Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28239. (Read 26709389 times)

Based on the fact he's a permanent uber-bull troll!

Ya based on what?

For me everything seems to be pointed toward $9.99

I thought that you said that you were back to being all in BTC?  Did you get into Fiat again at some time?

Ya based on what?

For me everything seems to be pointed toward $9.99

$750 valuation based on what?

I don't know where you get your economics from, but what you're arguing amounts to saying that no one ever will just take a loss on anything.

I think a lot of people are getting tired of the bullshit... and probably thinking that BTC prices should be more in line with the fundamentals.. in the $750-$850 arena.

I thought this was a very cool quote from here http://www.reddit.com/r/BitcoinMarkets/comments/22wcx6/what_happens_if_the_best_case_scenarios_actually/cgr72rm

I wonder how the situation would look in an alternative universe where the humans invented computers, Internet and cryptography in the early 19th century and switched from gold to Bitcoin, skipping fiat currencies entirely.

Imagine someone from this universe suggesting a fiat currency:

"Let's call this system Dollarcoin. It is a system like Bitcoin, but there will be only one miner, the government. And there will be no limits on block rewards, so the government will be able to mine as many dollarcoins as it wants to. And you will not be able to transact large amounts directly but will need to register a "wallet" with large government-licensed corporations - we will call them banks. And banks and the government will be able to freeze your wallet or confiscate it at any time.

The banks will run their own blockchains too, however all those altcoins will be also called dollarcoins. Each bank will be able to mine 10 "bank dollarcoins" for each "government dollarcoin" they hold. And the bank will freely exchange between government coins and its own coins until it doesn't have any real dollarcoins left and its blockchain fails. Nothing to worry though - in this case the government will simply mine enough dollarcoins to reimburse the bank's customers.

And while we are at it, let's invent our own system for making purchases over the Internet with dollarcoins. It will be called Credit Card. This will be a plastic card with your dollarcoin private key engraved on it in plaintext. When you make a purchase online, you will simply send your private key to the merchant who are responsible for charging the exact amount you agreed to. After that, the merchant will store your private key in its database so you won't have to type it again next time! (Brilliant idea, right?)

Of course, there will be huge amount of losses due to fraud, but we will distribute those losses equally among all users of the system and they probably won't notice. We can just as many coins as we want, remember?"

That's not really how it works at all. That's basically the sunk cost fallacy and the fallacious labor theory of value merged into one conclusion.

Production costs do not directly cause price. Market price does naturally converge on cost plus a standard economic rate of return given stable demand due to changes in the supply function. But that is not a direct causal relationship to price.

A miner would only rationally hold out for >$700 if he didn't anticipate needing liquidity prior to the expectation of that price arising. The marginal utility of dollars necessarily increases relative to Bitcoin if the miner has a pressing need for dollars.

How awesome it would be if this was a successful retest of $340. 

$750 valuation based on what?

That is not a problem. If cryptocurrency isn't the future, humanity really screwed up. We've moved out of the stone age economically.

Mind you, humanity is continuing to make our planet uninhabitable to humans so.....

TO DA MOON!

I think a lot of people are getting tired of the bullshit... and probably thinking that BTC prices should be more in line with the fundamentals.. in the $750-$850 arena.