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

[adamstgBit]

Actually, upon reflection, Jorge could dump all nearly 4000 of his posts in this thread (200 pages) and likely, we would all (including bitcoin itself) benefit from that.  

If you notice, with all the bullish news, Jorge has mostly refrained from posting. LOL.

Probably, he is attempting to figure out a new angle to attempt to get us to reconsider the various and numerous "perils" of bitcoin.  

His recent ridiculous comment about talking to most of his friends who already knew that bitcoin was "NO good" was  a fairly lame commentary.

I would NOT write him off, and he will probably continue to pursue stupid angles... HOWEVER, if he were to just set up a few accounts on the blockchain or maybe through some other services, he could potentially recuperate some of his bitcoin credibility.... Although, he does have some credibility and respect amongst trolls and some people who are distracted by his faux "academic" assessments of the fate of bitcoin.

for me most of my friend seem to understand the benefits / potential, but none of them put money in, they see that i made money and they feel they missed the boat, or just don't have any money for sepulcation...

i gave them all coins at Xmas, but EVERY SINGLE ONE of these coins came back to me over the last 2 years.

[JorgeStolfi]

where do you come up with this stuff?

why do you feel compelled to tell us we can't possibly make bitcoin work because not everyone agrees with it?

when will you realize we are here by choice and don't care what you say?

When will you realize that there are people who understand bitcoin but honestly do not believe in it?

Why do some of you feel compelled to insult the non-believers, just because they don't believe? 

[adamstgBit]

where do you come up with this stuff?

why do you feel compelled to tell us we can't possibly make bitcoin work because not everyone agrees with it?

when will you realize we are here by choice and don't care what you say?

When will you realize that there are people who understand bitcoin but honestly do not believe in it?

Why do some of you feel compelled to insult the non-believers, just because they don't believe? 

...

you crap on my beliefs, wtf did you think was going to happen?

[ChartBuddy]

Explanation

[JayJuanGee]

Actually, upon reflection, Jorge could dump all nearly 4000 of his posts in this thread (200 pages) and likely, we would all (including bitcoin itself) benefit from that.  

If you notice, with all the bullish news, Jorge has mostly refrained from posting. LOL.

Probably, he is attempting to figure out a new angle to attempt to get us to reconsider the various and numerous "perils" of bitcoin. 

His recent ridiculous comment about talking to most of his friends who already knew that bitcoin was "NO good" was  a fairly lame commentary.

I would NOT write him off, and he will probably continue to pursue stupid angles... HOWEVER, if he were to just set up a few accounts on the blockchain or maybe through some other services, he could potentially recuperate some of his bitcoin credibility.... Although, he does have some credibility and respect amongst trolls and some people who are distracted by his faux "academic" assessments of the fate of bitcoin.

for me most of my friend seem to understand the benefits / potential, but none of them put money in, they see that i made money and they feel they missed the boat, or just don't have any money for sepulcation... they are poor poeple, with not really any assets and tones of dept.

i gave them all coins at Xmas, but EVERY SINGLE ONE of these coins came back to me over the last 2 years.

I have mentioned this too.. that I have attempted to "work" a few people in my real world circles to educate them on bitcoin, and largely people that I know seem to get excited by the idea, yet remain hesitant to get involved because of various uncertainties and feelings that the matter is novel and could have more downside, especially since the price has been moving down for the last 9 months-ish, and maybe NOT enough people are "on board" yet for their liking and comfort.

People can still be really poor and afford one bitcoin or afford one fraction of a bitcoin to set aside, but people do NOT even take those kinds of beginner steps to invest or to diversify because it seems too much work for them and they just seem to be waiting for more and more momentum and ease of use.. and this may take several years for these people to jump on board with us when they begin to see bitcoin being accepted in more and more merchants.. that seems to be why high profile acceptance can be very helpful for bitcoin perceptions /image.. including e-bay or overstock or dell or Second Market or the bitdrop in Dominica or whatever may be next down the pike...

