Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33217. (Read 26464214 times)
May 25, 2013, 09:55:32 PM
Sorry. Bumming round Southern Florida at the moment. Thought I had cleared enough space...
May 25, 2013, 09:40:11 PM
I know, right?
Listen to these guys (especially maloney) struggling: http://www.youtube.com/watch?v=lRpwRpLdLDc
The mental anguish is palpable.
Listen to these guys (especially maloney) struggling: http://www.youtube.com/watch?v=lRpwRpLdLDc
The mental anguish is palpable.
WTF??? How do people hold on to using the term "intrinsic value" in the most arbitrary ways???
Because it cost money *in the past* gold has intrinsic value?
Salt has also a high intrinsic value cause it cost a lot of work in the past?
Your hard labor of the past will give your shiny metal value once those asteroids drop 50 times our gold reserves down to earth per year?
This totally degenerated argument of gold being valuable because of its intrinsic value is just beyond stupid.
If at all, intrinsic value is the value of something once I stop swapping it for other stuff (make tools, eat it, etc.) aka a future value in case nobody wants to trade not a past value that drove people to mine it with hard work. Past appreciation doesn't give value to anything and in this sense I strongly oppose to "bitcoin is backed by electricity" and only jokingly mention that bitcoin is backed by drama cause that's the only aspect it guarantees for the foreseeable future.
May 25, 2013, 09:03:12 PM
I can't believe people have bullied ChartBuddy into doing silent protest posts 
May 25, 2013, 08:59:34 PM
May 25, 2013, 08:51:28 PM
Welcome to the greatest social experiment the world has ever known.
I beg to differ on that: The internet is the greatest social experiment the world has ever known. Even bitcoin has been born from it!
May 25, 2013, 08:47:50 PM
My TA fu isn't very good, but could this be a potential head and shoulders?
Rule #1 zoom out to a longer time frame. Stop trying to predict the weather by looking at an ant.
Thanks
May 25, 2013, 08:37:27 PM
Awww...
Still, I'll leave this here for the lulz
Still, I'll leave this here for the lulz
May 25, 2013, 08:25:00 PM
My TA fu isn't very good, but could this be a potential head and shoulders?
timescale too short you can find anything at that granularity
May 25, 2013, 08:18:57 PM
My TA fu isn't very good, but could this be a potential head and shoulders?
May 25, 2013, 07:59:30 PM
May 25, 2013, 07:41:52 PM
I know, right?
Listen to these guys (especially maloney) struggling: http://www.youtube.com/watch?v=lRpwRpLdLDc
The mental anguish is palpable.
Listen to these guys (especially maloney) struggling: http://www.youtube.com/watch?v=lRpwRpLdLDc
The mental anguish is palpable.
The problem with this discussion is that there's no one on the Bitcoin side.
Gold bug 1: "I think gold is good."
Gold bug 2: "I also think gold is good."
Gold bug 1: "Ah, question answered then!"
Please bring Jon Matonis to the discussion next time!
Ok i am taking a nerdish aproach to this. What about not so long future.
Look at these companies:
http://www.planetaryresources.com/
Quote
Asteroids are the best real estate in the Solar System.
Despite their celestial age, our understanding of asteroids is still in its infancy. However, the more we learn about them, the more enticing destinations they become.
Asteroids are primordial material left over from the formation of the Solar System. They are scattered throughout it: some pass close to the Sun, and others are found out beyond the orbit of Neptune. A vast majority have been collected by Jupiter’s gravity into a belt between it and Mars – an area known as the Main Belt. As it turns out, we have been discovering thousands of asteroids that do not belong to the Main Belt, but instead pass near Earth’s orbit – nearly 9,000 to date, with almost a thousand more discovered every year.
Many of these near-Earth asteroids are easily accessible from Earth. And many contain enormous quantities of accessible resources.
AN INCREDIBLE RESOURCE
There are over 1,500 asteroids that are as easy to get to as the surface of the Moon. They are also in Earth-like orbits with small gravity fields, making them easier to approach and depart.
Asteroid resources have some unique characteristics that make them especially attractive. Unlike Earth, where heavier metals are close to the core, metals in asteroids are distributed throughout their body, making them easier to extract.
