Topic: Wall Observer - MtGoxUSD wall movement tracker - page 926. (Read 1811714 times)

I'm obviously in the same camp as molecular, I don't intend to ever sell. I only sell if I really need paper money or if I want to speculate which is something I do occasionally but only with a small portion of my bitcoins. As long as the long term outlook is good I'm simply going to hold and _spend_. Bitcoin is money and the ecosystem around it is getting bigger. I'm very positive on being able to spend more and more of them as time goes on. I'm already spending more of them slowly but surely.

I don't agree that Bitcoin doesn't have natural demand. Of course it has. It has properties that are unique and demanded. It removes barriers from using money, it reduces friction from sending money and it is pretty much the only digital payment method where retaining privacy is actually an option. It also combines properties very well, it's designed to be a store of value and very easy to transfer. Gold can't do any of that.

Gold has uses outside the realm of money, such as electronics and jewelry. What many don't understand is that those uses affect the value of gold. Not significantly, but they still do. It's in fact not good for money to be directly used for other things. With Bitcoin there are no other uses than using it as money. It has great properties for that but it's useless for anything else. This is actually the optimal scenario. The value of bitcoins is only determined by its use as money.

Bitcoin is, in my mind, the closest to perfection that humanity has achieved with money. I think it's unlikely to remain as "the best" forever but at the moment I don't really see anything that has so good overall properties to be used as money.

he is?

Jeff Berwick is already a bitcoiner.

IMO "moon prices" come before "no prices".

Yea, it is a very misleading graph.

point 1) I don't understand. Why is natural selection necessary and how can you argue bitcoin was/is not subject to this kind of thing.

Point 2) is ridiculous. You're saying gold is better because it's shiny?!? The regression theorem has been talked about a lot in regards to bitcoin  and I think it does apply to bitcoin and is misinterpreted by many. I'm looking forward to Peter Surdas (lonelyminers) just-finished paper on this and other subjects. I'm looking forward to discussing this on the forums.

That's not true. The goldbugs are starting to come around. Some of their younger cheerleaders are talking bitcoin (see futuremoneytrends.com interview with Trace Mayer or the bitcoinchannel by brotherjohnf). The older crowd still has trust issues with bitcoin (see James Turk), but once people like David Morgan, Mike Maloney or Jeff Berwick take a look at bitcoin, they will look seriously and they just might come to the conclusion that bitcoin is like gold, just better. What they write in their newsletters or recommend to their expatriation-customers has impact, people value their analysis and opinion.

Gold/Silver is probably the closest you get when it comes to "things that are like bitcoin". Can't think of any other "commodity money", except maybe salt or goat. Of course, there is a huge difference: bitcoin has low transaction and storage cost and is cheap to protect against loss and theft, also cheap and undetectably transferrable across borders. In that sense, I agree with your sentiment. I would like to know a better comparison if you have one, though.

The chart doesn't go back more than a year.

http://uk.xau.exchangerates24.com/btc/trend/?q=365

with the $30 spike (Btc price) purposefully not included

It says how many btc an ounce of gold has costed over time.

it could go either way

I don't understand that gold/btc chart

Time to go up!

nope. i said this before, there are 2 main arguments against bitcoin:
1) bitcoin did not come out like a wining commodity and also become money, there was no "natural selection" like in case of gold and silver, gold and silver removed salt, stone, big stones, colored stone and allot of other stuff that was used like money ( a good read for spanish ppl http://www.casadellibro.com/libro-historia-del-dinero/9788449322945/1565423 )
2) there is no "natural demand" for bitcoin in the same way there is a natural demand for gold in some industries and for jewels


the point 2) some in a way is solved by NameCoin since there can be a natural demand and NameCoin have a purpose other that "money" so NameCoin is closer to gold that bitcoin, gold--namecoin--bitcoin, because bitcoin is made up money just like the EURO, it was designed to be money it did not become money  

Not every gold bug is financially stupid. Plus, laughing at people in a mocking way who are on the receiving end of a wealth transfer from yourself only reveals financial stupidity. So, how is that financial strategy of selling bitcoins to pay down debt and fund an IRA working out for you? Scoreboard.

Bitcoin is better then gold in every way...

Did you know almost every gold bug would laugh at everyone here for putting their USD into something as stupid as bitcoin instead
of buying physical gold?

Bringing up gold to compare to bitcoin is the most retarded thing I have ever heard.

also did you know that USD losr 96-97% of its value since quit gold standard and that leave the actual price around 68USD

Did you know that one ounce of gold is worth now more than USD 1700?

untill someone did try to wash it to stay clean


also aluminum used to be like gold until we got electrolysis 

Due to the cost manufacturing found replacements.

Did you know salt was more valuable then gold at one time?