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

[jbreher]

Also what's happening in the US, at least the 'merica portions of it...
https://news.yahoo.com/buyers-virus-fears-priority-isnt-184327709.html

Some dealers said an unusually high proportion of sales have been to first-time gun buyers.

“We attribute it mainly to the virus scare,” said Hyatt, whose gun store has seen sales increase 30% to 40% percent since late February. The presidential election and stock market fluctuations have also been driving business, he said, and the store is now selling more than 300 firearms a week.

“People have a little lack of confidence that if something big and bad happens, that 9-1-1 might not work. We saw it with Katrina,” Hyatt said, referring to the breakdown in emergency response after the 2005 hurricane on the Gulf Coast. “People haven’t forgotten that a disaster happened, and the government didn’t come.”

Bubut... with Katrina, the government did indeed come. The national Guard came, and confiscated everyone's firearms.

Maybe the'll refuse this time.

Then again, first time gun buyers probably have exactly one box of the cheapest target ammo the store had.

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[smartcomet]

https://www.morningstar.com/news/dow-jones/202003173908/regeneron-to-begin-large-scale-manufacturing-of-covid-19-treatment-in-april

Regeneron Pharmaceuticals Inc. said Tuesday its scientists have isolated hundreds of virus-neutralizing, fully human antibodies from the company's VelocImmune mice, which have been genetically-modified to have a human immune system.

The biotechnology company said it has also isolated antibodies from humans who have recovered from Covid-19 to maximize the pool of potentially potent antibodies.

From this large pool of candidates, Regeneron will select the top two antibodies for a cocktail treatment based on potency and binding ability to the SARS-CoV-2 spike protein, as well as other desirable qualities, and begin production in April.

......

[nullius]

[— many interesting corrections by  Lambie Slayer; read the whole thing —]

The mind of a bear is quite interesting.  

You are arguing with someone who drew an analogy likening the coronavirus to Hitler, as a setup for somehow pinning this on Germans and Austrians.  Do not expect logic.

* OutOfMemory rates logic a STRONG SELL

Boldface in the original:

They [panickers] will virtue signal about loss of life, but if they really cared they would worry about all the millions who will die of poverty, drugs, suicide, etc in a global depression.

Very well said!  However, I disagree with the connection to what you said later in that post.

HODL!

[DireWolfM14]

Bitch, please.

[jojo69]

fuck yeah!

[nullius]

Mindrust is likely correct that a lot of bitcoins are being hoarded and that a vast majority were mined below $50.. but so fucking what?  His logic is nearly totally screwed in regards to bitcoin's potentially not having value based on those kinds of facts..  They are dumb no coiner claims...

And, also the claims that bitcoin has no utility because a vast majority of coins are not moving and are hoarded is also a stupid ass no coiner argument.

I suggest that the basic fallacy here is evaluating Bitcoin’s value based on the cost of mining.  This was raised somewhere earlier in the same general context (sorry, WO n00b here will not dig back through all these fast-moving pages to find it).

As I have been saying on this forum since I was a Newbie (search post history), Bitcoin’s value is not based on the cost of producing a coin.  That is backwards:  Miners are incentivized to mine, based on a market value that rises from other factors.  Observe that if the market value of Bitcoin were to drop below the cost that can be recovered from mining, then hashpower would surely decrease:  Miners could not prop up Bitcoin’s value by spending more on electricity!

Of course, there is a subtle feedback loop between one of the factors in Bitcoin’s value and the hashrate:  The higher the hashrate (assuming that the total is split between non-colluding independent parties), the more secure Bitcoin is.  The more secure Bitcoin is, the better it is for the usefulness that gives it its real value.  But that is not the primary factor; and it is more a matter of effects than causes.

My Bitcoin Social Phenomenon thread presents my thesis on the true nature of Bitcoin’s value.  I mean its long-term real value in terms of fundamentals, not its speculative daytrading value.  In short:  Bitcoin is the money that lets you independently control your own funds, store them securely, and transmit them anywhere in the world fast and easily.  Both its security and its value are increased by a design that not only assumes it is deployed in a hostile environment between mutually distrusting parties, but actually exploits distrust and competition to encourage both mining and nodes.  Bitcoin doesn’t care if its users love each other, or hate each other—it just keeps going, providing a global transaction network that nobody can control.

As such, Bitcoin facilitates other economic activity which would be otherwise inconvenient or impossible—Bitcoin’s real value rises thus.

Bitcoin was the first money in all of history to have these characteristics; indeed, it invented its own characteristics.  Thereupon, it has organically grown a user base, an established reputation, a decentralized social movement that cannot be duplicated.  There is only one Bitcoin, and there can only be one Bitcoin.  The upside is that Bitcoin’s uniqueness makes it all the more valuable—the downside is that if Bitcoin were to fail, we could not just make another Bitcoin.