Asteroids contain valuable and useful materials like iron, nickel, water, and rare platinum group metals, often in significantly higher concentration than found in mines on Earth.
We are only just beginning to realize the incredible potential of asteroids. The first encounter of a spacecraft with an asteroid was in 1991, as the Galileo spacecraft flew by the 951 Gaspra asteroid on its way to Jupiter. Our knowledge of these celestial neighbors has been revolutionized by a small set of US and international missions carried out since that time. With each visit or fly-by, the science on asteroids has been rewritten.
Despite their celestial age, our understanding of asteroids is still in its infancy. However, the more we learn about them, the more enticing destinations they become.
Asteroids are primordial material left over from the formation of the Solar System. They are scattered throughout it: some pass close to the Sun, and others are found out beyond the orbit of Neptune. A vast majority have been collected by Jupiter’s gravity into a belt between it and Mars – an area known as the Main Belt. As it turns out, we have been discovering thousands of asteroids that do not belong to the Main Belt, but instead pass near Earth’s orbit – nearly 9,000 to date, with almost a thousand more discovered every year.
Many of these near-Earth asteroids are easily accessible from Earth. And many contain enormous quantities of accessible resources.
AN INCREDIBLE RESOURCE
There are over 1,500 asteroids that are as easy to get to as the surface of the Moon. They are also in Earth-like orbits with small gravity fields, making them easier to approach and depart.
Asteroid resources have some unique characteristics that make them especially attractive. Unlike Earth, where heavier metals are close to the core, metals in asteroids are distributed throughout their body, making them easier to extract.
Asteroids contain valuable and useful materials like iron, nickel, water, and rare platinum group metals, often in significantly higher concentration than found in mines on Earth.
We are only just beginning to realize the incredible potential of asteroids. The first encounter of a spacecraft with an asteroid was in 1991, as the Galileo spacecraft flew by the 951 Gaspra asteroid on its way to Jupiter. Our knowledge of these celestial neighbors has been revolutionized by a small set of US and international missions carried out since that time. With each visit or fly-by, the science on asteroids has been rewritten.
or Nasa plans to capture an asteroid
http://news.nationalgeographic.com/news/2013/04/130410-asteroid-recovery-nasa-space-budget-science/
We might not see it or yes if you are young enough, but maybe in 20 years there might be small asteroid mining companies around
I say that bitcoin is even better than gold. One satellite filled with gold and the gold economy will face a huge devaluation or maybe shocked if one country manages to get one and the rest of the countries get a lesser percentage of gold as a result... With Bitcoin this cannot happen
May 25, 2013, 07:36:31 PM
Bitcoin is too risky/volatile to be used as a safe store of value, unless you have the luck to purchase at the very start of each bubble and not plan to cash out in one year minimum, if ever.
At the moment rest in speculators territory.
No way anyone is gonna spend 1,000,000$ in bitcoins as a store of value for example, if at the next moment all the bears are going to dump their coins for the only purpose of repurchase cheaper, making the inversor lossing 15% of his inversion.
Think about it, with gold you don't have that problem, no one is watching your purchases in some charts in real time at home just waiting to crash the price later.
I don't like trading for that reason: Woooot, price just jumped ten dollars, lets crash it! weeeee, today bitcoin is worth 20 bucks more than yestarday, but my TA says it can't go parabolic! lets crash the market with my 6k coins and create some panic sell! i need moar cheap coins i don't have enought!
Very few people are cashing out because really they need the cash, 90% are waiting to see a green hour candle to dump their coins for repurchase cheaper. I respect both, but don't like the last.
Greed is slowing adoption, at least adoption by the ones expecting to use Bitcoin as a safe store of value or the ones to want to use it as a currency.
Just my 2cp.
At the moment rest in speculators territory.
No way anyone is gonna spend 1,000,000$ in bitcoins as a store of value for example, if at the next moment all the bears are going to dump their coins for the only purpose of repurchase cheaper, making the inversor lossing 15% of his inversion.
Think about it, with gold you don't have that problem, no one is watching your purchases in some charts in real time at home just waiting to crash the price later.
