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

[JayJuanGee]

For fuck sake JJG don't quote that fuck face, just everyone ignore the bastard and let him aste his time posting to himself.

Did someone die and put you in charge of my discretion... ?  or lack thereof?


 

[1563581182]

1563581182

[1563581182]

1563581182

[d_eddie]

Wow!!!!!



jojo and Searing are dee same peep.

That's Team #2! Now for the next one?

[kenzawak]

BITCOIN TRADING VOLUME SURGES 250% IN THAILAND AFTER ‘SEASTEADING’ FIASCO

https://bitcoinist.com/thailand-bitcoin-volume-soars-250-after-seasteading-fiasco/

"Thailand has gone into a bitcoin frenzy as volumes have risen 4x on the peer-to-peer site Local Bitcoins.

In bitcoin, 417 BTC (worth nearly 70 million Thai Baht) has exchanged hands in the last week, up from 130 BTC (21 million baht) in the previous weeks. This is the highest recorded volume since 2016.
It’s speculated that the surge in interest of bitcoin was due to the seizure of the sea-faring couple, which consequently boosted awareness of Bitcoin in the country."

[kenzawak]

Tone Vays at the Mexico City meetup :

"Right now we are in a bull / bear market, it's debatable .
If we're in a bull market, the Tether news is great news because people will replace their Tether with Bitcoin.
If we're in a bear market, this is bad news because if the US government can shut down Bitfinex, they can shut down any exchange with the help of other international governments.
...
If the price of Bitcoin doesn't go to 4k and it can brush off this news, I will have to agree that the bear market has ended.
...
I still think Bitcoin is gonna make a lower low but I'm almost 50/50."

https://youtu.be/93EQbeGwpno  (he talks about Tether around 29 minutes in the video).

[Searing]

yeah...I got a really bad feeling about the coming weeks

Pussy.

I'm doing an extra morning set of 10 reps with my titanium plates. I feel no pain. The only way is up.

True...just saying.....not a big fan of the tether scam...it could get ugly...and on the above I said "coming weeks"

Wow!!!!!



jojo and Searing are dee same peep.

Ack! Been Found Out! Ack! (or are you saying JoJo is my soul mate...(heart flutter)

[realr0ach]

The scarcity of bitcoin is not artificial you dimwit.  Stop spreading misinformation.

If this statement is not concrete proof JayJuanGee is negative 4000 IQ, I don't know what is.

[Dabs]

Elwar seems to have gotten his trezor to work.

[d_eddie]

yeah...I got a really bad feeling about the coming weeks

Pussy.

I'm doing an extra morning set of 10 reps with my titanium plates. I feel no pain. The only way is up.

Please let me suggest you to add some cologne spraying between each rep for full endurance training.

From the horse's mouth. Duly merited now. WOsMerit alone couldn't pay justice to crabs and stuff.

[realr0ach]

Elwar seems to have gotten his trezor to work.

None will escape retribution from becoming Judas to turn their back on physical metals and shill for (((digitial currency))) cashless society slavery systems.

[infofront]

[BTCMILLIONAIRE]

The scarcity of bitcoin is not artificial you dimwit.  Stop spreading misinformation.

The entire Bitcoin protocol is a human creation and hence artificial. That includes everything with in it, such as the limited supply and hence scarcity of Bitcoins.

Code:

artificial
/ɑːtɪˈfɪʃ(ə)l/
adjective
adjective: artificial

    1.
    made or produced by human beings rather than occurring naturally, especially as a copy of something natural.
    "her skin glowed in the artificial light"

[Toxic2040]

Elwar seems to have gotten his trezor to work.

+1 WOsMerit

yeah...I got a really bad feeling about the coming weeks

Pussy.

I'm doing an extra morning set of 10 reps with my titanium plates. I feel no pain. The only way is up.

Please let me suggest you to add some cologne spraying between each rep for full endurance training.

From the horse's mouth. Duly merited now. WOsMerit alone couldn't pay justice to crabs and stuff.

