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

[Kipsy89]

ohh my

http://www.iflscience.com/technology/ibm-reveals-incredible-new-brain-inspired-chip

seriously, i cant wait for the day Intel, IBM & co will jump on bitcoin's train.. CCMFFFFF for ever and ever and everrrrrr 

But what if Intel jumps on the train by designing an IC that's far more superior to any other ASIC chip, and they just use it to achieve over 51% of the total network! They could destroy bitcoin! They're experts in IC design like no one else!!!

[1715537495]

1715537495

[roslinpl]

If there is one thing I have learnt about Bitcoin this year it is that no one has a clue what is going to happen with the price

Well ... you're not right :-)

I can say what will happen with the price. 
It will go up and away and this can happen at any time from now :-)

[Kipsy89]

If there is one thing I have learnt about Bitcoin this year it is that no one has a clue what is going to happen with the price

Well ... you're not right :-)

I can say what will happen with the price. 
It will go up and away and this can happen at any time from now :-)

You really sure? What makes you think that? I'm also quite optimistic, a BULL in your language But do you have some of this TA to support that? I really want to make sure the price really goes up again!

[cbeast]

The point is that with bitcoin (in the endgame, when it is more stable and super user-friendly) they won't have to buy stocks, bonds etc. to get the same benefits that fiat delivers today.  

That is why a "business plan" is needed.  Obviously, the purchase power of bitcoin cannot keep growing 1000% per year forever.   When it stabilizes, will bitcoins appreciate more than stocks, or less than stocks? If more, no one will exchange their bitcoins for stock (so how would new companies start, and where will all the holders' revenue come from)?  If it starts growing less than stocks, then people will want to exchange their bitcoin hoards for stocks, and price will drop, maybe 90% or more, untill all the 21 million coins are in circulation.  Will this be the case, or will bitcoin appreciate just as much as bonds and stocks? The "business plan" would have to pick one aleternative and show that it is consistent with teh rest of the model.

However there are fees associated with moving in and out of bonds, stocks etc. .   If you want to buy and sell bitcoin on an exchange now, there are also fees associated with it, but when more people use it for buying their pizza, paying out salaries etc., this won't be the case.  

Depending on the date of the "endgame" and the guessed price of bitcoin then, mining may not be enough to sustain the network, so the transaction fees will be mandatory.  The "business plan"  would have to guess the transaction volume, pick a percentage for the fees, and specify the difficulty level that matches that.  (Depending on the fee structure, paying a pizza with bitcoin may or may not make sense.)

One complication is that there may be banks and/or credit card companies offering payment services in bitcoin, possibly with smaller fees (being centralized, their porcessing costs would be much smaller than bitcoin's) and/or other advantages (like lending, cancellation, insurance, etc.)  But payments made through them will normally be accounted in their internal ledgers, not in their blockchain (like, as of now, most dollar payments made through banks do not involve dollar bills).  Those intrabank payments will not pay bitcoin transaction fees.  So, in order to establish the bitcoin demand and fees, the business plan would have to identify the fraction of payments that will be made through the blockchain, and may have to pay higher fees than bank transfers.

I know that all these issues have been extensively discussed, but I have only seen them addressed one at a time, and I wonder whether the "solutions" that have been presented for them in isolation are compatible with each other.  (For example, I recall one famous advocate claiming that people would pay coffee and groceries with a blockchain app on their cellphones, while another claimed that bitcoin would be used only for expensive items like cars or real estate, another wrote that it would be used only for transactions that need to be hidden, and yet another that it would be used only for inter-bank settlements...)

Bitcoin growth and volatility is not an issue if you use businesses willing to take the risk for you. You may choose the level of risk depending on your confidence in Bitcoin. As far as stocks are concerned, they are legacy just like the banks and will be disrupted as well.

That is why a "business plan" is needed.

This is a strawman. Your entire exposition is based on changing the argument. No business plan is needed. Nobody needs to "guess" the price of Bitcoin unless that is their business model as they can always pass along the cost to their customers just like every other business. All this talk about banks fees is silly. Any large company can float interdepartmental  payments with zero confirmation blockchain transactions because they have some trust and improve corporate transparency with triple-entry accounting.

[Richy_T]

Who wrote chartbuddy?  I'd like to have a small discussion with them... 

Dat's me

[ChartBuddy]

Explanation

[blatchcorn]

Who wrote chartbuddy?  I'd like to have a small discussion with them... 

