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

[Ibian]

Oh, come on! Cardano? What the hell is that shit?

Just look at that beautiful, textbook perfect pump and dump chart.

https://coinmarketcap.com/currencies/cardano/#charts

Did you fall for it?  

Perfect indeed. Reminds me a lot to IOTA: https://coinmarketcap.com/currencies/iota/

A friend of mine fall on the IOTA shit. He didn't listen. He is still bagholding.

I reckon most bitcoiners baghold a pet shitcoin or 2 for shitz n giggles.
Though most probably won't admit to it in this thread.
(well I won't anyway... and besides it's OT, though that hasn't really been an issue lately.)

I regard it as my patriotic duty to sell bcash lol into the pump over the next few days.  The best way to fight these fraud monkeys is to make fraud more expensive.

I still get occasional gigglefits that I managed to dump the lot almost at the top. Several years of living expenses, dumped in my lap, for almost free.

[Gab0]

I do not know if this was posted, but it's a very good reading about LN:

https://medium.com/@menirosenfeld/a-flash-of-insights-on-lightning-network-338aea52e2bc

[d_eddie]

She keeps going down. Hard dump this weekend. Wish my short was bigger.

Long to 7900

Fight the good fight!

I am using this small margin short as a hedge against an ugly crash.
I'm already long with all my stash. No leveraged margin. Actual btc. Long to the moon.

[jojo69]

i cant believe how blinded are some people
i still love bitcoin, but i am realistic

I have to wonder, is it that you can't even imagine freedom?  Or you just don't choose it?

[Ibian]

She keeps going down. Hard dump this weekend. Wish my short was bigger.

Long to 7900

Fight the good fight!

I am using this small margin short as a hedge against an ugly crash.
I'm already long with all my stash. No leveraged margin. Actual btc. Long to the moon.

Is it mathematically viable? If the price goes down you make money, yes, but if it goes up do you make more than you lose on the short, only to make a new short higher up and repeat?

[pacman7331]

She keeps going down. Hard dump this weekend. Wish my short was bigger.

Long to 7900

Fight the good fight!

I am using this small margin short as a hedge against an ugly crash.
I'm already long with all my stash. No leveraged margin. Actual btc. Long to the moon.

Yea I understand of course. Hope u can pull that off... I'll do the same if we get that death cross...

so long 7700... good god

maybe 7575 will hold  

24/hr lows on all exchanges... still BTC is worth less?

[Elwar]

BTC as a payment method has almost never existed. It filled a niche for mid size grey market payments, that is about it. The idea of using it to buy coffee or houses was pushed by the incompetent/collusive.

It has worked very well for me over the past few years of traveling the globe. Sometimes I cannot understand how the plebes spend money in foreign countries. Do they go to the airport currency exchange all the time and get reemed on the rate?

[Ibian]

BTC as a payment method has almost never existed. It filled a niche for mid size grey market payments, that is about it. The idea of using it to buy coffee or houses was pushed by the incompetent/collusive.

It has worked very well for me over the past few years of traveling the globe. Sometimes I cannot understand how the plebes spend money in foreign countries. Do they go to the airport currency exchange all the time and get reemed on the rate?

Exchanges in thailand are actually quite reasonable, at least with danish currency. Get around 5 to 1 vs the official 5.15 to 1 rate. How do you go about using bitcoin when traveling?

[El duderino_]

patient and be rewarded = the most easy to explain BTC price ,for them who panic when price decreases

btfd and be a long term winner

[d_eddie]

She keeps going down. Hard dump this weekend. Wish my short was bigger.

Long to 7900

Fight the good fight!

I am using this small margin short as a hedge against an ugly crash.
I'm already long with all my stash. No leveraged margin. Actual btc. Long to the moon.

Is it mathematically viable? If the price goes down you make money, yes, but if it goes up do you make more than you lose on the short, only to make a new short higher up and repeat?

As you suspect, it's necessary to prop it up as bitcoin rises, otherwise what you gain on a dip, you lose on a climb. That's what I call babysitting or nursing. One good way to go about it is the 2J-ladder, which in a nutshell means to sell on the way up (make your short larger) and buy on the way down (make it smaller, profiting a bit).

