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

[JorgeStolfi]

Sorry Jorge I can't help myself,  I just need to know why? 

Because 90% of what has "bitcoin" in it IS scams or stupid ideas.  Starting with attempts to convince the unwary to buy bitcoins "because they will go to the moon" or "a hedge against inflation" etc..

For example, I  already mentioned a couple of days ago that student of mine who had been offered to join some GPU-based bitcoin mining enterprise.

I have to check who is on the board of the Brazilian Bitcoin Foundation.  I would almost bet that the creator of the BitcoinRain ponzi is there.

[wachtwoord]

Sorry Jorge I can't help myself,  I just need to know why? 

Because 90% of what has "bitcoin" in it IS scams or stupid ideas.  Starting with attempts to convince the unwary to buy bitcoins "because they will go to the moon" or "a hedge against inflation" etc..

For example, I  already mentioned a couple of days ago that student of mine who had been offered to join some GPU-based bitcoin mining enterprise.

I have to check who is on the board of the Brazilian Bitcoin Foundation.  I would almost bet that the creator of the BitcoinRain ponzi is there.

That's why you ignore all the centralized crap such as "foundations".

[BitchicksHusband]

If that's the company I'll be in then let me just say this: Bitcoin price won't go below $560 on Stamp ever again.

Bitcoin won't go below $360 again.  How's that?

[Adrian-x]

What is 500,000 bits anyway? So have people stopped pushing mBTC and now they want an even smaller unit? Just stick with BTC as the unit.... it's getting ridiculous.... next is nanobit? satoshi? Maybe we should schedule a unit change every 2 years....

0.5 BTC, what idiot thought of using mBTC and why? it was always going to be bits, ever since new worlders started cutting up Spanish coins and calling them bits. Bitcoin reaches parody with the USD when 1 bit = $0.12. Until then it's just manic internet money, call it what you like, just make sure its registered on the blockchain.  

[Marbit]

What is 500,000 bits anyway? So have people stopped pushing mBTC and now they want an even smaller unit? Just stick with BTC as the unit.... it's getting ridiculous.... next is nanobit? satoshi? Maybe we should schedule a unit change every 2 years....

If it becomes necessary every two years, I will be quite happy.

If BTC moves like that in price, I'll be quite happy. But I'll be quite annoyed it's actually accompanied by a push to repeatedly change the unit. Just seems like it makes things perpetually confusing.

[wachtwoord]

What is 500,000 bits anyway? So have people stopped pushing mBTC and now they want an even smaller unit? Just stick with BTC as the unit.... it's getting ridiculous.... next is nanobit? satoshi? Maybe we should schedule a unit change every 2 years....

0.5 BTC, what idiot thought of using mBTC and why? it was always going to be bits, ever since new worlders started cutting up Spanish coins and calling them bits. Bitcoin reaches parody with the USD when 1 bit = $0.12. Until then it's just manic internet money, call it what you like, just make sure its registered on the blockchain.  

Words cannot begin to describe how retarded that statement is.

[kurious]

RIP DRK bagholders...

Yep - smart money dumped it for XC in the past 24 hours....

[BitchicksHusband]

What is 500,000 bits anyway? So have people stopped pushing mBTC and now they want an even smaller unit? Just stick with BTC as the unit.... it's getting ridiculous.... next is nanobit? satoshi? Maybe we should schedule a unit change every 2 years....

mBTC is logical as does every SI unit (from KBTC all the way to uBTC). Bits is ridiculous.

SI is not logical to most Americans because they have never used it (although the more scientific among us, like myself, agree that it's the most logical).

[Marbit]

What is 500,000 bits anyway? So have people stopped pushing mBTC and now they want an even smaller unit? Just stick with BTC as the unit.... it's getting ridiculous.... next is nanobit? satoshi? Maybe we should schedule a unit change every 2 years....

0.5 BTC, what idiot thought of using mBTC and why? it was always going to be bits, ever since new worlders started cutting up Spanish coins and calling them bits. Bitcoin reaches parody with the USD when 1 bit = $0.12. Until then it's just manic internet money, call it what you like, just make sure its registered on the blockchain.  

I'm not sure I follow. I see there is some historical relevance, but does that make it practical to apply to bitcoin? Does it make it necessary? It seems to me that from the outset in 2009, we already had a clear unit of measure.

[Adrian-x]

mBTC is logical as does every SI unit (from KBTC all the way to uBTC). Bits is ridiculous.

the slang for uBTC is bits, and the SI unit for 1BTC is known as a MegaBit  . if you don't like my Bits call them what you like.

