Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 30170. (Read 26712740 times)

It can't be reserve currency, not in the near future, not when 47 people, holding 30% of all bitcoins, mostly very young people can dictate its price... When, and if, they start to cash out we might start think about it...

I'm drinking red wine and watching Blue Jasmine (Woody Allen).  Jasmine was rich and lost it all to Uncle Sam.  She could have kept 5,000 BTC in a brain wallet and avoided all the drama.

Just another reason that bitcoin will succeed. 

Explanation

since it's quite boring here, allow me to post something totally OT (probably):


...and people say bitcoiners are nutjobs...

EDIT: for some context: the farsight institute is trying to use some very strange scientific methods and military-trained people that can somehow see one of several possible futures. Well, it's been a while since I read it. About the most strange stuff I've ever read.

Well, is this true or not? Most messages on that issue are very negative, eg. in these threads
https://bitcointalksearch.org/topic/m.4743147
https://bitcointalksearch.org/topic/m.4742920

However there are occasional reports of successful withdrawals.  Which ones should be believed?

If MtGOX does not warn clients upfront about the withdrawal problems, they are effectively a trap for unwary bitcoin owners (e.g. small merchants) who are looking for a place to sell their BTC.  

It may take months for those newbies to realize what is happening.  Meanwhile MtGOX gets to keep (and play with) their bitcoins and their dollars.

Just like the Evil Banks do.

I disagree.

Even if Bitcoin is just used as the scarce digital commodity money it is right now and no further innovation in use of blockchain occurs, I still see an increasing need/use for it.

Even if that innovation occurs in other technologies like ethereum, I still see bitcoin as the primary store of wealth in the crypto world for a long time. All the alts trade against it and it gets most of the visibility. Add to that the fact that crypto in general is superior in features to anything we have so far (gold, fiat, airmiles,...) and you have a winner: XBT.

(not saying it's a given. Shit can happen. But it's looking good from my perspective)

I don't know either, but I think that with the NY hearings, the 31st Jan China deadline, and the prospect of a spectacular fund default in China on 31st as well, it may be an interesting week ahead for bitcoin.

I'm becoming increasingly convinced that it will become a major currency, a reserve currency.  It has no counterparty risk.  Debt-based money has always and will always fail, either gradually or suddenly.  Only hard money is without counterparty risk.  The technical superiority of BTC to gold is obvious, and you can't overcome that gap without introducing counterparty risk.  USD,EUR,RMB,JPY are all teetering on the brink of the largest synchronized sovereign crisis in the history of the world.  They have sown the wind, and will reap the whirlwind.  It's mathematically inevitable at this point.  We just don't know how long the dead men can keep walking.

Look at Gox price ! It is crazy !

... you're implying he did?

All money is a bubble. The monetary premium placed upon a good, over and above it's cost of production, is the shared confidence of the users of the money, i.e. a bubble. Houses are being monetised, art is being monetised, antique cars and machinery are being monetised. The grand fiat monetary experiments have fucked up the money markets beyond all recognition. Money, confidence and value are pouring out into every other asset class capable of being monetised.

Bitcoin is in bubble yes. But the higher and longer up the adoption curve we go the LESS risk we have of ever coming back down in the near future, probably not in any of our lifetimes. As bitcoin grows in size, acceptance, recognizability and price the longer the total life of bitcoin is assured. The bubble will eventually deflate but not soon enough for mah87 to remain bearish for his entire life.

Really? You think if something isn't created with bitcoin within the next 12 months that is an easy to swallow and hugely revolutionary addition, than bitcoin will begin to fade into oblivion?  Do I understand you correctly? Because I just don't believe that there isn't a need for a people's money. There are so many different conditions that could use bitcoin and 1st world issues are not the same as 3rd world issues.  You seem to be describing where bitcoin is today in your predictions of what it might be in the future. I think all of us expect too much too soon from bitcoin. It is still a young child. It could be seen as a fad a year from now and still go on to have a revolutionary impact 10+ years from now, IMO

maybe somebody just has a lot of fiat stuck at gox

Most annoying bot ever.

Our soon-to-be-overlord Willy is back CCMF

406 activity, fuckign unbelievable.

why dont you enlighten us all. I never really thought about it.

Because bitcoin is a bubble with no real value. Someday this will appear clearly.

What we call this ‘market’ really is interesting.  For reference:  I have a small mining operation, I purchased for a cold wallet in Sept at 122, and I day trade on BTC-e.

What we are trading, and holding, is the reward paid to the miners for creating and maintaining the blockchain.  (BTW, in my books, holding is a form of speculation.)  We do not buy, nor earn, anything like a share of bitcoin.  We buy and trade what the miner sold to pay his bills or to profit from.

There is a whale of a lot of comment about this mining reward becoming the dominant currency of some future world.  I cannot believe that, for many reasons.

What I can believe is that XBT will be used for quick, cheap, money transfer; that the blockchain can, and likely will, be used for permanent record keeping; and that the idea behind bitcoin will allow some bright people to create some never before thought of – highly useful – applications that will revolutionize monetary practices.

Some merchants will embrace XBT with good reason.  Others will not see a use for it.  Some governments will ignore XBT; others will see it as a threat to their monopoly and restrict it.  Bankers will not care.  Central banks will not care.  Big businesses will not care (they rely on banks for funding and the price of such is built into the product).

If there aren’t significant developments, applications that depend on the blockchain (and hence the miners), say in the next 12 months, then XBT will likely be viewed as a fad.  These significant developments need to be something that will rock the world much like the internet did.  Then the price of XBT will match the needs of the most efficient miners who will keep the blockchain intact. 

Until then, we play footsie with the price of the miner’s efforts.

/end Saturday boredom thoughts

What would it take for Bitcoin to go back to $10? I don't forsee that happening.

So, what exactly are you trying to say?