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

[moneyForjam]

oh, in my crushed bear soul portfolio, I have about 99% retards, 0% traders, and 1% idiots
with very similar numbers in my crushed bull soul portfolio, 98% retards, 0% traders, and 2% idiots

even if I had just 0.1 btc for every word jj0m0 typed, I think I could afford to bribe him to contain the dribble

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[jojo69]

well heyyyyyy

I'm back in the LTC business...so I got that going for me

Are you buying Litecoin Cash?

goodness no

A while back I set up a good bit of my trading stash into the JJG/Jbreher (tm) incremental trading system in the BTC:ETH and BTC:LTC pairs.  The logic being that I can slowly grow my stash by harvesting volatility while not being exposed to fiat risk.  I am always fully in crypto.

Not too long after I set it up LTC went on its recent rampage and ran off the end of my spread of asks (I ran out of LTC).

Today it finally ran back into my bids and I am back in business.

[elrippos friend]

BTC price needs to go on a deep dive to shake off all these scum ... who's with me?!

Muuuuaaaahhhhhaaaaahhhhhaaaaaa 
This m"=(%/&($%=$?§ earned a lot of money with the death of a few thousand people --> ASSHOLE

[BlindMayorBitcorn]

oh, in my crushed bear soul portfolio, I have about 99% retards, 0% traders, and 1% idiots
with very similar numbers in my crushed bull soul portfolio, 98% retards, 0% traders, and 2% idiots

even if I had just 0.1 btc for every word jj0m0 typed, I think I could afford to bribe him to contain the dribble

Those are respectable numbers.

[moneyForjam]

oh, in my crushed bear soul portfolio, I have about 99% retards, 0% traders, and 1% idiots
with very similar numbers in my crushed bull soul portfolio, 98% retards, 0% traders, and 2% idiots

even if I had just 0.1 btc for every word jj0m0 typed, I think I could afford to bribe him to contain the dribble

Those are respectable numbers.

They arent


 

[BlindMayorBitcorn]

Could use more tards in the bear soul column. But who am I to argue.

[moneyForjam]

Could use more tards in the bear soul column. But who am I to argue.

noted lol
gonna watch that movie tonight wolf of wall street....some of the scenes in it were so crazy, that restaurant scene was one of them

[JayJuanGee]

So, pee pare ur selfie for either direction, including DOOM..... but not necessarily gonna happen.

Give us something to work with BMB.... What be happening with uie?

My BTC to cash ratio is about the same as yours, give or take. But I'm obviously not as serene about it as you are.

Maybe some zen meditation is in order?

I mean really dude (or dudette).  We already had our selfies a 70% price correction, and where is the bad news, exactly?

It could be the case that the implosion of various alts are kind of dragging down BTC, but we actually have clear paths ahead for segwit and lightning, and look at those transaction fees and times, low as fuck (just showing that the long-ass spamming attack had been clogging up blockchain matters for quite a long time)...

Anyhow, BTC fundamentals seem to be doing quite good, so I don't see why any HODLer should be freaking the fuck out regarding the "normal" ups and down of bitcoin.

Recall that an aspect of bitcoin that it the most easily counted upon would be its volatility.  In other words, we do not have any guarantees of either UP or DOWN, but we have as close as we could get guarantee to volatility. 

So hang onto your panties (and all the pants you commandeered), and we should be able to make it through these trying (but seemingly expected) BTC volatility times.   

[JayJuanGee]

oh, in my crushed bear soul portfolio, I have about 99% retards, 0% traders, and 1% idiots
with very similar numbers in my crushed bull soul portfolio, 98% retards, 0% traders, and 2% idiots

even if I had just 0.1 btc for every word jj0m0 typed, I think I could afford to bribe him to contain the dribble

I'm NOT bribable because I am already sufficiently RICHIE!!!!!!

[JayJuanGee]

well heyyyyyy

I'm back in the LTC business...so I got that going for me

Are you buying Litecoin Cash?

goodness no

A while back I set up a good bit of my trading stash into the JJG/Jbreher (tm) incremental trading system in the BTC:ETH and BTC:LTC pairs.  The logic being that I can slowly grow my stash by harvesting volatility while not being exposed to fiat risk.  I am always fully in crypto.

Not too long after I set it up LTC went on its recent rampage and ran off the end of my spread of asks (I ran out of LTC).

Today it finally ran back into my bids and I am back in business.

For me that does not make a whole hell of a lot of sense - even though it is possible to work to the extent that the price of BTC and alts are inversely correlated.  but sometimes they all drop together, which is why the dollar/BTC pairing can be helpful. 

Perhaps jbreher plays some of those various pairs, but I think that whatever I am saying is kind of ruled out when you start adding various other cryptos as your pairs, mostly because of the extra questions of the lack of a straight line performance of the other crypto that is going to bring extra volatility and even too many additional uncertainties that vary from cycle to cycle.

I know that each of us have our own systems, so it probably does not matter any fuck what I say, because your mind seems to be already made up to trade certain other crypto pairs because for some reason you see some kind of disutility in holding dollars. 

