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

[Dabs]

Serious question. I'm trying to understand the delusions and fallacies associated with the altcoin market. So far I'm still not getting it.

Or if you just consider it a "buy" because you think it's going to get pumped one day, then just say so. Penny stocks see their day in the sun sometimes too.

What's that saying, our mind is like a parachute. It works better if it's open.

90%, or 95%, or maybe even 99% of the altcoin market are all shitcoins or just utter garbage. There are those few 1%, and I can't even name them because I don't know them all, otherwise I'd be trading them too.

Some are trying to do things that hasn't been done, and some of them are all doing the same things one alt is trying to do too, such as all these privacy oriented coins, the biggest of which is Monero (and I have no stake in it, I don't hold or trade Monero), or Dash, and in that one's case they have these other "features" that incentivize the network to run "masternodes" which is trending these days.

There are even CoinMarketCap-like sites for them, I count maybe 4 or 5, you really only need to look at 1 or 2.

For all cases, the good ones are indeed good buys, as well as world changing disruptive tech. File storage. Decentralized databases. Privacy. Libraries? Real estate.. it's dot-com and 99% of them are going to Burst (that one popped awhile ago, but Burst seems to have revived now.)

There are more than 2000 alts / tokens. It's a giant dart board or you could say you fire a shotgun, you will hit one of these 1% wonder coins.

Again, I have my bets, but I don't know all of them, or any of them for sure until they get big, but I've managed to trade my way or hodl my way to double digit BTCs. And I'm not even a day trader nor do I run bots (I've seen bots in action, tried a few I think.)

You can call them delusions or fallacies. Some have actual real "merit". For those, I consider them tools of the trade. Or a means to an end. In the end, it's all a gamble, I just like the odds better on some of them that few people see for now (then everyone else will see it and have their "Napster" moment, that one dies and gets "torrented", but the world changes anyway.)

Even Litecoin has a purpose. It's a Bitcoin testnet on a live mainnet with value. Because the Bitcoin testnet itself is supposed to be valueless and it's been reset a few times in the past, and idiots attempted to trade testnet coins.

I get that you don't get it. You have to go deep in the rabbit hole, not just an aerial view from above.

Still working on getting to triple digits ...

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[JayJuanGee]

I am calling for a nice little spike within 36 hours.

Remember: NO LUBE !

EDIT: Meh. Pulled my sell wall @ $12.5k, for... reasons.

Bobbie..its going to be ok.

Oh.. you can gloat now, Toxic.

Yesterday, you were shaking in your boots regarding potential consequences of such an inaccurate BTC price prediction.

I will add that it seems that BTC prices are still in a kind of bouncing around territory, and even largely in the middle our current price consolidation range - perhaps $10k-ish to $13k-ish.

Even a broken clock is right twice a day..  /s

Naa..not my style JJG..I am actually concerned for Bob. Dealing with end game financials is enough to make anyone on edge. If anything I am still recovering from this Weiss report...left a sour taste I do believe.

I think that you realize that even thought there may be some attempt at communicating substantive messages, some of these comments are in an exaggerated form of fun, too, and I have already done a kind of back of the napkin calculation of the Bob situation that makes me ssssssssoooooooooo  sssssssssssooooooo   worried for him, too.

I know that there are some claims that he has around 1k coins, but I put it at around 650 (after he had made his most recent $1million claim of coins).   So, yeah, we should worry for bob.... hahahahahhahaha  Problems of the .01%, no?

Certainly, I am not jealous of Bob - because I have plenty of coins myself.... around 10-ish.... give or take some.....  hahahahahaha

[BobLawblaw]

exaggerated form of fun, too

I tried to merit you 3.14 sMerit. I think we need Merit divisible to at least 8 decimal places.

[conspirosphere.tk]

Remember: NO LUBE !

EDIT: Meh. Pulled my sell wall @ $12.5k, for... reasons.

You would be still a crypto-millionaire with BTC at $3000 and you're being so anal... meh.

[JayJuanGee]

exaggerated form of fun, too

I tried to merit you 3.14 sMerit. I think we need Merit divisible to at least 8 decimal places.

Exactly... would be much more fun with a bit more divisibility, but seems like Theymos has gone with a quasi - "all or nothing" "use it or lose it" approach rather than granting a power to parse.

[Spaceman_Spiff_Original]

Same kind of reasoning could have been applied to bitcoin at the start.  Not that I have an opinion about this or that altcoin, just pointing out the hole in your rationale.

What hole tho? The impetus for creating Bitcoin against the other existing forms of payment/banking systems was clear.

How about the delusional hole in rationale that says once we have a single crypto payment system that is secure, decentralized, functional, and popular (w/ users, brokers, exchanges, and merchants), that we need another one? Or a thousand more? Ten thousand more?

Your argument boiled down to the assertion that a novel currency/payment system that does not currently have merchant adoption could not gain traction in the future.  
At one point, bitcoin had no merchant adoption and clearly it has gained significant traction.

If you are now saying that there was a need for a digital currency, and now that there is one, we don't need something else because incremental improvements will fail to gain network effects, we can look at myspace / facebook-like precedents.

Again, I am not saying bitcoin will not be the number 1 crypto in the future, in fact my best guess would be that it will be bitcoin that wins out, but I am not sure that it will.

