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

[podyx]

Hashrate has skyrocketed
https://blockchain.info/sv/charts/hash-rate?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Any reason why?

[1714639271]

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[cbeast]

Hashrate has skyrocketed
https://blockchain.info/sv/charts/hash-rate?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Any reason why?

Because Bitcoin is dying, people are throwing more money into mining.

[Erdogan]

Will there only ever be 21 million checks?

Will there be only one cryptocoin?

Will there ever be only one internet?

Ugh Jorge. I didn't know you responded to me but people will insist on quoting you driving me to respond to your idiocy.

Yes there is more than one cryptocoin.

I started one today with the exact same code as bitcoin but with one difference, it's called bitcoin2.

It has a network difficulty of 1 and is completely useless.

But yes let us pretend that network strength is not a factor. You've been "intellectually trolling" us here for a year or so, almost gaining hero status, but have failed to learn/acknowledge the most simple elements of what bitcoin is, what cryptocurrencies are, and what the relevant factors are in their utility and reliability.

The answer to Jorge is yes, for all practical purposes there will be only one cryptocoin, which is bitcoin.

[DaRude]

Hashrate has skyrocketed
https://blockchain.info/sv/charts/hash-rate?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Any reason why?

Because Bitcoin is dying, people are throwing more money into mining.

Huh  i kept rereading this but it still makes no sense. Sarcasm?

[cbeast]

Hashrate has skyrocketed
https://blockchain.info/sv/charts/hash-rate?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Any reason why?

Because Bitcoin is dying, people are throwing more money into mining.

Huh  i kept rereading this but it still makes no sense. Sarcasm?

It would be sarcasm if it wasn't true. Logic has nothing to do with it.

[Newar]

Hashrate has skyrocketed
https://blockchain.info/sv/charts/hash-rate?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Any reason why?

~10 percent is now a "sky rocket" in bitcoin land? What happened while I was gone? 

[Erdogan]

Will there only ever be 21 million checks?

Will there be only one cryptocoin?

Will there ever be only one internet?

This is really an interesting question. What is stopping the creation of Internet 2, Internet 3, and so on?

And yes, this question is really answering to the previous question, similar to the other thread on "Answering the question with another question".  

Don't forget history. The Internet is the name of the current cluster of interconnected local nets based on the internet protocol. Before the Internet, there were a dozen networks, not called internets, but which had the same potential and aspiration of being global. Also, Gates wanted to make a distinct  internet built on the internet protocol, but that didn't work out. The current Internet grew organically among competing nets to be omnipotent. It will stay like that for the immediate future.

[ChartBuddy]

Explanation

[fred1111]

There were altnets, some of them obvious scams (Minitel), others were usefull for experimenting. They have pretty much all disapeared. Does this apply to cryptocurrencies. Maybe.

[mooncake]

There were altnets, some of them obvious scams (Minitel), others were usefull for experimenting. They have pretty much all disapeared. Does this apply to cryptocurrencies. Maybe.

Don't forget history. The Internet is the name of the current cluster of interconnected local nets based on the internet protocol. Before the Internet, there were a dozen networks, not called internets, but which had the same potential and aspiration of being global. Also, Gates wanted to make a distinct  internet built on the internet protocol, but that didn't work out. The current Internet grew organically among competing nets to be omnipotent. It will stay like that for the immediate future.

Internet is the main network. All others are the local nets.

Bitcoin is the mainchain. All others are sidechain.

Very possible.

[cbeast]

Hashrate has skyrocketed
https://blockchain.info/sv/charts/hash-rate?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Any reason why?

Because Bitcoin is dying, people are throwing more money into mining.

according to KNC, the mining cost of bitcoin is significantly below $400, i think it's around $170 per coin and they are trying hard to mine more and dump more

KNC 3T miner at 1710 Watts: $5995 (of cause the cost of manufacture is under $3000)
mine 1 bitcoin: 3.412 week, Power Cost: $98
let's say you mine 50 bitcoins and stop mining, cost per coin: $158

I'm surprised a high capacity fab isn't manufacturing better ASICs yet.

[janos666]

I think China finally figured out what really have happened on Bitfinex and now everybody started to correct the effects of mistakes.

