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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25464043 times)
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Raja_MBZ
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April 05, 2018, 03:38:52 PM

I don't know why we consider the "India" factor that much in crypto. Indian contribution towards crypto volume is surely not above 2.5% to 3% or so.

India has a population of 1.3 billion I would have thought a ban there is significant even if user adoption is low currently.

Actually, more than 90% of population is completely un-banked as Torque said, more than 750 million have no access to even toilets (I'm sorry if it hurts someone around), and around only 400 million have access to internet.

Now, at most, IMO, 0.4 million people would be using crypto in India, and almost all of them would be having very low volume.
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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April 05, 2018, 03:40:25 PM

I don't know why we consider the "India" factor that much in crypto. Indian contribution towards crypto volume is surely not above 2.5% to 3% or so.

India has a population of 1.3 billion I would have thought a ban there is significant even if user adoption is low currently.

Actually, more than 90% of population is completely un-banked as Torque said, more than 750 million have no access to even toilets (I'm sorry if it hurts someone around), and around only 400 million have access to internet.

Now, at most, IMO, 0.4 million people would be using crypto in India, and almost all of them would be having very low volume.
Are you sure about the 90% figure? Sounds a bit far fetched given that Europe and the US alone have more than 1B people.
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April 05, 2018, 03:44:03 PM

I don't know why we consider the "India" factor that much in crypto. Indian contribution towards crypto volume is surely not above 2.5% to 3% or so.

India has a population of 1.3 billion I would have thought a ban there is significant even if user adoption is low currently.

Actually, more than 90% of population is completely un-banked as Torque said, more than 750 million have no access to even toilets (I'm sorry if it hurts someone around), and around only 400 million have access to internet.

Now, at most, IMO, 0.4 million people would be using crypto in India, and almost all of them would be having very low volume.

when they made a plant used since 2000 BC (https://en.wikipedia.org/wiki/Cannabis_in_India) illegal, there was no hope left, and war become the only legit and realistic option.

Quote
Cannabis in India has been used since as early as 2000 BCE. In Indian society, common terms for cannabis preparations include charas (resin), ganja (flower), and bhang (seeds and leaves), with a milkshake made from bhang being one of the most common licit usages in India.

As of 2000, per the UNODC the "prevalence of abuse" of cannabis in India was 3.2%.[1] According to the UNODC’s World Drug report 2016, the retail price of cannabis in India was US$0.10 per gram, the lowest of any country in the world.[2]



    To the five kingdoms of the plants which Soma rules as Lord we speak.

    darbha, hemp, barley, mighty power: may these deliver us from woe,
    — Translated by Ralph T. H. Griffith[6], Atharva Veda 11.6.15

    The five kingdoms of plants, having Soma as their chief, we address;

    the darbha, hemp, barley, saha — let them free us from distress.
    — Translated by William Dwight Whitney[7], Atharva Veda 11.6.15



and please don't ask me why the united nations is a terrorist organization, the child project of those who created the federal reserve...
Raja_MBZ
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April 05, 2018, 03:46:22 PM

I don't know why we consider the "India" factor that much in crypto. Indian contribution towards crypto volume is surely not above 2.5% to 3% or so.

India has a population of 1.3 billion I would have thought a ban there is significant even if user adoption is low currently.

Actually, more than 90% of population is completely un-banked as Torque said, more than 750 million have no access to even toilets (I'm sorry if it hurts someone around), and around only 400 million have access to internet.

Now, at most, IMO, 0.4 million people would be using crypto in India, and almost all of them would be having very low volume.
Are you sure about the 90% figure? Sounds a bit far fetched given that Europe and the US alone have more than 1B people.

https://economictimes.indiatimes.com/slideshows/economy/what-government-plans-to-do-with-the-old-rs-500-1000-notes/98-of-all-consumer-payments-in-india-use-cash/slideshow/55579468.cms

98% of all consumer payments in India use cash

About 98 percent of all consumer payments in India use cash, and the high frequency of handling forces the monetary authority to withdraw about 75 percent of its notes in circulation in a typical year - more than the number of bank notes collectively produced by all countries taken together with the exception of China.
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April 05, 2018, 03:47:48 PM

I don't know why we consider the "India" factor that much in crypto. Indian contribution towards crypto volume is surely not above 2.5% to 3% or so.

India has a population of 1.3 billion I would have thought a ban there is significant even if user adoption is low currently.

Actually, more than 90% of population is completely un-banked as Torque said, more than 750 million have no access to even toilets (I'm sorry if it hurts someone around), and around only 400 million have access to internet.

