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Question: Closing BTC Price June 28:
$0 - 5 (3.1%)
<$7,000 - 4 (2.5%)
$7,000-$7,499 - 0 (0%)
$7,500-$7,999 - 0 (0%)
$8,000-$8,499 - 1 (0.6%)
$8,500-$8,999 - 3 (1.8%)
$9,000-$9,499 - 4 (2.5%)
$9,500-$9,999 - 27 (16.6%)
$10,000-$10,499 - 24 (14.7%)
$10,500-10,999 - 12 (7.4%)
$11,000-$11,499 - 14 (8.6%)
$11,500-$12,000 - 15 (9.2%)
>$12,000 - 41 (25.2%)
>$20,000 - 13 (8%)
Total Voters: 163

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21244724 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (66 posts by 16 users deleted.)
V1lpu
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July 19, 2018, 05:12:45 PM


Who the hell did the math on this?  Regardless, more gold = less price and you never know when they'll find a treasure ship or asteroid full of the stuff.  Old world problems bitcoiners laugh at.  

It's just a rumour, this is much more interesting and close to this thread.

https://www.bloomberg.com/news/articles/2018-07-18/sunken-treasure-ship-discovery-reports-roil-some-korean-stocks
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Last of the V8s
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July 19, 2018, 05:13:51 PM

Lol, are you an idiot?
Miscommunication on both our parts.
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July 19, 2018, 05:16:00 PM


Who the hell did the math on this?  Regardless, more gold = less price and you never know when they'll find a treasure ship or asteroid full of the stuff.  Old world problems bitcoiners laugh at.  

It's just a rumour, this is much more interesting and close to this thread.

https://www.bloomberg.com/news/articles/2018-07-18/sunken-treasure-ship-discovery-reports-roil-some-korean-stocks

Gee, I wonder if the whales involved in the current bear raid on Gold had anything to do with these rumors  Roll Eyes  Grin
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July 19, 2018, 05:21:49 PM


«that is believed to contain 200 tons of gold bullion and coins, equivalent to $130 billion, according to The Daily Telegraph».


Are you lot still butthurt that the Japs sunk both your navies during your little war?

Whether this wreck turns out fruitful or not, take it as an example of what gold is out there.

Too much gold will sink any boat.   Shocked

Buy Bitcoin instead  Grin
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It's over 9000!


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July 19, 2018, 05:33:57 PM


«that is believed to contain 200 tons of gold bullion and coins, equivalent to $130 billion, according to The Daily Telegraph».




Who the hell did the math on this?  Regardless, more gold = less price and you never know when they'll find a treasure ship or asteroid full of the stuff.  Old world problems bitcoiners laugh at.  

 Yeah that is weird.  One of the figures is wrong...

200 ton [short]  = 5833333.34 ounce [troy] @ $1,243.20/oz ~ $7,252,000,008
200 ton [long]   = 6533333.34 ounce [troy] @ $1,243.20/oz ~ $8,122,240,008
200 ton [metric] = 6430149.32 ounce [troy] @ $1,243.20/oz ~ $7,993,961,634

 OR maybe they were using the price of gold when the ship sank?



 
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July 19, 2018, 05:35:34 PM


«that is believed to contain 200 tons of gold bullion and coins, equivalent to $130 billion, according to The Daily Telegraph».




Who the hell did the math on this?  Regardless, more gold = less price and you never know when they'll find a treasure ship or asteroid full of the stuff.  Old world problems bitcoiners laugh at.  

 Yeah that is weird.  One of the figures is wrong...

200 ton [short]  = 5833333.34 ounce [troy] @ $1,243.20/oz ~ $7,252,000,008
200 ton [long]   = 6533333.34 ounce [troy] @ $1,243.20/oz ~ $8,122,240,008
200 ton [metric] = 6430149.32 ounce [troy] @ $1,243.20/oz ~ $7,993,961,634

 OR maybe they were using the price of gold when the ship sank?

you are missing the boxes

"The cruiser’s crew were believed to have carried 5,500 boxes containing gold bars as well as 200 tons of gold coins" 
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July 19, 2018, 06:08:09 PM

xhomerx10
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July 19, 2018, 07:35:10 PM


«that is believed to contain 200 tons of gold bullion and coins, equivalent to $130 billion, according to The Daily Telegraph».




Who the hell did the math on this?  Regardless, more gold = less price and you never know when they'll find a treasure ship or asteroid full of the stuff.  Old world problems bitcoiners laugh at.  

 Yeah that is weird.  One of the figures is wrong...

