Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28756. (Read 26619964 times)

The early adopters are not necessarily "scumbags", just that I do not see why the world would agree giving them such a large slice of their wealth.

But there are undoubtedly many bad guys among them.  The MtGOX thief alone got hold of 600,000 BTC, which is 5% of all existing bitcoins -- hence 2.5% of all the money in the world in that extreme scenario.  The SilkRoad operator is claiming 173,000 BTC that were seized by the FBI as being his property.  There have been already a couple dozen smaller versions and variants of MtGOX,  where thieves and scammers got away with various amounts of BTC, proably adding to hundreds of thousands.  (The BitcoinRain "theft" here in Brazil, for example, slurped up over 15,000 BTC from its investors.)  It seems likely that 10% or more of all existing bitcoins were acquired by criminal means.

I think that we are going to have both.... at least for a while.

There are also going to continue to be ways to exploit people and to keep them down.. and that will take a while to develop. 

I don't think any of us know how all of these dynamics will play out in the event that crypto were successful..... on a global level.... Personally, I do NOT want to rack my brain with such speculations b/c I believe that there are so many varying possibilities... Maybe at some point if we branch in a certain direction, then we can begin to narrow down speculations.  At this point, the more near future is just for bitcoin to become more widely adopted in a more and more ways by more and more people and businesses and governments... So in that regard, we have to crawl before we can walk and walk before we can run.

One year is March 2013 to March 2014 - NOT December 2013 to March 2014... that is a different story. 

NOW, if you are measuring from July 2013 to July 2014, then that is still to be determined.

Just buy .15 BTC per week.  Or measure the quantity in Fiat how much you buy each week.    Say $75 per week or something like that. 

Then when the BTC price is high, you buy less and when the price is low you buy more. 

There are various ways to get started investing into BTC whether weekly or daily amounts or once a month.

 I personally believe that if you are just getting started then better to invest daily.... let's say for example $10 to $20 per day until you acquire a comfortable amount (but the amount and the time interval may vary depending on through what service you are buying), then maybe switch to weekly, but the key is to get started with whatever budget you have and whether you can time your buying of BTC during lower prices.. and then little by little, you will acquire a pool of BTC.

Usually drop by here a few times per month since nov last year. I think sentiment has never been as bad as now. During the crash in December and now the last crash sentiment was more "oh no it's going down but that's alright since now I can buy cheap coins". Now I'm seeing more and more of the "bitcoin is broken for ever" sentiment. Take it for what it is but I find it interesting.

I have seen some of your other posts on this particular topic, and your thesis in this regard seems ill-founded.  There may be some truth that some less than savory characters may have been first adopters of bitcoin, and potentially these less than savory characters would profit the most if they are able to HODL their BTC while the price continues to rise.   However, in another sense this seems like a fantasy world problem that you are characterizing into bitcoin b/c in NO time in the near future is bitcoin going to be the sole currency or the sole holder of value.. and these kinds of developments, if they were to occur, would take 5-10 years minimum... b/c we are going to have various other currencies and assets that will hold and transmit value. 

 And, surely early adopters would become newly rich by this whole BTC scheme, yet there still seems to be opportunities for status quo rich ( or the old traditional) rich to buy into bicoin at various price points - especially once they recognize bitcoin as a decent hedge investment.  These transitions will take a while as well, and surely we cannot be very certain, at this point, how these kinds of transfer of wealth are going to play out.







From my understanding, I believe that Auroracoin has more centralization problems than BTC.

Actually, I appreciate your response here. It makes more sense than some of the other ones that I read.

Regarding Buffet, yep, he is pretty bearish on bitcoin... but you never know with him, he may begin to invest on the side... though these things may NOT really matter too much for a guy like Buffet who has already made a lot of dough and doesnt necessarily need to deviate from what he knows in order to continue to make a killing.

I doubt that a majority of the sentiments from the bulls in this thread are a product of greed, but rather a product of surprise and confusion in figuring that the BTC price should be higher by now... and yes< believe many of the bulls here have a pretty high expectation that BTC is going well over $1000 this year, and that is NOT based on greed but instead based on BTC fundamentals being relatively strong.  Maybe some of the more "greedy" bulls, if you want to call us that, are more anxious for higher numbers - such as 3k or 5k or 10k by the end of the year or soon thereafter. 

Surely, the odds become smaller based on expectations of a higher amount.  I'm o.k. with anything above my average BTC investment price in the next couple of years; however, it would be even nicer if BTC prices go to the higher numbers, and any of them are reachable in the next 2 years, including higher amounts... 20K would NOT be out of the question in 2 years, but it may NOT be necessary in order for a BTC bull to feel comfortable with his/her rate of return.

