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Question: Oct. 23 Closing Price:
<$8,000 - 2 (3%)
$8,000-$8,500 - 0 (0%)
$8,500-$9,000 - 0 (0%)
$9,000-$9,500 - 0 (0%)
$9,500-$10,000 - 0 (0%)
$10,000-$10,500 - 1 (1.5%)
$10,500-$11,000 - 0 (0%)
$11,000-$11,500 - 3 (4.5%)
$11,500-$12,000 - 5 (7.6%)
$12,000-$12,500 - 16 (24.2%)
$12,500-$13,000 - 12 (18.2%)
$13,000-$13,500 - 8 (12.1%)
$13,500-$14,000 - 5 (7.6%)
>$14,000 - 14 (21.2%)
Total Voters: 66

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 23394569 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. (148 posts by 37 users deleted.)
Cryptotourist
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September 20, 2020, 10:38:31 AM

But did you see me tighten the loose O? Wink

~ jb opens his war chest, looking for the nuke ~

Grin
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VB1001
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September 20, 2020, 10:40:40 AM
Merited by LFC_Bitcoin (1)


Quote
1 US dollar is currently worth 9114 sats
https://usdsat.com/

Here we go $1=1Satoshi


$1 = 1000Satoshi would be good enough  Wink

Why prolong the agony? Cheesy

$1 = 1Sat would make bitcoin the world reserve currency & some bitcoin’ers would be the richest people in the world?

I’d love it to happen as I’d be rich AF too but it’s unlikely in our lifetime imo.
I'm with you in this, but...

"Hal Finney" Sun, 11 Jan 2009
Quote
As an amusing thought experiment, imagine that Bitcoin is successful and
becomes the dominant payment system in use throughout the world.  Then the
total value of the currency should be equal to the total value of all
the wealth in the world. Current estimates of total worldwide household
wealth that I have found range from $100 trillion to $300 trillion. With
20 million coins, that gives each coin a value of about $10 million.
https://www.mail-archive.com/cryptography@metzdowd.com/msg10152.html

Don't rule out any pricing option, look what they were talking about in 2009.

(I must be sick, the less BTC I have, the more bull I feel)
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September 20, 2020, 11:16:54 AM

September 21 has long been listed as x-day, probably tomorrow and burst the dollar bubble, stock up on popcorn
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September 20, 2020, 11:36:58 AM
Merited by JayJuanGee (1)

Why a dollar today is worth only 4% of a dollar in 1913

https://www.in2013dollars.com/us/inflation/1913



https://thumbs.gfycat.com/WellwornFavoriteAsiaticwildass-size_restricted.gif

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September 20, 2020, 11:43:38 AM
Merited by JayJuanGee (1)

@hodlonaut
Bitcoin Mining Difficulty just adjusted.
+11.35%
19,314,656,404,097
All Time High

The security of the network is now more than 10x higher than when BTC set price ATH end of 2017....
https://twitter.com/hodlonaut/status/1307629777126387712?s=21
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September 20, 2020, 12:54:58 PM

We need more bottom pics.

The first google search for a bottom is...not a bottom

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September 20, 2020, 01:13:59 PM

We need more bottom pics.

The first google search for a bottom is...not a bottom



 Well the underwear that cover your ass and privates are called bottoms so if you're intending to call the bottom, it's a relevant image.   Cheesy
LFC_Bitcoin
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September 20, 2020, 01:16:22 PM

We need more bottom pics.

The first google search for a bottom is...not a bottom





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September 20, 2020, 01:18:22 PM
Merited by LFC_Bitcoin (1)

@hodlonaut
Bitcoin Mining Difficulty just adjusted.
+11.35%
19,314,656,404,097
All Time High

The security of the network is now more than 10x higher than when BTC set price ATH end of 2017....
https://twitter.com/hodlonaut/status/1307629777126387712?s=21
https://i.ibb.co/Bg1pFKq/2-B236890-665-E-4-FD3-8-F4-B-46-B142014579.jpg

Same to here anyone expected 47% volatility next friday?

bitcoin price volatility expected as 47 of btc options expire next friday
https://cointelegraph.com/news/bitcoin-price-volatility-expected-as-47-of-btc-options-expire-next-friday/
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September 20, 2020, 01:28:52 PM

#FinCENFiles – coming today at 1 pm ET and 5 pm GMT – exposes how money looted from government treasuries, scammed from pensioners, and generated through drug sales has been hidden across the world.

https://twitter.com/BuzzFeedNews

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September 20, 2020, 02:16:44 PM

Bear camp:



Bull camp:




This is fine. Cool

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September 20, 2020, 02:51:42 PM
Merited by JayJuanGee (1)

Something to ponder tho...

