All posts made by Sword Smith in Bitcointalk.org's Wall Observer thread
1.
Post 1896769 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.53h):
here we go!
136.43 is the number to look for. That is the highest BTC has been since the minimum at 50.01 $/
BTC.
2.
Post 1897692 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.53h):
Someone is nomming a lot if not all of the 130 sell wall
3.
Post 1897750 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.53h):
Some rich guy just got all his funds transferred to mtgox
He just om nom nommed the 5000
BTC high wall at 130 $/
BTC.
4.
Post 1897823 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.53h):
Someone just bought 1 million USD worth of BTC. And another guy sold half million USD worth of BTC. Insane.
How do you see that someone just sold for ½m $?
5.
Post 1897838 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.53h):
Someone just bought 1 million USD worth of BTC. And another guy sold half million USD worth of BTC. Insane.
How do you see that someone just sold for ½m $?
See my edit above.
I did see the buy and the wall that just dissapeared but are you saying that a new one came up after the first one had dissapeared?
6.
Post 1897880 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.53h):
Someone just bought 1 million USD worth of BTC. And another guy sold half million USD worth of BTC. Insane.
That 21M
USD sitting on Gox isn't there to be intimidating. It's working capital, on a hair-trigger.
How do you know that USD 21m are sitting on mtgox? The total buy wall is worth USD 18m.
7.
Post 1897988 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.53h):
Someone just bought 1 million USD worth of BTC. And another guy sold half million USD worth of BTC. Insane.
That 21M
USD sitting on Gox isn't there to be intimidating. It's working capital, on a hair-trigger.
How do you know that USD 21m are sitting on mtgox?
Well there's more than that. 21m is the total bid sum on the order books. Which you can view on
http://blockchained.comAhh. Thanks.
And I note that since Gox changed their rules about placing orders without actually having the funds in your account (you can't do that any more -
so the money is really there), that's even more impressive.
Is it? The total volume of one weekday's trading is around USD 20m.
8.
Post 1912220 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
Maybe a little spike as the idiots that bought into this story (ie sold coins) buy em back
Or how about nothing happens and it continues to be an extremely boring day ...
The volume has been low, ergo there are no idiots who sold their coins.
We are talking about
buys being delayed by 6-24 hours, nothing more, but
even this, when deployed, will raise us to $128 minimum, perhaps $135 or even a post-crash high, at the instant it starts.
Tuesday used to be a rally day...
I consider the April 10th crash a bit like the Black Monday crash of Dow Jones in 1987. The market fell 25 % only to increase tenfold the next 13 years. Sure, much of it was inflation but the charts look nice
I think bitcoins might move faster than a tenfold increase in 13 years, though.
9.
Post 1923424 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
That's IMHO the real cause of the recent price uptake over 130 ... Not sure if I like disclosing such information ...
Is it just me or does MT.Gox use Clarkmoody to check the market?!?!?!
Speaking of Clarkmoody, is he getting enough tips/donations and recognition, ladies and gentlemen?
11 BTCs so far, it seems...
10.
Post 1928708 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
This is quite scary. Let's analyze the facts:
- the interest in bitcoin is fading out after the crash, just check the google trend: https://www.google.com/trends/explore#q=bitcoin&date=today%203-m&cmpt=q
- there's still a lot of money at Gox, a lot of fresh money was delayed because of their epic queue, but you can bet that from now on the flow of fresh money will be slower (just check the google trend)
I think this rally needs to be supported by REAL news that improve the fundamentals, otherwise it will be just a trap before a slow decline.
IMHO, the best news would be a new company offering unlimited amounts of BTC for cash immediately - buying your first BTC is still slow and painful, and the first one changing that fact will really boost BTC.
I am fairly convinced that the causality is the opposite of what you describe. Sure, price and number of Google searches are correlated but correlation does not imply causation. It is rising prices that drive interest, not the other way around.
11.
Post 1929134 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
153!
Short the shit out of this false breakout dudes like a boss! Dont be sheep, sell like a man.
Disclosure: Sold
BTC772 at $153.
I thought you were perma ultra bull? Why do you think you can earn on day trades? As far as your posting history goes, you have lost money on day trading before. I don't mean any disrespect, I know you are and have made a lot of money on BTC but have you eraned on this kind of short term speculation??
12.
Post 1931865 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
I got crushed today, $10,000s underwater. I don't think it is fun, and don't recommend shorting bitcoin.
Buy and hold.
Vladimir knows something you don't.
Why the fuck would you short bitcoin. There's been tons of buying pressure and obvious selling pressure trying to contain it (ask walls, not actually people wanting to sell). There's been a zillion bullish indicators, if you're shorting bitcoin right now you're blind.
Take it easy. This guy has a fairly large stash of BTCs. He just sold a tiny portion
13.
Post 1932261 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
I think even 30% per week is unsustainable. That's why I shorted when it shot up about 20% per day. Long term I make money if I stick to this strategy.
Forgive me for my pathetic attempts to talk the price down. I am better at the opposite:
"Study the price behaviour for 7/2010-6/2011 if you want to have a million dollars."
Well you are right on that point, 30% is unsustainable. However bitcoin has a habit of peaking and crashing a bit higher then it peaked/crashed before. I think the market is too young to really come away with any more knowledge about the market then your intuition can give you. Even the way the gox engine works this week is different from two weeks ago- and that stuff makes a big difference. The market isn't mature enough to know whats happening. Today it's worth a billion, but what will long term stability show it's worth? 100 billion? 500 billion?
Long term it is worth no more than $10,000 billion, and this is the most important thing to remember.
DO NOT BUY AT ANYTHING OVER $300K FOR THERE IS A REALISTIC RISK THAT IT IS A BUBBLE AND YOU LOSE.
You still have plenty of time to buy, as short-term anything over 30% per week is unsustainable.
