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Author Topic: Wall Observer - MtGoxUSD wall movement tracker  (Read 1652403 times)
adamstgBit
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February 14, 2013, 08:10:55 PM
 #10441

it all comes down to. is bitcoin useful / how useful

doesn't matter what speculation does to the price, if bitcoin is not useful its not worth anything...

if we wake up and find that we've had a 51% attack and will require a year for the blockchain to "catch up"  as huge sums of double spend bitcoin start to vanish!

just  how useful will bitcoin be then?

You ought to start thinking in the other direction. Bitcoin is useful. Very useful.
If it gets up into the area of real companies, we are talking the bicoin network being $100 billion (hell ebay is $75bil, visa $100bil+, apple has $100bil in cash on hand, etc)
So what is $100bil divided by 21mil coins? How rapidly would the price of a bitcoin need to double for us to make it there in 3 years? how about a year and a half?
Social media spreads awesomeness like wildfire and bitcoin is spreading from the geeks and early adopters to the sneezers ... the sneezers will take us over that tipping point.



yes i agree!

but we've had a 51% attack b4, and it can happen again ( everything that can go wrong WILL go wrong)... for all we know its happening now, no way to know... don't dismiss this so fast, their will always be the die hard fans tho, and the blockchain will eventually recover, but so much damage will have been done and theirs no stopping this from happening again... infact if price starts to drop hash rate will drop to making it even easy to do this 51% attack... the protocol isn't as robust as they would like you to believe!  Shocked

Umm...so you're saying there's risk? Is there risk in storing wealth in fiat? PMs? Commodities?

Where can I store my wealth that maximizes liquidity & stability, and totally eliminates risk?

Don't worry I won't hold my breath in anticipation of your answer.

I'm just pissed off because i sold on BOTH bear traps....

Put a sign next to your computer to remind you why you got into BTCs to begin with. Fiat sucks, so dumping BTC to obtain more of it should have a purpose other than "BTC has gone up and is due to drop relative to fiat." There's never been anything like BTC before.

LOL that would be useful!

I'm saying bitcoin is more risky then people think, WAY more risky! The price right now is not reflecting the risk. because they hear people say that the protocol is more safe then banks... as long as you know how to keep your bitcoin safe you'll be fine... More then fine! which is simply not true, because of 51% attack ( which doesn't need 51% at all to work, 51% means it will work ALL the time ) as asci comes online and GPUs drop out, its the prefect conditions for the perfect storm.

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molecular
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February 14, 2013, 08:12:53 PM
 #10442

Honestly I think it's just coinbase starting to gain traction.

oh but it's always something! How about it's the sum of all the good shit happening (and having happened and about to happen)?

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February 14, 2013, 08:14:14 PM
 #10443

What makes bitcoin useful to the point that it is equated to Apple?  I am confused as to why people keep putting high valuations.  I can understand bitcoin price rising due to supply and demand.  However, some of the numbers seem impossible to my little monkey mind.  I would love for bitcoin to run up to some of the numbers suggested as I am saving some bitcoins as a store of wealth.


The usefulness is in the ability to store and transfer wealth with ease. The value of that becomes greater with a higher "market cap" as people with larger balances can take advantage of what bitcoin provides.

For example, with bitcoin at $1, it is not very useful to someone looking to store or transfer $1m, because that kind of volume would drive the price crazy high upon purchasing, and slam it into the ground upon selling, making it risky and not very practical. Someone looking to move $100 in that market would likely have no troubles whatsoever.

So, the higher the price of bitcoin goes, the more useful it becomes to more people. When you hear someone talking about $1000+ bitcoins, it is because they've made this realization and done the math to figure out what kind of bitcoin prices would HAVE to be in place to accomodate even a small percentage of trade within a major marketplace. That is not guaranteed to happen by any means, but a lot a people around here believe that's the path bitcoin is on.

Sorry if I am being obtuse, but it sounds like you are saying the price will rise because it NEEDS to rise to be more useful, which sounds like a catch 22.  So what is the driving factor for the price increase?  Is it just the ever increasing adoption and acceptance?
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February 14, 2013, 08:17:47 PM
 #10444

Nobody can fully explain movements in the exchange rate of BTC / USD. If you truly knew what led to the current price you would be able to make boatloads of BTC by extrapolating that knowledge to the future.
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February 14, 2013, 08:21:01 PM
 #10445

limited supply + increasing demand = price increase

Supply = 3600 BTC/day regardless of the $$$ chasing them. The math is actually rather simple.

https://bitcointalk.org/index.php?topic=130982.msg1401799#msg1401799 - [BTC-TC]bASIC-MINING
http://forum.litecoin.net/index.php/topic,886.0.html - [LTC-GLOBAL]LTC-DMF
http://forum.litecoin.net/index.php/topic,817.msg3279.html#msg3279 - [CRYPTOSTOCKS]AGLTC

BTC: 1Hfp99tugY4H5FYEoM3hj4JDLzShzZ9ifB

You have zero chance of changing others and only a slim chance at changing yourself. Be the change you want to see and others may follow.
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February 14, 2013, 08:21:41 PM
 #10446

I'm saying bitcoin is more risky then people think, WAY more risky! The price right now is not reflecting the risk. because they hear people say that the protocol is more safe then banks... as long as you know how to keep your bitcoin safe you'll be fine... More then fine! which is simply not true, because of 51% attack ( which doesn't need 51% at all to work, 51% means it will work ALL the time ) as asci comes online and GPUs drop out, its the prefect conditions for the perfect storm.

the ASCI?


