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

[adamstgBit]

its not offical till someone makes a fancy looking color coded graphic displaying all the different denominations of bitcoin

From DennisD7 of r/Bitcoin:

http://www.reddit.com/r/Bitcoin/comments/24m4ps/proposed_shape_for_the_bits_symbol_is_a_square/

thats a good start.

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[RandomPedestrianN9]

Yaknow, whenever something great is built, there's always someone who comes along and wants to change it all about or otherwise vandalize it just so they can say "I was part of that". This is a solution looking for a problem.

If you want square "bits" go make yet another alt-coin.

+ infinity points

[oda.krell]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

And for the other aspects, exchange medium, store of wealth, it doesn't matter one bit (hur hur) what it's called... gold bugs had to wrap their head around the rather impractical 'ounces' for a while, and that never stopped adoption either.

What I'm saying is, discuss away how to call the fractions of a coin, but I tend to think, it won't matter either way.

[hyphymikey]

How about bitcoins and satoshis? It's hard to get confused with those two denominations.

[exponential]

its not offical till someone makes a fancy looking color coded graphic displaying all the different denominations of bitcoin

From DennisD7 of r/Bitcoin:

http://www.reddit.com/r/Bitcoin/comments/24m4ps/proposed_shape_for_the_bits_symbol_is_a_square/

fucking love this!

[podyx]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

And for the other aspects, exchange medium, store of wealth, it doesn't matter one bit (hur hur) what it's called... gold bugs had to wrap their head around the rather impractical 'ounces' for a while, and that never stopped adoption either.

What I'm saying is, discuss away how to call the fractions of a coin, but I tend to think, it won't matter either way.

So what the fuck are you saying?? Are you saying we should begin to trade with fur and metals when the dollar falls?

Because the world will need a new currency sooner or later, simple as that.

[JorgeStolfi]

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.

Again, our computer science undergrad students surely have learned about bitcoin well before I did, and are smart and adult and capable of judging for themselves.  Some may be busy creating their own altcoins or bitcoin-based businesses, scams or not.  I can't do anything about them.  (That "student" I just mentioned is actually ex-grad, from the Mathematics department, who did his PhD last year on an applied math topic.) What bother me are the attempts to sell bitcoins to people who know nothing of computing, much less of computer security.

People may have said "internet corrupts"  in the 90s, but it was bullshit. (The people around me in the 1980s and 1990s certainly did not say that.)  "Bitcoin-related investments are often scams or failures" is not bullshit, unfortunately.

[oda.krell]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

And for the other aspects, exchange medium, store of wealth, it doesn't matter one bit (hur hur) what it's called... gold bugs had to wrap their head around the rather impractical 'ounces' for a while, and that never stopped adoption either.

What I'm saying is, discuss away how to call the fractions of a coin, but I tend to think, it won't matter either way.

So what the fuck are you saying?? Are you saying we should begin to trade with fur and metals when the dollar falls?

Because the world will need a new currency sooner or later, simple as that.

Bit on the edge, aren't we.

The dollar won't "fall". Not in your lifetime at least. Or rather: if your investment decisions are based on the assumption that it will, your investment decision algorithm sucks.

That said, Bitcoin can be vastly successful without becoming a unit of account. Gold isn't one ("Hey, how much for those shoes?" "0.25 fine ounces of gold"), and Bitcoin doesn't need to become either.

[adamstgBit]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

And for the other aspects, exchange medium, store of wealth, it doesn't matter one bit (hur hur) what it's called... gold bugs had to wrap their head around the rather impractical 'ounces' for a while, and that never stopped adoption either.

What I'm saying is, discuss away how to call the fractions of a coin, but I tend to think, it won't matter either way.

So what the fuck are you saying?? Are you saying we should begin to trade with fur and metals when the dollar falls?

Because the world will need a new currency sooner or later, simple as that.

Bit on the edge, aren't we.

The dollar won't "fall". Not in your lifetime at least. Or rather: if your investment decisions are based on the assumption that it will, your investment decision algorithm sucks.

That said, Bitcoin can be vastly successful without becoming a unit of account. Gold isn't one ("Hey, how much for those shoes?" "0.25 fine ounces of gold"), and Bitcoin doesn't need to become either.

but it is!

who much you wana bet?

1,000bits?

 

[wachtwoord]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

It already is. By definition.

[Krabby]

I see the USD falling... Literally, look out your window!

[adamstgBit]

I see the USD falling.

you can watch it live http://www.usdebtclock.org/

it looks like its falling fast but don't worry its really not, could take another few years.

[Krabby]

I see the USD falling.

you can watch it live http://www.usdebtclock.org/

it looks like its falling fast but don't worry its really not, could take another few years.

Yawn, am I right?

[Adrian-x]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

And for the other aspects, exchange medium, store of wealth, it doesn't matter one bit (hur hur) what it's called... gold bugs had to wrap their head around the rather impractical 'ounces' for a while, and that never stopped adoption either.

What I'm saying is, discuss away how to call the fractions of a coin, but I tend to think, it won't matter either way.

funny that, I offered to donate 500,000 bits to target Jorge's students with free coin, and every one gets in a knot, no one questions the donation just the denomination. Ha Ha Ha.

[oda.krell]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

It already is. By definition.

Not by the widely used definition.

Why are we having this discussion? There are a whole lot of great things about Bitcoin. Price stability is not one of them. Except for a very select few zealots, nobody in his right mind would denominate the value of something he wants to sell or buy in Bitcoin primarily. It goes (and will do so for the foreseeable future) in the form of 'internal notion of value -> USD value -> XBT value'. And I don't see any problem with that.

[adamstgBit]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

It already is. By definition.

Not by the widely used definition.

Why are we having this discussion? There are a whole lot of great things about Bitcoin. Price stability is not one of them. Except for a very select few zealots, nobody in his right mind would denominate the value of something he wants to sell or buy in Bitcoin primarily. It goes (and will do so for the foreseeable future) in the form of 'internal notion of value -> USD value -> XBT value'. And I don't see any problem with that.

maybe bits will be more stable.

[Adrian-x]

maybe bits will be more stable.

LOLed

[wachtwoord]

It is a unit of account by definition. It's the unit of account of the blockchain.

I never said it was the most useful unit of account outside of that.

[ChartBuddy]

Explanation

[oda.krell]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

It already is. By definition.

Not by the widely used definition.

Why are we having this discussion? There are a whole lot of great things about Bitcoin. Price stability is not one of them. Except for a very select few zealots, nobody in his right mind would denominate the value of something he wants to sell or buy in Bitcoin primarily. It goes (and will do so for the foreseeable future) in the form of 'internal notion of value -> USD value -> XBT value'. And I don't see any problem with that.

maybe bits will be more stable.

Eventually, maybe. But it'll take a while. It'll take [period of initial clusterfuck speculation (you are HERE)], [approaching equilibrium], [period of price stability] and finally [monkey brains of young ones getting fully used to denominating value in Bitcoin]. Not something I count on happening in the next 5 or even 10 years.

(mildly drunk. bit more confrontative than usual. sorry)