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

[JayJuanGee]

Bitcoin, what is it? Why you should buy NOW!?

If you don't know who this is, he is a pretty famous early adopter. He has many precious metal videos before he knew about bitcoin too. He was literally screaming at everybody to get in when it was pennies. Warned people before the Mt. Gox collapse.

Now he gives the buy signal by simply saying...

BUY

From the video:

Put 0.1% of your wealth in Bitcoin. If I am right, that 0.1% will cover all the losses from your other assets.

Pretty hardcore shit.

In my thinking, he seems to be way too conservative in his recommendation of .1% - even though I will concede that.1% is better than 0%.

I recommend 1% to 10%, and accordingly people can choose their level based on their own comfort and situation, but 1%, for me, is the minimum for anyone with any kind of investment horizon that is at least 4-5 years.  Pompliano is also recommending 1% as the minimum, but I had been recommending 1% as a minimum for years .. likely before Pompliano got into bitcoin.

Largely, I started recommending that everyone should put "something" into bitcoin since about late 2014 - even though I believe that when I first started recommending that everyone put something into bitcoin, I was a bit non-specific and I would kind of see how the conversation went before I would start to become specific with people.

I guess practice, practice, practice pays off, but also the performance of bitcoin over the years, including the various attacks that it pushed through in 2016 and moreso in 2017-ish have caused me to have a lot more confidence in my recommendations.  In essence, I have gotten a lot more adamant about my recommendation since about late 2017, and even suggesting that people are somewhat retarded (even though I don't always tend to use that word when talking directly to peeps) if they do not put at least 1% of their quasi-liquid investment portfolio into bitcoin.  At the same time, I also would tell people to do the fuck what they want, but they should be at least 1% in bitcoin..   hahahahahaha...

People hear what they want to hear, and would still usually ignore me, in spite my somewhat adamance...... Then when the BTC price goes up, on the inside (and sometimes on the outside), I am laughing the fuck at no coiners and fence sitters who have enough of a kernal of adequate and sufficient bitcoin information but fail/refuse to take any kind of stake at all in bitcoin and/or even fail/refuse to set up bitcoin related accounts which I suggest is the preliminary point even before buying BTC... too much work, too much work... you snooze, you lose.   

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[JayJuanGee]

Another thing, why do you think the network fees went nuts while the ATH was happening in 2017?

People were literally outbidding each other by paying more fees to send their coins faster to the exchanges so they could dump!

I don't buy that dumping story.

Sure, there was some increase in actual on-chain BTC traffic during late 2017 and early 2018 (actually about December 2017 to January 2018), but there was also some expensive attacking going on during that time that the attackers considered to be in their interest, NOT only for the clogging effect, but the fact that they could spin those kinds of facts for years into the future, which seems to be what is happening with people still discussing the increase in BTC onchain traffic as if it were merely an "organic" phenomenon within bitcoin (which is only partly true, at best).

Another thing, why do you think the network fees went nuts while the ATH was happening in 2017?

People were literally outbidding each other by paying more fees to send their coins faster to the exchanges so they could dump!

People were outbidding each other just to make ANY bitcoin transaction. The reason for high fees in 2017 were BCH crooks trying to clog bitcoin network and promote their point by sending hundreds of spam transactions to be included in every block. There are no spam transactions now because those same crooks need every bitcoin they mine now to support the price of Bitmain's corporate coin (aka Bcash).

I don't deny that but I can't really say it was %100 Bitmain/Vermin Co. Still can't be sure though. Maybe they were %100... but then... why don't they do it now? Or why they didn't do it before the ATH? Maybe they wanted to combine their spam with the real demand to increase the effects. I still believe there were some real hardcore demand in 2017 for the on-chain transactions.

Of course, there is some truth in the "organic growth" presentation of matters, but there was still an attack going on that should not be ignored, even ethereum pumpeners could have been in on it.  Coinbase was failing/refusing to batch transaction and engaging in their pumpenings bullshit too.

