rpietila Wall Observer - the Quality TA Thread ;) - page 90.

NotLambchop

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Activity: 378

Merit: 254

Quote from: BrewCrewFan on October 06, 2014, 03:43:33 PM

Quote from: NotLambchop on October 06, 2014, 03:36:47 PM

Quote from: sgbett on October 06, 2014, 02:24:25 PM

...
Whereas the US dollar is backed by the american dream! Wink

No. The USD is backed by the full faith and credit of the US government. As are my deposits in real banks, which are insured by the FDIC for at least $250,000.

...unlike Bitcoin banks: NeoBee (lol ran), TradeFortress (lol ran), and Ukyo (lol ran), which, unfortunately, are not Undecided

Yeah, so like, what gives the value to the USD? The paper its printed on cost about 3 cents.

Dood, can't u read?
And BTC isn't even printed on three pennies worth of paper, so there's that Undecided

NotLambchop

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Activity: 378

Merit: 254

Quote from: Biodom on October 06, 2014, 03:37:14 PM

Most people don't realise yet that bitcoin is one of the few chances out of stagnation for them.
Even with official inflation statistics, US has roughly the same median family income as ~40 years ago (50K in 1973, 52K in 2014).
https://www.census.gov/content/dam/Census/library/publications/2014/demo/p60-249.pdf
In the last 6 years (2007-2013) median family income actually declined from 56.4K to 51.9K
http://blogs.marketwatch.com/encore/2014/10/02/incomes-are-much-lower-than-you-think/
Incredibly, just 10% have income>150K.

To put this into Bitcoin-relevant perspective:
If today's average income family had invested their average income in Bitcoin at the start of this year, they would no longer be an average income family. They would be living out of a cardboard box.
If the breadwinners didn't get fired a long time ago due to transportation problems--gas stations don't take Bitcoin.
Of course, this is all predicated on the whole family not starving to death--the supermarkets don't either.

donut

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Activity: 248

Merit: 252

Quote from: bassclef on October 06, 2014, 03:43:06 PM

Quote from: NotLambchop on October 06, 2014, 03:36:47 PM

No. The USD is backed by the full faith and credit of the US government. As are my deposits in real banks, which are insured by the FDIC for at least $250,000.

...unlike Bitcoin banks: NeoBee (lol ran), TradeFortress (lol ran), and Ukyo (lol ran), which, unfortunately, are not Undecided

So in the event that multiple banks get wiped out again, how do they pay for it? Is there a fund with cash in the bank?

Do any of our alphabet agencies actually have reserves? No they do not. Just look at Social Security--it's a bunch of IOUs.

It's worse.

BrewCrewFan

hero member

Activity: 672

Merit: 501

Quote from: NotLambchop on October 06, 2014, 03:36:47 PM

Quote from: sgbett on October 06, 2014, 02:24:25 PM

Quote from: molecular on October 06, 2014, 02:23:50 PM

Quote from: redsn0w on October 05, 2014, 04:10:37 PM

Quote from: Erdogan on October 05, 2014, 04:08:21 PM

Quote from: Biodom on October 05, 2014, 04:00:45 PM

I think that most here don't understand the bitcoin price cycle vs bitcoin mining cycle. There are too many bitcoin miners, including industrial size, which mostly liquidate mined bitcoins. If situation of 2011 was to repeat itself, bitcoin price will have to move low enough for a crash in network mining capability (which is still increasing as we speak at a brisk 20% rate every 12 days even with this crash). Only if and when network hashing stabilizes or reduces about ~50% (as in 2011), the new bull market will ensue. Prediction: it will happen in the next 2-4 mo, but the price might have to go much lower first (exact repeat of 2011 will mean ~$72/BTC).
Personally, I stopped buying mining equipment already.

The noobs here don't understand that mining is irrelevant for price. It is the preference to hold more or hold less, that makes the price. You have yesterdays price and other peoples valuations, there is nothing that connects bitcoin value to eartly stuff. Deal with it.

So what is the *real* thing that give the value to bitcoin Cheesy

?

Bitcoin is backed by dreams.

