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

[Karartma1]

snip

First of all, congrats. This is probably the most important post I have seen on the matter since a while. And you reminded me of this epic Andreas talk in Milan 2016 where those guys you mentioned (consultants from Deloitte, KPMG PwC etc.) were completely gobsmacked by that speech, that of course they couldn't understand!
https://www.youtube.com/watch?v=mRQs9Y6CUSU&feature=emb_logo

[cAPSLOCK]

--clipped a lot of good stuff---
what a shitshow.

Indeed, and the vast misunderstanding of what Bitcoin actually is will be part of the reason that in the end the distribution will have been more fair than if everyone had just understood it out of the gate and not gone down the avenues of confusion for over a decade.  I suppose that is looking on the bright side.

Luckily the concept of the whole of Bitcoin cannot be harmed by this misunderstanding... just delayed a little, and we needed it to develop the tech in the meantime.

[Torque]

[clipped epic rant]

1)
6999 shitcoins (aka "products") with no use case other than scamming (or like in ETH case, the use case is enabling scamming in different layers (ERC20, DEFI, NFT) on one side. people get scammed to buy tokens that should have never been sold for money. in bitcoins case a market had to be established to facilitate price finding and distribution. how on earth did that emerge as a model to straightforwardly sell vaporware to "investors"?  looking at you coinmarketcap and at you - exchanges. why would you sell digital gold on one side and 6999 fake gold shit on the other?

2)
5 years of billions invested of global consortiums of the biggest global players (looking at you, CORDA) in all kinds of "blockchain" products that never saw the light. hundreds of conferences, thousands of marketing suits, spitting out the same "blockchain is the future" sheit year after year after year - and to this day NOTHING, NADA, NULL, ZERO use cases.

how doesn't anybody see the strange asymmetry between two industries both working on "blockchain" - one side has 6999 products with no use case and the other is the plethora of existing companies desperately searching for products. why don't they just team up?

because their concept is laughably incorrect, they can't merge since blockchain is no tech. both sides derailed from real IT to a mere buzzword. trying to build industries on it.

what a shitshow.

[jojo69]

[vapourminer]

lol

maybe post this in the theymos debate thread
https://bitcointalk.org/index.php?topic=5279044.0

[Dabs]

That's all good and fine and okay. There are many different car manufacturers, but they all make vehicles to get us from point A to point B. I think Bitcoin and everything around it works similarly.

[VB1001]

what a shitshow.

shitcoins, ICO, DEFI, everything is the same shit.

[El duderino_]

I have a feeling, BTC gonna cross 11k once again, Elwar making me more bullish 

[LFC_Bitcoin]

[cAPSLOCK]

what a shitshow.

shitcoins, ICO, DEFI, everything is the same shit.

You know how I see this, though?

In the end, if people did not grossly misunderstand Bitcoin, for a surprisingly long time we, the people blessed enough to realize what it actually is at an early time, would not have had the great fortune of having a little more of it than we otherwise could have.

It also means we have to wait for the world to catch up with us for the valuation to be what it *should* be... But you know... two edged sword and all.

I just hope all the awful hackery and scams that arose to steal mindshare does not damage Bitcoin in the end... but I seriously do not see how that could be possible.  It is truly anti-fragile.

[Amel]

bitcoins invention had such a deep impact on everything a proper IT guy was holding as true that it confused the shit out of everyone that went down the rabbit hole in the first place. how to wrap one's head around this beast?

the easiest structural thing to identify of this new kid on the block was its database structure. man, what mess could have been saved if they would have just called it TIMECHAIN and not fkn stupid BLOCKCHAIN. bitcoin was such a weird and unknown beast that the best strategy seemed to be to start with understanding why it uses a timechain.

somehow this approach started to become so dominant that people started to refer to the timechain being "the tech that enables bitcoin". this was a lazy and stupid approach, but it helped explaining how in an "append-only" database, if you do wrap the data in "blocks" and connect them via a hash consecutively in a time wise order, that this data is now unpenetrateably sealed into the database.

so plausible, so catchy - and not wrong at all. but for fuck sake not THAT relevant either. the consensus algorithm with validating nodes, the difficulty adjustment, the game theory of competing miners getting a reward (block reward), the torrent-like distribution of the database, the collective git-process of open source software development, the ten minute global sync time (block time), the hard cap, the fee structure, the emission schedule (halving)

all them are important delicately enginereed details of the bitcoin tech that make that boat float.

to say that blockchain is the tech that enables bitcoin is like saying it is the order of the tires that is the tech behind a car. sure placing the 4 tires in a correct manner is important if you want to build a car. but you still need a fkn motor, steering, a brake, and a body.

that a misunderstood buzzword could create this biggest shitpile of lies and deception and fraud and scam in tech history is a phenomenon on its own. and boy it did become alive and is a beast of its own now.

bitcoin dominance at 55% percent shines a light on the amount of sheer stupidity. IT and marketing "blockchain-not-bitcoin" farts glorifying "blockchain" as the new global next big thing in tech (check out the blockchain strategic papers of the BIG FOUR global accounting firms Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers - them managing 85% of global companies, they hail the blockchain the same way lunatic hardcore Christians hail the last coming of the messiah) is a joke unfortunately only maximalists seem getting.

this one little misunderstanding of timechain has created two separate multi billion grave nuthouses that have their own life now.

