Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33606. (Read 26714578 times)

Your view is obviously too short term when speaking of store of value. Your are not an investor of bitcoin but a trader.

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

Isn't that what trading is about?

Bitcoin is very good for international payment - fast and free.

He should listen Trace on this video
http://www.youtube.com/watch?v=iZ3zpurLcyo#t=02m26s

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.

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. 

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.

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!

+1
Unless adopted by the masses, bitcoin won't be considered a safe store of value like gold, its inherent value will be mainly based upon speculation.

+1. Bitcoin is sound money you can actually transact. That's a novel combination.

I don't care wether it trickles down or grass-grows up. As long as it forces all entites to suffer the consequences of their own actions (including governments and banks) a great goal is reached.

Money is what the people use as money. We have the power and we're starting to realize it. Bitcoin really is a tool for the people to take back power and freedom. Let corporations embrace it and governments be faced with the fact they can't print it.

It's a long way, but we're fucking on it.

I know, right?

Listen to these guys (especially maloney) struggling: http://www.youtube.com/watch?v=lRpwRpLdLDc

The mental anguish is palpable.

IMG isn't loading fo' me

What kind of variation? "Order queue filled with 75 minutes worth of market buys?" ;-)

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.

Valid point, but in my opinion it is a tad naive to just believe that without a bit of skpeticism. I for one want to be more cautious than that. Gold has been used as a store of value and as a currency thousands of years. Today it lost its utility as a currency for the most part, but it's still a rock solid value store because it's so well established and has an undeniable proof of reliability in price storage.

Ancient physical coins were made of valuable metals, gold being the most prominent. To this day, the value of physical coins is, at least by principle, tied to the value of the material they are made of.
Gold might be mostly a value store today, but t has been a very active currency in the past.

Transactions of small amounts are penalized with bitcoins, set a low reward value on your client and it will take forever to get a  decent number of confirmations. This wasn't even discussed pre lates bubble, and even today it is somewhat a taboo. So we are left with medium to large value transactions, and to be optimistic we say that bitcoins is more like gold. In other words, we fast forward the utility part of a currency and jump in directly to the value store stage.
I'm skeptical about this. Would I see adoption by average joe, I would be much more sure about bitcoin's success.

+1

Bitcoin is a great transaction currency. That will never go away. Whether BTC is $200 or $2, people somewhere on the internet will use it to transfer value anonymously across the globe.

But it also works as a digital container to hold value, securely, that is impossible to track. In theory it might end up being the ultimate off shore/tax haven/swiss bank account, ever. It can hold millions, it's easy to secure, and no one can ever prove how much of it you own of it or even that you own it at all.

Obviously it's a lot better at the first option, but the 2nd option is coming. The rally to $266 happened because people started hoarding Bitcoins. There will be a point in time where that happens again. The next extended rally, people will simply refuse to sell. There will be no supply. Which is why the price skyrockets. SR peeps start holding instead of selling. Businesses start holding instead of selling. Miners hold a little longer before selling. The price goes up every day people keep hoarding  until it's too tempting not to sell (turns out that was $240-$260 ish). An extended rally turns everyone into a bullish speculative investor.

Turns out, same thing happens to gold. It will just take time for BTC to mature, but that time is coming no question. It is the new digital gold.