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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 30193. (Read 26718840 times)

legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
Do you all think that prevalent use of a protocol such as colored coins could make each bitcoin even more rare and thus drive up price beyond the theoretical future valuations we have predicted?

no, loss of neutrality would be the end of bitcoin

http://www.youtube.com/watch?v=jy6XIBnThpY&feature=youtu.be

I don't think you understand colored coins.  They are not part of the fluid money supply.
legendary
Activity: 2198
Merit: 1311
Just as expected, the market is crashing just as we get more confirmed bad news out of China.
legendary
Activity: 3388
Merit: 4775
diamond-handed zealot
Do you all think that prevalent use of a protocol such as colored coins could make each bitcoin even more rare and thus drive up price beyond the theoretical future valuations we have predicted?

no, loss of neutrality would be the end of bitcoin

http://www.youtube.com/watch?v=jy6XIBnThpY&feature=youtu.be
legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
legendary
Activity: 1512
Merit: 1005
What price did Willy stop buying? Anyone know?
Didn't notice. A couple of hours ago. It is probably a badly programmed perl script that crashed. Wait for the operator to come to work monday morning.
hero member
Activity: 700
Merit: 500
What price did Willy stop buying? Anyone know?
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
Thanks.  My data was obsolete.  It should really be considered a parameter of the universe physics, not a unit of currency.  Gavin's number, or Gavin's constant.
legendary
Activity: 1512
Merit: 1005
It is the dust limit. Currently 5,430 satoshis.
legendary
Activity: 3122
Merit: 1538
yes
I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.

It would, if you could get it into the chain.  But current software gives zero priority to transactions smaller than a gavin.

What's a gavin ?

You'll know when you're older Tongue

Denomination   Name   Legend
21000000   The Coinbase
10000000   Menger   Carl Menger, founder of the Austrian School of Economics
1000000   Nakamoto   possible number of BTC owned by SN
100000   Hayek   Nobel prize for contribution to the Austrian Theory of the Business Cycle
10000   Pizza   first Bitcoin transaction - 10000BTC for a couple of pizzas
1000   Mises   In "Monetary Reconstruction" (1953) Ludwig von Mises argued for a fixed money supply
100   Milton   Milton Friedman proposed replacing the FED with a computer
10   Murray   Murray Rothbard argued for competing private currencies
1   Bitcoin
0.1   Finney   Hal Finney created the first reusable proof of work system
0.01   bitcent
0.001   milicoin
0.0001   Chaum   David Chaum - ecash
0.00001   Szabo   Nick Szabo - bitgold
0.000001   microcoin
0.0000001   Gavin
0.00000001   Satoshi
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.

It would, if you could get it into the chain.  But current software gives zero priority to transactions smaller than a gavin.

What's a gavin ?

242 satoshi, IIRC.
legendary
Activity: 1680
Merit: 1045
I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.

It would, if you could get it into the chain.  But current software gives zero priority to transactions smaller than a gavin.

What's a gavin ?

You'll know when you're older Tongue
legendary
Activity: 2198
Merit: 1311

Notice that the price is crashing, based on this analysis, which lines up nicely with other confirmed bad news.  To summarize, all the data is pointing to a continuation of the downtrend, and a strong bullish case is forming for continuing with the maxleverage martingale SHOTR strategy.  Thank you for your help and confirmation, ChartBuddy.  You truly are a buddy.
legendary
Activity: 2097
Merit: 1071
I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.

It would, if you could get it into the chain.  But current software gives zero priority to transactions smaller than a gavin.

What's a gavin ?
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.

It would, if you could get it into the chain.  But current software gives zero priority to transactions smaller than a gavin.
full member
Activity: 378
Merit: 100
Do you all think that prevalent use of a protocol such as colored coins could make each bitcoin even more rare and thus drive up price beyond the theoretical future valuations we have predicted?

No this goes against  the fungibility (one unit or piece must be perceived as equivalent to any other), the biggest risk to bitcoin ever. New developments in bitcoin like stealth addresses and coinjoin will remove this threat.


What? Colored coins create different assets from bitcoins. Meaning that a bitcoin can be representative of property - thus it won't be used as a currency, but held. Theoretically, this would make the monetary bitcoins more rare. Has nothing to do with eliminating fungibility.

Thinking more on that valuations of $80,000,000 we were tossing around the other day.
I imagine that, as the value is in the asset associated with a coloured bitcoin, rather than the bitcoin itself, a Satoshi would function just as well as a bitcoin for that purpose, to merely place a record on the blockchain.
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
As is becoming usual, BFX is holding the price down.  The linkage between stamp and bfx, once it finally became fluent, has done more to stabilize the price of bitcoin than any whale cabal could ever do.  I think this might be the best example in economic history of how a low-friction swaps market can aid in price discovery.
hero member
Activity: 910
Merit: 1003
The Coinbase volume is not available, neither at Bitcoinwisdom nor at Bitcoincharts.

Coinbase does ccy xchg via bitstamp. 