Whereas the US dollar is backed by the american dream! Wink

No. The USD is backed by the full faith and credit of the US government. As are my deposits in real banks, which are insured by the FDIC for at least $250,000.

...unlike Bitcoin banks: NeoBee (lol ran), TradeFortress (lol ran), and Ukyo (lol ran), which, unfortunately, are not Undecided

Yeah, so like, what gives the value to the USD? The paper its printed on cost about 3 cents.

bassclef

hero member

Activity: 924

Merit: 1000

Quote from: NotLambchop on October 06, 2014, 03:36:47 PM

No. The USD is backed by the full faith and credit of the US government. As are my deposits in real banks, which are insured by the FDIC for at least $250,000.

...unlike Bitcoin banks: NeoBee (lol ran), TradeFortress (lol ran), and Ukyo (lol ran), which, unfortunately, are not Undecided

So in the event that multiple banks get wiped out again, how do they pay for it? Is there a fund with cash in the bank?

Do any of our alphabet agencies actually have reserves? No they do not. Just look at Social Security--it's a bunch of IOUs.

BrewCrewFan

hero member

Activity: 672

Merit: 501

Quote from: rpietila on October 06, 2014, 02:17:18 PM

"Let me be a free man, free to travel, free to stop, free to work, free to trade where I choose, free to choose my own teachers, free to follow the religion of my fathers, free to talk, think and act for myself — and I will obey every law or submit to the penalty"

-- Chief Joseph (1840-1904) of the Nez Perce Indians, in his speech at Lincoln Hall in Washington, DC on 14 January 1879.

Dude so funny, my 5th grader for social studies picked this tribe to talk about and research!

Biodom

legendary

Activity: 3892

Merit: 4331

Most people don't realise yet that bitcoin is one of the few chances out of stagnation for them.
Even with official inflation statistics, US has roughly the same median family income as ~40 years ago (50K in 1973, 52K in 2014).
https://www.census.gov/content/dam/Census/library/publications/2014/demo/p60-249.pdf
In the last 6 years (2007-2013) median family income actually declined from 56.4K to 51.9K
http://blogs.marketwatch.com/encore/2014/10/02/incomes-are-much-lower-than-you-think/
Incredibly, just 10% have income>150K.

NotLambchop

sr. member

Activity: 378

Merit: 254

Quote from: sgbett on October 06, 2014, 02:24:25 PM

Quote from: molecular on October 06, 2014, 02:23:50 PM

Quote from: redsn0w on October 05, 2014, 04:10:37 PM

Quote from: Erdogan on October 05, 2014, 04:08:21 PM

Quote from: Biodom on October 05, 2014, 04:00:45 PM

I think that most here don't understand the bitcoin price cycle vs bitcoin mining cycle. There are too many bitcoin miners, including industrial size, which mostly liquidate mined bitcoins. If situation of 2011 was to repeat itself, bitcoin price will have to move low enough for a crash in network mining capability (which is still increasing as we speak at a brisk 20% rate every 12 days even with this crash). Only if and when network hashing stabilizes or reduces about ~50% (as in 2011), the new bull market will ensue. Prediction: it will happen in the next 2-4 mo, but the price might have to go much lower first (exact repeat of 2011 will mean ~$72/BTC).
Personally, I stopped buying mining equipment already.

The noobs here don't understand that mining is irrelevant for price. It is the preference to hold more or hold less, that makes the price. You have yesterdays price and other peoples valuations, there is nothing that connects bitcoin value to eartly stuff. Deal with it.

So what is the *real* thing that give the value to bitcoin Cheesy

?

Bitcoin is backed by dreams.

Whereas the US dollar is backed by the american dream! Wink

No. The USD is backed by the full faith and credit of the US government. As are my deposits in real banks, which are insured by the FDIC for at least $250,000.

...unlike Bitcoin banks: NeoBee (lol ran), TradeFortress (lol ran), and Ukyo (lol ran), which, unfortunately, are not Undecided

sidhujag

legendary

Activity: 2044

Merit: 1005

We all know dreams can become reality as evidence by mostly every famous person in the world today... its just about hard work and persistence.. so get off your ass and do something for bitcoin that will make everyones dream come to fruition.. we are a team and as a team we will succeed or fail, but succeeding is more likely as a team... Nash told us that and its proved to be quite true. Instead of talking about it.. do somethign about it..

