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Question: Oct. 23 Closing Price:
<$8,000 - 2 (3%)
$8,000-$8,500 - 0 (0%)
$8,500-$9,000 - 0 (0%)
$9,000-$9,500 - 0 (0%)
$9,500-$10,000 - 0 (0%)
$10,000-$10,500 - 1 (1.5%)
$10,500-$11,000 - 0 (0%)
$11,000-$11,500 - 3 (4.5%)
$11,500-$12,000 - 5 (7.6%)
$12,000-$12,500 - 16 (24.2%)
$12,500-$13,000 - 12 (18.2%)
$13,000-$13,500 - 8 (12.1%)
$13,500-$14,000 - 5 (7.6%)
>$14,000 - 14 (21.2%)
Total Voters: 66

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 23391563 times)
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May 20, 2018, 04:07:57 PM

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May 20, 2018, 04:13:22 PM

This tweet from Charlie Lee has surprised me:

https://twitter.com/SatoshiLite/status/997978007875670016

He was millionaire before Bitcoin? Surprising. Anyone knows what he was doing before?

I think he worked at google right?

That would make for it yeah. Also probably he is older than he looks like (in fact in recent pictures he does).

If you read that twitter stream, to this day Charlie doesn't consider Litecoin a scam.

But often we need to reconsider what the definition of a scam truly is.

I mean, to make Litecoin he literally took a snapshot of the Bitcoin source code, changed like 2 easily-found config parameters, and launched it. And he admitted that it took him all of like a long Saturday to change and test it. He put almost zero effort into creating Litecoin. He created an altcoin of Bitcoin with a few clicks of a mouse. What he did, anyone could literally do with enough knowledge of the code.

So what part about that process and goal isn't scammy? Today when people do that with the Bitcoin source, we say that they're doing it for scammy or selfish purposes. But for some reason we give Charlie a pass because he's a nice guy, Bitcoin proponent, and no longer holds any LTC. (Little known fact: he once DID hold a metric shitload of LTC and probably made a million dollars selling some before LTC even hit $0.20c)

Changing the algorithm from SHA256d to SCRYPT was a little more involved than changing a couple of parameters. But yes, something like this could definitely be done in 24 hours.
The creation of Litecoin stems from the emerging of more and more scamcoins like GeistGeld, ixcoin, Tenebix, Solidcoin....
To counteract Tenebixes 7.7 million premine  Faircoin was launched. Basically a 100% copy minus the premine, done in an instand. It was a rushed job just to deal with it. From then with a proper announcement and a little bit more work and thought Litecoin emerged. The prelaunch thread had 5000 views and a vote for best launch time (4 options). 

Quote
Quote from: molecular on August 17, 2011, 06:55:42 AM
The Egg of Columbus comes to mind. That's why nobody else did it and people that saw it early had all kinds of objections... "An egg of Columbus or Columbus's egg refers to a brilliant idea or discovery that seems simple or easy after the fact." A million bitcoins is the least he deserves. His "invention" is worth more than that if in the end, we have free money.

+1

I totally agree. I hope he becomes the richest man on earth. What Satoshi was able to come up with on his own was truly remarkable.

Quote
I actually believe what Satoshi came up with IS brilliant. And that's why I think he may not be one person. It takes someone who is great at math, economics, and computer science to come up with this. And his solution is also very thorough. I'm really surprised to see such a complete solution in a version 1 product. Know what I mean? When someone comes up with something this novel, normally, the first attempt will crash and burn. So I give Satoshi a lot of credit. He deserves every single bitcoin he owns.


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May 20, 2018, 04:14:18 PM

It looks like we are having a breakout from the descending broadening wedge due to the formation of a inverse head and shoulder in its 4 hour chart which I have not saw earlier. Target 1 would be 8,600-8,800$ if BTC breaks that we are off to the 9,000$ level again. Remember that this breakout happened in its 4 hour chart which means it might take long for BTC to go back up that level. There is still a possibility that this bis a bull trap so BTC needs to stay above 8,350$ for a while in order to stabilize a support.
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May 20, 2018, 04:31:38 PM

(big green dildo candle)

bob thanx you for that
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May 20, 2018, 05:26:53 PM



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May 20, 2018, 05:37:16 PM

This tweet from Charlie Lee has surprised me:

https://twitter.com/SatoshiLite/status/997978007875670016

He was millionaire before Bitcoin? Surprising. Anyone knows what he was doing before?

I think he worked at google right?

That would make for it yeah. Also probably he is older than he looks like (in fact in recent pictures he does).

A million dollars isn’t that much in the scheme of things.  That’s half a house in Vancouver, Canada.   Probably a third of a house in Silicon Valley.   It’s not even a downpayment in London unless you are an hour from the City.