Dat's me

Brace yourself for a $1 million acquisition from Google

[dwdoc]

ohh my

http://www.iflscience.com/technology/ibm-reveals-incredible-new-brain-inspired-chip

seriously, i cant wait for the day Intel, IBM & co will jump on bitcoin's train.. CCMFFFFF for ever and ever and everrrrrr 

But what if Intel jumps on the train by designing an IC that's far more superior to any other ASIC chip, and they just use it to achieve over 51% of the total network! They could destroy bitcoin! They're experts in IC design like no one else!!!

If Intel developed an advanced bitcoin ASIC they would sell it and/or use it to mine for profit.
A 51% attack would not be nearly as profitable and would not destroy bitcoin.

[samsonn25]

The market would be too small for Intel to waste resources on.

It would also take Intel too long to market and produce this chip that would have less than 9 months of value as it would depreciate weekly right off the bat.  All their suppliers would be stuck with massive write downs.

[hyphymikey]

And there goes the dump bot.

[esse83]

And there goes the dump bot.

And that concludes todays pump&dump - congrats to all our new millionaires. Tune in tomorrow for another round.

[ShroomsKit]

Must suck to be that fool that buys at 690+ every time.

It's so odd. At 688 they don't buy but when someone starts pumping those same people panic buy at 695 only to see the price drop back to 688 after that. And then they panic sell of course.
It's always the same. Why do people still fall for it?

[ChartBuddy]

Explanation

[hdbuck]

Must suck to be that fool that buys at 690+ every time.

It's so odd. At 688 they don't buy but when someone starts pumping those same people panic buy at 695 only to see the price drop back to 688 after that. And then they panic sell of course.
It's always the same. Why do people still fall for it?

5xx maybe ?!

[ShroomsKit]

Must suck to be that fool that buys at 690+ every time.

It's so odd. At 688 they don't buy but when someone starts pumping those same people panic buy at 695 only to see the price drop back to 688 after that. And then they panic sell of course.
It's always the same. Why do people still fall for it?

5xx maybe ?!

No no, i'm talking about next month.

[inca]

Must suck to be that fool that buys at 690+ every time.

It's so odd. At 688 they don't buy but when someone starts pumping those same people panic buy at 695 only to see the price drop back to 688 after that. And then they panic sell of course.
It's always the same. Why do people still fall for it?

Because one of these days the price will move upwards past 600 to never return.

Bitcoin has become a real snoozefest which I think is extremely healthy. We are at circa 590 and bored witless. A few more weeks of this and the weak hands will have sold. Then the next move up can begin.

[fonsie]

Must suck to be that fool that buys at 690+ every time.

It's so odd. At 688 they don't buy but when someone starts pumping those same people panic buy at 695 only to see the price drop back to 688 after that. And then they panic sell of course.
It's always the same. Why do people still fall for it?

Yes please do tell, why you keep falling for that?

[ShroomsKit]

Must suck to be that fool that buys at 690+ every time.

It's so odd. At 688 they don't buy but when someone starts pumping those same people panic buy at 695 only to see the price drop back to 688 after that. And then they panic sell of course.
It's always the same. Why do people still fall for it?

Because one of these days the price will move upwards past 600 to never return.

Bitcoin has become a real snoozefest which I think is extremely healthy. We are at circa 590 and bored witless. A few more weeks of this and the weak hands will have sold. Then the next move up can begin.

Not able to break 600 is not bullish. Sorry.

[fonsie]

Must suck to be that fool that buys at 690+ every time.

It's so odd. At 688 they don't buy but when someone starts pumping those same people panic buy at 695 only to see the price drop back to 688 after that. And then they panic sell of course.
It's always the same. Why do people still fall for it?

Because one of these days the price will move upwards past 600 to never return.

Bitcoin has become a real snoozefest which I think is extremely healthy. We are at circa 590 and bored witless. A few more weeks of this and the weak hands will have sold. Then the next move up can begin.

Not able to break 600 is not bullish. Sorry.

Yes very bearish, sell your remaining 1 BTC and buy back 0.25 BTC in a couple of months.

[hyphymikey]

Must suck to be that fool that buys at 690+ every time.

It's so odd. At 688 they don't buy but when someone starts pumping those same people panic buy at 695 only to see the price drop back to 688 after that. And then they panic sell of course.
It's always the same. Why do people still fall for it?

It's just one guy taking advantage of the bear dumper. He will buy 1k, fill in the bids behind him, and wait for the idiot to dump into his bids and bring the price back down. He does this over and over again, essentially getting 10s of thousands of coins without moving the price.