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

[keithers]

as usual...the poll voting is heavily weighted to the very top and very bottom of the voting options... this always seems to be the case with the voting on this forum

[octaft]

We're already in a lopsided situation where although more and more merchants are accepting BTC yet we don't seem to have many consumers on board. Bitcoin has pretty obvious negatives for consumers, who just want "safe and easy." I imagine "safe and easy" is in the pipeline, but of course the problem is it is my imagination only.

I've always thought that was bitcoin's biggest weakness in terms of adoption for actual use as opposed to speculation: how does it benefit the consumer? It's advertised as a great way to protect merchants, but if the consumer won't use it because they don't get any additional benefit for going through the trouble, it doesn't matter how many merchants accept it.

[mah87]

We're already in a lopsided situation where although more and more merchants are accepting BTC yet we don't seem to have many consumers on board. Bitcoin has pretty obvious negatives for consumers, who just want "safe and easy." I imagine "safe and easy" is in the pipeline, but of course the problem is it is my imagination only.

I've always thought that was bitcoin's biggest weakness in terms of adoption for actual use as opposed to speculation: how does it benefit the consumer? It's advertised as a great way to protect merchants, but if the consumer won't use it because they don't get any additional benefit for going through the trouble, it doesn't matter how many merchants accept it.

$

True. that's why Ripple will win the race on the long run.

[ChartBuddy]

Explanation

[aminorex]

We're already in a lopsided situation where although more and more merchants are accepting BTC yet we don't seem to have many consumers on board. Bitcoin has pretty obvious negatives for consumers, who just want "safe and easy." I imagine "safe and easy" is in the pipeline, but of course the problem is it is my imagination only.

I've always thought that was bitcoin's biggest weakness in terms of adoption for actual use as opposed to speculation: how does it benefit the consumer? It's advertised as a great way to protect merchants, but if the consumer won't use it because they don't get any additional benefit for going through the trouble, it doesn't matter how many merchants accept it.

The benefit  to consumers is that your funds are safe from confiscation by inflation or outright takings.

Imagine all the fees used to built the Bank of America tower were refunded to BoA customers.  

Imagine a world in which your private affairs were private, and you were free to transact with anyone as you saw fit.  Freedom is a  huge benefit.

[mah87]

We're already in a lopsided situation where although more and more merchants are accepting BTC yet we don't seem to have many consumers on board. Bitcoin has pretty obvious negatives for consumers, who just want "safe and easy." I imagine "safe and easy" is in the pipeline, but of course the problem is it is my imagination only.

I've always thought that was bitcoin's biggest weakness in terms of adoption for actual use as opposed to speculation: how does it benefit the consumer? It's advertised as a great way to protect merchants, but if the consumer won't use it because they don't get any additional benefit for going through the trouble, it doesn't matter how many merchants accept it.

The benefit  to consumers is that your funds are safe from confiscation by inflation or outright takings.

Imagine all the fees used to built the Bank of America tower were refunded to BoA customers.  

yep but the consumer is fully exposed to volatility which is far worst than inflation ...

[KeyserSoze]

From George Papageorgiou and Øystein Aaby, former top employees of Neo & Bee
http://www.reddit.com/r/Bitcoin/comments/23cjd9/the_full_picture_of_former_neo_bee_employees/

In Antonopoulos' response I find it interesting he says, "I will continue to advocate for security controls rather than trust in individuals." This really drives a stake into the heart of Bitcoin philosophy which is something like, "Trust in math and individuals rather than the relative security of banks."
http://antonopoulos.com/2014/04/18/neo-bee-a-statement-by-andreas-m-antonopoulos-a-consultants-perspective/

We have banks because even though they do naughty things from time to time, they are relatively secure whereas individuals are not. Perhaps recently banks have begun to wear out their welcome by overstepping but we shouldn't forget life is about balance. Perhaps Bitcoin won't replace banks but will find a role in keeping banks from being so overbearing.