1)
6999 shitcoins (aka "products") with no use case other than scamming (or like in ETH case, the use case is enabling scamming in different layers (ERC20, DEFI, NFT) on one side. people get scammed to buy tokens that should have never been sold for money. in bitcoins case a market had to be established to facilitate price finding and distribution. how on earth did that emerge as a model to straightforwardly sell vaporware to "investors"?  looking at you coinmarketcap and at you - exchanges. why would you sell digital gold on one side and 6999 fake gold shit on the other?

2)
5 years of billions invested of global consortiums of the biggest global players (looking at you, CORDA) in all kinds of "blockchain" products that never saw the light. hundreds of conferences, thousands of marketing suits, spitting out the same "blockchain is the future" sheit year after year after year - and to this day NOTHING, NADA, NULL, ZERO use cases.

how doesn't anybody see the strange asymmetry between two industries both working on "blockchain" - one side has 6999 products with no use case and the other is the plethora of existing companies desperately searching for products. why don't they just team up?

because their concept is laughably incorrect, they can't merge since blockchain is no tech. both sides derailed from real IT to a mere buzzword. trying to build industries on it.

what a shitshow.

Bitcoin drops to $11.1K as USD cash record disappoints BTC cost . An uptick in the USD cash record creates a moment plunge for BTC/USD, with the biggest cryptographic money sinking 5% on the day. Computerized money markets began dropping on Saturday after BTC contacted a March high of $9,125 per coin. BTC is down over 10% on Monday and costs are floating around $7,600-7,750 at press time. BTC actually has around 63% market predominance among the 5,000+ cryptos in presence with the cryptoconomy esteemed at $350 billion today. The volume of all steady coins is currently $39.58 B. As per Messari.io, BTC has around $2 billion in "genuine" worldwide exchange volume yet detailed volume is around $97 billion.

[Hueristic]

RonPaulLibertyReport

https://youtu.be/RBmaHROxUhk?t=236

[Last of the V8s]

https://twitter.com/stephendpalley/status/1311694266389929986

BREAKING: CFTC sues Bitmex, Arthur Hayes "to enjoin their ongoing illegal offering of commodity derivatives to U.S. persons, their acceptance of funds to margin derivatives transactions from individuals and entities in the U.S., & their operation of a derivatives trading platform

yay the drama we need

[Toxic2040]

https://twitter.com/stephendpalley/status/1311694266389929986

BREAKING: CFTC sues Bitmex, Arthur Hayes "to enjoin their ongoing illegal offering of commodity derivatives to U.S. persons, their acceptance of funds to margin derivatives transactions from individuals and entities in the U.S., & their operation of a derivatives trading platform

yay the drama we need

meh...pretty sure could have done without all of this


-----

the morning wall report

buy the rumor sell the news

#dyor
1h


4h

#pissoffCFTC

[VB1001]

Added a simple monthly stat from www.wohats.com
As a test, we will see how it evolves.

#StrongHats

[Torque]

https://twitter.com/stephendpalley/status/1311694266389929986

BREAKING: CFTC sues Bitmex, Arthur Hayes "to enjoin their ongoing illegal offering of commodity derivatives to U.S. persons, their acceptance of funds to margin derivatives transactions from individuals and entities in the U.S., & their operation of a derivatives trading platform

yay the drama we need

meh...pretty sure could have done without all of this

You know this market is still dead when little excuse is needed to dump, but can find little reason to barely go up. Still range bound, overall volume still anemic. Sorry not being a pessimist, just calling the market like I see it rn.

[Last of the V8s]

https://twitter.com/stephendpalley/status/1311694266389929986

BREAKING: CFTC sues Bitmex, Arthur Hayes "to enjoin their ongoing illegal offering of commodity derivatives to U.S. persons, their acceptance of funds to margin derivatives transactions from individuals and entities in the U.S., & their operation of a derivatives trading platform

yay the drama we need

meh...pretty sure could have done without all of this

#pissoffCFTC

https://www.cftc.gov/PressRoom/PressReleases/8270-20

[Last of the V8s]

Arthur's going to jail Panama

[Paashaas]

I just love all the drama every freaking day.

[explorer]

   Damn.  As long as loose fruit keeps falling out, they'll keep shaking the tree.  Need a monkey up there to fling down some poo...