Coin
Explanation
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 22775. (Read 26714333 times)
February 26, 2015, 04:59:38 AM
February 26, 2015, 04:59:07 AM
3) If you think you think that the problem with Nazi-Germany was taxation, then your ignorance is close to offensive. Which is quite a feat.
No Nazi. He was talking about British Empire. "No taxation without representation" etc. 
February 26, 2015, 04:53:48 AM
What a fucking clown. Using bitcoin as a currency for a country:
https://twitter.com/jonmatonis/status/570609094438088705
https://twitter.com/jonmatonis/status/570609094438088705
Until now I believed that Jon Matonis was one of the few sensible and realist people in the bitcon scene (even though he is a bitcoin salesman). But that is just too naive (or insincere). Oh well...
[1]So what is YOUR take on nations spending money that the unborn will have to repay? [2] If that's not taxation w/o representation, then what is it? You think that's moral? [3]We fought a war against the strongest empire on earth to stop that kind of tyranny.
Are you gonna make some bullshit argument that the ends justifies the means as long as they invest the loot right?
Bja, you know I love you. You often want my coins to appreciate, which I like. But this is just retarded.
1) They will inherit the country as well. If the elected government thinks they need to build up some debt to avoid a worse faith for the country, then that's what they must do.
2) It's regular taxation. Most of the choices made by the current generation affects the next. They were represented by their parents and grandparents.
3) If you think you think that the problem with Nazi-Germany was taxation, then your ignorance is close to offensive. Which is quite a feat.
February 26, 2015, 04:51:01 AM
So what is YOUR take on nations spending money that the unborn will have to repay?
That is terrible, of course. But replacing a failing currency by a crypto that, if successlul, will make trillionaires of Satoshi & friends is even worse. Where will those trillions come from?
And if the crypto fails, there will be no one to exchange it for euros at a fixed rate. Again trillions will have changed hands, with no relation to work done.
Much like the suckered Brazilian tax-payers keeping your tenured butt in buttered smug.
February 26, 2015, 04:37:13 AM
Yeah we are in one of those interesting moments where a big buy will force shorts to capitulate and push the price rapidly up into the 250's. Retail short sellers are all in. Long's watching 
February 26, 2015, 04:35:45 AM
come on, eat those sell orders on finex and we go higher.
February 26, 2015, 04:19:35 AM
No. Look at the orderbooks.
February 26, 2015, 04:19:28 AM
And if the crypto fails, there will be no one to exchange it for euros at a fixed rate. Again trillions will have changed hands, with no relation to work done.
This is tacit admission that the good professor is using the thoroughly discredited Marxist Labor Theory of Value. The LTOV has been obsolete for more than a century when several economists (including William Stanley Jevons) independently came up with what is known today as Marginal Utility.
Marginal Utility is used by all non marxist economists today, not just Austrians. Keynesians, Monetarists, neoclassical economist all accept it as a better metric. It's like Newton's laws of motion. It's foundational.
If you talk economics and don't understand it, any real economist will know that you are talking out your ass.
http://en.wikipedia.org/wiki/Marginal_utility
“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”
― Murray N. Rothbard
Marginal Utility as a concept cannot discredit LTV for the simple reason that both try to explain similar but not identical phenomena. The subject of LTOV is the economy as a whole, whereas marginalists and neoclassical theories describe only markets, a subset of the economy. Marginal Utility fails to describe reality where markets end. That humans reproduce, for example, is an essential variable in an economy, yet it happens outside of markets. Raising kids at home means work has to be done, and in the future potentially results in productive participants of the economy. LTV try to integrate that into the theory, whereas price-oriented theories only become aware of that new person the moment he/she enters the market.
Another example: Simple Machines Forum, the software this forum runs on, is open source, it has been written by people in their free time. Marginalism cannot describe why it is useful despite having been created outside the market.
Despite having read quite a bit from both sides, I still have no clear position on what I prefer. What I dislike about marginalists, though, is that they simply factored out the hard, fuzzy parts of the whole economy and settled on describing just markets.
Marginalism can absolutely describe why open source projects are valuable. What it cannot do and neither can LToV is put an objective vale on such things because objective value doesn't exist. I see the attraction. It would be easier if it did exist, but then again physics would be simpler w/o relativity too. Unfortunately, neither Newtonian physics nor objective value describe reality as well as a more advanced understanding of the fields of study. People are not interchangable. The same person isn't even interchangeable with himself at a different time and place.
February 26, 2015, 04:02:54 AM
Another bear coming？
February 26, 2015, 03:59:30 AM
February 26, 2015, 03:52:35 AM
And if the crypto fails, there will be no one to exchange it for euros at a fixed rate. Again trillions will have changed hands, with no relation to work done.
This is tacit admission that the good professor is using the thoroughly discredited Marxist Labor Theory of Value. The LTOV has been obsolete for more than a century when several economists (including William Stanley Jevons) independently came up with what is known today as Marginal Utility.
Marginal Utility is used by all non marxist economists today, not just Austrians. Keynesians, Monetarists, neoclassical economist all accept it as a better metric. It's like Newton's laws of motion. It's foundational.
