Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33285. (Read 26498680 times)
June 05, 2013, 07:05:34 PM
No idea, kinda looks like him though
June 05, 2013, 07:03:57 PM
But I still think Bitcoin is currently overvalued. 
The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.
https://en.bitcoin.it/wiki/Trade
Is that Walter Block?!
June 05, 2013, 07:02:25 PM
June 05, 2013, 07:00:22 PM
But I still think Bitcoin is currently overvalued.
The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.
https://en.bitcoin.it/wiki/Trade
Is that a list of some obscure vendors who support them? Is any of them 10% as popular as silkroad?
Alexa rank: 1025
June 05, 2013, 06:55:25 PM
But I still think Bitcoin is currently overvalued.
The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.
https://en.bitcoin.it/wiki/Trade
Is that a list of some obscure vendors who support them? Is any of them 10% as popular as silkroad?
June 05, 2013, 06:52:23 PM
Frozenlock just gave the answer that ends this discussion. The blockchain has the potential to become so much more than a ledger that stores bitcoin transactions. Bitcoins however are what gives you access to it. Intrinsic value, right there.
Could you give some examples?
I think nerds like to, well, nerd out about the potential of the block chain because it takes a while before you can even wrap your head around what it actually is: a distributed, tamper & attack-proof, eternal, trust-free storage of information. (...)
Yup.
You could "relatively" easily bootstrap an entire financial sector (stocks, options, etc.) on top of bitcoin and be incredibly secure. All this without the need for massive investment, or even a powerful and corrupt-free judicial system.
The price to use this? Transaction fees, paid in bitcoins.
But I still think Bitcoin is currently overvalued.
So one of two things is true:
1. You believe the Blockchain (including it's current main use as currency) being used extensively for any of the reasons you discuss is very very small
2. You are irrational
June 05, 2013, 06:50:11 PM
But I still think Bitcoin is currently overvalued.
The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.
https://en.bitcoin.it/wiki/Trade
June 05, 2013, 06:44:53 PM
About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?
Sure. If somebody offers me a $60 BTC, I'll buy it.
So how about the 100 dollars for $50? How about the gold and silver coins? Lets add a bank transfer: If you give me $50, I will send you $100. I will even send them first if you insist.
What are you trying to prove? Anyone would buy it so that they can sell it 1 second later for instant profit.
yeah good luck. How many stores don't take $100 bills? How often have you been offered a "real gold chain/coin/whatever" for a hell of a bargain? How many people try to cash out on their hacked bank accounts? Let me guess: you were heavily invested in Pirate@40
Nope, at that time I was only a bitcoin user and not speculator and did not care for price as I spent on the same day as buying them. I don't even remember how much were they, only how much I spent on them. Question stands: what are you trying to prove?
among dollar on paper, dollar from a bank account, gold, silver, bitcoin from a random anonymous person, bitcoin is the only thing I can take without having to be afraid to get a fake bill, transfer from a hacked account that will be undone, some metal that is worth nothing.
to be fair, bitcoin taint might be an issue at some point but i hope with zerocoin we will have truly fungible bitcoins.
June 05, 2013, 06:41:14 PM
About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?
Sure. If somebody offers me a $60 BTC, I'll buy it.
So how about the 100 dollars for $50? How about the gold and silver coins? Lets add a bank transfer: If you give me $50, I will send you $100. I will even send them first if you insist.
What are you trying to prove? Anyone would buy it so that they can sell it 1 second later for instant profit.
yeah good luck. How many stores don't take $100 bills? How often have you been offered a "real gold chain/coin/whatever" for a hell of a bargain? How many people try to cash out on their hacked bank accounts? Let me guess: you were heavily invested in Pirate@40
Nope, at that time I was only a bitcoin user and not speculator and did not care for price as I spent on the same day as buying them. I don't even remember how much were they, only how much I spent on them. Question stands: what are you trying to prove?
June 05, 2013, 06:39:20 PM
About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?
Sure. If somebody offers me a $60 BTC, I'll buy it.
So how about the 100 dollars for $50? How about the gold and silver coins? Lets add a bank transfer: If you give me $50, I will send you $100. I will even send them first if you insist.
What are you trying to prove? Anyone would buy it so that they can sell it 1 second later for instant profit.
yeah good luck. How many stores don't take $100 bills? How often have you been offered a "real gold chain/coin/whatever" for a hell of a bargain? How many people try to cash out on their hacked bank accounts? Let me guess: you were heavily invested in Pirate@40
June 05, 2013, 06:33:46 PM
About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?
Sure. If somebody offers me a $60 BTC, I'll buy it.
So how about the 100 dollars for $50? How about the gold and silver coins? Lets add a bank transfer: If you give me $50, I will send you $100. I will even send them first if you insist.
What are you trying to prove? Anyone would buy it so that they can sell it 1 second later for instant profit.
June 05, 2013, 06:33:01 PM
But I still think Bitcoin is currently overvalued.
The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.
That canard doesn't become truer just by repeating it over and over, y'know.
Many people riding the 1k BTC bandwagon seem to forget that.
June 05, 2013, 06:32:52 PM
About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?
Sure. If somebody offers me a $60 BTC, I'll buy it.
So how about the 100 dollars for $50? How about the gold and silver coins? Lets add a bank transfer: If you give me $50, I will send you $100. I will even send them first if you insist.
June 05, 2013, 06:30:48 PM
If I sell you a soda and you give me a dollar and I don't give you the soda claiming you didn't give me a dollar, what can you do?
If "I sell you a soda for $1 to this address: …" and I don't give you the soda, what can you do?
Sure, you might answer question one with some violence towards me or my store.
With bitcoin you have all the benefits of an on the record transaction like credit card payment combined with full anonymity as long as there are no complaints.
If "I sell you a soda for $1 to this address: …" and I don't give you the soda, what can you do?
Sure, you might answer question one with some violence towards me or my store.
With bitcoin you have all the benefits of an on the record transaction like credit card payment combined with full anonymity as long as there are no complaints.
June 05, 2013, 06:25:05 PM
About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?
Sure. If somebody offers me a $60 BTC, I'll buy it.
June 05, 2013, 06:23:46 PM
But I still think Bitcoin is currently overvalued.
The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.
That canard doesn't become truer just by repeating it over and over, y'know.
June 05, 2013, 06:23:35 PM
About Bitcoin's value: If somebody shows you a gold/silver/bit coin or a $100 bill and offers you to buy it for half its value, would you buy it?
June 05, 2013, 06:20:25 PM
But I still think Bitcoin is currently overvalued.
The truth is, outside speculation, bitcoin is only supported by silkroad. Imagine speculators leaving, and silkroad shutting down.
June 05, 2013, 06:12:50 PM
But I still think Bitcoin is currently overvalued.
June 05, 2013, 06:11:18 PM
Frozenlock just gave the answer that ends this discussion. The blockchain has the potential to become so much more than a ledger that stores bitcoin transactions. Bitcoins however are what gives you access to it. Intrinsic value, right there.
Could you give some examples?
I think nerds like to, well, nerd out about the potential of the block chain because it takes a while before you can even wrap your head around what it actually is: a distributed, tamper & attack-proof, eternal, trust-free storage of information. (...)
Yup.
You could "relatively" easily bootstrap an entire financial sector (stocks, options, etc.) on top of bitcoin and be incredibly secure. All this without the need for massive investment, or even a powerful and corrupt-free judicial system.
The price to use this? Transaction fees, paid in bitcoins.
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