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

[NotLambchop]

...
Who are these extremely poor individuals that know how to set up very specific complicated hardware setup that cannot afford electricity?
...

The unbanked third-world poor who will benefit the most from Bitcoin

Good morning, gentlemen!

Not necessary if it the prices are low, then they would be at losses too.

I think hope The Reverend FatherBob was being sarcastic.

[BlindMayorBitcorn]

...
Who are these extremely poor individuals that know how to set up very specific complicated hardware setup that cannot afford electricity?
...

The unbanked third-world poor who will benefit the most from Bitcoin

Good morning, gentlemen!

Not necessary if it the prices are low, then they would be at losses too.

I think hope The Reverend FatherBob was being sarcastic.

The lord works in mysterious ways, brother

[tarmi]

all that talk about mass adoption and price skyrocketing, especially in 3rd world countries. 

did any of you consider scenario where mass adoption leads to massive price decrease?

the more people use it to transfer value (transfer as opposed to hodl) less value it has.

[NotLambchop]

...
did any of you consider scenario where mass adoption leads to massive price decrease?
...

You can't trust the poor with money--it's a scientifical fact.

[BitAddict]

...
did any of you consider scenario where mass adoption leads to massive price decrease?
...

You can't trust the poor with money--it's a scientifical fact.

If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never worked out.

Instead it will be sold to them at high prices, so all people who invested before (mostly from rich countries) can make lot of profit.

And don't get me wrong, early adopters deserve all that profit. But don't come to sell that lie about poor people, because poors will be the last ones to benefit.

[inca]

all that talk about mass adoption and price skyrocketing, especially in 3rd world countries. 

did any of you consider scenario where mass adoption leads to massive price decrease?

the more people use it to transfer value (transfer as opposed to hodl) less value it has.

Perhaps you can talk us through the precise mechanism whereby millions of people buy in to bitcoin but the price falls.

[Fatman3001]

all that talk about mass adoption and price skyrocketing, especially in 3rd world countries. 

did any of you consider scenario where mass adoption leads to massive price decrease?

the more people use it to transfer value (transfer as opposed to hodl) less value it has.

No. If you get a mass adoption of 10x its current active base you increase market liquidity as well. And those who like to manage their bitcoins themselves will spend some and keep some. This will make bitcoin a more powerful means of payment and a safer way to store value. Even those who buy bitcoins just to take advantage of special offers will spend 90-99% of their coins but probably not 100%, if the numbers are big enough this all adds up. Not to mention that those who only spend 90-99% will know that they have some coins left and that will help keeping them interested.

[greenlion]

all that talk about mass adoption and price skyrocketing, especially in 3rd world countries.  

did any of you consider scenario where mass adoption leads to massive price decrease?

the more people use it to transfer value (transfer as opposed to hodl) less value it has.

Perhaps you can talk us through the precise mechanism whereby millions of people buy in to bitcoin but the price falls.

Quantity theory of money, equation of exchange, velocity increasing, ceteris parabis.

[NotLambchop]

...
If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never work.

Sorry, I do agree with you, was being sarcastic.  

[BitAddict]

...
If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never work.

Sorry, I do agree with you, was being sarcastic.  

I know! I was not arguing against you, but in the same direction

[cbeast]

You can't trust the poor with money--it's a scientifical fact.

If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never worked out.

Instead it will be sold to them at high prices, so all people who invested before (mostly from rich countries) can make lot of profit.

And don't get me wrong, early adopters deserve all that profit. But don't come to sell that lie about poor people, because poors will be the last ones to benefit.

This is where I am working to change this. I'm not giving bitcoins to the poor. I'm teaching them how to secure Bitcoins.

[NotLambchop]

...
This is where I am working to change this. I'm not giving bitcoins to the poor. I'm teaching them how to secure Bitcoins.

And I'm teaching them how to secure their mansions & yachts.  

[NewLiberty]

If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never worked out.

Instead it will be sold to them at high prices, so all people who invested before (mostly from rich countries) can make lot of profit.

And don't get me wrong, early adopters deserve all that profit. But don't come to sell that lie about poor people, because poors will be the last ones to benefit.

Perhaps you are not understanding the effects of inflation on the poor?  By poor here, we mean the people that don't own banks and aren't the ones inflating the currency.  

When a national currency fails (as every nation's state's fiat currency eventually does) maybe rich people make or lose some money, but life is about the same.  Just get on a plane and fly somewhere else.  For the rest left behind it is a very big impact, and for the rest of their lives they will not ever forget it.

[NewLiberty]

...
This is where I am working to change this. I'm not giving bitcoins to the poor. I'm teaching them how to secure Bitcoins.

And I'm teaching them how to secure their mansions & yachts.  

Must be a busy time for you teaching "the poor" how to secure their mansions and yachts?

[NotLambchop]

...
Must be a busy time for you teaching "the poor" how to secure their mansions and yachts?

I stay about as busy as cbeast does

[NewLiberty]

all that talk about mass adoption and price skyrocketing, especially in 3rd world countries.  

did any of you consider scenario where mass adoption leads to massive price decrease?

the more people use it to transfer value (transfer as opposed to hodl) less value it has.

Perhaps you can talk us through the precise mechanism whereby millions of people buy in to bitcoin but the price falls.

Quantity theory of money, equation of exchange, velocity increasing, ceteris parabis.

Your analysis shows how price rises with adoption not falls.
You do understand what the "Quantity theory of money" applies to don't you?
Try again?

(Or are you expecting a sudden "quantitative contraction" of all fiat?)

[NotLambchop]

If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never worked out.

Instead it will be sold to them at high prices, so all people who invested before (mostly from rich countries) can make lot of profit.

And don't get me wrong, early adopters deserve all that profit. But don't come to sell that lie about poor people, because poors will be the last ones to benefit.

Perhaps you are not understanding the effects of inflation on the poor?  ...

Perhaps you don't understand that the poor, almost by definition, have no savings, and live hand to mouth.
Explain how the depreciation of wealth stored as money affects the poor again?

[cbeast]

...
This is where I am working to change this. I'm not giving bitcoins to the poor. I'm teaching them how to secure Bitcoins.

And I'm teaching them how to secure their mansions & yachts.  

Must be a busy time for you teaching "the poor" how to secure their mansions and yachts?

Well, technically I'm using testnet coins. But I like the idea of mansions and yachts. I will get miniature models as prizes for understanding.

[NotLambchop]

...
This is where I am working to change this. I'm not giving bitcoins to the poor. I'm teaching them how to secure Bitcoins.

And I'm teaching them how to secure their mansions & yachts.  

Must be a busy time for you teaching "the poor" how to secure their mansions and yachts?

Well, technically I'm using testnet coins. But I like the idea of mansions and yachts. I will get miniature models as prizes for understanding.

You have the third-world poor transacting on the testnet? 

[NewLiberty]

If bitcoin was really about solving poor people problems, then it should have been distributed for free with all of them. But we all know that kind of approach would have never worked out.

Instead it will be sold to them at high prices, so all people who invested before (mostly from rich countries) can make lot of profit.

And don't get me wrong, early adopters deserve all that profit. But don't come to sell that lie about poor people, because poors will be the last ones to benefit.

Perhaps you are not understanding the effects of inflation on the poor?  ...

Perhaps you don't understand that the poor, almost by definition, have no savings, and live hand to mouth.
Explain how the depreciation of wealth stored as money affects the poor again?

You are missing it entirely again little lamby.
The SoV isn't so much the feature that benefits here, so much as the existential stability of the money and not having the Argentine Peso yanked out from under them.