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

[Biodom]

Am I too late for the WO dump panic? I'm sorry, I know its tradition...

*ahem*

OH NO BITCOIN IS GOING DOWN OH SHIT OH SHIT OH SHIT ITS OVER! 3K SOON!!1 *hands start shaking*

lemme reach for that accidental 100X long/short button... which one would be proven right short term, though?

[1713997859]

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[1713997859]

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[jojo69]

awesome snake story

So, totally NOT trying to one up, that was awesome, and reminds me of a little story that I think is appropriate here.

Some years ago I was leading a construction crew on a swing from the Pacific Northwest in a big arc down through the Southwest and back.  We built several sites.  I think it was about a 10 week trip.

One young fellow on the crew, we will call him Ben, good hand, runs his own crews up in Alaska now, was adventurous and decided to ride his KLR 650 on the trip.  If you aren't familiar with these bikes they are the quintessential old school "dual sport", a cross between a road bike and a dirt bike, a bit more dirt bike than the modern "adventure" bikes.  What this means in practice is that, while they are good reliable machines, they aren't particularly good at anything; wobbly and blown around on the highway and heavy-ass pigs in the shit.

Ben was a trooper and stuck with it most of the trip, but as the jobs wore on, long hours, stress, uncomfortable cheap hotel beds, the allure of wrestling the bike rather faded.

We finished up the last big set and just had a couple little inspection and maintenance gigs on the way back.  I put the other guys on a plane home and we loaded Ben's bike on the trailer with a bunch of leftover parts and pointed it North.

One of our last responsibilities was to access a remote site North of Susanville, CA, pull some data and troubleshoot why the thing wasn't calling home.  We had built the site the previous year and knew that access was pretty bad, particularly as it was getting well into early winter and moisture was an issue.

We were in an F350 4x4 diesel quad-cab utility body loaded to the gills with tools and parts.  We discussed it at length the night before in the hotel.  We were faced with the prospect of dropping the trailer and unloading a ton of crap to get the rig in a state to even attempt it, and we knew that even then it was going to be touch and go.  Ben volunteered to ride in and make the visit saving us a lot of work.

We got up to the landing and got him on his way and I hunkered down in the truck and tried unsuccessfully to get some extra sleep.  It was roughly 4 miles in and he had probably 40 minutes of work on the site.  Well, about three hours later I started thinking he was overdue.  As time went on I became increasingly concerned until at the 5 hour mark I was actually suited up and just starting to drop the trailer to go investigate when he finally rolled up.

He had ridden in without great difficulty, had a bit of frustration with the computer but not too bad, and had headed back down in good time.  Part way back he was on a steepish downhill stretch where one wheel track was washed out pretty good so he really only had one bike lane and...there was a badger chilling right in the middle of it.

He honked his horn and hollered at it but the badger made absolutely no indication that it perceived him at all.  A few kicked rocks likewise had no discernible effect, so Ben inched the bike forward and bumped it on the ass with his front tire.

This got the beast's attention and it turned abruptly and snapped at him.  He dumped the bike over backwards and scrambled back up the hill a ways.  He tried throwing sticks and more yelling to no avail and ended up sitting on a rock some ways off until the badger got bored or had some other important badger stuff to do and wandered off.

Anyway, I shit you not, that's how he told it, I thought that fit here somehow.

[JayJuanGee]

I have to admit that I don't understand current markets, which now include bitcoin as well.
The linear btc chart makes absolutely no sense.
The log chart makes some sense still, not sure how long this would last, perhaps not too long.
The whole "crypto" system is undergoing something of a slow motion collapse in price, it seems, despite nominally positive news.
I am a big btc proponent, but I don't believe that btc would survive if everything else crypto-related completely fails.

The fiat system currently look victorious and marvels at it's ability to "print" money on a whim with nary any consequence, but we all know that it is really a mirage, but in one's lifespan such mirage can last essentially forever.

We shall see. No jerky buying/selling moves.

Of course, none of us has any kind of clear theory, but seems that shitcoins can get purged of a decent amount of excessive value, and could be that altcoin season comes in a different kind of way (and to different shitcoins) than it had come in the past.  

I doubt that a shuffling and purging of value in shitcoins really undermines bitcoin.  There are likely always going to be some shitcoins, but do they really need to not be punished from time to time for their level of dumb?