That is 0.15% per hour, folks. Why would you buy after a 30% daily gain. I will not close my short at a profit for sure but I don't think we go to $200 today, LOL.
Is that $10,000 per bitcoin or $10,000 BILLION dollars IE: $10,000,000,000,000?
USD 10,000bn
3*10^5*2.1*10^7 USD = 6.3* 10^12 USD = 6tr USD
14.
Post 1932903 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
So that's what drawing triangles on charts can tell you? That the price is going either up or down. Interesting.
Doubt as to where the further price moves are heading - the triangle shows that swing trades are narrowing the price range thus reducing the volume traded by day traders. I have heard that a break-out from a triangle is a strong indicator on the future direction. But some say it is a contrarian indicator lol.
15.
Post 1932933 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
So that's what drawing triangles on charts can tell you? That the price is going either up or down. Interesting.
Doubt as to where the further price moves are heading - the triangle shows that swing trades are narrowing the price range thus reducing the volume traded by day traders. I have heard that a break-out from a triangle is a strong indicator on the future direction. But some say it is a contrarian indicator lol.
Let us hope it is a contrarian indicator since the price just broke out below the triangle's trading range.
Big players are fighting it out now. Huge volumes.
16.
Post 1933077 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
So that's what drawing triangles on charts can tell you? That the price is going either up or down. Interesting.
Doubt as to where the further price moves are heading - the triangle shows that swing trades are narrowing the price range thus reducing the volume traded by day traders. I have heard that a break-out from a triangle is a strong indicator on the future direction. But some say it is a contrarian indicator lol.
Let us hope it is a contrarian indicator since the price just broke out below the triangle's trading range.
Big players are fighting it out now. Huge volumes.
If the price goes above 158, it would seem that the break out was a contrarian or maybe a fake indicator. But to me, TA is mostly entertainment. I am holding for the longest time and not daytrading.
17.
Post 1933223 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
The trend the last two hours look a bit bearish. The last two days looks extremely bullish, though. This current fall fra 168-153 is probably just a small correction with some people taking a profit from their buys between 50-100 where the volume was enormous.
18.
Post 1933283 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
The last two days looks extremely bullish, though.
(sorry. Couldn't resist)
What means "fap", Precious?
19.
Post 1933303 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
It never ceases to amaze me. Why would people sell big amounts of coin in the low 150's when the price was 168 hours ago?
Something to do with 'this new trading thing'. Meaning, theres many new entrants who have just discovered trading, small and large size alike.
Doing what you describe is exactly what they do.
I feel sorry for all the people that sold at $50 and bought back at $165. They must be tearing their hair out right now wondering what to do.
It seemed a large player tried to crash the price from $50 and down to $20-30. But an even larger player, maybe the one starting the crash from 266 gobbled up everything between 50 and 70. Whence the gigantic volume at the low on April 16th. That is my theory
20.
Post 1933519 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
According to the mtgox walls, 23 Million USD takes us to a BTC valuation over $1000. Not a lot of money in the whole scheme of things.
You should know that means nothing.
FACT: according to the order book, someone willing to cash out just 18 Million USD takes us to a BTC valuation in the low single digits. Not a lot of money in the whole scheme of things.
Imagine satoshi decides to cash out the 1M
BTC he has, because is time for him to retire. Yes, you know what would happen: BTC would suddenly go to 0. And that will happen, sooner or later, because nobody can wait to be rich forever. Just pray that the market depth will be 10,000 times bigger than now, so we just go to low double digits when he decides to sell, and not straight to 0.
If he is smart enough to invent bitcoins, he is smart enough to sell responsibly. I believe.
21.
Post 1945447 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
Hmm. Loks like down:
Hope I am wrong though. But I am not trading on TA. Just entertainment.
22.
Post 1945550 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
yes. Looks bullish again. The last price is huigher than the local maximum after the dump. Direction: up!
Don't trust TA too much though
23.
Post 1959747 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.54h):
Slight upward trend. This is usually a bullish signal. My prediction is that the price will rise to 139 quite soon. This is little more than pure speculation, though.
24.
Post 2132635 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.58h):
[yet another wallpic]
Can the owner of chartbuddy consider moving him to a dedicated thread?
(A self-moderated thread, with a script for deleting all posts not by chartbuddy would be extra super neat.)
I
do appreciate the updates, but I'd rather see them collected in one place, chronologically,
which would make it easier to spot changes, trends etc. than one or two posts per page of this thread.)
I don't mind them being posted here. And like you I also appreciate that they exist. Concerning your request:
https://bitcointalk.org/index.php?action=profile;u=110685;sa=showPosts
25.
Post 2143530 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.58h):
Come on bulls, lets tear down this motherf´n 120 Wall. Only 4K and then sky is the limit.
Cant be that hard.
I suspect it's going to take a lot more than 4K to get there.
Todays volume is currently 15,110 if we get to $120 it would be interesting to see what the volume is at that point.
The big wall is on $125
You are probably right but for now - one step at a time. If we keep this slow growth all will be fine, at least with me.
Cheers
I agree that the rise will be slow. What does "Responsibility to the responsible" mean?
26.
Post 2143574 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_10.58h):
Come on bulls, lets tear down this motherf´n 120 Wall. Only 4K and then sky is the limit.
Cant be that hard.
I suspect it's going to take a lot more than 4K to get there.
Todays volume is currently 15,110 if we get to $120 it would be interesting to see what the volume is at that point.
The big wall is on $125
You are probably right but for now - one step at a time. If we keep this slow growth all will be fine, at least with me.
Cheers
What does "Responsibility to the responsible" mean?
Probably better if you google it, as this is probably not the place to discuss this. But if you are really interested shoot me a PM.
Cheers
Got it. God bless.
27.
Post 3216461 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.16h):
Not much going on in here so I might as well throw this question out:
If you want to buy for a large amount, say between $ 50k and $ 200k, what is usually the be way to buy them on the exchanges? I guess somekind of limit order would be preferable?