-----------




searching for support along the 0.236 fib as most short term indicators appear to be turning south
1h


$4.7k might be the new floor  #dyor
3d

#stronghands'19

[DaRude]

You don't have those kinds of options with traditional physical assets like fiat or PMs...  Even having $10 million in cash would not be easy to move around, like it is with bitcoin.  A billion dollars on bitcoin could be stored and managed a whole hell-of-a lot easier than the same value in cash or Pms.

You demonstrate a complete failure of economics 101 understanding.  It's not possible for something to qualify as "money" if it doesn't even qualify as a commodity first.  Nobody refers to video games on Steam as a "commodity" because it's blatantly obvious it's a state-run racket/scam called intellectual property and entirely based on artificial scarcity.  

Bitcoin is no different - another artificial scarcity scam/racket.  The hallmark trait of all currencies is artificial scarcity, while actual money is required to be physical commodity in the real world and not an artificial scarcity racket.  So, no, you are not "storing" $10 million of anything in bitcoin because it's not possible to store value in something completely imaginary based on artificial scarcity.  It's a currency and not money, and on a long enough timeline the value of a currency always goes to zero.  

All you're holding is a temporary pump and dump grenade or financial scam that you're attempting to pass off onto someone else before it explodes, not "storing value".  You need a physical commodity that doesn't expire to do that.

While your rationale works well for video games on Steam it does not hold for Bitcoin. While true that the scarcity is artificial by virtue of being programmed in it's not comparable to video games on Steam which can be sold without any limitations.

As soon as some malicious actor tried to remove scarcity by increasing the amounts of Bitcoins we'd simple tell them to fork off by forking off ourselves.


You could make an argument that this would be a democratic process and that the majority of humans is too fucking retarded to realize when they're being manipulated into believing that increasing the amount of coins is a non-issue. But that would still result in two chains, one with the idiots and one with the rest.

Now another argument that you could attempt would be to state that the scarcity was broken through the fork. But as we have already seen quite clearly forks only have a fraction of the original value and the more forks there are the less valuable each fork will be with a quick convergence towards value for erroneous forks. Hence irrelevant for both the Economy as a whole as well as the 21m Bitcoin chain.

His old brittle mind burned too many brain cells on nazi propaganda to see that there is no difference between natural and coded scarcity as long as it's truly scares. But that's alright many grandmas struggle with the concept of decentralized consensus, and that you can't copy and paste to get more BTC and it's not because of some DRM.

[JayJuanGee]

The scarcity of bitcoin is not artificial you dimwit.  Stop spreading misinformation.

If this statement is not concrete proof JayJuanGee is negative 4000 IQ, I don't know what is.

There is no negative IQ... 

[JayJuanGee]

The scarcity of bitcoin is not artificial you dimwit.  Stop spreading misinformation.

The entire Bitcoin protocol is a human creation and hence artificial. That includes everything with in it, such as the limited supply and hence scarcity of Bitcoins.

Code:

artificial
/ɑːtɪˈfɪʃ(ə)l/
adjective
adjective: artificial

    1.
    made or produced by human beings rather than occurring naturally, especially as a copy of something natural.
    "her skin glowed in the artificial light"

O.k. Technically, you are correct, yet we are not talking about technical correctness, we are talking about real world application.

Accordingly, try to change the 21 million bitcoin versus trying to figure out the extent to which the gold supply is scarce or not manipulated by paper inflation?  Which one is more scarce in real application and what the fuck problem has bitcoin attempted to solve?  

With bitcoin, we are talking practical application and a programmed and consensual scarcity, not some pie in the sky theory about what could or might happen in some hypothetical (not likely to happen scenario).  And, that is part of the reason why, currently, bitcoin has the strongest and hardest money that has ever been created  (until proven otherwise).

[edited out]

His old brittle mind burned too many brain cells on nazi propaganda to see that there is no difference between natural and coded scarcity as long as it's truly scares. But that's alright many grandmas struggle with the concept of decentralized consensus, and that you can't copy and paste to get more BTC and it's not because of some DRM.

That is be called Koreck!!!!

[Icygreen]

VLOG #6 | T.A. With Bitcoin

https://www.youtube.com/watch?v=iKE20QZ69KQ&feature=youtu.be

Thanks, that was ballzy of them and cute. Haha 

Put ALL your money in bitcoin! Get a mortgage, if you have one maybe take out second one. [quote/]

[realr0ach]

there is no difference between natural and coded scarcity

No difference in real world scarcity and artificial scarcity?  Okay, by your own statement there's no difference between bitcoin and any altcoin - both are "coded scarcity" - so supply is then infinite because there's no overhead to create them and thus no Schelling point.