Personally, I understand that the long term certainty of the dollar is that it depreciates in value; however, in the short term, the dollar is way the fuck more stable than any alt coin, including LTC or ETH, and part of the reason for dollar pairing with BTC is to get in and out of crypto volatility and to play it off of the dollar

To me, you seem to be adding a certain unnecessary level of additional risk and additional unknowns in terms of what the fuck those two crypto projects are doing. 

But ultimately.. whatever floats your boat... but it seems more removed from my system when you add more variables of uncertainty that can kind of negate the more focused BTC/USD approach.

[Starving_Marvin]

Humpty Dumpty sat on the wall.
Humpty Dumpty had a great fall.
All the king's horses and all the king's men.
Couldn't put Humpty together again.

[orpington]

Humpty Dumpty sat on the wall.
Humpty Dumpty had a great fall.
All the king's horses and all the king's men.
Couldn't put Humpty together again.

big deal

[starmman]

For me that does not make a whole hell of a lot of sense - even though it is possible to work to the extent that the price of BTC and alts are inversely correlated.  but sometimes they all drop together, which is why the dollar/BTC pairing can be helpful. 

Perhaps jbreher plays some of those various pairs, but I think that whatever I am saying is kind of ruled out when you start adding various other cryptos as your pairs, mostly because of the extra questions of the lack of a straight line performance of the other crypto that is going to bring extra volatility and even too many additional uncertainties that vary from cycle to cycle.

I know that each of us have our own systems, so it probably does not matter any fuck what I say, because your mind seems to be already made up to trade certain other crypto pairs because for some reason you see some kind of disutility in holding dollars. 

Personally, I understand that the long term certainty of the dollar is that it depreciates in value; however, in the short term, the dollar is way the fuck more stable than any alt coin, including LTC or ETH, and part of the reason for dollar pairing with BTC is to get in and out of crypto volatility and to play it off of the dollar

To me, you seem to be adding a certain unnecessary level of additional risk and additional unknowns in terms of what the fuck those two crypto projects are doing. 

But ultimately.. whatever floats your boat... but it seems more removed from my system when you add more variables of uncertainty that can kind of negate the more focused BTC/USD approach.

The bulk of my (automated) trading model is based upon this - I've been doing okay so far, but it is a bit risky since any alt can massively drop - with no guarantee of return, I'm now trading with 100% profit and already cashed out way more than I put in, and cash out profits on a fixed basis - so happy with the risk. I tried working against fiat with a similar model and always end up out of the market

[jbreher]

Hate to be Debby Downer here at all but the question has to be asked, does that empty mempool then also mean less pressure from traffic/volume of Bitcoin use.

Ummm.... Duh.

It means that demand for bitcoin transactions on the Segwit fork is less than a third-million per day. Why anyone would rejoice in that is beyond my ken.

[JayJuanGee]

For me that does not make a whole hell of a lot of sense - even though it is possible to work to the extent that the price of BTC and alts are inversely correlated.  but sometimes they all drop together, which is why the dollar/BTC pairing can be helpful.  

Perhaps jbreher plays some of those various pairs, but I think that whatever I am saying is kind of ruled out when you start adding various other cryptos as your pairs, mostly because of the extra questions of the lack of a straight line performance of the other crypto that is going to bring extra volatility and even too many additional uncertainties that vary from cycle to cycle.

I know that each of us have our own systems, so it probably does not matter any fuck what I say, because your mind seems to be already made up to trade certain other crypto pairs because for some reason you see some kind of disutility in holding dollars.  

Personally, I understand that the long term certainty of the dollar is that it depreciates in value; however, in the short term, the dollar is way the fuck more stable than any alt coin, including LTC or ETH, and part of the reason for dollar pairing with BTC is to get in and out of crypto volatility and to play it off of the dollar

To me, you seem to be adding a certain unnecessary level of additional risk and additional unknowns in terms of what the fuck those two crypto projects are doing.  

But ultimately.. whatever floats your boat... but it seems more removed from my system when you add more variables of uncertainty that can kind of negate the more focused BTC/USD approach.

The bulk of my (automated) trading model is based upon this - I've been doing okay so far, but it is a bit risky since any alt can massively drop - with no guarantee of return, I'm now trading with 100% profit and already cashed out way more than I put in, and cash out profits on a fixed basis - so happy with the risk. I tried working against fiat with a similar model and always end up out of the market

I suppose the proof of the pudding is in the eating, and if you can get better results by pairing with alts rather than pairing with the dollar, then no reason to fix what is not broken.

In essence, I am NOT against employing something that works for you, but I certainly am not interested in pairing alts because I barely even invest in alts, so I don't want to be stuck holding any alts, even though historically they may have done fine.. I just have little to no ambition to involve myself in some crypto asset that I do not have long term confidence - and my only one, at this time, is bitcoin.

[Karartma1]

These are scary times. Will make your palms sweaty when playing these little swings during bear markets.

