1281
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: May 02, 2021, 01:08:31 AM
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The Fed and the govt want people to spend spend spend those stimmy checks. Not hoard as savings or convert to investments, assets, etc. Consumer spending is the only thing that drives economies of the world. Just take a look at this chart, and tell me what you see: https://fred.stlouisfed.org/series/M2VYeah, the goal of stimmy munny is to be spent all over the place. Fed: Stimmy check? https://twitter.com/naiiveclub/status/1388491610623598599“Fortunately, some are born with spiritual immune systems that sooner or later give rejection to the illusory worldview grafted upon them from birth through social conditioning. They begin sensing that something is amiss, and start looking for answers. Inner knowledge and anomalous outer experiences show them a side of reality others are oblivious to, and so begins their journey of awakening. Each step of the journey is made by following the heart instead of following the crowd and by choosing knowledge over the veils of ignorance.” -Henri Bergson
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1282
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: May 02, 2021, 12:51:57 AM
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You know, my brain's wheels are turning right now with a thought:
"Is an inflationary money policy the driver behind the desire to endlessly consume?"
Yes. Our financial system depends on perpetual growth. Since all money is debt-based, we are always creating more of it to service the interest from having borrowed it into existence. If all debts were to be paid off simultaneously, there wouldn't be enough money in the world to actually do it. So we keep creating more. This is monetary inflation, which eventually leads to price inflation unless you monetize more goods, meaning you make more things available for purchase for the newly created money, thereby balancing out supply & demand and preventing price inflation. We are being driven towards endless consumption in order to perpetuate the status quo. We are always to be two missed paychecks from destitution so we will latch onto any false form of material happiness marketed towards our fears and frustrations. Remember this the next time some smug douchebag pulls the "muh EnErGy cOnSumpTIon" card against Bitcoin. Deflationary crypto may yet be the biggest boon for the environment. It turns people from consumers into hodlers. <some snip>What the Fed doesn't seem to grasp is, all the free stimmy checks or even UBI in the world won't make a lasting turn in consumer spending. Stimmies are just a temporary bump. Only wages going back up relative to *real* inflation will do that. And that just ain't gonna happen. What the Fed is doing now (sending money directly to consumers) smacks of desperation. It's a joke. yes, I agree, but what can they do if, according to Jeff Booth, we are living in a deflationary world? I read "The price of tomorrow"..it's pretty compelling. They could rip off the band-aid, taper the money printing, and raise interest rates to 5+%. Let the markets bubble deflate back to normal. The sooner they do that, the sooner we get it over with and begin to build anew again. Sure in the interim, millions around the world will lose their jobs, millions upon millions more will likely die. But that's not who the Fed is protecting, although they would say they are. It's all of their billionaire crony friends who, overnight, would all become merely millionaires. THAT'S who the Fed is protecting. And they can't let that happen. Also they can't actually raise rates because then the govt couldn't service the existing debt. They'd have to have a "debt jubilee" across the board.
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1283
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: May 01, 2021, 09:02:22 PM
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You know, my brain's wheels are turning right now with a thought:
"Is an inflationary money policy the driver behind the desire to endlessly consume?"
Yes. Our financial system depends on perpetual growth. Since all money is debt-based, we are always creating more of it to service the interest from having borrowed it into existence. If all debts were to be paid off simultaneously, there wouldn't be enough money in the world to actually do it. So we keep creating more. This is monetary inflation, which eventually leads to price inflation unless you monetize more goods, meaning you make more things available for purchase for the newly created money, thereby balancing out supply & demand and preventing price inflation. We are being driven towards endless consumption in order to perpetuate the status quo. We are always to be two missed paychecks from destitution so we will latch onto any false form of material happiness marketed towards our fears and frustrations. Remember this the next time some smug douchebag pulls the "muh EnErGy cOnSumpTIon" card against Bitcoin. Deflationary crypto may yet be the biggest boon for the environment. It turns people from consumers into hodlers. I agree. But if you look at the FRED M2 money velocity chart I posted, you can see that up to 1997, monetary expansion policy actually seemed to buoy the economy even in the face of falling wages (adjusted for inflation, of course.) They decided to make personal credit cheaper and cheaper to fill in the wage gap, so that Average Joes would continue spending into the real economy despite their slowing wage growth and growing personal debt load. And so continuing to expand the money supply and cheaper credit worked for a while. Until 1997. And then it didn't anymore. You can also see on the chart where consumer spending fell completely off the cliff. We are now at a point where wages are no longer increasing (to keep up with *real* inflation), mom and pop cannot take on any more personal debt to fill the gap, and thus all consumer spending has fallen to a minimum life support level. What the Fed doesn't seem to grasp is, all the free stimmy checks or even UBI in the world won't make a lasting turn in consumer spending. Stimmies are just a temporary bump. Only wages going back up relative to *real* inflation will do that. And that just ain't gonna happen. What the Fed is doing now (sending money directly to consumers) smacks of desperation. It's a joke.
