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1203
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 23, 2021, 02:53:16 PM
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Yes, good point, the "51% of hashrate attack" is a serious threat. The core idea of mining incentive is greed, assuming it's more profitable to support than abuse something profitable, but if a state gains control and it turns political, that could be a nightmare. What I don't get is why China would be kicking out the miners out then? If the plan was to gain control I mean.
well they could just take over bitmain and force them to crank new miners out exclusively for gov use, leave it offline until they are assured of >51% then attack bitcoin simply to try and destroy it (ie no direct financial advantage they just want it gone so it doesnt compete with there own digital centralized stuff). it would take stockpiling all new bitmain stuff, leaving it all offline (secret) wait till assured >51% and then unleash it all at once. pretty tall order but maybe possible? Still doesn't make sense tho. The time to have done this to kill off Bitcoin successfully and easily was 8 years ago. IMHO, I think China plans to keep mining around. Big miners will either cut deals to pay the extortion bribes, or move to better locations. Most of them will likely pay to stay. Governments don't like to run public servers and deal with such maintenance and overhead. They know they suck at it. Look for a reverse FUD announcement in the future like "China to allow miners who adhere to new renewable energy policy restrictions to resume Bitcoin mining."  |
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1206
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 23, 2021, 12:25:49 PM
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BUT. The pipe has to be big enough to send ALL the transactions that need to be sent at any one time. BUT it also has to take into consideration the fact that much of the existing BTC is simply NOT AVAILABLE. That means instead of bitcoin being equal to 1/21000000 of everything, instead the AVAILABLE float is equal to all the of things currently for sale -- at least. I am still working on this, but i feel like this train of thought goes somewhere... maybe just in circles? You're on the right track. But even the float is fake to some extent...it can never be accurately known what the float has available for sale. There likely is all kinds of fraud going on with it: naked buying, naked shorting, fake buy/sell walls, phantom coins, rehypothicated coins shared across multiple "owners" with supposed valid claims, fake or vastly under reported reserves, etc. This is compounded by the amount of leverage many of these exchanges are allowing whales to use. My gut tells me that that the actual amount of physical bitcoin "available" is a mere fraction of what actually trades virtually. Only massive bull runs and massive short squeezes can help to reveal the truth. Or big buyers like Grayscale come in. For example, when you see the Bitcoin market hit the lowest of lows and seems dead. The price is all fake, because the exchanges don't really have all the bitcoin available for sale at that low price. They only have a fraction, and whales have used fraud and naked shorting to push the price down that low. And their bluff gets called the minute another whale comes in with a real massive buy order, the price jumps massively. The float price can literally double overnight. |
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1211
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 20, 2021, 01:50:29 PM
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Wonder if the state is demanding bribes from big mining farms to continue operations. Once paid they’ll allow mining to continue. I suppose China don’t give a crap about energy use & the environment. Let’s face it, it’s them who dump most of the plastic into our oceans.
You guessed it. China hasn't cared since Bitcoin mining started in the country back in 2012. So why would they suddenly wake up and care about it now? Also I read somewhere recently that in China, hundreds of brand new coal-fired power plants go online every year. Hundreds. They literally do no give a shit about being environmentally friendly. Like at all. |
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1212
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 20, 2021, 01:33:57 PM
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MSM Narrative: "China imposing bitcoin mining crackdown, forcing large miners to shut down"
Reality: "China insiders subsidizing large miners to temporarily turn off hash power. Will tell them to resume when insider whales have scooped up enough cheap coins." AKA I'm not buying into this "China miner crackdown FUD BS" for an instant. 
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1213
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 20, 2021, 01:16:33 PM
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Chinese miners crackdown, energy FUD, Goldman Sachs shorting, stock market tanking and dragging Bitcoin down with it.
Crazy how sentiment IN THE MEDIA changed so quickly.
All by design and on purpose. Happens after every momentum trade and bubble burst. Every. Single. Time. It's easy for the whales to massively short, what they themselves massively pumped in the first place. They have controlled the float all along. They are just selling back to the themselves, dumping into their own walls, in the hopes that some n00bs will buy into the negative sentiment, sell and take a loss. Blame the exchanges that are willing to give them the ridiculous leverage. In the long run it doesn't matter. We all know where it's going. |
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1214
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 18, 2021, 04:57:35 PM
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The reason why Wall Street and the rest of the world's deep pocket traders want shitcoins to stay around is very simple.