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: sgbett on October 06, 2014, 02:24:25 PM

Quote from: molecular on October 06, 2014, 02:23:50 PM

Quote from: redsn0w on October 05, 2014, 04:10:37 PM

Quote from: Erdogan on October 05, 2014, 04:08:21 PM

Quote from: Biodom on October 05, 2014, 04:00:45 PM

I think that most here don't understand the bitcoin price cycle vs bitcoin mining cycle. There are too many bitcoin miners, including industrial size, which mostly liquidate mined bitcoins. If situation of 2011 was to repeat itself, bitcoin price will have to move low enough for a crash in network mining capability (which is still increasing as we speak at a brisk 20% rate every 12 days even with this crash). Only if and when network hashing stabilizes or reduces about ~50% (as in 2011), the new bull market will ensue. Prediction: it will happen in the next 2-4 mo, but the price might have to go much lower first (exact repeat of 2011 will mean ~$72/BTC).
Personally, I stopped buying mining equipment already.

The noobs here don't understand that mining is irrelevant for price. It is the preference to hold more or hold less, that makes the price. You have yesterdays price and other peoples valuations, there is nothing that connects bitcoin value to eartly stuff. Deal with it.

So what is the *real* thing that give the value to bitcoin Cheesy

?

Bitcoin is backed by dreams.

Whereas the US dollar is backed by the american dream! Wink

I very like your response @molecular , @sgbett yes but in this "revolution" not only the americans believe in this dream, every citizen of the world believes in bitcoin ! (at least I hope ).

sgbett

legendary

Activity: 2576

Merit: 1087

Quote from: molecular on October 06, 2014, 02:23:50 PM

Quote from: redsn0w on October 05, 2014, 04:10:37 PM

Quote from: Erdogan on October 05, 2014, 04:08:21 PM

Quote from: Biodom on October 05, 2014, 04:00:45 PM

I think that most here don't understand the bitcoin price cycle vs bitcoin mining cycle. There are too many bitcoin miners, including industrial size, which mostly liquidate mined bitcoins. If situation of 2011 was to repeat itself, bitcoin price will have to move low enough for a crash in network mining capability (which is still increasing as we speak at a brisk 20% rate every 12 days even with this crash). Only if and when network hashing stabilizes or reduces about ~50% (as in 2011), the new bull market will ensue. Prediction: it will happen in the next 2-4 mo, but the price might have to go much lower first (exact repeat of 2011 will mean ~$72/BTC).
Personally, I stopped buying mining equipment already.

The noobs here don't understand that mining is irrelevant for price. It is the preference to hold more or hold less, that makes the price. You have yesterdays price and other peoples valuations, there is nothing that connects bitcoin value to eartly stuff. Deal with it.

So what is the *real* thing that give the value to bitcoin Cheesy

?

Bitcoin is backed by dreams.

Whereas the US dollar is backed by the american dream! Wink

molecular

donator

Activity: 2772

Merit: 1019

Quote from: redsn0w on October 05, 2014, 04:10:37 PM

Quote from: Erdogan on October 05, 2014, 04:08:21 PM

Quote from: Biodom on October 05, 2014, 04:00:45 PM

I think that most here don't understand the bitcoin price cycle vs bitcoin mining cycle. There are too many bitcoin miners, including industrial size, which mostly liquidate mined bitcoins. If situation of 2011 was to repeat itself, bitcoin price will have to move low enough for a crash in network mining capability (which is still increasing as we speak at a brisk 20% rate every 12 days even with this crash). Only if and when network hashing stabilizes or reduces about ~50% (as in 2011), the new bull market will ensue. Prediction: it will happen in the next 2-4 mo, but the price might have to go much lower first (exact repeat of 2011 will mean ~$72/BTC).
Personally, I stopped buying mining equipment already.

The noobs here don't understand that mining is irrelevant for price. It is the preference to hold more or hold less, that makes the price. You have yesterdays price and other peoples valuations, there is nothing that connects bitcoin value to eartly stuff. Deal with it.