Remember also that in late 2017, bcash was still trying to figure out to do with its various attacks and figuring out what kind of effect that such attacks were going to have including hopenium that their stupid-ass fork would be successful and then having the segwit2x bullshit and the ethereum flippening funzies.. there was a lot going on, so the bcash fucktards were not necessarily always coordinated in what they were going to do or what they were going to try next, hoping to have effects while they were perceiving (perhaps in their fantasy thinking) to keep punching while they had bitcoin on the ropes.

Another thing, why do you think the network fees went nuts while the ATH was happening in 2017?

People were literally outbidding each other by paying more fees to send their coins faster to the exchanges so they could dump!

People were outbidding each other just to make ANY bitcoin transaction. The reason for high fees in 2017 were BCH crooks trying to clog bitcoin network and promote their point by sending hundreds of spam transactions to be included in every block. There are no spam transactions now because those same crooks need every bitcoin they mine now to support the price of Bitmain's corporate coin (aka Bcash).

I don't deny that but I can't really say it was %100 Bitmain/Vermin Co. Still can't be sure though. Maybe they were %100... but then... why don't they do it now? Or why they didn't do it before the ATH? Maybe they wanted to combine their spam with the real demand to increase the effects. I still believe there were some real hardcore demand in 2017 for the on-chain transactions.

I have already explained why.
Another reason is to not induce accelerated development of the Lightning Network which actually is the Bitcoin killer app.

Exact was a cumulative of circumstances that coincided with the fork BCH, SegWit, CME futures, FOMO

Exactly I kinda feel like becoin's view on this matter is very one-dimensional. It was a series of events all happening at once.

There wasn't any segwit adoption > high fees
No LN > high fees (we don't know how much LN helps right now though)
High demand > naturally high fees
Bad miners > high fees
No batching from the exchanges > yep you guessed right.

You can't explain it that simple by saying it was all Roger. Nope, it wasn't that simple.

Of course, there was a lot going on, but still trying to downplay the actual attacks and to suggest that there was a bit of an organic growth issue for bitcoin if giving way the fuck too much benefit of the doubt to fucktard bitcoin naysaying and altcoin pumper FUD spreaders.  You are caught up too much in your own fantasy if you are trying to explain without giving adequate credit to both the incentive to spam and the actual spamming that was taking place during that time.

[mindrust]

JJG,

That guy expects a full financial system collapse. Full fledged doom and gloom.

Ofc %1 is better. Ofc %10 is a lot better idea. If I wasn't such a puss, I would have gone %100 instead of going %21. (I believe %21 is better than %10  )

He says over and over again, FIAT is a scam and a ponzi. Bitcoin is not. One of them is going to evaporate. In this scenario, 0.1% will be enough to keep your life standards. You'll continue from where you left just like you were doing before "the doom"

%10+ hodlers will be probably the new wealthy elites. (I can see LFC is having an orgasm now)

He is just trying to ease the average Joe's in. I remember myself in 2013-2014 I never would imagine myself investing in bitcoin with my hard earned "real" money.

[HairyMaclairy]

huh? dove flavoured coffee? whatever will they think of next?

Alcoholic dove

[JayJuanGee]

JJG,

That guy expects a full financial system collapse. Full fledged doom and gloom.

Ofc %1 is better. Ofc %10 is a lot better idea. If I wasn't such a puss, I would have gone %100 instead of going %21. (I believe %21 is better than %10  )

He says over and over again, FIAT is a scam and a ponzi. Bitcoin is not. One of them is going to evaporate. In this scenario, 0.1% will be enough to keep your life standards. You'll continue from where you left just like you were doing before "the doom"

%10+ hodlers will be probably the new wealthy elites. (I can see LFC is having an orgasm now)

I suppose that we are just batting around ideas, and of course, there are going to be various perspectives as to why and what people believe to be prudent levels of diversification..

Getting off of zero surely would be prudent, and even though you feel nervous about your only putting in 21% in, you gotta recognize that there is a decent amount of value to NOT be gambling too much, even with an asset that causes you large bullishness, and surely there is a lot of comfort to have some fiat to be able to buy more bitcoin when it unexpectedly dips and also having some certainty that your expenses are going to be covered, your head is covered and food is on the table... so yeah, I am not going to be to critical of people who go further in their allocation amounts, and surely it helps, too, with peeps like you who have been around the BTC block a few times, versus talking to folks who are just getting in and trying to get a feel of various aspects, including the basics of both having their personal finances in order and questions about whether to hold value on exchanges versus the preferred practice of keeping a decent amount in private key protecting mode which can be complicated even when we hear about attack vectors that are present with easy to use mechanisms, such as Trezor.