28.
Post 3217214 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.16h):
Not much going on in here so I might as well throw this question out:
If you want to buy for a large amount, say between $ 50k and $ 200k, what is usually the be way to buy them on the exchanges? I guess somekind of limit order would be preferable?
I have moderate experience in buying such quantity from an exchange. It is difficult to give good advice, because it depends a lot on the exchange, the general mood, and the players in the exchange. If there are big sellers watching, it may be good to set up a wall near the market, this will induce them to sell without slippage for both. This approach may, however, be detrimental in boom days, where a big bid wall just prompts other bidders higher.
If you dare to bring scarecoins to the particular exchange, it is possible to pretend to be on the sell side with big walls, while actually purchasing nimbly. Even more aggressive tactic is to batter the price down with a supposed flood of coins (very few of which are actually for sale though) and purchase 5-10% cheaper.
Before doing anything creative it is important to familiarize yourself with the exchange in question, plus the market situation.
Sirius Money looks good. +1
Thank you! Good to see you back online. How is Hopea doing?
29.
Post 3220077 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.16h):
Not much going on in here so I might as well throw this question out:
If you want to buy for a large amount, say between $ 50k and $ 200k, what is usually the be way to buy them on the exchanges?
By announcing on a public forum when you're going to buy and at what price you're prepared to buy. Posts on this thread such as, "Wow, get ready for the big one," will suffice just fine though.
I can't see what all the fuss is about. I trade bitcoins for my customers but I do not currently need to buy this kind of amount. I might in the future, though. Might as well arm myself with some knowledge.
30.
Post 3220100 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.16h):
I am beginning to think that Bitcoin is a project by U.S. intelligence agencies to cognitively infiltrate Austrian economic enthusiasts by way of educating them about how things got to be the way they are.
What lessons are being learned exactly?
Well, for one, that quantitative metrics matter. It is not sufficient to make a projection to extremes based on the limited understanding of a theory. This is important for understanding little things like when you can apply linear relationships and when you have to apply exponential relationships... Little things like that.
For another. Market systems are more complex than you might expect if the only model you have for them is a cartoon. It is insufficient to simply dismiss things you don't agree with as 'externalities'. One thing we have learned very well about risk management is that externalities and complexities matter.
Isn't it a bit judgemental to think that all members in here subscribe to just one economic theory? I wrote this a long time a go and I also had my fight with the pure Austrians:
https://bitcointalk.org/index.php?topic=160227.0
31.
Post 3338687 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
The SR sell-off was pretty insane imo. The market showed its hand there and the bull is on the loose.
Indeed. The rebound is a very strong signal both fundamentally and technically imo. Fundamentally because it shows that the value of bitcoins is not dependent on one single merchant or website. Technically because it mimics the behavior of the price in the march/april price rise.
32.
Post 3338719 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
The SR sell-off was pretty insane imo. The market showed its hand there and the bull is on the loose.
Indeed. The rebound is a very strong signal both fundamentally and technically imo. Fundamentally because it shows that the value of bitcoins is not dependent on one single merchant or website. Technically because it mimics the behavior of the price in the march/april price rise.
I disagree. Its a mix of Gox and Bitstamp trying to be market leaders, but Gox just has a bit more pull. The fact that you cant withdraw -> price decreases can only be short term -> bitstamp follows, interprets as healthy market.
Think about it. How can Gox price possibly go down? The only way is to sell to buy back for less. The fact it went thru $110 is pretty incredible. Why has the price gone up, now? Because idle money entered the market [low placed bids] while those who sold are now taking losses and buying back in.
If you want to withdraw go to localbitcoins.com and sell your bitcoins there via bank transfers or cash sells. If you live in Europe, you can also do it here:
siriusmoney.com
33.
Post 3338744 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
The SR sell-off was pretty insane imo. The market showed its hand there and the bull is on the loose.
Indeed. The rebound is a very strong signal both fundamentally and technically imo. Fundamentally because it shows that the value of bitcoins is not dependent on one single merchant or website. Technically because it mimics the behavior of the price in the march/april price rise.
I disagree. Its a mix of Gox and Bitstamp trying to be market leaders, but Gox just has a bit more pull. The fact that you cant withdraw -> price decreases can only be short term -> bitstamp follows, interprets as healthy market.
Think about it. How can Gox price possibly go down? The only way is to sell to buy back for less. The fact it went thru $110 is pretty incredible. Why has the price gone up, now? Because idle money entered the market [low placed bids] while those who sold are now taking losses and buying back in.
If you want to withdraw go to localbitcoins.com and sell your bitcoins there via bank transfers or cash sells. If you live in Europe, you can also do it here:
siriusmoney.com...Did you even read what you wrote? That involves BUYING. Since gox is leader, that is going to be bullish. Plus, good luck selling >100 coins at a reasonable loss on LBC.
Previously you could see the buying and selling prices of localbitcoins.com on bitcoinity.org - can't find it now, though. That graph should answer your hypothesis, though, since the market would reflect it, if mtgox' price was unrealistically high. I do, actually, often sell bitcoins below the mtgox price. So my conclusion is that mtgox' price might be a bit high and that Bitstamp sets the price here in Europe but if mtgox was way off the rest of the market, this would show up on localbitcoins.com.
34.
Post 3338916 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
The SR sell-off was pretty insane imo. The market showed its hand there and the bull is on the loose.
Indeed. The rebound is a very strong signal both fundamentally and technically imo. Fundamentally because it shows that the value of bitcoins is not dependent on one single merchant or website. Technically because it mimics the behavior of the price in the march/april price rise.
I disagree. Its a mix of Gox and Bitstamp trying to be market leaders, but Gox just has a bit more pull. The fact that you cant withdraw -> price decreases can only be short term -> bitstamp follows, interprets as healthy market.
