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

[ChartBuddy]

Explanation

[findftp]

Holding is a good strategy.

Strategy for what?

[dakota neat]

Holding is a good strategy.

Strategy for what?

Profit.

[Silverspoon]

^I take it you've already spent all of your money on bitcoin when it was trading at a much higher price.  Otherwise you'd have money to buy some now.

I'm buying with both hands.

Seems like your hands are empty, because no volume.
You're not alone tho, pretty much all of the bitcoin faithful pawned their families a while ago to buy coins, now all they can do is watch.

Holding is a good strategy.

Perhaps, but that's not the point.  There are 3,600 bitcoins mined per day when the hashrate is static, more when it is increasing.  The majority of these coins are sold to pay for electricity and upkeep of the mines, bills need to be paid.  This means that even if every bitcoiner just hodls, new money has to come into the system to maintain the price.

In other words, the bitcoin network is printing money at a rate of around 15% per year.  This is just like the FED printing 15% more dollars a year - both debase the underlying currency by 15%.

[Fatman3001]

TO DA SECOND LAGRANGE POINT!!!

I can haz L5?

I think it's at L5 now, ie. Lost in Space.

in a self sustaining orbit 

lol

[madmat]

^I take it you've already spent all of your money on bitcoin when it was trading at a much higher price.  Otherwise you'd have money to buy some now.

I'm buying with both hands.

Seems like your hands are empty, because no volume.
You're not alone tho, pretty much all of the bitcoin faithful pawned their families a while ago to buy coins, now all they can do is watch.

Holding is a good strategy.

Perhaps, but that's not the point.  There are 3,600 bitcoins mined per day when the hashrate is static, more when it is increasing.  The majority of these coins are sold to pay for electricity and upkeep of the mines, bills need to be paid.  This means that even if every bitcoiner just hodls, new money has to come into the system to maintain the price.

In other words, the bitcoin network is printing money at a rate of around 15% per year.  This is just like the FED printing 15% more dollars a year - both debase the underlying currency by 15%.

15% is a lot above reality. 10/11% is a better approximation.

[dakota neat]

^I take it you've already spent all of your money on bitcoin when it was trading at a much higher price.  Otherwise you'd have money to buy some now.

I'm buying with both hands.

Seems like your hands are empty, because no volume.
You're not alone tho, pretty much all of the bitcoin faithful pawned their families a while ago to buy coins, now all they can do is watch.

Holding is a good strategy.

Perhaps, but that's not the point.  There are 3,600 bitcoins mined per day when the hashrate is static, more when it is increasing.  The majority of these coins are sold to pay for electricity and upkeep of the mines, bills need to be paid.  This means that even if every bitcoiner just hodls, new money has to come into the system to maintain the price.

In other words, the bitcoin network is printing money at a rate of around 15% per year.  This is just like the FED printing 15% more dollars a year - both debase the underlying currency by 15%.

I think bitcoin which is up +2251.12% in two years can deal with 15% inflation.

[noobtrader]

^I take it you've already spent all of your money on bitcoin when it was trading at a much higher price.  Otherwise you'd have money to buy some now.

I'm buying with both hands.

Seems like your hands are empty, because no volume.
You're not alone tho, pretty much all of the bitcoin faithful pawned their families a while ago to buy coins, now all they can do is watch.

Holding is a good strategy.

Perhaps, but that's not the point.  There are 3,600 bitcoins mined per day when the hashrate is static, more when it is increasing.  The majority of these coins are sold to pay for electricity and upkeep of the mines, bills need to be paid.  This means that even if every bitcoiner just hodls, new money has to come into the system to maintain the price.

In other words, the bitcoin network is printing money at a rate of around 15% per year.  This is just like the FED printing 15% more dollars a year - both debase the underlying currency by 15%.

I think bitcoin which is up +2251.12% in two years can deal with 15% inflation.

i wonder where he get the magic number 15%  ?

this  https://bitcointalk.org/index.php?topic=28632.0
show that there are about 10-12.5 % inflation atm

[Silverspoon]

^I take it you've already spent all of your money on bitcoin when it was trading at a much higher price.  Otherwise you'd have money to buy some now.

I'm buying with both hands.

Seems like your hands are empty, because no volume.
You're not alone tho, pretty much all of the bitcoin faithful pawned their families a while ago to buy coins, now all they can do is watch.

Holding is a good strategy.

Perhaps, but that's not the point.  There are 3,600 bitcoins mined per day when the hashrate is static, more when it is increasing.  The majority of these coins are sold to pay for electricity and upkeep of the mines, bills need to be paid.  This means that even if every bitcoiner just hodls, new money has to come into the system to maintain the price.

In other words, the bitcoin network is printing money at a rate of around 15% per year.  This is just like the FED printing 15% more dollars a year - both debase the underlying currency by 15%.

15% is a lot above reality. 10/11% is a better approximation.

15% is actually pretty close if we're talking YTD.  Remember, the difficulty was going up in double digits.  In the past 24 hrs, the average time to solve a block is down to 8 min. 37sec.  10 min. blocks would yield 10% inflation, longer=lower inflation; shorter=higher.

