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

[SirChiko]

The next bubble is Wall St. 
Mark my words..

drunk talk wall st is played out

You talk too soon.

I know drunk talk when I read it and you talk too soon.

It probably won't happen anytime soon, market is too violate no?

[ChartBuddy]

Explanation

[BTCfan1]

The next bubble is Wall St. 
Mark my words..

drunk talk wall st is played out

You talk too soon.

I know drunk talk when I read it and you talk too soon.

It probably won't happen anytime soon, market is too violate no?

winklevoss etf just listed on Bloomberg today as 'pending'

[YogoH]

Wall st. will be like "yeah, lets invest heavily into an easily replacable virtual commodity and let's ignore the fact that some  anonymous drug dealer or hacker can own 1mil+ coins and dump the entire market to it's knees if he choses to do so"

Yeah just so easy to replace a 100+ petahash network, bitcoin ecosystem and all the enthusiastic bitcoin (almost cult-like) users.

[Mervyn_Pumpkinhead]

Wall st. will be like "yeah, lets invest heavily into an easily replacable virtual commodity and let's ignore the fact that some  anonymous drug dealer or hacker can own 1mil+ coins and dump the entire market to it's knees if he choses to do so"

Yeah just so easy to replace a 100+ petahash network, bitcoin ecosystem and all the enthusiastic bitcoin (almost cult-like) users.

The hashing power, and the "ecosystem" aren't tied to bitcoin just like the fanatics, who will run towards every new get rich quick scheme they come across. Most of the fanatics aren't fanatical about bitcoin. The majority of those think that python is only an exotic reptile. This majority is fanatical about getting rich without doing any work, not about bitcoin.

[windjc]

Wall st. will be like "yeah, lets invest heavily into an easily replacable virtual commodity and let's ignore the fact that some  anonymous drug dealer or hacker can own 1mil+ coins and dump the entire market to it's knees if he choses to do so"

Actually, pretty much.

Deal with it.

[YogoH]

Wall st. will be like "yeah, lets invest heavily into an easily replacable virtual commodity and let's ignore the fact that some  anonymous drug dealer or hacker can own 1mil+ coins and dump the entire market to it's knees if he choses to do so"

Yeah just so easy to replace a 100+ petahash network, bitcoin ecosystem and all the enthusiastic bitcoin (almost cult-like) users.

The hashing power, and the "ecosystem" aren't tied to bitcoin just like the fanatics, who will run towards every new get rich quick scheme they come across. Most of the fanatics aren't fanatical about bitcoin. The majority of those think that python is only an exotic reptile. This majority is fanatical about getting rich without doing any work, not about bitcoin.

Most of the early bitcoin adopters saw the potential revolutionary change that a decentralized currency with a fixed supply would bring to the world. The wealth it brings is just part of the inherent design of a fixed supply. I don't see how rewarding those who understand this somehow makes anyone buying bitcoin just "get rich quick" schemers. People who bought early microsoft stock aren't labeled as get rich quick schemers? They saw potential and put their money to work, it is a risk and thus comes reward.  

Bitcoin is a technology (AND IDEA), and yes it could be replaced, but Wall St will not get the bandwagon effect that a grassroots decentralized currency like bitcoin brings.

[JayJuanGee]

I think that all the new posters here and on reddit is a good sign.

Are the overall numbers (adoption) increasing though?   

[sidhujag]

wall st isnt there yet... they arent smart enough tech wise.

We are a few digits away from wall st except the smart ones. after 10k wall st may start to get in to manipulate.. but its fine then.

[YogoH]

I think that all the new posters here and on reddit is a good sign.

Are the overall numbers (adoption) increasing though?   

http://www.bitcoinpulse.com/


Yes, although it increases faster during the bubbles.

[JayJuanGee]

I think that all the new posters here and on reddit is a good sign.

Are the overall numbers (adoption) increasing though?   

http://www.bitcoinpulse.com/


Yes, although it increases faster during the bubbles.

