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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25527091 times)
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Torque
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September 03, 2020, 12:03:32 AM
Merited by xhomerx10 (1)

That is simply the most narrow minded thought process possible When it comes to pow virtual coins.

But is it really though?

Look at reality for a moment. Buying btc and selling it for profit (or loss) currently comprises 99.9999999999999999999999% of all use case activity. That is the current reality. Presumably, that will still be the future reality. And no one seems unhappy about it.

So here we are, 10 years on, doing the same exactly thing with bitcoin that we were doing a decade ago. SoV and digital exchange. Nothing more, nothing less. 10 years from now....same damn thing. 30 years from now, probably same damn thing.

 Now, I'm as much an abuser of hyperbole as the next person and I appreciate that most Bitcoin is being used for profit BUT I very recently spent $56 USD worth of Bitcoin for a service.  Based on your estimates, if that were the only such use case, it would mean that the total fiat value of Bitcoin moving around recently would be US$56 septillion (that's 24 zeros if you didn't know).  To put that into perspective, the entire world's debt is around US$300 Trillion (12 zeros if you didn't know).  So looking at reality for a moment, this is utterly impossible until the next Bitcoin peak!  Wink

But...bbut....literally billions of $$$ worth of bitcoin can move around from wallet address to wallet address, and no goods or services are exchanged in the process. It just moved. And just because you personally just exchanged bitcoin for a service, doesn't mean other people routinely do.

I'm saying the hodling of bitcoin as a SoV, and buying/selling it on exchanges for fiat, outweighs using it as a currency to directly buy goods/services by MANY MANY orders of magnitude. One could even make the argument that nearly a decade ago it was used more as a currency than it is being used today.
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JayJuanGee
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September 03, 2020, 12:06:39 AM

I don't know how some people expected this to go to the moon without really retesting the previous huge resistance. For full year, we were trying to break 10500 and now we should go to ATH or 16k without retesting it but for 10 minutes in that flash crash from the first time we went to 12k.

No chance, zero logic in that. That level needs to be properly tested for bull run to continue.


Tone Vays and some of his following used to spout out that kind of nonsense regarding having to retest $1,300, and they were arguing that point for much of 2018, 2019 and maybe even in 2020... it's just nonsense talk to say that we "have to" test down support before we are ready and able to go up.

What I fucking hate is that this is lowering my chances to accumulate bitcoins trading alts as they shit themselves as soon as bitcoin farts.

You should not be fucking around with alts anyhow.  Many of us in this thread are neither here to talk about shitcoins nor to hear about other members and their poor judgement choices to be involved in shitcoins. 
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September 03, 2020, 12:23:22 AM
Merited by goldkingcoiner (3), El duderino_ (2)

Oh noooez we bouncing down from 12.5k back to 10k? Someone pick up that phone because I called it. Grin

 

https://youtu.be/ria37d9mInY
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September 03, 2020, 12:30:55 AM

That is simply the most narrow minded thought process possible When it comes to pow virtual coins.

But is it really though?

Look at reality for a moment. Buying btc and selling it for profit (or loss) currently comprises 99.9999999999999999999999% of all use case activity. That is the current reality. Presumably, that will still be the future reality. And no one seems unhappy about it.

So here we are, 10 years on, doing the same exactly thing with bitcoin that we were doing a decade ago. SoV and digital exchange. Nothing more, nothing less. 10 years from now....same damn thing. 30 years from now, probably same damn thing.

 Now, I'm as much an abuser of hyperbole as the next person and I appreciate that most Bitcoin is being used for profit BUT I very recently spent $56 USD worth of Bitcoin for a service.  Based on your estimates, if that were the only such use case, it would mean that the total fiat value of Bitcoin moving around recently would be US$56 septillion (that's 24 zeros if you didn't know).  To put that into perspective, the entire world's debt is around US$300 Trillion (12 zeros if you didn't know).  So looking at reality for a moment, this is utterly impossible until the next Bitcoin peak!  Wink

But...bbut....literally billions of $$$ worth of bitcoin can move around from wallet address to wallet address, and no goods or services are exchanged in the process. It just moved. And just because you personally just exchanged bitcoin for a service, doesn't mean other people routinely do.

I'm saying the hodling of bitcoin as a SoV, and buying/selling it on exchanges for fiat, outweighs using it as a currency to directly buy goods/services by MANY MANY orders of magnitude. One could even make the argument that nearly a decade ago it was used more as a currency than it is being used today.

Btc is more like a 10000 usd t-bill.

ltc and doge are much better to be used for cash 💰.

I think I misunderstood what you meant About Btc. In the context of using it as a cash and that it is the only

virtual coin used. Is what I thought you meant. That is narrow minded.

It cant work as a one coin for all.

basically same reason you need multiple fiat it helps to prevent entropy.

If all there is right now is btc and the euro. It would not work.