It's not a question on if bitcoin will fail, but the questions are when will it fail, how big will it get before it will fail and how much will it effect other more practical cryptos. Bitcoin is the ultimate modern materialization of pure greed. A lot of people with unrealistic dreams of easy riches and very little practical substance. Currently PoW mining is costing the bitcoin network about 2,5 billion$ annually (https://digiconomist.net/bitcoin-energy-consumption). That is the pure electric cost, calculated with the assumption that most mining is done with cheap electricity. And you also have to count in the mining equipment that's development and production is mostly paid by the money from the crypto market, then also things like rent end salaries. The closer realistic cost of running the bitcoin network for a year is closer to 5 billion$. With an optimistic count, it is said that bitcoin has around 3-5million active users. That means that it costs around 1000$ per year for user just to keep bitcoin mining alive. All of these expenses for a payment network without actual advantages...

The millennials, who are the driving force of bitcoin, aren't able to comprehend that someone does have to pick up the bill. The only way that they don't have to pay for the mining mega expenses is for new greater fools to do it instead. But the bleak truth about greater fools is that they always eventually run out. Then bitcoiners have to pay for the mining costs of the network, with the dollar value of their bitcoins. Then you will see how all those "fiat-hating-revolutionary-snowflakes" will screech in distress, over how much less dollars will they get for their bitcoins.

Bolded text is what I am indeed seeing in this whole crypto crazy world. People who had no idea about what a bitcoin is, suddenly become expert traders who can distinguish between a good and a bad crypto coin. I've seen people losing their savings to gamble on tokens, coins and ICOs.

I'm on the train but a part of me is feeling a bit(coin) train sick. And by the way, thanks for the energy consumption insights

[Ibian]

These are scary times. Will make your palms sweaty when playing these little swings during bear markets.

It's not a question on if bitcoin will fail, but the questions are when will it fail, how big will it get before it will fail and how much will it effect other more practical cryptos. Bitcoin is the ultimate modern materialization of pure greed. A lot of people with unrealistic dreams of easy riches and very little practical substance. Currently PoW mining is costing the bitcoin network about 2,5 billion$ annually (https://digiconomist.net/bitcoin-energy-consumption). That is the pure electric cost, calculated with the assumption that most mining is done with cheap electricity. And you also have to count in the mining equipment that's development and production is mostly paid by the money from the crypto market, then also things like rent end salaries. The closer realistic cost of running the bitcoin network for a year is closer to 5 billion$. With an optimistic count, it is said that bitcoin has around 3-5million active users. That means that it costs around 1000$ per year for user just to keep bitcoin mining alive. All of these expenses for a payment network without actual advantages...

The millennials, who are the driving force of bitcoin, aren't able to comprehend that someone does have to pick up the bill. The only way that they don't have to pay for the mining mega expenses is for new greater fools to do it instead. But the bleak truth about greater fools is that they always eventually run out. Then bitcoiners have to pay for the mining costs of the network, with the dollar value of their bitcoins. Then you will see how all those "fiat-hating-revolutionary-snowflakes" will screech in distress, over how much less dollars will they get for their bitcoins.

Bolded text is what I am indeed seeing in this whole crypto crazy world. People who had no idea about what a bitcoin is, suddenly become expert traders who can distinguish between a good and a bad crypto coin. I've seen people losing their savings to gamble on tokens, coins and ICOs.

I'm on the train but a part of me is feeling a bit(coin) train sick. And by the way, thanks for the energy consumption insights

Do remember to compare it to the energy the legacy financial system consumes.

[jojo69]

I always appreciate it when a newcomer to the thread makes it abundantly clear in their first post that they should be ignored.

Much more efficient that way.

[HairyMaclairy]

Quite Jojo.

[Jacques_Bittard]

Bolded text is what I am indeed seeing in this whole crypto crazy world. People who had no idea about what a bitcoin is, suddenly become expert traders who can distinguish between a good and a bad crypto coin. I've seen people losing their savings to gamble on tokens, coins and ICOs.

I'm on the train but a part of me is feeling a bit(coin) train sick. And by the way, thanks for the energy consumption insights

The ugliest truth of bitcoin is that it just isn't useful in any legal fields. Sure it's useful in black markets, but this usefulness is a ticking time bomb before laws will end this. Greed is represented here by the notion that very little people actually seem to care about this. Everyone are solely concentrated on how much higher they want to sell their bitcoins and practical usefulness is rarely asked. Most know a lot about the price of bitcoin, in the same time knowing nothing about the value of bitcoin.

Promises of easy riches will always attract the worst among people. Those who are greedy enough to desire wealth, but who are lazy and stupid enough not to actually be able acquire it. These are the people who have strong desire for wealth, while knowing that they won't ever be able to achieve it in a productive way. They are the ones who are capable in selling their grandmother for bigger gains, because they know that they probably won't get many chances in life.
My guess is that this ugly phase of the crypto world will eventually end together with bitcoin. Total crash of bitcoin would finally disillusion people from finding easy shortcuts to riches here. Only those would remain who are able to work with this market more, then with a "buy low, sell high" routine. The rest will run off to new motivational classes and marketing schemes to find new shortcuts for easy riches.
I have faith in the cryptoasset market in general, but it has to mature quicker or else it will create a big mess.