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

[cAPSLOCK]

Head fake confirmed?

[1696076536]

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[soullyG]

Feels like it, but I won't believe it till we've passed $13880 with a bit of volume

[philipma1957]

I missed I was too low on that poll.

This time I voted we go under 13k.

Bear 

For the next six to eight days I am bearish.

[JayJuanGee]

I missed I was too low on that poll.

This time I voted we go under 13k.

Bear  

As I type, we do seem to be getting some UPpity pressures, and I am not going to complain to continue to witness bears getting recked beyond expectations.... gonna feel good, man. .. even though no guarantees --- but bear tears do make some decent kind of fuel.    #nohomo

I missed I was too low on that poll.

This time I voted we go under 13k.

Bear 

For the next six to eight days I am bearish.

Those are infamous words, in these here parts.... "long term bullish, short term bearish"... sucks to b uie.   

[Phil_S]

all right

that's more like it

[JL0]

I missed I was too low on that poll.

This time I voted we go under 13k.

Bear  

For the next six to eight days I am bearish.

Friday CME futures expiration I'm looking forward to the weekend and the monthly close.

[Biodom]

RE Saylor...he plomped $170 mil of his OWN money into the corn as well.
https://twitter.com/michael_saylor/status/1321422012380753921

the guy knows how to DCA,  

I literally don't know what I would do if I was sitting on a $60m profit.

sell 10%, use $6 mil-that's easy.

[Phil_S]

https://twitter.com/lopp/status/1321464188271763463

Lopp: Acquire more bitcoin before @michael_saylor buys them all.

Michael Saylor: Once you understand #Bitcoin, you go to bed each night with anxiety, feeling chronically short.

[Paashaas]

Breaking News Iran Changes Law to Use Bitcoin For Imports.

Iran has become the first country in the world to use cryptocurrencies at a state level for value exchange.

The Iranian Cabinet has amended legislation to redirect cryptos into the Central Bank of Iran’s funding mechanisms for imports, according to a Saturday report by the official IRNA news agency.

---

Iranian money has drastically fallen in value with inflation there at 34%, a situation that has been continuing since 2018.

The country is in the grip of US sanctions, so they can not use dollars for international trade.

They are therefore turning to bitcoin, the first country to do so at a state level, with the famous bitcoin volatility less of a consideration here because the situation is desperate.

Edit: Original source

[cAPSLOCK]

Breaking News Iran Changes Law to Use Bitcoin For Imports.

Iran has become the first country in the world to use cryptocurrencies at a state level for value exchange.

The Iranian Cabinet has amended legislation to redirect cryptos into the Central Bank of Iran’s funding mechanisms for imports, according to a Saturday report by the official IRNA news agency.

---

Iranian money has drastically fallen in value with inflation there at 34%, a situation that has been continuing since 2018.

The country is in the grip of US sanctions, so they can not use dollars for international trade.

They are therefore turning to bitcoin, the first country to do so at a state level, with the famous bitcoin volatility less of a consideration here because the situation is desperate.

Cool/Scary.  This could cause the west to start considering an adversarial stance towards Bitcoin.  Which we all know would be foolish.  But still...

[BobLawblaw]

[Paashaas]

Cool/Scary.  This could cause the west to start considering an adversarial stance towards Bitcoin.  Which we all know would be foolish.  But still...

Iran is bypassing the dollar and other currencies by using bitcoin which creates new economic opportunities, this will not be unnoticed by other countries, it has to start somewhere.

The digital Euro, Dollar and Yuan are coming and the Chinese want to replace the Dollar with Yuan as the new world reserve currency.( big reset?) Exiting times ahead, cAPSLOCK.

[bitebits]

Also there are large drops in difficulty due to end of rainy season in China.

This puts downward pressure on price.

This difficulty my gear earns 1 btc for the entire 2 weeks

But with a 15% drops in diff next 2 weeks

I earn 1.15btc

this means as a  miner I have a spare 0.15btc due to higher earnings which I can sell off.

Thus downward pressure on price from miners for the next 17 days.


besides the expected .15 increase in coin for a 1 btc miner there are huge fees.

https://www.blockchain.com/explorer?utm_campaign=dcomnav_explorer

blocks
654662 over 2.8 coins in fees
654661 over 2.5 coins in fees
654660 over 2.6 coins in fees

huge amounts note ant pool made 2 of those blocks more then 5.3 coins in fees they pocket and can sell instantly  thus more downward price pressure.

