Coin
Explanation
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 21243. (Read 26712378 times)
July 17, 2015, 08:01:31 AM
July 17, 2015, 07:36:13 AM
Last bears are becoming bullish 
Holy crap, even DanV is posting bullish charts? I don't believe my eyes. Isn't he one of the ones that thought we were going down to double-digits not long ago?
July 17, 2015, 07:32:33 AM
bitcoin wont save greece.
However... unlike the EU, it's not out to DESTROY Greece 
eeeeeehehehehehehehehe true true..
July 17, 2015, 07:01:33 AM
July 17, 2015, 06:39:52 AM
people that did not see this casual pump&dump pattern and thus did not take the opportunity to maximize their btc holdings are retards.
ps: shrot @314
ps: shrot @314
I just hope we didn't skin too many Greeks in the process. I imagine some were actually sold.
Bitcoin wont save Greece.
..So incredibly true.
Just as how Greece won't save Bitcoin
Nor will China's or the US/EU's stock market troubles ;
Nor would (for any lasting adoption and/or price gains) any further P&D's by large-scale Ponzi promoters like that LTC pump chinese guy ;
..the only thing that can save BTC is 1. Global apocalyptic event -or- 2a. Another 2008 Subprime-Style global fiat financial meltdown -&- 2b. The BitcoinCore & Blockchain Tech fundamental technical problems have been addressed & Bitcoin is vastly easier to use & features a more secure/stable blockchain network.
After all, just a few days ago, people like me were shaking our heads as the degenerates in this thread were howling for CCMF as if those fundamental human psychology & sociological factors were suddenly not applying anymore [General public(plebians) are lazy | Mediocrity-minded/Tolerate corrupt & inefficient fiat banking + traditional payments | Soft/Don't like change/Prefer Status Quo], & blockchain's core challenges were magically solved thus enabling global mass user adoption all of a sudden ~ Meanwhile I loaded shorts @ $315 (but I got scared & closed them at 300 ;p), because after all :
The bitcoin protocol is a great advance towards an old computer science problem, and was a very interesting experiment in payment technology. As a computer scientist, I could like that.
But I wrote "was" because that experiment has been turned into something that is not nice at all. Mainly, a huge pyramid scheme that is sucking millions of dollars every day from hundreds of thousands of ill-informed people, burning much of it in useless computations, and giving the rest to some smart and/or lucky people. That scheme has ruined the experiment, by pumping up its value to 1000x what it should have been, and centralizing mining into a handful (literally, 5) of companies.
Bitcoin could still go back to being a nice computing experiment, as it was in 2009, if the price crashed back to cents. It should do that eventually, because the investment pyramid cannot go on forever. But now there is a new unexpected threat: Blockstream has taken control of the reference implementation (BitcoinCore) and intends to turn it into a channel for settlements among big entities, drive all person-to-person traffic off the bitcoin network, to offchain solutions like Coinbase, Circle, or the hypothetical Lightning Network. To achieve that goal, they are refusing to make what should be a no-brainer maintenance fix (raising the block size limit), spreading FUD about centralization, and trying to descredit Gavin and Mike Hearn.
So I am taking side in this dispute because it is a technical computer science question, and I cannot avoud giving my technical opinion about it. Plus, I have this psychological problem about scammers and cheats -- and I feel that the Blockstream guys are getting pretty close to that...
Trying to put myself in place of the typical user, I would think that many who tried to use Bitcoin these days, and were not aware of the need to pay higher than normal fees, must have concluded that the system was broken, and did what any user of free software would do: gave up on it. Note that only a few thousand bitcoin users read the forums or the bitcoin "news" sites (an the latter tend to hide or minimize problems).
Adoption will be slow until it isn't. What I mean by this is that it will continue rising slowly as the media narrative evolves. We are still increasing our adoption as major financials experiment with blockchain tech under the assumption that tech and token will be separate. Companies and people dip their toes in and get used to the system, trial it for a year / 6 months, building their strategy. Traders have a play around. A slow burn if you will.
Remember those of us sitting pretty in the West with our seemingly secure banks and social cohesion have little need for bitcoin tech apart from bank fee avoidance, curiosity and black market dealings. But as fascism-lite (Shock Doctrine style) overtakes capitalism, another batch of noobs joins in, unhappy with the scrutiny, unhappy with cash restrictions, unhappy with major data breaches. And our first world societies are the main markets while the places that need it (eg Argentina, Africa) are slowly, slowly becoming part of it.
As such it's not about bitcoin saving Greece; that's a very superficial and naive view for anyone to have, although the Greek (or Cyprus) events were catalysts for speculating & publicity. It is about bitcoin being increasingly recognised as a safe haven asset, because another panic is coming. There is basically nowhere safe from contagion and nowhere that is not more indebted or bloated than they were before 2008. Literally no one, by any metric, thinks that things are back to normal.
