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

[redsn0w]

However , true story :

Let me explain what the difference is:
Money is sent via Western Union when cash is needed immediately.  This money is not sent for stuff like online purchases, otherwise the sender could simply make the purchase and have it shipped to a different address.

Sending Bitcoin is currently extremely cheap, because the miners are subsidised by 10% yearly inflation, AKA "block rewards" (not TX fees).  As block rewards diminish to zero over time, the miners will be forced to rely on TX fees.
Today, Bitcoin is paying 10% of its market cap to maintain the network--that's how many coins are mined in a year.  Once the block rewards approach zero, the transaction fees would have to represent ~10% of Bitcoin's market cap to maintain today's network security.  Because, as Satoshi has pointed out, the cost of mining should approach the price of coins mined.

Imagine that?  Burning 10% of world's wealth YEARLY being paid in TX fees?  

But that's a tangent.  The problem is, after receiving your bitcoin, it still must be converted to cash you can actually spend locally

amazing theory , but bitcoin is still better then "WU" or Am i wrong ?  the fees are extremely low (~0.03 $ ).

Are you agree or not ?

[JorgeStolfi]

Obviously it is in your best interest they are selling and that your interpretation of clear-cut counter-indicative comments and official releases is the correct one.

I have no interest either way, just want to understand what is going on.  Some here obviously have an interest in painting a bullish picture.

Bottom line is you're wrong

In short, the answer is "no, there is no evidence that miners are holding".

If you read back, I ASKED one poster whether there was evidence that miners are holding.  He replied with a statement of faith and no data.  That phrase above is my rephrasing of his reply.

[conspirosphere.tk]

Fiat or no fiat, people are always the same. They always try to abuse things and have profit to the maximum. Just human nature, believing bitcoin is any different is insanity.

profit-seeking is what makes the world go around. The troubles are just about the means used. Fiat is by force = bad by definition. Until crypto is voluntary is a good starting point.

[NotLambchop]

However , true story :

Let me explain what the difference is:
Money is sent via Western Union when cash is needed immediately.  This money is not sent for stuff like online purchases, otherwise the sender could simply make the purchase and have it shipped to a different address.

Sending Bitcoin is currently extremely cheap, because the miners are subsidised by 10% yearly inflation, AKA "block rewards" (not TX fees).  As block rewards diminish to zero over time, the miners will be forced to rely on TX fees.
Today, Bitcoin is paying 10% of its market cap to maintain the network--that's how many coins are mined in a year.  Once the block rewards approach zero, the transaction fees would have to represent ~10% of Bitcoin's market cap to maintain today's network security.  Because, as Satoshi has pointed out, the cost of mining should approach the price of coins mined.

Imagine that?  Burning 10% of world's wealth YEARLY being paid in TX fees?  

But that's a tangent.  The problem is, after receiving your bitcoin, it still must be converted to cash you can actually spend locally

amazing theory , but bitcoin is still better then "WU" or Am i wrong ?  the fees are extremely low (~0.03 $ ).

Are you agree or not ?

No.  Read the bold red text above.  You are [again] forcing me to use text effects to make you pay attention.

[redsn0w]

No.  Read the bold red text above.  You are [again] forcing me to use text effects to make you pay attention.

I don't enforce anyone , if you don't want to read me simple "ignore me" .


It is not necessary to convert BTC to cash , so you can use it easily without lose "another time and money" , please  be an adult person  not a troll .


Have a nice day ,


redsn0w

[NotLambchop]

No.  Read the bold red text above.  You are [again] forcing me to use text effects to make you pay attention.

I don't enforce anyone , if you don't want to read me simple "ignore me" .


It is not necessary to convert BTC to cash , so you can use it easily without lose "another time and money" , please  be an adult person  not a troll .


Have a nice day ,


redsn0w

^like talking to a ditch

[redsn0w]

No.  Read the bold red text above.  You are [again] forcing me to use text effects to make you pay attention.