200 ton [short]  = 5833333.34 ounce [troy] @ $1,243.20/oz ~ $7,252,000,008
200 ton [long]   = 6533333.34 ounce [troy] @ $1,243.20/oz ~ $8,122,240,008
200 ton [metric] = 6430149.32 ounce [troy] @ $1,243.20/oz ~ $7,993,961,634

 OR maybe they were using the price of gold when the ship sank?

you are missing the boxes

"The cruiser’s crew were believed to have carried 5,500 boxes containing gold bars as well as 200 tons of gold coins" 

 Yeah after reading it again I think it's just a poorly written article.  The boxes are included initially in the 200 ton estimate and then separated later on in the article.  I'm not sure what the standard measure for box is though...

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July 19, 2018, 07:37:43 PM


«that is believed to contain 200 tons of gold bullion and coins, equivalent to $130 billion, according to The Daily Telegraph».




Who the hell did the math on this?  Regardless, more gold = less price and you never know when they'll find a treasure ship or asteroid full of the stuff.  Old world problems bitcoiners laugh at.  

I'm not buying it. Asteroid gold mining wont happen. That is the worst argument ever conceived for future abundance of gold.
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July 19, 2018, 07:51:20 PM
Merited by Syke (1), Ibian (1)

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."
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July 19, 2018, 07:58:27 PM

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Isn't it the same with bitcoin?
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July 19, 2018, 08:00:54 PM

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Imagine an alien watching us humans as we develop ASICs and set up huge computer farms for mining Bitcoin.

"Why do they expend so much time and resources to solve these cryptographic puzzles? Is this vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather the products of these solutions and hide them away in little electronic devices so that other humans don't take them."

PS: becoin beat me to it...
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July 19, 2018, 08:04:25 PM

I'm not buying it. Asteroid gold mining wont happen. That is the worst argument ever conceived for future abundance of gold.

Its not working unless they can avoid the problems of gravity and/or have acquired infinite energy.   IF they solve the energy cost problem then the whole world economy is going to be reordered in some way anyhow.
They'd need to bring the meteor down to earth, I dont think its impossible but improbable and yea gold utility is not high.  Its not a growth industry just an inverse of other factors, probably mostly relating to volatility, instability.   Every currency type is a store of wealth or excess profit, its not especially negative to call gold out in that way.

Dollar notes rot go mouldy when buried, Escobar had this problem when trying to store wealth, gold wins on most comparisons and the price comes after but its no failure of a product.  His greatest legacy is a set of hippos left in his country estate.  
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July 19, 2018, 08:11:15 PM

Funny thing about profit? It can only be garnered by providing something the masses want at a price for which they are willing to pay.

Truth is, the cold indifference of profit-seeking enterprise is the mechanism by which the lowliest among us live better longer lives in more comfort than the aristocracy of merely a century ago.

In general, but it is certainly not a universal mechanism. The victims of the Bhopal disaster hardly lived or are living better, longer lives.

Your point is well taken. I could point out that 'on balance' is the only meaningful way to make such assessments. And please do not misunderstand my next point -- as I would be quick to agree that the loss of inanimate business entities  pales in the face of human life. But you may have noticed that Union Carbide is no longer a viable company. IOW, this organization is demonstrably proven to be very poor at profit-seeking.
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July 19, 2018, 08:15:19 PM

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Isn't it the same with bitcoin?


Aliens would understand bitcoin. Because that's how their money works.

#alientech
#satoshiwasanalien
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July 19, 2018, 08:24:27 PM

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."
Humans are weird. To get an idea of just how weird, look up The Deathworlders. Ongoing monthly sci-fi with aliens that are in some ways more human than human.
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July 19, 2018, 08:25:09 PM

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Isn't it the same with bitcoin?
Yeah except bitcoin actually has value and practical utility.
V1lpu
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July 19, 2018, 08:30:32 PM

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

They would understand the point of accumulating gold as payment instrument. What you would say about Rai Stones?

https://en.wikipedia.org/wiki/Rai_stones
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July 19, 2018, 08:30:58 PM

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Isn't it the same with bitcoin?
Yeah except bitcoin actually has value and practical utility.

Originally we collected gold for the god kings (or whatever they were)

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July 19, 2018, 08:34:48 PM

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Warren Buffett made this exact argument about gold.

The thing is though, any civilization of beings sufficiently advanced above a barter system would need *something* (physical or digital) to store work value as money. It doesn't matter what the thing is, it just has to exhibit all the essential properties (e.g., rare/scarcity, fungibility, durability, divisibility, secure, proof of work, etc., etc.) for that race's encapsulated existence. Shared belief among the beings does the rest. It's all about shared belief that something has value, because the thing in and of itself really doesn't.

It becomes more of a problem on a galactic scale, of course, unless you control the whole galaxy. Then you can dictate the universally accepted monetary system.
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