Greece may not be the straw that breaks the global financial systems back (but it may certainly be the death knell of the Euro project - Euroskepticism is back).
A prolonged China stock sell off may not either but it could be a sign of coming global trouble. Forgetting that China is a massive risk, the real worry is contagion; so many things are interconnected to China - from real estate (Canada, London, Australia) to commodities (Canada, Australia) to currency (US - $ will flow back at first sign of trouble, deflationary). A sharp Chinese sell off may also be a harbinger of whats to come down the line, a previous example being the sell off of Japanese stocks in 2007 prior to mortgage crisis in 2008 - big financials started to sell off overseas assets to cover increase in defaulting mortgages at home. It eventually got to a point almost a year later when it all imploded).
At the end of the day, aside from the short term P&D'ers, that is why people speculate on bitcoin. When SHTF you wanna be in.
July 17, 2015, 06:34:54 AM
Last bears are becoming bullish
July 17, 2015, 06:31:43 AM
I'm seeing cup and handle on 6 month chart
July 17, 2015, 06:01:30 AM
July 17, 2015, 05:55:54 AM
July 17, 2015, 05:49:19 AM
That's probably what the dinosaurs said about that comet in the sky.
I ain't being bearish, just realistic. I don't see how anything with a 4 billion dollar or so market cap can be considered any type of player in world finance or truly reactive to events. It might be a sentiment indicator but even that's debatable considering how warped this market is.
If it was 100x bigger then we might be talking.
July 17, 2015, 05:46:00 AM
Quoting Brazilian goat
These world events are just an excuse for a bit of market action. Even that's debatable considering how little of a shit the average Chinese gambler gives to all of it.
BTC is a minnow with little or no real world use. If a tiny percentage of people with genuine financial jitters piled in it would explode and seize up near instantly.
Most here massively overestimate its importance in the wider world. It's just a cork bobbing in the waves lost among the supertankers while the ants clinging to it desperately try to attribute meaning to the movements.
July 17, 2015, 05:21:24 AM
Quoting Brazilian goat
These world events are just an excuse for a bit of market action. Even that's debatable considering how little of a shit the average Chinese gambler gives to all of it.
BTC is a minnow with little or no real world use. If a tiny percentage of people with genuine financial jitters piled in it would explode and seize up near instantly.
Most here massively overestimate its importance in the wider world. It's just a cork bobbing in the waves lost among the supertankers while the ants clinging to it desperately try to attribute meaning to the movements.
July 17, 2015, 05:11:20 AM
people that did not see this casual pump&dump pattern and thus did not take the opportunity to maximize their btc holdings are retards.
ps: shrot @314
ps: shrot @314
I just hope we didn't skin too many Greeks in the process. I imagine some were actually sold.
Bitcoin wont save Greece.
..So incredibly true.
Just as how Greece won't save Bitcoin
Nor will China's or the US/EU's stock market troubles ;
Nor would (for any lasting adoption and/or price gains) any further P&D's by large-scale Ponzi promoters like that LTC pump chinese guy ;
..the only thing that can save BTC is 1. Global apocalyptic event -or- 2a. Another 2008 Subprime-Style global fiat financial meltdown -&- 2b. The BitcoinCore & Blockchain Tech fundamental technical problems have been addressed & Bitcoin is vastly easier to use & features a more secure/stable blockchain network.
After all, just a few days ago, people like me were shaking our heads as the degenerates in this thread were howling for CCMF as if those fundamental human psychology & sociological factors were suddenly not applying anymore [General public(plebians) are lazy | Mediocrity-minded/Tolerate corrupt & inefficient fiat banking + traditional payments | Soft/Don't like change/Prefer Status Quo], & blockchain's core challenges were magically solved thus enabling global mass user adoption all of a sudden ~ Meanwhile I loaded shorts @ $315 (but I got scared & closed them at 300 ;p), because after all :
The bitcoin protocol is a great advance towards an old computer science problem, and was a very interesting experiment in payment technology. As a computer scientist, I could like that.
But I wrote "was" because that experiment has been turned into something that is not nice at all. Mainly, a huge pyramid scheme that is sucking millions of dollars every day from hundreds of thousands of ill-informed people, burning much of it in useless computations, and giving the rest to some smart and/or lucky people. That scheme has ruined the experiment, by pumping up its value to 1000x what it should have been, and centralizing mining into a handful (literally, 5) of companies.
Bitcoin could still go back to being a nice computing experiment, as it was in 2009, if the price crashed back to cents. It should do that eventually, because the investment pyramid cannot go on forever. But now there is a new unexpected threat: Blockstream has taken control of the reference implementation (BitcoinCore) and intends to turn it into a channel for settlements among big entities, drive all person-to-person traffic off the bitcoin network, to offchain solutions like Coinbase, Circle, or the hypothetical Lightning Network. To achieve that goal, they are refusing to make what should be a no-brainer maintenance fix (raising the block size limit), spreading FUD about centralization, and trying to descredit Gavin and Mike Hearn.