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1284
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: May 01, 2021, 06:48:11 PM
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Yeah...I don't mean to gender bash here, but the majority of women I've met in my life are the biggest hypocrites in that regard. They are the biggest consumers of "fast fashion", chasing passing fashion fads (cough *trends*) year after year, yet also the most vocal about planet "sustainability" and "eco-friendliness". I know some men are just a bad though. Mostly young men. You know, my brain's wheels are turning right now with a thought: "Is an inflationary money policy the driver behind the desire to endlessly consume?"Really, I never thought about it in this direction. Thinking...... Oh absolutely. Beyond a doubt. The Fed and the govt want people to spend spend spend those stimmy checks. Not hoard as savings or convert to investments, assets, etc. Consumer spending is the only thing that drives economies of the world. Just take a look at this chart, and tell me what you see: https://fred.stlouisfed.org/series/M2V
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1285
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: May 01, 2021, 05:43:47 PM
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The clothing attitude of people is truly one of the biggest hypocrisies if one is worried about the environment. I prefer buying more premium clothing I can keep for years. I wear the same shoes for years. I only have to replace slippers every year or two because they are basically my work shoes. Even then I buy the more expensive ones I can find. I mostly wear an expensive leather jacket I bought 7 years ago. I take it to the dry cleaning from time to time and it comes back new. My girlfriend's attitude is to just constantly buy new shit and donate old clothes to "charity" because it's so cheap and crap quality. She even moans at me for keeping certain jackets long or wearing them too often. I'll probably end up chucking her out the door as quick as she dumps clothes if she doesn't stop that shit. Yeah...I don't mean to gender bash here, but the majority of women I've met in my life are the biggest hypocrites in that regard. They are the biggest consumers of "fast fashion", chasing passing fashion fads (cough *trends*) year after year, yet also the most vocal about planet "sustainability" and "eco-friendliness". I know some men are just a bad though. Mostly young men.
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1287
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: May 01, 2021, 04:19:27 PM
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I'm just 17 minutes into the video and I'm pretty sure Giustra just ran out to hit up the nearest bitcoin ATM. To sum it up: not a debate, but one side providing solid moral, technical and futuristic arguments and another saying things like "watch out, they will ban you", again and again. Kinda like how the media continues to beat the same warning ever year to the pleb masses "watch out, the stonk market is in a bubble and could pop any second now" whilst the wealthy elite continue to sink trillions $$$ into it every year, ATH after ATH.
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1291
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Economy / Speculation / Re: [WO] Bigblocker stupidity
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on: April 27, 2021, 05:52:21 PM
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Objectively, altcoins don’t have so much of an advantage as it may seem to the naïve newbie who just wants to buy a cup of coffee. Altcoins only seem to offer inexpensive transactions, because:
No one is buying and using shitcoins to buy a cup of coffee. Just as no one is buying Bitcoin to buy a cup of coffee. They're using fiat to buy a cup of coffee. Which just further reinforces my point. Theory and reality are two entirely different things. Also, are you trying to beat out JJG for the 2021 Wordie Man award or what?
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1293
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Economy / Speculation / Re: [WO] Bigblocker stupidity
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on: April 27, 2021, 01:38:03 PM
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Increasing base-layer capacity to, what, maybe 30–40 tps tops would be a sick joke at a cost that would surprise people. It would not solve any problems, and it would create many. We need technologies supporting tens of thousands of TPS or more; a doubling (or whatever) of the current blocksize is insufficient by orders of magnitude, too much and not enough all at once.
