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

[cannycassiopeia]

Holy crap! That is a bullish weekly pinbar if it closes like that in 24 hours!

[RejectedBanana]

Holy crap! That is a bullish weekly pinbar if it closes like that in 24 hours!

My sentiments exactly... Nice volume spike... Can't stop staring at the 1 min chart drama playing out.

Bull flag coming to a close? Hope it holds!

Before Chinese New Year even!

[realr0ach]

Holy crap! That is a bullish weekly pinbar if it closes like that in 24 hours!

Do you people really make believe that a cup and handle chart that took over 2 years to make that ended with a blow off top is supposed to immediately just pump to the moon again right after it sells off with no consolidation period? lol.  What is with these pump and dump scammers?  You think the price is supposed to double every week, then sell off 50%, then double again, and repeat to infinity?  If something followed any pattern remotely close to that it would obviously be some type of pump and dump scam or Ponzi (powered by tethers).

[OWZ1337]

Holy crap! That is a bullish weekly pinbar if it closes like that in 24 hours!

My sentiments exactly... Nice volume spike... Can't stop staring at the 1 min chart drama playing out.

Bull flag coming to a close? Hope it holds!

Before Chinese New Year even!

$20,000>>>$30,000>>>$50,000>>>$100,000    WEEEEEEE

https://www.youtube.com/watch?v=FkhUn7nh33Q

[rezurect007]

https://medium.com/@bitfinexed/bitfinex-fails-to-perform-promised-audits-instead-they-have-a-shareholder-tell-everyone-its-all-965ae7037b5d
https://twitter.com/tetherprinter

This is bad.. I was really hoping they'd let an audit happen to prove their books were good.
As each day passes i really think they cooked their books using Tether.
Rather than mandating KYC maybe the govt should mandate audits on the exchanges.

[realr0ach]

$20,000>>>$30,000>>>$50,000>>>$100,000    WEEEEEEE

Here's where you learn there's no such thing as easy money because if bitcoin actually was $100,000, probably every single person holding any would immediately sell everything, which is why it's not going to happen.  Even Shlomo Nakamoto the NSA would be dumping the premine coins on exchange.

[Samarkand]

...  There is sound money and unsound money...

Bitcoin is closer to sound money than Silver.

Just take a look at the following chart (the URL contains "gold", but the chart is actually about silver):
https://www.statista.com/statistics/253293/global-gold-production-since-2005/

Silver mining can easily be increased. Imagine what all these mining companies would do
if the silver price increases substantially. They would simply ramp up their mining operations
and this would increase the available supply, which would drive the prices lower again.

On the other hand you have Bitcoin with a hard-cap on total supply (please don´t repeat
the terrible fork argument again, because these forks have nothing to do with the real Bitcoin
and will have less and less impact in the future) and an issuance rate that is going to go down.
Even if the Bitcoin price would double tomorrow nobody can simply decide to ramp up production,
because the block reward is fixed. It is not only fixed, it is set to decrease in the future
until it eventually asymptotically approaches zero.

I agree that your argument from yesterday that Bitcoins are not truly fungible is justified,
but there are people that work actively on projects that intend to make Bitcoin more fungible.
However, I would argue that this disadvantage compared to Silver, which is easily fungible is
compensated by various other advantages like the fact that large amounts of wealth can
be transported or transacted easier using BTC or that BTC is not subject to a supply response
as I have already explained above.

[OWZ1337]

https://medium.com/@bitfinexed/bitfinex-fails-to-perform-promised-audits-instead-they-have-a-shareholder-tell-everyone-its-all-965ae7037b5d
https://twitter.com/tetherprinter

This is bad.. I was really hoping they'd let an audit happen to prove their books were good.
As each day passes i really think they cooked their books using Tether.
Rather than mandating KYC maybe the govt should mandate audits on the exchanges.

no one cares ...= bitcoin is a distributed peer-to-peer decentralized innovation they can't do that lol

[realr0ach]

Bitcoin is closer to sound money than Silver.

Silver mining can easily be increased.

