are seeing this in the last week. The spread has been over $200 for no particularly good reason.

Its a little crazy that with all these different exchanges, there are such different situations at each one that change the price dramatically and that most people are not (or can not) taking advantage of it (arbitrage).

I can't wait until there is parity in the exchange prices. Although I really question if that will happen anytime soon.

[tHash]

Please the change the poll. Bitcoin has already crossed $1000 

Adam seems to be missing . . .   Haven't seen him around in quite a while.   I hope he didn't get caught running around with his bear coat on and slaughtered  

[Vigil]

Am I the only one that is seeing that coins on much more sparse on Mtgox than on Stamp?  If this is true, it would suggest that in the future it is going to be impossible for Stamp to keep up with Gox.

So much has been talked about regarding the fiat "stuck" in Gox and how people would theoretically have to buy bitcoin to get their currency out. However, the other thing is that who wants to sell their coins there if you can't get the money out? If most people with coins who need the money quickly would prefer to use Bitstamp for these obvious reasons, there is just going to be ALOT more bitcoins available on Bitstamp

We are seeing this in the last week. The spread has been over $200 for no particularly good reason.

Its a little crazy that with all these different exchanges, there are such different situations at each one that change the price dramatically and that most people are not (or can not) taking advantage of it (arbitrage).

I can't wait until there is parity in the exchange prices. Although I really question if that will happen anytime soon.

You can't take advantage of arbitrage because there is no easy way to transfer fiat between the exchanges. BitInstant was the ticket between Gox and BTC-e but it has been down for months.