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

[KFR]

Gold market = $6.5 trillion

Global remittance business (Western Union etc.) = $0.5 trillion

M0 = $5 trillion
M1 = $25 trillion
M2 = $60 trillion
M3 = $75 trillion

I think the sum of global wealth (held by the world's adults) is somewhere around $200 trillion.


(all approx. of course)

I know some very smart people think a single bitcoin will one day have the purchasing power that $1million USD has right now but given the above I find that very hard to believe.

Personally, I find it very hard to see how 1 BTC would, under the same terms, ever be worth more than a few hundred thousand USD.

Any talk of $80 million USD per BTC or even $8 million within five years is just complete fantasy.

[1714005879]

1714005879

[1714005879]

1714005879

[1714005879]

1714005879

[1714005879]

1714005879

[aminorex]

^Jesus!!! you think BTC is going to $80,000,000?

If 90% of BTC are consumed by reserve demand and 50% of the global GDP is denominated in bitcoin, we will see $80mm/btc.

[KFR]

^Jesus!!! you think BTC is going to $80,000,000?

If 90% of BTC are consumed by reserve demand and 50% of the global GDP is denominated in bitcoin, we will see $80mm/btc.

Yup.  But that would be a very different world to the one we currently live in.

[JimboToronto]

1 BTC=~$800 now  ~1000% annual appreciation for the trend.

in one year 1 BTC=~$8,0000
two years 1BTC=~$80,000
three years 1BTC=~$800,000
Four years 1 BTC=~$8,000,000
Five years 1 BTC=~80,000,000

$80 mil is a position to produce stuff. Now this trend may slow down, but again, you're young.  You say you want to swing for the fences. Good. I'm like that too. Just don't strike out waiting for the perfect pitch.

Um, you do realize that s-curves (like Bitcoin adoption) only increase exponentially on the approach to vertical, don't you?

[MAbtc]

Good. I want it to take a longer time to reach an ATH. Because I am jobless with almost nothing. So, I can't drop a few thousand and pick up 10 or 100 coins. At these prices I can buy like 2 BTC - at lower prices I can triple that. Its a huge difference for me.

You're a dipshit. let's say you're right and it crashes and you get three coins for the rice of one now. it takes three months to recover and you've trippled up. Or you could just buy one now and the price doubles two months in a row (because nodody got spooked by the crash that didn't happen) and you've got FOUR times your buy-in. I'm not too surprised you're unemployed with little money when you display an attitude like that. And you'll never be richer than me. If it crashes, I'll just be right there buying with you. asshole.

You're being completely ridiculous. Having 4x the fiat is utterly meaningless. What kind of bull are you? A long term bull wants coins, not dollars.

In before you somehow find a way to make this about blaming the government. "I'm not too surprised you're unemployed with little money when you display an attitude like that. And you'll never be richer than me." -- more of the same crude bullshit. You fucking asshole.

[aminorex]

Global remittance business (Western Union etc.) = $0.5 trillion

This is a gross under-estimate -- US-centrism is blinkering you.  WU and MoneyGram *alone* do 0.685 tn usd/an in remittances.  Hawala networks, non-US related remittances, Internet-based remittances multiply this by a *large* factor.  There are nations of central Asia in which 60% of the GDP consists of remittances (mostly from Russia and Kazakhstan.)

Any talk of $80 million USD per BTC or even $8 million within five years is just complete fantasy.

Definitely not fantastical.  Achievable.  Very *unlikely*, yes.  90% is probably a fair estimate of reserve demand, but 50% domination of all monetary transactions seems unlikely.  However, layered applications may consume much more bitcoin.  I think there is a natural limit when 1 satoshi ~= 1 yen, roughly the smallest unit of useful currency.  Either there is a protocol fork for that, or adjunct chains serve the subpenny traffic, or a fundamental innovation occurs.  Meanwhile, it is a natural resistance point, albiet one very far away and unlikely to be seen in our lifetimes.