What is the difference between ?

1. A banking system that issues IOUs backed by Gold/Silver.

2. A future with "bitcoin banks" that issue private digital currencies backed by Bitcoin.

A: Nothing, nada, zilch. First it's backed 1:1 to build and insure public confidence and trust. Then it gets fractionally reserved. And finally they go off the "Bitcoin standard" (i.e., The "Gold standard" of the future) and back their private digital shitcoins with literally nothing, while they inflate them to infinity. Repeating history all over again.


But there is a difference. Bitcoin is bitcoin.  And if a bank or anyone issues something else it is not bitcoin anymore. 

Let's use Cash App as an example.  When they make bitcoin transfers between accounts a thing, then they can do this with little to no fees because they are the custodian.  I give Torque .5 BTC, and it shows up in his account and is debited in mine.  Torque wants to get his BTC out of @Jack's hands as quickly as possible, and does a withdrawal, pays a fee and poof is in custody of his own bitcoin.

Why does this not work?  Any differntly than banks do now.  Aside from being faster and more convenient.

Will this mean there is counter party risk?  KYC/AML?  Risk that funds can be frozen... yes yes and yes.  And no one will force the mountain men like you and I to hold any meaningful amount of Bitcoin there.  But the masses most definitely will.

There IS a difference.  It is easy to withdraw bitcoin.  It is hard to withdraw gold.

I don't see a problem with this frankly. Keep your bags with your keys, use such services for day to day life with only the amount you need for a few days, transfer BTC in and out when you want as fast as you want. If people store everything they own on these "accounts" it's their problem not mine.
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September 20, 2020, 03:39:31 PM
Merited by JayJuanGee (1)

@hodlonaut
Bitcoin Mining Difficulty just adjusted.
+11.35%
19,314,656,404,097
All Time High

The security of the network is now more than 10x higher than when BTC set price ATH end of 2017....
https://twitter.com/hodlonaut/status/1307629777126387712?s=21


Wrong. The hashrate/difficulty is more than 10x higher, not the security. It doesn't take 10x more investment to attack the network than it costed in december 2017 because current mining devices are way more efficient (per $ spent and electricity) than back then.
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September 20, 2020, 03:50:21 PM
Last edit: September 20, 2020, 04:01:35 PM by VB1001

New Legendary Hat in WO, in a few minutes, AlcoHoDL

+1sM

Congrats!!!

edit:



Done
xhomerx10
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September 20, 2020, 03:54:40 PM

Bear camp:



Bull camp:




This is fine. Cool



 Dolphin camp:



 I think they're calling bottom.
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September 20, 2020, 04:01:09 PM
Merited by JayJuanGee (1)

I like these statistics, I think that as time goes by, the capitalization of Bitcoin will increase much more, the reason is obvious, new investors.

Bitcoin Could 14x to $3 Trillion Says Ark Invest Analysis

Quote
Ark Invest, which focuses on investing in disruptive innovation like AI and biotech, thinks bitcoin could more than 10x in the next five years from the current $200 billion market cap to $3 trillion.



Source: https://www.trustnodes.com/2020/09/20/bitcoin-could-14x-to-3-trillion-argues-ark-invest?utm_source=dlvr.it&utm_medium=twitter

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September 20, 2020, 04:03:28 PM

New Legendary Hat in WO, in a few minutes, AlcoHoDL

+1sM

Congrats!!!

edit:



Done

Congrats AlcoHoDL!!! Well deserved!!!
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September 20, 2020, 04:11:19 PM

Congratulations AlcoHoDL!
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September 20, 2020, 04:39:29 PM

and yeah I heard you updated from your shitty van to a nicer one

Don't you be callin' Bessie 'shitty' - them's fightin' words. I drove her for twenty years, because it was the vehicle that suited me at the time.

Quote
(not that you are living in it.. hahahahaha... nothing wrong with that)..

...down by the river

Quote
Quote
Another factoid I let slip a while back: At the top of the market in late 2017, I sold enough to buy My Personal Lambotm.  
I know about your mercedes or whatever it is.  