Now, at most, IMO, 0.4 million people would be using crypto in India, and almost all of them would be having very low volume.
Are you sure about the 90% figure? Sounds a bit far fetched given that Europe and the US alone have more than 1B people.

https://economictimes.indiatimes.com/slideshows/economy/what-government-plans-to-do-with-the-old-rs-500-1000-notes/98-of-all-consumer-payments-in-india-use-cash/slideshow/55579468.cms

98% of all consumer payments in India use cash

About 98 percent of all consumer payments in India use cash, and the high frequency of handling forces the monetary authority to withdraw about 75 percent of its notes in circulation in a typical year - more than the number of bank notes collectively produced by all countries taken together with the exception of China.

but I read in zh that they took cash away and that it was a giant mess... even saw it in tv  Huh
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April 05, 2018, 03:56:49 PM

I don't know why we consider the "India" factor that much in crypto. Indian contribution towards crypto volume is surely not above 2.5% to 3% or so.

India has a population of 1.3 billion I would have thought a ban there is significant even if user adoption is low currently.

Actually, more than 90% of population is completely un-banked as Torque said, more than 750 million have no access to even toilets (I'm sorry if it hurts someone around), and around only 400 million have access to internet.

Now, at most, IMO, 0.4 million people would be using crypto in India, and almost all of them would be having very low volume.
Are you sure about the 90% figure? Sounds a bit far fetched given that Europe and the US alone have more than 1B people.

https://economictimes.indiatimes.com/slideshows/economy/what-government-plans-to-do-with-the-old-rs-500-1000-notes/98-of-all-consumer-payments-in-india-use-cash/slideshow/55579468.cms

98% of all consumer payments in India use cash

About 98 percent of all consumer payments in India use cash, and the high frequency of handling forces the monetary authority to withdraw about 75 percent of its notes in circulation in a typical year - more than the number of bank notes collectively produced by all countries taken together with the exception of China.

but I read in zh that they took cash away and that it was a giant mess... even saw it in tv  Huh

Yup, they took a lot out from circulation, happened like 15 months back, to promote use of banks.

But do you really believe that within 15 months of time span, almost everyone being new to banks, would've even bothered to see what crypto is all about?
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April 05, 2018, 03:58:41 PM
Merited by Raja_MBZ (1)

I don't know why we consider the "India" factor that much in crypto. Indian contribution towards crypto volume is surely not above 2.5% to 3% or so.

India has a population of 1.3 billion I would have thought a ban there is significant even if user adoption is low currently.

Actually, more than 90% of population is completely un-banked as Torque said, more than 750 million have no access to even toilets (I'm sorry if it hurts someone around), and around only 400 million have access to internet.

Now, at most, IMO, 0.4 million people would be using crypto in India, and almost all of them would be having very low volume.
Are you sure about the 90% figure? Sounds a bit far fetched given that Europe and the US alone have more than 1B people.

https://economictimes.indiatimes.com/slideshows/economy/what-government-plans-to-do-with-the-old-rs-500-1000-notes/98-of-all-consumer-payments-in-india-use-cash/slideshow/55579468.cms

98% of all consumer payments in India use cash

About 98 percent of all consumer payments in India use cash, and the high frequency of handling forces the monetary authority to withdraw about 75 percent of its notes in circulation in a typical year - more than the number of bank notes collectively produced by all countries taken together with the exception of China.

but I read in zh that they took cash away and that it was a giant mess... even saw it in tv  Huh

Yup, they took a lot out from circulation, happened like 15 months back, to promote use of banks.

But do you really believe that within 15 months of time span, almost everyone being new to banks, would've even bothered to see what crypto is all about?

lol, no I just discarded as madness. first plants, then bank notes, then cryptos... then freespeech, guns, forced vaccinations then what? your daughters to them?
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April 05, 2018, 03:59:22 PM

I don't know why we consider the "India" factor that much in crypto. Indian contribution towards crypto volume is surely not above 2.5% to 3% or so.

India has a population of 1.3 billion I would have thought a ban there is significant even if user adoption is low currently.

Actually, more than 90% of population is completely un-banked as Torque said, more than 750 million have no access to even toilets (I'm sorry if it hurts someone around), and around only 400 million have access to internet.

Now, at most, IMO, 0.4 million people would be using crypto in India, and almost all of them would be having very low volume.
Are you sure about the 90% figure? Sounds a bit far fetched given that Europe and the US alone have more than 1B people.

https://economictimes.indiatimes.com/slideshows/economy/what-government-plans-to-do-with-the-old-rs-500-1000-notes/98-of-all-consumer-payments-in-india-use-cash/slideshow/55579468.cms

98% of all consumer payments in India use cash

About 98 percent of all consumer payments in India use cash, and the high frequency of handling forces the monetary authority to withdraw about 75 percent of its notes in circulation in a typical year - more than the number of bank notes collectively produced by all countries taken together with the exception of China.
I should've read more thoroughly. This is just about India and not the whole world, right? If so that sounds much more reasonable.
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April 05, 2018, 04:01:40 PM

I don't know why we consider the "India" factor that much in crypto. Indian contribution towards crypto volume is surely not above 2.5% to 3% or so.