Even the ebay announcement has NOT been implemented yet and if COIN is approved that seems like it would be BIG for bitcoin... and if some country (such as Scotland, which seems to be quite a long shot even though it has been discussed in some of those scottish administrative circles) were to really take on bitcoin as their national currency, that would also add to the momentum of bitcoin.  Or if there were to be some oil tanker purchases with bitcoin, those kinds of large real world transactions (which seem to be coming some day soon) would also be BIG for bitcoin.

[mooncake]

Glad to see you back, Prof (honest)!

Have you read the review on bitcoin from the Bank of England? I sincerely hope to have your view on it.
http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q3prereleasedigitalcurrenciesbitcoin.aspx

[adamstgBit]

honestly Jorge i'm sorry i was rude....

idk what else to say

keep on saying your point of view its refreshing altho it can get nerve racking sometimes, i'll try to just ignore what i dont like and leave it at that

friends?

[JayJuanGee]

Glad to see you back, Prof (honest)!

Have you read the review on bitcoin from the Bank of England? I sincerely hope to have your view on it.
http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q3prereleasedigitalcurrenciesbitcoin.aspx

Oh yeah... encourage him....       

[adamstgBit]

if you understand bitcoin you should understand that you need not believe, you know! 

[JorgeStolfi]

he must be pissed

i deleted his post and then he posted it again and i went full retard on him

sorry Jorge...

Yeah, I lost my temper for a bit too...  No offense taken, apologies on my part.

[JimboToronto]

I have a little bit of a pet peeve about the numerology part of things and when people seem to put so much significance (and seemingly mythology) on the occurrence of certain numbers in a series, and really, I could give a ratt's ass about the coincidence of various numbers whether those be 666 or 7777 or 8765 or etc etc...

I have no use for numerology either. Some numbers are just plain cool though.

I posted on pages 1337 and 2600. Missed page 420. Damn.

 

[adamstgBit]

[mooncake]

Glad to see you back, Prof (honest)!

Have you read the review on bitcoin from the Bank of England? I sincerely hope to have your view on it.
http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q3prereleasedigitalcurrenciesbitcoin.aspx

Oh yeah... encourage him....       

Well, he declared that he is a sceptic, so you already know his position.

I want to see his response (from a sceptical point of view) on the publication from an institution with vested power.
But then again, he is a computer science Prof. Might be better to consult an economist?
But then again, he says that bitcoin problems are so easy to see that it is not necessary.
Oh well....

[JorgeStolfi]

Glad to see you back, Prof (honest)!

Have you read the review on bitcoin from the Bank of England? I sincerely hope to have your view on it.
http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q3prereleasedigitalcurrenciesbitcoin.aspx

I watched the video, it does not seem to say anything very different from what the central banks have been saying.  I haven't had time to read the articles byond their abstracts.

I wonder where thy got their estimates of number of bitcoin owners.  The "1-2 million worldwide"  may be from Risto's analysis.  The '20'000 in UK" is new to me.

[seleme]

I got only one friend interested in Bitcoin after going mental on Facebook during bubble and he bought 4.5 at 800$  

He bought them from me though 

[JayJuanGee]

I have a little bit of a pet peeve about the numerology part of things and when people seem to put so much significance (and seemingly mythology) on the occurrence of certain numbers in a series, and really, I could give a ratt's ass about the coincidence of various numbers whether those be 666 or 7777 or 8765 or etc etc...

I have no use for numerology either. Some numbers are just plain cool though.

I posted on pages 1337 and 2600. Missed page 420. Damn.

 

I claim to NOT like it and frequently I attempt to resist, but from time to time, I do get drawn in to the hype, too.   

[thefunkybits]

Will we break 480 this time?

Stamp is leading Finex which is a nice change 

[mooncake]

Glad to see you back, Prof (honest)!

Have you read the review on bitcoin from the Bank of England? I sincerely hope to have your view on it.
http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q3prereleasedigitalcurrenciesbitcoin.aspx

I watched the video, it does not seem to say anything very different from what the central banks have been saying.  I haven't had time to read the articles byond their abstracts.

I wonder where thy got their estimates of number of bitcoin owners.  The "1-2 million worldwide"  may be from Risto's analysis.  The '20'000 in UK" is new to me.