The alternative is to just set up a largish insurance as a one-off expense and forget about it until it's worth redeeming. This is much easier on the nerves and doesn't require that much labor. However, there are issues with this brutal approach: you need to close it (on a loss) as soon as bitcoin rises too much, and reopen it higher (so a bit of monitoring and labor is required after all); it doesn't pay off with small profits when decreasing the size; and finally, it should be done near a maximum to start with. If we were that good at spotting maxima, life would be easier, wouldn't it? But then, the very point of such a hedge would be moot.

[bitserve]

Bitcoin Dominance at 44% now. At this rate it could reach 50% before retesting the last bottom. The carnage on the alts is being brutal.

[Ibian]

She keeps going down. Hard dump this weekend. Wish my short was bigger.

Long to 7900

Fight the good fight!

I am using this small margin short as a hedge against an ugly crash.
I'm already long with all my stash. No leveraged margin. Actual btc. Long to the moon.

Is it mathematically viable? If the price goes down you make money, yes, but if it goes up do you make more than you lose on the short, only to make a new short higher up and repeat?

As you suspect, it's necessary to prop it up as bitcoin rises, otherwise what you gain on a dip, you lose on a climb. That's what I call babysitting or nursing. One good way to go about it is the 2J-ladder, which in a nutshell means to sell on the way up (make your short larger) and buy on the way down (make it smaller, profiting a bit).

The alternative is to just set up a largish insurance as a one-off expense and forget about it until it's worth redeeming. This is much easier on the nerves and doesn't require that much labor. However, there are issues with this brutal approach: you need to close it (on a loss) as soon as bitcoin rises too much, and reopen it higher (so a bit of monitoring and labor is required after all); it doesn't pay off with small profits when decreasing the size; finally, it should be done near a maximum to start with. If we were that good at spotting maxima, life would be easier, wouldn't it? But then, the very point of such a hedge would be moot.

Wouldn't it be easier to just sell a small percentage of your stash, buy lower if it drops and eat the loss if it goes up?

[cAPSLOCK]

Just me?  Or this starting to hurt a little?

[d_eddie]

She keeps going down. Hard dump this weekend. Wish my short was bigger.

Long to 7900

Fight the good fight!

I am using this small margin short as a hedge against an ugly crash.
I'm already long with all my stash. No leveraged margin. Actual btc. Long to the moon.

Is it mathematically viable? If the price goes down you make money, yes, but if it goes up do you make more than you lose on the short, only to make a new short higher up and repeat?

As you suspect, it's necessary to prop it up as bitcoin rises, otherwise what you gain on a dip, you lose on a climb. That's what I call babysitting or nursing. One good way to go about it is the 2J-ladder, which in a nutshell means to sell on the way up (make your short larger) and buy on the way down (make it smaller, profiting a bit).

The alternative is to just set up a largish insurance as a one-off expense and forget about it until it's worth redeeming. This is much easier on the nerves and doesn't require that much labor. However, there are issues with this brutal approach: you need to close it (on a loss) as soon as bitcoin rises too much, and reopen it higher (so a bit of monitoring and labor is required after all); it doesn't pay off with small profits when decreasing the size; finally, it should be done near a maximum to start with. If we were that good at spotting maxima, life would be easier, wouldn't it? But then, the very point of such a hedge would be moot.

Wouldn't it be easier to just sell a small percentage of your stash, buy lower if it drops and eat the loss if it goes up?

For several reasons, I like this solution less. There's much more friction involved in selling/buying real btc. Furthermore, I don't like holding more fiat than I need for ordinary expenses. But above all, this would create a series of taxable events that I want to avoid.

[pacman7331]

Just me?  Or this starting to hurt a little?

Not just u.

Having those regrets about getting back into crytpo again...

[Torque]

Bitcoin Dominance at 44% now. At this rate it could reach 50% before retesting the last bottom. The carnage on the alts is being brutal.

Shitcoiners need to face a hard lesson, so they learn that the true value of something isn't because "Well it's valuable because it went up." That's penny stock hopium bullshit.

"The flogging will continue until intelligence and sense returns."  

[d_eddie]

Just me?  Or this starting to hurt a little?

A little, you say??  

[bitserve]

Just me?  Or this starting to hurt a little?

I donno, I am too depressed to feel any pain right now.

[d_eddie]

What do you think is going on? 

[Torque]

What do you think is going on?  

Other than miners dumping to pay their bills, and the whales shorting? And Average Joe not jumping in to buy because he scared?

Not much else.