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

[BlindMayorBitcorn]

Past closing time in a dank dive--think dingier version of Barfly.
Instead of Mickey Rourke, a dude actually looking ugly as Bukowsky, boils and all.

Projecting yourself again? Your self esteem seems pretty low. What's wrong?

Your boyfriend put sand in the KY jelly? Your favorite pink ponytail buttplug reject you again?

Oh the humanity.

[empowering]

Dean Martins favorite eel?
That's a moray

[BlindMayorBitcorn]

Dean Martins favorite eel?
That's a moray

What's better than roses on your piano?

[BlindMayorBitcorn]

Tulips on your organ

[empowering]

What is black and screams?......

Stevie Wonder answering the iron.

[BlindMayorBitcorn]

 

[empowering]

Two antennas got married...

Wedding was shit...

But the reception was good.

[Erdogan]

Yes, you are wrong.  Let me explain again:
People use Western Union in emergencies--like being stranded halfway across the country with no money for gas, that sort of thing.  The kind of emergencies in which Bitcoin would be of no use, since it can not be spent in in the podunks where these emergencies take place.  Gas stations don't take Bitcoin.

If you are talking about needing something which could be bought online, simply ask the person to put the purchase on his CC, and save bot of you the fee and the hassle.

But I can also pay for someone's gas in the middle of nowhere instantly from my living room with btc, all they need is the payment protocol.

Wait, wat?  We're not discussing hypotheticals, we're talking IRL.  Today, most (if not all) gas stations don't take BTC.

We are most certainly discussing hypotheticals, that is what speculation is about. Imagine!

[chairforce1]

Can we please stay on topic here and keep the jokes coming?

Thanks.

[shmadz]

I don't know why i always argue with the biggest haters and trolls 

Because they are the most likely to have a differing opinion.

 

[Erdogan]

However , true story :

Let me explain what the difference is:
Money is sent via Western Union when cash is needed immediately.  This money is not sent for stuff like online purchases, otherwise the sender could simply make the purchase and have it shipped to a different address.

Sending Bitcoin is currently extremely cheap, because the miners are subsidised by 10% yearly inflation, AKA "block rewards" (not TX fees).  As block rewards diminish to zero over time, the miners will be forced to rely on TX fees.
Today, Bitcoin is paying 10% of its market cap to maintain the network--that's how many coins are mined in a year.  Once the block rewards approach zero, the transaction fees would have to represent ~10% of Bitcoin's market cap to maintain today's network security.  Because, as Satoshi has pointed out, the cost of mining should approach the price of coins mined.

Imagine that?  Burning 10% of world's wealth YEARLY being paid in TX fees?  

But that's a tangent.  The problem is, after receiving your bitcoin, it still must be converted to cash you can actually spend locally

Let's say one bitcoiner lived in for instance Burma, knew some merchants or pharmacists, for example and had some friends or acquaintances there, knew english. Maybe he had some cash to start a business. Could he find out who got remittances, what they used the money for, and maybe help them for a small profit?

Are you being intentionally oblique, or would you like to rephrase your question?

Just checking out your imagination. Do you have any imagination? If not, can you imagine what killed your imagination? Are you a fish?

[spooderman]

the stevie wonder joke. wow. LOL

[shmadz]

2014 was sooooo shit.

Meh, same like 2012 it seems to me *shrug*

[empowering]

Ebola causes headaches, feelings of nausea and is very difficult to get rid of.

So similar to Not Lamb Chop then.

[BlindMayorBitcorn]

Ebola causes headaches, feelings of nausea and is very difficult to get rid of.

So similar to Not Lamb Chop then.

The devil's advocate is where you find him. I personally find him insightful and entertaining

[NotLambchop]

However , true story :

Let me explain what the difference is:
Money is sent via Western Union when cash is needed immediately.  This money is not sent for stuff like online purchases, otherwise the sender could simply make the purchase and have it shipped to a different address.

Sending Bitcoin is currently extremely cheap, because the miners are subsidised by 10% yearly inflation, AKA "block rewards" (not TX fees).  As block rewards diminish to zero over time, the miners will be forced to rely on TX fees.
Today, Bitcoin is paying 10% of its market cap to maintain the network--that's how many coins are mined in a year.  Once the block rewards approach zero, the transaction fees would have to represent ~10% of Bitcoin's market cap to maintain today's network security.  Because, as Satoshi has pointed out, the cost of mining should approach the price of coins mined.

Imagine that?  Burning 10% of world's wealth YEARLY being paid in TX fees?  

But that's a tangent.  The problem is, after receiving your bitcoin, it still must be converted to cash you can actually spend locally

Let's say one bitcoiner lived in for instance Burma, knew some merchants or pharmacists, for example and had some friends or acquaintances there, knew english. Maybe he had some cash to start a business. Could he find out who got remittances, what they used the money for, and maybe help them for a small profit?

Are you being intentionally oblique, or would you like to rephrase your question?

Just checking out your imagination. Do you have any imagination? If not, can you imagine what killed your imagination? Are you a fish?

You've been completely undone by loss, Erdogan, but we'll get you through this.  Can you still dial the phone?  Do you know where you are?  Do your fingers feel numb?

[empowering]

Ebola causes headaches, feelings of nausea and is very difficult to get rid of.

So similar to Not Lamb Chop then.

The devil's advocate is where you find him. I personally find him insightful and entertaining

The original punch line is....  "sounds like a U2 album" or something along those lines...

[empowering]

I ran into Hitler. I was surprised to see him and asked him what he was up to? He said "This time I am going to kill 6 million Jews and two clowns!" "Two Clowns? Why are you going to kill two clowns?" "See? Nobody cares about zee Jews."

[JorgeStolfi]

My impression of Chinese traders is that the bitcoin market is to them a video game

I believe that there are many who see it that way, yes.(*)  But there must be also many robots.  In their joint statement, last May, the leading Chinese exchanges pledged to curb high-frequency trading to make the field more even for human traders; but it seems that they have backtracked on that pledge.

On OKCoin and Huobi, whenever a large trade opens up the spread, the gap is immediately filled with dozens of small random orders.  I have not looked closely, but my impression is that the orders are mostly bids, so that the spread shrinks towards its upper end.  These sprays seem too quick and too regular to be issued by hand, and they seem to happen 24/7. I would guess that they are one or several robots, perhaps ran by the exchange itself.

(*) An article published several years ago told how Brock Pierce built a billion-dollar company that cornered the market of virtual money and other virtual goods from some computer game (IIRC, World of Warchraft).  He got partners in China who set up "mines" of  those virtual goods.  They had umpteen Chinese workers playing the game all day long, stopping only to eat and sleep on the premises.  His company collapsed when regular players of the game sued it, claiming that their gaming experience was ruined because those Chinese miners were everywhere in the game, and cared only about collecting stuff.

[empowering]

How are children like mobile phones? If you've lost one and haven't found it in a couple days, chances are it's probably dead.