India has a population of 1.3 billion I would have thought a ban there is significant even if user adoption is low currently.

Actually, more than 90% of population is completely un-banked as Torque said, more than 750 million have no access to even toilets (I'm sorry if it hurts someone around), and around only 400 million have access to internet.

Now, at most, IMO, 0.4 million people would be using crypto in India, and almost all of them would be having very low volume.
Are you sure about the 90% figure? Sounds a bit far fetched given that Europe and the US alone have more than 1B people.

https://economictimes.indiatimes.com/slideshows/economy/what-government-plans-to-do-with-the-old-rs-500-1000-notes/98-of-all-consumer-payments-in-india-use-cash/slideshow/55579468.cms

98% of all consumer payments in India use cash

About 98 percent of all consumer payments in India use cash, and the high frequency of handling forces the monetary authority to withdraw about 75 percent of its notes in circulation in a typical year - more than the number of bank notes collectively produced by all countries taken together with the exception of China.
I should've read more thoroughly. This is just about India and not the whole world, right? If so that sounds much more reasonable.

Of course, it's India we were talking about.

Time to get back to graphs...



What's next? Hoping for Angelo...
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April 05, 2018, 04:04:34 PM

btw there is an BTC/INR on bisq.network Cheesy.
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April 05, 2018, 04:08:09 PM
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and please don't ask me why the united nations is a terrorist organization, the child project of those who created the federal reserve...


And there will still be people FUDing about tether printing.

Thats it, central banks can print money from nowhere, covered by nothing, causing inflation and the consequent unemployment and impoverishment, and nobody cares.

But when its tether printing, to pump the price of bitcoin, to make everybody happy, then its a scam, its a fraud, its FUD, its the trolls saying bitcoin will be outlawed and the price will go down.
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April 05, 2018, 04:13:04 PM

and please don't ask me why the united nations is a terrorist organization, the child project of those who created the federal reserve...


And there will still be people FUDing about tether printing.

Thats it, central banks can print money from nowhere, covered by nothing, causing inflation and the consequent unemployment and impoverishment, and nobody cares.

But when its tether printing, to pump the price of bitcoin, to make everybody happy, then its a scam, its a fraud, its FUD, its the trolls saying bitcoin will be outlawed and the price will go down.

they print fiat to buy pussies (and all the necessary equipment to retain (yachts, mcmansion, pool, cars, you understand the spirit), if pussies were honest it wouldn't happen, but i guess the quest of the provider, how ever he gets it, costed the lives of more than a queen and her offspring Cheesy.

anyway ready to meet the friends of lois lerner in 12 days? they can't wait... specially if you voted for trump. they must salivate.
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April 05, 2018, 04:13:36 PM
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Most of you probably seen this when it was published but if you have not I would encourage checking out this article by Jimmy Song.  Who has a great ability imo to express critical thinking in ways that are easy to understand and digest.

https://medium.com/@jimmysong/why-bitcoin-is-different-e17b813fd947


Nice article but I cannot but note the glaring obvious of not mentioning privacy nor the ability to blacklist coins, but that doesn't fit the narrative.
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April 05, 2018, 04:17:06 PM

Most of you probably seen this when it was published but if you have not I would encourage checking out this article by Jimmy Song.  Who has a great ability imo to express critical thinking in ways that are easy to understand and digest.

https://medium.com/@jimmysong/why-bitcoin-is-different-e17b813fd947


Nice article but I cannot but note the glaring obvious of not mentioning privacy nor the ability to blacklist coins, but that doesn't fit the narrative.

once the objective of the narrative is understood, they become the easiest things to see through in the world  Smiley.
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April 05, 2018, 04:28:29 PM

On a quick skim, privacy comes up twice in that article. 'Blacklisting' is for people who don't understand opsec, aka monero shills. Don't believe everything your centralised shitcoin figureheads tell you.
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April 05, 2018, 04:30:07 PM

On a quick skim, privacy comes up twice in that article. 'Blacklisting' is for people who don't understand opsec, aka monero shills. Don't believe everything your centralised shitcoin figureheads tell you.

could you please tell us more about OpSec... some general guidelines... I would appreciate it Smiley, or maybe some resources online (if possible in .onion webiste Cheesy).
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April 05, 2018, 04:47:50 PM

http://www.loper-os.org/?p=1299 Don’t Blame the Mice.
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April 05, 2018, 04:49:05 PM

http://www.loper-os.org/?p=1299 Don’t Blame the Mice.

the website seems already shaddy... i am not sure my opsec allows me to visit it  Tongue

thanks a lot.
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April 05, 2018, 04:50:02 PM

Perhaps Bitcoin will recover 15 times faster.

