Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 25819. (Read 26610526 times)

I wonder if the wall street bankers have a forum which they use the same as here to argue the toss over why the dollar or gold is rising or going down...

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Many people observed that Ripple Labs was already actively pursuing the described strategy and argued it deserved acknowledgment for this. The piece was deliberately framed as a way to think about what bitcoiners can do to promote their currency. It wasn’t intended as a discussion of other cryptocurrency projects, which is why Ripple ended up with only a brief mention.

But Ripple enthusiasts have a valid point. When it comes to the strategy we outlined, one where cryptocurrencies and decentralized networks would become the financial plumbing through which big institutions shift money cheaply around the world and so reduce costs in the global economy, Ripple is right there. And it may well prove to be a successful model, so long as it can sign on enough of the “gateways” needed to give its decentralized network the critical mass it needs.

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On the one hand, there are supporters of the angle we took, which appeared to include Ripple fans and, let’s say, a more pragmatic wing of bitcoin, which sees cryptocurrency technology as a tool to reduce costs in the existing system. Although this group shares the passion that the more idealistic cryptocurrency enthusiasts hold for stripping middlemen from transactions and leveraging decentralized networks, they tend to be more agnostic on the issue of currency. The idea is that for bitcoin or any other cryptocurrency to change the world it’s not necessary that it entirely displace fiat currencies, only that its technology be used as the intermediating infrastructure for monetary exchange.

On the other hand, those with a more sweeping, idealistic view of the bitcoin “revolution” have a grander vision. It’s a political vision, an ideological vision, a fiercely libertarian and essentially anarchist vision. For this impassioned and, to be fair, articulate group, the angle that we adopted in our column was not an exercise in “thinking bigger,” but of thinking too narrowly – as one critique of the piece decided to point out.

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It's going to come from many different places at once.

RPGs will start using them. Kids will want them over anything else. Keep bugging their parents for some. They will grow up loving them more than inconvenient money.

I know someone who used to sell rare runescape items on ebay and he has to wait for cheques to come in the post.

Then there's the traders who will love the ETF.

Then there's the reality of borderless money coming into fruition. This is beyond what many of us can imagine. We've all heard the term "internet of money" but we haven't seen it yet. But it's coming.

The politicised amongst us will always be way ahead of our time and not part of any majority that has yet to join the movement.

Multi-sig will replace ambiguous, trust requiring, huge set-ups to become necessarily reliable. Massive projects will HAVE to happen the way people funding them agreed to.

"Leaders" will ban them, whilst lining their pockets with them.

The network will be reliable become so many of us will continue to fight for them.

In our darkest times it only ever falls to where it was about a year ago.

To the "worryers" here who own, and are losing perspective, sell what you need to to help you see more rationally.

I don't get it. Just because there are less miners doesn't reduce the inflation itself, until the block halving. Furthermore, a rising difficulty that is not fully compensated by lower costs/higher BTC prices results in a reduction in marginal profits. If some miners have decided to HODL their surplus BTC, they are currently getting less and less surplus BTC and are forced to sell more to cover their bills (up to 100% of 3600/day).

What would be bullish is if another ASIC-magnitude sudden reduction in hashing cost happened and the miners were bullish on BTC and decided to withhold their profits, but that probably won't happen again, simply because ASICs are the end of the line from CPU => GPU => ASIC.

I hope I'm right, because that means less miners, thus less btcs for sale, thus higher the demand/sale factor. If I'm wrong then it will be a bear's fest once more until sometime at the late $350-$380s. When this stops? Without a big catalyst for a proper CCMF, I'd expect sometime in 2016 when the block halving occurs. Until then, happy trolling...

Don't know if that's in response to my answer, but you basically equated "thinking that we're still in a downtrend" with "salivating daytraders".

That's bound to get a reaction

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I hope I'm right, because that means less miners, thus less btcs for sale...

ok i quit this forum, again. for the 100th time.

The problem for bitcoin miners is the fact that overinvestment is starting to create an unsustainable trend. Demand, caused by ever higher difficulty, is outstripping development. Ideally miners would need chips capable of breaking Moore’s Law and then some. Over the past year the hash rate of the bitcoin network has skyrocketed from around 1,000,000GH/s to more than 200,000,000GH/s, briefly peaking at 231,138,370GH/s in late August. In roughly the same period the difficulty shot up from about 65 million to 27,428,630,902 on 31st August.

...a mere 3 dollars below this morning ...

It is getting pretty emotive on here.

Simply suggesting that the price isn't crashing and pointing out that stamp is a mere 3 dollars below this morning gets a proper bashing.

yea i actually made a chart that suggested we would go 480 then back to 467 and rallying 500+ a few days later and 600 a week or 2 after that which would hopefully take us into the next bubble

kinda doubt it though