I don’t think that even Satoshi really understood the value of what he created.  Nobody could have.  I surely didn’t (which is why I am not rich).

Bitcoin is historically significant.  Epochal.  I do not use those terms lightly:  I have too much respect for history, and I detest hype.

Any more questions about what gives Bitcoin its value?

[LUCKMCFLY]

Without a doubt, Covid-19 has been a Fundamental in every way, notably affecting all markets.

Bitcoin Price, Stocks, Rally on Trump COVID-19 $1 Trillion Stimulus Reveal

“For a full trend reversal, investors should generally expect the lower levels to be tested for a double bottom formation. Another argument would be a bullish divergence on higher time frames, which usually implies a bottom structure.”


Source: https://cointelegraph.com/news/bitcoin-price-stocks-rally-on-trump-covid-19-1-trillion-stimulus-reveal

If positive news emerges, I'm sure the recovery of the markets will be imminent, perhaps the cure for this virus is the trigger to see Bitcoin again at $ 9k- $ 10k.

[nullius]

Bears dont want to fight me. They have slunken back to their caves.  

They’ll be dead when this Corona Virus scam has passed.

Yes. Coronavirus panic gave Bitcoin its biggest down day ever in dollar terms. I have no doubt that as the weak kneed panic subsides we are gonna see the biggest up day ever.

Fuck you for making me sad that I don’t have any significant fiat for buying Bitcoin in the dip.  :'-(

* nullius always feels that way when we hit a bear market

Edit:  Doubly sad that I didn’t buy mindrust’s coins.  If I had, I would offer them back to him later at a moderate penalty for the panic.  I almost want to give him some Bitcoin, a trivial amount, just to stop him from being a nocoiner.  My problem is that in a few years, that “trivial amount” may look like jojo’s old $13/BTC sales.  Yes, I hoard.

[jojo69]

you have to keep reminding me

[JimboToronto]

I've got an idea. Why don't we quarantine  all the old and wise.

Then the young and stupid can infect each other. Great way to fight the idiocracy.

 

[jojo69]

You might want to stock some fertile young females for your geritopia there Jimbo

[nullius]

US needs to be particularly careful/swift because of all the obesity and medically-dependent that are highly vulnerable.

So, ruin the world for strong, healthy people for the purpose of protecting sick people and stereotypical American fat slobs?

Don’t make me start dropping Nietzsche in WO.  (I am famous for that in Reputation and Meta.)


If there ever arises a genetically engineered bioweapon that selectively kills people who fear death, nullius did it.

I will call it the CatCH-22 virus.


Damn, this thread moves fast.

Warning - while you were typing 2 new replies have been posted. You may wish to review your post.

I've got an idea. Why don't we quarantine  all the old and wise.

Then the young and stupid can infect each other. Great way to fight the idiocracy.

 8)

I am neither young nor healthy.  Without disclosing personal details that may compromise my privacy, I will note that I am at significantly higher than average risk of death from coronavirus.

However, as I have said repeatedly, life is risk.  It would be awfully hypocritical of me to preach about courage, then turn around and demand that healthy young people destroy the world and embrace unlimited tyranny because I got panicked about a personal risk to myself.

My first public message about the coronavirus:

Dear readers of the forum:

Some of you will die from the coronavirus.  (—Some few of you:  The virus has low lethality except to the aged or otherwise frail.)  The virus may kill me, too; maybe, maybe not.  That is acceptable:  Life is risk, and death is a part of life.  My only sadness is that sometimes, the worst befalls the best of people.

* nullius will now hammer the post button until it goes through

[Searing]

...

Hey Searing - I gotta question...

For me, every one of your posts has bizarre carriage returns or line feeds or something. Do you use lynx or some other pre-GUI tool to browse the WO?

Just wonderin'...

Naw...just being 'different'

I suppose I 'should' 'squish' them all back together and such when done though....(looks fine at my end..go figure)

[nutildah]

skinny AF is a bit of an overstatement for those of us with the misfortune to have been born earlier, but no doubt it is better

watched a guy die the other day, huge flabby ass white guy, crumpled in place, folks were doing CPR and his fat was rolling in waves

I went home and got on the fucking bike thing

LOL

Jesus

+1 WOmerit

I shouldn't have eaten 2 donuts for breakfast.

[lightfoot]

I've got an idea. Why don't we quarantine  all the old and wise.

Then the young and stupid can infect each other. Great way to fight the idiocracy.

 

The old are hardly wise. :-)

[nutildah]

Trump pushes for massive aid from Congress, checks to public

[nullius]

You might want to stock some fertile young females for your geritopia there Jimbo

Though my body is not that old, my females are ancient and timeless.  By the power vested in me by the god of Bitcoin, I have officially declared them to be Bitcoinesses:

You want in?  You wish.

