Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 26497. (Read 26608322 times)

Of course it's not.

It's just that the current system full of bailouts and behind the scenes manipulation doesn't have much to do with "survival of the fittest". Or which traits are we trying to reward here?

Yes, a lot of time

Reward-Drop ETA: 2016-08-09 22:27:52 UTC (105 weeks, 12 hours, 10 minutes)
http://bitcoinclock.com/

Their margins are so slim and their debts and electricity bills need to be paid so likely they only have somewhat limited option.

I think this is actually likely to be a bigger factor than people think. In the last 12 months or so, we've moved from semi-pro miners who are likely to want to hold their freshly minted Bitcoin to commercial miners who are just in it for the profits, accumulation be damned. The Bitcoin inflation rate is therefore less masked and actually quite high at the moment. The last halving was followed by a rise many were claiming would not happen, I expect the next one to be very interesting. We have a while to wait for that though.

Indeed.  In the 80's, when monthly inflation here in Brazil was in the double digits, banks offered "overnight" investment funds (called just that, in English) that approximately compensated for inflation but were totally liquid.  So everybody quickly transferred any money they received into those funds, and took it out (automatically even) just before each payment.

Such instruments are still available. (This year, the inflation is expected to be around 5-6%/year.) The Central Bank and private banks offer several kinds of bonds that yield inflation plus something, by various formulas -- prime rate, consumer price index, fixed interest, etc. Such bonds are regularly used by companies and large investors as a liquid and safe money storage.  Ordinary citizens use savings accounts and liquid investment funds provided by their retail banks.  No one would be stupid to keep their savings in cash or in plain checking accounts.

Inflation is a big nuisance, for sure: it makes medium-range planning more complicated and risky, requires constant renegotiation of salaries and price markups in stores, is another substantial tax that drains wealth from the economy, etc.. ... but it is survivable.  If the US dollar's inflation ever "explodes" from 1%/year to, say, 10%/year, things will get real "interesting" -- but doomsday prophets will be disappointed.

good i'll buy more!

I like this one better

Tax his land, tax his wage,
Tax his bed in which he lays.
Tax his tractor, tax his mule,
Teach him taxes is the rule.

Tax his cow, tax his goat,
Tax his pants, tax his coat.
Tax his ties, tax his shirts,
Tax his work, tax his dirt.

Tax his chew, tax his smoke,
Teach him taxes are no joke.
Tax his car, tax his grass,
Tax the roads he must pass.

Tax his food, tax his drink,
Tax him if he tries to think.
Tax his sodas, tax his beers,
If he cries, tax his tears.

Tax his bills, tax his gas,
Tax his notes, tax his cash.
Tax him good and let him know
That after taxes, he has no dough.

If he hollers, tax him more,
Tax him until he’s good and sore.
Tax his coffin, tax his grave,
Tax the sod in which he lays.

Put these words upon his tomb,
"Taxes drove me to my doom!"
And when he’s gone, we won’t relax,
We’ll still be after the inheritance tax.

People have been saying that for years now and yet... It's not so much the PMs that are increasing in value, it's the $ that's decreasing. (I have almost 0 PM holdings FWIW, I consider them a little overpriced currently. But again, "and yet...")

Now you know this means we are just going to go lower than your filled bids for at least 72 hours. It's that subtle slap in the face then we move up.

It's not a magnitude.  It's higher.  Magnitude technically is basically orders of 10.  The CPI inflation "bucket" needs to be updated, but alas, government is slow on this things.

You think?

http://www.dailymail.co.uk/news/article-2491078/100-families-hit-benefit-cap-receiving-week-salary-60-000.html

(Apologies for Daily Mail link)

Explanation

finally got some bids filled.


we can now move up again.

just believe in (r)evolution

Ok, I have a question for you all. I see many who firmly believe that btc will go very high in the future. Taking into consideration  current world events (economy, politics, the possibility of war, etc.) do you still believe in that future? How much of your beliefs is gut feeling vs a dispassionate analysis? Share your views.

2% instead of 5% is not protection. You are still being stolen from. And this:


(Though probably not quite an order of magnitude. More like 3x)

Hoarders allow resources that might otherwise not be used well to be used for productive activity and should be rewarded.

Indeed there are signs that interest in China has been waning and, on the balance, money has been leaving the market.  The most obvious sign is the gradual price drop from February to May, and the general drop in volume (Huobi typically had ~60 kBTC/day in Feb-Mar, noy only ~15 kBTC/day).  Also, the CEOs of Huobi, OKCoin and BTC-China sounded very gloomy in their recent interviews.  They described the opening of the "international" sections as attempts to preserve their businesses in face of increasingly bad prospects in China.

Until March, clients of the Chinese exchanges could use bank transfers to deposit money.  By orders of the central bank (PBoC), they lost that channel.  For a while it looked like they would soon lose the withdrawal by bank option too, and some banks (as well as AliPay) stated that they would not allow their accounts to be used for any bitcoin-related business.  However the withdrawal by bank is still working: according to OKCoin's CEO, the banks are reluctant to follow the PBoC directive to the end because they don't want to lose their fees on that service.

In addition to bank deposits, Huobi had some sort of debit card that apparently is still working.  After losing the bank deposit option, OKCoin arranged for some "brokers" who would sell "recharge codes" privately to clients, but they may have had to stop that too.  BTC-China had "vouchers" that could be bought in stores, but they cannot sell them via internet.

Since January there was also a crackdown on use of bitcoin in e-commerce.  Merchants were prohibited from quoting prices in bitcoin, and major e-commerce sites like Taobao banned the sale of bitcoins, maybe even of bitcoin mining equipment.

The new "international" sites by Huobi (BitVC) and OKCoin (OkCoin.com), that opened in the last two months, are located in Hong Kong or Shanghai, "special economic zones" which have more relaxed controls on financial businesses.  BTC-China has always been in in Shanghai IIRC. AFAIK these new sites can take deposits by bank, but not easily from ordinary Chinese citizens in the mainland; and their volume is still very small.

Indeed, my best guess about the cause of the recent rally (since ~May/20) is that some traders at Huobi and OKCoin got inside info about the imminent opening of those "international Chinese" sites, and stocked in bitcoins in order to move their trading over there.

This.  For most people its a near break even or losing game for them with the current difficulty.   This of course includes initial hardware, upgrades, electricity, etc.  They -have- to sell.

fyp

It's all relative. I bought a lot of my coins at around $375. Thought it was high way back then (in April) when I bought them. I often wished I would have bought more at that price. Maybe I'll get a second chance.