Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32881. (Read 26656931 times)

Who said anything about "regret"?   All your other points are moot seeing as BTC is currently falling and finding a nice home in the 80's.  So, maybe you could go convince those "5 million" people (where ever you got that number from) to actually purchase BTC.  Otherwise, sit back and enjoy the decline.  

I think until we see BTC being used for a fair amount of online transactions, the other uses will be secondary and cause it's price to go back down. The online use will probably come, but when?
Countries like Argentina using more of it will help, but that seems a very very small percentage of it's use (which is overall already small).
A store of value and as an investment seems to be the current use. When daily use takes over that use, then we will see the price stay up above a certain level.
Those of us here are overwhelmingly bullish but we realize that BTC is still a little bit away from exploding up and staying up. It might only be months, but it is relatively clear we are not quite there yet.

I'm thinking the PE ratio (if we were to quantify it like a stock) would probably have us pretty low. We will be treated like an internet stock during the boom though, and the "PE" will be quite high imo.
But, in the short to mid term, a correction does make sense as use is still very very small. (But that can change and is changing - the question is when...)

Long term Big Bull, but right now it seems to be deflating a bit. Those big purchases on the recent leg up were probably due to the Satoshi purchase. And hey, more big purchases like that happen (and they will), we are gonna rocket. But when? The last one shocked us...

perhaps we conditioned ourselves to think ahead a bit sooner?

No more triple digits means that 90s is expensive, and therefore we have much further to go down. Reptilia, this point in time is August 2011, not November 2011.

What exactly would cause this, as about 5 million people are very interested about bitcoins and seek an entry point, whereas current holders have pretty much emptied what they want?

I entered into bitcoin at exactly this point in late 2011 and have not regretted.

One billion dollar market cap is nothing.

Barring some major event, it's going to be a slow, and painful for some, slide into the 50's over the next few weeks.

if this thing doesn't move soon I'm going to have to stop looking.

I'm disappointed.

Paper is paper.  The old game is not the new game, we're talking bitcoin crypto-currency, so you need to improve your trick.

So you don't know anyone who would either take the bait either?  And now you want me to do this magic trick for you?
I am well aware of how the fractional reserve system came into being.  The problems which were solved by the creation of fractional reserve (carrying heavy gold and silver from place to place) are not problems of bitcoin, it moves faster than most cash equivalents and is lighter than a feather.

To perform your magic trick, you are going to have to find "marks" and "patsys" with whom to trade your "letters of credit" !bitcoins.  The trick will be on those that accept !bitcoins for payment for anything rather than asking for bitcoins.  I may have a few bridges to sell to your customers, but I am not going to be accepting the !bitcoins for them.

But hey, you are so confidant in this scheme, maybe you are that patsy? Would you like to buy an online wallet account that has !bitcoin in it for the privilege paying interest on it in bitcoin?  I have been told the seller promises that they won't sell the bitcoin backing it to more than 10 other people and that they won't take the bitcoins out of it suddenly.  It is just as good as bitcoin, really it is.  We can call it !ripple if you like.

If you are going to do this scam, you are going to need a bunch of shills who are going to offer to accept your !bitcoin from your mark after the mark gets !bitcoin from you.  Fractional reserve is a confidence game.  Why else do banks build such impressive structures? They want your confidence.  I'm not saying it can't be done, or even that you can't do it.  If it will work anywhere, it will probably work in a high-trust society like USA.

We are way off the topic of MtGox walls.  My apologies to the rest, if anyone objects, we'll start a fractional reserve bitcoin thread in a more appropriate place.

again, how do I run my own chart buddy? I want to be able to shift time back and forth with it

Still unsure what you meant to say with your chart, but actually looked at the numbers for the first time.  You sneak!  1900 to 2020?  Really?  Who's doin' all the prognosticating?  "Reliable Source"?

Eh? You don't need institutional violence in order to have a financial system. Why would you think otherwise?

The same person who accepts anything more interesting than a pawnshop/payday loan.  Unless you're used to asking for your loans in used, nonsequential twenties, you're familiar with one piece of paper representing another.

Edit:  Think "line of credit."  If it seems inconceivable to you, figure out how the fractional reserve system come into being -- there's no need to "print" all the monyz you lend
Edit2 (tangent):  I will also issue Crumblets, paper promissory notes denominated in bitcoins.  As tangible currency, requiring no internet access or gizmos, this folding money will become more popular than Bitcoin itself.

OK, next you are going to have to solve the problem of how to get someone to accept a letter of credit for Bitcoin.  Or in other words, the same thing I wrote in the last challenge to this scheme.  You've done no magic yet.  It is ~bitcoin, or !bitcoin if you prefer...  Who accepts it?

Looks like a bubble.