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

[Last of the V8s]

via @qew

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[Last of the V8s]

http://archive.is/Y9NNv - http://www.thedrive.com/the-war-zone/21358/virginia-soldier-may-have-had-bigger-plans-for-drug-fueled-rampage-in-stolen-armored-vehicle

He was also involved in the development of a cryptocurrency called ZenCash, before leaving the project and claiming he had discovered a way to hack its underlying blockchain. One of his more cryptic Tweets said "permission to execute the 0day sir," with a "zero-day" being a common term for a known cybersecurity vulnerability. On June 4, 2018, ZenCash did suffer a cyberattack, but there is no evidence so far linking Yahut to that event.

via @shinohai

[vroom]

nice one, thanks for sharing.

[btcone111]

Only a breakout that is 1/3 away from apex of triangle is significant.

If btc manages to exit the pattern from the apex, the direction of exit is not important

[RayX12]

Looking at these graphs makes me think that BTC is ON TRACK TO MOON LANDING as long as hashrate continues to climb.

Hashrate vs Price last 12 months (linear scale):



Hashrate vs Price all time (log scale):

[vroom]

Looking at these graphs makes me think that BTC is ON TRACK TO MOON LANDING as long as hashrate continues to climb.

IMO hashrate is following the price.

we would see decreasing hashrate when the bitcoin price is to low for to long. if there is no money left to pay power bills hashrate will fall fast.

[loveraltcoin]

No. I have no doubt that the result of changing the PoW for Bitcoin will be yet another forked chain that is NotBitcoin.
Yet, this is exactly what Luke-jr has been advocating as of late. Look it up.
All y'all need to get out more.

And yet that's exactly what the BCash idiots did, forked a chain that is NotBitcoin. Oh the irony.

But jbreher likes his selective amnesia, it feeds into his cognitive dissonance I guess.  

Funny thing is how they try to be Bitcoin instead of “something better” (according to their religion).

Why would you want to be the same as something that you think less of your product. Few days ago I saw global “rebranding” campaign that would make us believe which is the true Bitcoin 

[STT]

The hash rate scares me, all that money being poured into serving the network.     Im all for efficiency driven competition, the network has to stay cheap vs competitors to use so I dont want to see them with higher costs from big R&D on asic.   I guess it'll work itself out in some way

The SEC Says Bitcoin Can Replace Sovereign Currencies And Cryptocurrencies Are Not Securities. (thecryptograph.net)

https://thecryptograph.net/sec-says-bitcoin-can-replace-sovereign-currencies-not-security-but-icos-are/

This seems massive news, taxing every single transaction and exchange of crypto is basically criminalising a population because normal people cant be paying accountants to do their books because they bought a bottle of shampoo with bitcoin.   Seems there is conflicting ideas and it cant be that people suffer from just doing normal things.

Roughly bullish action, 7720 as a short term cap and 7370 seems a good base.  yea I have 7720 already drawn in as a fib line, that'd make 8043 target upside initially

[jojo69]

it cant be that people suffer from just doing normal things.

oh...but it can

[thisisntbic]

Hashrate vs Price all time (log scale):

Interesting. Log scale shows an almost inverse correlation between hash rate and price.  I wonder if this holds true for more than just the past year (didn't realize graph was all time  ). Did price dip with that big increase in hashpower recently?

Of course correlation =/= causation.

[BitcoinNewbie15]

Looking at these graphs makes me think that BTC is ON TRACK TO MOON LANDING as long as hashrate continues to climb.

Hashrate vs Price last 12 months (linear scale):



Hashrate vs Price all time (log scale):

Its insane how much the hashrate has grown. Miners must see a bullish future for Bitcoin because they are essentially investing a ton of money in BTCs infrastructure. Hash rate continues to grow even during a price decline. To me at least, that seems pretty bullish.

[gembitz]

The Mining Hardware Wars... oh it's on like Donkey Kong!

https://twitter.com/ynakamura56/status/1003908868114509824

Don't much like this

"Reservations start June 6, ships by Oct end"

We already saw the dif explosion, by the time you actually get this (not it is shipped) will it even be worth it?

Where is the ROI?

i prefer non-gmo lol

You prefer to be fail loser. Still welcome to slot number 2 on ignore.

Oo this is getting quite satisfying.

no fluffypony is the one who fell for the hack ..not you sucker! ===> or are you another Riccardo Spagni sockpuppet? LOLLL = XMR fale#

We were discussing bitcoin miners in a bitcoin thread? I don't understand why you want to suddenly go after me? are you also controlling what icons people can use along with judging what they can spend their profits on?

WHAT I'M SAYING IS YOU ARE A GOLDMAN SACHS (XMR) SHILL ~ BOTH YOU AND FLUFFYPONY ARE BEING CALLED OUT >>> #GITLAB WUT

 

lolzz

[rolling]

Hashrate vs Price all time (log scale):

Interesting. Log scale shows an almost inverse correlation between hash rate and price.  I wonder if this holds true for more than just the past year (didn't realize graph was all time  ). Did price dip with that big increase in hashpower recently?

Of course correlation =/= causation.

