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

[Richy_T]

OK, I'm going to bed. Don't disappoint me tonight, people.

[1714685530]

1714685530

[1714685530]

1714685530

[Chef Ramsay]

This prop is going up and that's that. Deal with it and make more from it/

[ChartBuddy]

Coin

Explanation

[marcus_of_augustus]

ponzis and pyramids are uniquely different animals although share many of the same features and incentive structures. A ponzi normally has a single actor or small group coordinating the scheme and profiting directly from the administration and the pyramiding effect of value flowing to the top. A pyramid is like a wave that does not necessarily have a central figure or figures that perpetuate the scheme but can take a life of its own until it burns out.

Most monetary systems have features and incentive structures not unlike pyramids with very long life time scales relative to the earning life time of a human. In some sense they are like life and fire, they will be in existence until they have served their useful purpose, consume all available resources or burn themselves out. And just like fire, small ponzis can start and feed into bigger pyramids that in turn even set ablaze, new long-lived monetary systems.

[dothebeats]

only 6000 coins to $1k on Bitstamp. Just sayin'.

So, should we buy all of it now?

[billyjoeallen]

-snip-
All of this extra activity related to the Mavrodi pyramid is likely to increase the number of xactions on the network.  If this leads to a backlog,  no fee xactions will probably never get confirmed and fees will go up for anyone who needs their bitcoin transferred in a timely manner, possibly up substantially.  

The power of exponential growth can be truly awesome.  possibly faster. A ponzi scheme needs an ever-expanding pool of suckers to continue.  A collapse is inevitable regardless of the block size outcome. This pump can last for a long time, but if the goddamn blocksize cap isn't raised (or preferably eliminated entirely), it's going to collapse when the network crashes which may be even before Mavrodi runs out of suckers.

Leveraged shorts are going up substantially on BFX, as well as longs.  If I had to guess, there will be a short squeeze before a long squeeze.  Liquidity providers have been caught unprepared for the short term demand of the ponzi.  It cannot last but can go on for months.  When this thing unwinds, we may find ourselves in a new Nash equilibrium below $200.  The fallout will damage Bitcoin possibly even worse than Gox.  Expect more bans and heavier regulation.  

Do you really think MMM victims in china would throw this much money at the exchanges? Is Mr. Mavrodi hodling the coins vs liquidating them as they come in? As they are basically tx's transferring between the off chain chinese exchanges to the off chain MMM database... do you really see an explosion in tx growth?... (not seeing it here https://tradeblock.com/bitcoin/)

Listen, I agree that increasing the max_block_size is getting critical, and we likely couldn't handle the volumes of a repeat of 2013... I'm just trying to avoid getting hyperbolic on both of these issues. Perhaps that's a mistake... but I'm awaiting more evidence.

People associated with MMM have already had their bank accounts seized. "Why "cash out" when it's safer to stay in BTC? It's not just the exchanges. I have sold many coins to people in India via purse.io at >20% over market rates.  Look, when you try to extrapolate out a trend, you look to see what factors could prevent that extrapolation from being an accurate prediction.  I am considering the max size of the Mavrodi Pyramid, and it could be possibly far larger than our small community.  Once a critical mass has been reached, a chain reaction continues until each fission creates <1 additional fission on average.  Chain reactions feed on themselves. China and India by themselves make up more than a third of the world's population. The pool of potential suckers will not be exhausted anytime soon. What's more,  Bitcoin was designed to prevent  restrictions on trade. If the exchanges stop or restrict payments to Mavrodi, traffic may go up instead of down. It's only the main chain that's censorship resistant. Look at what has happened already. MMM only has to double in size four or five times before the network crashes for certain. Average blocksize is roughly about half a MB already. Do the math. am I being hyperbolic?  

[ChartBuddy]

Coin

Explanation

[AlexGR]

Average blocksize is roughly about half a MB already. Do the math. am I being hyperbolic?  

Half a megabyte which is full of dust / spam transactions.

The blockchain is extremely valuable to be used in this way.

[ChartBuddy]

Coin

Explanation

[spiderbrain]

only 6000 coins to $1k on Bitstamp. Just sayin'.

So, should we buy all of it now?

Nah, no rush, just pick 'em up slowly and hopefully they'll stay this cheap for a while =)

[ChartBuddy]

Coin

Explanation

[freedomno1]

Coin

Explanation

Just sitting at the $300 price for now
Nice and stable

[Fatman3001]

I'm waiting for +50% of the posts to be someone else than me, lambie, stolfi, LFC and BJA.

Then I will go into full retard bull mode.

7 pages since my previous post last night.

Ding, ding, ding!!!

[petahashminer]

I'm waiting for +50% of the posts to be someone else than me, lambie, stolfi, LFC and BJA.

Then I will go into full retard bull mode.

7 pages since my previous post last night.

Ding, ding, ding!!!

so? are you buying now?

[dre1982]

Coin

Explanation

Just sitting at the $300 price for now
Nice and stable

Don't think it will be whole day above the $300. There will be a little dump. That just happens always so it will today.

[Fatman3001]

I'm waiting for +50% of the posts to be someone else than me, lambie, stolfi, LFC and BJA.

Then I will go into full retard bull mode.

7 pages since my previous post last night.

Ding, ding, ding!!!

so? are you buying now?

In order to minimize my carbon footprint I only hold homemade coins.

[ChartBuddy]

Coin

Explanation

[cbeast]

Another pump to 300. The market seems unconvinced that bitcoin will scale beyond a novelty.

[Dexter770221]

Almost 2k CNY, this is crazy....

[DaRude]

Spread between Huobi and finex is growing, China dragging us up again