Thanks!
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
The Coinbase volume is not available, neither at Bitcoinwisdom nor at Bitcoincharts.

Coinbase does ccy xchg via bitstamp.  Bitpay as well.  Probably most layered service providers will be using bitstamp or bitfinex, because they are the only liquid exchanges in jurisdictions with semi-functioning rule of law.

I find it difficult to understand why churn numbers are interesting.  You might discover some correlation to the series, I suppose.  Now if you could separate inflow and outflow, it would become very interesting.  You should talk to the fiatleak guy.
hero member
Activity: 910
Merit: 1003
Daily volumes of BTC trade to/from USD and other national currencies (in kBTC):


               !    Thu !    Fri !   Sat !    Sun !    Mon !   Tue !   Wed !   Thu !    Fri !    Sat !                     
  EXCHANGE     !  01/16 !  01/17 ! 01/18 !  01/19 !  01/20 ! 01/21 ! 01/22 ! 01/23 !  01/24 !  01/25 ! Currencies considered

  BTC-e        |   7.59 |  13.51 |  7.46 |   8.48 |  10.29 |  5.67 | 22.32 |  8.53 |  15.27 |   9.34 | USD,EUR,RUR         
  MtGOX        |   5.91 |  12.23 |  6.20 |   8.49 |  12.10 |  7.25 |  5.51 |  2.23 |   7.38 |   9.52 | USD,EUR,GBP,AUD,JPY 
  Bitstamp     |   8.22 |  17.11 |  5.49 |   8.42 |   6.97 |  7.67 |  8.31 |  7.40 |  15.78 |   8.70 | USD                 

  BitFinEx     |   3.68 |  11.47 |  3.81 |   6.63 |   5.46 |  2.89 |  2.97 |  2.83 |  10.99 |   4.62 | USD                 
  Bitcoin.DE   |   0.38 |   0.61 |  0.27 |   0.23 |   0.39 |  0.45 |  0.69 |  0.42 |   0.52 |   0.30 | EUR                 
  Kraken       |   0.29 |   0.68 |  0.28 |   0.33 |   0.19 |  0.24 |  0.25 |  0.19 |   0.46 |   0.19 | EUR                 
  CaVirtEx     |   0.26 |   0.31 |  0.01 |   0.09 |   0.22 |  0.23 |  0.15 |  0.17 |   0.41 |   0.33 | CAD                 
  CampBX       |   0.12 |   0.16 |  0.04 |   0.04 |   0.10 |  0.09 |  0.05 |  0.08 |   0.13 |   0.04 | USD                 
  Crypto-Trade |   0.01 |   0.01 |   .   |    .   |   0.01 |  0.01 |   .   |  0.01 |   0.01 |    .   | USD                 

  SUBTOTAL     |  26.46 |  56.09 | 23.56 |  32.71 |  35.73 | 24.50 | 40.25 | 21.86 |  50.95 |  33.04 |                     

  Huobi        |  67.37 |  74.21 | 43.60 |  67.27 |  71.78 | 40.55 | 25.81 | 25.67 |  89.25 |  58.16 | CNY                 
  OKCoin       |  24.82 |  32.28 | 25.31 |  24.52 |  21.00 | 17.31 | 15.88 | 16.50 |  34.01 |  26.33 | CNY                 
  BTC-China    |   3.54 |   4.55 |  1.77 |   4.05 |   3.44 |  2.07 |  1.62 |  2.01 |   6.82 |   3.04 | CNY                 

  SUBTOTAL     |  95.73 | 111.04 | 70.68 |  95.84 |  96.22 | 59.93 | 43.31 | 44.18 | 130.08 |  87.53 |                     

  TOTAL        | 122.19 | 167.13 | 94.24 | 128.55 | 131.95 | 84.43 | 83.56 | 66.04 | 181.03 | 120.57 |                     



All numbers were collected by hand from the site http://bitcoinwisdom.com. Beware of possible errors.

For each exchange, the numbers include only the trade volume to/from the currencies listed in the rightmost column. The BTC-e volumes now include retroactively also exchanges to EUR and RUR (together about 1 kBTC/day or less).  Trade between BTC and other cryptocoins, such as LiteCoin, is NOT included.

The Coinbase volume is not available, neither at Bitcoinwisdom nor at Bitcoincharts.

Dates on the header line are UTC. Specifically, "01/15" means "from 01/15 00:00:00 UTC to 01/15 23:59:59 UTC". (Beware that Bitcoinwisdom uses your local time, so the date may appear to be off by 1 day.  For example, if you are 2 hours west of Greenwich, it may show "01/14 22:00" when the UTC time is "01/15 00:00".)
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
Do you all think that prevalent use of a protocol such as colored coins could make each bitcoin even more rare and thus drive up price beyond the theoretical future valuations we have predicted?

Any coins destroyed become part of the reserve demand, reducing M.  Some of the estimates you may be referring to already applied a large reserve demand factor to M.  Some did not.  The former are usually higher than the latter.
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