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

[jbreher]

probably simulate all that analog gear with a raspberry pi now. well except for the analog "sound" perhaps.

Fairlight CMI - Computer Musical Instrument. Not much of that 'analog' sound.

that whole wall on the right is Elektor Formant modules, nary a 1 or 0 in sight

I think you guys are talking about two different videos, the Analog Session vs Hancock

Oh. That might explain it.
Sorry.

[FIFA worldcup]

Captured the moment from the live TV. We may not see this ever again in our lifes.

[Wekkel]

Captured the moment from the live TV. We may not see this ever again in our lifes.

https://i.imgur.com/hGN5VxQ.jpg

minus 292%. Is that a daily swing?

[Ibian]

Barrel of oil equivalent = 6.1178632×10⁹ J
Antminer S17+ 70TH/s rated @ 40J/TH


 6.1178632×10⁹ J/bbl x 600 bbl = 3,670,717,926,540 J

 3670717926540 J / 40J/TH = 91,767,948,163.5 TH

 How many bitcoin can I mine in 91,767,948,163.5 TH?

 The probability that any give hash will lead to a valid block is 1/(2³²D), where D is difficulty
 currently D = 13,912,524,048,946

 So, 91,767,948,163.5x10¹²H x 1/(2³²13,912,524,048,946)/Block
 
 = 1.5357666489943172022545931579071 Blocks (currently 12.5BTC/Block)

 = 19.197083112428965028182414473839 BTC

 Wow.  I thought it would have been much more.  
 We're killing the planet!!

...I would like to be paid to get the fuel to mine $130k. Thank you yes plz. Where do I sign up?

[willope]

Sooo, anyone knows on whitch platform can I buy WTI oil?

[Last of the V8s]

March 12th and today were the amuse-gueules. The rest of the feast will continue for the rest of the year.

[cryptofrka]

Sooo, anyone knows on whitch platform can I buy WTI oil?

You cant, it's a futures contract. If you buy now, you physically need to go and get the oil. That's why the crash happened and people were closing positions.

The next futures that expires trades at around 20$ currently, but this freefall will probably affect that one too. Whoever is currently holding an oil futures contract is playing a dangerous game.

[Last of the V8s]

So we go and get some. I've got room in my shed.

[Arriemoller]

I was planning on filling all my petrol cans today to take advantage of the low petrol prices, glad I didn't have time. It's gonna be interesting to se what the petrol prices will be the coming days.

[rolling]

Looks like the bitcoin manipulators are trying to take advantage of the oil drama.

[fillippone]

I was planning on filling all my petrol cans today to take advantage of the low petrol prices, glad I didn't have time. It's gonna be interesting to se what the petrol prices will be the coming days.

Nothing.
Petrol prices are based on Jun future that's now trading at 22 USD.
Plus taxes and other non-oli related costs reduce price volatility.
So don't expect many nice surprises here.

[Arriemoller]

I was planning on filling all my petrol cans today to take advantage of the low petrol prices, glad I didn't have time. It's gonna be interesting to se what the petrol prices will be the coming days.

Nothing.
Petrol prices are based on Jun future that's now trading at 22 USD.
Plus taxes and other non-oli related costs reduce price volatility.
So don't expect many nice surprises here.

Dammit.
Ok I can wait a month for cheap gas.

[bitserve]

I was planning on filling all my petrol cans today to take advantage of the low petrol prices, glad I didn't have time. It's gonna be interesting to se what the petrol prices will be the coming days.

Nothing.
Petrol prices are based on Jun future that's now trading at 22 USD.
Plus taxes and other non-oli related costs reduce price volatility.
So don't expect many nice surprises here.

I don't really understand any of this. Who, if anyone, can buy oil at those extremely low and even negative prices? What does it mean?

[willope]

Sooo, anyone knows on whitch platform can I buy WTI oil?

You cant, it's a futures contract. If you buy now, you physically need to go and get the oil. That's why the crash happened and people were closing positions.

The next futures that expires trades at around 20$ currently, but this freefall will probably affect that one too. Whoever is currently holding an oil futures contract is playing a dangerous game.

It may be dangerous, but it would be fun to buy at least a few futures at negative price so one day I could tell my grandchildren that I was there, I was part of the game.

[Toxic2040]

I was planning on filling all my petrol cans today to take advantage of the low petrol prices, glad I didn't have time. It's gonna be interesting to se what the petrol prices will be the coming days.

I guess there are some places in the US where its under $1 a gallon again...think we could see more of that.

https://www.cnet.com/roadshow/news/gas-prices-average-drop-kentucky-station-us/

Kentucky was the first state in the US to see fuel prices drop under $1 per gallon, and the lowest price continues to flip between Kentucky and Ohio. On April 20, Ohio is once again how to the cheapest gas at just 91 cents per gallon.

Drivers haven't seen 99 cent gas since 2002, when travelers began to take fewer trips and stayed closer to home following the Sept. 11 terrorist attacks. Come 2003, fuel prices started to rise after the US invaded Iraq.

[jbreher]

More dumpster fires:

https://www.coindesk.com/attacker-drains-decentralized-protocol-dforce-of-25m-in-weekend-attack

Isn't recursive withdrawals -- without balance updating -- the exact mechanism that the original DAO hack incurred, leading to the fork off the Ethereum protocol?

A weekend hack drained funds from a popular decentralized finance application, Ethereum incubator ConsenSys is laying off about 90 employees and bitcoin ATMs are seeing growth during the coronavirus contagion event. Here's the story:

DeFi Disaster
Decentralized finance protocol dForce is insolvent following a late-night weekend exploit. While the perpetrator is unknown, the hack exploited a known vulnerability of the ERC-777 standard. Due to the way dForce lending program Lendf.Me’s smart contract is set up, the hacker was able to continually withdraw funds without the program’s balance updating, eventually scoring 99 percent of the assets – more than $25 million – locked within. The Multicoin Capital-backed dForce had been accused of cribbing code from competing application Compound.