[ChartBuddy]

Explanation

[wachtwoord]

What is 500,000 bits anyway? So have people stopped pushing mBTC and now they want an even smaller unit? Just stick with BTC as the unit.... it's getting ridiculous.... next is nanobit? satoshi? Maybe we should schedule a unit change every 2 years....

mBTC is logical as does every SI unit (from KBTC all the way to uBTC). Bits is ridiculous.

SI is not logical to most Americans because they have never used it (although the more scientific among us, like myself, agree that it's the most logical).

Yes, luckily a large part of the population is non-American (or British). I'm sorry but this is truly a pet peeve of mine. Get educated people. This isn't even a discussion if you read what it is.

[kurious]

What is 500,000 bits anyway? So have people stopped pushing mBTC and now they want an even smaller unit? Just stick with BTC as the unit.... it's getting ridiculous.... next is nanobit? satoshi? Maybe we should schedule a unit change every 2 years....

If it becomes necessary every two years, I will be quite happy.

If BTC moves like that in price, I'll be quite happy. But I'll be quite annoyed it's actually accompanied by a push to repeatedly change the unit. Just seems like it makes things perpetually confusing.

The confusion might be greater for someone telling you the price of a coffee in BTC.

After a few decimal places, well - it might make sense that you would want a more sensible unit to talk about, one day....

"How much is the coffee" must produce a sensible answer - so the 'units debate' is not too ridiculous.

Even if I often seem to be on the losing side of it!

[RandomPedestrianN9]

Pump and dump.

[wachtwoord]

mBTC is logical as does every SI unit (from KBTC all the way to uBTC). Bits is ridiculous.

the slang for uBTC is bits, and the SI unit for 1BTC is known as a MegaBit  . if you don't like my Bits call them what you like.

Did they change the bit standard to equal 1 uBTC? It was some other different value before ...

[medialab101]

Sorry Jorge I can't help myself,  I just need to know why? 

Because 90% of what has "bitcoin" in it IS scams or stupid ideas.  Starting with attempts to convince the unwary to buy bitcoins "because they will go to the moon" or "a hedge against inflation" etc..

For example, I  already mentioned a couple of days ago that student of mine who had been offered to join some GPU-based bitcoin mining enterprise.

I have to check who is on the board of the Brazilian Bitcoin Foundation.  I would almost bet that the creator of the BitcoinRain ponzi is there.

Are there a lot of scams related to Bitcoins... Yes
Are Bitcoins themselves a scam... obviously not

Before you disparage a paradigm shift you need to distinguish exactly what it is that you find the problem with. Of course this is a free market and people need to be informed and educated in order to avoid the downsides. But as an 'educator' Jorge I don't feel you're looking at this objectively and I also think you do your students a disservice by casting blanket dispersions on something that has the potential to offer them quite a bit of opportunity. You remind me of talking heads back in the 90s telling everyone to stay away from that dangerous internet because it would corrupt public morality.

[RandomPedestrianN9]

Sorry Jorge I can't help myself,  I just need to know why? 

Because 90% of what has "bitcoin" in it IS scams or stupid ideas.  Starting with attempts to convince the unwary to buy bitcoins "because they will go to the moon" or "a hedge against inflation" etc..

For example, I  already mentioned a couple of days ago that student of mine who had been offered to join some GPU-based bitcoin mining enterprise.

I have to check who is on the board of the Brazilian Bitcoin Foundation.  I would almost bet that the creator of the BitcoinRain ponzi is there.

Are there a lot of scams related to Bitcoins... Yes
Are Bitcoins themselves a scam... obviously not

Before you disparage a paradigm shift you need to distinguish exactly what it is that you find the problem with. Of course this is a free market and people need to be informed and educated in order to avoid the downsides. But as an 'educator' Jorge I don't feel you're looking at this objectively and I also think you do your students a disservice by casting blanket dispersions on something that has the potential to offer them quite a bit of opportunity. You remind me of talking heads back in the 90s telling everyone to stay away from that dangerous internet because it would corrupt public morality.

Yeah but Bitcoin doesnt have porn in the blockchain.

[Peter R]

What is 500,000 bits anyway? So have people stopped pushing mBTC and now they want an even smaller unit? Just stick with BTC as the unit.... it's getting ridiculous.... next is nanobit? satoshi? Maybe we should schedule a unit change every 2 years....

Right now you can get 1740 bits for 1 USD.  Sounds like a lot to me 

Personally, I think the colloquial term "bits" will stick.  For those pushing SI prefixes, perhaps a good compromise would be to use μBTC or μ as the symbol.

[Krabby]

Wish it was possible to short some of these alt-coins

[adamstgBit]

570?
Never again!