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

[Davyd05]

I <3 Cavirtex, I hear VoS isnt bad either

I hear vos is legit and everything, but I've spoken personally over the phone to the virtex CEO, twice.

I've also seen him give testimony in front of the Canadian Senate.

These kind of things give me a certain amount of confidence... and still I hold the majority of my funds in cold wallets and I like the fact that even though I trust the exchange, I don't have to trust the exchange.

I can secure my own coins.

I've switched to keeping them on a hardware wallet.

[ChartBuddy]

Explanation

[FreeBambi]

...
I don't know where they're from or where they're located, and it's always possible for a third party to just take your money and run, (recent shenanigans in cypress as an example)
...

You did mean NeoBee's Danny Brewster when you brought up Cyprus, right?

[shmadz]

I <3 Cavirtex, I hear VoS isnt bad either

I hear vos is legit and everything, but I've spoken personally over the phone to the virtex CEO, twice.

I've also seen him give testimony in front of the Canadian Senate.

These kind of things give me a certain amount of confidence... and still I hold the majority of my funds in cold wallets and I like the fact that even though I trust the exchange, I don't have to trust the exchange.

I can secure my own coins.

I've switched to keeping them on a hardware wallet.

I assume you mean trezor? I've heard that's safe, but I just don't trust new stuff...

I'm especially hesitant after hearing about bad USB attacks...https://srlabs.de/badusb/

Not sure how relevant this attack vector is, but I'm sticking with offline paper wallets in the meantime

[FreeBambi]

...
I hear vos is legit and everything, but I've spoken personally over the phone to the cavirtex CEO, twice.
I've also seen him give testimony in front of the Canadian Senate.
...

And I didn't even think to check into my corrupt fiat bank's background before opening an account.  First thing tomorrow morning...

[shmadz]

...
I don't know where they're from or where they're located, and it's always possible for a third party to just take your money and run, (recent shenanigans in cypress as an example)
...

You did mean NeoBee's Danny Brewster when you brought up Cyprus, right?

Lol, nice re-direct, but no.

I meant when the major account holders were given two weeks to get their money safely out of Cypress banks before the money from the slave classes was outright stolen.

http://www.zerohedge.com/news/2013-04-02/ron-paul-great-cyprus-bank-robbery

Why bitcoin? Because!

[NotLambchop]

...
I meant when the major account holders were given two weeks to get their money safely out of Cypress banks before the money from the slave classes was outright stolen.
...

Ahh, funny, because Danny Brewster didn't give any warning at all.
BTW, remind me how many euro had to be in the slave's account to start losing money?  Was it 100,000.00 (one hundred thousand) Euro?

[shmadz]

...
I meant when the major account holders were given two weeks to get their money safely out of Cypress banks before the money from the slave classes was outright stolen.
...

Ahh, funny, because Danny Brewster didn't give any warning at all.
BTW, remind me how many euro had to be in the slave's account to start losing money?  Was it 100,000.00 (one hundred thousand) Euro?

Funny indeed.

http://www.businessinsider.com/cyprus-bailout-statement-by-the-president-of-the-republic-mr-nicos-anastasiades-2013-3

"When the banks control the money, what hope do the citizens have?"

[shmadz]

BTW,  Any peeps who cry out "don't quote the trolls" this is simple debate, if you find it offensive, just go ahead and ignore me too.

[NotLambchop]

I feel Rickrolled.  
You also seemingly missed my question:

...
BTW, remind me how many euro had to be in the slave's account to start losing money?  Was it 100,000.00 (one hundred thousand) Euro?

[BlindMayorBitcorn]

BTW,  Any peeps who cry out "don't quote the trolls" this is simple debate, if you find it offensive, just go ahead and ignore me too.

Calling "troll" is one of the ways the early birds here deflect any sort of criticism.

[shmadz]

BTW,  Any peeps who cry out "don't quote the trolls" this is simple debate, if you find it offensive, just go ahead and ignore me too.

Calling "troll" is one of the ways the early birds here deflect any sort of criticism.

Point taken.
I will refrain from using that term in the future.