[Davyd05]

From George Papageorgiou and Øystein Aaby, former top employees of Neo & Bee
http://www.reddit.com/r/Bitcoin/comments/23cjd9/the_full_picture_of_former_neo_bee_employees/

In Antonopoulos' response I find it interesting he says, "I will continue to advocate for security controls rather than trust in individuals." This really drives a stake into the heart of Bitcoin philosophy which is something like, "Trust in math and individuals rather than the relative security of banks."
http://antonopoulos.com/2014/04/18/neo-bee-a-statement-by-andreas-m-antonopoulos-a-consultants-perspective/

We have banks because even though they do naughty things from time to time, they are relatively secure whereas individuals are not. Perhaps recently banks have begun to wear out their welcome by overstepping but we shouldn't forget life is about balance. Perhaps Bitcoin won't replace banks but will find a role in keeping banks from being so overbearing.

As long as people are getting 0-1% interest on cash holdings.. that the banks can then loan out.. and in theory fractionally reserve style. Just because there hasn't been a bank run since the depression cause they probably figured out the majority of the controls to stop that form happening following that...and accompany that along with laws that prevent banks runs in America.. we don't really know how trust worthy Banks are.

I mean the taxpayers bailed out the richest fuck ups in the last crisis lol... banks.. safer.. pshhhhhh

[KeyserSoze]

...Bitcoin has pretty obvious negatives for consumers, who just want "safe and easy." I imagine "safe and easy" is in the pipeline, but of course the problem is it is my imagination only.

I've always thought that was bitcoin's biggest weakness in terms of adoption...

The benefit  to consumers is that your funds are safe from confiscation by inflation or outright takings.

You're a smart guy but you fail to think like a marketer. The majority of the world doesn't want to hear paranoid Libertarian rants, whether they're true or not. You must talk to the majority as either children or horny adults. Tell them Bitcoin is fun! Tell them they can tip each other for the coolest/funniest Reddit comments! Promise them candy, or drugs and sex. Stop talking to them about the blockchain, cool as it is.

BTW, DPR got his coins confiscated and people get coins outright taken all the time so maybe re-evaluate your rhetoric. Also, have you not noticed Bitcoin's deflation (i meant inflation, i mean deflation, aw fuck it, the price dropped!) since November?

[mah87]

...Bitcoin has pretty obvious negatives for consumers, who just want "safe and easy." I imagine "safe and easy" is in the pipeline, but of course the problem is it is my imagination only.

I've always thought that was bitcoin's biggest weakness in terms of adoption...

The benefit  to consumers is that your funds are safe from confiscation by inflation or outright takings.

You're a smart guy but you fail to think like a marketer. The majority of the world doesn't want to hear paranoid Libertarian rants, whether they're true or not. You must talk to the majority as either children or horny adults. Tell them Bitcoin is fun! Tell them they can tip each other for the coolest/funniest Reddit comments! Promise them candy, or drugs and sex. Stop talking to them about the blockchain, cool as it is.

BTW, DPR got his coins confiscated and people get coins outright taken all the time so maybe re-evaluate your rhetoric. Also, have you not noticed Bitcoin's deflation since November?

how do you address volatility problem ?

[ChartBuddy]

Explanation

[edwardspitz]

I'm having an absolute ball watching Huobi and OKCoin. Much action on low volume. It is so cute to see them wait for each other. Maybe they will have a fight for 2900 later. I think the bulls will win that one and they will be back at 3000 or maybe 3200 if things go crazy.

[aminorex]

. Also, have you not noticed Bitcoin's deflation since November?

You mean that the exchange rate has declined.  I am sure that you are aware that this was widely anticipated.  Ross Ulbricht did not secure his funds adequately to the risks he encountered.

