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

[manfred]

lol

Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!

Be glorious, our free,
Age-old union of brotherly peoples,
Ancestor given wisdom of the people!
Glorious, country! We are proud of you!

[Odalv]

135000 new bitcoin every month x  current exchange rate $ 450 = $ 60750000 every month
someone needs to pay it with real money. But who ?

There are 4,000 new accounts every day only at My Wallet

https://blockchain.info/charts/my-wallet-n-users?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

4,000 * 30 = 120,000 new adopters monthly ... not enough bitcoins for everyone.

[greenlion]

"How long will it take to generate all the coins?
The last block that will generate coins will be block #6,929,999 which should be generated at or near the year 2140. The total number of coins in circulation will then remain static at 20,999,999.9769 BTC.

Even if the allowed precision is expanded from the current 8 decimals, the total BTC in circulation will always be slightly below 21 million (assuming everything else stays the same). For example, with 16 decimals of precision, the end total would be 20,999,999.999999999496 BTC."


https://en.bitcoin.it/wiki/FAQ  
http://en.wikipedia.org/wiki/Bitcoin

The "at or near" part is what I'm bringing to your attention, because the reasoning behind your original post on the matter suggested a lack of understanding of that fact.

[JayJuanGee]

As long as BTC is concentrated in the hands of people who have a negative fiat cash flow outside of BTC appreciation, selling pressure will continue.

But it isn't.  Almost no one holding BTC is unable to accumulate more.

If you invested balls to the walls in BTC at higher amounts, then you may not have any fiat left that you can invest.

[derpinheimer]

135000 new bitcoin every month x  current exchange rate $ 450 = $ 60750000 every month
someone needs to pay it with real money. But who ?

There are 4,000 new accounts every day only at My Wallet

https://blockchain.info/charts/my-wallet-n-users?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

4,000 * 30 = 120,000 new adopters monthly ... not enough bitcoins for everyone.

Im confused, where does the 30 figure come from? Thats not supposed to be the average investment is it? Because it should be about a tenth of that.

Plus most of those accounts are probably not "unique"

[uhoh]

135000 new bitcoin every month x  current exchange rate $ 450 = $ 60750000 every month
someone needs to pay it with real money. But who ?

There are 4,000 new accounts every day only at My Wallet

https://blockchain.info/charts/my-wallet-n-users?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

4,000 * 30 = 120,000 new adopters monthly ... not enough bitcoins for everyone.

Im confused, where does the 30 figure come from? Thats not supposed to be the average investment is it? Because it should be about a tenth of that.

days i'm guessing. AKA 1 month

[derpinheimer]

135000 new bitcoin every month x  current exchange rate $ 450 = $ 60750000 every month
someone needs to pay it with real money. But who ?

There are 4,000 new accounts every day only at My Wallet

https://blockchain.info/charts/my-wallet-n-users?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

4,000 * 30 = 120,000 new adopters monthly ... not enough bitcoins for everyone.

Im confused, where does the 30 figure come from? Thats not supposed to be the average investment is it? Because it should be about a tenth of that.

days i'm guessing. AKA 1 month

Ohhh, shit, its daily. Then that is impressive...

[Odalv]

135000 new bitcoin every month x  current exchange rate $ 450 = $ 60750000 every month
someone needs to pay it with real money. But who ?

There are 4,000 new accounts every day only at My Wallet

https://blockchain.info/charts/my-wallet-n-users?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

4,000 * 30 = 120,000 new adopters monthly ... not enough bitcoins for everyone.

Im confused, where does the 30 figure come from? Thats not supposed to be the average investment is it? Because it should be about a tenth of that.

Plus most of those accounts are probably not "unique"

30 days per month

[techboy]

Are we seeing now the lowest point in bitcoin price for the next 6 months?

[igorr]

135000 new bitcoin every month x  current exchange rate $ 450 = $ 60750000 every month
someone needs to pay it with real money. But who ?

There are 4,000 new accounts every day only at My Wallet

https://blockchain.info/charts/my-wallet-n-users?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

4,000 * 30 = 120,000 new adopters monthly ... not enough bitcoins for everyone.

