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

[gentlemand]

“… Facebook is seeking roughly $1 billion for the new initiative and has already approached credit card companies Visa and MasterCard about a potential partnership. The cash infusion would ensure ‘FB coin’ is well capitalized and stable, unlike most of the major cryptocurrencies today.”
https://www.bbc.com/news/business-48383460

I just don't see how they can keep a balance here. I presume the idea is to go global. How do you balance the exchange rate across the whole world while keeping everyone happy? How would any government with a crappy currency stop everyone from piling in? How do you stay on top of compliance if you get over 1 BILLION users? Ten million would be a herculean task.

No matter what, it's going to be a great show. I gave up Facebook about 12-13 years ago after trying it for a week and having an avalanche of pirate sheep thrown at me so will be sadly excluded.

[Last of the V8s]

https://cryptoinsider.com/facebook-to-launch-project-libra-a-stablecoin-based-network/
 

how bloody Orwellian this is, it's not even funny.

The shitcoin to end all shitcoins.

A FacebookCoin pegged to the USD with full KYC/AML could eat 90% of the market share of credit card processors, non-USD fiat currencies, and shitcoins.
Bitcoin would be your only alternative.

Facebook has a bigger network effect than anyone in payments. If they're smart, they'd stay out of monetary policy & build a payment network around the most liquid asset their users want. With KYC/AML, they'd probably offer more USD liquidity & lower fees than anyone else.

Network effects dominate. In a KYC world, there's very little reason for anything but the dollar and a facebook payment app to exist. Why hold your local gov's shitcoin on an app, when you can hold the dollar & spend globally? Why hold any app that has a smaller network than FB?

Payments will centralize around one network & standard. Currently it's USD, meaning surveillance, inflation & war.
Bitcoin's value proposition is that its most centralized layer is distributed over many thousands of nodes, making it arguably immutable apolitical & uncensorable.

Your choice:

1- A global inflationary currency that uses seigniorage to finance a large bureaucracy & global empire with complete surveillance of everyone

2- Digital immutable apolitical hard money with no seigniorage.

A good take I think from saif, and reminds me of the ubiquitous Chinese payments app Wechat Pay

[BitcoinGirl.Club]

Facebook has 2.38 Billion Users (Q1, 2019)



This is insane! I think we are 7 Billion in the earth.

[Last of the V8s]

If it’s to be a stablecoin I won’t bother with it.

Do you truly honestly believe Mark will expose the wealth of his billions of users to a bunch of cockhonkers on Bitmex?

We were just having a nice dream till you guys destroyed it.  

If you want memes and wild dreams go to @ BitcoinPermabulls on Instagram. Only serious and grownup discussions here on the very polished WO thread.

Not quite. I dream of Rio.

[fillippone]

“… Facebook is seeking roughly $1 billion for the new initiative and has already approached credit card companies Visa and MasterCard about a potential partnership. The cash infusion would ensure ‘FB coin’ is well capitalized and stable, unlike most of the major cryptocurrencies today.”
https://www.bbc.com/news/business-48383460

I just don't see how they can keep a balance here. I presume the idea is to go global. How do you balance the exchange rate across the whole world while keeping everyone happy? How would any government with a crappy currency stop everyone from piling in? How do you stay on top of compliance if you get over 1 BILLION users? Ten million would be a herculean task.

No matter what, it's going to be a great show. I gave up Facebook about 12-13 years ago after trying it for a week and having an avalanche of pirate sheep thrown at me.

They are going to seek stability versus a basket of fiat currencies rather that USD dollars. I guess a basket of USD/EUR/JPY basket, maybe adding other relevant currencies as they expand towards new markets. Effectively it will be a new dollar index, they will be able to use traditional FX hedges to stabilise the value of the thing.

[gentlemand]

They are going to seek stability versus a basket of fiat currencies rather that USD dollars. I guess a basket of USD/EUR/JPY basket, maybe adding other relevant currencies as they expand towards new markets. Effectively it will be a new dollar index, they will be able to use traditional FX hedges to stabilise the value of the thing.

Makes sense. I wonder what many a government will feel when a weird little Vulcan suddenly wields a universe more power than they can possibly dream of.

I'd be shelving it and returning to practicing my blinking if I were him.

[BitcoinGirl.Club]

Not quite. I dream of Rio.

Damn!
I am off to bed. Good night 🤪

[JayJuanGee]

That's fucked up! My first day of trading:
5 losing trades out of 5!
There is something to strive for and where to grow

A trader losing 100% of the times is precious as much as one hitting right 100% of the times.
You just need a friend taking a position opposite your view, but triple the size.

I doubt that the problem is a matter of doubling down, coincidence or whatever.

Something seems quite wrong and unsustainable if you are losing 100% of the time with 5 bets, and you just begun to engage in the activity.

Likely the better strategy is to quit for a while and reassess the prudence of your approach.

[hodl_2015]

This is insane! I think we are 7 Billion in the earth.

7.000.000.001 (my cat has a facebook account)

[infofront]

If it’s to be a stablecoin I won’t bother with it.

Do you truly honestly believe Mark will expose the wealth of his billions of users to a bunch of cockhonkers on Bitmex?

Merited exclusively for the use of the word "cockhonkers".

