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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25443810 times)
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May 01, 2021, 06:06:30 PM

Poll: "My family".

WO is my family <3
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There are several different types of Bitcoin clients. Hybrid server-assisted clients like Electrum get a lot of their network information from centralized servers, but they also check the server's results using blockchain header data. This is perhaps somewhat more secure than either server-assisted clients or header-only clients.
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lightfoot
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May 01, 2021, 06:27:18 PM

Yeah...I don't mean to gender bash here, but the majority of women I've met in my life are the biggest hypocrites in that regard.

They are the biggest consumers of "fast fashion", chasing passing fashion fads (cough *trends*) year after year, yet also the most vocal about planet "sustainability" and "eco-friendliness".  Roll Eyes

I know some men are just a bad though. Mostly young men.

You know, my brain's wheels are turning right now with a thought:

"Is an inflationary money policy the driver behind the desire to endlessly consume?"

Really, I never thought about it in this direction. Thinking......
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May 01, 2021, 06:48:11 PM

Yeah...I don't mean to gender bash here, but the majority of women I've met in my life are the biggest hypocrites in that regard.

They are the biggest consumers of "fast fashion", chasing passing fashion fads (cough *trends*) year after year, yet also the most vocal about planet "sustainability" and "eco-friendliness".  Roll Eyes

I know some men are just a bad though. Mostly young men.

You know, my brain's wheels are turning right now with a thought:

"Is an inflationary money policy the driver behind the desire to endlessly consume?"

Really, I never thought about it in this direction. Thinking......

Oh absolutely. Beyond a doubt.

The Fed and the govt want people to spend spend spend those stimmy checks. Not hoard as savings or convert to investments, assets, etc. Consumer spending is the only thing that drives economies of the world.

Just take a look at this chart, and tell me what you see:

https://fred.stlouisfed.org/series/M2V
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May 01, 2021, 06:52:08 PM


You know, my brain's wheels are turning right now with a thought:

"Is an inflationary money policy the driver behind the desire to endlessly consume?"

Really, I never thought about it in this direction. Thinking......

They explicitly claim inflation as a method to "stimulate the economy". So yes.

Sound monetary policy is demonized as leading to a "deflationary spiral". Otherwise known as sensible spending.
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May 01, 2021, 06:53:33 PM
Merited by El duderino_ (3), Torque (2), LFC_Bitcoin (1), Richy_T (1), Kylapoiss (1)

You know, my brain's wheels are turning right now with a thought:

"Is an inflationary money policy the driver behind the desire to endlessly consume?"

Yes.

Our financial system depends on perpetual growth. Since all money is debt-based, we are always creating more of it to service the interest from having borrowed it into existence. If all debts were to be paid off simultaneously, there wouldn't be enough money in the world to actually do it. So we keep creating more. This is monetary inflation, which eventually leads to price inflation unless you monetize more goods, meaning you make more things available for purchase for the newly created money, thereby balancing out supply & demand and preventing price inflation.

We are being driven towards endless consumption in order to perpetuate the status quo. We are always to be two missed paychecks from destitution so we will latch onto any false form of material happiness marketed towards our fears and frustrations.

Remember this the next time some smug douchebag pulls the "muh EnErGy cOnSumpTIon" card against Bitcoin. Deflationary crypto may yet be the biggest boon for the environment. It turns people from consumers into hodlers.

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May 01, 2021, 07:08:36 PM

B. Maher says that we are full of s-t in conclusion:

https://www.youtube.com/watch?v=HaJpYjO136o

, but I think that it is he who is full of it instead.

 He might have had some valid points but he lost me when he started with, "I fully understand that our financial system isn't perfect but at least it's real."


 Exactly!  Humans use too much energy - even the ones using the real financial system.

Mechanical/biological POV: boiled down, it's how much of a quasi-monoculture of humans can this planet sustain at various levels of mutual comfort? If we were in the low-mid hundreds of myriads, no problem: have all the tantalium you want - or buffalo, or whatever you can realistically find. Just a matter of price. Oops. Be it the economy or just a kind of behavioral physics, we end up doing hat many other animals - or plants - do when left alone in a place where they "just can": multiply and grow in shapes that often are exponential up to a ceiling, much like an S of sorts. But I digress. There are S-curves that spin more pleasant thought, and this gentlemen.
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May 01, 2021, 08:11:50 PM

#dyor
1h


4h

#stronghands
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May 01, 2021, 08:22:46 PM
Merited by Sayeds56 (1)

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May 01, 2021, 08:26:04 PM
Merited by El duderino_ (4), JayJuanGee (1)

