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

[bitebits]

I truly feel sorry for those thinking with Bitcoin they hodl a penny stock. Bitcoin's future is so bright you need to wear sunglasses, and still most can't see it. Too bad.

[jojo69]

I'm not sure why I have to keep bringing this up for every "crisis" but...if you people that hate freedom would quit using every crisis as an excuse to institute even more tyranny (like you did with the last crisis) then those of us who love freedom wouldn't be fighting you on this.

You could say "hey gang, this virus is bad...we should all socially distance" and we'd be like..."that sounds reasonable, we can do that temporarily then get back on with things as they were before". The crisis would pass, things would go back to normal.


But instead it's "hey dissenters, stay at home or we'll arrest you...also we need to institute a new normal where drones are flying around monitoring everyone and we're spending $1 trillion a week while deciding who can work and who cannot"...to the response of "fuck your crisis...we don't believe anything you say".

Remember that for the next crisis...because you'll care oh so much about people in the next crisis too and we will yet again not follow along with your ideas about how "everybody should do X".

This is actually a great formulation of my thoughts from another direction.

I often come into conflict with folks approaching from the "conservative" side whose logic seems to be;

if - crisis is being used to consolidate power

then - crisis is made up bullshit

Sorry, but this logic does not hold water.  Rahm Emanuel's infamous chestnut is perhaps the most flagrant illustration that the powers that be will, in fact, use ANY crisis, conjured or terrifyingly real to further their designs.


Elwar, I accept your thesis that the forces of neoliberal globalism have squandered their credibility through repeated exploitation of crises.  I further accept that this complicates our response.

Do you accept that some of these crises may, in fact, be real??

[Indymoney]

We haven’t reached panic state yet. Hold your buys for a bit (or ladder prudent).

I buy every week & have done for years. I’m going to buy tomorrow regardless of the price.

1BTC = 1BTC

This rate deserve some buying 8510$

[DaRude]

This has got to be miners selling up before the halving surely?
Let them dump and we can move on to new highs.
Looking forward to the 100k party hatters.

I tend to agree, think about it, if you're a miner your profits are about to literally get cut in half. Some of your assets become unprofitable the second block 630.000 is mined, old inefficient miners would be costing you money so you have to run around and take them offline ASAP. But you still have your sunk costs, datacenter, and electric contract in place so you'd need to replace old equipment with more efficient miners, but good luck raising capital and finding investors during pandemic where everyone is deleveraging, so your only option is to unload whatever stash you managed to save up to keep the lights on in your farm.

[Phil_S]

There's much more to this, but i'd need "JJG superpowers of texting" to express all this in a meaningful way, i guess

Maybe you could hire JJG as your personal wordsmith.

[Wekkel]

Well, whoever dumped found willing buyers. For every sale there is an equal buy. There is nothing fishy going on except that the party engaging the transaction sets the price. If selling, the price goes down while eating through the available bids.

Some people got lucky today with buying cheaper Bitcoin.

I keep the option open to buy some at $7,700. If we won’t get there, fine as well.

[jojo69]

Pure Gold...

https://www.reddit.com/r/nextfuckinglevel/comments/g5dhix/dude_goes_off_on_the_government_about_stimulus/?=share

outstanding!

how do I vote for this guy?

[OutOfMemory]

There's much more to this, but i'd need "JJG superpowers of texting" to express all this in a meaningful way, i guess

Maybe you could hire JJG as your personal wordsmith.

This would likely make things worse, because it'd be still me having to explain him what's the matter on each topic.
No, this is not the same thing.
Or you just tried to be ironic, maybe? 

[Phil_S]

Do you accept that some of these crises may, in fact, be real??

"They don't care about you at all - at all - at all" - George Carlin.

Crisis may be real, but taking advise from people who don't care about you is foolish.

[eXPHHorizon]

Here's to cheating, stealing and drinking.
For if you cheat, may you cheat death. And if you steal, may you steal a maiden's heart, and if you drink, MAY YOU DRINK WITH ME!

Cheers WO !

[aesma]

Post this 2020 halvening miners will cease to be the biggest sellers of Bitcoin. It'll be the dawn of the crypto exchange as the leading seller.

The biggest sell pressure on Bitcoin will soon be from exchanges selling their BTC fees collected into fiat.

https://twitter.com/woonomic/status/1258966521071599616?s=21

BUT: When the bitcoin price doubles, and trading volume stays the same, the exchange trading fees selling pressure in bitcoin halves.

Second I think over time there will be pressure on trading fees collected by the exchanges, as mentioned in one of my previous posts. 0.5% and higher is insane and not sustainable in a competitive free market environment.

1) Which exchanges extract their fees in BTC? Any?

They don’t, that is the whole point.

I'm not sure what you both mean by that, but on Kraken you can choose for each trade to pay the fees in fiat or crypto. Also the maker fee is 0.16%, and goes down with volume, currently I'm at 0.14% and should soon be 0.12%. Once in a while I was much lower, trading with leverage, passing the 1 million $ mark of trades in a month, but I don't do this anymore. I didn't lose, but I didn't win either, at the end of the day lots of adrenaline but nothing to show for it. The exchange was the winner of course.