Respect.
+1 WO merit

[Biodom]

They are going to seek stability versus a basket of fiat currencies rather that USD dollars. I guess a basket of USD/EUR/JPY basket, maybe adding other relevant currencies as they expand towards new markets. Effectively it will be a new dollar index, they will be able to use traditional FX hedges to stabilise the value of the thing.

Makes sense. I wonder what many a government will feel when a weird little Vulcan suddenly wields a universe more power than they can possibly dream of.

I'd be shelving it and returning to practicing my blinking if I were him.

Yeah, remember what happened last time a large pseudo-monopolist claimed that that they will soon take the 'vig' from all transactions?
cough-Microsoft-cough

Not going to happen^TM

[MrFreeRoMan]

That's fucked up! My first day of trading:
5 losing trades out of 5!
There is something to strive for and where to grow

A trader losing 100% of the times is precious as much as one hitting right 100% of the times.
You just need a friend taking a position opposite your view, but triple the size.

I doubt that the problem is a matter of doubling down, coincidence or whatever.

Something seems quite wrong and unsustainable if you are losing 100% of the time with 5 bets, and you just begun to engage in the activity.

Likely the better strategy is to quit for a while and reassess the prudence of your approach.

at the end of the day 1 came out profitable!) Total 1/6)
For me the most important thing is that I recognized my mistakes! It costs a lot

A little bit of bitcoin history


https://twitter.com/Josh_Rager/status/1131668130995085312/photo/1

[JayJuanGee]

Maybe I should put a nice lil picture of my hat next to each comment in this thread. That way I feel like I'm a bit more part of the gang, and it might increase my chances of being invited to the $100k party. Its kind of like how newbies would include their signature text in their comment field after they got demoted when the merit requirements went into effect.

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Can't disagree with the inclusion of the hat approach.    But you might get yourself in a bit of a pickle (a pun of our residential pickle, ibian) if you are posting signatures in this forum.. through such text inclusion.  In other words, would become a nuisance, and really, I would not mind if theymos just allowed signatures in this thread, but NOT likely to happen based on our current forum situation.

[Biodom]

at the end of the day 1 came out profitable!) Total 1/6)
For me the most important thing is that I recognized my mistakes! It costs a lot

I remember reading a blog of one very prominent trader (sorry, I forgot the linky).
He said:

1. if your last 4-5 trades went bad, become very defensive.

2. if your last 4-5 trades were profitable, become very aggressive.

I lost a large chunk of my trading equity in 2001-2002 since I only knew the bull market of 1997-2001 prior to that.
Nothing worked, but I kept 'buying the dip'.
It was a good lesson.

[JayJuanGee]

 

weeeeeeeee

gembitz  .... our residential wisher.... wwwwwwwwhhhhhhhhhhhheeeeeeeeaaaazzzzzzllllleeeeee.  

[Last of the V8s]

https://www.dailymail.co.uk/money/markets/article-7068219/Facebook-boss-Mark-Zuckerberg-secret-meeting-Banks-Mark-Carney.html
bit of twat on twat action there

https://davidgerard.co.uk/blockchain/2019/05/24/facebooks-globalcoin-why-are-they-doing-it-as-a-cryptocurrency/
solo twat makes some good points

it turns out that all the hard part is regulatory compliance.

[JayJuanGee]

We are missing those rock climbers 🤪

That is be called koreck!!!!

Joy is generated when pics of tops, bottoms, climbers and other quasi-clothed beauties... throw in a juxtaposed lambo or a rocket here or there doesn't hurt, neither.   

[JayJuanGee]

That's fucked up! My first day of trading:
5 losing trades out of 5!
There is something to strive for and where to grow

A trader losing 100% of the times is precious as much as one hitting right 100% of the times.
You just need a friend taking a position opposite your view, but triple the size.

I doubt that the problem is a matter of doubling down, coincidence or whatever.

Something seems quite wrong and unsustainable if you are losing 100% of the time with 5 bets, and you just begun to engage in the activity.

Likely the better strategy is to quit for a while and reassess the prudence of your approach.

at the end of the day 1 came out profitable!) Total 1/6)
For me the most important thing is that I recognized my mistakes! It costs a lot

A little bit of bitcoin history


https://twitter.com/Josh_Rager/status/1131668130995085312/photo/1

Personally, I don't care about the punchline, and I stand by my earlier statement.

Furthermore, even though engaging in Martingale style of betting will tend to have profitable outcomes, it is not a sound nor a prudent long term strategy or a way to live, from my humble bumble perspective.

[HairyMaclairy]

Not sure who the hell could dare to short that at this stage!

Don’t short bull markets. You will, sooner or later, get smashed.  

If you have to use leverage (and you probably should not) long the dips.

[d_eddie]

at the end of the day 1 came out profitable!) Total 1/6)
For me the most important thing is that I recognized my mistakes! It costs a lot

I remember reading a blog of one very prominent trader (sorry, I forgot the linky).
He said:

1. if your last 4-5 trades went bad, become very defensive.

2. if your last 4-5 trades were profitable, become very aggressive.

I lost a large chunk of my trading equity in 2001-2002 since I only knew the bull market of 1997-2001 prior to that.
Nothing worked, but I kept 'buying the dip'.
It was a good lesson.

And good value for money is my guess: eventually in the green anyway, unless you sodl or got rekt.

Are you referring to this blog by any chance?
http://theimpatienttrader.blogspot.com/2011/10/things-ive-learned-after-15-years-of.html

Someone posted a link to it just a few days ago. I think it was Last of the V8s.