@Coindesk
JUST IN: #Bitcoin 's biggest upgrade in years, Taproot, has started the activation process. If enough miners signal support before August 11, it will be online in November. @TheBlueMatt @benthecarman @bitentrepreneur
By @AsILayHodling
https://t.co/iqkPFRcA6q
https://twitter.com/coindesk/status/1388588797106036744?s=21



The forums very own achow101 ——->


@achow101
Signaling for the Taproot Speedy Trial has now begun. The first block whose signal actually counts is the next block at height 681408
https://twitter.com/achow101/status/1388586979063967747?s=21



@DocumentingBTC
#Bitcoin  Taproot activation has started!
https://twitter.com/documentingbtc/status/1388589809380335624?s=21



@DocumentingBTC
#Bitcoin  Taproot activation has started!

If 90% of blocks mined within the next difficulty period, signal for the update, (or another period before August 11th) Taproot "locks in" for November this year.
https://twitter.com/documentingbtc/status/1388590450072768516?s=21




Follow Taproot Activation progress here ——->

https://taproot.watch/
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May 01, 2021, 09:02:22 PM
Last edit: May 01, 2021, 09:17:23 PM by Torque

You know, my brain's wheels are turning right now with a thought:

"Is an inflationary money policy the driver behind the desire to endlessly consume?"

Yes.

Our financial system depends on perpetual growth. Since all money is debt-based, we are always creating more of it to service the interest from having borrowed it into existence. If all debts were to be paid off simultaneously, there wouldn't be enough money in the world to actually do it. So we keep creating more. This is monetary inflation, which eventually leads to price inflation unless you monetize more goods, meaning you make more things available for purchase for the newly created money, thereby balancing out supply & demand and preventing price inflation.

We are being driven towards endless consumption in order to perpetuate the status quo. We are always to be two missed paychecks from destitution so we will latch onto any false form of material happiness marketed towards our fears and frustrations.

Remember this the next time some smug douchebag pulls the "muh EnErGy cOnSumpTIon" card against Bitcoin. Deflationary crypto may yet be the biggest boon for the environment. It turns people from consumers into hodlers.

I agree. But if you look at the FRED M2 money velocity chart I posted, you can see that up to 1997, monetary expansion policy actually seemed to buoy the economy even in the face of falling wages (adjusted for inflation, of course.) They decided to make personal credit cheaper and cheaper to fill in the wage gap, so that Average Joes would continue spending into the real economy despite their slowing wage growth and growing personal debt load.

And so continuing to expand the money supply and cheaper credit worked for a while. Until 1997. And then it didn't anymore. You can also see on the chart where consumer spending fell completely off the cliff.

We are now at a point where wages are no longer increasing (to keep up with *real* inflation), mom and pop cannot take on any more personal debt to fill the gap, and thus all consumer spending has fallen to a minimum life support level.

What the Fed doesn't seem to grasp is, all the free stimmy checks or even UBI in the world won't make a lasting turn in consumer spending. Stimmies are just a temporary bump. Only wages going back up relative to *real* inflation will do that. And that just ain't gonna happen.

What the Fed is doing now (sending money directly to consumers) smacks of desperation. It's a joke.
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May 01, 2021, 11:08:49 PM
Merited by d_eddie (1)

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Bitcoin gives and bitcoin takes.
Up though, laila tov.
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May 01, 2021, 11:14:04 PM

You know, my brain's wheels are turning right now with a thought:

"Is an inflationary money policy the driver behind the desire to endlessly consume?"

Yes.

Our financial system depends on perpetual growth. Since all money is debt-based, we are always creating more of it to service the interest from having borrowed it into existence. If all debts were to be paid off simultaneously, there wouldn't be enough money in the world to actually do it. So we keep creating more. This is monetary inflation, which eventually leads to price inflation unless you monetize more goods, meaning you make more things available for purchase for the newly created money, thereby balancing out supply & demand and preventing price inflation.

We are being driven towards endless consumption in order to perpetuate the status quo. We are always to be two missed paychecks from destitution so we will latch onto any false form of material happiness marketed towards our fears and frustrations.

Remember this the next time some smug douchebag pulls the "muh EnErGy cOnSumpTIon" card against Bitcoin. Deflationary crypto may yet be the biggest boon for the environment. It turns people from consumers into hodlers.

<some snip>What the Fed doesn't seem to grasp is, all the free stimmy checks or even UBI in the world won't make a lasting turn in consumer spending. Stimmies are just a temporary bump. Only wages going back up relative to *real* inflation will do that. And that just ain't gonna happen.