Just remember with these accelerated timescales that the valuers are ultimately human and our timescales are precisely x1 what they were in the palaeolithic.
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April 05, 2018, 04:55:20 PM

I am getting the impression that you are very skeptical about BTC, and perhaps you are correct that bitcoin might be in a long level of flat and downward trends - but your assumption is no where near a given.  This is not 2014/2015, so price dynamics could play out differently.. on the other hand, 2019 is not necessarily a long time to wait for price action, and it is only 9 months away.

There are several different levels (roughly corresponding to timeframes) of my attitude towards bitcoin. I am very skeptical about the short term. Of course, it is just an opinion (nobody can predict bitcoin's price), but I feel the cold breath of another cryptowinter.

O.k. sure.  None of us really know what is going to go on exactly; however, I consider myself similar to you in having had formed a tentative framework for what I believe is going to happen in terms of short term or long term, and surely I have difficulties attempting to predict on any kind of meaningful basis except having decent considerations that bitcoin is a good long term investment and it is good to accumulate bitcoin, and even if there is short term noise, the fundamentals of bitcoin continue to get stronger and stronger.

At the same time, my longer term view is much more optimistic. I thought bitcoin was dead when it fell from more than $30 to $2, then in 2014 I lost interest (mainly due to personal reasons), but now I think there is a high probability (although, obviously, not a certainty) of another exponential rise, especially if second layer solutions (LN, smart contracts) appear. As for the very long term and the idea that bitcoin can fundamentally change the existing economic and financial system, I am sure it will not happen. In this sense, I am not a bitcoin enthusiast.

Yes, you seem to have been through quite a few volatile periods, and you seem more pessimistic than me about long term bitcoin fundamentals - even though you seem to have a decently long term following the space.  I gave you a merit for your explanation anyhow, in spite of your "lackings."... hahahahaha


If you are sensing that you may not want to study into bitcoin or accumulate or anything like that in the coming year, then likely you already have a BTC stash that you feel is sufficient in the event that BTC prices go up from here - and sure it is possible that you have other things going on in your life that you feel deserve more of your attention, as compared with bitcoin.

Other folks may be more inclined, during this particular possible lull period to continue to spend decent resources accumulating bitcoin, in anticipation that a upwards price run is going to take place, even if the upwards price run is not imminent, it will pay off to continue to reasonable make continued accumulation efforts during this period.

If you have a lower price point in which you will buy in such as $5k or $3k or even $1.5k, you may or may not get such opportunity to buy in at that point, but it is good to personally have some outline regarding where you would consider to be good buying opportunities and also to be sufficiently content if the price does not go down to your buy target points.

I always strictly follow another rule, "do not invest more than you can afford to lose".

Of course, this concept is fundamental to any volatile investment, but people still use it in differing ways.  I use it to consider that I am not leveraging or betting and that I have my living expenses covered for 6 months into the future with my cash flow, then any extra I can invest into bitcoin.  Over time, that can add up to a lot of money, especially once the bitcoin ends up appreciating 30x... So maybe starting off with a modest $10k ends up in the $300k territory... so motivations can change, even though the initial $10k did not seem to be very much the $300k gets into Lambo territory.. and some folks start to think,.... " I could have had a lambo for $10k?" when the price starts to go down, we can see where there can be emotions... and how much was initially invested can get lost in the shuffle.

I have some coins I mined long ago (well, in bitcoin world 6-7 years is 'long ago'), so I am not especially worried about short-term fluctuations - in total I would not be at loss even if the price plunges to lower hundreds (yes, I am mostly a HODLer). Buying/investing is another story, and trading is yet another.


Sounds like you are in a decent personal position, then.

There were at least two big bull traps this year, and I am not convinced there there will be no more.

I would be hard pressed to call price fluctuations in a correction bull traps.. even though technically you are correct.

You are also correct in the sense that it is going to take a lot of breaking through upwards resistance to get back to $19k price territories.


In one sense, it would make sense a decent amount of sense if you don't feel very passionate about bitcoin or very strongly about wanting to accumulate bitcoin, then you may well not be very invested in the concept (but only luke warm about it), so in that regard, it would make sense that you would not even feel any kind of inclination to share your knowledge with others because you merely view bitcoin as blasé.... and something that may or may not happen or some thing that may or may not be important.. and that is your viewpoint, which likely differs from guys who actively participate in forums like this one, even during down price periods.  For different folks, there are different strokes.

Forums are different, here I may be much more talkative, although I prefer to read, not to post.

I learn about about myself and about my own stance by attempting to interact on ideas.. but sure, sometimes, just reading can be insightful, too.
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