Explanation
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 27721. (Read 26712305 times)
May 18, 2014, 07:00:43 AM
May 18, 2014, 06:40:08 AM
looks like some bot action going on to simulate some trading volume
May 18, 2014, 06:24:55 AM
So I am puzzled by this calm, I can't understand what those Chinese sellers are waiting for.
The nature of Bitcoin - once you sell it, you can't sell it again.
After 6 months of selling, no more coins in the sellers' hands.
Volume down.
Next: UP. No other way is even possible.
When: Don't know exactly, but 650 by the end of June is a possibility. Top could be in August-September.
like the way you think
.....I mine in the USA I hope the only problems I have is how to pay IRS their 25% share of 'gross mining profits"did not have to pay any taxes last year cause they had 50% off equip depreciation in 2013 (likely will be same in 2014) then standard depreciation according to my CPA
the IRS Guidelines 2013 of bitcoin as property ie/land (crap i'm a farmer) thus the equipment option..
and before people jump on me why I'm reporting ..did as a newbie KNC wire xfers (no btc)
bank screwed up 6x and did a total of 4 to knc refunded 3...and kept 1 (titan) ...so each time in USA you sign a paper over 10k wire xfer you are not xfering money
for criminal activities..with that much paper floating about decided to fess up after the guidelines came up (had like 20 days gee thanks) do my btc taxes legit
via amending my taxes for 2013...so you guessed it
anwyay bank did come after me threatened to tell feds...went down with 'legit' taxe forms done on bitcon 2013...showed it was their 6 missfires on getting the wire
xfers out ...and avoided a LOT of pain with the IRS ..(sometimes it is good to be paranoid!!!)
so anyway if what you say is correct I likely need to buy MORE equipment.....sigh...hopefully the rules will change back next year
anyway..if BTC even stays at 500 bucks should work out for me...if it hits 1000 bucks btc....equip buying again here I come....
FML
Searing
Searing: Either you are confusing me, or I am confused about the reporting obligation for miners. I thought that you, as a miner, did NOT have to report until you realize your gain.... meaning that you do NOT have to report until you sell your BTC. Even though the value (or the basis) of the BTC would be calculated from the time that you mined the coin. So my point is that you would NOT have to report your gain until you sell... Am I incorrect? On the other hand , if you are taking depreciation, then you need to be able to take that depreciation against some value.
May 18, 2014, 06:16:28 AM
So I am puzzled by this calm, I can't understand what those Chinese sellers are waiting for.
The nature of Bitcoin - once you sell it, you can't sell it again.
After 6 months of selling, no more coins in the sellers' hands.
Volume down.
Next: UP. No other way is even possible.
When: Don't know exactly, but 650 by the end of June is a possibility. Top could be in August-September.
Maybe.. but usually No Demand is a sign of a top. I'd like to see a monthly high volume up thrust.
I tend to agree with Rpietila, here. The markets seem to be running out of people willing to sell BTC at the current price. A very large majority of those who wanted to sell have already sold at prices - higher than the current price point.
To suggest that there is a lack of demand based on an overall lack of volume seems to be a misreading of the current state of affairs.
May 18, 2014, 06:03:18 AM
I know it would be argued that Jorge is voicing this opinion to perhaps save someone from making bad investments but it seem more like fear mongering to scare some noobs to being afraid of China that they sell at or near a bottom.
his investment seems questionable, at best - to supposedly save us from ourselves.A very lucid argument for playing devil's advocate. I believe Jorge is a troll of much underestimated skill. My respect for you grows again, sir.
I have respect for his communication skills, too. He can engage in fairly sophisticated rhetoric to lure us into a false sense of security regarding his FUD spreading motives. In actuality, he is like an oily lil piggie, you think that you have him caught and he slips away - out of your grasps. No disrespect to either Jorge or lil piggies.
May 18, 2014, 06:00:42 AM
May 18, 2014, 05:51:30 AM
Not even the chance to make $1 in the last 3 days. Don't even mind if it goes down a bit but please do something!
May 18, 2014, 05:51:09 AM
Why on Earth would i pay for food and drinks with BTC. Maybe in big american and western world cities you pay for everything with smartphone chips and cards but that doesnt work so well in the rest of the world. Say, there is vending machine in Kenya (Africa), its hot and you are thirsty, with what do you pay for the Cola inside of the locked vending machine? (no electricity, vending machine is operated by 2m tall black gorilla with a key)
Actually, Mpesa is very popular in Africa and not in the western world. So paying with phones is not at all a problem in Africa.
May 18, 2014, 05:41:31 AM
volume is crazy low. everyone on holiday smoking weed or something?
Yes, and yes, and other distractions. https://bitcoinwisdom.com/markets/mintpal/drkbtc
May 18, 2014, 05:40:54 AM
1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy.
+1
The price is decided from reserve demand, which includes speculation about its future value. Therefore it is neither to high, nor too low, nor correct. It just is what it is.
May 18, 2014, 05:33:55 AM
volume is crazy low. everyone on holiday smoking weed or something?
May 18, 2014, 05:12:02 AM
An other thing is that for geeks, or mathematicians it will maybe not a problem to pay a coffee 0.000000000198562 btc, of course here we still have double cash and information displays
Actually there is a problem here the geeks and the mathematicians will see : you can't pay less than a satoshi, so "0.000000000198562 btc" is just wrong.
The minimum value is 0.000,000,01 BTC = 0;01 µBTC
And two coffees are worth about 10 mBTC today, I don't see where the display problem is.
Actually it's possible to add 16 extra decimals to BTC so whenever that's a problem, it wont be a problem.
