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

[Toxic2040]

Despite the 14-month long bear market, BTC transaction rate reaching 2017 all-time high.

Transaction fees also have remained relatively stable.

I really can't understand what is causing that much tx's. I mean, the peak of 2017 was probably because of people claiming forks and the FOMO (buying/selling)  during the last months. What is happening now? Is it increasing adoption in the middle of a bear market?

On second thought... fees were as much expensive during the 2017 peak that many people (including me) were very shy about sending any tx unless strictly needed. Now you can do it without a second thought.

I'm not sure if normal users have any significant impact on BTC prices. So an increase in use doesn't necessarily imply an increase in price.

The average person has an annual post-tax income of around 1-2k USD. Take 2/3 away for rent, food and other expenses and you're left with some 300-600 USD. It would then take 10m users chipping away their entire disposable monthly income on Bitcoin.
And even then it would only account for the 24h volume or 10% of the market cap.

In reality the average person probably has less money left over and wouldn't think about putting it all in, much less regularly.

The bottom line is that unless hundreds of millions jump on simultaneously there won't be much movement in the price (based on increased use).
I'm almost fully convinced that the big players are (basically) just waiting for golden and death crosses on long-term charts and thus reinforcing the self-fulfilling prophecy of technical trading with everything else just being short-term noise until a truly big change in the landscape, such as institutional money actually flooding onto the blockchain instead of non-physically settled instruments, occurs.

[erre]

Shit I'm editing this post because I double posted because the thread was running too fast.


Very, very bullish   

[Aqualung89]

These charts can say to me is not reminiscent of anything. According to them also seems to me, nothing happens. Although in general will rise never even chart does not keep them.

Generally, people who know what happens when you set them to actually enter the market on their own.

[kenzawak]

Crypto-currencies gaining popularity in Kenya

https://www.bbc.com/news/business-47307575?ocid=socialflow_twitter

"Despite warnings from Kenya's central bank about the volatility of crypto-currencies, some businesses in Nairobi are now accepting Bitcoin payments.
The total number of Bitcoin transactions in Kenya are estimated to be worth over $1.5m, according to the Blockchain Association of Kenya.
...
At the moment, the crypto-currencies Bitcoin, Dash and Lisk are used in Botswana, Ghana, Kenya, Nigeria, South Africa and Zimbabwe.
Blockchain is also being implemented by start-ups and tech conglomerates alike in Kenya to help solve problems, such as IBM's platform to help small businesses to prove their creditworthiness for loans."

[BTCMILLIONAIRE]

Even after all these years it mainly comes up as some joke or dig among the sheeple at work :/

Even after all these years it still seems "too good to be true" from a ROI perspective. When that is no longer the case some sheeple will join for crumbs and once those are mostly gone the rest will follow simply because they will have to in order to participate in the market.

[kingcolex]

According to dickline....

Bitcoin is now undervalued by an order of magnitude according to https://dickline.info/


https://twitter.com/lopp/status/1098974345764974594

McAfee is one nutty guy, but he won't be chopping anything off. I think he stated he would buy a surrogate (seems illegal to me)

[LFC_Bitcoin]

Shit I'm editing this post because I double posted because the thread was running too fast.


Very, very bullish   

Bullish that you got your account back in time for the run up to six figures in USD per bitcoin

[El duderino_]

Shit I'm editing this post because I double posted because the thread was running too fast.


Very, very bullish   

Bullish that you got your account back in time for the run up to six figures in USD per bitcoin

Six Numbers is known by NOW
Question is which 6-Numbers

Why am i always so over bullish ??

[Toxic2040]

In other news..

