Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33607.

bobdude17

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Quote from: EuroTrash on May 25, 2013, 03:24:16 PM

Quote from: zemario on May 25, 2013, 02:40:28 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.

EuroTrash

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Quote from: zemario on May 25, 2013, 02:40:28 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?

Let's be honest , most people in this thread have no desire of spending their hard earned coins anytime soon. BTC is more like an electronic improved version of gold. And it's not like I can go to a shop with half an ounce of gold in my hand and buy me a smartphone... at least not for the moment. And I don't care... gold is a commonly accepted store of value nevertheless. Enough for me to hold it and change it back into fiat at need.

If anyone quotes this please save me the lecture about BTC having no intrinsic value as opposed to gold. Perception is value.

Frozenlock

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C'mon, as nerds we all know the cake is a lie. Wink

phatsphere

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Forget this. Forget good or bad news: This thread needs more disillusional dreamy cheesy pictures … on our race TO THAA MOOOOUUUUNNN.

If the current status holds, the next few months will be very very exiting. It's not even a question of the Bitcoin network itself and assocated services around it; it's just that more and more realize that they want a piece of the cake.

Frozenlock

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bobdude17

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Quote from: N12 on May 25, 2013, 03:16:28 PM

In regard to "it's impossible that there could not be a singularity in Bitcoin infrastructure, it is simply too profitable", again:

Quote

Can you tell me where this "Bitcoin time" was when the price topped out June 2011 for nearly 2 years and lost ~94% of its value within 5 months?

The same opportunities (ten to hundredfold even) were given in 2011, and yet noone cared. But this time it's different.

Yes it is different. Because Bitcoin has new types of users now.

N12

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In regard to "it's impossible that there could not be a singularity in Bitcoin infrastructure, it is simply too profitable", again:

Quote

Can you tell me where this "Bitcoin time" was when the price topped out June 2011 for nearly 2 years and lost ~94% of its value within 5 months?

The same opportunities (ten to hundredfold even) were given in 2011, and yet noone cared. But this time it's different.

Here is a Bitcoin chart depicting how very long it took to exceed the $32 top (at least in reptardia singularity terms):

bobdude17

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Quote from: Kazu on May 25, 2013, 03:11:14 PM

Quote from: bobdude17 on May 25, 2013, 02:52:36 PM

Quote from: N12 on May 25, 2013, 02:32:19 PM

Here's a bottleneck for you "singularity" guys that ultimately limits the height of parabolic rises: Infrastructure. Remember when MtGox had an order queue of up to 75 minutes filled with market sells? Think this can't happen again in some other variation? Think again.

Infrastructure? What makes you think that MtGox past troubles in coping with demand will having anything to do with the patterns of future adoption? Roll Eyes

This was when Bitcoin had a central point that could be swamped like that. We are already seeing that change, we are already seeing the infratstructure rise, and it will only start coming faster. New exchanges popping up, many only in beta, and of course OpenTransactions stands to change the whole game. Infrastructure will rise to meet the demand much faster than you think because there is so much profit potential.
You underestimate the power(and speed) of hype, greed, competition, and logical thinking when applied to a digital free market with sound foundations.
Rome wasn't built in a day because they had to lug around rocks.

Actually, the link is even stronger. Competition -> Race to improve -> Increased infrastructure. Just look what the intense competition between miners has lead to: The biggest computational network in the world created, biggest by a fair margin.

Very good point.

Frozenlock

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Quote from: N12 on May 25, 2013, 02:32:19 PM

And who is to say this might not happen again, but for instance with "Bitcoin is illegal and it's dead"? Remember that those sentiments only are created once the price has already fallen for a longer time. Bitcoin was only declared dead by Wired near its very bottom at 2.

I'm willing to bet that we are going to see 4 digits within a few years, but boy, do most of the newcomers here have unrealistic expectations.

This.
I'm mostly nervous because we haven't seen any despair yet, which means that a bunch of
newcomers were a little surprised by the drop, but still think it will only go up Up UP!

Kazu

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Quote from: bobdude17 on May 25, 2013, 02:52:36 PM

Quote from: N12 on May 25, 2013, 02:32:19 PM

Here's a bottleneck for you "singularity" guys that ultimately limits the height of parabolic rises: Infrastructure. Remember when MtGox had an order queue of up to 75 minutes filled with market sells? Think this can't happen again in some other variation? Think again.

Infrastructure? What makes you think that MtGox past troubles in coping with demand will having anything to do with the patterns of future adoption? Roll Eyes

This was when Bitcoin had a central point that could be swamped like that. We are already seeing that change, we are already seeing the infratstructure rise, and it will only start coming faster. New exchanges popping up, many only in beta, and of course OpenTransactions stands to change the whole game. Infrastructure will rise to meet the demand much faster than you think because there is so much profit potential.
You underestimate the power(and speed) of hype, greed, competition, and logical thinking when applied to a digital free market with sound foundations.
Rome wasn't built in a day because they had to lug around rocks.

Actually, the link is even stronger. Competition -> Race to improve -> Increased infrastructure. 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 don't think the competition between exchangers will ever become as intense as that, so the exchanges will naturally lag behind a bit. However, it still is only a matter of time before Bitcoin exchanges obtain the type of infrastructure that the miners already have obtained. As such I don't think there is much need to worry.

Rampion

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Quote from: N12 on May 25, 2013, 03:04:37 PM

I said "in some other variation". Similar things could occur with the Bitcoin client network (see blocksize limit) for instance.

