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

[spooderman]

I had a chat with an old relative of mine today. Bitcoin entered the conversation. He said, oh that, that's a ponzi scheme. I said no it's not. He then explained to me what a ponzi scheme is and I said yes I know it LOOKS like one because of the massive amount made by people involved from the beginning, but is the internet a ponzi scheme? No? Well what if you bought sex.com in 1992 for a hundred bucks?

Then he said you can't buy plane tickets with it, so I said yes you can www.expedia.com then we stopped talking about it and it was time to get some food, and he said you can't buy food with bitcoin, and I said yes you can! (I was talking about buying pizza funnily enough), then he said you can't buy a flat with it etc......

It's nice that bitcoin has developed to the stage where there's constant examples of its acceptance, functionality and superiority to fiat.

To d4 m00n!

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[aminorex]

Bitcoin is like this cat

[manfred]

Maybe we can get this "king" to make bitcoin the official currency of his new country http://www.washingtonpost.com/local/va-man-plants-flag-claims-african-country-calling-it-kingdom-of-north-sudan/2014/07/12/abfbcef2-09fc-11e4-8a6a-19355c7e870a_story.html

I doubt they have internet and enought computers there.

Google will put up a blimp for them, and solar power is excellent.

Actually, if you put up a thin-film farm, it would be a great venue for low-cost mining.

Its already been claimed in Feb. 12, 2011 by Sheikh Andrew S. Edwards of Louisville
http://www.prlog.org/11294860-emirate-of-bir-tawil-is-formed.html

[aminorex]

Maybe we can get this "king" to make bitcoin the official currency of his new country http://www.washingtonpost.com/local/va-man-plants-flag-claims-african-country-calling-it-kingdom-of-north-sudan/2014/07/12/abfbcef2-09fc-11e4-8a6a-19355c7e870a_story.html

I doubt they have internet and enought computers there.

Google will put up a blimp for them, and solar power is excellent.

Actually, if you put up a thin-film farm, it would be a great venue for low-cost mining.

Its already been claimed in Feb. 12, 2011 by Sheikh Andrew S. Edwards of Louisville
http://www.prlog.org/11294860-emirate-of-bir-tawil-is-formed.html

Molon labe.

[Gianluca95]

what happens on the 24th chartbuddy?

It's arguably the first day of the next 234 day bubble cycle. Also mtgox is auctioning their bitcoins. There are a few other things happening around then also (Bitcoin conference is 19/20th)

No

Oh, they're auctioning bitcoins.com. Oops

Yes exactly. Keep mind that MT-gox BTC are user's btc and MT-Gox is not the Federal Bureau Investigation ! 

[spooderman]

what happens on the 24th chartbuddy?

It's arguably the first day of the next 234 day bubble cycle. Also mtgox is auctioning their bitcoins. There are a few other things happening around then also (Bitcoin conference is 19/20th)

No

Oh, they're auctioning bitcoins.com. Oops

Yes exactly. Keep mind that MT-gox BTC are user's btc and MT-Gox is not the Federal Bureau Investigation ! 

https://www.youtube.com/watch?v=StW7dgELCbE&hd=1

[adamstgBit]

I had a chat with an old relative of mine today. Bitcoin entered the conversation. He said, oh that, that's a ponzi scheme. I said no it's not. He then explained to me what a ponzi scheme is and I said yes I know it LOOKS like one because of the massive amount made by people involved from the beginning, but is the internet a ponzi scheme? No? Well what if you bought sex.com in 1992 for a hundred bucks?

Then he said you can't buy plane tickets with it, so I said yes you can www.expedia.com then we stopped talking about it and it was time to get some food, and he said you can't buy food with bitcoin, and I said yes you can! (I was talking about buying pizza funnily enough), then he said you can't buy a flat with it etc......

It's nice that bitcoin has developed to the stage where there's constant examples of its acceptance, functionality and superiority to fiat.

To d4 m00n!

some poeple are so dependent on the matrix, they cannot be reasoned with.

[Spaceman_Spiff]

I had a chat with an old relative of mine today. Bitcoin entered the conversation. He said, oh that, that's a ponzi scheme. I said no it's not. He then explained to me what a ponzi scheme is and I said yes I know it LOOKS like one because of the massive amount made by people involved from the beginning, but is the internet a ponzi scheme? No? Well what if you bought sex.com in 1992 for a hundred bucks?

Then he said you can't buy plane tickets with it, so I said yes you can www.expedia.com then we stopped talking about it and it was time to get some food, and he said you can't buy food with bitcoin, and I said yes you can! (I was talking about buying pizza funnily enough), then he said you can't buy a flat with it etc......

It's nice that bitcoin has developed to the stage where there's constant examples of its acceptance, functionality and superiority to fiat.

To d4 m00n!

Tell him to look up the definition of a Ponzi scheme again.  At worst you could call bitcoin a pump and dump.

[seleme]

what happens on the 24th chartbuddy?

It's arguably the first day of the next 234 day bubble cycle. Also mtgox is auctioning their bitcoins. There are a few other things happening around then also (Bitcoin conference is 19/20th)

No

Oh, they're auctioning bitcoins.com. Oops

*Sigh of relief*

I was am getting more and more used to the idea of Mt Gox being my super long-term stash.  