Having metals like gold, plat, silver creates speculation which means exchanges and trading. which in turn increases demand.

that is true for virtual coins
that is true for stock
that is true for fiats
that is true for metals.
that is true for bonds.

I know an investment banker that simply buys and sells three to four million a day in bonds.

if there was one bond that entire industry would fail.
if all there was only btc virtual coins would fail.
it there was only one metal say plat it could hang in there but many would. lose work

So i thought the meaning of the post  was just have btc and nothing else. use ing it for everything.

Wont work will cause stillness entropy and stagnation.
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September 03, 2020, 01:01:30 AM
Merited by philipma1957 (1), 600watt (1), BobLawblaw (1)

OT: Regarding DeFi, a handy chart provided by https://twitter.com/freelyish/status/1301187594491887616




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September 03, 2020, 01:34:15 AM
Merited by lightfoot (2), nutildah (1)

Sorry about the dip guys.

I ended up blowing my whole wad at Pornhub.
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September 03, 2020, 02:00:47 AM

I ended up blowing my whole wad at Pornhub.

LOL. Most people do that for free you know.

Hopefully they gave you some special perks, like a free poster or beer coozy.

But on behalf of the rest of us... thanks for supporting the arts.
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September 03, 2020, 02:15:38 AM

I have used BTC in the past to buy random stuff from amazon. Also use it to transfer around to fiat banks in other countries. I also bought some silver bars (then sold that a couple years later.).

And oh, of course, I rolled some on SatoshiDice a long time ago.

BTC is not just for hodling, although you can do that too.
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September 03, 2020, 02:52:11 AM

I don't know how some people expected this to go to the moon without really retesting the previous huge resistance. For full year, we were trying to break 10500 and now we should go to ATH or 16k without retesting it but for 10 minutes in that flash crash from the first time we went to 12k.

No chance, zero logic in that. That level needs to be properly tested for bull run to continue.


Tone Vays and some of his following used to spout out that kind of nonsense regarding having to retest $1,300, and they were arguing that point for much of 2018, 2019 and maybe even in 2020... it's just nonsense talk to say that we "have to" test down support before we are ready and able to go up.

What I fucking hate is that this is lowering my chances to accumulate bitcoins trading alts as they shit themselves as soon as bitcoin farts.

You should not be fucking around with alts anyhow.  Many of us in this thread are neither here to talk about shitcoins nor to hear about other members and their poor judgement choices to be involved in shitcoins.  

Thanks for advice, but honestly, I don't give a flying fuck what are you here for. So, with all due respect, kindly fuck off with your patronizing bullshit, this thread is 90% about everything except what it is for and I have 0 need to ask you for permission what to write about and to care about what you care about. Stick your orders to your arse. Cheers

To not repeat myself, same applies to anyone who quotes me with same kind of crap. Cheers to you too.
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1/21000000 , the only math you need to know


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September 03, 2020, 03:18:53 AM

JayJuanGee
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September 03, 2020, 03:20:00 AM
Last edit: September 03, 2020, 03:31:45 AM by JayJuanGee
Merited by El duderino_ (2), AlcoHoDL (2)

I don't know how some people expected this to go to the moon without really retesting the previous huge resistance. For full year, we were trying to break 10500 and now we should go to ATH or 16k without retesting it but for 10 minutes in that flash crash from the first time we went to 12k.

No chance, zero logic in that. That level needs to be properly tested for bull run to continue.


Tone Vays and some of his following used to spout out that kind of nonsense regarding having to retest $1,300, and they were arguing that point for much of 2018, 2019 and maybe even in 2020... it's just nonsense talk to say that we "have to" test down support before we are ready and able to go up.

What I fucking hate is that this is lowering my chances to accumulate bitcoins trading alts as they shit themselves as soon as bitcoin farts.

You should not be fucking around with alts anyhow.  Many of us in this thread are neither here to talk about shitcoins nor to hear about other members and their poor judgement choices to be involved in shitcoins.  

Thanks for advice, but honestly, I don't give a flying fuck what are you here for. So, with all due respect, kindly fuck off with your patronizing bullshit, this thread is 90% about everything except what it is for and I have 0 need to ask you for permission what to write about and to care about what you care about. Stick your orders to your arse. Cheers

To not repeat myself, same applies to anyone who quotes me with same kind of crap. Cheers to you too.

It appears that you have a real "great" ability to handle your temperature.. Hopefully, you did not sell too much of king daddy, too soon while wishening that it were to go down before up.

Should there be a prayer for you, too, that you are not letting shitcoins fog your lil brain, to the extent that you have any such thingie-ma-jiggie beyond the argument and the defensiveness buttons, BIG boy.  