Think about it. How can Gox price possibly go down? The only way is to sell to buy back for less. The fact it went thru $110 is pretty incredible. Why has the price gone up, now? Because idle money entered the market [low placed bids] while those who sold are now taking losses and buying back in.
If you want to withdraw go to localbitcoins.com and sell your bitcoins there via bank transfers or cash sells. If you live in Europe, you can also do it here:
siriusmoney.com...Did you even read what you wrote? That involves BUYING. Since gox is leader, that is going to be bullish. Plus, good luck selling >100 coins at a reasonable loss on LBC.
Previously you could see the buying and selling prices of localbitcoins.com on bitcoinity.org - can't find it now, though. That graph should answer your hypothesis, though, since the market would reflect it, if mtgox' price was unrealistically high. I do, actually, often sell bitcoins below the mtgox price. So my conclusion is that mtgox' price might be a bit high and that Bitstamp sets the price here in Europe but if mtgox was way off the rest of the market, this would show up on localbitcoins.com.
Localbitcoin prices are completely random and vary +/-50% from current market prices. Volume is very low.
I found the information I was looking for. The Local Bitcoin weighted average price is not random at all even though it has a large variation. And you cannot buy bitcoins for anything cheaper than 96 euros anywhere in the world and that is only 3 % below the Bitstamp price. If you were correct in that the mtgox and Bitstamp price were unrealistically high, the Local Bitcoin price would be significantly lower:
http://bitcoinity.org/markets/localbitcoins/EUR
35.
Post 3339004 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
The SR sell-off was pretty insane imo. The market showed its hand there and the bull is on the loose.
Indeed. The rebound is a very strong signal both fundamentally and technically imo. Fundamentally because it shows that the value of bitcoins is not dependent on one single merchant or website. Technically because it mimics the behavior of the price in the march/april price rise.
I disagree. Its a mix of Gox and Bitstamp trying to be market leaders, but Gox just has a bit more pull. The fact that you cant withdraw -> price decreases can only be short term -> bitstamp follows, interprets as healthy market.
Think about it. How can Gox price possibly go down? The only way is to sell to buy back for less. The fact it went thru $110 is pretty incredible. Why has the price gone up, now? Because idle money entered the market [low placed bids] while those who sold are now taking losses and buying back in.
If you want to withdraw go to localbitcoins.com and sell your bitcoins there via bank transfers or cash sells. If you live in Europe, you can also do it here:
siriusmoney.com...Did you even read what you wrote? That involves BUYING. Since gox is leader, that is going to be bullish. Plus, good luck selling >100 coins at a reasonable loss on LBC.
Previously you could see the buying and selling prices of localbitcoins.com on bitcoinity.org - can't find it now, though. That graph should answer your hypothesis, though, since the market would reflect it, if mtgox' price was unrealistically high. I do, actually, often sell bitcoins below the mtgox price. So my conclusion is that mtgox' price might be a bit high and that Bitstamp sets the price here in Europe but if mtgox was way off the rest of the market, this would show up on localbitcoins.com.
Localbitcoin prices are completely random and vary +/-50% from current market prices. Volume is very low.
I found the information I was looking for. The Local Bitcoin weighted average price is not random at all even though it has a large variation. And you cannot buy bitcoins for anything cheaper than 96 euros anywhere in the world and that is only 3 % below the Bitstamp price. If you were correct in that the mtgox and Bitstamp price were unrealistically high, the Local Bitcoin price would be significantly lower:
http://bitcoinity.org/markets/localbitcoins/EUR7d low: 73
7d hi: 125
USD:
7d low: 88
7d hi: 224
lolk. Why would you expect an OTC site to be anything more than a mirror of the main exchanges? The volume is awful. People dont panic buy or sell there. And if you want to get nitpicky, the prices there have barely increased despite the rally of the past hours.
Do you understand the concept of variance or averages? In my opinion, the concept of equilibrium and arbitrage disproves your theory about price manipulation. And the volume that it shows is only for euro denominated trades and does not include USD denominated trades etc.
36.
Post 3345540 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
Am I the only one who has the feeling that this is about to go North?
37.
Post 3345642 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
157 breached, same with 895 on btcchina. 140 on stamp is about to fall.
And its gone!
38.
Post 3345736 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
The last 24 hours, Bitstamp is up 4.1 percent from 135.5 to 141 Mt. Gox is up 4.0 percent from 151.5 to 157.5 all in USD. They seem to be keeping their spread.
39.
Post 3345741 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
There's some crazy stuff going on on Bitstamp right now.
40.
Post 3345749 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
Ten minutes ago, I bought 12 bitcoins @ 139.97. Just made 60 USD
Edit: 84 USD
41.
Post 3345768 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
Someone just placed a limit buy order @155.2 for about 400k USD on bitstamp. That pushed the price up by 7 USD at one point. The guy probably thought he was trading on Mt Gox since a limit order on 155.2 USD on Mt Gox would actually be a limit order and not a "buy everything" order
42.
Post 3345781 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
Ten minutes ago, I bought 12 bitcoins @ 139.97. Just made 60 USD
Edit: 84 USD
you made it only if you sold
Meh. Daytrading is not my cup of tea.
43.
Post 3364107 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
interest rates to borrow usd are sky high just now on bitfinex.
300%!!
wha? you can short USD?
you lend your USD to traders at wtv % interest you want.
no one is lending right now... thats why its 300% interest, i guess its because the bulls exhausted the USD, everyone is long.
This is a bearish signal, suggesting the run-up is extended.
Bitcoin kills bears for breakfast though so don't think I am recommending anything.
Bearish divergences on most timeframes as well. Momentum/volume just isn't there.
So you think the sellers will stampede to the exchanges soon?
44.
Post 3367254 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
I just woke up, WTF?
Same here.
It's starting to feel like the last rally, isn't it?
45.