Haha, I have 12 BTC there and I am too dreaming they'll refund me when each of them is 100 000$ at least

[ChartBuddy]

Explanation

[hyphymikey]

I had a chat with an old relative of mine today. Bitcoin entered the conversation. He said, oh that, that's a ponzi scheme. I said no it's not. He then explained to me what a ponzi scheme is and I said yes I know it LOOKS like one because of the massive amount made by people involved from the beginning, but is the internet a ponzi scheme? No? Well what if you bought sex.com in 1992 for a hundred bucks?

Then he said you can't buy plane tickets with it, so I said yes you can www.expedia.com then we stopped talking about it and it was time to get some food, and he said you can't buy food with bitcoin, and I said yes you can! (I was talking about buying pizza funnily enough), then he said you can't buy a flat with it etc......

It's nice that bitcoin has developed to the stage where there's constant examples of its acceptance, functionality and superiority to fiat.

To d4 m00n!

Ask him if he knows what a laggard is.

[keithers]

I think it's a reasonable goal for us to be trying to shoot for $640-$645 (sustainable) by the end of the week.   The economy in general seems to have more money flowing around during the summer years (shopping, real estate, etc), so I would lean on including BTC market in that category

[keithers]

what happens on the 24th chartbuddy?

It's arguably the first day of the next 234 day bubble cycle. Also mtgox is auctioning their bitcoins. There are a few other things happening around then also (Bitcoin conference is 19/20th)

No

Oh, they're auctioning bitcoins.com. Oops

*Sigh of relief*

I was am getting more and more used to the idea of Mt Gox being my super long-term stash.  

Haha, I have 12 BTC there and I am too dreaming they'll refund me when each of them is 100 000$ at least

If they hit $100,000 Mark Karpeles will probably be living on Mars

[T.Stuart]

what happens on the 24th chartbuddy?

It's arguably the first day of the next 234 day bubble cycle. Also mtgox is auctioning their bitcoins. There are a few other things happening around then also (Bitcoin conference is 19/20th)

No

Oh, they're auctioning bitcoins.com. Oops

*Sigh of relief*

I was am getting more and more used to the idea of Mt Gox being my super long-term stash.  

Haha, I have 12 BTC there and I am too dreaming they'll refund me when each of them is 100 000$ at least

Did you get the postcard? 

[minerpumpkin]

I for one really don't want to see the 500s again. Let's just stay above 600 for heavens sake Seriously!

[Torque]

I for one really don't want to see the 500s again. Let's just stay above 600 for heavens sake Seriously!

Agreed. 

If someone had told me back at the end of Nov 2013 that we'd still be ~$600 in July of 2014, I'd have told them they were nuts.  <sigh>

[spooderman]

I had a chat with an old relative of mine today. Bitcoin entered the conversation. He said, oh that, that's a ponzi scheme. I said no it's not. He then explained to me what a ponzi scheme is and I said yes I know it LOOKS like one because of the massive amount made by people involved from the beginning, but is the internet a ponzi scheme? No? Well what if you bought sex.com in 1992 for a hundred bucks?

Then he said you can't buy plane tickets with it, so I said yes you can www.expedia.com then we stopped talking about it and it was time to get some food, and he said you can't buy food with bitcoin, and I said yes you can! (I was talking about buying pizza funnily enough), then he said you can't buy a flat with it etc......

It's nice that bitcoin has developed to the stage where there's constant examples of its acceptance, functionality and superiority to fiat.

To d4 m00n!

Ask him if he knows what a laggard is.

Nah, he's just too old for this. No need to insult him.

[sidhujag]

I had a chat with an old relative of mine today. Bitcoin entered the conversation. He said, oh that, that's a ponzi scheme. I said no it's not. He then explained to me what a ponzi scheme is and I said yes I know it LOOKS like one because of the massive amount made by people involved from the beginning, but is the internet a ponzi scheme? No? Well what if you bought sex.com in 1992 for a hundred bucks?

Then he said you can't buy plane tickets with it, so I said yes you can www.expedia.com then we stopped talking about it and it was time to get some food, and he said you can't buy food with bitcoin, and I said yes you can! (I was talking about buying pizza funnily enough), then he said you can't buy a flat with it etc......

It's nice that bitcoin has developed to the stage where there's constant examples of its acceptance, functionality and superiority to fiat.

To d4 m00n!

Tell him to look up the definition of a Ponzi scheme again.  At worst you could call bitcoin a pump and dump.

i hate ppl like that. Just cause they didnt get in they will justify their reasoning by calling it a scam.

See it all the time. I always say when these ppl end up buying its time to start selling.. they are considered dumb money.

[Torque]

i hate ppl like that. Just cause they didnt get in they will justify their reasoning by calling it a scam.

See it all the time. I always say when these ppl end up buying its time to start selling.. they are considered dumb money.

When ppl like this start buying, you won't have to sell b/c bitcoin will be everywhere.  That guy will cave, buy and use btc just to not look dumb anymore.

[ChartBuddy]

Explanation