  You think all that bullshit de-fi and other nonsensical network effects cannot get taught a lesson with their dumbass investing into projects that are built on the foundations of a shitcoin (ethereum 1.0, 2.0, or whatever other phone baloney layers of confusion they are propagating)?

I doubt that bitcoin is going to die from such ongoing and potentially heavy shitcoin purging that also might even purge a decent number of bitcoin investors, too.

Is there a single internet company/stock?
There is no ecosystem consisting of one entity...the only one was depicted in sci-fi "Solaris" (the book, not the US movie, which mostly sucks).
Multiple entities (i don't care how you call them) provide the gamut of ideas on how to move forward. The whole field benefits.

There can still be multiple entities and purging of value from the various shit and the various 14 year olds that are involved. 

I am not arguing that there is not going to continue to be a lot of other altcoins or that the space only survives with one coin.  The gravitation of value into bitcoin is likely to take 50 years or more to really take place, and there can even be another altcoin season that comes in a way that is different from the past alt coin seasons.  You are getting me wrong if you conjecture that I believe that value needs to gravitate into bitcoin right now, because bitcoin is likely way too immature for that, and there is all kinds of dumb money that still can be pumped into various shitcoins and other snake oil sales for decades to come. 

I otherwise stand by the assertions that I already made, and they do not seem to be contrary to what you are expecting in terms of the ongoing existence of shitcoins;  you just seem to think that they don't deserved to be punished, and you seem to think that their being punished is going to bring down king daddy.. king daddy does not give any shits about those various shitcoins.

[goldkingcoiner]

Am I too late for the WO dump panic? I'm sorry, I know its tradition...

*ahem*

OH NO BITCOIN IS GOING DOWN OH SHIT OH SHIT OH SHIT ITS OVER! 3K SOON!!1 *hands start shaking*

lemme reach for that accidental 100X long/short button... which one would be proven right short term, though?

Choose both, lose one, make double on the other. Bitmex system overloads, you lose the other one too.

[realr0ach]

purging of value in shitcoins

With the slow motion collapse of imaginary, valueless, digital tracking and slavery system tokens, it is time to shed your Jewish slave name.  You will now purchase only physical metals from here forth and be known as FlaviusJuanGee.  Elwar, on the other hand, shall be granted a barcode on his forehead and continue to use digital slave tokens.

[nutildah]

This is most likely just a little December tax loss harvesting for the U.S. and any other countries where its applicable, the Bargain Boyz still aren't buying yet, but they will come out of hiding sometime before the halving (first half of January is my best estimate rn) for the final capitulation.

The Bargain Boyz got a nibble from $6840 - $6870. Apparently they think even greater discounts are yet to be found, but I certainly hope they are wrong. We have to remember that they last believed $6500s to be true bargain material.

[realr0ach]

Since you guys are noobs that don't know anything about markets, let me be the first to inform you of what's happening.  In markets that are complete scams controlled by a single entity like Goldman Sachs, they tend to always do their gay, fakeout dumps right before they do a pump.  The market will spike sharply down then immediately rise after.  HOWEVER, they ALSO do the same thing when forcing a market downwards - they create a fool's spike up and then dump it off a cliff.  

The latter is exactly what happened for anyone who isn't a fool and can look at the chart.  The market is a scam controlled by a single entity and they did their fakeout upwards and then forced it off a cliff on purpose.  The identity of this entity is either some Jew fag like Goldman Sachs, the Chinese mining monopoly scammers at Bitmain, or the ESF itself even.  There is no Bitcoin market.  It's completely fake like every other fraudulent Tesla derivative or other bullshit.  Don't sell anything because it's probably Bitmain and we need TONS of shoeshine boys to dump on them to make them lose money if they try to pump it after.

[DaRude]

Only 14 (+31) days until craig wright faketoshi will allegedly drive Bitcoin to $0 with his tulip trust stash. have to come up with the next lie to keep himself relevant.  Maybe Mr. Micg can rebuild his Bitcoin empire at really bargain prices.

Oh can't wait what intrigue he'll come up next, my money is on courtier will deliver the keys but some bits are ineligible but no worries his super brain will crack it, he just needs you keep believing until jan 2021

[LUCKMCFLY]

Interesting...

Just to shed some perspective on the #macro. Yes, it's early days still. But lets not overlook the fact that $BTC is already ahead of Australia and South Korea's fiats #bitcoin

Source: https://twitter.com/cryptojase/status/1206779553340784641

[realr0ach]

Another bullshit chart that claims there's like 10x more silver than there actually is, or that all the silver ever mined is actually sitting around in bullion bars when most of it was wasted in cheap electronics, unrecycled mirrors, etc, etc.

