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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 26390134 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (174 posts by 3 users with 9 merit deleted.)
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September 18, 2020, 05:53:38 PM

https://twitter.com/michael_saylor/status/1306636046948610049

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We acquired 21,454 BTC via 78,388 off-chain transactions, then secured it in cold storage with 18 on-chain transactions.  #Bitcoin scales just fine as a store of value.

Fine, paid a lot of fees to miners (good boy)...honestly, I don't see a need to make 78K tx to get "just" 21K btc.
That's just being a bit severely paranoid. Why not buy some otc in chunks?

Did you not notice the “off-chain” part?  Ridiculous...

He paid fees for 18 on-chain transactions to miners.  Smart man.  He made ≈4355 Bitcoin transactions per tx that actually paid miner fees!

Off-chain transacting is the way of the future—the global public ledger is for secure synchronization of off-chain protocols.

Admittedly, I may be mixing issues and making too many assumptions there.  “Off-chain” could mean on a centralized exchange.  It could also mean Lightning Network, which is what I meant by “the way of the future”.  Or it could mean any number of other things.  (Just thinking aloud, perhaps he scooped up a bunch of WBTC, then redeemed it—LOL, that would also be “off-chain” in this context.)

Yes, what he calls off-chain looks like simple buying on exchange, and not even otc.
Pretty bizarre, actually:
https://twitter.com/michael_saylor/status/1306940165160656897

nullius
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September 18, 2020, 05:55:24 PM

nullius
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September 18, 2020, 06:20:10 PM
Merited by Hueristic (1)

TBH, I'm not sure why the Bitcoin community is high-fiving each other over this revelation.

Left door:  Group psychology.
Right door:  Desire for bullish news, due to skin in the game.

What looks like probably a large long-term holding is good news.  0.2% of the total current BTC supply just moved from dumping bears and knife-juggling day-traders to cold storage.  Good.

Something else that does not seem to have been mentioned:  MicroStrategy is effectually dumping dollars.  Their big “cash reserve” is now much smaller; they are no longer HoDLing the dollar.  Hmmm...  As a dollar bear who has been warning people to dump dollars, I am thinking about what, of course, Saylor will not say even if (if) he is thinking it, too.

I mean sure, it's exciting that a corporation has figured out how to take a large long position in BTC without rocking the boat. I'm sure that other corporations will begin to follow suit in the coming 3-6 months or within the year. The more institutional corporate hodlers, the better. This is overall good news.

I myself tend to distrust institutional corporate holders; but there is nothing that I can do to stop them.

The more adoption by businesses (= the economically significant money in the productive economy, i.e. outside the extractive, destructive financial sector) and individuals (= attracts business), the better.

But look, if the straight-laced corps with good intentions have figured out how do this, then so can the nefarious Wall Street whale traders as well as other country's seedy deep pocket whale traders (China, Russia, Germany, England, etc). These guys have hundreds of millions $$$, if not billions $$$, at their disposal too. And the difference is that they don't have to make any public announcements, or get their respective legal teams and corp shareholders involved to fight through a bunch of red tape and months of wrangling before they do it. These types will be the first to dump all their btc at the top of the next bubble, for sure. This is not so great news.

That is similar to why I did not share the excitement about CME, etc. in late 2017.  And I was right...



Sometimes, simpler is better to avoid missing the point:

Quote
78,388 off-chain transactions
18 on-chain transactions.

Fine, paid a lot of fees to miners (good boy)...

He paid fees for 18 on-chain transactions to miners.  Smart man.

I should have avoided my speculation obiter dictum on what he meant by “off-chain”.
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September 18, 2020, 06:31:02 PM

https://twitter.com/michael_saylor/status/1306636046948610049

Quote
We acquired 21,454 BTC via 78,388 off-chain transactions, then secured it in cold storage with 18 on-chain transactions.  #Bitcoin scales just fine as a store of value.

TBH, I'm not sure why the Bitcoin community is high-fiving each other over this revelation.

I mean sure, it's exciting that a corporation has figured out how to take a large long position in BTC without rocking the boat. I'm sure that other corporations will begin to follow suit in the coming 3-6 months or within the year. The more institutional corporate hodlers, the better. This is overall good news.

But look, if the straight-laced corps with good intentions have figured out how do this, then so can the nefarious Wall Street whale traders as well as other country's seedy deep pocket whale traders (China, Russia, Germany, England, etc). These guys have hundreds of millions $$$, if not billions $$$, at their disposal too. And the difference is that they don't have to make any public announcements, or get their respective legal teams and corp shareholders involved to fight through a bunch of red tape and months of wrangling before they do it. They can and will take up such positions covertly. These types will be the first to dump all their btc at the top of the next bubble, for sure. This is not so great news.

Well i sort of see this as how you look at it.

Sure "bad actors" will take positions as well... after all Bitcoin is for all people.  Even people that hate it?  As it is said "Bitcoin is for enemies".

But I do NOT think MicroStrategy's position building had no effect on coins.  It might have had less than it would at market. But what it did was pull liquid coins away from people selling them.  There are 3X,XXX less of those now.