I don't like trading for that reason: Woooot, price just jumped ten dollars, lets crash it! weeeee, today bitcoin is worth 20 bucks more than yestarday, but my TA says it can't go parabolic! lets crash the market with my 6k coins and create some panic sell! i need moar cheap coins i don't have enought!
Very few people are cashing out because really they need the cash, 90% are waiting to see a green hour candle to dump their coins for repurchase cheaper. I respect both, but don't like the last.
Greed is slowing adoption, at least adoption by the ones expecting to use Bitcoin as a safe store of value or the ones to want to use it as a currency.
Just my 2cp.
Your view is obviously too short term when speaking of store of value. Your are not an investor of bitcoin but a trader.
May 25, 2013, 06:59:49 PM
May 25, 2013, 06:55:16 PM
Bitcoin is too risky/volatile to be used as a safe store of value, unless you have the luck to purchase at the very start of each bubble and not plan to cash out in one year minimum, if ever.
At the moment rest in speculators territory.
No way anyone is gonna spend 1,000,000$ in bitcoins as a store of value for example, if at the next moment all the bears are going to dump their coins for the only purpose of repurchase cheaper, making the inversor lossing 15% of his inversion.
Think about it, with gold you don't have that problem, no one is watching your purchases in some charts in real time at home just waiting to crash the price later.
I don't like trading for that reason: Woooot, price just jumped ten dollars, lets crash it! weeeee, today bitcoin is worth 20 bucks more than yestarday, but my TA says it can't go parabolic! lets crash the market with my 6k coins and create some panic sell! i need moar cheap coins i don't have enought!
Very few people are cashing out because really they need the cash, 90% are waiting to see a green hour candle to dump their coins for repurchase cheaper. I respect both, but don't like the last.
Greed is slowing adoption, at least adoption by the ones expecting to use Bitcoin as a safe store of value or the ones to want to use it as a currency.
Just my 2cp.
At the moment rest in speculators territory.
No way anyone is gonna spend 1,000,000$ in bitcoins as a store of value for example, if at the next moment all the bears are going to dump their coins for the only purpose of repurchase cheaper, making the inversor lossing 15% of his inversion.
Think about it, with gold you don't have that problem, no one is watching your purchases in some charts in real time at home just waiting to crash the price later.
I don't like trading for that reason: Woooot, price just jumped ten dollars, lets crash it! weeeee, today bitcoin is worth 20 bucks more than yestarday, but my TA says it can't go parabolic! lets crash the market with my 6k coins and create some panic sell! i need moar cheap coins i don't have enought!
Very few people are cashing out because really they need the cash, 90% are waiting to see a green hour candle to dump their coins for repurchase cheaper. I respect both, but don't like the last.
Greed is slowing adoption, at least adoption by the ones expecting to use Bitcoin as a safe store of value or the ones to want to use it as a currency.
Just my 2cp.
It is too early in the life of BTC for stability. If it was stable it wouldn't make any sense as we really don't know what it is. Think about that... As we see what it can do, who adopts it, how it gets used, the power it can be, etc. then we are going to have an idea of it's worth. You can be sure it will be MUCH higher than current levels. And, I don't say that as an investor/speculator, just do the math and integrate a bit of foresight.
Greed just won't matter as on the one hand those decimal places will always make it usable for those that want to use it, no matter how many are holding. Though, in the long run, I don't see that being a problem. On the other hand, as the value starts to go up and goes to values that don't seem possible (by regular stock, currency, commodity, etc. standards), people will sell. Those that don't sell know what Bitcoin is, but even they will sell some, because they know what Bitcoin is. To comprehend that, you sort of have to understand what Bitcoin is
Welcome to the greatest social experiment the world has ever known.
IAS
May 25, 2013, 06:42:10 PM
Bitcoin is too risky/volatile ...
I don't like trading for that reason: Woooot, price just jumped ten dollars, lets crash it! weeeee, today bitcoin is worth 20 bucks more than yestarday
I don't like trading for that reason: Woooot, price just jumped ten dollars, lets crash it! weeeee, today bitcoin is worth 20 bucks more than yestarday
Isn't that what trading is about?
Bitcoin is very good for international payment - fast and free.
May 25, 2013, 06:25:16 PM
I know, right?