This deserves the biggest facepalm in history.  Earth is for all intents and purposes a closed ecosystem.  The main difference in BTC and silver/gold mining is that BTC is almost entirely FLASH MINED by some random idiots in China over the span of a couple years.  How is THAT better? LOL.  You people need to stop showing your true colors in that all you're looking for is the best pump and dump scam you can find and you don't actually give a shit about anything else.  Just go create one of those PoW coins where the supply is mined entirely in 3 days.

Also, the real question you need to ask yourself is:  Right now, the cost of production for metals is almost entirely determined by the price of oil denominated in dollars.  But what happens to the cost of production of metals when the price of oil is denominated entirely in gold and silver and dollars are refused as payment?  Hint:  It makes the price a shit ton higher when you're required to spend gold and silver to mine gold and silver instead of printing money for free to steal other countries' resources.

[Torque]

Silver going back to $4, r0ach. Prepare your anus.  

Meanwhile Bitcoin will makes its way into the SDR basket.

The U.S. will adopt the Bitcoin Standard to back the dollar.

[realr0ach]

https://medium.com/@bitfinexed/bitfinex-fails-to-perform-promised-audits-instead-they-have-a-shareholder-tell-everyone-its-all-965ae7037b5d
https://twitter.com/tetherprinter

This is bad.. I was really hoping they'd let an audit happen to prove their books were good.
As each day passes i really think they cooked their books using Tether.
Rather than mandating KYC maybe the govt should mandate audits on the exchanges.

Nice, he points out Zhao Dong as the possible identity of the single entity that has controlled the bitcoin price all the way from $200 to now by rigging the market on Bitfinex, painting the tape, spoofing walls, etc.  You people better hope it's the US govt rigging the price upwards instead as some type of cashless society slave system, because in Chinese culture, it's 100% acceptable to scam anyone who is not an immediate family member.  Hence the Zerohedge article claiming there are 30,000 Bernie Madoffs roaming around in China LOL.

[Samarkand]

...

Also, the real question you need to ask yourself is:  Right now, the cost of production for metals is almost entirely determined by the price of oil denominated in dollars.  But what happens to the cost of production of metals when the price of oil is denominated entirely in gold and silver and dollars are refused as payment?  ...

Then you will appreciate the following two facts:
1. Venezuela (the country with the largest proven oil reserves) will issue a cryptocurrency called the PETRO in a few weeks
2. Russia (the country with the 8th-biggest oil reserves) will issue a cryptocurrency called the CryptoRuble in a year

Both countries are responsible for a big part of global oil exports. To me it looks more likely
that they will demand PETRO/CryptoRuble as a payment for oil than Gold/Silver payments. Gold/Silver payments
for mineral reserves are not happening anytime soon while cryptocurrency payments for mineral reserves
are just around the corner.

Both countries obviously are incentivized to do this, because it potentially enables them
to circumvent international sanctions. It is already known that you will be able to exchange
the PETRO for other cryptocurrencies. This will allow everyone of us to buy a few PETRO
backed by real barrels of Venezuelan oil.

...

Meanwhile Bitcoin will makes its way into the SDR basket.

The U.S. will adopt the Bitcoin Standard to back the dollar.

It will eventually happen!

The author of this book posits exactly the same prediction as Torque.
https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861

[afbitcoins]

R0ach. One of your recent comments was quite disingenuous, there was one in which you stated properties of money, such as fungibility and one or two others and showed how silver and gold are superior. But it leaped out to me you missed, probably on purpose, portability and divisibility from your bullet points. Two important ones that crypto is superior on conveniently swept under the carpet.

But anyway Crypto is new. It is not like fiat it is not like gold and silver, it is not like money. You are sounding more and more like someone bitter who jumped ship too early. I can remember when you were onboard the crypto bandwagon and singing a very different tune.

The genie is out the bottle. People have cottoned on to the fact that value doesn't have to be issued by the government or the bank, or even in a bit of shiny metal. That genie can't be put back in now.

Don't get me wrong, I love precious metal. What it represents and everything. I own precious metal. I might stack more on occasion. None of that is a reason to try and fight the tide.

By the way, I don't think calling the races of dark skinned people monkies will win many friends either. Knock that on the head my friend. Humanity is more than that and your race doesn't define who 'you' are.  

