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

[bitebits]

Bitcoin is a currency, not money.  It's in the word cryptocurrency just in case you're extremely slow.

Like Bitcoin is an actual coin, got it.

[JayJuanGee]

why do people compare virtual things like bitcoin to physical things like gold?

SoV?

Bitcoin is a currency, not money.  It's in the word cryptocurrency just in case you're extremely slow.  Currencies are by definition all valueless, Keynesian constructs based on artificial scarcity that start at a value of zero and always return there.  They're obviously not "stores of value", but simply confidence games.

 

You are getting way to damned caught up in attempting to make your point that, instead, you make no sense.  Do you think that gold had any storage of value when it first started to be used?  Of course not.  Gold evolved into a storage of value from zero and based on confidence has been able to retain such storage of value.

Bitcoin is better than gold because it can be used as both a currency and as a storage of value, and just like gold with the passage of time, bitcoin is going to appreciate more and more in value, and perhaps at some time 100 years from now, it will stabilize with greater world adoption, yet in the process of appreciating more and more in value, bitcoin will be adopted way faster than gold and perhaps take over several of gold's use cases, because bitcoin is a better storage of value than gold.  So get the fuck out of here with repetitious conclusory assertion that bitcoin cannot be a sov because it is a currency... while it is both a currency and a storage of value and also can be used as other things as well... that gold cannot.

It's not possible to claim Bitcoin is a "store of value" without simultaneously claiming Dogecoin is a store of value at the same time, and by definition all 5 billion other digital shitcoins.  

 

Retarded.  Of course, shitcoins do not dilute bitcoin's scarcity, even if you would like to assert that it is possible to print more bitcoin through the creation of more shitcoins.  You likely know that is not true, but you continue to make such baseless assertions.

Obviously none of them are because they're currencies and not money.  

 

Focus on bitcoin, diptwat.  The other shitcoins are not relevant to this discussion, except in some peripheral way, at best, not in the kind of wrong dilution of scarcity way that you are attempting to place them.

To be money, aka a store of value in the context of humans requires being a non-perishable, physical commodity resource. 

 

Nonsense.  This a reductio ad absurdum fallacy.

A box of iodized table salt can serve as a limited form of money having a shelf life of 5 years, while noble metals work much better almost completely defying entropy itself.  Bitcoin isn't even non-perishable because it's shelf life is completely unknown.  It can die to hundreds of black swans metals are immune to, and like all confidence games, it can die at any second just by falling into disfavor because it's not a resource in itself.

You make a simple and dumb assertion that only physical matters can count.. which is merely a repetitive argument that you make that is surely a demonstration of ignorance and an appeal to ignorance.

[JayJuanGee]

Results:



New poll incoming

Are you going to provide us with an assessment of prior assertions regarding consensus?

Do you believe that I was moar koreck than you in my assertion of peak of the next high consensus?

I know I am a smart ass, especially recently.  Therefore, I will just type a couple more words (albiet repeated):

waiting.......... .



waiting....... .



 

[realr0ach]

Like Bitcoin is an actual coin, got it.

That's a psychological ploy they used to try and trick people into associating something that's imaginary with no value with something that actually exists that the human mind has an affinity to as money or value - physical metal coins.  Regardless,  Bitcon is obviously a currency and not money.  It's not a commodity, not a resource, and doesn't have any of the traits required of money like fungibility, durability, acceptability, etc.  

Not fungible - no explanation needed.  No acceptability - anyone can create a digital shitcoin in their basement so they have no Schelling point, while it's not possible for humans to create a new noble metal so the Schelling point works.  As I said before, the durability of iodized table salt is 5 years and the durability of noble metals is almost eternal, while Bitcoin durability is unknown and can die at any second through numerous black swans a real commodity is immune to, or fall into disfavor and die like all confidence games because it's not a resource in itself.  It simply does not pass any of the tests of 'money' and even refers to itself as a currency and not money.

[rebal15]

Like Bitcoin is an actual coin, got it.

That's a psychological ploy they used to try and trick people into associating something that's imaginary with no value with something that actually exists that the human mind has an affinity to as money or value - physical metal coins.  Regardless,  Bitcon is obviously a currency and not money.  It's not a commodity, not a resource, and doesn't have any of the traits required of money like fungibility, durability, acceptability, etc.  