The hackers allegedly returned $126,014 back to Lendf.Me with a note saying, "Better luck next time," according to Chain News.

[xhomerx10]

Barrel of oil equivalent = 6.1178632×10⁹ J
Antminer S17+ 70TH/s rated @ 40J/TH


 6.1178632×10⁹ J/bbl x 600 bbl = 3,670,717,926,540 J

 3670717926540 J / 40J/TH = 91,767,948,163.5 TH

 How many bitcoin can I mine in 91,767,948,163.5 TH?

 The probability that any give hash will lead to a valid block is 1/(2³²D), where D is difficulty
 currently D = 13,912,524,048,946

 So, 91,767,948,163.5x10¹²H x 1/(2³²13,912,524,048,946)/Block
 
 = 1.5357666489943172022545931579071 Blocks (currently 12.5BTC/Block)

 = 19.197083112428965028182414473839 BTC

 Wow.  I thought it would have been much more.  
 We're killing the planet!!

er, maybe a different number (or not).
one barrel is 1700kwh, calculate from there considering that S17+ is 2.8kw

 
 You guys really like putting me to work don't you.

  you have 1700kWh/bbl X 600bbl
 = 1020000 kWh
 
 The S17 requires 2.8 kW so it can hash for 1020000kWh / 2.8kW
 = 364285.71428571428571428571428571 hr
 
  There would be too many difficulty changes in that amount of time.  Let's go big and say we're mining with a thousand S17s

  So we can mine for 364.28571428571428571428571428571 hours with a thousand S17s before we run out of oil. 

  I'll assume you're talking about the 56TH/s model.

  1000 S17s x 364.28571428571428571428571428571 hr x (3600 s/hr) x 56x10¹² h/s/S17 =

  73439999999999999999999.999999999 h

 Probability of finding a block per hash is  1/(2³²13,912,524,048,946)/h
 
  73439999999999999999999.999999999 h x 1/(2³²13,912,524,048,946)/h
 
  =1.2290424375752001863442788439533 blocks (12.5 BTC per block)

  =15.363030469690002329303485549416 BTC

  Even worse!  How dare we!!

[bitserve]

Sooo, anyone knows on whitch platform can I buy WTI oil?

You cant, it's a futures contract. If you buy now, you physically need to go and get the oil. That's why the crash happened and people were closing positions.

The next futures that expires trades at around 20$ currently, but this freefall will probably affect that one too. Whoever is currently holding an oil futures contract is playing a dangerous game.

It may be dangerous, but it would be fun to buy at least a few futures at negative price so one day I could tell my grandchildren that I was there, I was part of the game.

I wonder how much you can buy of that oil at negative rates with say $10 (yeah, a solid positive ten fucking bucks!).

[Ibian]

Barrel of oil equivalent = 6.1178632×10⁹ J
Antminer S17+ 70TH/s rated @ 40J/TH


 6.1178632×10⁹ J/bbl x 600 bbl = 3,670,717,926,540 J

 3670717926540 J / 40J/TH = 91,767,948,163.5 TH

 How many bitcoin can I mine in 91,767,948,163.5 TH?

 The probability that any give hash will lead to a valid block is 1/(2³²D), where D is difficulty
 currently D = 13,912,524,048,946

 So, 91,767,948,163.5x10¹²H x 1/(2³²13,912,524,048,946)/Block
 
 = 1.5357666489943172022545931579071 Blocks (currently 12.5BTC/Block)

 = 19.197083112428965028182414473839 BTC

 Wow.  I thought it would have been much more.  
 We're killing the planet!!

We're about to mine BTC900/day so that's 46.8821223895886 barrels per day, that's probably less than heating costs for one bank

Ummm?

It looks like about 390 barrels per block if the above numbers are correct. Even after the halving, this won't change unless the difficulty goes up. If we mined on oil, that would be 56,160 barrels per day.

I think the vast majority of bitcoin is mined on cheap renewable energy like hydro or thermal though.

It's mined on electricity.

[fillippone]

I was planning on filling all my petrol cans today to take advantage of the low petrol prices, glad I didn't have time. It's gonna be interesting to se what the petrol prices will be the coming days.

Nothing.
Petrol prices are based on Jun future that's now trading at 22 USD.
Plus taxes and other non-oli related costs reduce price volatility.
So don't expect many nice surprises here.

I don't really understand any of this. Who, if anyone, can buy oil at those extremely low and even negative prices? What does it mean?

There are several reasons for this.
First of all, the move is due to the future of May, which will stop trading tomorrow.
From Thursday the oil will trade at the June expiration and the price will return to being more "normal" level around 22 dollars.
As mentioned all oil related products (gas, heating oil etc) are already priced on Jun expiry.

But why May contract has dropped so much?

1. The WTI has a single delivery point in Cushing (OK). All the deposits in Cushing are full, so nobody wants to "buy" oil in that location, because the cost of storage is very high.So nobody want to buy May expiry.
2. There are many "financial speculators", that is, subjects who do not want/can in any case get physical oil delivered in Cushing. This causes the fact that these subjects must necessarily close the position before the expiry of the future and therefore are forced to "sell" the future forcibly. so something like a  Long Squeeze.
3. Who are those longs? Apparently Oil ETF’s saw the biggest inflows in history during last week., both in linear and in leveraged flavours. This caused a MASSIVE long positions in front months. So this answer the above: who needed to roll their position selling May futures to buy Jun?
4. The June expiration future has an greater open interest and much larger volumes, so this one is more difficult to move with "few volumes" and in fact has fallen much less.