Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31936.

Spaceman_Spiff

legendary

Activity: 1638

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Quote from: mestar on November 18, 2013, 10:08:04 AM

Quote from: Spaceman_Spiff on November 18, 2013, 09:57:10 AM

You do realize there is this thing going on that is called "gold mining"?

If all gold mining in the world stopped, gold would still be useful, so it can function with "zero cost". Not so with Bitcoin, Bitcoin will always have costs to keep it running, and this cost is an almost direct function of its price on the exchanges.

For now, due to inflation. How about when miners have to survive on transaction fees alone? If most transactions would occur off-chain, wouldn't that strongly reduce the operating costs? (I am having a hard time predicting how this will evolve.)
But as noted by 600 watt, gold storage and transportation costs money too.

bnjmnkent

full member

Activity: 196

Merit: 100

Quote from: seljo on November 18, 2013, 10:02:33 AM

NASA could install Bitcoin on Mars rover if they wanted and send few Bitcoins ther so it becomes first interplanetary "currency"

You might be interested in gmaxwell's text on autonomous agents here on BT.

mestar

sr. member

Activity: 407

Merit: 250

Quote from: Spaceman_Spiff on November 18, 2013, 09:57:10 AM

You do realize there is this thing going on that is called "gold mining"?

If all gold mining in the world stopped, gold would still be useful, so it can function with "zero cost". Not so with Bitcoin, Bitcoin will always have costs to keep it running, and this cost is an almost direct function of its price on the exchanges.

haightst

newbie

Activity: 42

Merit: 0

Quote from: seljo on November 18, 2013, 10:02:33 AM

NASA could install Bitcoin on Mars rover if they wanted and send few Bitcoins ther so it becomes first interplanetary "currency"

it took you TWO DAYS to figure that out? LOL Roll Eyes

Nemesis

sr. member

Activity: 462

Merit: 250

Quote from: phoenix1 on November 18, 2013, 09:45:31 AM

Quote from: Nightowlace on November 18, 2013, 09:34:03 AM

Yet another concern;

Do you really thing the average Joe is gonna want to take his paycheck and buy 1 bitcoin?
Will the average Joe be able to comprehend that you can buy pieces of bitcoin?

Wait a minute, aren't you the guy that correctly called the crash from $450 to $250 last thursday or was that someone else trying to spread fear in here ?

Yes thats him, the dumbass sold his coins to...."cash out" too early so not hes on a mission to spread BS. I bet his dinner's grace is "please make btc crash... pls pls" like a fcking kid.

seljo

legendary

Activity: 1178

Merit: 1014

Hodling since 2011.®

NASA could install Bitcoin on Mars rover if they wanted and send few Bitcoins ther so it becomes first interplanetary "currency"

macsga

legendary

Activity: 1484

Merit: 1002

Strange, yet attractive.

THERE ARE ALIENS AMONG US!!!
(and they're buying stuff at Walmart)

PS:
Is this the cashier we're looking for to explain her about the bitcoin?

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: mestar on November 18, 2013, 09:55:25 AM

Quote from: Searing on November 18, 2013, 05:33:47 AM

hey its "virtual gold"

Bitcoin is not like gold at all, in the aspect that gold does not have price check built in the same way Bitcoin has. Bitcoin network uses electrical power, and this power has cost. At 600, around 2 million usd daily, can pass trough exchanges pushing the price down. So, we need 2 million daily just to keep the Bitcoin price at the same level. So, 2 million of fresh sucker money daily.

It is completely like gold but better. Nothing in the world comes closer to it than gold. Read http://evoorhees.blogspot.nl/2012/04/bitcoin-libertarian-introduction.html and http://evoorhees.blogspot.nl/2013/05/bitcoin-2013-role-of-bitcoin-as-money.html

600watt

legendary

Activity: 2338

Merit: 2106

Quote from: mestar on November 18, 2013, 09:55:25 AM

Quote from: Searing on November 18, 2013, 05:33:47 AM

hey its "virtual gold"

Bitcoin is not like gold at all, in the aspect that gold does not have price check built in the same way Bitcoin has. Bitcoin network uses electrical power, and this power has cost. At 600, around 2 million usd daily, can pass trough exchanges pushing the price down. So, we need 2 million daily just to keep the Bitcoin price at the same level. So, 2 million of fresh sucker money daily.

storing, guarding and transporting gold produces costs also.