So I am taking side in this dispute because it is a technical computer science question, and I cannot avoud giving my technical opinion about it. Plus, I have this psychological problem about scammers and cheats -- and I feel that the Blockstream guys are getting pretty close to that...
Trying to put myself in place of the typical user, I would think that many who tried to use Bitcoin these days, and were not aware of the need to pay higher than normal fees, must have concluded that the system was broken, and did what any user of free software would do: gave up on it. Note that only a few thousand bitcoin users read the forums or the bitcoin "news" sites (an the latter tend to hide or minimize problems).
1+2a+2b will happen - sooner or later.
July 17, 2015, 05:01:39 AM
July 17, 2015, 04:30:14 AM
people that did not see this casual pump&dump pattern and thus did not take the opportunity to maximize their btc holdings are retards.
ps: shrot @314
ps: shrot @314
I just hope we didn't skin too many Greeks in the process. I imagine some were actually sold.
Bitcoin wont save Greece.
..So incredibly true.
Just as how Greece won't save Bitcoin
Nor will China's or the US/EU's stock market troubles ;
Nor would (for any lasting adoption and/or price gains) any further P&D's by large-scale Ponzi promoters like that LTC pump chinese guy ;
..the only thing that can save BTC is 1. Global apocalyptic event -or- 2a. Another 2008 Subprime-Style global fiat financial meltdown -&- 2b. The BitcoinCore & Blockchain Tech fundamental technical problems have been addressed & Bitcoin is vastly easier to use & features a more secure/stable blockchain network.
After all, just a few days ago, people like me were shaking our heads as the degenerates in this thread were howling for CCMF as if those fundamental human psychology & sociological factors were suddenly not applying anymore [General public(plebians) are lazy | Mediocrity-minded/Tolerate corrupt & inefficient fiat banking + traditional payments | Soft/Don't like change/Prefer Status Quo], & blockchain's core challenges were magically solved thus enabling global mass user adoption all of a sudden ~ Meanwhile I loaded shorts @ $315 (but I got scared & closed them at 300 ;p), because after all :
The bitcoin protocol is a great advance towards an old computer science problem, and was a very interesting experiment in payment technology. As a computer scientist, I could like that.
But I wrote "was" because that experiment has been turned into something that is not nice at all. Mainly, a huge pyramid scheme that is sucking millions of dollars every day from hundreds of thousands of ill-informed people, burning much of it in useless computations, and giving the rest to some smart and/or lucky people. That scheme has ruined the experiment, by pumping up its value to 1000x what it should have been, and centralizing mining into a handful (literally, 5) of companies.
Bitcoin could still go back to being a nice computing experiment, as it was in 2009, if the price crashed back to cents. It should do that eventually, because the investment pyramid cannot go on forever. But now there is a new unexpected threat: Blockstream has taken control of the reference implementation (BitcoinCore) and intends to turn it into a channel for settlements among big entities, drive all person-to-person traffic off the bitcoin network, to offchain solutions like Coinbase, Circle, or the hypothetical Lightning Network. To achieve that goal, they are refusing to make what should be a no-brainer maintenance fix (raising the block size limit), spreading FUD about centralization, and trying to descredit Gavin and Mike Hearn.
So I am taking side in this dispute because it is a technical computer science question, and I cannot avoud giving my technical opinion about it. Plus, I have this psychological problem about scammers and cheats -- and I feel that the Blockstream guys are getting pretty close to that...
Trying to put myself in place of the typical user, I would think that many who tried to use Bitcoin these days, and were not aware of the need to pay higher than normal fees, must have concluded that the system was broken, and did what any user of free software would do: gave up on it. Note that only a few thousand bitcoin users read the forums or the bitcoin "news" sites (an the latter tend to hide or minimize problems).
July 17, 2015, 04:26:49 AM
bitcoin wont save greece.
However... unlike the EU, it's not out to DESTROY Greece July 17, 2015, 04:01:31 AM
July 17, 2015, 03:39:29 AM
I've got this pain in my digital wallet. Any ideas?
http://www.babypips.com/school/undergraduate/senior-year/scaling-in-and-out/what-is-scaling.html
Fat jokes, eh?
people that did not see this casual pump&dump pattern and thus did not take the opportunity to maximize their btc holdings are retards.
ps: shrot @314
ps: shrot @314
Thx, f u 2
July 17, 2015, 03:33:18 AM
people that did not see this casual pump&dump pattern and thus did not take the opportunity to maximize their btc holdings are retards.
ps: shrot @314
ps: shrot @314
I just hope we didn't skin too many Greeks in the process. I imagine some were actually sold.
bitcoin wont save greece.
July 17, 2015, 03:24:07 AM
I've got this pain in my digital wallet. Any ideas?
http://www.babypips.com/school/undergraduate/senior-year/scaling-in-and-out/what-is-scaling.html
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