[ChartBuddy]

Explanation

[Eddie Brock]

There's lots of talk about cheap Bitcoins

So what USD Value do you think a Bitcoin would be cheap ?

I know this is going to piss a lot of people off but I will regard Bitcoin to be 'cheap' when it hits about $20 a coin, of course it will still be cheap at $10 but that's irrelevant.

It will continue to work regardless of what the price is.

I know the relentless greed around here will not agree with the above, the world still needs dreamers though.

That's the whole issue, imo.

You need to be able to value something in order to know whether it's cheap or expensive at any given price.

The best man in the world at figuring out the real value of things, Warren Buffett, says that the value of bitcoin is zero.

[Eddie Brock]

There's lots of talk about cheap Bitcoins

So what USD Value do you think a Bitcoin would be cheap ?

Below average mining price, whatever price that may be.
We soon may find out however.

The value of something is not how much it costs to produce.

[shmadz]

I feel Rickrolled.  
You also seemingly missed my question:

...
BTW, remind me how many euro had to be in the slave's account to start losing money?  Was it 100,000.00 (one hundred thousand) Euro?

I don't understand. You are saying that if I have a large amount of liquid assets I should expect them to be stolen by bankers or governments? (One in the same, really)

Or are you just saying that as a slave with less than 100,000 that I should just shut up and be happy about my situation?

[BlindMayorBitcorn]

There's lots of talk about cheap Bitcoins

So what USD Value do you think a Bitcoin would be cheap ?

Below average mining price, whatever price that may be.
We soon may find out however.

The value of something is not how much it costs to produce.

The value of something is exactly what someone is willing to pay.

The world was willing to pay 80$ a barrel of oil because that was the lowest price offered. Now the Saudis are offering it cheaper (because they produce it cheaper) and the world is willing to pay 60$. Obviously value is some combination of both.

So the question becomes: who will be able to produce the cheapest coins, and if the world will be willing to pay that price when it hits?

[Davyd05]

I feel Rickrolled.  
You also seemingly missed my question:

...
BTW, remind me how many euro had to be in the slave's account to start losing money?  Was it 100,000.00 (one hundred thousand) Euro?

I don't understand. You are saying that if I have a large amount of liquid assets I should expect them to be stolen by bankers or governments? (One in the same, really)

Or are you just saying that as a slave with less than 100,000 that I should just shut up and be happy about my situation?

Or be a small it business run out of Cyprus

[NewLiberty]

There's lots of talk about cheap Bitcoins

So what USD Value do you think a Bitcoin would be cheap ?

Below average mining price, whatever price that may be.
We soon may find out however.

The value of something is not how much it costs to produce.

The value of something is exactly what someone is willing to pay.

The world was willing to pay 80$ a barrel of oil because that was the lowest price offered. Now the Saudis are offering it cheaper (because they produce it cheaper) and the world is willing to pay 60$. Obviously value is some combination of both.

So the question becomes: who will be able to produce the cheapest coins, and if the world will be willing to pay that price when it hits?

The production rate is pretty well determined from the outset.  So it may not be the production that matters so much.... Say if Karpales may find another 600K bitcoin somewhere in an "old format wallet" after all the BK issues are resolved.

[shmadz]

There's lots of talk about cheap Bitcoins

So what USD Value do you think a Bitcoin would be cheap ?

Below average mining price, whatever price that may be.
We soon may find out however.

The value of something is not how much it costs to produce.

The value of something is exactly what someone is willing to pay.

The world was willing to pay 80$ a barrel of oil because that was the lowest price offered. Now the Saudis are offering it cheaper (because they produce it cheaper) and the world is willing to pay 60$. Obviously value is some combination of both.

So the question becomes: who will be able to produce the cheapest coins, and if the world will be willing to pay that price when it hits?

I removed my statement because it was redundant.

There is a real need for oil, production is currently outpacing demand, thus the price adjusts.

There is also an argument to be made that there is a demand for a legitimate alternative to the current fiat system of money.

Bitcoin may or may not be the answer, but at some point, something has to give.