Spaceman_Spiff

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Activity: 1638

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₪``Campaign Manager´´₪

Quote from: mestar on November 18, 2013, 09:55:25 AM

Quote from: Searing on November 18, 2013, 05:33:47 AM

hey its "virtual gold"

Bitcoin is not like gold at all, in the aspect that gold does not have price check built in the same way Bitcoin has. Bitcoin network uses electrical power, and this power has cost. At 600, around 2 million usd daily, can pass trough exchanges pushing the price down. So, we need 2 million daily just to keep the Bitcoin price at the same level. So, 2 million of fresh sucker money daily.

You do realize there is this thing going on that is called "gold mining"?

mestar

sr. member

Activity: 407

Merit: 250

Quote from: Searing on November 18, 2013, 05:33:47 AM

hey its "virtual gold"

Bitcoin is not like gold at all, in the aspect that gold does not have price check built in the same way Bitcoin has. Bitcoin network uses electrical power, and this power has cost. At 600, around 2 million usd daily, can pass trough exchanges pushing the price down. So, we need 2 million daily just to keep the Bitcoin price at the same level. So, 2 million of fresh sucker money daily.

macsga

legendary

Activity: 1484

Merit: 1002

Strange, yet attractive.

Quote from: 600watt on November 18, 2013, 09:50:50 AM

Quote from: Nightowlace on November 18, 2013, 09:46:34 AM

Quote from: wachtwoord on November 18, 2013, 09:35:09 AM

Quote from: Nightowlace on November 18, 2013, 09:34:03 AM

Yet another concern;

Do you really thing the average Joe is gonna want to take his paycheck and buy 1 bitcoin?
Will the average Joe be able to comprehend that you can buy pieces of bitcoin?

Yes.

Challenge issued;
1. Go to Walmart
2. Ask cashier if you can pay in Bitcoin
3. After he/she looks at you with a blank stare attempt to explain Bitcoin
4. Attempt to explain how they can acquire bitcoin
5. Report the results of your conversation here.

Bonus round;
If you can get a friend to YouTube said attempt you would score bonus points just for the comedic value we would all get watching it.

Do you accept this challenge?

love it !

BRING IT ON!!!

phoenix1

hero member

Activity: 798

Merit: 1000

Quote from: Nightowlace on November 18, 2013, 09:47:45 AM

Quote from: phoenix1 on November 18, 2013, 09:45:31 AM

Quote from: Nightowlace on November 18, 2013, 09:34:03 AM

Yet another concern;

Do you really thing the average Joe is gonna want to take his paycheck and buy 1 bitcoin?
Will the average Joe be able to comprehend that you can buy pieces of bitcoin?

Wait a minute, aren't you the guy that correctly called the crash from $450 to $250 last thursday or was that someone else trying to spread fear in here ?

That would be me. My predictions along with everyone else's predictions in here have been so accurate Roll Eyes

Yes, but not all of them come on to brag the moment they were $10 in the right
You lost a lot of credibility with that attitude dude -maybe you were high. I think that would be considered a legit excuse in these parts Wink

Meanwhile, take some deep breaths, calm down, everything is going to be alright

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: Nightowlace on November 18, 2013, 09:46:34 AM

Quote from: wachtwoord on November 18, 2013, 09:35:09 AM

Quote from: Nightowlace on November 18, 2013, 09:34:03 AM

Yet another concern;

Do you really thing the average Joe is gonna want to take his paycheck and buy 1 bitcoin?
Will the average Joe be able to comprehend that you can buy pieces of bitcoin?

Yes.

Challenge issued;
1. Go to Walmart
2. Ask cashier if you can pay in Bitcoin
3. After he/she looks at you with a blank stare attempt to explain Bitcoin
4. Attempt to explain how they can acquire bitcoin
5. Report the results of your conversation here.

Bonus round;
If you can get a friend to YouTube said attempt you would score bonus points just for the comedic value we would all get watching it.

Do you accept this challenge?

No. How is this related to the original question? (plus we do not have WMT stores in my country).