Do you agree with the points below?

Digital currencies, as presently designed, carry both risks and benefits. As explained in the companion piece to this article, digital currencies do not currently pose a material risk to monetary or financial stability in the United Kingdom, but it is conceivable that potential risks could develop over time. The distributed ledger is a genuine technological innovation which demonstrates that digital records can be held securely without any central authority.

The total stock of digital currencies is at present too small to pose a threat to financial stability, but further increases cannot be ruled out and it is conceivable in time that there could be an asset price crash among free-floating digital currencies that had the potential to affect financial stability. Potential risks to monetary stability would only be likely to emerge once digital currencies had achieved substantial usage across the economy. If a subset of people transacted exclusively in a digital currency, then the Bank’s ability to influence demand for this group may potentially be impaired. The incentives of existing digital currency schemes pose considerable obstacles to their widespread adoption, however. This is discussed in more detail in the companion article. Ultimately every transaction involving a financial asset must be recorded and most of these records are digital. The structure of the broader financial system is similar to payments in that these records are held by centralised third parties. The application of decentralised technology to this platform of digital information could have far-reaching implications, other industries whose products were digitised have been reshaped by new technology. The impact of the distributed ledger on the financial industry could be much wider than payments.

The approach used in the modern banking system, which emerged as a computerised replication of earlier paper-based records, is for specialised entities (usually banks) to maintain master ledgers that act as the definitive record of each individual’s money holdings. In turn, they hold accounts recorded in the ledger of one central body (typically the central bank). Those holding the ledgers have the ability to prevent any transaction they deem to be invalid. In order to use the system, people must trust that these centralised ledgers will be maintained in a reliable, timely and honest manner. An alternative approach is to implement a fully decentralised payment system, in which copies of the ledger are shared between all participants, and a process is established by which users agree on changes to the ledger (that is, on which transactions are valid). Since anybody can check any proposed transaction against the ledger, this approach removes the need for a central authority and thus for participants to have confidence in the integrity of any single entity.

Digital currencies do not currently pose a material risk to monetary or financial stability in the UnitedKingdom. Should they achieve limited adoption as a payment system, they are unlikely to undermine the Bank’s ability to achieve monetary stability. While that could, in theory, change if sterling were abandoned in favour of an alternative currency for a significant fraction of the economy, such a scenario is considered extremely unlikely at present. A variety of potential risks to financial stability could emerge if a digital currency attained systemic status as a payment system, most of which could be addressed through regulatory supervision of relevant parties.

[jaberwock]

When will you realize that there are people who understand bitcoin but honestly do not believe in it?

Why do some of you feel compelled to insult the non-believers, just because they don't believe?  

Why do you feel compelled to spend so much time on a forum dedicated to Bitcoin if you aren't interested in how you can use it to your advantage?

He writes articles about Bitcoin, including paid ones. Being here makes him and others think he is specialized in Bitcoin, or something like that

[JorgeStolfi]

magine his bitcoin fundamentals bashing bullshit with likes of Paypal going for it.

Do you really care for my opinion?  (Please stop reading if you don't...)

Well, the market has not taken much notice of those news, has it?  (Perhaps because they don't matter to China?)

You already know my view of such "adoptions":  they mostly encourage owners fo old coins to sell them on the exchanges, through Coinbase/BitPay.   A Coinbase-to-Paypal connection will certainly increase that effect.  Will it will attract new users? I doubt it.

Buying bitcoins to pay for e-payments may save some money for international purchases, like airline tickets and hotels.  For domestic purchases I have yet to see an advantage over credit cards and bank transfers, only disadvantages.

Anyway, if there is an increase in real use for e-payments, it is not visible in the blockchain.

If there is an increase in buy demand from non-owners who buy in order to make payments, it is not visible in the exchanges.

As for the Apple thing, I am puzzled by claims that "it is bullish because it will increase public interest in digital money".  I see it as direct competition to bitcoin for e-payments, with a marketing force that bitcoin (or PayPal) cannot match.  It will not matter if it will be terribly more expensive than paying with bitcoin; apple customers obviously enjoy giving Apple their money...