Post 3367371 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
what will happen if gox runs out of btc's?
will it just continue to rise on other exchanges in even higher tempo ("get the last ones")
or will the whole thing just collapse on other exchanges too?
just wondering, if btcs are becoming so sparse, how the heck can a viable economy be established around our favorite virtual currency?
When prices rise it becomes more attractive to sell bitcoins for fiat and rising prices will thus attract more sellers. It is the magic of the price system.
46.
Post 3367555 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
This is a cool morning. I wonder how the Americans will react when they wake up (It is 4.35 am EST). We might see some selling which would probably be healthy.
47.
Post 3367851 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.17h):
Woke up to check BitStamp quick on my phone.. 6:50am on a Saturday..
wtffffffffffffffffffffffff !!!!
Yes. Well us Europeans and Asians have been awake for some time now.
48.
Post 3376246 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.18h):
Wedge formation on Mt. Gox. That supposedly means that a move out of the wedge is a significant indicator for future price movements.
49.
Post 3381443 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.18h):
so if the price keeps rising, how would we ever use it as a real currency to buy stuff?
i'm pretty sure everybody who has them has them for buy and hold or making profit, not for purchasing goods - I certainly don't because in two months the price might have doubled, and I would curse myself for giving them away "back then" instead of using real currency.
But what you've mentioned is the achilles heel of a "sound" currency. It is theorized that during recessions/depressions people tend to hoard it, spending as little as possible -- saving it in case the recession continues. This creates a negative feedback of reduced consumption -> fewer jobs -> more reduced consumption. But on the other hand, in this highly populous, resource limited world careful consumption might be better in the long run than triggering growth that is not connected to greater underlying resource efficiency.
You are forgetting an important dynamic: Interest rates. When consumption falls, savings rise and there are thus more money to be lent out. That means that the supply of money for loans rises and the price for loans fall which is the same as the interest rate falling. That means that it becomes more attractive to invest with borrowed money and this increases efficiency (if the investment is sound) which then increases the purchasing power and thus increases consumption. Yes. Capitalism is cool!
50.
Post 3382355 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.18h):
You are forgetting an important dynamic: Interest rates. When consumption falls, savings rise and there are thus more money to be lent out. That means that the supply of money for loans rises and the price for loans fall which is the same as the interest rate falling. That means that it becomes more attractive to invest with borrowed money and this increases efficiency (if the investment is sound) which then increases the purchasing power and thus increases consumption. Yes. Capitalism is cool!
I didn't read the context, but this cool mechanism is being effectively anihilated by the feds easing.
I was describing a free market of money which bitcoin is a part of. Not the centrally planned money system that rules the world today.
51.
Post 3385020 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.18h):
BTCCHINA is at 215 USD/BTC now! Gox at 198, Bitstamp at 188.
52.
Post 3385031 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.18h):
BTCCHINA is at 215 USD/BTC now! Gox at 198, Bitstamp at 188.
It's like falling into a black hole, the head just accelerates faster and faster compared to the rest of the body.....
The funny thing is that if you make arbitrage trades through China and some EUR or USD denominated currency, you get the extra bonnus of selling a weaker fiat currency for a stronger one since RNB is strong and the dollar and euro is weak.
53.
Post 3385065 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.18h):
CNY has gone up almost 2% in just the last 60 minutes or so.
China is at 217 USD /BTC
54.
Post 3390365 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.18h):
Extremely bullish! According to this metric, the public in the west has no part in this rally, and can therefore only become a part of it (fueling the rally) or skipping it (rally continues however China sees fit).
The public does not have bitcoins to sell, they are in
very tight hands already.
Would you care to make a guess on what the price will be before 2014? I know predicting the timing is nearly impossible but in the long term you and I agree on the price movements.
55.
Post 3390368 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.18h):
It is my impression that Google Trends is a lagging indicator for the price, not a leading one
56.
Post 3390955 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.18h):
Last but not least, you can pick any multimillionaire, venture capitalist, Chinese, Winklevoss twin you want an attribute the price to him/her or it. If you think for one minute that a venture capitalist is going to sit back and watch their investment shrivel you are dead wrong. The companies, technology, implementation and legal battles being fought over bitcoin are much bigger than you, I, or anyone person on this forum and I can assure you that if, and when a significant price drop occurs they will prop up the market again and restore faith for the rest of the bitcoin community.
Bitcoin was made to be immune to legislation.
57.
Post 3398359 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.18h):
if when it drops, I think we'll see support at 1400. and not b4
Fixed that for you.
We are going to the moon
+1 to goat
58.
Post 3455538 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.19h):
I'm still thinking the next major news to move the price will not be BTC news. Nothing has been fixed in the world economies and it's just a matter of time until yet another shoe drops.
I think Bitcoin can use a little more time to develop usability and services before shit hits the fan in a big way.
It is never a good time for the sht to hit the fan. But the longer Bitcoin experiences organic growth, the better.
59.
Post 3458232 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.19h):
Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
i like to keep it long, for google searches
as long as fail gox is out of it... it is fighting to keep its 3rd place right now... btc-e is about to over take again!
thanks for changing the title. much better
Quoting for historical purposes. The end of the Gox era. Respect. And good call on the name change.
60.
Post 3474673 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.19h):
Total number of coins:
April 9 2013: 11m
November 4 2013: 12m
ATH on mtgox: 266 USD/BTC
Required on mtgox for all time high cap. 266/12*11=243 USD/BTC
61.
Post 3474883 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.19h):
$210 on Stamp, China is going ballistic.
The traders are nomming that 210 wall on Bitstamp rather aggressively
62.
Post 3476431 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.19h):
Important message to all bitcoin holders
http://youtu.be/gE-uY7P3pe4?t=2m
63.
Post 3480638 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.20h):
Will we get a Bitoin flag on the South Pole in 2013? We are getting closer:
https://bitcointalk.org/index.php?topic=317249.msg3480598#msg3480598
64.
Post 3480945 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.20h):
"Losing all your money" is difficult w/ bitcoin.