Most importantly, as a cult leader, I have the prerogative of taking advantage of... attractive female followers in other ways

[...]

The actual fence is much higher,
and it works both ways.

And though my thus effort with alia was mislaid in the sense of the best-laid plans of mice and men, I turn lemons into lemonade:  I accidentally became the subject of the forum’s most famous sex scandal!  Two years later, people are still discussing it, and personally inquiring for the details.  —Mostly just from curiosity, or to tease me.  Mostly.

[...]  Nullius in alia, Nullius aliorum aliorsum:  Cum errore inter alia, contra artem amatoriam, pane crisandi, circensibus irrumationis.

you have to keep reminding me

Phryne will make it all better.  Though I warn you, you will not have much Bitcoin left after that.  Look up what she offered to do for Thebes from her personal pocket money; she did not become so wealthy by providing intimate companionship for free.  Now that she takes Bitcoin, expect for her to be soon eating the whales for breakfast.  What would you pay for something priceless?

(Lilith is from a different culture.  She does not take your coins—only your soul and your seed.)

you should totally set up a threesome

#nohomo

No, I will not let you watch my threesome with Phryne and Lilith.  Well, not unless you pay good BTC.  How much do you have?

The old are hardly wise. :-)

But the young are foolish. :-)

[Paashaas]

There are 198,513 confirmed cases worldwide affecting 165 countries with almost 8,000 deaths.

- The US death toll passed 100 with 6,500 cases as coronavirus reached every state.

- Nevada orders all non-essential businesses to close, including casinos in Las Vegas.

- NBA superstar Kevin Durant tests positive for coroanvirus.

- Guatemala suspending incoming flights carrying immigrants and asylum seekers sent by the United States.

- 20% of health care professionals in Lombardy region infected. Italy's death toll rises by 16% in 24 hours.

- Honduras orders nationwide lockdown.

- Luxembourg declares state of emergency.

- Sri Lanka airports closed for 2 weeks.

- Oman has closed all tourist sites, sports clubs, mosques, all shops in malls except food stores and pharmacies and has banned gatherings in public places.

- Brazil, Pakistan and Turkey reporting first deaths.

- Amazon is suspending all shipments other than medical supplies and household staples to its warehouses.

- Euro Football 2020 postponed until 2021.

- 2020 Copa America suspended.
 
- France's president suspends payment of taxes, rent, water, gas, and electricity bills for companies.

- Spanish government has vowed to suspend mortgage payments for workers and self-employed affected by the coronavirus epidemic.

- Australian airline Qantas to cut international flights by 90%.

- Center Parcs has said it is closing all its UK villages.

- Public buildings are closing across Scotland as authorities announced second death.

- Military deployed in Serbia enforced state of emergency.

- Trump administration proposes giving $1,000 checks to Americans.

- Fed announces two $500 billion overnight repo operations every day.

- Trump’s "Chinese virus" tweet adds fuel to the fire with Beijing.

- China says it will revoke the credentials of U.S. journalists from the New York Times, Wall Street Journal and Washington Post in response to new U.S. restrictions on Chinese media.

- Hong Kong dog that tested weak positive for Covid-19 dies.

- Foreign travellers need to leave the northern Philippines by Friday.

- The British foreign office has advised its citizens in Myanmar to leave the country.

- UK supermarket chain Sainsbury’s has just emailed its customers announcing rations. Customers will be able to buy a maximum of three of any grocery product and a maximum of two on the most popular products including toilet paper, soap and UHT milk.

- Saudi Arabia orders private sector workers to stay home for 15 days.

[VB1001]

Funny to see the same wrong arguments as in this 2016 post popping up now, before 2020 halving:
"newly mined btc are <1% of traded btc, so halving can not have a big impact on price".
IMO it's not about miners but investors, they will value S2F50 btc much higher than S2F25 btc.

https://twitter.com/100trillionUSD/status/1239918130849333249

[VB1001]

Yes. Coronavirus panic gave Bitcoin its biggest down day ever in dollar terms. I have no doubt that as the weak kneed panic subsides we are gonna see the biggest up day ever.

I’ve read various articles suggesting that this seemingly crippling saga will actually work out even better for us than the post halving bull run was going to any way.

Some people think that markets crashing and money printing set to fly out of control might just make the rise in 2021 even more violently parabolic than expected.

Thoughts?
Extending this to everybody!

I only see one problem here, the shit virus that is making people sick and crippling economies.
There are weak hands in Bitcoin and in the traditional markets, right now there are also a lot of bitcoiners speculating on stocks at a good price, when the coronavirus storm comes to an end,
Bitcoin will return to its bullish path.
This is my reflection, Bitcoin is at its best moment in history, therefore BTCullish