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

[macsga]

...
Inflation is never needed.  It is a tax that, for all intents and purposes, is paid only by the poor.

>>>/pol

LMAO
Best poster on Bitcointalk.

He is pretty damn clever.  Too bad he uses his powers for evil, trolling the bitcoin forums - but hey, the world needs super-villains too I guess

Many people like him lurk around us petty humans. They're aliens you know. I'm pretty damn certain! 

[Chalkbot]

...
Inflation is never needed.  It is a tax that, for all intents and purposes, is paid only by the poor.

>>>/pol

LMAO
Best poster on Bitcointalk.

He is pretty damn clever.  Too bad he uses his powers for evil, trolling the bitcoin forums - but hey, the world needs super-villains too I guess

NotLambchop is my least despised troll. Right up there with Blitz and Proudhon.

[prophetx]

ah bummer someone pulled that buy wall on bitstamp i was about to eat up to 346 just for the hell of it

[L0uis]

Why the hell would someone dump in that little momentum

[prophetx]

Why the hell would someone dump in that little momentum

who knows... if they had waited just 60 seconds they could have got 1% more

[stereotype]

careful NotLambTroll will troll his way into your hearts with those little pink ponies (bit creepy no?)

Definitely......

[inca]

Let's see if the traders can stifle this little move.

[ChartBuddy]

Explanation

[N12]

Let's see if the traders can stifle this little move.

WTF? Traders aren't here to stifle, they're here to make money. They don't influence trends that are determined by underlying conditions of the asset. So they determine nothing.

[Thomas-s]

careful NotLambTroll will troll his way into your hearts with those little pink ponies (bit creepy no?)

Definitely......

Is that Peter Todd?

[Torque]

careful NotLambTroll will troll his way into your hearts with those little pink ponies (bit creepy no?)

Definitely......

Is that Peter Todd?

Hmmm... yikes

[raid_n]

Math is limitless, that's the beauty of it.  Unlike Bitcoin's inflation, which is algorithmically predetermined, fiat inflation can be adjusted as needed.

I also can't tell you how many BTC will exist on July 17, 2017.
Learn how Bitcoin works

I'm pretty sure I know how it works.  You may not be able to predict the exact number, but the math restricts it to a pretty small range.  I'm pretty sure that no such math exists for CNY.

Inflation is never needed.  It is a tax that, for all intents and purposes, is paid only by the poor.

EDIT: Hey, notice how I was able to make my point w/o including a picture of ponies?  You should strive to emulate that kind of self-restraint

I'm sorry if I have to break it for you guys but there is no "math" that limits the number of bitcoins.
You need to stop thinking about bitcoin as some mathematical absolute that has been discovered by satoshi.
It is more or less just a statement made in code that everyone agrees with.

[Erdogan]

you "sound money" luddites

It's hilarious that the people promoting electronic, programmable virtual currency are the "Luddites" in your mind

The expression "sound money" was appropriated by goldbugs--the ones who want to go back to the gold standard.  It has nothing to do with electronic, programmable currency currently inflating @~10% per year.

Always happy to educate.


@macsga: I'll see what I can do.

It has everything to do with bitcoin. It is the main thing.

[PestoQuinty]

careful NotLambTroll will troll his way into your hearts with those little pink ponies (bit creepy no?)

Definitely......

dude, this kid looks kinda like little Karpeles...

[Erdogan]

Math is limitless, that's the beauty of it.  Unlike Bitcoin's inflation, which is algorithmically predetermined, fiat inflation can be adjusted as needed.

I also can't tell you how many BTC will exist on July 17, 2017.
Learn how Bitcoin works

I'm pretty sure I know how it works.  You may not be able to predict the exact number, but the math restricts it to a pretty small range.  I'm pretty sure that no such math exists for CNY.

Inflation is never needed.  It is a tax that, for all intents and purposes, is paid only by the poor.

EDIT: Hey, notice how I was able to make my point w/o including a picture of ponies?  You should strive to emulate that kind of self-restraint

I'm sorry if I have to break it for you guys but there is no "math" that limits the number of bitcoins.
You need to stop thinking about bitcoin as some mathematical absolute that has been discovered by satoshi.
It is more or less just a statement made in code that everyone agrees with.

money substitutes, debt? The base money is limited. Please explain your stance.