[ChartBuddy]

Explanation

[BlindMayorBitcorn]

Good bids @Bitfinex = ppl want to close shorts ASAP ?  

 Total sum of active swaps   11,784.20 BTC


ehh, that´s not so good, it means that all buys(or a lot of them) in fact were actually shorts that have been closed...
We had about 18000+ before

So, some impatient traders closed their shorts on Bitfinex via rapid market buys rather than slow fishing?

I am really mad at them because they triggered my stop order just a few minutes before I could move the stop price lower as I planned. And now I need to figure out my next move instead of simply waiting for a dump party or to get "stopped" by a real rally. I think it could have been better for all of us if this didn't happen the way it did.

Aaaw you poor trader losing money. I feel so bad for you guys. It just isn't fair is it?

My loss was imaginary. My short was opened earlier. I just planned to close it even lower... So no...
I think it was bad because this kind of price pump won't have a lasting effect. So, people get over-exited about a trend reversal again but get a dump in their face.
1: The one whole closed the big shorts could have earned more
2: I could have earned more
3: overall for BTC: this was a fake pump but that short won't be there as a buffer during the next real dump
But I say that because I don't think it was an intentional price manipulation. However, it can be the case.

So this is what it feels like to be short squeezed. Sorry. But: HA!

[CMMPro]

Hashrate has skyrocketed
https://blockchain.info/sv/charts/hash-rate?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Any reason why?

Because Bitcoin is dying, people are throwing more money into mining.

according to KNC, the mining cost of bitcoin is significantly below $400, i think it's around $170 per coin and they are trying hard to mine more and dump more

KNC 3T miner at 1710 Watts: $5995 (of cause the cost of manufacture is under $3000)
mine 1 bitcoin: 3.412 week, Power Cost: $98
let's say you mine 50 bitcoins and stop mining, cost per coin: $158

Except mining 50 bitcoins with that device would take 170 weeks (or about 3 years) at the current difficulty...and we all know the difficulty won't go up for the next 3 years right?

Idiotic....the mining cost of a single bitcoin is far beyond the btc/usd exchange price right now.

[marcus_of_augustus]

Hashrate has skyrocketed
https://blockchain.info/sv/charts/hash-rate?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Any reason why?

Because Bitcoin is dying, people are throwing more money into mining.

according to KNC, the mining cost of bitcoin is significantly below $400, i think it's around $170 per coin and they are trying hard to mine more and dump more

KNC 3T miner at 1710 Watts: $5995 (of cause the cost of manufacture is under $3000)
mine 1 bitcoin: 3.412 week, Power Cost: $98
let's say you mine 50 bitcoins and stop mining, cost per coin: $158

Except mining 50 bitcoins with that device would take 170 weeks (or about 3 years) at the current difficulty...and we all know the difficulty won't go up for the next 3 years right?

Idiotic....the mining cost of a single bitcoin is far beyond the btc/usd exchange price right now.

I agree, hashrate increases have slowed significantly and may even stop shortly which is a huge tell that we are very near cost of production, if not already below. The last time this happened marked the long term bottom.

Forward sales of mined coins may have even artificially depressed prices 'ahead' of schedule by bringing inflationary effects forward in time. At a price point lower than the forward sale though the hedged miners switch from natural shorts to floor-setting determined buyers, as they can make guaranteed profits buying at market and selling at their hedged price.

[NotLambchop]

What up, bitches Good morning, gentlemen!

[ShroomsKit]

400 dollars by morning?

Obviously it will be nothing but dumps the coming 12 hours till we're back at 330.

We're getting there. Well done traders, as always.
Now you can continue with the daily posts wondering why we just won't go up.

[Malin Keshar]

400 dollars by morning?

Obviously it will be nothing but dumps the coming 12 hours till we're back at 330.

We're getting there. Well done traders, as always.
Now you can continue with the daily posts wondering why we just won't go up.

At the moment I'm wondering why  we  don't just go down

[ShroomsKit]

400 dollars by morning?

Obviously it will be nothing but dumps the coming 12 hours till we're back at 330.

We're getting there. Well done traders, as always.
Now you can continue with the daily posts wondering why we just won't go up.

At the moment I'm wondering why  we  don't just go down

And why would that be?