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Chalkbot
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February 14, 2013, 08:22:39 PM
 #10447

What makes bitcoin useful to the point that it is equated to Apple?  I am confused as to why people keep putting high valuations.  I can understand bitcoin price rising due to supply and demand.  However, some of the numbers seem impossible to my little monkey mind.  I would love for bitcoin to run up to some of the numbers suggested as I am saving some bitcoins as a store of wealth.


The usefulness is in the ability to store and transfer wealth with ease. The value of that becomes greater with a higher "market cap" as people with larger balances can take advantage of what bitcoin provides.

For example, with bitcoin at $1, it is not very useful to someone looking to store or transfer $1m, because that kind of volume would drive the price crazy high upon purchasing, and slam it into the ground upon selling, making it risky and not very practical. Someone looking to move $100 in that market would likely have no troubles whatsoever.

So, the higher the price of bitcoin goes, the more useful it becomes to more people. When you hear someone talking about $1000+ bitcoins, it is because they've made this realization and done the math to figure out what kind of bitcoin prices would HAVE to be in place to accomodate even a small percentage of trade within a major marketplace. That is not guaranteed to happen by any means, but a lot a people around here believe that's the path bitcoin is on.

Sorry if I am being obtuse, but it sounds like you are saying the price will rise because it NEEDS to rise to be more useful, which sounds like a catch 22.  So what is the driving factor for the price increase?  Is it just the ever increasing adoption and acceptance?

Oh, I don't mind talking about bitcoin, by all means. No, I was only trying to illustrate how the value of a bitcoin was directly linked to it's usefulness. It is not uncommon for new adopters to find talk of bitcoin being worth $1000 some day completely absurd and unfounded. Asking me why I think the value is going up RIGHT NOW is a totally different question, in my opinion. At every stage of it's growth there is going to be a different primary reason for that, right now it's probably exposure and new user adoption, but the fact that new highs (in terms of market cap) are always increasing it's value and utility remains true as well. This means a good chunk of it's growth will always be from investors, when bitcoin has reached a point where they can invest without too much market disruption.
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February 14, 2013, 08:23:55 PM
 #10448

I'm saying bitcoin is more risky then people think, WAY more risky! The price right now is not reflecting the risk. because they hear people say that the protocol is more safe then banks... as long as you know how to keep your bitcoin safe you'll be fine... More then fine! which is simply not true, because of 51% attack ( which doesn't need 51% at all to work, 51% means it will work ALL the time ) as asci comes online and GPUs drop out, its the prefect conditions for the perfect storm.

This is not true at all. Maybe learn how bitcoin works before saying stuff like that, unless that is the purpose to spread fear.
Your bitcoins are safe even if someone gets control off 90% off the network (You would need to wait a long time before you knew the bitcoins someone just sent you were for real thought)
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February 14, 2013, 08:24:18 PM
 #10449

Can I get a wall pic?
Piper67
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February 14, 2013, 08:25:01 PM
 #10450

Can I get a wall pic?

a wall pic? what do you think this is, the wall tracker thread?
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February 14, 2013, 08:26:04 PM
 #10451

New all time high for 24h volume in USD north of 3.2M$ and counting ....
Other good news, you can now buy reddit gold with bitcoins.

1BestioLC7YBVh8Q5LfH6RYURD6MrpP8y6
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February 14, 2013, 08:27:23 PM
 #10452

New all time high in 24h volume in USD north of 3.2M$ and counting ....
Other good news, you can now buy reddit gold with bitcoins.


Finally!

See you later bears. May your little bear bodies rest in peace.
adamstgBit
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February 14, 2013, 08:28:47 PM
 #10453

Fall BACK my bothers! lol!

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February 14, 2013, 08:29:53 PM
 #10454

ineededausername
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February 14, 2013, 08:32:48 PM
 #10455

reddit hops on the bandwagon
https://bitcointalk.org/index.php?topic=144086.msg1527893;boardseen#new

(BFL)^2 < 0
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February 14, 2013, 08:33:38 PM
 #10456

its gana blow.... no doubt about it... question is how many suckers will sell their coins when the market takes a slight dip  Cool

Fixed this for you btw

Offering Video/Audio Editing Services since 2011 - https://bitcointalk.org/index.php?topic=77932.0
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February 14, 2013, 08:35:15 PM
 #10457

its gana blow.... no doubt about it... question is how many suckers will sell their coins when the market takes a slight dip  Cool

Fixed this for you btw

lololol didnt you also mention you sold on both bear traps

also my charts on almost all timeframes are pointing up, we are almost overbought in the RSI but still think we have few more before we even touch the red there
Murderous_wabbit
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February 14, 2013, 08:36:32 PM
 #10458

Thanks everyone for insight.  I was not so much interested in the last couple weeks rise as in the long term prognostications.  I also understand that bitcoin is less than 1/2%-1/4% adoption rate with Internet users.  

It does make sense to me that adoption rate would be tied to price increases and that can satisfy my "need to know why" craving for some of the very high price guesstimations.
adamstgBit
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February 14, 2013, 08:37:58 PM
 #10459

its gana blow.... no doubt about it... question is how many suckers will sell their coins when the market takes a slight dip  Cool

Fixed this for you btw

lololol didnt you also mention you sold on both bear traps

my confusion has turned to madness...

Piper67
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February 14, 2013, 08:38:54 PM
 #10460

its gana blow.... no doubt about it... question is how many suckers will sell their coins when the market takes a slight dip  Cool

Fixed this for you btw

lololol didnt you also mention you sold on both bear traps

also my charts on almost all timeframes are pointing up, we are almost overbought in the RSI but still think we have few more before we even touch the red there

my confusion has turned to madness...

But there's method to it, Adam
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