[macsga]

I'm sorry if I have to break it for you guys but there is no "math" that limits the number of bitcoins.
You need to stop thinking about bitcoin as some mathematical absolute that has been discovered by satoshi.
It is more or less just a statement made in code that everyone agrees with.

You know what you're proposing is utterly wrong right?
Economics 101:
-What gives money it's "power"?
-The "agreement" between 2 or more individuals/entities/countries etc to ACCEPT a commodity as money.

To "break it down" for you, this is as simple as you and me having an agreement that from now on we will be using Euros or Zimbabwean dollars for our transactions. This is what powers the grid. The more we agree to do so - the greater the "power".

Now, there's a glitch. *IF* one of the participants decides to forfeit / steal / type more money, the agreement is invalid. You know what they say right? Whenever there's money involved, there's greed as well.

THIS is what Bitcoin is. The ability of Random Matrix Math to solve the human greed factor. The flaw is not the money. It's US.

[NotLambchop]

you "sound money" luddites

It's hilarious that the people promoting electronic, programmable virtual currency are the "Luddites" in your mind

The expression "sound money" was appropriated by goldbugs--the ones who want to go back to the gold standard.  It has nothing to do with electronic, programmable currency currently inflating @~10% per year.

Always happy to educate.


@macsga: I'll see what I can do.

It has everything to do with bitcoin. It is the main thing.

Bitcoin is a clumsy throwback to the gold standard days.  The rest of the world has long since discovered the benefits of elastic money supply--benefits proven both empirically and through the works of John Maynard Keynes, the father of modern economics.

Bitcoiners, gold bugs and other Austrian School vandals now wish to destroy decades of economic progress, thrusting the world back into pre-Keynesian economic darkness.

Luddites

[ChartBuddy]

Explanation

[raid_n]

I'm sorry if I have to break it for you guys but there is no "math" that limits the number of bitcoins.
You need to stop thinking about bitcoin as some mathematical absolute that has been discovered by satoshi.
It is more or less just a statement made in code that everyone agrees with.

You know what you're proposing is utterly wrong right?
Economics 101:
-What gives money it's "power"?
-The "agreement" between 2 or more individuals/entities/countries etc to ACCEPT a commodity as money.

To "break it down" for you, this is as simple as you and me having an agreement that from now on we will be using Euros or Zimbabwean dollars for our transactions. This is what powers the grid. The more we agree to do so - the greater the "power".

Now, there's a glitch. *IF* one of the participants decides to forfeit / steal / type more money, the agreement is invalid. You know what they say right? Whenever there's money involved, there's greed as well.

THIS is what Bitcoin is. The ability of Random Matrix Math to solve the human greed factor. The flaw is not the money. It's US.

I have no idea what you are trying to tell me here.

People often suggest there is a greater "Math" behind why bitcoin is limited in supply.
Basically it is a few lines of code in the protocol an the fact that the majority of miners and users follow that protocol.
It is horribly trivial to change the supply of bitcoin to an arbitrary amount if there was enough backing by the community for it.

Saying it is impossible to change is having a fundamental misunderstanding of how or why bitcoin works

[inca]

I'm sorry if I have to break it for you guys but there is no "math" that limits the number of bitcoins.
You need to stop thinking about bitcoin as some mathematical absolute that has been discovered by satoshi.
It is more or less just a statement made in code that everyone agrees with.

You know what you're proposing is utterly wrong right?
Economics 101:
-What gives money it's "power"?
-The "agreement" between 2 or more individuals/entities/countries etc to ACCEPT a commodity as money.

To "break it down" for you, this is as simple as you and me having an agreement that from now on we will be using Euros or Zimbabwean dollars for our transactions. This is what powers the grid. The more we agree to do so - the greater the "power".

Now, there's a glitch. *IF* one of the participants decides to forfeit / steal / type more money, the agreement is invalid. You know what they say right? Whenever there's money involved, there's greed as well.

THIS is what Bitcoin is. The ability of Random Matrix Math to solve the human greed factor. The flaw is not the money. It's US.

I have no idea what you are trying to tell me here.

People often suggest there is a greater "Math" behind why bitcoin is limited in supply.
Basically it is a few lines of code in the protocol an the fact that the majority of miners and users follow that protocol.
It is horribly trivial to change the supply of bitcoin to an arbitrary amount if there was enough backing by the community for it.

Saying it is impossible to change is having a fundamental misunderstanding of how or why bitcoin works

What you say may be true. But bitcoin's value proposition lies in those few lines of code. And that is why they will never be changed.