Do we though? I keep seeing people, big blockers and some OG's alike, banging on this proverbial drum, year after year after year, as if it such a dire, imminent need. But if most bitcoiners see Bitcoin as 99% SOV and and 1% or less as a transaction medium, then no, it's not. And we don't. The current TPS limit will continue to serve just fine. And Gresham's Law will continue to prove that out. There is a reason why the acronym "HODL" is so identified with Bitcoin, but certainly not with fiat.
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1295
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: April 25, 2021, 04:40:32 PM
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Throughout the majority of my life, I wasn't debt-free. And I was miserable. It felt like a Sword of Damocles. But I am now 100% entirely debt free, and yes, I can attest that the liberating feeling is unlike anything I've ever felt in my life. Just imagine the feeling of going through a disaster down year like 2008-9 or 2020, and having zero fears of losing anything you own (house, cars, other assets, etc.), being tied to any debt obligation (student loans, car loans, mortgage, etc.) or worrying about paying monthly bills or eating. My advice: If you are not debt-free, start focusing on getting there ASAP. Make it your life mission, and it'll come faster than you expect.
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1296
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: April 25, 2021, 04:24:33 PM
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Craig Wright, Calvin Ayre... what a bunch of scumbags.
I've never really been a rich person in my entire life, except, perhaps, in the last year, due to Bitcoin's recent price appreciation, which has given me a taste of how it feels to be "well off". Even then, I'm nowhere near the wealth that these guys have. What more do they want? Their future is completely secured, they can sustain their lavish lifestyles forever. Why do they keep fighting Bitcoin? Is it some sort of bad wiring in their brains, or is it a sickness of the rich?
In any case, I hope justice is served and they end up where they belong.
You're entirely correct, on the surface it makes no sense why they would continue doing this, as they could just disappear with their wealth and live on forever. So why go through all the hassle and public ridicule? I don't believe it's all just ego-driven. In fact, Craig Wright knows very well that he is not Satoshi, and that he is a liar. My theory is that they are secretly being paid under the table (by the Wall Street corrupt) to continue FUDing and being antagonistic toward Bitcoin. The message is clear: Bitcoin needs constant negative press, constant FUD, and prominent "enemies", essentially forever. Because without these spectres and worries constantly hanging over Bitcoin 24/7/365, the Average Joe public would be given the green light to rush in with both fists and ditch the USD entirely. There are others being paid too. Ask yourself, why would someone like Nassim Taleb just, out of nowhere, flip a complete 180 on Bitcoin? There is only one logical explanation.
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1297
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: April 24, 2021, 05:43:04 PM
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Apart from TA, on-chain analysts suggest this is the bottom as well, such as CryptoQuant, Glassnode and Willy Woo.
We might not have seen the absolute bottom yet, but I bet this price below $50,000 is going to be short lived.
And just to add to all of this good TA... If we take the TA out of the equation and just go by sentiment alone: 1. Average Joe public participation is still low, and overall volume extremely low. 2. Didn't see anything "parabolic" happen with Bitcoin. There was no blow-off top moment. 3. If the Coinbase IPO was the big "sell on the news" moment, then it was the absolute lamest moment in Bitcoin's entire trading history. Everyone knew it was coming months prior. 4. Whale traders in bear markets plan on short/dumping for a least 24-30 months straight after a top (unless we have a double top within the same year). I can't even fathom this happening right now with all the bullish announcements still to come. So I think anyone selling it all rn is going to be woefully out of position and sad over the next 6-12 months.
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1299
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: April 23, 2021, 02:03:50 PM
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Do you think billionaires are swimming around in a pool of gold coins or pallets of $100s? Nearly all of the wealth that people are complaining about is on paper. Jeff Bezos owns a bunch of Amazon shares. If you raise the capital gains tax, he'll just never sell those shares. If the capital gains tax was lowered however, he might sell those shares and invest that money in some other endeavor which could create millions of new jobs. I'm betting the guy who created Amazon is a lot smarter than anyone in the government.
Also it would be trivial to game the new cap gain tax law. Do you know how many wealthy U.S. millionaires/billionaires would be running around claiming exactly $999,999 in income on their taxes every year? All of them. Hell, most of the C-Level of the biggest U.S. companies don't even get paid an income, they take stock options as compensation.
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