It's good to look at those various indicators on bitcoin pulse from time to time.... We do seem due for another bubble, but I would NOT be surprised if we have several more weeks of either flat or just gradual increases through upper $600s and if we start to get into the $700 territory, there may be some attention and then by $800 people may begin to think that they better get on board for the bubble before it is too late..

I am mostly in BTC (to the extent that I plan to get "in"), and just investing most of my new fiat into BTC as it comes in my direction... which sometimes takes a while to get...    The rapid bubble could happen soon, but I am expecting that the more likely scenario will be that we will have a gradual increase in BTC prices first maybe over the next 6 weeks or a little longer... 

Then the violence, i mean upswing... WHY NOT?

[Mervyn_Pumpkinhead]

When people start to compare bitcoin to microsoft stocks and speak about the riches that their hype speculation brings to the world, then you will be reminded of this..


.. and quietly move on.

[Spaceman_Spiff]

Wall st. will be like "yeah, lets invest heavily into an easily replacable virtual commodity and let's ignore the fact that some  anonymous drug dealer or hacker can own 1mil+ coins and dump the entire market to it's knees if he choses to do so"

So what if some hacker temporarily crashes the market.  All that will cause is some temporary panic, probably a few people start to doubt bitcoin, and then it just honeybadgers on as usual.  In the end the only people who are damaged by this are leveraged longs and the hacker himself, who sold way under the fair value.

When people start to compare bitcoin to microsoft stocks and speak about the riches that their hype speculation brings to the world, then you will be reminded of this..


.. and quietly move on.

Better to always assume you are correct and never listen to opposing arguments then, right?  Because that's not retarded at all....

[ChartBuddy]

Explanation

[YogoH]

Mervyn, Are you saying bitcoin doesn't create wealth?

[pietje]

i think we wont break 600 until after we know the results of the auction

Not much needed to break it atm. Finex already did.

[Mervyn_Pumpkinhead]

Mervyn, Are you saying bitcoin doesn't create wealth?

Yes, exactly! Bitcoin doesn't even aim to create wealth. It aims to store and transfer wealth, but because of it's overly simplistic financial properties, it fails to succeed in it's goals. Without a mechanism to keep stable unit value, bitcoin is a gimmick of an currency, that is more of an innovative gambling platform, then a serious financial tool.

[Bagatell]

Mervyn, Are you saying bitcoin doesn't create wealth?

Yes, exactly! Bitcoin doesn't even aim to create wealth. It aims to store and transfer wealth, but because of it's overly simplistic financial properties, it fails to succeed in it's goals. Without a mechanism to keep stable unit value, bitcoin is a gimmick of an currency, that is more of an innovative gambling platform, then a serious financial tool.

Why do you bother with it then?

[FNG]

Mervyn, Are you saying bitcoin doesn't create wealth?

Yes, exactly! Bitcoin doesn't even aim to create wealth. It aims to store and transfer wealth, but because of it's overly simplistic financial properties, it fails to succeed in it's goals. Without a mechanism to keep stable unit value, bitcoin is a gimmick of an currency, that is more of an innovative gambling platform, then a serious financial tool.

Bitcoin has transferred $7.7 Billion to it's owners

Sure looks like it's succeeding.

 

[Mervyn_Pumpkinhead]

Mervyn, Are you saying bitcoin doesn't create wealth?

Yes, exactly! Bitcoin doesn't even aim to create wealth. It aims to store and transfer wealth, but because of it's overly simplistic financial properties, it fails to succeed in it's goals. Without a mechanism to keep stable unit value, bitcoin is a gimmick of an currency, that is more of an innovative gambling platform, then a serious financial tool.

Why do you bother with it then?

I like the idea that it is based on and I think that we'll see some interesting developments based on that idea.
To me, worshipping bitcoin is like worshipping macintosh 128k and thinking that it will be the future. The idea has potential, not the present simplistic models. Worshipping bitcoin is based on the assumption that technology isn't constantly evolving, but about stagnation. It's the mentality of the get rich quick folks who are afraid on development and they wish that the world would be as static as their own intellectual development.