By contrast trading in stocks costs me about 0.9% per trade including a tax here in France. Daily traders can pay less fees, but the 0.3% tax is unavoidable (tax is only on big caps).

[JayJuanGee]

[edited out - distasteful recommendation] ... or less painful way: rebuy at ~$5-6-7k and become a millionaire within the next 12-24 months.

You really think that we are going to reach sub $7k prices?

are you suggesting that mindrust should set buy orders at three different levels?  $5k, $6k and $7k?

What if we never see sub $8k again?

looks like the bears working on it.

observing just north of $8.8k USD

bleh. but blehs are (usually) pretty temporary. so there is that.

Yep.

Surely, I don't become convinced that BTC price momentum had reversed merely because we got about a $1,300 price correction in 10 minutes (that was about 19 hours ago) and then subsequently trying to figure out which way to go from there.

At least, some of what had seemed to be overexuberance (prior to the dumpening) had gotten a wee bit shaved off. 

Thus, now, there is a bit of bouncing around with BTC prices seeming to cover a quite a bit of the real estate in the $8ks.. from $8,250 (a couple of hours ago) to $8,900 (11 hours ago).... so, are we going to get up or down out of this price range?  Surely, I am not one to rely upon to be proclaiming much of anything in certainty terms of that topic (even though I might have a lot to say in various areas around the topic, just for "funzies").

[JimboToronto]

Don't believe this has anything to do with weak hands. This is pure manipulation. They need to be able to downplay and smudge BTC in the MSM tomorrow, in order to prevent the general public from buying BTC in masses which would skyrocket the price and undermine conventional currency.

The manipulators aren't the weak hands. They're mostly selling to themselves.

It's the retail speculators that sold during the drop that are the weak hands.

The smart ones are the ones who bought the scraps that fell of the manipulators' plates as they fed off the weaklings.

Actually the really smart ones are the ones feasting at their own well-stocked tables, not giving a phuk.

[nauane]

[Globb0]

Why not?

[heslo]

Pure Gold...

https://www.reddit.com/r/nextfuckinglevel/comments/g5dhix/dude_goes_off_on_the_government_about_stimulus/?=share

outstanding!

how do I vote for this guy?

That was pretty amazing haha. What a rant!

[Toxic2040]

..in the end they are a HODLer and accumulator of BTC....

-snip-

TLDR:  Surely takes time (likely years) to learn, develop and put into practice sound and reasonable DCA, buy on the mf dip, and HODL strategies in respect to dee corns.

+5 WOsMerit's


-----
the noon wall report at 12:06pm

Happy Mothers Day all. I hope you all get a chance to ring up your mum and tell her you love her. Better yet if you can give her a hug and a peck on the cheek and just say 'thank you'.

My Mom has been gone for over a decade now..and I wish I told her that more often.   Carrying on.


-------

Lets face it..this appears to be a normal correction on a correction. The meteoric rise from the pandemic dip has bubbled off and we are now experiencing a normal zone of profit taking and consolidation imho.

If we close above $8.5kish on the weekly I think that sets a good case for bullish consolidation. If we close below that then lower lows might be on the table and possibly a dip into the $7k's. If bitcoin falls below $7k I fear we will be in for a very rough year. #dyor

W

stronghands

[xhomerx10]

Here's to cheating, stealing and drinking.
For if you cheat, may you cheat death. And if you steal, may you steal a maiden's heart, and if you drink, MAY YOU DRINK WITH ME!

Cheers WO !

Oh, I know this one!!

 ...and if you dont want to drink with me I'll punch you in your @#%$ face!

 

[JayJuanGee]

How many of those 40% are actually interested in working day and night, not spending all of it, and taking risk? Not saying luck and inheritance does not play a role but some people are trying very hard to not get rich. And then complain about it. Not being able to afford education is no excuse anymore, wikipedia+youtube can teach you more than the average university or book.

Woaza!!!!!

That's a bit much, hodl_2015.

In my wee years of living, I have witnessed a fuckload of bailouts to portions of society that do not deserve it... but I suppose those well off portions of society getting the bailouts are going to trickle down the benefits by providing jobs, right?

Sure, it is understandable that our existing system of the division of labor does strive to create some incentives for people to work (those lazy bastards), but surely there is a lot of problems with some basics, such as access to medical care that should something that regular peeps (I mean lazy bastards) should not have to worry about. 

At the same time, there are some people who might not even work, if they were to have access to basic medical care, they would opt out of the traditional working system and sustain themselves on a small plot of land... that would not be helpful to the system that strives to provide goods and services to the upper 40% (the 1%, 9% and 30%) who are purportedly more deserving - and of course, less lazy, as you suggest to be the case.

[JayJuanGee]

Happy Mother`s Day, guys, maybe some whales cash out, for a gift.

Maybe...............








NOT.