Truer words were never spoken.
65.
Post 3497292 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.20h):
I invested only 20% bitcoin, the rest gold and silver - what an idiot!
This sort of blunder self-corrects in a few months. (I only invested 1%
)
LOL! Congrats, though.
66.
Post 3507068 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.21h):
Have any of you ever traded anything as volatile as this?
67.
Post 3520601 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.21h):
Can someone post the picture of Morpheus saying that you won't have to sell your bitcoins, when the time is right?
68.
Post 3529074 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.21h):
Maybe the authorities ARE aware...
If they are an are onboard...
69.
Post 3535759 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.22h):
I've made $3,800 in 10 days just by devouring this and a few other super threads morning and night and every available stealable moment. I've stared mesmerized not infrequently paralyzed at chart movements, volume changes, ask sums, all the neat stuff. This is the life for me! (OK, a lift from the rum and carrots guy). Oh, and I would have made $7,500 had I done none of the above.
End of Thread.
70.
Post 3536179 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.22h):
I might actually have successfully bought in a dip! That would be a first for me. Spent a bit to restock my Local Bitcoins ads. I am more of a hold guy, though - I don't believe I can beat the market so I usually don't try to.
71.
Post 3541391 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.22h):
so glad I didn't sell anything! thanks to this board, I kept my cool
You want the best bitcoin investment advice?
http://youtu.be/NG1qooBzE2w
72.
Post 3541772 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.22h):
Look at the action around 18:40 where a huge bid wall at 320 is set up which then attracts more bids above that price. The wall is then removed an bitcoins sold on a market order. That's how you sell or buy for 100k at the best price, I guess.
73.
Post 3542859 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.22h):
As Bitcoin Plunges 25% On Government Scrutiny, The First BTC "Fair Value" Reco Has A Stunning Price Target
Let’s use a broad guesstimate. One Bitcoin should theoretically be worth 700 ounces of gold or pretty close to $1,000,000, if we adjust existing supply of both to equal eachother. One BTC is currently worth 0.14 ounces of gold. That gives BTC an upside of 5000 times to equal the current price of gold, supply adjusted. Clearly, I and everyone else believes that Gold may well be much higher than here in the next 5 to 10 years, thus versus the US Dollar the upside for BTC could be multiples of that. Now, before you shake your head, simply go back to the chart of Gold versus the US Dollar and just recognise that it has risen 8750% since the 1920s. And just remember that Microsoft rose 61,000% from its IPO to it’s peak. Considering what we know about the world, I personally believe that Bitcoin may well explode in value as more and more people begin to use it. If you stuck $5,000 into Bitcoins and each Bitcoin did go up to a gold equivalent of let’s say, only 100 ounces of gold (not the potential fair value of 700), then at current prices your Bitcoin stash would be worth $3.3m.
http://www.zerohedge.com/news/2013-11-10/bitcoin-plunges-25-government-scrutiny-first-btc-fair-value-reco-has-stunning-price- Hold on, guys! Zerohedge have been anti-bitcoin for as long as I can remember. having them onboard is a pretty big deal, right?
74.
Post 3543206 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.22h):
for the record, i said we would hit 400 two days ago. I should be ignored from now on.
our memory is fickle, you're all good
I would have ignored your statement if it ended up coming true as well. If you predict such short term price fluctuations it's due to random chance only
so we day trade why exactly? I agree with you btw...
We don't.
75.
Post 3563701 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.22h):
Cup and handle has been forming on all four major exchanges the last four to five days. Very bullish.
76.
Post 3569185 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
wow. Thank god I don't have a real job, so I can just sit and watch this all day. Most exciting thing ever. Its' like watching the future fly by.
Thank God I don't have a Master's thesis in physics I should finish
77.
Post 3575190 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
So. What market moves have you guys planned while I sleep? You are the ones calling the shots right?
Oh yeah. 400 on Bitstamp BTW. *Yawn*
78.
Post 3575205 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
79.
Post 3575245 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
400 on Stamp! Finally
wh0000 wh00000
i mean ch000000000000000 ch000000000000000000
btw really is crazy...
$1000 by December?
I have two bets on 500 dollars on mtgox before 2014 (Michelin dinner and champagne) but 1000 dollars in 2013 wouldn't be too bad either.
80.
Post 3579561 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
This is a pretty cool chart. I wish that ChartBuddy would display the market depth of four exchanges and not just one, though.
81.
Post 3585086 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
What law in what country says that someone wholly or partly has to use bitcoin?
It's obvious you misunderstand the full definition of "fiat". Fiat can be a government issued currency but it also is defined as a currency with no intrinsic value.
1) Bitcoin as a protocol has intrinsic value. As a time stamp and as base-protocol for Mastercoin.
2) The word you are looking for is "fiduciary". "Fiat" means "let it be" and thus means that someone is in control.
fiat
ˈfiːat,ˈfʌɪat/
noun
1.
a formal authorization or proposition; a decree.
"the reforms left most prices fixed by government fiat"
82.
Post 3585156 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
2) The word you are looking for is "fiduciary". "Fiat" means "let it be" and thus means that someone is in control.
fiat
ˈfiːat,ˈfʌɪat/
noun
1.
a formal authorization or proposition; a decree.
"the reforms left most prices fixed by government fiat"
Fiat money has been defined variously as:
any money declared by a government to be legal tender.[1]
state-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.[2]
money without intrinsic value.[3][4]
http://en.wikipedia.org/wiki/Fiat_moneyOk. Arguing over definitions is usually stupid. That is a semantic discussion and what one should usually seek is a logical discussion. But I think this discussion merits some attention none the less since is important that we are able to use the right words to describe Bitcoin and bitcoins.
The word "fiat" means a decree or a dictate thus indicating a central authority. This does obviously not apply to Bitcoin or bitcoins and we should thus, in my opinion, avoid linking the word "fiat" with bitcoins.