After MtGox  we lose 4,000  adopters monthly  
After five months of decline prices we lose 4,000  adopters monthly
China ban bitcoin every 20-30 days and every time the price is halved  

[freebit13]

Hopefully I'm still mining when the block reward hits 25 satoshis (aka $1000) 

[JayJuanGee]

One of the biggest questions is whether you tried to resist the crime, so the fact that you "couldn't resist" necessarily makes it not entrapment.

Yeah, I tried to resist, I was mentally torn for hours before actually buying, I just couldn't resist; prove to me that I wasn't. /sarcasm

You could always ask everyone if they are the FBI before buying coins from them, that should keep you in the clear 

Asking whether someone is FBI is NOT going to help.. b/c they will lie to you.  Just do NOT talk about illegal activities with strangers while you are engaged in BTC transactions whether you are buying BTC or selling BTC... I could give a flying fuck about their multiple illegal activities that they want to do, but if they are wanting to tell me about their multiple illegal activities, then that should raise a red flag.  Additionally, I am NOT going to volunteer my intentions to engage in illegal activities (if I happen to have any such intentions).

[mah87]

Are we seeing now the lowest point in bitcoin price for the next 6 months?

Probably the highest point in the next 6months.

[RoadTrain]

lol

Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!

Be glorious, our free,
Age-old union of brotherly peoples,
Ancestor given wisdom of the people!
Glorious, country! We are proud of you!

This is from national anthem of Russia.

[igorr]

Are we seeing now the lowest point in bitcoin price for the next 6 months?

Probably the highest point in the next 6months.

100% true, never again $ 500

[zoinky]

135000 new bitcoin every month x  current exchange rate $ 450 = $ 60750000 every month
someone needs to pay it with real money. But who ?

There are 4,000 new accounts every day only at My Wallet

https://blockchain.info/charts/my-wallet-n-users?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

4,000 * 30 = 120,000 new adopters monthly ... not enough bitcoins for everyone.

This is skewed greatly by the fact that their developer API allows you to create a fresh MyWallet for each customer that comes to your site/service.  So this may just mean a lot of people are just signing up to a new service that is backed by Blockchain.info's MyWallet service but no necessarily a new adopter, let alone adding additional value to the market.

[uhoh]

Are we seeing now the lowest point in bitcoin price for the next 6 months?

Probably the highest point in the next 6months.

Yup, BTC @ $0 and presumably XRP @ $1,000,000

What are you guys smoking? can I have some?

[mah87]

Are we seeing now the lowest point in bitcoin price for the next 6 months?

Probably the highest point in the next 6months.

100% true, never again $ 500

that's right. And it's not gonna stay long at the 400 level

[JayJuanGee]

Because you're buying the oil from Iran.

Who like the rest of the world primarily trade oil in the world reserve currency which it just so happens you are able to send them.

Iranian banks have been cut off from the international bank of settlements due to sanctions and pressure from the U.S. gov.

Right and I'm sure the only account that an Iranian oil tycoon has is an Iranian bank account.

You're really missing the point. If the seller demands to do the deal in bitcoin for any or no reason, and you don't want to blow the deal, you meet the seller's terms. In extremely large transactions, those terms will likely include provisions for fluctuating value of the currency.

Yeah I agree with that but if the issue for you aquiring the BTC is that its immpossible to buy that many then whoever is selling isnt going to get anyone able to meet their terms. The seller wants to sell as much as a buyer wants to buy, requring an unreasonable or immpossible payment method isn't going to get you any buyers, period.

Going back to the original point how does an alternative crypto solve this problem?

As I already said, an alt coin would not likely solve this particular problem. A Bitcoin derivative like a futures contract could. The seller could want a bitcoin payment to evade sanctions, avoid charge-backs, or any number of reasons or combination of reasons. 

It is NOT a buyer or a seller that sets the terms, but the two parties... and maybe more likely a buyer would attempt to drive such a deal if the buyer has a lot of BTC to offload.  Sellers are more likely to take any payment they could get.. but they may prefer bitcoins or they may be willing to provide more favorable terms if the deal is done in BTC.

[Odalv]

Are we seeing now the lowest point in bitcoin price for the next 6 months ?

FTFY