If I knew your grandma, I would give her a call, and tell her to take you down some milk and cookies, right away.  Surely you are working diligently with important and insightful analyses. Wink
 




 Cheesy Cheesy Cheesy Cheesy
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September 03, 2020, 03:34:16 AM

evening charts

4h


A strong first of the month distribution theme continues from last month as today saw a 6.7% drop in bitcoins price before rallying late to closing at $11,398.44
D

#stronghands
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September 03, 2020, 04:11:31 AM
Merited by explorer (1)



The question is, why aren't you though?

"Bitcoin maximalism" isn't just about those who have a stake in BitcoinTM believe everything else is a scam; it's about the belief that Bitcoin is so complete in the functionality and security it provides, that no other crypto coins are necessary to even exist. Period.

Therefore creating shitcoins, shilling them, owning them, or even trading them is defacto stupid and pointless. And those that do are regarded with a loss of trust and common sense at best, and at worst are seen as complete scammers.

An analogy would be in the Precious Metals world, but a world in which a constant supply of laboratory-created "fool's gold" metals were created, shilled, owned and traded on the open market. Why even do that when you can just own Gold or Silver? The only people that will gain anything by creating and shilling fake metals would be the scammers that created them.

You answered your own question, until bitcoin has a base layer fungibility solution it is not complete and cannot provide Every usecase.

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fly or die


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September 03, 2020, 04:40:34 AM

Hello guys. I will read the last few pages to understand what happened yesterday, but I just wanted to talk about a funny email I just received.

It's in French, not perfect, but not "nigeria prince" bad. With HTML, pictures and all.

And it tells me to invest in "facebook's Libra", which last time I checked didn't exit. The really funny part is that in big it says Libra is 20 times better than other cryptos, and that it will get 20 times bigger, in price admittedly. Why ? Because it's designed to have a stable value, unlike bitcoin.

Does not compute...
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September 03, 2020, 06:24:22 AM
Merited by El duderino_ (2), JayJuanGee (1)

do I get this Breedlove guy right? he says that the only thing that is really scarce in our live is the time we are on this planet. the only other real scarce thing on earth is bitcoin. he wants to get paid in bitcoin, being as scarce as time itself, when he works, and not in fiat which isn't scarce at all and loses value constantly. when you get paid in fiat you get robbed time that you put into working, because the money they pay you devalues over time.

what would a central banker answer? "your life evaporates through your fingers while you try getting a grip on it. why not get paid in something that evaporates in the same manner? it keeps you running"

https://poddtoppen.se/podcast/1359544516/bitcoin-audible-previously-the-cryptoconomy/masters-slaves-of-money-by-robert-breedlove


got me thinking...

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September 03, 2020, 07:15:25 AM
Merited by El duderino_ (2)

he wants to get paid in bitcoin, being as scarce as time itself, when he works, and not in fiat which isn't scarce at all and loses value constantly. when you get paid in fiat you get robbed time that you put into working, because the money they pay you devalues over time.

As someone that is now 100% paid in bitcoin across 3-4 different jobs/bosses, I'll tell you: its not as easy or as glamorous as it sounds. Granted I'm not raking in Andreas Antonopoulos-size money. Most of the time you still need to pay an extra fee (or two) to convert the bitcoin into usable cash, and I usually end up converting 90%+ of all earnings into cash anyway. There are a few things I can pay for directly with bitcoin, but not nearly as many as ideal.

Now that the dollar is obviously on the decline (and seemingly BTC on the incline), I try to put just a bit more aside into my BTC reserve. Cash is about the worst thing to save at this point, which goes against centuries-long instinct.
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September 03, 2020, 07:22:58 AM
Merited by El duderino_ (2), 600watt (1)

do I get this Breedlove guy right? he says that the only thing that is really scarce in our live is the time we are on this planet. the only other real scarce thing on earth is bitcoin. he wants to get paid in bitcoin, being as scarce as time itself, when he works, and not in fiat which isn't scarce at all and loses value constantly. when you get paid in fiat you get robbed time that you put into working, because the money they pay you devalues over time.

what would a central banker answer? "your life evaporates through your fingers while you try getting a grip on it. why not get paid in something that evaporates in the same manner? it keeps you running"

https://poddtoppen.se/podcast/1359544516/bitcoin-audible-previously-the-cryptoconomy/masters-slaves-of-money-by-robert-breedlove

got me thinking...

The Time vs. Money Dilemma, my friend.
I am about to share something I found worth reading even if I do not necessarily agree with everything that's written inside. You might find it useful https://jamesclear.com/value-of-time
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September 03, 2020, 08:01:37 AM
Merited by philipma1957 (1), Paashaas (1)

OT: Spotted via https://twitter.com/BitcoinMemeHub/status/1301393667085795329

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Observing No-Coiners.


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September 03, 2020, 08:03:48 AM

Little pumpy
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Decentralize everything


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September 03, 2020, 09:27:32 AM

Wow, forum going down? Takes me back to the old days! Bullish AF.
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