Also, while MtGox is throwing over a little crums for the other exchanges, I don't see it losing its status as #1 exchange anytime soon. In 2011, Tradehill popped up and took some of MtGox's market share. Tradehill vanished. A couple other exchanges that were highest in volume following MtGox got hacked or closed due to legal trouble.

It's too bad, but there is no singularity in Bitcoin infrastructure and it will be a limiting factor for quite some time.

Anyway, we should settle it and maybe one of us will remember the 300k USD prediction in December 2013 and laugh at the other. Grin

We will laugh for sure about the 300k usd prediction in December 2013, whatever the price will be

And we should ask rpietila to share with you a little bit of the shit he is smoking while he is not hospitalized, it may help you to control the butthurt 2011 bear syndrome inside you Wink

N12

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I said "in some other variation". Similar things could occur with the Bitcoin client network (see blocksize limit) for instance.

Also, while MtGox is throwing over a little crumbs for the other exchanges, I don't see it losing its status as #1 exchange anytime soon. In 2011, Tradehill popped up and took some of MtGox's market share. Tradehill vanished. A couple other exchanges that were highest in volume following MtGox got hacked or closed due to legal trouble this year.

It's too bad, but there is no singularity in Bitcoin infrastructure and it will be a limiting factor for quite some time.

Anyway, we should settle it and maybe one of us will remember the 300k USD prediction in December 2013 and laugh at the other. Grin

adamstgBit

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bears might have a shot at winning this battle if they come together and start dumping now the FUD won't last much longer...

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

bobdude17

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Quote from: N12 on May 25, 2013, 02:32:19 PM

Here's a bottleneck for you "singularity" guys that ultimately limits the height of parabolic rises: Infrastructure. Remember when MtGox had an order queue of up to 75 minutes filled with market sells? Think this can't happen again in some other variation? Think again.

Infrastructure? What makes you think that MtGox past troubles in coping with demand will having anything to do with the patterns of future adoption? Roll Eyes

This was when Bitcoin had a central point that could be swamped like that. We are already seeing that change, we are already seeing the infratstructure rise, and it will only start coming faster. New exchanges popping up, many only in beta, and of course OpenTransactions stands to change the whole game. Infrastructure will rise to meet the demand much faster than you think because there is so much profit potential.
You underestimate the power(and speed) of hype, greed, competition, and logical thinking when applied to a digital free market with sound foundations.
Rome wasn't built in a day because they had to lug around rocks.

Kazu

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I think of Bitcoin as a sort of future. The pricing will always be ahead of actual adoption rates, because if people expect there to be more adoption in a month from now, people will expect the price to be higher a month from now, so they will buy bitcoins now to profit a month from now, driving the price up now.

zemario

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Quote from: N12 on May 25, 2013, 02:32:19 PM

Here's a bottleneck for you "singularity" guys that ultimately limits the height of parabolic rises: Infrastructure. Remember when MtGox had an order queue of up to 75 minutes filled with market sells? Think this can't happen again in some other variation? Think again.

Spot on. However... a solid infrastructure can ( must? ) be built on top a large ecosystem of users. Traders are kind of meta-users, if adoption starts to spread, then trading it's just there in it's corner and it's no biggie if Gox or whatever market is down.
It worries me to a certain degree that there doesn't appear to be a steady growth of services and stores accepting bitcoins.

awakening

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Quote from: N12 on May 25, 2013, 02:32:19 PM

And who is to say this might not happen again, but for instance with "Bitcoin is illegal and it's dead"? Remember that those sentiments only are created once the price has already fallen for a longer time. Bitcoin was only declared dead by Wired near its very bottom at 2.

I'm willing to bet that we are going to see 4 digits within a few years, but boy, do most of the newcomers here have unrealistic expectations.

Here's a bottleneck for you "singularity" guys that ultimately limits the height of parabolic rises: Infrastructure. Remember when MtGox had an order queue of up to 75 minutes filled with market sells? Think this can't happen again in some other variation? Think again.

Fucking right. Grin

N12

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And who is to say this might not happen again, but for instance with "Bitcoin is illegal and it's dead"? Remember that those sentiments only are created once the price has already fallen for a longer time. Bitcoin was only declared dead by Wired near its very bottom at 2.

I'm willing to bet that we are going to see 4 digits within a few years, but boy, do most of the newcomers here have unrealistic expectations.

Here's a bottleneck for you "singularity" guys that ultimately limits the height of parabolic rises: Infrastructure. Remember when MtGox had an order queue of up to 75 minutes filled with market sells? Think this can't happen again in some other variation? Think again.

adamstgBit

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Quote from: N12 on May 25, 2013, 02:23:00 PM

Quote from: bobdude17 on May 25, 2013, 02:16:05 PM

BMOT just created. VC's throwing in money. We have seen the rise of speculative interest go all the way to $266, wait 'till you see demand. Christmas 2013? 7 months? In Bitcoin time? Please.

Can you tell me where this "Bitcoin time" was when the price topped out June 2011 for nearly 2 years and lost ~94% of its value within 5 months? Sure sure, we will go way beyond 300k USD by Christmas 2013.

Date Registered: 10-04-2013, 11:37:30

Oh, that explains it.

in 2011 you'd go around and ask people about bitcoin on forums and stuff, and anyone that heard about it was convinced it was hacked and it was dead.

also trying to explain to someone ( avg joe ) the situation was not easy, even if they could be made to understand that it was a service that was hacked and not bitcoin itself, they had 0 faith that bitcoin would not work because of the central points of failure.

please though i was stupid for buying at the first sign of recovery. " your stupid for not having sold them at 32, sell them now they will worthless "

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