Perhaps we have a misunderstanding of the meaning of My Personal Lambotm. It is That One Purchase made whose attributes are rather ostentatious as compared to needs or requirements for an object of that class. It need not be an actual Lamborghini. Indeed, in my case, it is not any sort of vehicle.

Quote
Some of us are well into the divestment phase.  

Probably one of the first times that you mentioned that mostly "divestment phase" perspective of yourself.   Shocked Shocked

Again, not at all. From the same time frame as above: I have already stated that I have retired. Which means I need to fund my Lavish Lambo Lifestyletm* off my accumulated holdings. Hence, Divestment phase.

You are being a bit back and forth here... so you gotta admit that.  

OK, I will admit my role in this particular misunderstanding. Silly me for expecting that the trademark term on Lavish Lambo Lifestyletm would denote that the use of the term is tongue-in-cheek. Nay, other than My Personal Lambotm, I live pretty frugally. Always have. Which, of course, is what has allowed me to make the investments that have landed me in my current position.

Quote
I had heard that you quit your regular job a couple of years ago.. so anyhow, that still would not necessarily mean that you are "well into the divestment phase" of your BTC unless you choose to start to make such divestments.  

Gotta eat. That's gotta be funded somehow.

Quote

Yep.

I was a bit struck too (or maybe the better word choice would be "awed"?), by the jbreher strategic placement of that unimportant metric.

'unimportant metric'
 Roll Eyes
It's almost as if you are making my point for me.
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September 20, 2020, 04:52:40 PM

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.

This is a very hard thing for the old school bitcoiner to accept.  And some will reject it outright. In fact that is why Roger Ver went the way he did.  I think CSW is an actual pathological conman, but I think Ver fell in love with a version of Bitcoin that he began to see as doomed, ironically as it began to become successful. But I want to put forth a couple reasons I think what you said above is important and inevitable.  

1.  The banking infrastructure  and concept is STILL useful.
2.  We actually NEED it.

Bitcoin, if it does indeed begin to serve the world as even a semi-niche store of value will grow to magnitudes of it's current resource usage.  And I am not going to crank the blocksize debate up again, but to put it simply we can either keep bitcoin validation decentralized and thereby enforce the consensus, or we can let it be taken over by a small minority, and end up with a digital panopticon that would make most fundamentalist evangelical's vision of the "mark of the beast" look like Monopoly.  The fight is over which resource use grows... and the market has, in some way against all odds, chosen correctly: Fees.

I agree with the market here and I realize the future is not what, even Satoshi, seemed to have seen.  Although Hal got it.  And WAAAAAY back then too...

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

That was a very wise man seeing the rise of Cash App, Strike, and Kraken back when everyone else was just wanting to figure out how to get around all the regulations that made it hard to play online poker.  Insert Ver's scrunched up face here as he foams at the mouth taking about PEER TO PEER CASH!!! AND I AM SORRY I JUST GET SO EMOTIONAL!

No one can stop you from using the chain.  Ever.  That is CERTAINLY one of the things that makes bitcoin a "zero to one" invention.  But if you really want to compete for the kind of VALUE that Bitcoin will command and REQUIRE for on chain transactions??? ...better get that business plan ready.  And there are some fairly smart folks out there with a good head start on you already.  Bitcoin is not replacing credit cards... Bitcoin is replacing FedWire.

If we want Bitcoin to be successful then this is where we are going.  And we should really be glad.  It might not look like what we all thought it would 10 years ago (or 7 or 3 or last week), and part of the reason for that is our vision is limited.  We get hung up, like Ver, on shiny things that look more important than they are.

That feeling you got when you did your first few Bitcoin transactions?  It's not going away.  It's just changing form.  And you are one of the lucky ones that got to experience that first.  Most people will have the much more ho-hum feeling of just watching the mover and shakers roll out the new world for them...

Quote
Personally, I'm pulling out the champaign that market behaviour is indeed producing activity levels that can pay for security without inflation, and also producing fee paying backlogs needed to stabilize consensus progress as the subsidy declines.
-Greg Maxwell around the BTC all time high Dec 2017. https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html

Happy Saturday!

Just to be clear, you seem to be stating that a future where transaction fees being $100, $1000 or even more per on-chain tx is a distinct possibility?
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