[edwardspitz]

There is much talk about Wall Street entering the Bitcoin trade and a lot of people hope for that. Mining is one area of the Bitcoin economy that has already gone from amateur to pro, and I think that most of the remaining "amateur" miners have been in the game since the beginning. They are semi pro and of course in hard competition with owners of data centers. If I understand correctly the current price makes it unprofitable to mine Bitcoins. You would think that it was in all miners interest to keep the price high enough to make it profitable for them to mine. But I speculate that the competition among miners and mining companies is so fierce, that some them might actually see a benefit in keeping the price low for a period in order to weed out the competition. Any thoughts on this?

[Post-Cosmic]

i'm back buy Buy BUY!!

 

.. ;o  The Ice Cube Crumbles..!~~@!!@!!!!!

http://www.youtube.com/watch?v=GD0g_oEDs3o

WB dearest spheniscidae, how was Antarctica..?

[..]

..or he'll flood Tokyo with radioactive frappuccino.

  

[KeyserSoze]

. Also, have you not noticed Bitcoin's deflation since November?

You mean that the exchange rate has declined.  I am sure that you are aware that this was widely anticipated.  Ross Ulbricht did not secure his funds adequately to the risks he encountered.

I mean the value of Bitcoin went down, just as the dollar does when it inflates. Whether it is anticipated or not has no bearing on your original claim. Same with whether Ross secured his funds properly or not. You know this. You're not stupid. You simply have rhetoric that you don't want to back away from. Some might call that disingenuous, especially since you're smart enough to realize your mistake.

[m3g4tr0n]

I'm having an absolute ball watching Huobi and OKCoin. Much action on low volume. It is so cute to see them wait for each other. Maybe they will have a fight for 2900 later. I think the bulls will win that one and they will be back at 3000 or maybe 3200 if things go crazy.

check out the last hour for LTC/USD in BTC-E with the 1m chart. I've never seen anything like it.

[ChartBuddy]

Explanation

[billyjoeallen]

From George Papageorgiou and Øystein Aaby, former top employees of Neo & Bee
http://www.reddit.com/r/Bitcoin/comments/23cjd9/the_full_picture_of_former_neo_bee_employees/

In Antonopoulos' response I find it interesting he says, "I will continue to advocate for security controls rather than trust in individuals." This really drives a stake into the heart of Bitcoin philosophy which is something like, "Trust in math and individuals rather than the relative security of banks."
http://antonopoulos.com/2014/04/18/neo-bee-a-statement-by-andreas-m-antonopoulos-a-consultants-perspective/

We have banks because even though they do naughty things from time to time, they are relatively secure whereas individuals are not. Perhaps recently banks have begun to wear out their welcome by overstepping but we shouldn't forget life is about balance. Perhaps Bitcoin won't replace banks but will find a role in keeping banks from being so overbearing.

As long as people are getting 0-1% interest on cash holdings.. that the banks can then loan out.. and in theory fractionally reserve style. Just because there hasn't been a bank run since the depression cause they probably figured out the majority of the controls to stop that form happening following that...and accompany that along with laws that prevent banks runs in America.. we don't really know how trust worthy Banks are.

I mean the taxpayers bailed out the richest fuck ups in the last crisis lol... banks.. safer.. pshhhhhh

Banks now pool risk through deposit insurance. I think this is a terrible idea. Instead of getting bank runs, there is the risk of a run on the entire banking system at once. This came perilously close to happening in 2008. It is closer than you might think to happening in China now.

[PoolMinor]

. Also, have you not noticed Bitcoin's deflation since November?

You mean that the exchange rate has declined.  I am sure that you are aware that this was widely anticipated.  Ross Ulbricht did not secure his funds adequately to the risks he encountered.

I mean the value of Bitcoin went down, just as the dollar does when it inflates. Whether it is anticipated or not has no bearing on your original claim. Same with whether Ross secured his funds properly or not. You know this. You're not stupid. You simply have rhetoric that you don't want to back away from. Some might call that disingenuous, especially since you're smart enough to realize your mistake.