I am seeing a feedback loop. The price spikes lead to investment in mining gear and the resulting increase in hash power leads to the next spike in price which fuels the next round of investment in mining gear, etc., etc.

[Asrael999]

Don't forget that hash rate being deployed now was likely ordered in Q1 18 or in the bubble. Assuming 10c power or lower cost of bitcoin production is still <$6k. That said if hashrate grows at the rate it has been since start 2016 you won't ROI on an S9 at $600 for the miner, or even on one of the proposed new GMO 7nm miners at $2k. So if I ran the biggest asic mining company in the world with a revenue of circa $2.4bn last year I would either be looking to support/increase the price of Bitcoin and by extension bcash so that my product looks more attractive, diversify my company into AI or other computational heavy production, or IPO my company (or all 3)......

Google trends for Bitcoin looks pretty poor right now.

[Toxic2040]

Good morning all.

1h

Fuzzy waves continuing mostly up and sideways.

4h

Coiling.

D

Summer 2018 sunglasses edition

The market is slowly recovering from the crypto winter we experienced. While not the explosive rise some may be looking for, the steady price and moderate gains are sign's of renewed interest from users and institutional investors as alike. With greater clarification coming from governing bodies and the realization that bitcoin and crypto are viable alternatives to legacy banking, increased adoption and speculation are likely to continue and increase over time.

While this might seem painfully obvious to most, sometimes spelling things out simply is what is needed.

This recovery..or rut we have been in..what ever you care to call it, is due to many factors but the one that weighs the most imho is the MtGox coins. Until there is closure on those coins I feel the market is going to hover in this price range until mid August, early September.

This coming Monday and Thursday look to be interesting. Can we get back over $8k?  #dyor #stronghands
 

[RejectedBanana]

Don't forget that hash rate being deployed now was likely ordered in Q1 18 or in the bubble. [...]

Google trends for Bitcoin looks pretty poor right now.

Exactly, Hashrate looks to be a lagging indicator due to equipment production time, with miners banking on future increases in price since they've already missed the last run up.

I would argue that Google trends is also a lagging indicator, albeit on a much shorter time frame. Price has to increase first before interest is stoked enough to spur newcomers to search for bitcoin. There is less need for already indoctrinated bitcoiners to search, they already know where they want to go to buy/research/etc.

I would further argue that price is a lagging indicator of fundamental analysis and good news. Whereas FUD is a nearly instantaneous indicator of price decreases, good news takes a while to build enough confidence to trigger buying much less FOMO.

Going back to google trends, the more people already know about bitcoin, the less impact it will have on search engines. MSM has replaced a lot of the need to google, now that CNBC etc have a price ticker and reporting.

You don't see the stock markets responding that much to google trends even in times of wild volatility. Bitcoin still drawing more searches than key stock market terms.

In fact, stock market search spikes on google trends seem inversely correlated to price - they represent major sell offs! Careful what you wish for.



edit:

Meanwhile, on Wall St:
‘Beware’: Jamie Dimon and Warren Buffett Double Down as Bitcoin Critics

Classic.

Jamie "Do What I Say Not What I Do" Dimon, as JP Morgan continues to formulate crypto strategies.
Warren "I only invest in what I understand" Buffet, who quite possibly just learned about Apple and maybe even the Internet sometime last year.

[kalehon]

[infofront]

Interesting interview with Mike Novograts:

https://www.youtube.com/watch?v=oWhzlaymNIk&app=desktop

One tidbit I found interesting is when he said that the bubble we just had was akin to the 1996 stock market bubble. The 1999 "internet bubble" is coming and it will be the largest bubble ever.

[Karartma1]

Don't forget that hash rate being deployed now was likely ordered in Q1 18 or in the bubble. [...]

Google trends for Bitcoin looks pretty poor right now.

Exactly, Hashrate looks to be a lagging indicator due to equipment production time, with miners banking on future increases in price since they've already missed the last run up.

I would argue that Google trends is also a lagging indicator, albeit on a much shorter time frame. Price has to increase first before interest is stoked enough to spur newcomers to search for bitcoin. There is less need for already indoctrinated bitcoiners to search, they already know where they want to go to buy/research/etc.

I would further argue that price is a lagging indicator of fundamental analysis and good news. Whereas FUD is a nearly instantaneous indicator of price decreases, good news takes a while to build enough confidence to trigger buying much less FOMO.

Going back to google trends, the more people already know about bitcoin, the less impact it will have on search engines. MSM has replaced a lot of the need to google, now that CNBC etc have a price ticker and reporting.

You don't see stock market search terms responding that much to google trends even in times of wild volatility. Bitcoin still drawing more searches than key stock market terms.

In fact, stock market search spikes on google trends seem inversely correlated to price - they represent major sell offs! Careful what you wish for.



edit:

Meanwhile, on Wall St:
‘Beware’: Jamie Dimon and Warren Buffett Double Down as Bitcoin Critics

Classic.

Jamie "Do What I Say Not What I Do" Dimon, as JP Morgan continues to formulate crypto strategies.
Warren "I only invest in what I understand" Buffet, who quite possibly just learned about Apple and maybe even the Internet sometime last year.

Nice, very interesting! thanks

[Anon136]

Should probably be "shut up and take my digital signature".