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

[Torque]

You would think an MIT grad and subsequent computer simulations modeler would've understood Bitcoin back in 2013.

I'm no MIT grad and I got it almost immediately back then.

Hell within a few days of research, I completely understood how groundbreaking a breakthrough it was, and how it would fundamentally change the financial world.

[AlcoHoDL]

MicroStrategy did it again. they bought another 14k btc for $175mil.

they own 38250 btc now.

Michael Saylor is savage.

https://twitter.com/michael_saylor/status/1305850568531947520?s=21

My only question is why did they wait this long? Why weren't they buying this amount of bitcoin at a fraction of today's price back in 2013? Surely they knew about it then, they are an IT company.

Yeah, my thoughts exactly.

At one time you could have those coins for the price of 8 pizzas, and have a piece left for next morning...

Better late than never, though. Also applies to many of us, unfortunately.

that one is easy to answer:

https://decrypt.co/38604/microstrategy-ceo-predicted-the-death-of-bitcoin-years-ago

 

Confirmed (again).

[Paashaas]

edit:
paashas, i hate you!

edit2:
paashas, that was a joke, please don't delete your post. you were faster and also used the original source. I apologize - it was really meant funny 

Don't worry about a thing ''Cause every little thing gonna be alright''.

[600watt]

You would think an MIT grad and subsequent computer simulations modeler would've understood Bitcoin back in 2013.

I'm no MIT grad and I got it almost immediately back then.

Hell within a few days of research, I completely understood how groundbreaking a breakthrough it was, and how it would fundamentally change the financial world.

lots of really smart IT guys dismissed bitcoin because they knew that nothing digital on the web would ever be safe. I once talked to an executive board member of the biggest German IT company SAP. He heard me mentioning bitcoin and he started to make fun of me, telling everyone his teenage son was into this crab. I told him he should stop laughing and start listening to his son.

[elrippos friend]

An interesting question just popped in my mind:
How much kWh was used to create the current Blockchain?
Should be somehow possible to calculate it based on the given mining hardware and mining difficulty.

https://twitter.com/blockbain/status/1305539345991036933



a fair few

Can you provide a comparison for the energy consumption of the FIAT banking system 

[LFC_Bitcoin]

So we got to $10,923 or something like that & then got rejected, now we’re at $10,771. I’d argue that it’s very bullish we haven’t fallen back to the low $10,000’s. I think we’re due a big leg up soon, the lack of volatility & halving being a while behind us now just sets the perfect scene for a big move soon. 

Only a fool parts with his coins right now.

[BitcoinGirl.Club]

Good evening WO!
Observing @ $10,790

At some point today we were nearly hitting $11k which is good news I guess.

[Biodom]

MicroStrategy did it again. they bought another 14k btc for $175mil.

they own 38250 btc now.

Michael Saylor is savage.


https://twitter.com/michael_saylor/status/1305850568531947520?s=21

That's what we should call MEGA-DCA, lol

[Febo]

An interesting question just popped in my mind:
How much kWh was used to create the current Blockchain?
Should be somehow possible to calculate it based on the given mining hardware and mining difficulty.

https://twitter.com/blockbain/status/1305539345991036933



a fair few

This is actually what matters. Energy spent and not hash power as so many take as main metric of how secure bitcoin network is. Hash power keep increasing because better and better ASIC miners gets built. But if energy put into securing Bitcoin network stays same that means that no matter how high hash power will go the network is same secure as before. The main problem is what also is said in the tweet. These numbers are just his estimations. It is much easier find a hash power number then to calculate energy spent.  Actually even better metric would be money spent to pay electricity spent for mining. Perfect but even harder to get metric.

[d_eddie]

This is actually what matters. Energy spent and not hash power as so many take as main metric of how secure bitcoin network is. Hash power keep increasing because better and better ASIC miners gets built. But if energy put into securing Bitcoin network stays same that means that no matter how high hash power will go the network is same secure as before.

This is only true if the same technology is available to all the players.

https://techcrunch.com/2020/09/15/ibm-publishes-its-quantum-roadmap-says-it-will-have-a-1000-qubit-machine-in-2023/

Bitcoin ded in 3 years!

[DaRude]

MicroStrategy did it again. they bought another 14k btc for $175mil.

they own 38250 btc now.

Michael Saylor is savage.


https://twitter.com/michael_saylor/status/1305850568531947520?s=21

My only question is why did they wait this long? Why weren't they buying this amount of bitcoin at a fraction of today's price back in 2013? Surely they knew about it then, they are an IT company.

That's about 40 days of global supply just at one company, not bad. Supply is still coming from somewhere OGs continue to sell their stashes to prop up one of their 10000s shit coins?

[LFC_Bitcoin]

Damn these boating accidents are happening all the time



@btcvalgardena
I can’t believe it... I just dropped my hardware wallet in the Croatian sea and lost all my Bitcoins 😑

[philipma1957]

An interesting question just popped in my mind:
How much kWh was used to create the current Blockchain?
Should be somehow possible to calculate it based on the given mining hardware and mining difficulty.

https://twitter.com/blockbain/status/1305539345991036933



a fair few

This is actually what matters. Energy spent and not hash power as so many take as main metric of how secure bitcoin network is. Hash power keep increasing because better and better ASIC miners gets built. But if energy put into securing Bitcoin network stays same that means that no matter how high hash power will go the network is same secure as before. The main problem is what also is said in the tweet. These numbers are just his estimations. It is much easier find a hash power number then to calculate energy spent.  Actually even better metric would be money spent to pay electricity spent for mining. Perfect but even harder to get metric.