Not fungible - no explanation needed.  No acceptability - anyone can create a digital shitcoin in their basement so they have no Schelling point, while it's not possible for humans to create a new noble metal so the Schelling point works.  As I said before, the durability of iodized table salt is 5 years and the durability of noble metals is almost eternal, while Bitcoin durability is unknown and can die at any second through numerous black swans a real commodity is immune to, or fall into disfavor and die like all confidence games because it's not a resource in itself.  It simply does not pass any of the tests of 'money' and even refers to itself as a currency and not money.

"anyone can create a digital shitcoin in their basement so they have no Schelling point"

here is an example https://www.coindesk.com/diana-a-blockchain-lunar-registry-attempts-to-tokenize-the-moon
I read the article twice but still I do not understand anything.

[realr0ach]

So Anonymint for some reason posted a link to a shitcoiner in Vegas walking up to a black crackhead prostitute and asking how much Bitcoin she charges and she said "1 Bitcoin".  Wasn't that interesting, but the video after that one was.  There's some guy walking in Pattaya, Thailand down the 'strip' and it's a complete freakshow.  What the hell is the deal with Pakis/whatever the hell this guy is?  Some enormous sand ape looking dude walking down the Thailand strip fondling his smaller Muslim/whatever companion LOL.  The smaller Muslim dude is looking around like what the fuck is going on here...

[nutildah]

That's a psychological ploy they used to try and trick people into associating something that's imaginary with no value with something that actually exists that the human mind has an affinity to as money or value - physical metal coins.  Regardless,  Bitcon is obviously a currency and not money.  It's not a commodity, not a resource, and doesn't have any of the traits required of money like fungibility, durability, acceptability, etc.  
Not fungible - no explanation needed.  No acceptability - anyone can create a digital shitcoin in their basement so they have no Schelling point, while it's not possible for humans to create a new noble metal so the Schelling point works.  As I said before, the durability of iodized table salt is 5 years and the durability of noble metals is almost eternal, while Bitcoin durability is unknown and can die at any second through numerous black swans a real commodity is immune to, or fall into disfavor and die like all confidence games because it's not a resource in itself.  It simply does not pass any of the tests of 'money' and even refers to itself as a currency and not money.

Of course bitcoin is fungible. One satoshi is the same as any other satoshi anywhere. Every divisible unit of bitcoin has the same properties as any other, as they are all governed by the same software with the same code and the same agreed-upon mathematical principles. Blacklisted bitcoin addresses or "colored" bitcoins render the entirety of Bitcoin non-fungible only so much as how governments can freeze and blacklist dollars or euros stored in bank accounts.

There's no "Schelling point" for Bitcoin because its only been around for 10 years. Just because something is new and still under development does not render it illegitimate. You're like the kind of person who shits on the idea of solar power because solar panels and batteries haven't been perfected yet.

You're reversing the definitions of "money" and "currency." Money is an abstract concept which is value represented by numbers, such as a bank account or a check. Currency takes a physical form and includes coins and fiat currency. In this way, cryptocurrency is actually more like money than currency, going by today's commonly-accepted definitions.

[realr0ach]

Of course bitcoin is fungible.

It's not possible to have enough posts to be a "legendary" member without knowing that Bitcoin is not fungible, so one can only assume you're a lying scammer and/or idiot.  Who am I kidding, that's 99% of posters on this forum.  Shitbags that just post a constant stream of lies in order to try and attain some type of personal gain.

[realr0ach]

The guy on the right is clearly a Sikh, not a muslim

^Yes, you retarded shitcoiner.  I said the word "Paki" because I could tell he's got the India/Pakistan area headgear on, while his 'companion' doesn't really look Indian and looks more like some sort of generic Muslim from God knows where, so rather than calling up these two weirdos for an ancestry.com DNA test, I just referred to them both as Pakis.  I'm not very interested in neo-Marxist, Judeo-political correctness if you didn't notice.  I was using the general nomenclature people from the UK have popularized by referring to any strange brown invaders running around raping people or up to some type of otherworldly sex act as "Pakis".

[HairyMaclairy]

You're like the kind of person who shits on the idea of solar power because solar panels and batteries haven't been perfected yet.

Not perfect yet. But 97% self powered from 1x Powerwall + solar panels ain’t bad.