Furthermore, I could issue you the same mission with Japanese Yen in your pocket

600watt

legendary

Activity: 2338

Merit: 2106

Quote from: Nightowlace on November 18, 2013, 09:46:34 AM

Quote from: wachtwoord on November 18, 2013, 09:35:09 AM

Quote from: Nightowlace on November 18, 2013, 09:34:03 AM

Yet another concern;

Do you really thing the average Joe is gonna want to take his paycheck and buy 1 bitcoin?
Will the average Joe be able to comprehend that you can buy pieces of bitcoin?

Yes.

Challenge issued;
1. Go to Walmart
2. Ask cashier if you can pay in Bitcoin
3. After he/she looks at you with a blank stare attempt to explain Bitcoin
4. Attempt to explain how they can acquire bitcoin
5. Report the results of your conversation here.

Bonus round;
If you can get a friend to YouTube said attempt you would score bonus points just for the comedic value we would all get watching it.

Do you accept this challenge?

love it !

bnjmnkent

full member

Activity: 196

Merit: 100

Quote from: TERA on November 18, 2013, 09:41:18 AM

Quote from: bnjmnkent on November 18, 2013, 09:40:22 AM

Quote from: TERA on November 18, 2013, 09:37:19 AM

For once I'll say thank god there is gox to support the price otherwise bitstamp looks like it would go down the rabbit hole. What is going on over there and what happened to the order book? The bid at btcchina doesn't look impressive either.

Total bids: 6747666.1314018351 | Total asks: 3223422.1035258354

https://www.bitstamp.net/market/order_book/

There is like 1000btc in front of $400.

LB: 400.7639999999999994295674100 UP: 626.8360000000000005704325902
Total bids: 1269092.4181137212 | Total asks: 1975921.9734585165
Ratio bids/asks: 0.6422786097633147074813460318

LB = 22% down from current price
UP = ...

Nightowlace

hero member

Activity: 980

Merit: 1001

Quote from: phoenix1 on November 18, 2013, 09:45:31 AM

Quote from: Nightowlace on November 18, 2013, 09:34:03 AM

Yet another concern;

Do you really thing the average Joe is gonna want to take his paycheck and buy 1 bitcoin?
Will the average Joe be able to comprehend that you can buy pieces of bitcoin?

Wait a minute, aren't you the guy that correctly called the crash from $450 to $250 last thursday or was that someone else trying to spread fear in here ?

That would be me. My predictions along with everyone else's predictions in here have been so accurate Roll Eyes

Nightowlace

hero member

Activity: 980

Merit: 1001

Quote from: wachtwoord on November 18, 2013, 09:35:09 AM

Quote from: Nightowlace on November 18, 2013, 09:34:03 AM

Yet another concern;

Do you really thing the average Joe is gonna want to take his paycheck and buy 1 bitcoin?
Will the average Joe be able to comprehend that you can buy pieces of bitcoin?

Yes.

Challenge issued;
1. Go to Walmart
2. Ask cashier if you can pay in Bitcoin
3. After he/she looks at you with a blank stare attempt to explain Bitcoin
4. Attempt to explain how they can acquire bitcoin
5. Report the results of your conversation here.

Bonus round;
If you can get a friend to YouTube said attempt you would score bonus points just for the comedic value we would all get watching it.

Do you accept this challenge?

phoenix1

hero member

Activity: 798

Merit: 1000

Quote from: Nightowlace on November 18, 2013, 09:34:03 AM

Yet another concern;

Do you really thing the average Joe is gonna want to take his paycheck and buy 1 bitcoin?
Will the average Joe be able to comprehend that you can buy pieces of bitcoin?

Wait a minute, aren't you the guy that correctly called the crash from $450 to $250 last thursday or was that someone else trying to spread fear in here ?

macsga

legendary

Activity: 1484

Merit: 1002

Strange, yet attractive.

From my point of view; it's stabilizing at $600. That means it will go up again (maybe within the day). The orderbooks are significantly lower at volume as it should have been after all those people buying BTCs. Note this down, the future bull/bear market races will be driven by orders in the scale of 100s not 1000s... and this is coming FAST!

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31936. (Read 26608384 times)