[Globb0]

huh? dove flavoured coffee? whatever will they think of next?

Alcoholic dove

the easiest of the doves to catch

[Last of the V8s]

https://twitter.com/sqcrypto/status/1172893035140567040

We’re giving a bunch of money to @BtcpayServer, a product that appears to be in direct competition with our mothership. It isn’t. Here’s why.
Everyone benefits from open-sourcing, often in ways that are intangible. And as bitcoin’s ubiquity increases, existing payments companies have to make a choice: adapt or be left behind. Square got where it is by embracing and adapting to change.
This isn’t an investment in a competitor, it’s an investment in the future of money—something that Square obviously has a stake in.
BTCPay normalizes thinking about what it means for a currency to be self-sovereign, while bridging the UX gap that has historically kept open-source projects from mass adoption.

https://medium.com/@squarecrypto/grant-1-btcpay-server-8f158621bf91

[HairyMaclairy]

We are sitting near the top resistance line of the flag.  It has been awhile since we visited the support line of the flag around $9300.    At the current price we will break outwards and upwards from the flag before the end of September.   It is quite bullish to go sideways from here.  

[Last of the V8s]

what? you drunk again?

[Last of the V8s]

what? the dove drank your homework?

[BitcoinGirl.Club]

Why must I be surrounded by retarded, digital shitcoin scammers.

Yeah, you should not surrounded by BCH shitcoiners 🤪

[HairyMaclairy]

Doves gone drunk

[BitcoinGirl.Club]

Doves gone drunk

Pubs are going to lose business again. Christmas for Starbucks and Costa LOL

[HairyMaclairy]

WTF NOW IM ANGRY

[Dabs]

Of course you can mine "just 1 bitcoin".  It's called 'pool mining'.
... nobody would buy your $100k coin if they can mine one for $6k instead.  And mining is already too huge to increase by an order of magnitude or higher to buffer prices that elevated or it would use more power than the entire United States.

Have you tried it? Go ahead, pay $6k for just one bitcoin. It's the competitiveness of mining that requires huge capital outlay to even mine it at that price. That's why people are going to buy it at a higher price, because they'd rather not mine it. They'd rather get one and keep it, or get one and use it, but to be a miner is a different story. Miners will use up whatever power they can get and pay for. Power that eventually will go down in price and mining equipment that gets more efficient, even as the mining difficulty increases.

You can also try to pool mine, but I gather it's going to take a lot longer to get your 1 bitcoin, unless you have have a bunch of miners, either in your own space or hosted somewhere.

[jojo69]

It's like gold dredging or fishing, once you figure it all up it's cheaper at the store.

[rebal15]

wow



50% of Saudi production offline...

Saudi Arabia makes me 100% with Putin and 100% against the international politics of USA.
100% offline will make life in Venezuela better.

[DaRude]

Another thing, why do you think the network fees went nuts while the ATH was happening in 2017?

People were literally outbidding each other by paying more fees to send their coins faster to the exchanges so they could dump!

Umm for every sold coin, there is a coin that was bought. So 50% is people paying more fees to send their coins to exchange, and 50% of that is people paying more fees to take their coins from the exchange. Not your keys...

[rebal15]

Guaido seen with drug lords, Colombia confirms

[Danslip]

We are sitting near the top resistance line of the flag.  It has been awhile since we visited the support line of the flag around $9300.    At the current price we will break outwards and upwards from the flag before the end of September.   It is quite bullish to go sideways from here.  

A) Descending triangle
B) I expect a fake breakout soon
C) Whipsaws are loading...

P.S: Everyone will see a reaction of the France news on the BTC charts in a week. The technical analysis suggests the crypto traders waiting for the pullback before buying the expensive prices. I also want to see the recent effect of the Bitcoin traders after the news. Hope market will price the efforts of the bulls but the bears will not let the $10000 level go away after all these bloody resistance/support confrontations.