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

[Lambie Slayer]

The Mythical Golden Bull Era might be upon us. If so expect 100k this summer.  I dont really believe this will happen, but I ya never know.

[1603195481]

1603195481

[HairyMaclairy]

If you throw in a century of economic growth then 9 digits could be plausible as well as follows:

Suppose Bitcoin absorbs 10% of M2 and the M2 growth rate of roughly 4% persists for a century.

That would imply 1.04^100 = 50.5x growth over 100 years.

That would bring the 10% estimate from 3m per Bitcoin to 151.5m per Bitcoin 100 years from now.

These kind of valuations are highly flawed. If bitcoin ever absorbed even a fraction of "M2" growth it would be largely as a pure unit of account, not a store of value. In other words you'd (by definition of M2) be talking about BTC denominated bank deposit accounts and money market funds and all kinds of other fractional reserve derivatives.

Use of bitcoin as a unit of account is something hodlers tend to ignore. If bitcoin ever became a currency we would not be exchanging actual bitcoins, but bitcoin denominated credit just as we use arbitrary units of credit today. So you can't just divide random incumbent money supply figures by 21 million to get a price for a future BTC. Since it's limited in supply it's an asset and will always be an asset.

If you denominate, say, UK GDP in bitcoin then it's around 0.3 Trillion BTC. The GDP can be 0.3 Trillion BTC even though there are not that many bitcoins in existence.

Oy vey - where to start?

Obviously, if UK GDP were to be valued in Bitcoin, then Bitcoin would rise in price in order to be able to accommodate UK money supply in the allotted number of Bitcoin units.

As an aside - you might satisfy yourself with Bitcoin denominated credits. I think most here already understand the folly of such acceptance.

The reason the US departed the gold standard was an unacceptable risk of a short squeeze on the Federal Reserve.

I cannot see how any Central Bank would be foolish enough to put itself in that position again. 

So Bitcoin denominated notes, convertible or not, seem out of the question. 

[yefi]

When 12344? (or was it 12688 or smth?)

lol, the 12,288 game? Thought I had decent chances with that one, not so sure now.

[jbreher]

This is crazy cool. Anyone could test it?

Bitcoin Comes to Whole Foods, Major Retailers in Coup for Digital Currency

http://fortune.com/2019/05/13/bitcoin-comes-to-whole-foods-major-retailers-in-coup-for-digital-currency/

I'm game. Anyone have an invite code?

[jojo69]

lol

anybody use WhatsApp?

[Paashaas]

With this record volume no doubt wel'll see new ATH's this year.

[jbreher]

With this record volume no doubt wel'll see new ATH's this year.

https://www.blockchain.com/en/charts/trade-volume?timespan=all

 

[StartupAnalyst]

lol

anybody use WhatsApp?

Yeah, I use it to stay in touch with people who only use WhatsApp. Why do you ask?

[jojo69]

Yeah, I use it to stay in touch with people who only use WhatsApp. Why do you ask?

https://www.bbc.com/news/technology-48262681

https://www.zerohedge.com/news/2019-05-13/secretive-israeli-company-uses-whatsapp-voice-calls-install-spyware-phones

[StartupAnalyst]

Yeah, I use it to stay in touch with people who only use WhatsApp. Why do you ask?

https://www.bbc.com/news/technology-48262681

https://www.zerohedge.com/news/2019-05-13/secretive-israeli-company-uses-whatsapp-voice-calls-install-spyware-phones

At times like this, I realize that the people I go to WhatsApp for aren't that much of a friend to me. 

[soxxx]

Not going to lie, Ive been controlling my emotions and haven't gotten to excited, but im starting to feel the euphoric feeling again. Not because of the pump to $8,000, but because of the realization we are just getting started on the next bull run, which based on how soon it has started, MAY have the potential to exceed the last one percentage-wise....

[600watt]

Bitcoin, exciting and new
Come aboard, we're expecting you

Bitcoin, life's sweetest reward
Let it flow, it floats back to you

The BitBoat soon will be making another run
The BitBoat promises something for everyone

Set a course for adventure
Your mind on an All Time High...and Lambo

nice one! but... just one girl on the love boat? or did the others go below?

[Woodie]

There I was thinking bitcoin was a dead horse but it seems to be wide awake and gone back to its old bullish self.

There goes bullish bitcoin, Up up and away!
9k should be in our sight any time soon.

[Toxic2040]

late evening Wall report

Offensive sorties continue in the $7.9k to $8k range but you can tell the Bear forces are demoralized and are putting up little resistance. Special forces teams remain on alert for a possible assault on the 0.382 long fib

Seems likely to be more of the same as billions continue to pour into crypto. Volatility will happen.

Stay tuned for more updates from the front lines throughout the coming week and #dyor


brought to you by..  'GAINZ CORP, the company that cares for the global baghodler today and for tomorrow'.

That is all.

1h


D


D

#stronghands'19

[soxxx]

Here we go, the entire Crypto market is now at 239 Billion, a higher "high" has been put in....

[Kasabus]

Here we go, the entire Crypto market is now at 239 Billion, a higher "high" has been put in....

That was easily achieved mate, in just a few days we will be in the $300 billion soon.

Bull run makes trading easier, and with that increase of marketcap, altcoins was not even pumping yet, prepare when they pump.

[ErisDiscordia]

https://steemit.com/trading/@anonymint/re-anonymint-most-important-bitcoin-chart-ever-20190511t061008384z

yeah this guy was spouting his theories of BTC clearly being a government-designed honeypot with which to trap libertarians into a fully state-controlled monetary environment back in 2014 - 2015. He was going to use his (self-proclaimed) genius-level IQ to design a fully anonymous coin (hence anonymint). Then there was his constant masturbating over spreading of Martin Armstrong's prediction of a complete economic collapse in the third quarter of 2015.

In other words: don't bother listening to this Craig Wright Lite.

[vroom]

I'm still a little bit in denial, I can't believe what's happening. It's like a dream
If we can break the July 2017 high, around $8500, then I will stop being worried.

[LFC_Bitcoin]

Well bitcoin is in a great moment, we’re all happy WO’s. I’m off to Budapest, Happy Birthday to me

Cheers gentlemen!

[kenzawak]

^^
Happy birthday LFC !
And enjoy your trip !
Cheers.