I don't enforce anyone , if you don't want to read me simple "ignore me" .


It is not necessary to convert BTC to cash , so you can use it easily without lose "another time and money" , please  be an adult person  not a troll .


Have a nice day ,


redsn0w

^like talking to a ditch

So Am I wrong ?   I can't use btc directly ...    are you serious man or are you kidding me ?

[ChartBuddy]

Explanation

[freakbits]

As long as the miners cant pay for electricity in bitcoin they will have to sell bitcoin for fiat, obviously.

[galdur]

However , true story :

Priceless  

[NotLambchop]

No.  Read the bold red text above.  You are [again] forcing me to use text effects to make you pay attention.

I don't enforce anyone , if you don't want to read me simple "ignore me" .


It is not necessary to convert BTC to cash , so you can use it easily without lose "another time and money" , please  be an adult person  not a troll .


Have a nice day ,


redsn0w

^like talking to a ditch

So Am I wrong ?   I can't use btc directly ...    are you serious man or are you kidding me ?

Yes, you are wrong.  Let me explain again:
People use Western Union in emergencies--like being stranded halfway across the country with no money for gas, that sort of thing.  The kind of emergencies in which Bitcoin would be of no use, since it can not be spent in in the podunks where these emergencies take place.  Gas stations don't take Bitcoin.

If you are talking about needing something which could be bought online, simply ask the person to put the purchase on his CC, and save bot of you the fee and the hassle.

[conspirosphere.tk]

However , true story :

http://imgur.com/uPgmVfu][IMG]https://i.imgur.com/uPgmVfu.png

Priceless  

It's not just about moving money. Mostly about keeping your money.

[NotLambchop]

^^sure



*You have lost more than 1/2 of your money if you have been holding for a year.  Way to go!

[DeadCoin]

Fiat or no fiat, people are always the same. They always try to abuse things and have profit to the maximum. Just human nature, believing bitcoin is any different is insanity.

profit-seeking is what makes the world go around. The troubles are just about the means used. Fiat is by force = bad by definition. Until crypto is voluntary is a good starting point.

Coercion and law is what gives fiat value. Maybe not moral, but surely gives more faith to average Joe than internet funny money like bitcoin scheme.

[galdur]

[JimboToronto]

However , true story :

Spot on. It seems some people here treat Bitcoin as if it were some kind of investment vehicle and forget its real purpose.

In the real world it represents fast and cheap money transfers.

Last week a student friend hit on me for a $100 loan to get through the weekend. She had tried her out-of-town mother but she used a different bank and they wanted to charge a $75 dollar fee to send $100 and it wouldn't have completed until Monday anyway.

As I lent her the $100, I pointed out that if her mother owned bitcoins, she could have had her send $100 worth to her phone, walked down the street and had $95 cash in her hand in less than an hour, after paying the 5% ATM fee.

This is the real world, not some theoretical speculation.

[vabtc]

Yes, you are wrong.  Let me explain again:
People use Western Union in emergencies--like being stranded halfway across the country with no money for gas, that sort of thing.  The kind of emergencies in which Bitcoin would be of no use, since it can not be spent in in the podunks where these emergencies take place.  Gas stations don't take Bitcoin.

If you are talking about needing something which could be bought online, simply ask the person to put the purchase on his CC, and save bot of you the fee and the hassle.

But I can also pay for someone's gas in the middle of nowhere instantly from my living room with btc, all they need is the payment protocol.

[conspirosphere.tk]

*You have lost more than 1/2 of your money if you have been holding for a year.  Way to go!

I lost just profit opportunities. I would stay in black even at 10 bucks mr. Hindsight.
But in a battle for civilization you're not counting beans all the time.

[JimboToronto]

Priceless  

Oops. Hit the post button after the quote button without adding a comment. Then someone came to the door.

See revised post above.

 

[griffinriz]

You can send BTC to the MOON