They can own a shit ton of them, and with very little real money and a fuck ton of 100X leverage they can create insane levels of trading volatility with them, fleecing n00bs out of their money. They can also create false narratives around shitcoins that gaslight n00bs into believing that X/Y/Z shitcoin is really special and is going to the moon just because.
With Bitcoin, they can't do that, not anymore anyway. It takes a fuck ton of real fiat money and a good bit of leverage to move the Bitcoin market just a little bit. And they can't and don't own a lot of it, because 90%+ is in the hands of "not Wall Street". Bitcoin HODLers can't be fleeced, and can't be convinced of false narratives. So it is not attractive to Wall Street whales. That's why they fkn hate it.
That's also why the MSM is so focused on promoting shitcoins and slamming Bitcoin. They are constantly trying to push n00bs into shitcoins. Constantly.
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1215
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 18, 2021, 03:35:48 PM
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Can we just appreciate for a moment that we are trading at $37k!! Thats insane if you think about! And people call this bearish. I could not imagine this price in the beginning of 2020 and after the covid dump. This is awesome!
After the Bitcoin market "crash", I know the MSM would like me to feel some sort of bad that the bitcoin price is still 400% of what it was this same time last year. But I don't. Call me crazy. |
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1218
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 11, 2021, 02:31:32 PM
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OT: This is the ultimate red pill, the ultimate "ah ha" moment. And you can no longer vote against it. They will print and spend regardless of who is in office. Once you "get" this, you soon realize that there are only so many ways out of their system. Bitcoin is one of those ways.
"Big government only sees itself. It is the ultimate narcissist, everything else exists for its benefit.
Think about this...with massive government, the people are the budget. We’re little hash marks on a piece of paper, little items in a multi-trillion dollar lobbyist giveaway, all devolving us into nothing more than a product to manage, a product to distribute, a product to tax, and a product to exploit for political and financial gain all along the way.
The size of government itself and its contempt for the people it’s supposed to represent has made it inevitable that they hardly see us as human beings at all. No doubt they see us as hamsters in the wheel, all to fund an ever-expanding bureaucracy.
In fact, the endless spending is a representation of the denigration of humanity at every level, and it all happens when the government becomes an insatiable monolith."-Tammy Bruce  |
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1219
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 11, 2021, 02:26:40 PM
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so, here we are again, discussing block size while the next big bitcoin upgrade is just 140 signaling blocks away.
And once again, the vocal "we" that wants to endlessly debate that shit has ZERO, LESS THAN ZERO control over it...but with hubris thinks that they have some control. And trying to convince other users that also have ZERO control is futile and a waste of time and effort. |
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1220
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: June 10, 2021, 11:02:09 PM
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Since shitting on ETH seems OK, have a personal story to tell; I was contracted to evaluate Etherum security in 2016 (or it might have been 2017) because the customer wanted to build a service on top of it. After installing the official client which is a clusterfuck of different languages (Go, Python, Java, C#, etc), the client started downloading updates directly from GitHub during runtime (which means any hacked commit could potentially compromise the client instantly), so that was bad, but it didn't end there, the client crashed a lot so testing became hard, shortly after testing some more I advised the customer to not use Etherum to build anything because it's simply not stable enough. The customer was stubborn and had some kind of FOMO about his business partners building frameworks on top of ETH already, so it ended that I just refused to continue but he was welcome to hire some else to do it. Shortly after this the first Etherum rollback happened due to malicious transactions (can't remember the details, but was not surprised), so it was obviously not "distributed" in a true sense then, emperor of rollbacks (Vitalik) had final word. After this I never touched it again, maybe it has improved security wise, probably not.
Thanks for you story. And to think that there are ETFs for that clusterfk of a shitcoin, with people investing tens of millions. Unbelievable. People don't even know what they are backing. (Well actually after the Enron, Theranos, and WeWork debacles, nothing is unbelievable to me anymore.) |
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