[realr0ach]

Then you will appreciate the following two facts:
1. Venezuela (the country with the largest proven oil reserves) will issue a cryptocurrency called the PETRO in a few weeks

There is virtually nobody on the planet that considers this move changing ANYTHING about the currency of Venezuela.  If it's "backed" by some sort of commodity, people will just demand delivery of the actual commodity in international trade.  So what has changed?  Absolutely nothing.  Anyway, the main purpose of nations being forced to go back to metals (besides the debt bubble collapsing all fiats) is to fix international trade so nobody can cheat and play currency wars.

[RejectedBanana]

Alrighty, this baby breakout is making me brave enough to call $10,000 our new floor. Time for a doubling floor update!

$10k marks the 12th doubling since Bitcoin was $2.50 in 2012.

From $2.5k to $5k took 77 days.
From $5k to $10k has taken 100 days, if $10k holds.

The shortest doubling floor was from $20 to $40 in 39 days.
The longest doubling floor was from $80 to $160 in 546 days during the Mt Gox era.

I'm guesstimating from trend ~90 days from now we might establish $20,000 as a new floor, sometime in April?

As a HODLer, I prefer charting floors vs all-time highs. Traders prefer ATHs, I suppose. Too transient and susceptible to FUD for me.

Hopefully this is the last time we see quadruple digits!

[realr0ach]

But it leaped out to me you missed, probably on purpose, portability and divisibility from your bullet points.

Divisibility:

Why bother discussing divisibility?  It's obvious people have already used physical silver as money in the past.  You know, the stories from your grandparents about going to the movies with a nickel or something.  There is no shortage of granularity when factoring in gold, silver, and copper, so there's no point rehashing an experiment that has already been done.  Both options probably have more granularity than actually needed.

Portability:

I did not bring up portability because crapcoiners like to pretend that in international trade, one country would just accept an infinite amount of bitcoins from another country while they send them ALL of their natural resources and receive imaginary tokens in return.  That's not how international trade works.  They would flat out refuse the bitcoins, so the portability argument is way more complicated when real world goods have to be shipped from both countries no matter what and then bitcoin receives no real advantage in the end.  

Yes, it's faster to dump bitcoins than metals in some other scenarios, but I also do not consider that as being a positive due to things like the Paretto principle.  If all capital eventually congregates in a tiny number of people, which causes the whole capitalist system to collapse, then the facilitation of gigantic capital flights entering and leaving places constantly is going to cause that monopoly board game to come to a conclusion MUCH FASTER, then collapse and have to restart the game by violent revolution again.

Just like the speed of light is needed to act as a governer on the universe, some governers are beneficial in economics to retard globalization, force things more local, and allow local economies to exist at all.  Then you have absolutely retarded scenarios like if bitcoin was the world reserve currency, what if a rogue Chinese employee worked at the treasury of your govt and enters a few keystrokes sending your entire nation's GDP to the Guang Dong province?  What are you going to do?  Get Vitalik to roll back the chain?  The portability (aka facilitation of capital flight to subsidize globalization) is a negative in many ways for economics and security.  Pretty obvious no nation is going to use such a system as their reserve currency either if one person going insane or comitting espionage can just steal your entire treasury with a mouse click.

[Toxic2040]

@mfort312   extrapolating those doubling floor dates and time periods could be quite interesting.  Instead of 90 what would 183(or any of the other previous numbers)days look like. Looking the exact dates is probably also worth investigation.

[sirazimuth]

By the way, I don't think calling the races of dark skinned people monkies will win many friends either. Knock that on the head my friend. .  

well apparently he won you as one , eh?

[thrax]

https://medium.com/@bitfinexed/bitfinex-fails-to-perform-promised-audits-instead-they-have-a-shareholder-tell-everyone-its-all-965ae7037b5d
https://twitter.com/tetherprinter

This is bad.. I was really hoping they'd let an audit happen to prove their books were good.
As each day passes i really think they cooked their books using Tether.
Rather than mandating KYC maybe the govt should mandate audits on the exchanges.

The Chinese government tried doing that to its exchanges, so some of their exchanges moved abroad to avoid mandatory KYC. It's impossible to find out where half the exchanges are based, or who runs them anyway.

[jojo69]

As a ginger, the spectacle of people arguing about the RELATIVE melanin content of their epidermis has always stood out as patently absurd.