How could this be bad?

- Well selling pressure from miners could rise a little now assuming other whales are not in the background buying up OTC.

But that's just it.  If this keeps happening then market prices will suddenly start to lok good even WITH slippage, and you know what happens then.

I do not see how we can play "there goes the neighborhood" when bad guys start buying... That's what this was designed for. 
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September 18, 2020, 06:40:27 PM

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September 18, 2020, 07:13:19 PM

Good evening WO!
Observing @ $10,870
No significant change yet.
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September 18, 2020, 07:13:30 PM



Venus Might Host Life, New Discovery Suggests
The unexpected atmospheric detection of phosphine, a smelly gas made by microbes on Earth, could spark a revolution in astrobiology


It was only a matter of time finding basic lifeforms, i expect they will find some on Mars also. Scientists think there is an ocean beneath the icy surface of Jupiter’s moon Europa, that ice shell is 15 to 25 kilometers (10 to 15 miles) thick, floating on an ocean 60 to 150 kilometers deep (40 to 100 miles). While Europa is only one fourth the diameter of Earth, its ocean may contain twice as much water as all of Earth’s oceans combined. Europa’s vast deep ocean is widely considered the most promising place to look for life beyond Earth. A closed ecosystem untouched for millions of years.

Our Milky Way Galaxy contains 400 billion stars with 7% of them being G-type. That means less than 6 billion stars may have 10 billion Earth like worlds of which could be in their stars habitable zones. That's a lot of planets to discover with potental life. Of course we don't have the tech to get there but alien life exist just because of the sheer numbers. It depens on which stage of evolution they are from plankton to intelligent species like a type 1/2/3 civilizations. The Milky Way is just 1 of trillions out there.

Earth is a young planet while human DNA dates back to 1 million years. The entire human life spawn is just a blink of an eye in Earth's time frame.

Ancient modern history dates back to ancient Greece? Mhe... when great Greek cholars like Thales, Hippocrates, Pythagoras, Socrates, Plato and Aristotle arrived in Egypt the great pyramids of Egypt where already ancient.

We lived for hundreds of thousands of years as cavemen but just a few thousands of years modern humans appeared and has developed on a blistering speed, how is that even possible? What happend to other civilizations like the one who cunstructed the pyramids ore the other megalithic structures in South-America? A civilization on top of another civilization i guess. I love history it gets really crazy the more i search.
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September 18, 2020, 07:23:21 PM
Merited by philipma1957 (1), Biodom (1), JayJuanGee (1)

Twitter CEO Jack Dorsey Might Allocate Some Corporate $10 Bln into Bitcoin: Willy Woo.

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Prominent trader and entrepreneur Willy Woo has hinted that the head of Twitter, Jack Dorsey—who has $10 bln in corporate funds under his control—just might allocate part of that mammoth-sized amount to acquire Bitcoin in the near future to prevent this money from losing value.
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September 18, 2020, 07:39:13 PM

Twitter CEO Jack Dorsey Might Allocate Some Corporate $10 Bln into Bitcoin: Willy Woo.

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Prominent trader and entrepreneur Willy Woo has hinted that the head of Twitter, Jack Dorsey—who has $10 bln in corporate funds under his control—just might allocate part of that mammoth-sized amount to acquire Bitcoin in the near future to prevent this money from losing value.

I was literally watching Pomp/Saylor interview discussing just this point when I read this message.
Wow.
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September 18, 2020, 07:55:35 PM

Twitter CEO Jack Dorsey Might Allocate Some Corporate $10 Bln into Bitcoin: Willy Woo.

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Prominent trader and entrepreneur Willy Woo has hinted that the head of Twitter, Jack Dorsey—who has $10 bln in corporate funds under his control—just might allocate part of that mammoth-sized amount to acquire Bitcoin in the near future to prevent this money from losing value.

Go on @jack, you know it makes sense big man!
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September 18, 2020, 07:56:58 PM

https://twitter.com/michael_saylor/status/1306636046948610049

Quote
We acquired 21,454 BTC via 78,388 off-chain transactions, then secured it in cold storage with 18 on-chain transactions.  #Bitcoin scales just fine as a store of value.

TBH, I'm not sure why the Bitcoin community is high-fiving each other over this revelation.

I mean sure, it's exciting that a corporation has figured out how to take a large long position in BTC without rocking the boat. I'm sure that other corporations will begin to follow suit in the coming 3-6 months or within the year. The more institutional corporate hodlers, the better. This is overall good news.

But look, if the straight-laced corps with good intentions have figured out how do this, then so can the nefarious Wall Street whale traders as well as other country's seedy deep pocket whale traders (China, Russia, Germany, England, etc). These guys have hundreds of millions $$$, if not billions $$$, at their disposal too. And the difference is that they don't have to make any public announcements, or get their respective legal teams and corp shareholders involved to fight through a bunch of red tape and months of wrangling before they do it. They can and will take up such positions covertly. These types will be the first to dump all their btc at the top of the next bubble, for sure. This is not so great news.