Yeah except he is too high. he has 96,029,700 mega watts per 2020 year that would be 263,095 mega watts per day or 10,962 megawatts an hour.

my 2020 hourly estimate was about 7100 megawatts on the high side based on 50 watt per th gear.
my 2020 hourly estimate was about 5670 megawatts on the low side. based on 40 watt per th gear.

he used  70-75  watt per th gear  and I do not think that is accurate

still whether we use 5,700 mega watts an hour
or 7,100 megawatts an hour ------ my best guess for now

or 10,900 megawatts an hour

it is a lot of energy per hour.

[nullius]

Damn these boating accidents are happening all the time


@btcvalgardena
I can’t believe it... I just dropped my hardware wallet in the Croatian sea and lost all my Bitcoins 😑

With transparent blockchains, if the coins that you own can be traced to you, then it can later be observed if they move.  Publicly observed.  By anyone in the world who wants to watch.  (And if the coins cannot be traced to you, then this discussion is irrelevant.)  Lying about losses in any kind of an official context could usually result in hard prison time.  Lost coins are permanently unspendable; “lost” coins do not exist in Bitcoinland.

If you are susceptible to boating accidents, it would be tragic to HoDL a privacy coin.  Why, if you lose your keys, you cannot even provide your view keys on demand!  Such loss.

Code:

incoming_transfers available uses
sweep_all [...rinse, repeat at random times...]

Not necessary with That Other Privacy Coin.

Bitcoiners have less to fear from boating accidents, and more to fear from getting hacked.  It is scary that your Microsoft Windows® machine is just one careless e-mail attachment click away from scrambling all of your data, and sending all of your money to heinous criminals who know how to make money disappear.  Don’t you wish that you had bought a hardware wallet?  Such grief!

Losing all that you own is very stressful.  Stress is bad for human memory (which is one of many reasons why you should not rely on long-term memorization of seed phrases or high-entropy passphrases with no backups—not for anything important to avoid losing!).  It only compounds the tragedy when traumatic stress makes it difficult even to remember exactly what you lost, and what you were doing with it right before you lost it.

[JimboToronto]

Bitcoiners have less to fear from boating accidents, and more to fear from getting hacked.  It is scary that your Microsoft Windows®,Apple®, Android or Linux machine is just one careless e-mail attachment click away from scrambling all of your data, and sending all of your money to heinous criminals who know how to make money disappear.  Don’t you wish that you had bought a hardware wallet created offline cold storage addresses?  Such grief!

ftfy

[Toxic2040]

ftfy

+1 WOsMerit



------

[LFC_Bitcoin]

Lol @ the thread title change.

Oh look, mini pump being observed. Wonder if we’ll breach $11,000 overnight.

[xhomerx10]

An interesting question just popped in my mind:
How much kWh was used to create the current Blockchain?
Should be somehow possible to calculate it based on the given mining hardware and mining difficulty.

https://twitter.com/blockbain/status/1305539345991036933



a fair few

This is actually what matters. Energy spent and not hash power as so many take as main metric of how secure bitcoin network is. Hash power keep increasing because better and better ASIC miners gets built. But if energy put into securing Bitcoin network stays same that means that no matter how high hash power will go the network is same secure as before. The main problem is what also is said in the tweet. These numbers are just his estimations. It is much easier find a hash power number then to calculate energy spent.  Actually even better metric would be money spent to pay electricity spent for mining. Perfect but even harder to get metric.

Yeah except he is too high. he has 96,029,700 mega watts per 2020 year that would be 263,095 mega watts per day or 10,962 megawatts an hour.

my 2020 hourly estimate was about 7100 megawatts on the high side based on 50 watt per th gear.
my 2020 hourly estimate was about 5670 megawatts on the low side. based on 40 watt per th gear.

he used  70-75  watt per th gear  and I do not think that is accurate

still whether we use 5,700 mega watts an hour
or 7,100 megawatts an hour ------ my best guess for now

or 10,900 megawatts an hour

it is a lot of energy per hour.

 I think you've misunderstood.  He said:

'That’s cumulative up until ~ right now. Highest yearly value was 2019 @ 29.33 TWh (half my estimate from last year because it’s a minimum bound) - this year will end up being more though once finished, 2020 YTD @ 27.59 TWh. Usage appearing to stabilize, maybe eventually drop.'

  The 96,029,700 MWh you quote is the total amount of energy since the inception of Bitcoin.  His estimate for 2020 so far is 27.59 TWh which translates to 3185 MegaWatts which is actually at the lower bound according to Cambridge estimates - https://www.cbeci.org/

[El duderino_]

Lol @ the thread title change.

Oh look, mini pump being observed. Wonder if we’ll breach $11,000 overnight.

We will

#positanoHODLsleep

Cheers

[Indymoney]