If you talk economics and don't understand it, any real economist will know that you are talking out your ass.
http://en.wikipedia.org/wiki/Marginal_utility
“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”
― Murray N. Rothbard
Marginal Utility as a concept cannot discredit LTV for the simple reason that both try to explain similar but not identical phenomena. The subject of LTOV is the economy as a whole, whereas marginalists and neoclassical theories describe only markets, a subset of the economy. Marginal Utility fails to describe reality where markets end. That humans reproduce, for example, is an essential variable in an economy, yet it happens outside of markets. Raising kids at home means work has to be done, and in the future potentially results in productive participants of the economy. LTV try to integrate that into the theory, whereas price-oriented theories only become aware of that new person the moment he/she enters the market.
Another example: Simple Machines Forum, the software this forum runs on, is open source, it has been written by people in their free time. Marginalism cannot describe why it is useful despite having been created outside the market.
Despite having read quite a bit from both sides, I still have no clear position on what I prefer. What I dislike about marginalists, though, is that they simply factored out the hard, fuzzy parts of the whole economy and settled on describing just markets.
February 26, 2015, 03:42:13 AM
http://s1.dlnws.com/files/BeanieBabiesPriceTrend.jpg
Har, har. Let me guess the joke "bitcoin went down in price constantly for about a year". Yeah, that got real real old real fast. LambChop wore it out 100 pages ago.
Guess what the best part about it is? Is not even a joke! February 26, 2015, 03:34:11 AM
Passing on the initial ignore list. Feel free to add as they create new accounts. Haha
kwukduck
Wandererfromthenorth
MatTheCat
fonzie
12345mm
exocytosis
Silverspoon
NotLambchop
Mervyn_Pumpkinhead
fonsie
YourMother
Dump3er
fat buddah
homo homini lupus
Warren Buffett
Warren Buffert
NotHatinJustTrollin
Arpeggio
Second-base
bitards
kwukduck
Wandererfromthenorth
MatTheCat
fonzie
12345mm
exocytosis
Silverspoon
NotLambchop
Mervyn_Pumpkinhead
fonsie
YourMother
Dump3er
fat buddah
homo homini lupus
Warren Buffett
Warren Buffert
NotHatinJustTrollin
Arpeggio
Second-base
bitards
Thanks for sharing!
February 26, 2015, 03:15:53 AM
https://www.bitfinex.com/pages/stats
It now shows the amount used, this is helpful.
Total sum of active swaps Total amount used in margin positions
USD 16,652,318.73 USD 16,583,217.30 USD
BTC 24,434.66 BTC 24,041.24 BTC
It now shows the amount used, this is helpful.
Total sum of active swaps Total amount used in margin positions
USD 16,652,318.73 USD 16,583,217.30 USD
BTC 24,434.66 BTC 24,041.24 BTC
Sweet didn't know that. I knew there was a reason i still drop by this thread
February 26, 2015, 03:11:32 AM
February 26, 2015, 03:04:50 AM
https://www.bitfinex.com/pages/stats
It now shows the amount used, this is helpful.
Total sum of active swaps Total amount used in margin positions
USD 16,652,318.73 USD 16,583,217.30 USD
BTC 24,434.66 BTC 24,041.24 BTC
It now shows the amount used, this is helpful.
Total sum of active swaps Total amount used in margin positions
USD 16,652,318.73 USD 16,583,217.30 USD
BTC 24,434.66 BTC 24,041.24 BTC
February 26, 2015, 02:59:31 AM
February 26, 2015, 02:52:53 AM
00000000000000000b63fd2b074637a7252d9d456968d9d0e747f279dd8bc131
What does this number represent?
Hash of the latest block?What does this number represent?
yes, but more importantly it represents the result of petahashes of computing power working for ~10mins to find an extremely difficult number (look at all those zeros!) that can not be reproduced, faked or counterfeited ... it is tangible, quantifiable, easily verified proof of very hard work.
Not to mention it is currently worth around $850k ...
February 26, 2015, 02:43:57 AM
Do you have a clue to what you are talking about or are you just talking out your ass?
Yes I do. When it comes to economics, even my ass is smarter than a Marxist.So whats your relationship between marginal utility and exchanging fiat for bitcoin? Enlighten me
I buy bitcoin because it is more efficient and easier (for me) than mining it. Specialization allows greater efficiency because miners benefit from economies of scale.
Large sums of fiat are difficult to store and move. Bitcoin is relatively easier if you know how to do it.
Alright that totally doesnt answer my question but we will leave it at that.
You should state your question better then. You asked about my relationship. Individuals act according to their own subjective values of utility.
Yes Exactly! MU is determined by this subjectiveness. So how you could paint such a broad definition was a bit beyond me.
definition of what? MU? I wasn't using MU as a defense of bitcoin's value. I was using it as an example of Jorge's ignorance of economic theory.
MU isn't a defense of Bitcoins value because MU is subjective. Jorge's ignorance stems from him not understanding that the only thing that will change is the ratio of fiat exchanged for Bitcoin.
I think that's more of a result of his ignorance than the cause. I think he was using a flawed theory of value. If his premise is incorrect, then his conclusion will be incorrect, even if his logic is sound.
Garbage in, Garbage out. Just be careful with economic theory because the end result can be mothers not being able to feed their children.
Sadly true. Anything that is powerful is dangerous.
February 26, 2015, 02:42:13 AM
Shorts over 24000. Price static. 1400 coins available to borrow at any price. Go retail!
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