[BobLawblaw]

you're being so anal

 

[Biro Bob]

this is horrible

this is going to turn us all into merit whores

I wish I could help. I just tested my spendable merit... and now I have zero

Thank you all for the generous donations of sMerit. I started with 100 merit and 6 sMerit (which I consumed immediately) - I’m not sure what the initial 100 merit /6 sMerit formula is based on as other ‘members’ seem to have arbitrary amounts between 0 and several thousand.. Your very kind donations added 9 new Merit points and gave me 4 new spendable sMerits.

Cheers.

On a different.. wall observing kinda note, the UK annual self assessment tax MUST be paid by January 31st. I’m sure many people that spent well in 2017 (knowing they had massive BTC profits to fall back on) didn’t really plan ahead so needed to cash out a few Bitcoins to pay their tax bill... I’m one of these people. I cashed out at £10600 (approx $14k) but I’m sure others have been holding to the last minute hoping.... it goes a bit higher than now...

Edit: I just found out how to find out who my Meritors are by clicking on Merit in my profile. Thanks Dabs, Yefi, Rosewater, Hairy, vanobe and Jay. Much appreciated!

[conspirosphere.tk]

In the end, it's all a gamble, I just like the odds better on some of them that few people see for now (then everyone else will see it and have their "Napster" moment, that one dies and gets "torrented", but the world changes anyway.)

Mostly is that latecomers feel that btc can hardly make another 10X+ from current levels, so they end buying lottery tickets priced $1 or less to have their chance for a 100-bagger, without even looking at the monetary base or any other technical spec of their tickets. This make me support the idea of starting to use milli-bitcoins (one-thousandth btc) as the standard unit.

[HairyMaclairy]

12 hours later and it looks like the trend line is holding as an upper bound for now.  Question is whether closing of the futures on CME today will trigger a dump or a relief rally.  Volatility seems assured.  For context this is the 6 hour chart on Bitstamp.  It looks much the same at 1 week level or 15 minute level for those who don’t like the choice of scale.

[HairyMaclairy]

Robinhood 0% fees crypto trading.  200k people in line. 



quick image upload

[Heater]

Robinhood 0% fees crypto trading.  200k people in line. 



quick image upload

This is clearly a scam - zero commission? Yeah right. I guarantee you that they will front-run your order.

[jojo69]

Robinhood 0% fees crypto trading.  200k people in line.  

meanwhile Bittrex signup STILL MIA

[True Myth]

Robinhood 0% fees crypto trading.  200k people in line. 



quick image upload

I came here to post about this too.  I have had many friends contact me today about this. These are friends who only trade stocks but, have been curious about bitcoin for awhile now. They have been asking me for sources of daily info on bitcoin because they want to invest in bitcoin when it goes live on robinhood in February.

[Ibian]

So my banks just complained. Apparently churning too much money in and out of exchanges has them worried shitless that the taxman will complain. Might have to register as a business to keep trading at the current levels of volume. Not sure I wanna deal with that shit. Especially the part where I have to give up half the profit. Blah.

To me, this is worrying more than annoying. Any hint of coordination among banks? How long between the two complaints?

Same day. I'm sure they talked it over among themselves before the call.

[Last of the V8s]

@SnoopDogg

Snoop Dogg Retweeted Robinhood

Putting tha Crip in Crypto!

 9:02 PM - 25 Jan 2018

    503 Retweets
    1,320 Likes

[conspirosphere.tk]

chart of the day:

[Ibian]

So my banks just complained. Apparently churning too much money in and out of exchanges has them worried shitless that the taxman will complain. Might have to register as a business to keep trading at the current levels of volume. Not sure I wanna deal with that shit. Especially the part where I have to give up half the profit. Blah.

All your banks at once?

Two of em. One is closing the account (started it specifically to trade bitcoin, which they knew and agreed to - fuckers). The other just told us to knock it off with the big transfers.

Wow, that REALLY sucks. What country are you in? Any ideas on how you are going to work around this shit?

Denmark. Which is fucking worrying, being one of the least pozzed countries in europe.

[matt4054]

They have been asking me for sources of daily info on bitcoin because they want to invest in bitcoin when it goes live on robinhood in February.

So newcomers would better save like 0.25% fees and buy from some unestablished exchange rather than going with a reputable one, i.e. trading since 5+ years? I don't get it. But yeah, I'm Swiss, so you know...

[Ibian]

So my banks just complained. Apparently churning too much money in and out of exchanges has them worried shitless that the taxman will complain. Might have to register as a business to keep trading at the current levels of volume. Not sure I wanna deal with that shit. Especially the part where I have to give up half the profit. Blah.

All your banks at once?

Two of em. One is closing the account (started it specifically to trade bitcoin, which they knew and agreed to - fuckers). The other just told us to knock it off with the big transfers.

Wow, that REALLY sucks. What country are you in? Any ideas on how you are going to work around this shit?

There's a thread with a list of bitcoin hostile (and friendly) banks worldwide.

https://bitcointalk.org/index.php?topic=264679.0

The OP's list has recently been updated, and the last few pages give some useful up to date information. Ibian might find a friendly bank from that thread.

Nothing for Denmark.

Some of our banks have recently banned their employees from buying bitcoin, under the pretense that they are worried they will do something illegal, or lose their money. The poor dears. That's 30k+ people just for one bank mentioned in the headline, in a country of not even 6 million people. Might be time to start thinking of moving elsewhere.