[MAbtc]

We just had a crash and consolidation. Maybe we need  another one. I don't know, but I don't want to see anybody get hurt, and nobody get's hurt if we only go up from here except the people waiting now for a lower price point with too much cash on the sidelines. I don't have a crystal ball and maybe waiting now is is good strategy, but it's good for Bitcoin if there's less volatility.

The market doesn't care if people get hurt. And the market surely doesn't give a fuck what is good for bitcoin.

[mah87]

bitcoin is a bubble

[billyjoeallen]

^Jesus!!! you think BTC is going to $80,000,000?

If 90% of BTC are consumed by reserve demand and 50% of the global GDP is denominated in bitcoin, we will see $80mm/btc.

You also have to consider that world GDP is growing exponentially and dollars are being debased at the same time.  $80mm may only buy a cheeseburger a decade from now!  It actually would've been a heluva bargain in Zimbabwe a few years back. I have a few $100,000,000,000 Zimbabwe bills that I bought on eBay. The world's reserve currency will probably be the last to fall, but hyperinflation is pretty much inevitable with fiat currencies. If the only weapon you have is a printing press, every problem looks like a liquidity problem.

[mah87]

BITCOIN IS A FUCKING BUBBLE IT'S GONNA BURST THIS YEAR!

[dgarcia]

We just had a crash and consolidation. Maybe we need  another one. I don't know, but I don't want to see anybody get hurt, and nobody get's hurt if we only go up from here except the people waiting now for a lower price point with too much cash on the sidelines. I don't have a crystal ball and maybe waiting now is is good strategy, but it's good for Bitcoin if there's less volatility.

The market doesn't care if people get hurt. And the market surely doesn't give a fuck what is good for bitcoin.

Yep. But sadly this is valid for both directions 

[gentlemand]

BITCOIN IS A FUCKING BUBBLE IT'S GONNA BURST THIS YEAR!

Oh my god. What can we do?

Apart from buying XRP.

[JimboToronto]

bitcoin is a bubble

Yep. Lots of them.

[mah87]

BITCOIN IS A FUCKING BUBBLE IT'S GONNA BURST THIS YEAR!

Oh my god. What can we do?

Apart from buying XRP.

Buy some XRP this is the next bubble. Bitcoin has no long term future (or maybe around 0,5$ each...like an old souvenir..)

[dgarcia]

BTC-E pumping altcoins or what is goind on there?

[billyjoeallen]

1 BTC=~$800 now  ~1000% annual appreciation for the trend.

in one year 1 BTC=~$8,0000
two years 1BTC=~$80,000
three years 1BTC=~$800,000
Four years 1 BTC=~$8,000,000
Five years 1 BTC=~80,000,000

$80 mil is a position to produce stuff. Now this trend may slow down, but again, you're young.  You say you want to swing for the fences. Good. I'm like that too. Just don't strike out waiting for the perfect pitch.

Um, you do realize that s-curves (like Bitcoin adoption) only increase exponentially on the approach to vertical, don't you?

Of course. ten years total before the adoption rate goes linear is certainly within the realm of possibility.But, c'mon, does it really matter? What's important is the amplitude of the virtical section.

[dgarcia]

BTC-E pumping altcoins or what is goind on there?

They are useless and people start to realize it?

What is uselles? BTC-E or Altcoins?

I would agree with both 

[Davyd05]

BTC-E pumping altcoins or what is goind on there?

They are useless and people start to realize it?

not seeing any crazy difference in alt prices since last night but I am not really checking to hard. FTC NMC PPC

Either way Bitcoin is here to stay and is revolutionizing the way people think about their own money and money in general.. whether it makes us all rich or not it is bitch slapping people who just accepted the monetary system governments have been imposing on us for however long right in the face. Most are waking up some are stuck in the mud thinking the government will protect them when the bankers coming knocking or. just wrecking ball the markets lol

[fonzie]

As from today alts may walk the opposite way of BTC/USD as they used to do 3-9 months ago.

[aminorex]

dumper on bfx doesn't care what price he gets.