Listen to these guys (especially maloney) struggling: http://www.youtube.com/watch?v=lRpwRpLdLDc
The mental anguish is palpable.
Listen to these guys (especially maloney) struggling: http://www.youtube.com/watch?v=lRpwRpLdLDc
The mental anguish is palpable.
The problem with this discussion is that there's no one on the Bitcoin side.
Gold bug 1: "I think gold is good."
Gold bug 2: "I also think gold is good."
Gold bug 1: "Ah, question answered then!"
Please bring Jon Matonis to the discussion next time!
Or trace meyer.
I don't think the goal of the discussion was to have a discussion.
Maloney had to answer because he was asked and other big metal heads had already voiced their opinion (Doug Casey, James Turk for example). Similar to the ones I mentioned (Turk seems to be moving faster toward bitcoin, though) he's upholding his heavy metal view cause that's his agenda.
http://www.youtube.com/watch?v=iZ3zpurLcyo#t=02m26s
May 25, 2013, 06:01:31 PM
Just look what the intense competition between miners has lead to: The biggest computational network in the world created, biggest by a fair margin. Bitcoin naturally incentivises competition, due to its fast transfer times (making switching between competitors easy) and its open-source nature (meaning one competitor can't monopolize some part of the client in some way). Now with miners the competition is induced in the protocol itself.
I think its important to note one of the very cool features of Bitcoin economy : Bitcoin incentivizes competition and cooperation.
For instance ASICMiner is going to remain only 30% of the mining force because they know if they got greedy and took it all that other Bitcoiners might be upset and fork off. Then their profits would mean nothing.
It is actually more profitable to maintain the competition than to win the competition. Bitcoin really blows my fucking mind.
I don't think many people honestly get what BTC can be. It is like back in the early days of the internet, but now it is ^2 . There is just too much infrastructure, ideas, technology, brilliant experienced people, etc. behind it.
The sort of ironic thing is that the valuation of BTC slips people for a loop and then they really miss the bigger picture.
May 25, 2013, 05:59:32 PM
May 25, 2013, 05:56:03 PM
It worries me to a certain degree that there doesn't appear to be a steady growth of services and stores accepting bitcoins.
So what?
I agree. I think many idealists were hoping that Bitcoin would have a very grassroots community based adoption proceeding to rise and change the economy around them. Besides we early adopters who were willing to take a crazy idea serious, I really don't see this happening. Corporations and global transactional business are going to take Bitcoin and run with it, simply because it works better, faster and cheaper. Other business will have to adopt or get left behind. Most of the populace of the world puts trust in products that backed by large corporations, they will respond to advertising. Bitcoin will trickle down to the common people in this way.
I think the government, or at least those that are directing them, have already shown their hand. The FinCen "guidance" was like getting let into a club because you know the bouncers. They want Bitcoin and going forward it is not a question of if BTC survives or not, it is rather who gets control over it, whether they can co-opt it. It is just too close to a digital currency that could be used to track people and it is also close to one (with plug-ins) that can keep people anonymous.
I am pretty sure though that they are underestimating all that it is going to be. It is a Black Swan and Anti-Fragile (See my sig.)
If BTC (and it's technology) has not profoundly SHOCKED you yet, then you don't understand it.
May 25, 2013, 05:51:03 PM
I know, right?
Listen to these guys (especially maloney) struggling: http://www.youtube.com/watch?v=lRpwRpLdLDc
The mental anguish is palpable.
Listen to these guys (especially maloney) struggling: http://www.youtube.com/watch?v=lRpwRpLdLDc
The mental anguish is palpable.
The problem with this discussion is that there's no one on the Bitcoin side.
Gold bug 1: "I think gold is good."
Gold bug 2: "I also think gold is good."
Gold bug 1: "Ah, question answered then!"
Please bring Jon Matonis to the discussion next time!
Or trace meyer.
I don't think the goal of the discussion was to have a discussion.
Maloney had to answer because he was asked and other big metal heads had already voiced their opinion (Doug Casey, James Turk for example). Similar to the ones I mentioned (Turk seems to be moving faster toward bitcoin, though) he's upholding his heavy metal view cause that's his agenda.
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