(and the bitcoin protocol (and thus bitcoins) has intrinsic value since it can be used as a tool - namely a timestamp - just like gold can be used in electrical devices and teeth - intrinsic value. But this is a seperate discussion to the discussion of the word "fiat".)
83.
Post 3585223 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
The word "fiat" means a decree or a dictate thus indicating a central authority. This does obviously not apply to Bitcoin or bitcoins and we should thus, in my opinion, avoid linking the word "fiat" with bitcoins.
No, I will not avoid "linking" the word fiat with Bitcoin because that is what Bitcoin or any other currency that has no intrinsic value is. Fiat. You may not like that and even choose only the definitions that support your position, but it is what it is. Fiat.
I am not picking definitions at will. Fiat means decree thus indicating central authority. I tried to be polite but:
http://goo.gl/fQX918
84.
Post 3585403 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
The word "fiat" means a decree or a dictate thus indicating a central authority. This does obviously not apply to Bitcoin or bitcoins and we should thus, in my opinion, avoid linking the word "fiat" with bitcoins.
No, I will not avoid "linking" the word fiat with Bitcoin because that is what Bitcoin or any other currency that has no intrinsic value is. Fiat. You may not like that and even choose only the definitions that support your position, but it is what it is. Fiat.
I am not picking definitions at will. Fiat means decree thus indicating central authority. I tried to be polite but:
http://goo.gl/fQX918And he is using the definition from wikipedia's "Fiat Money" page. I'm not saying I agree with him, but he already linked to his definition, so linking to a conflicting definition won't get you anywhere.
That is true. And this is also why I warned against semantic discussions btw. But when you seek to define words, one should always look at their etymology (origin) and not different uses since many words can be used for conflicting meanings. Take the word "liberal". In europe it means "seeker of freedom" = libertarian or classical liberals like John Locke. In the US "liberal" means social liberal who are inspired by Rousseau or even the social democratic movement with emphasis on the so-called positive freedoms (as defined by Isaiah Berlin). Many words can mean anything you please if you do not go to their root. Then their meaning usually becomes unambigues. Like "fiat."
85.
Post 3585433 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
If you actually followed the source wikipedia links to, it says the following:
I use the term fiat or abstract paper money interchangeably to stand for a government supplied means of payment of no intrinsic worth.
So not even your own source actually supports your claim. It's just Wikipedia messing up.
Not sure why this bothers some of you so much. There is government fiat, now digital fiat, clam shell fiat, etc, etc. As freethink just said, fiat isn't necessarily a bad thing. It's not bad that USD is fiat in that sense. What's bad about USD is that it is debt based. It enters the system as debt. It would actually be nice if the treasury would just issue sovereign money and break capital holders grip on our economy.
Fiat means decree which is the anti-thesis to Bitcoin. That is why it bothers me.
86.
Post 3585475 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
Fiat means decree which is the anti-thesis to Bitcoin. That is why it bothers me.
Well you have the full right to stay bothered by it. Me, I'm going to keep saying what I want, as my ignore button clearly reflects. And you are certainly free to join my entourage any time you like.
Nah. It takes a little more than that to get on my ignore list
Love this thread btw. <3
87.
Post 3585483 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
If you actually followed the source wikipedia links to, it says the following:
I use the term fiat or abstract paper money interchangeably to stand for a government supplied means of payment of no intrinsic worth.
So not even your own source actually supports your claim. It's just Wikipedia messing up.
Not sure why this bothers some of you so much. There is government fiat, now digital fiat, clam shell fiat, etc, etc. As freethink just said, fiat isn't necessarily a bad thing. It's not bad that USD is fiat in that sense. What's bad about USD is that it is debt based. It enters the system as debt. It would actually be nice if the treasury would just issue sovereign money and break capital holders grip on our economy.
Fiat means decree which is the anti-thesis to Bitcoin. That is why it bothers me.
The decree is right here:
http://www.bitcoin.org/bitcoin.pdfEveryone here has accepted bitcoin as the implementation of that decree.
No. I have not been told to use Bitcoin. I have chosen to. Thus it is a proposal and not a decree to me.
88.
Post 3593141 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.23h):
Bitcoin is the only investment/commodity that can rise 25% or more in one week and be met with a "meh" by the people holding it.
Dollars is the only investment that can fall 25 % or more in one week and be met with a "meh" by the people holding it.
89.
Post 3629750 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.25h):
So...wtf happens when the exchanges run out of coins? Any chance that will happen?
The price rises until someone are willing to sell. It will all happen more or less continuously, though. Rapid movement but no sudden jumps, I believe.
90.
Post 3656174 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.26h):
Do anyone know why Bitstamp is more expensive than mtgox atm?
91.
Post 3656290 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.26h):
Do anyone know why Bitstamp is more expensive than mtgox atm?
I believe there was some issue with fiat deposit that recently got solved. Could be a lot of money hitting the exchange all wanting to get in at once.
Thanks for clearing that up. Makes sense.
92.
Post 3656332 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.26h):
feelings?
I really hope we go down. I have way to much fiat atm.
93.
Post 3656461 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.26h):
Bitcoins advantages are technical and if you take that from bitcoin there is nothing left.
Not true. One of bitcoins main advantages is that inflation is predictable. Maybe you understand the technical aspects of bitcoins but you do not seem to understand the problems with the current monetary situation or the political implications of Bitcoin.
94.
Post 3656484 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.26h):
But whatever. This is offtopic anyways and we will see whether bitcoin will be destroyed by the gold gold gold idiots or if it excels because of its technical advantages.
You are being way too friendly
95.
Post 3656495 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.26h):
if i was a billionaire i'd buy bitcoin to 1000 now just for kicks.
Maybe that's why you are not a billionare? You would spend millions just to see a number on a screen?
96.
Post 3656510 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.26h):
Bitcoins advantages are technical and if you take that from bitcoin there is nothing left.