I started buying at $1,200 in late November 2013.  Accordingly, I have been buying little by little over that time, and trying to buy as the price is dropping, rather than when the price is going up. 

I started feeling much better about having sufficient skin in the game, once I had accumulated 10 BTC.  Though of course, I would have felt even better if I could have acquired those first 10 BTC at a lower average price.... but I continued to invest, even after I had gotten the first 10 BTC. 

Currently, I have about 39 BTC and my average buy-in price is $685..... so I feel fairly comfortable that I have even more skin in the game.. but surely it would be better to be in the black rather than the red... but personally, I do NOT feel any need to rush anything or to significantly change my investment strategy... of HODL and buy periodically.

Jorge the real situation is at a point somewhat similar to the worst case Bitcoin scenario. Have you read the Oxfam wealth distribution report. even the likes of Larry Summers are showing concern.

In short the world is enslaved to the central banks of the BIS, and the Islamic outliers who reject there model on religious grounds are dealing with conflict that will result in adopting that model. This process of enslavement is called the Cantillon Effect it is not just from Central Bank monetary inflation but also from monetary inflation through fractional reserve banking.  

To get to the answer to your question the world doesn't have a choice, the people who have a choice are the ones playing with our economy the likes of the BIS members who were given a get out of jail card free when there martingale mortgage backed securities failed. While they are reforming with Basel III, when implemented we'll see intrest rates rise and lots of failures and further wealth accumulated at the top and more people enslaved as a result of globalization. The central bank model will fail regardless because it relies on exponential growth, and relative consumption of finite resources, many corporations will fail too because they are depend on the FRB credit that facilitates malinvestment in infrastructure that accelerates consumption for profit.  

Fiew see it the ones that do will buy into something just like Bitcoin I'm betting it will be Bitcoin untill something more promising comes along. The Bitcoin nouveau riche will sell there coins to them, and governments will support this as there will be a big 1 time tax boost at a time when they need it most. (So just buy that 1 Bitcoin it is a bet on a sustainable future) and if the Bitcoin nouveau riche never sell there coins because the demand never materializes, we will have a long bear market and Bitcoin depression untill the coins find an optimal way to distribute.

Your fear that early adopters get disproportionately wealthy is only viable if we have price controls on the value of Bitcoin. Without controls the risk of failure is huge, you are betting those who have lots of coins won't cash out, and will hold untill they collapse the system, I'm betting they are so greedy they will cash out before the system collapse.

That $5 (a mokate latte) investment in 2010 that would net you over $1,000,000 in 2013 is an insane redistribution of wealth yet it didn't deter me or many others, and I'm betting won't deter future investors as we see similar growth. To add there are fewer than a handful who made the investment then and still hold today, they are smart enough to know why when and to whom to sell there coins.
 

Yeah... I do NOT have the luxury of having old coins... especially since I started buying BTC in the end of November 2013.  Nonetheless, I try to think strategically about this to keep buying as the price drops... and to a level that I perceive that I can afford.    I suspect that at some point, hopefully soon, I will be in the black again.

But I think that the lower we go with the BTC price, the more and more difficult it will become to convince BTC holders to sell their coins.. absent some major news (whether real or NOT)...   So, even though it does NOT seem far, the BTC holders resistance to sell becomes ever increasing as the price gets lower.

Success of crypto = no more credit? Or do you mean crypto loans will eventually be extended?

NEVER say NEVER>  I would say that it would take a minimum of 5 to 10 years to transition out of these kinds of credit institutions...   but most likely in the 20-30 year time-frame... if we get success of crypto currencies.

What's happening on April 2?

I'm bullish, but wer'e down a lot of percentage so far this year, and its Almost Q2, so I don't see how this is fitting.   Now... talk to me in July and it will probably be accurate.

Hm, how exactly?

There does not seem to be any data about concentration of BTC ownership and how it is evolving.  The early miners and investors probably did not spend much of their hoards buying things or services.  It is not clear whether speculative trading at the exchanges distributes or concentrates BTC wealth.  Bitcoin enterprises like funds, banks, and ATM networks should create relatively large holdings for reserve and from fees. 

I'm kind of on the fence about buying any right now. Should I? At current price, it'd take me 2 months to buy 1 BTC.

thought this was fitting

That is exactamente correct.... NEED anyone say more than this?  I doubt it... Well said, Eiskalt!!