Tension in Venezuela escalates at a clash at the border over relief efforts as Maduro backed soldiers open fire on workers. At least one reported fatality along with several injured.

https://www.washingtonpost.com/world/the_americas/one-dead-multiple-injured-after-venezuelan-national-guard-opens-fire-on-opposition-supporters/2019/02/22/09d60f1a-3518-11e9-8375-e3dcf6b68558_story.html?utm_term=.270040450e01

Also in South America, a large 7.5 magnitude quake rattles Ecuador early this morning. Hope that all observers down in that area are doing ok.

https://www.npr.org/2019/02/22/696961234/7-5-magnitude-earthquake-strikes-near-ecuadors-border-with-peru

Dow climbs past 26k as trade talks continue with China.

https://www.reuters.com/article/us-usa-stocks/tech-stocks-lift-wall-street-amid-trade-hopes-idUSKCN1QB1L9

[LFC_Bitcoin]

Shit I'm editing this post because I double posted because the thread was running too fast.


Very, very bullish   

Bullish that you got your account back in time for the run up to six figures in USD per bitcoin

Six Numbers is known by NOW
Question is which 6-Numbers

Why am i always so over bullish ??

Not sure if it’s bullish or just realism mic. I think it’s pretty obvious that during the next cycle we’ll see an obscene USD figure per bitcoin.

If I didn’t think that I would have sold everything on the way down from the last ATH.

I’m ready to be stinking rich

[kenzawak]

https://twitter.com/AlecZiupsnys/status/1098956627326238720

[Last of the V8s]

https://www.theguardian.com/business/2019/feb/22/kraft-heinz-share-plunge-loses-warren-buffett-4bn-in-one-day

Someone really put the squeeze on Heinz
I would relish a chance at a good entry
etc

[kenzawak]

Gabor Gurbacs, chief digital asset strategist at VanEck :

https://twitter.com/gaborgurbacs/status/1093649166616670215



https://twitter.com/gaborgurbacs/status/1092103378488909824

[JSRAW]

Jesse Lund

His last name caught my attention and I laughed so hard

In Hindi, Urdu, Punjabi language, its means Penis.

So that's why so few of your people study at the university of Lund.

Not really I suppose, i agree its very low number in terms of Indian student studying there.

But you can imagine the scenario when a student from the Indian subcontinent is trying to explain about the university with his-her parents and relatives.  

Just to clarify, in the Scandinavian languishes "lund" means grove, often a sacred grove where, in the old religion, you would sacrifice to the gods.

Interesting, Didn't know about that. will look into it.

[Last of the V8s]

https://bitcoin.live/blog/update-on-the-bitcoin-rally?aid=106
Peter Brandt pretty much copying Hairy's homework

[Toxic2040]

https://www.theguardian.com/business/2019/feb/22/kraft-heinz-share-plunge-loses-warren-buffett-4bn-in-one-day

Someone really put the squeeze on Heinz
I would relish a chance at a good entry
etc

So when you say relish I just had to do a quick search and I'll have you know the top two of three picked by seriouseats was..yep, you guessed it. Heinz. Coincidence? Hah!



https://www.seriouseats.com/2012/09/taste-test-the-best-pickle-relish-store-bought-brand.html

[jbreher]

Chicken got fed by Blockchain 🤣

https://i.imgur.com/5PSbCbI.jpg
https://thenextweb.com/hardfork/2019/02/22/feed-chickens-using-bitcoin-blockchain/

Thats ... cute, I guess.

Quite derivative of a site operating for months already that allows anyone to feed chickens by making an onchain BCH tx. But I guess some are destined to be followers.  

[Toxic2040]

sorry, I just like rockets

[Febo]

Magical Crypto Conference 2019 ,  May 11th , try not to miss it!!!
 

[bitserve]

Chicken got fed by Blockchain 🤣

https://i.imgur.com/5PSbCbI.jpg
https://thenextweb.com/hardfork/2019/02/22/feed-chickens-using-bitcoin-blockchain/

Thats ... cute, I guess.

Quite derivative of a site operating for months already that allows anyone to feed chickens by making an onchain BCH tx. But I guess some are destined to be followers.  

Sure you guys need all those chicken feeding micropayments on chain forever. At least that will look as if anyone is really using BCH. (No, not that LN is being widely used either... but it probably will soon).

Can't you really see why that specific "service" is way more appropriate to be done in L2?