So what is the *real* thing that give the value to bitcoin Cheesy

?

Bitcoin is backed by dreams.

rpietila

donator

Activity: 1722

Merit: 1036

"Let me be a free man, free to travel, free to stop, free to work, free to trade where I choose, free to choose my own teachers, free to follow the religion of my fathers, free to talk, think and act for myself — and I will obey every law or submit to the penalty"

-- Chief Joseph (1840-1904) of the Nez Perce Indians, in his speech at Lincoln Hall in Washington, DC on 14 January 1879.

btcbug

sr. member

Activity: 399

Merit: 250

Quote from: elux on October 06, 2014, 07:46:52 AM

Quote from: rpietila on October 06, 2014, 07:10:54 AM

Of course the rapid fall has made me think about Bitcoin's chances. But without going into details, I don't think much anything has changed except the price.

When you think about buying or selling, then you should look at the price. And buy when it is low, sell when it is high.

H/T: /u/azop on reddit

Nice charts! Comparing to the last few spikes, the price has really dropped down on this one and it's screaming buy!

elux

legendary

Activity: 1458

Merit: 1006

Quote from: rpietila on October 06, 2014, 07:10:54 AM

Of course the rapid fall has made me think about Bitcoin's chances. But without going into details, I don't think much anything has changed except the price.

When you think about buying or selling, then you should look at the price. And buy when it is low, sell when it is high.

H/T: /u/azop on reddit

frienemy

full member

Activity: 235

Merit: 100

I was promised da moon

Quote from: bitteractor on October 06, 2014, 07:36:20 AM

Quote from: rpietila on October 06, 2014, 07:10:54 AM

Of course the rapid fall has made me think about Bitcoin's chances. But without going into details, I don't think much anything has changed except the price.

Seems that there are enough people in the market now that think the complete opposite of what I do currently, concerning the relation of price and fundamentals Grin

Not sure I understand what you mean here . . .

Are you saying that you don't believe bitcoin's fundamentals are strong and anyone buying has "the complete opposite" opinion of you?

Of course! As you can see by rpietila's older posts, he has always been uberbearish all of the time Wink

P.S. Are smileys too cryptic for public?

manfred

legendary

Activity: 966

Merit: 1001

Energy is Wealth

Quote from: Roccker on October 06, 2014, 05:38:00 AM

New all-time-high in number of bitcoin adresses (177 000, one week averages)

Good to see

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: bitteractor on October 06, 2014, 07:36:20 AM

Quote from: rpietila on October 06, 2014, 07:10:54 AM

Of course the rapid fall has made me think about Bitcoin's chances. But without going into details, I don't think much anything has changed except the price.

Seems that there are enough people in the market now that think the complete opposite of what I do currently, concerning the relation of price and fundamentals Grin

Not sure I understand what you mean here . . .

Are you saying that you don't believe bitcoin's fundamentals are strong and anyone buying has "the complete opposite" opinion of you?

No he's saying the opposite.

bitteractor

newbie

Activity: 16

Merit: 0

Quote from: rpietila on October 06, 2014, 07:10:54 AM

Of course the rapid fall has made me think about Bitcoin's chances. But without going into details, I don't think much anything has changed except the price.

Seems that there are enough people in the market now that think the complete opposite of what I do currently, concerning the relation of price and fundamentals Grin

Not sure I understand what you mean here . . .

Are you saying that you don't believe bitcoin's fundamentals are strong and anyone buying has "the complete opposite" opinion of you?

rpietila

donator

Activity: 1722

Merit: 1036

Of course the rapid fall has made me think about Bitcoin's chances. But without going into details, I don't think much anything has changed except the price.

When you think about buying or selling, then you should look at the price. And buy when it is low, sell when it is high.

When you think about the viability of a technology, you should look at the news, and since they typically provide a very distorted picture, go behind them, the fundamentals. If the fundamentals are good, you should seek to buy when the price is also low. If they are bad, you should seek to sell, especially if price is high.

Seems that there are enough people in the market now that think the complete opposite of what I do currently, concerning the relation of price and fundamentals Grin

Topic: rpietila Wall Observer - the Quality TA Thread ;) - page 90. (Read 907229 times)