Why do that (and risk a dump) when they could be pumping instead, then dumping ?
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September 18, 2020, 08:04:52 PM

Twitter CEO Jack Dorsey Might Allocate Some Corporate $10 Bln into Bitcoin: Willy Woo.

Quote
Prominent trader and entrepreneur Willy Woo has hinted that the head of Twitter, Jack Dorsey—who has $10 bln in corporate funds under his control—just might allocate part of that mammoth-sized amount to acquire Bitcoin in the near future to prevent this money from losing value.

Go on @jack, you know it makes sense big man!

Yeah I have been waiting for some big companies buying 100,000,000 or more in coin
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September 18, 2020, 08:17:59 PM

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September 18, 2020, 08:53:40 PM

Piss flaps?
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September 18, 2020, 09:19:51 PM
Last edit: May 14, 2023, 04:52:58 PM by BitcoinGirl.Club

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September 18, 2020, 09:22:27 PM
Merited by JayJuanGee (1)

Bitcoin Price Fails to Close Above $11K But Are Bulls Done Yet? (BTC Analysis)

The Bulls have not started yet!
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September 18, 2020, 09:58:15 PM

Piss flaps?

It is a recursive semiotic which signals that your interpretation of my interpretation of your pic-post is that you want to measure people’s interpretations using pseudoscientific incantations that evoke the measurer’s interpretation of others’ interpretations.

I have been wanting to toss that at jojo69.  You got it instead—lucky you!  It is on my part a general statement, not only directed at any particular post.  Indeed, it is even a meta-statement on some of my own prior posts.

Not that I would expect for anybody to get it:  Abnormality is the new normal.  The more maladapted you are to life in this world, the more you are “the future”!  For example, autists are unable to grasp subtle humour.

But as a practical matter, the “high-functioning” autists would probably make suitable overseers in a world of technocratic mass-enslavement managed by robots.  Perhaps that may be why this stuff is being promoted:  A dystopia of socially-distanced, isolated individual units who have none of the normal human connections that characterized all of prior history—who interact with each other only by chatting through machines...  Why, it is almost as if autists were designed and engineered for such a world!


I struggled to interpret the interposition of the Bitcoin symbol.  It can be read a few different ways.

P.S., for the benefit of the Wall Observer, of course I posted the card which most frequently evokes sex.  You caught the nonexistent vulva, but missed the nonexistent erect penis at the top—among innumerable other things that may be seen in a blot of ink smeared onto cardstock a century ago by an insane psychiatrist, who then proceeded to use it to diagnose schizophrenia, homosexuality, and whatever else he decided to see in your perceptions of his little mind-game.
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September 18, 2020, 11:49:03 PM
Merited by cAPSLOCK (5), philipma1957 (3), vapourminer (1)

https://twitter.com/michael_saylor/status/1306636046948610049

Quote
We acquired 21,454 BTC via 78,388 off-chain transactions, then secured it in cold storage with 18 on-chain transactions.  #Bitcoin scales just fine as a store of value.

Fine, paid a lot of fees to miners (good boy)...honestly, I don't see a need to make 78K tx to get "just" 21K btc.
That's just being a bit severely paranoid. Why not buy some otc in chunks?

Did you not notice the “off-chain” part?  Ridiculous...

He paid fees for 18 on-chain transactions to miners.  Smart man.  He made ≈4355 Bitcoin transactions per tx that actually paid miner fees!

Off-chain transacting is the way of the future—the global public ledger is for secure synchronization of off-chain protocols.

Admittedly, I may be mixing issues and making too many assumptions there.  “Off-chain” could mean on a centralized exchange.  It could also mean Lightning Network, which is what I meant by “the way of the future”.  Or it could mean any number of other things.  (Just thinking aloud, perhaps he scooped up a bunch of WBTC, then redeemed it—LOL, that would also be “off-chain” in this context.)

Yes, what he calls off-chain looks like simple buying on exchange, and not even otc.
Pretty bizarre, actually:
https://twitter.com/michael_saylor/status/1306940165160656897



Everything at an exchange is "off-chain".

Almost all bitcoin transactions in the future will be done on exchanges, between bank accounts, or through digital warehouses without any bitcoin moving on chain. I'm not holding mine like that but you know most people and companies will, out of fear or because they don't know any other way.

The end game is bitcoin becomes the settlement layer for the world. Transaction costs are going way up in the future, you're not going to want to do on-chain transactions when it costs $1000+ to do so, but if you're settling a billions dollars, that's a tiny price to pay.

The fact is, whether we like it or not, very few individuals (other than those of us here) will hold private keys in 10 years. The transaction costs alone will ensure it.

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September 19, 2020, 12:07:26 AM
Merited by lightfoot (2)

there is trillions and trillions of analog monetary value. there are only 21 million digitally scarce bitcoin. this will be fun to watch unfold as a hodler of bitcoin.

In other words, if you want to have fun, become a holder of bitcoin.

It's not too late, but it will likely NOT be as much fun to be watching others have fun, if you don't gots ur lil selfie any coyns.

 Cheesy Cheesy Cheesy



The dude is slurping on the pipe

What happened to the good ole days of pee pics?   Cry Cry
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