So whales sitting on 50 million in profit
and big pools getting huge fees

both point to us going down in price.

Also there are large drops in difficulty due to end of rainy season in China.

This puts downward pressure on price.

This difficulty my gear earns 1 btc for the entire 2 weeks

But with a 15% drops in diff next 2 weeks

I earn 1.15btc

this means as a  miner I have a spare 0.15btc due to higher earnings which I can sell off.

Thus downward pressure on price from miners for the next 17 days.


besides the expected .15 increase in coin for a 1 btc miner there are huge fees.

https://www.blockchain.com/explorer?utm_campaign=dcomnav_explorer

blocks
654662 over 2.8 coins in fees
654661 over 2.5 coins in fees
654660 over 2.6 coins in fees

huge amounts note ant pool made 2 of those blocks more then 5.3 coins in fees they pocket and can sell instantly  thus more downward price pressure.

So whales sitting on 50 million in profit
and big pools getting huge fees

both point to us going down in price.

But if miners shut down, you own a larger part of the hashrate. You therefore receive more bitcoins per slower block. Yes?
Additionally fees are higher so you receive a higher miner fee per block.

I don't see why this would cause downward pressure. Doesn't it level out? And when the difficulty adjusts in four days or so you even benefit from your larger share in the hashrate.

Interesting, there must be an Excel sheet out there doing the math.

[JayJuanGee]

RE Saylor...he plomped $170 mil of his OWN money into the corn as well.
https://twitter.com/michael_saylor/status/1321422012380753921

the guy knows how to DCA,  

I literally don't know what I would do if I was sitting on a $60m profit.

sell 10%, use $6 mil-that's easy.

Hahahaha... then you could sit back and relax to have your $6 million in cold "hard" cash and thereby be able to draw your $240k per year / $20k per month in passive income - not that you needed to withdraw $6 million in order to feel such comfort-levels, but to each his own.

By the way, you could have just left the $60 million in the fund, and drew 10x my above numbers.... $2.4 million per year / $200k per month... minor details...

https://twitter.com/lopp/status/1321464188271763463

Lopp: Acquire more bitcoin before @michael_saylor buys them all.

Michael Saylor: Once you understand #Bitcoin, you go to bed each night with anxiety, feeling chronically short.

I know that many of us mere mortals have difficulties understanding how anyone could feel that they do not have enough bitcoin if they have close to 18k of them and also own overwhelming majority in a company that owns more than 38k BTC... Just have difficulties understanding how that quantity might not feel like enough.  Or is it just me?

[Phil_S]

I feel no anxiety whatsoever.

[PoolMinor]

BTC difficulty now: 19,997,335,994,446

BTC Difficulty 2013 June (Just after I started mining): 19,339,258

1 million times more 

[ivomm]

Observing $13 600 and rising. Shorts are not safe. $14K incoming  

[cAPSLOCK]

13880 Well within the channel we now inhabit.

Once that is breeched 14k will be taken out forcefully.  Once we are solidly north of 13880 I think money starts rushing in.

Whether we dip again after that is up for grabs... But I say since we bounced off the trend line on the way up pretty hard that once we breech it we are likely headed north pretty quick.

Jinx?

[OROBTC]

...

I just received my bitpay debit card, today I will activate it (can't on the iPhone app for some reason).  THIS will mean that I now have an easy off-ramp to sell BTC if/when I want to, it will even work for getting FIAT$ at regular bank ATMs.  I'll report back, perhaps at a new thread as well, once I have test-fired it.

This also means that for us non-tekkies that we have relatively easy on and off ramps for Bitcoin to/from cash.  This is important.  With bitpay and LibertyX, I have been able to make it much easier for me to get in and out EASILY (and CHEAPLY) whenever that might become an issue.  Without having to use exchanges...

As more such services come out, more new users will enter the Bitcoin Ecosystem!  They will have confidence that it is somewhat easy to use.  We will see more and more users enter, big and small.  

And more and more will BUY & HODL.  Confidence that "normal" people can get in and out is vital.

[NONE of my few rich relatives are into (AFAIK) Bitcoin, they are missing out, but some will see the light soon]


^--- TL/DR?  Expect BTC to keep moving up (over time).  The numbers tossed around here may actually happen...  

1% of our net for us wimpy conservative thinkers (also older), a higher percentage for the bold.


Edited

[d_eddie]

Leave of absence, my friends. Busy with life. A few people around me were hit by this virus, but they've all recovered or are recovering.

Looking forward to more loitering here. Hopefully soon.

Go bitcoin go!