It's not that much if you need to be in one of those places you listed. Where, if you are, you will be paid well enough to be able to afford it (out of necessity) but will still only have a lifestyle on par with someone making 1/5th of your salary elsewhere. A really comfortable retirement starting at age 30 only requires about 2 million though. So it's not that a million is a small amount of money so much as it's that the particular examples you gave are WAY overpriced. For reference you need about 7 million dollars in assets to be in the american 1% and about 3 million to be in the global 1% (those figures assume that you have only assets and no income).

But yea there is a sense in which you are absolutely right. A lot of very financially illiterate people have very bad misconceptions about what a million dollars means. They will play a lottery that promises to pay out a million dollars and think if they could just win than they could live like an elite and never have to work again, which of course is not even close to accurate. It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.
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May 20, 2018, 05:50:05 PM

It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.
indeed... and the fact most are understandably clueless at financial management.
After all, hookers and blow has a fairly poor ROI.
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May 20, 2018, 05:59:40 PM

Target 1 would be 8,600-8,800$ if BTC breaks that we are off to the 9,000$ level again.
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May 20, 2018, 06:05:25 PM

worth getting out of bed for
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May 20, 2018, 06:07:13 PM

Target 1 would be 8,600-8,800$ if BTC breaks that we are off to the 9,000$ level again.


Everytime it breaks $9000 somebody on reddit creates a topic and says "this is the last time we see btc under $9k" and then few days later we go under $9k again.

I think they are dumping on us and like many told before they'll keep dumping it till we hit below $5k. They probably have enough bitcoins to give us 2-3 painful years before the next big boom.
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May 20, 2018, 06:08:44 PM
Merited by cAPSLOCK (5), LFC_Bitcoin (1), bones261 (1)

These areas continue to resonate with me. A sharp downward consolidation followed by sideways and upward accumulation. We are either at the end of a long generic whip crack or at the beginning of a upwards wave A(?) if your into that EW stuff. You could even call it a cup and handle if you look at it just right..   Grin    
Not the greatest SL but maybe a bottom perhaps? It feels like a bottom. I think the time for cheap corn is getting close to the end..we might not look back once we pass into 5 figures.

It looks like we might be testing the upper $8k's soon.  Hodling here at $8.5k or breaking above $8.65k on the daily candle would be confirmation imho.

#dyor

#btfd

#stronghands

Have a great week everyone. We are almost through the worst of it I do believe.
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May 20, 2018, 06:24:58 PM
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It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.
indeed... and the fact most are understandably clueless at financial management.
After all, hookers and blow has a fairly poor ROI.
I'm not sure about hookers (unless they're yours), but blow can make a very healthy RoI if used properly.
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May 20, 2018, 06:58:13 PM

This tweet from Charlie Lee has surprised me:

https://twitter.com/SatoshiLite/status/997978007875670016

He was millionaire before Bitcoin? Surprising. Anyone knows what he was doing before?

I think he worked at google right?

That would make for it yeah. Also probably he is older than he looks like (in fact in recent pictures he does).

A million dollars isn’t that much in the scheme of things.  That’s half a house in Vancouver, Canada.   Probably a third of a house in Silicon Valley.   It’s not even a downpayment in London unless you are an hour from the City.

It's not that much if you need to be in one of those places you listed. Where, if you are, you will be paid well enough to be able to afford it (out of necessity) but will still only have a lifestyle on par with someone making 1/5th of your salary elsewhere. A really comfortable retirement starting at age 30 only requires about 2 million though. So it's not that a million is a small amount of money so much as it's that the particular examples you gave are WAY overpriced. For reference you need about 7 million dollars in assets to be in the american 1% and about 3 million to be in the global 1% (those figures assume that you have only assets and no income).

But yea there is a sense in which you are absolutely right. A lot of very financially illiterate people have very bad misconceptions about what a million dollars means. They will play a lottery that promises to pay out a million dollars and think if they could just win than they could live like an elite and never have to work again, which of course is not even close to accurate. It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.

Still, having a net worth over 1 million with less than 30 years is a great start. And not something that usual even if there are places where $X00.000 salaries are frequent.

The other day I was reading some article that states that there are many people making those salaries and living from paycheck to paycheck with almost no savings beyond 401k. Here is the article: https://www.cnbc.com/2018/03/06/budget-breakdown-of-a-couple-that-makes-500000-a-year-but-cant-save.html

I supposse there must be a lot of exaggeration and sensationalism in it, but still..... The biggest joke in that "budget" is buying the car with credit....
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May 20, 2018, 06:59:23 PM

It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.
indeed... and the fact most are understandably clueless at financial management.
After all, hookers and blow has a fairly poor ROI.

