Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16852. (Read 26712695 times)

Well one could argue that bitcoins value is derived from the work (labor) needed to bring each new bitcoin to market.  This would be the work performed by the miners and as anybody who has any history with bitcoin and specifically the act of mining would tell you is that at this stage mining is not about the hardware but about the energy required. And the price of that energy. So bitcoin is energy based representing both a commodity and a service, therefore fitting your description of the ideal form of money.

You do realize that you are talking to a wall? And subsequently we all are observing you talking to that wall......

Now I understand why the gold man wants to spread his disease doubt here.

You are, of course, welcome to your opinion, but I fail to see, unless you are going to sleep on top of your pallet of silver with an AK47 while it crosses the Pacific ocean, how physical delivery does not have counter party risk.

Don't get me wrong, huge physs fan here, if it weren't for that dammed boating accident we could get together and try and out macho each other curling our stacks, but yeah, I guess I am a lunatic...I think teleporting the equivalent value of that pallet in an hour or so, securely, does in fact have value.

This is false.  Bitcoin has zero value as a settlement layer because far better alternatives for settlement existed before it's creation (noble metals).  For bitcoin to have value as a settlement layer it would need to be able to compete as the base of Exter's pyramid, but it can't for numerous reasons I've stated before:

1)  Bitcoin has built in middlemen (transaction validators) and counter party risk, negative traits that are typically found among "currencies" and never found among "money".  The entire purpose of the base of Exter's pyramid is to remove counter party risk so that even if everyone else on the planet dies, you are not left holding a worthless coupon.  This is why something is required to be an actual commodity, not a fake psuedo commodity (bitcoin) to be real money.  Bitcoin will always be just a currency alone and not money, and currencies derive value from transaction flow (scalability) not stock.

2)  Money is an abstract concept that represents goods or the ability to do work (services).  This means the ideal form of money would be energy based since it represents both a commodity and service at the same time.  The problem there is that humans don't have the technology to do so and remove counter party risk, and the free market time after time has signaled removing counter party risk is even more important, so it utilized metals.  The fact that anything you do in bitcoin is going to make you a 1 of N participant means there is no removing counter party risk in bitcoin and it's dead on arrival for competing as a settlement system, aka money, aka the base of Exter's pyramid.

3)  All forms of money and currency have elements of a pyramid or ponzi scheme to them, meaning it's all about me finding some resource and hoarding a bunch of it to try and create a master/slave relationship where I now rule over you because I got what you need.  Such a paradigm doesn't actually work with a "virtual" commodity.  If Elwar or Jimbo corners the entire 21 millioin coin market, it really doesn't mean shit to me.  Under no circumstance do I need their coins when they have no intrinsic real world use, so I can completely ignore them and thus no master/slave relationship is formed.  This is also a good reason why gold may lose a lot of it's market cap to silver in the long run due to gold having far less use.

Cool story bro! .. I had a laugh! .. thx!

Or China can go full retard, perform the "anyone can spend" attack by going from legacy bitcoin to segwit, fork back to legacy bitcoin, spend all segwit transactions, and since their BCC chain wouldn't be affected, legacy BTC is now crippled while they pump their BCC coin.

You will be crushed worse than r0achés avatar bug!

Some of you people here are really clueless..   .. I mean, go watch what is happening on the other side of the pond as well. For example food prices are rising, political uncertainty in so many countries, also with all that numerology and nonsense, this is the year when the big crashes are supposed to happen. And don't forget to take into consideration the black swan factor: "the millennials". They will be the biggest betrayers the history of humanity will ever see. They will not fight the wars of anyone, they will not submit to any financial system that is not controlled by them, they will not submit to debt, and they will certainly refuse the land taxation system that is in place for hundreds of years. Everything will crumble into ashes and dust. This is the year of the "fire chicken" in the china calendar thingy, that could be called also the "phoenix". Everything will be burnt down to the ground and something new will rise!

So stop being delusional. Watch the markets and how the money flows. I haven't seen so many mergers of huge corporations, ever!!! They are preparing for a hard landing, or a crumbling crash!  

1500 BTC wall on stamp about to get met.

Yes it does.  It would help us secure bitcoin's greatest use case: https://medium.com/@rextar4444/bitcoins-most-valuable-usecase-7f5c6e95be22

Whereas targeting the block size for some arbitrary optimal or maximum transaction capacity serves no founded argument. 

Great economic viability for the companies that force you to use their second layer technology instead.

Oh the good old days........

That article does make me feel better, and makes it seem more likely that we are going to be able to thaw out rjclarke more quickly... in a matter of days, rather than months.   

This should cheer you all up, some quality Game Theory Analysis of Bitcoin Cash.

https://medium.com/@rextar4444/the-myth-of-bitcoin-cash-understanding-game-theory-f87858bf8791


TLDR: There is no economic viability to bitcoin cash. There is no founded argument for its valuation. The exchanges and companies that support it are insecure and nefarious.

I wished that I were able to just take my eyes off of this too, and I am partly unsettled about this whole thing because I am not really happy with where my coins are stored, currently (not counting the ones that I recently lost on BTC-e), but I think that I am going to just live with each of the locations of where I put them, and not make any additional coin moves until after the coast is clear - perhaps Wednesday or a week after Wednesday? 

The truth of the matter, rjclarke, it is not likely that I am going to feel comfortable unfreezing you with a blowdryer or throwing hot water at you - until December or so, so you need to find someone who can follow your directive and not interpret any discretion into thawing out matter. 

The fact is once you are frozen, I might become paralyzed about when to execute thawout code. I am getting a sense that this drama is not really going away any time soon.  We got into bitcoin, and there continues to be drama and increasing levels of drama in this space. 

The drama comes from the disruptive nature of bitcoin itself, it's decentralized and opens source nature and becomes more complicated with those latching onto bitcoin's success, including alt coins such as ethereum and forkers and the extent to which status quo governments and financial institutions are contributing to such drama and instability.  oh my! oh my! 

better case scenario would be if the bigblocker goofballs decided not to implement their intended hardfork, and then I could just execute thaw out order.....  but it is seeming more and more likely that the nutjobs are intending to execute such hardfork, with little regard to whether it is good for bitcoin or not... which is not so likely to result in them to going away with their drama anytime soon, even though many of us would prefer to see them go away and play on their own fork.. which is not gonna happen.

We get rid of them, but we still do not get rid of them because they are not gong to let things go.   

 Slush Pool has no plans to support Bitcoin Cash
Publikováno: 2017-07-28 07:07:27
Dear Miners,

we want to let you know, that we currently have no plans to support the emerging Bitcoin hard fork called Bitcoin Cash (BCC) scheduled for the August 1st, 12:20 UTC. As for now, we do not see a real demand from miners and the costs of creating and maintaining separate Bitcoin Cash infrastructure would be too high.


 

Thinking about making an option on FreeBitcoins.com so that people can claim and dump their BCC easily.

We already do that for other altcoins.

"If you use "Bitcoin" as part of the name of this altcoin, you're imposing it on me. That is why I'll make some bitcoins out of your altcoin."
/becoin

Exactly Mr Bones.

BCC probably is a shit coin, IMHO. However, if they can make their coup succeed, my hat is off to them.