This is the stupid world of shitcoiners where they just make up random nonsense to try to rationalize using shitcoins over metals.  Then every piece of propaganda they create to try and rationalize the use of digital shitcoins only rationalizes the use of fiat and an infinite number of altcoins too.  So they then backtrack and try to apply nonsensical double standards to attempt to not promote altcoins or fiats with their horrid, illogical arguments.

[BTCMILLIONAIRE]

O.k. Technically, you are correct, yet we are not talking about technical correctness, we are talking about real world application.

Accordingly, try to change the 21 million bitcoin versus trying to figure out the extent to which the gold supply is scarce or not manipulated by paper inflation?  Which one is more scarce in real application and what the fuck problem has bitcoin attempted to solve?  

With bitcoin, we are talking practical application and a programmed and consensual scarcity, not some pie in the sky theory about what could or might happen in some hypothetical (not likely to happen scenario).  And, that is part of the reason why, currently, bitcoin has the strongest and hardest money that has ever been created  (until proven otherwise).

You've stated that Bitcoin's scarcity is not artificial which is strictly false.

Bitcoin's scarcity is artificial, period. No technicalities, no real world application, no anything. It is de facto and unequivocally artificial.

I'd like to ask you to stop degenerating our language.

It's bad enough that liberalism is functionally equivalent to fascism these days and that a progressive is acting in regressive ways. If terms are defined in a dictionary stick to the definition. Otherwise all hell breaks lose and fascists start thinking they're fighting for the greater good.


As far as the scarcity argument goes, it doesn't even exist. One is limited in supply, the other is not.

[realr0ach]

Scarcity vs artificial scarcity be damned, JayJuanGee is not even correct that bitcoin has scarcity in the first place.  It's technically no real difference from the federal reserve.  They state a 2% inflation rate targeting, but political forces can obviously push it higher or lower.  Bitcoin's inflation target is...a predefined slope, but the exact same political powers can change that just like the fed.  

Transaction validators in shitcoins are always designed to centralize because it's not possible to create a decentralized digital currency, so they have NO NASH EQUILIBRIUM and are subject to the exact same political power vacuum of central banks with govts just exerting force over the 1-10 transaction validators (ASIC warehouses and pools) to apply AML/KYC, inflation, and whatever else.  Anyone who's not an idiot in the field of shitcoins knows that POW chains are far less secure the lower the fixed block reward subsidy becomes and that they might not even be viable at all without inflation.  

If it doesn't work out because of lack of subsidy, before bitcoin dies off completely, they would obviously either add inflation or fork to proof of stake - a bogus, closed entropy system that doesn't even pretend to be decentralized like how bitcoin pretends designed to centralize PoW is.

[BTCMILLIONAIRE]

Scarcity vs artificial scarcity be damned, JayJuanGee is not even correct that bitcoin has scarcity in the first place.  It's technically no real difference from the federal reserve.  They state a 2% inflation rate targeting, but political forces can obviously push it higher or lower.  Bitcoin's inflation target is...a predefined slope, but the exact same political powers can change that just like the fed.  

Transaction validators in shitcoins are always designed to centralize because it's not possible to create a decentralized digital currency, so they have NO NASH EQUILIBRIUM and are subject to the exact same political power vacuum of central banks with govts just exerting force over the 1-10 megaminer warehouses to apply AML/KYC, inflation, and whatever else.  Anyone who's not an idiot in the field of shitcoins knows that POW chains are far less secure the lower the fixed block reward subsidy becomes and that they might not even be viable at all without inflation.  

If it doesn't work out because of lack of subsidy, before bitcoin dies off completely, they would obviously either add inflation or fork to proof of stake - a bogus, closed entropy system that doesn't even pretend to be decentralized like how bitcoin pretends designed to centralize PoW is.

Interesting that you ignored my earlier response and then proceeded to make the same false claims regarding Bitcoin's scarcity all over again. It is very different from the federal reserve.