May 18, 2014, 05:06:08 AM
Why on Earth would i pay for food and drinks with BTC. Maybe in big american and western world cities you pay for everything with smartphone chips and cards but that doesnt work so well in the rest of the world. Say, there is vending machine in Kenya (Africa), its hot and you are thirsty, with what do you pay for the Cola inside of the locked vending machine? (no electricity, vending machine is operated by 2m tall black gorilla with a key)
You would use local currency (the Kenyan Shilling), cold hard cash. Bitcoin will never replace cash.
Imaging this though - what about if after landing in Kenya & picking up your baggage and clearing customs etc, you could stroll straight past all the money exchanger booths to a Bitcoin ATM and withdraw local currency - saving huge $$ in fees and getting a fair rate of exchange. You also avoid having to carry this cash while in transit, meaning it can't be lost or stolen...
This is why Bitcoin ATMs in major tourism locations such as Whistler, Canada (http://www.reddit.com/r/Bitcoin/comments/23mcdt/cash_out_bitcoin_in_47_seconds_bitcoin_atm_in/) are so important to the widespread adoption of cryptocurrencies (imo).
May 18, 2014, 05:00:43 AM
May 18, 2014, 04:52:12 AM
What bothers me the most (apart from the train not ChooChooing yet) is that after articles like this:
http://blogs.wsj.com/economics/2014/05/16/congatulations-to-class-of-2014-the-most-indebted-ever/?mod=WSJBlog
people still think that bitcoin is about to fail...
http://blogs.wsj.com/economics/2014/05/16/congatulations-to-class-of-2014-the-most-indebted-ever/?mod=WSJBlog
people still think that bitcoin is about to fail...
That article is way too relaxed given the true magnitude of the problem. There was an article on zerohedge a few weeks ago. Apparently more than half of all that debt is not used for school at all. There are people who do the third useless undergrad degree because you don't need to pay the student loans when you study. So you just get degree after degree on student debt. Some people apparently understand the black hole they're falling into any say there's nothing else they can do. They just hope the government will forgive them, because federal student debt is not bankrupt-able. And you know what, the government will, going itself further into the black hole. Indirectly, like, allow people to take undergraduate degrees forever. I'm sure they can just add the death-defaults to freddy and fannie.
May 18, 2014, 04:49:14 AM
1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.
2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.
2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
Suppose you want to buy an aircraft carrier which cost $ 4 billions (or a set of buildings, or a firm, or whatever around that price) with BTC
You'd need about 10,000,000 BTC which you'll have a lot of difficulty to get, and that's just one big transaction, nothing very unusual here. So I guess BTC's price will have to go up a lot if someone wants to be able to do real business with it.
WHy not use Litecoin instead? Or Dogecoin, they have enough coins, no need to inflate the price.
It's not about the number of coins, that's totally irrelevant. It's about what the total number of coins are worth together if bought at the current market value. If you want to do business in billions of dollars with crypto, then no matter what coin you use the price would have to be a whole lot higher to accommodate that. And you need much more liquidity ofcourse. Litecoin and Dogecoin are unlikely candidates though, and Dogecoin even more unlikely than Litecoin. But that's all reflected in their current market price already.
May 18, 2014, 04:48:27 AM
1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.
2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.
2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
Suppose you want to buy an aircraft carrier which cost $ 4 billions (or a set of buildings, or a firm, or whatever around that price) with BTC
You'd need about 10,000,000 BTC which you'll have a lot of difficulty to get, and that's just one big transaction, nothing very unusual here. So I guess BTC's price will have to go up a lot if someone wants to be able to do real business with it.
WHy not use Litecoin instead? Or Dogecoin, they have enough coins, no need to inflate the price.
I seriously hope you are trolling here, or do you really don't get it?
You dont seem to get that BTC is not suitable for real world but rather as internet coin to pay for advices on forums or for porn.
May 18, 2014, 04:34:08 AM
1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.
2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.
2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
Suppose you want to buy an aircraft carrier which cost $ 4 billions (or a set of buildings, or a firm, or whatever around that price) with BTC
You'd need about 10,000,000 BTC which you'll have a lot of difficulty to get, and that's just one big transaction, nothing very unusual here. So I guess BTC's price will have to go up a lot if someone wants to be able to do real business with it.
WHy not use Litecoin instead? Or Dogecoin, they have enough coins, no need to inflate the price.
I seriously hope you are trolling here, or do you really don't get it?
May 18, 2014, 04:10:09 AM
1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.
2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.
2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
Suppose you want to buy an aircraft carrier which cost $ 4 billions (or a set of buildings, or a firm, or whatever around that price) with BTC
You'd need about 10,000,000 BTC which you'll have a lot of difficulty to get, and that's just one big transaction, nothing very unusual here. So I guess BTC's price will have to go up a lot if someone wants to be able to do real business with it.
WHy not use Litecoin instead? Or Dogecoin, they have enough coins, no need to inflate the price.
May 18, 2014, 04:08:16 AM
1. The price is, in my view, too high, because it is based on future expectations of fiat profit as opposed to backed by an underlying economy. Doesn't mean it won't go higher for the same exact reason it is already too high.
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.
2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
While the real compelling use cases for using btc as payment (eg bitcoin only markets, you know which ones) could hypothetically gain traction and make the btc economy worth the actual price.
2. The decimals are not going to be a problem. The consensus so far seems to use bits = uBTC. Redditors already tip each others in hundreds of bits (which is in the same league as USD cents)
Suppose you want to buy an aircraft carrier which cost $ 4 billions (or a set of buildings, or a firm, or whatever around that price) with BTC
You'd need about 10,000,000 BTC which you'll have a lot of difficulty to get, and that's just one big transaction, nothing very unusual here. So I guess BTC's price will have to go up a lot if someone wants to be able to do real business with it.
Jump to: