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

[TERA]

Gambling is a very powerful and widespread human emotion and disorder to take advantage of. There is a huge market to be filled for services that fulfull the need of gambling, like poker, and bitcoin. These are more related than you think. It is 90% of the reason why bitcoin is so successful today. If I had to classify the majority of commerce and activities done in bitcoin as an industry, it would be the gambling industry.

[bambou]

Gambling is a very powerful and widespread human emotion and disorder to take advantage of. There is a huge market to be filled for services that fulfull the need of gambling, like poker, and bitcoin. These are more related than you think. It is 90% of the reason why bitcoin is so successful today. If I had to classify the majority of commerce and activities done in bitcoin as an industry, it would be the gambling industry.

yeah it is true that chinese people have that 'thing' when it comes to gamble.. i am more of a chess player.

[empowering]

Economics and trading are two different things, Junior.  The fact that you consider it play money may be why you have less than a quarter of your original stack. Hope you enjoy that DD2 memory. Your brain memory isn't apparently doing you much good.

: ) well said...

 play money... jesus ..move on

[magicmexican]

Gambling is a very powerful and widespread human emotion and disorder to take advantage of. There is a huge market to be filled for services that fulfull the need of gambling, like poker, and bitcoin. These are more related than you think. It is 90% of the reason why bitcoin is so successful today. If I had to classify the majority of commerce and activities done in bitcoin as an industry, it would be the gambling industry.

Thats very true.

If somehow someday a PokerStars would accept bitcoin it would be enormous, especially for US citizens.

[empowering]

Economics and trading are two different things, Junior.  The fact that you consider it play money may be why you have less than a quarter of your original stack. Hope you enjoy that DD2 memory. Your brain memory isn't apparently doing you much good.

That is nice to hear. I am pretty sure when I am at your age I will be sitting on an internet forum arguing with someone 20 years younger than him about how much money you have made.

No maybe not ,  but I get the feeling you will be arguing some stupid point of view with someone...  good luck with that.

[flynn]

How? It's made some individuals wealthy, but only because other individuals have put money in, and those individuals are reliant on other new individuals putting money in to make their own returns. Bitcoin does not create money, it just moves it around. Only governments create money.

I never said that Bitcoin created money, it creates wealth. In people's mind, these 12,000,000 bitcoins are pretty well worth 10b$ , the money doesn't have to show up for this to be true, but the wealth is there in the bitcoins themselves.

[mellowyellow]

Ye except poker is a job for a decent chunk of people playing on these sites. I myself have friends who were forced to move outside of US just to continue playing.

Yeah, I didn't want to be rude to these guys; entertainment and online games are jobs like any others.

I just wanted to emphasise the fact that there is a big creation of wealth with bitcoin that other activities don't provide.

plus i wouldnt want to mess with all the silicon valley VCs which are investing more and more money into Bitcoin landscape. Poker sites are just irrelevant. Its a game, not a technology.

A multi billion dollar game, I think you are vastly underestimating the money that was in poker. With more interest than btc, a game senators play, a game americans play as children around the kitchen table....and still they banned it. It didn't matter that they could have made a killing taxing it. They saw danger for the US public, associations with crime - and they closed it down.

What do you think would happen if just one trusted entity (amazon, google, UK financial sector) introduced their own coin with none of the connotations with crime, better security and able to be fully compliant with current money laundering regs?

Anyway I'll stop now, I just wanted to discuss it, not talk myself out of it

[bambou]

How? It's made some individuals wealthy, but only because other individuals have put money in, and those individuals are reliant on other new individuals putting money in to make their own returns. Bitcoin does not create money, it just moves it around. Only governments create money.

I never said that Bitcoin created money, it creates wealth. In people's mind, these 12,000,000 bitcoins are pretty well worth 10b$ , the money doesn't have to show up for this to be true, but the wealth is there in the bitcoins themselves.

red colored: LOL

green colored: TRUST in the Bitcoin network creates wealth. the more users = the more secure = the more monayyy

[TakeTheSkyRoad]

So with hours to go before the ban, BCTChina added direct bank transfers as funding and withdrawal options again yesterday. The last few weeks they only hat the voucher system operating.

.


https://twitter.com/emilyspaven/status/428823936281767936
You have to log in to see for yourself

There is a CoinDesk article here

http://www.coindesk.com/btc-china-accepting-bank-deposits/

"Prominent Chinese bitcoin exchange BTC China is now accepting customer deposits via its corporate bank account, plus offering small prizes to its customers."

(introducing this right before the Chinese new year seems a bit risky and provocative to me tbh)

[600watt]

Gambling is a very powerful and widespread human emotion and disorder to take advantage of. There is a huge market to be filled for services that fulfull the need of gambling, like poker, and bitcoin. These are more related than you think. It is 90% of the reason why bitcoin is so successful today. If I had to classify the majority of commerce and activities done in bitcoin as an industry, it would be the gambling industry.

you are right ! if btc gets some chunk in the online gambling/sports betting industry we are talking about billions of $.  

and now add the online porn industry as i just mentioned in another thread, nerds could literally gamble & wank up the bitcoin price in the future !      only drugs are left out of the evil profitable three.  


edit: typo

[nanobrain]

And let us not forget
http://www.drugsense.org/cms/wodclock

[manfred]

So with hours to go before the ban, BCTChina added direct bank transfers as funding and withdrawal options again. The last few weeks they only hat the voucher system operating.

.


https://twitter.com/emilyspaven/status/428823936281767936
Its available since yesterday, you have to log in to see for yourself

http://www.coindesk.com/btc-china-accepting-bank-deposits/

[nanobrain]

Just been catching up on the last few pages.

Some interesting posts...esp. the fact that a lot of the 'greyer' users here seem to be a lot more optimistic of bitcoins future.  (and btw I'm greyer than most of them).  I actually think the young uns view of crypto as 'play money' is quite healthy...[paraphrase the obvious quote from Kipling here]. 

With regard to gambling and porn, I'd like to point out that both of these 'vices' bring huge social problems and that both have been at the cutting edge of instigating new technologies on the interweb...indeed, the porn industry has been the vanguard for innovation from pay walls to trackers.

Anyway, time for bed here.  have fun boys

[FierceRadish]

But in the next 24-36 months, bitcoin is somewhere between 10k-50k. It simply has to be. The scale at which the entities getting involved now operate scale wise, bitcoin will be forced there. And 17 year olds that mined this useless Internet money will have their minds blown.

Ah, the forced $50,000 per Bitcoin in 2017.  Let's see what this means.  

If miners decide to sell all their mined Bitcoins, (or 50%), this is how much daily fresh money is needed on the exchanges for the price to be stable:

2014-2016 :   $180 million ($90 million daily if 50% sold)
2017-2020:   $90 million ($45 million daily)                          <--- look here
2021-2024:   $45 million ($22 million daily)
etc.

Don't forget that they have to sell to cover their electricity costs. So, if Bitcoin is $50,000 in 2017, good luck in finding that daily fifty million dollars.

It's an interesting point.

But then, at 50,000 a coin, with around 15,000,000 coins in distribution (for the sake of argument), that gives a market cap roughly equivalent to the annual GDP of Benin or Moldova.

IF (and that's a big IF) Bitcoin does start really taking off worldwide, then 50m p/d is nothing. Forex sees around $5 trillion traded a day - around 0.2% of the daily Bitcoin USD trading volume in mid-Jan.

I know, I know. These numbers aren't direct comparisons, but it helps to put these big numbers in perspective now and again.

[mellowyellow]

So with hours to go before the ban, BCTChina added direct bank transfers as funding and withdrawal options again. The last few weeks they only hat the voucher system operating.

.


https://twitter.com/emilyspaven/status/428823936281767936
Its available since yesterday, you have to log in to see for yourself

http://www.coindesk.com/btc-china-accepting-bank-deposits/

the question is:

Will the Chinese dump all their money into the market before its illegal or will they pump out all their money that is left.

Question of if its going to a big rise or a big fall.

Their volume hasn't increased since yesterday, I'd stay at Huobi if I was Chinese. I really wish I could trade at Huobi

[mah87]

Huabi has fake traffic.

[mellowyellow]

Huabi has fake traffic.

Gox and okcoin too, I wonder what percentage of trades aren't fake - mine are real, I promise

[ChartBuddy]

Explanation

[manfred]

So with hours to go before the ban, BCTChina added direct bank transfers as funding and withdrawal options again. The last few weeks they only hat the voucher system operating.

.


https://twitter.com/emilyspaven/status/428823936281767936
Its available since yesterday, you have to log in to see for yourself

http://www.coindesk.com/btc-china-accepting-bank-deposits/

the question is:

Will the Chinese dump all their money into the market before its illegal or will they pump out all their money that is left.

Question of if its going to a big rise or a big fall.

Their volume hasn't increased since yesterday, I'd stay at Huobi if I was Chinese. I really wish I could trade at Huobi

As Lee explains in the coinbase article its the chinese new year and interest is low so he has a promotion going until 15th February

[JorgeStolfi]

How? It's made some individuals wealthy, but only because other individuals have put money in, and those individuals are reliant on other new individuals putting money in to make their own returns. Bitcoin does not create money, it just moves it around.

Basically true.  One must distinguish "Investing and speculating in cryptocoins" and "the cryptocoin network".

The latter has the potential of actually creating new wealth by doing a useful service to society, namely allowing cheap international payments without direct bank intervention.  It is debatable how much that service will be worth (in concrete terms; say, how much more bread and wine the world will produce thanks to it).  It coud be a lot --- but certainly a lot less than what Bitcoin salesmen claim.

Investing and speculating in bitcoins does not create any wealth.  With a traditional corporation, the long-term investors are lending money to the company so that it can build the factories that will produce new wealth, and in return they will get a well-deserved fraction of that wealth. Short-term speculators, on the other hand, do not use their money to help the company, but only to suck money from other speculators or unwary novice investors.  (Some governments recognize that: Brazil, for one, has much higher revenue tax for day-trading profit than for long-term investment profit.)

Bitcoin trade is pure speculation, since none of the money that people spent buying bitcoins, from day zero, was loaned to the network to build its infrastructure or to pay his workers.  All the cash that successful bitcoin traders have pocketed came from the pockets of other traders.  All the wealth that bitcoin owners think they own is a slice of the world's future wealth, that they are not helping to create but still hope to grab if and when their bitcoins will be needed.

Only governments create money.

Actually, banks and many other entities create "money" of some sort, including cryptocoins.  Only productive work creates wealth.