Not true. One of bitcoins main advantages is that inflation is predictable. Maybe you understand the technical aspects of bitcoins but you do not seem to understand the problems with the current monetary situation or the political implications of Bitcoin.
This is wrong. Bitcoin lives from being a worldwide currency. As soon as you are not able to pay anything with it, it will lose its value. Just because something is "rare" doesn't mean it hast value. I can print 10.000 sheets with "this is xymoney" on it and say they have a value because I just made 10k. But the don't.
And the same goes for bitcoin. Bitcoins value only stems from it's (promises of) advantages over other payment systems. Since the beginning.
A currency must also be able to store value for the users to accept it. Ask John Law.
97.
Post 3656662 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.27h):
Bull..? Bear...?
Both can't be right.
DOWN!!! (I pray)
98.
Post 3662265 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.27h):
Cup and handle again on Bitstamp?
99.
Post 3674031 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.27h):
Monday I executed a wire at Bitstamp and I still don't have anything credited on my Stamp account yet. Am i the only one in this case?
No.
100.
Post 3700266 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.28h):
So according to the video: If we're not running out of resources, why do we need to use them more efficiently?
To deny we are running out of resources, is the true "economic ignorance". We live in a debt based system that requires infinite growth but our planet and it's resources are certainly finite. If we had infinite resources, our debt based system could go on forever, but it can't because we don't. People don't look at what it takes to make that car, that some guy took a loan out on and the bank created money from air to pay for. This is why our system will eventually collapse because eventually you will run out of the resources required to build the items that people go into debt to buy. Without people taking on more debt, banks can't create more money from thin air and it all comes tumbling down.
ZB is right. It is nice to see someone who understands fundamental economic truths. You can just study BP's Statistical Report if you still think that we are running out of resources. The truth is that known oil reserves are growing faster than oil consumption.
101.
Post 3700406 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.28h):
So according to the video: If we're not running out of resources, why do we need to use them more efficiently?
To deny we are running out of resources, is the true "economic ignorance". We live in a debt based system that requires infinite growth but our planet and it's resources are certainly finite. If we had infinite resources, our debt based system could go on forever, but it can't because we don't. People don't look at what it takes to make that car, that some guy took a loan out on and the bank created money from air to pay for. This is why our system will eventually collapse because eventually you will run out of the resources required to build the items that people go into debt to buy. Without people taking on more debt, banks can't create more money from thin air and it all comes tumbling down.
ZB is right. It is nice to see someone who understands fundamental economic truths. You can just study BP's Statistical Report if you still think that we are running out of resources. The truth is that known oil reserves are growing faster than oil consumption.
Just because you agree with him, doesn't make him "right". And your refuting evidence comes from BP? I'm totally convinced now.
I don't "agree" with him. I know he is right because I have studied this myself. The R/P ratios (reserves divided by production) rises for many fossile fuels and since the end of the 19th century some people who do not understand economics have been warning about peak oil. Peak oil is a myth but I don't see why we should have a political argument about it.
102.
Post 3700638 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.28h):
I don't "agree" with him. I know he is right because I have studied this myself. The R/P ratios (reserves divided by production) rises for many fossile fuels and since the end of the 19th century some people who do not understand economics have been warning about peak oil. Peak oil is a myth but I don't see why we should have a political argument about it.
You have the right to your opinion and that's all it is. An opinion. My opinion, is that your opinion is not based in reality. How can supply be growing faster than consumption when oil is the result of millions of years of decay?
You have misunderstood the concept of a "reserve". In mining a reserve is defined as something that is discovered and has been proven to be economically viable to extract. Therefore reserves CAN grow even though we are pumping oil out of the ground because new oil reserves are constantly being discovered and we are getting better at extracting the oil from the ground so the already existing reserves in known oil fields are becoming larger. The fact that you do not know this tells me that you have not studied this issue enough to have a qualified opinion:
Mineral reserves are resources known to be economically feasible for extraction. Reserves are either Probable Reserves or Proven Reserves.
http://en.wikipedia.org/wiki/Mineral_resource_classification
103.
Post 3700811 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.28h):
I don't "agree" with him. I know he is right because I have studied this myself. The R/P ratios (reserves divided by production) rises for many fossile fuels and since the end of the 19th century some people who do not understand economics have been warning about peak oil. Peak oil is a myth but I don't see why we should have a political argument about it.
You have the right to your opinion and that's all it is. An opinion. My opinion, is that your opinion is not based in reality. How can supply be growing faster than consumption when oil is the result of millions of years of decay?
You have misunderstood the concept of a "reserve". In mining a reserve is defined as something that is discovered and has been proven to be economically viable to extract. The fact that you do not know this tells me that you have not studied this issue enough to have a qualified opinion:
Mineral reserves are resources known to be economically feasible for extraction. Reserves are either Probable Reserves or Proven Reserves.
http://en.wikipedia.org/wiki/Mineral_resource_classificationYet, you did not answer the question because you simply can not defend such illogical thinking. Now you want to dodge with semantics. Too funny.
I have done this so many times it is getting tiring:
OILGlobal proven reserves:
1980: 683.4bn barrels
2013: 1'668.9bn barrels
Growth:
144 %Global consumption:
1980: 61.4m barrels per day
2013: 89.8m barrels per day
Growth:
46.3 %source:
http://www.bp.com/content/dam/bp/excel/Statistical-Review/statistical_review_of_world_energy_2013_workbook.xlsxConclusion:
Oil supply is growing faster than consumption
104.
Post 3700852 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.28h):
Guys, any chance of taking the offtopic discussion to "Offtopic"?
Sorry. I thought this was "The Hang Out Place"
105.
Post 3822234 (copy this link) (by Sword Smith) (scraped on 2020-04-04_Sat_11.31h):
Bitcoins market cap is 13.37bn USD if calculated from Bitstamp's price.