[VB1001]

Guys ..., head up, look ahead, chest out, WO, looks like a thread of weak hands. 

Stronghats

[mindrust]

This is mt gox all over again.

https://www.zerohedge.com/crypto/chinese-crypto-scammers-helped-inspire-recent-bitcoin-market-carnage

Stop predicting the bottom and start buying if you haven't already. These prices won't last long.

It feels weird to know that these cheap stolen coins originally were belonged to somebody else.

These are black market coins! :d

[realr0ach]

This is mt gox all over again.

https://www.zerohedge.com/crypto/chinese-crypto-scammers-helped-inspire-recent-bitcoin-market-carnage

Stop predicting the bottom and start buying if you haven't already. These prices won't last long.

Since this thread is the down syndrome zone, let me remind you of the real elephant in the room:  the entire future of Bitcoin relies on a dysfunctional, designed to be ultra-centralized, hub and spoke, permissioned ledger, bullshit contraption called Lightning Network.  For anyone who is even remotely intelligent and has done ANY type of cursory investigation into Lightning Network, that should really scare you.  For any of Bitcoin's perceived shortcomings or failures whether it's decentralization or anything else, all those problems are magnified ten fold in LN or simply don't work at all/make no sense to use.

I've already written my viewpoint on the subject numerous times talking about how LN is garbage and useless, and it's not just one or two major problems, there's basically hundreds of gaping holes in LN.  Don't have to trust me, do the research yourself.  Probably not the greatest LN thread, but here's one to get started off a cursory search (just read the comments):

https://www.reddit.com/r/CryptoCurrency/comments/9lv7kc/why_would_anyone_use_the_lightning_network/

[ðºÞæ]

This is mt gox all over again.

https://www.zerohedge.com/crypto/chinese-crypto-scammers-helped-inspire-recent-bitcoin-market-carnage

Stop predicting the bottom and start buying if you haven't already. These prices won't last long.

Since this thread is the down syndrome zone, let me remind you of the real elephant in the room:  the entire future of Bitcoin relies on a dysfunctional, designed to be ultra-centralized, hub and spoke, permissioned ledger, bullshit contraption called Lightning Network.  For anyone who is even remotely intelligent and has done ANY type of cursory investigation into Lightning Network, that should really scare you.  For any of Bitcoin's perceived shortcomings or failures whether it's decentralization or anything else, all those problems are magnified ten fold in LN or simply don't work at all/make no sense to use.

I've already written my viewpoint on the subject numerous times talking about how LN is garbage and useless, and it's not just one or two major problems, there's basically hundreds of gaping holes in LN.  Don't have to trust me, do the research yourself.  Probably not the greatest LN thread, but here's one to get started off a cursory search (just read the comments):

https://www.reddit.com/r/CryptoCurrency/comments/9lv7kc/why_would_anyone_use_the_lightning_network/

This is a Bitcoin discussion thread altcoins like Bitcoin Lightning Network (LNX) are discussed in altcoin section

[HairyMaclairy]

Our next inflection point is the long term support line on Bitstamp.  Once again, our tendency to sit on the support line like a duck on an egg, is not a good sign.  When this one breaks it should be a doozy.  But it could also be the capitulation bottom we so desperately need.



Detail:

[fillippone]

<...>
He tried throwing sticks and more yelling to no avail and ended up sitting on a rock some ways off until the badger got bored or had some other important badger stuff to do and wandered off.

Anyway, I shit you not, that's how he told it, I thought that fit here somehow.

Now, the phrase "Honey Badger don't care" has a meaning to me, living in the heavily hurbanised old Europe.

[HairyMaclairy]

Looking forward to seeing which of these lines holds.  Hopefully it is the base line support coming from down below.  

Well the base line is still holding for the moment.  Although the price pattern is not quite what I had in mind.

[El duderino_]

Only 14 days until craig wright will allegedly drive Bitcoin to $0 with his tulip trust stash.  Maybe Mr. Micg can rebuild his Bitcoin empire at really bargain prices.

Let’s hope so if I’m selfish 

[JSRAW]

Hairy, so sideways for this week?

[HairyMaclairy]

Hairy, so sideways for this week?

At our current price we collide with the support line on .... 25 December.  So theoretically could go sideways until then but seems pretty unlikely.