Actually, the main problem with many lotto winners is they end up trusting the wrong people and get scammed. Another problem is that they end up being too generous with family and friends who are looking for handouts.
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May 20, 2018, 07:01:30 PM
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Target 1 would be 8,600-8,800$ if BTC breaks that we are off to the 9,000$ level again.


Everytime it breaks $9000 somebody on reddit creates a topic and says "this is the last time we see btc under $9k" and then few days later we go under $9k again.

I think they are dumping on us and like many told before they'll keep dumping it till we hit below $5k. They probably have enough bitcoins to give us 2-3 painful years before the next big boom.

It is mt. gox damn it....from what I figure they have to dump $240 million in usd of BTC a month, to get the liguidation done by the end of this year....*them

trustees want their cut and the Japanese Gov't wants this all over with)

thus, we will go to 9k and drop to 7k and rinse wash repeat for a month or two...then the mt. gox trustees will have a timeline, say end of the year and we will

drop to 4k ...it is gonna suck!

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May 20, 2018, 07:03:41 PM

This tweet from Charlie Lee has surprised me:

https://twitter.com/SatoshiLite/status/997978007875670016

He was millionaire before Bitcoin? Surprising. Anyone knows what he was doing before?

I think he worked at google right?

That would make for it yeah. Also probably he is older than he looks like (in fact in recent pictures he does).

If you read that twitter stream, to this day Charlie doesn't consider Litecoin a scam.

But often we need to reconsider what the definition of a scam truly is.

I mean, to make Litecoin he literally took a snapshot of the Bitcoin source code, changed like 2 easily-found config parameters, and launched it. And he admitted that it took him all of like a long Saturday to change and test it. He put almost zero effort into creating Litecoin. He created an altcoin of Bitcoin with a few clicks of a mouse. What he did, anyone could literally do with enough knowledge of the code.

So what part about that process and goal isn't scammy? Today when people do that with the Bitcoin source, we say that they're doing it for scammy or selfish purposes. But for some reason we give Charlie a pass because he's a nice guy, Bitcoin proponent, and no longer holds any LTC. (Little known fact: he once DID hold a metric shitload of LTC and probably made a million dollars selling some before LTC even hit $0.20c)

Times change. The fact that it was acceptable when Litecoin first came about is probably because there wasn't a metric tonne of altcoins out then. These days you can't watch some porn without an ICO  popping up "TO THE MOON THE NEW COIN THAT SURPASSES BITCOIN AIRDROP NOW"

I don't consider changing a few parameters as if we look at a lot of things these days they are direct copies of something else. Do people cry about the chinese knock offs? No because they can sometimes be of better investment. Litecoin made a lot of people happy at the time.

If you were to do that now though it's already been done a million times by millions of different "developers". That don't even engage with it's consumers and just bask in the price that their "altcoin" fetches.
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May 20, 2018, 07:05:53 PM

Target 1 would be 8,600-8,800$ if BTC breaks that we are off to the 9,000$ level again.


Everytime it breaks $9000 somebody on reddit creates a topic and says "this is the last time we see btc under $9k" and then few days later we go under $9k again.

I think they are dumping on us and like many told before they'll keep dumping it till we hit below $5k. They probably have enough bitcoins to give us 2-3 painful years before the next big boom.

It is mt. gox damn it....from what I figure they have to dump $240 million in usd of BTC a month, to get the liguidation done by the end of this year....*them

trustees want their cut and the Japanese Gov't wants this all over with)

thus, we will go to 9k and drop to 7k and rinse wash repeat for a month or two...then the mt. gox trustees will have a timeline, say end of the year and we will

drop to 4k ...it is gonna suck!



Suck? If your an investor for the long term of Bitcoin you are probably relishing your forecast here. A few months of ping ponging back and forth will satisfy some of the day traders and a big drop towards the end of the year will satisfy those who want to invest more long term.

Here's to hoping that your forecast comes true!
bitserve
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May 20, 2018, 07:32:20 PM
Last edit: May 20, 2018, 07:47:32 PM by bitserve

It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.
indeed... and the fact most are understandably clueless at financial management.
After all, hookers and blow has a fairly poor ROI.

Actually, the main problem with many lotto winners is they end up trusting the wrong people and get scammed. Another problem is that they end up being too generous with family and friends who are looking for handouts.

Yes, I do personally know one case where what you said is the exact description.

The thing with lottery is that most winners are people previously just living from paycheck to paycheck, so they think they need to hire a "professional" and there the problems begin -depending on what kind of "professional" they end in the hands-.

Not all of them go on a spending spree, some don't even change their lifestyle significantly but still end up losing all or most of the money due to bad decisions in trusting the wrong people/"professionals".
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May 20, 2018, 07:34:41 PM

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May 20, 2018, 07:39:54 PM
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