[vroom]

Plot twist: roach is a gay mexican jew who owns more bitcoin than all of us put together.

ftfy

[realr0ach]

He tried to compare digital shitcoins having no valid Schelling point with solar panels.  It's not even an apples to oranges comparison.  It's not a valid comparison no much how much crack you're smoking.  Since there's no overhead required to create a digital shitcoin and they operate under the paradigm of Keynesian, artificial scarcity with whoever creating it or getting in early benefitting the most, it means everyone and their brother (5 billion digital currencies and more released by the day), corporations (Facebookcoin), and whoever else on the planet that doesn't own a distribution favoring themselves over you will all be creating their own doing the same thing.  

'Acceptability' is a requirement of money.  When the incentives are clearly designed to diverge instead of converge, there is no acceptability.  Physical metals do not have this problem because people are unable to create a new noble metal in their basement.  Convergence is forced and you have a valid Schelling point unlike digital shitcoins with no overhead to create.  After realizing this, it makes anti-"altcoin" people look like absolutely stupid scammers.  All they're really saying is "you must buy into my Ponzi scheme to make me rich instead of creating your own".  But if your brain isn't defective and you've made it that far, you've probably already walked away to physical metals instead.

[El duderino_]

Fuck driving a scooter/moped. I nearly died in a car accident when I was in my early 20’s. I would have been in about 100 pieces if I was on a scooter. I’m too much of a pussy to feel safe on a scooter.

Thats why you ride one of these.



Whats behind me cannot hurt me.

But then again hitting a tornado at 120 almost did.

I didn't see your 1pt font line until I quoted your comment to reply, it didn't even register on my eyeballs.

So I'm abandoning my previous reply to ask you this: Were you trying to just speed through the tornado, or, why didn't you turn around?

It came out of no-where, one second it was sunny and then I was in a rainstorm (the rain was nailing my hands like needles) and hit an exit with a river pouring down it and hydroplaned up the thing went between 2 cars and layed the bike down so as to not hit the rail while up and flip over onto the highway. I got really lucky that day, only ground half a kneecap off. I did end up getting a staff infection a week later as the Doc left some road in my leg and spent a few weeks fighting for the leg (apparently i should have gone right in and not walked around a week on it all swollen up) but no lasting repercussions except i had the nickname crash at the barracks for awhile after that.

That sounds intense.  Glad you came out of it ok

Lads - tell us all a story. What is the best way you almost died?  

The best way I almost died.......? Many years back I drove my car into the canal .... wasn't really dead experience cause I was out of the car the second its touched the water.... But the moment I drove up on the sidewalk what was 30-ish centimeters high, man that was a big ass hit and there where a few crazy thoughts runnin through my head Also most scary was when I was with my head above water and my car was down in seconds.... my friend wasn't out yet and to be honest I even didn't noticed or though about that, then he suddenly was there, I was relieved of course (but crazy was that I even wasn't thinking someone else was there, might be the first hit of few second shock......)

As I did circuit driving with a bike I have had a few moments that could of taken my breath

Maybe a break up in the past as well, the moment I broke up with a text message ...... could of get a man killed

[realr0ach]

Plot twist: roach is a gay mexican who owns more bitcoin than all of us put together.

Contrary to popular opinion that I'm some sort of irrationally hateful 'raycist',  I'm not really anti-Mexican or Indian or whatever other flotsam and jetsam you shitlibs put up on a pedestal and worship as God.  The main issue is that the majority of countries without a white or Asian majority are shitholes.  And who wants to live in a shithole?  Don't wanna live in a shithole?  Then you can't allow any 3rd world, brown invaders in.  Definitely can't allow any Jews in who utilize the 3rd world, brown invaders as walking biological weapons to try and exterminate whites under the Kalergi plan.

[nutildah]

He tried to compare digital shitcoins having no valid Schelling point with solar panels.  It's not even an apples to oranges comparison.  It's not a valid comparison no much how much crack you're smoking.  Since there's no overhead required to create a digital shitcoin and they operate under the paradigm of Keynesian, artificial scarcity with whoever creating it or getting in early benefitting the most, it means everyone and their brother (5 billion digital currencies and more released by the day), corporations (Facebookcoin), and whoever else on the planet that doesn't own a distribution favoring themselves over you will all be creating their own doing the same thing.  

I don't think you even understand what a "Schelling point" is. You've repeated it ad nauseum for God knows how long but have failed to demonstrate you actually know what it means. The comparison I made wasn't even between Schelling points (or the lack thereof) and solar panels, it was between personality types.