[noobtrader]

^I take it you've already spent all of your money on bitcoin when it was trading at a much higher price.  Otherwise you'd have money to buy some now.

I'm buying with both hands.

Seems like your hands are empty, because no volume.
You're not alone tho, pretty much all of the bitcoin faithful pawned their families a while ago to buy coins, now all they can do is watch.

Holding is a good strategy.

Perhaps, but that's not the point.  There are 3,600 bitcoins mined per day when the hashrate is static, more when it is increasing.  The majority of these coins are sold to pay for electricity and upkeep of the mines, bills need to be paid.  This means that even if every bitcoiner just hodls, new money has to come into the system to maintain the price.

In other words, the bitcoin network is printing money at a rate of around 15% per year.  This is just like the FED printing 15% more dollars a year - both debase the underlying currency by 15%.

15% is a lot above reality. 10/11% is a better approximation.

15% is actually pretty close if we're talking YTD.  Remember, the difficulty was going up in double digits.  In the past 24 hrs, the average time to solve a block is down to 8 min. 37sec.  10 min. blocks would yield 10% inflation, longer=lower inflation; shorter=higher.

ah yes, hashrate is nearing ATH again !
shhh... when will the price get to ATH instead

[Silverspoon]

i wonder where he get the magic number 15%  ?

this  https://bitcointalk.org/index.php?topic=28632.0
show that there are about 10-12.5 % inflation atm

I think i see the problem

[...]
(These are made up numbers)
[...]

[noobtrader]

i wonder where he get the magic number 15%  ?

this  https://bitcointalk.org/index.php?topic=28632.0
show that there are about 10-12.5 % inflation atm

I think i see the problem

[...]
(These are made up numbers)
[...]

sarcasm on

yeah riiight... the math behind bitcorn is  just a made up numbers...

sarcasm off

[JimboToronto]

I think bitcoin which is up +2251.12% in two years can deal with 15% inflation.

What? Didn't you know that Bitcoin only started a little over a year ago at over $1000 and has been falling ever since on its way to zero?

It's a South Seas Ponzi beanie baby tulip pyramid scam. All the famous financial experts say so, so it must be.

Or are you some sort of commie libertarian koolade-drinking conspiracy cultist?

 

[Silverspoon]

...
ah yes, hashrate is nearing ATH again !
shhh... when will the price get to ATH instead

The hashrate has been consistently at the ATH, because until the last two difficulty adjustments it has been climbing.  Hashrate dropping means miners are shutting off their gear.

[JorgeStolfi]

all bigger companies have started accepting bitcoin, price is stable as much is it possible...

The first statement is not correct.  Not long ago someone jokingly posted a "list of Fortune 500 companies that still do not accept bitcoin (hint: there are 500 of them)". 

Now that Microsoft has decided to accept dollars from the sale of bitcoins, there must be only 499 of them.

As for the second statement, the price may seem stable compared to other months, but it is still totally wild by the standards of national currencies.

[Silverspoon]

i wonder where he get the magic number 15%  ?

this  https://bitcointalk.org/index.php?topic=28632.0
show that there are about 10-12.5 % inflation atm

I think i see the problem

[...]
(These are made up numbers)
[...]

sarcasm on

yeah riiight... the math behind bitcorn is  just a made up numbers...

sarcasm off

That's not the math behind bitcoin, "(These are made up numbers)" is quoted from the link you have provided.

[noobtrader]

...
ah yes, hashrate is nearing ATH again !
shhh... when will the price get to ATH instead

The hashrate has been consistently at the ATH, because until the last two difficulty adjustments it has been climbing.  Hashrate dropping means miners are shutting off their gear.

nope they are not, a lot of them are mining paycoin... now that paycoin goes into pos, they were back... yay... ATH again

[Silverspoon]

I think bitcoin which is up +2251.12% in two years can deal with 15% inflation.

What? Didn't you know that Bitcoin only started a little over a year ago at over $1000 and has been falling ever since on its way to zero?

It's a South Seas Ponzi beanie baby tulip pyramid scam. All the famous financial experts say so, so it must be.

Or are you some sort of commie libertarian koolade-drinking conspiracy cultist?

 

With the exception of bitcoin being started a year ago, you're not that far from the truth.

[Silverspoon]

...
ah yes, hashrate is nearing ATH again !
shhh... when will the price get to ATH instead

The hashrate has been consistently at the ATH, because until the last two difficulty adjustments it has been climbing.  Hashrate dropping means miners are shutting off their gear.

nope they are not, a lot of them are mining paycoin... now that paycoin goes into pos, they were back... yay... ATH again

I'm surprised by the transparency of bitcoin shilling in this thread, was hoping for a more mature discussion.

[Wandererfromthenorth]

What if I told you that the real monetary inflation for BTC is actually even higher than most people think?
That's because a lot of BTCs from the early days are totally lost (so nobody owns the private keys anymore, it's like they never existed).


2 million BTCs (minimum) are very probably lost:

http://onbitcoin.com/2013/12/07/bitcoin-spoilage-2-million-bitcoin-likely-lost-old-hard-drives/




The supply of BTC in circulation is actually smaller than believed, that means that the inflation is actually higher.