You also clearly don't understand what Keynesian means. Keynes was heavily in favor of government intervention in monetary policy and bitcoin is the exact opposite of that. Keynesian economists are in large against bitcoin precisely because of its "artificial scarcity." Bitcoin is scarce, shitcoins aren't. Nobody here is arguing that shitcoins should or need to be widely accepted.

'Acceptability' is a requirement of money.

So you're saying nobody accepts bitcoin for payment, anywhere? Again, you are blaming bitcoin's relatively young existence for the fact that it isn't widely used or accepted. I use bitcoin for transactions about 3-5 times a week. It makes my life easier to convert between fiat currencies through a universal currency, and at times it is cheaper.

Despite your constant posturing and grandstanding you are just one of those guys who goes around throwing around big terms as a cover for being an ignorant dolt.

Contrary to popular opinion that I'm some sort of irrationally hateful 'raycist',  I'm not really anti-Mexican or Indian or whatever other flotsam and jetsam you shitlibs put up on a pedestal and worship as God.  The main issue is that the majority of countries without a white or Asian majority are shitholes.  And who wants to live in a shithole?  Don't wanna live in a shithole?  Then you can't allow any 3rd world, brown invaders in.  Definitely can't allow any Jews in who utilize the 3rd world, brown invaders as walking biological weapons to try and exterminate whites under the Kalergi plan.

... And this is exactly why you're a troll and should remain on Ignore. You just talk shit all day long and never do anything about anything. Do something about it other than typing in a forum about bitcoin for God's sake. This isn't a white supremacist forum, its a forum about bitcoin, you fucking moron.

It was a fun experiment having you off ignore but in that period of time I just remembered all the reasons why you should be ignored.

[arewethereyet?]

I just remembered all the reasons why you should be ignored.

Thanks

[fillippone]

So, today is the day!
Godot has arrived.

Bakkt’s 'Moonshot' Bitcoin Platform to Begin Testing Today

“There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch… The launch could be a huge accelerator for market growth.”

Going slowly, apparently:
https://www.coindesk.com/bakkt-is-supposed-to-start-testing-its-bitcoin-futures-contracts-today

It is unclear what specifically will be involved in the testing process. Bakkt did not reply to multiple requests for comment.

[realr0ach]

I don't think you even understand what a "Schelling point" is.

Of course I understand what it is, and digital shitcoins don't have one because there's no overhead to create one while also being based entirely on arbitrary variables.  It's the equivalent of claiming typing jibberish on a typewriter has a Schelling point.  You're also the ONLY "legendary" member on the entire forum to claim Bitcoin is "fungible" when it's not.  You only need child-level knowledge of Bitcoin to know it's not fungible, so when you claim it is fungible, anyone reading this can tell your knowledge of Bitcoin is literally zero or you're a scammer.

You also clearly don't understand what Keynesian means. Keynes was heavily in favor of government intervention in monetary policy and bitcoin is the exact opposite of that. Keynesian economists are in large against bitcoin precisely because of its "artificial scarcity." Bitcoin is scarce, shitcoins aren't. Nobody here is arguing that shitcoins should or need to be widely accepted.

There's no such thing as a "shitcoin" vs "non-shitcoin".  They're all the same thing.  There is no "altcoin" vs "non-altcoin" either.  Words like this were invented by scumbag propagandists on this forum to lie to people and try and hide the fact digital scamcoins have no valid Schelling point.  It's easier to trick someone then convince them they've been fooled because it hurts your fragile ego.  And anything classified as a currency is Keynesian because all currencies are confidence game scams based on artificial scarcity and arbitrary variables.  Sound like Bitcoin?  Of course it does.  Bitcoin is a currency and not money.

Bitcoin was not created by God as some of the braindead people on this forum believe.  It's composed entirely of arbitrary variables and designed to centralize, so under any real metric it's a complete failure because it's not even possible to create a decentralized digital currency in the first place.  It has built-in, rent seeking middlemen for fucks sake, and each transaction requires three or more people so it's not even possible to do a "peer to peer" transaction in Bitcoin.  The entire thing is a joke played upon technically illiterate people and get rich quick scheme types.

[BitcoinGirl.Club]

Good morning R0ach, thanks for keeping this thread alive while most of us were drinking in the pub 🤪
/hangover

[realr0ach]

while most of us were drinking in the pub 🤪

A pub?  Like in Britain?  If I lived in a 3rd world country full of brown apes I'd probably be in the pub too.