What the Fed is doing now (sending money directly to consumers) smacks of desperation. It's a joke.

yes, I agree, but what can they do if, according to Jeff Booth, we are living in a deflationary world?
I read "The price of tomorrow"..it's pretty compelling.
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May 01, 2021, 11:41:47 PM


Yeah...I don't mean to gender bash here, but the majority of women I've met in my life are the biggest hypocrites in that regard.

They are the biggest consumers of "fast fashion", chasing passing fashion fads (cough *trends*) year after year, yet also the most vocal about planet "sustainability" and "eco-friendliness".  Roll Eyes

I know some men are just a bad though. Mostly young men.

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May 01, 2021, 11:55:35 PM
Merited by El duderino_ (2)



Amazing Smiley Smiley Smiley

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May 02, 2021, 12:03:18 AM

@Coindesk
JUST IN: #Bitcoin 's biggest upgrade in years, Taproot, has started the activation process. If enough miners signal support before August 11, it will be online in November. @TheBlueMatt @benthecarman @bitentrepreneur
By @AsILayHodling
https://t.co/iqkPFRcA6q
https://twitter.com/coindesk/status/1388588797106036744?s=21



The forums very own achow101 ——->


@achow101
Signaling for the Taproot Speedy Trial has now begun. The first block whose signal actually counts is the next block at height 681408
https://twitter.com/achow101/status/1388586979063967747?s=21



@DocumentingBTC
#Bitcoin  Taproot activation has started!
https://twitter.com/documentingbtc/status/1388589809380335624?s=21



@DocumentingBTC
#Bitcoin  Taproot activation has started!

If 90% of blocks mined within the next difficulty period, signal for the update, (or another period before August 11th) Taproot "locks in" for November this year.
https://twitter.com/documentingbtc/status/1388590450072768516?s=21




Follow Taproot Activation progress here ——->

https://taproot.watch/

I think this will be a fantastic upgrade, but I certainly don't expect it to happen this round. Though I do hope to see at least a little signaling, nothing yet.

On another note, fees back down again.
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May 02, 2021, 12:14:11 AM

Not looking good for Taproot. Is there some sort of downside that the miners are wary of?
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May 02, 2021, 12:49:49 AM
Merited by vapourminer (1)

Not looking good for Taproot. Is there some sort of downside that the miners are wary of?

Not that I know of, but I haven't looked into it in detail. It could be that they don't rock the boat during the bull cycle or perhaps they just want more time to review it all.

Edit: this article explains things a bit further https://www.coindesk.com/bitcoin-miners-developers-narrow-down-how-taproot-will-be-activated
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May 02, 2021, 12:51:57 AM

You know, my brain's wheels are turning right now with a thought:

"Is an inflationary money policy the driver behind the desire to endlessly consume?"

Yes.

Our financial system depends on perpetual growth. Since all money is debt-based, we are always creating more of it to service the interest from having borrowed it into existence. If all debts were to be paid off simultaneously, there wouldn't be enough money in the world to actually do it. So we keep creating more. This is monetary inflation, which eventually leads to price inflation unless you monetize more goods, meaning you make more things available for purchase for the newly created money, thereby balancing out supply & demand and preventing price inflation.

We are being driven towards endless consumption in order to perpetuate the status quo. We are always to be two missed paychecks from destitution so we will latch onto any false form of material happiness marketed towards our fears and frustrations.

Remember this the next time some smug douchebag pulls the "muh EnErGy cOnSumpTIon" card against Bitcoin. Deflationary crypto may yet be the biggest boon for the environment. It turns people from consumers into hodlers.

<some snip>What the Fed doesn't seem to grasp is, all the free stimmy checks or even UBI in the world won't make a lasting turn in consumer spending. Stimmies are just a temporary bump. Only wages going back up relative to *real* inflation will do that. And that just ain't gonna happen.

What the Fed is doing now (sending money directly to consumers) smacks of desperation. It's a joke.

yes, I agree, but what can they do if, according to Jeff Booth, we are living in a deflationary world?
I read "The price of tomorrow"..it's pretty compelling.

They could rip off the band-aid, taper the money printing, and raise interest rates to 5+%. Let the markets bubble deflate back to normal.

The sooner they do that, the sooner we get it over with and begin to build anew again.

Sure in the interim, millions around the world will lose their jobs, millions upon millions more will likely die.

But that's not who the Fed is protecting, although they would say they are.

It's all of their billionaire crony friends who, overnight, would all become merely millionaires.

THAT'S who the Fed is protecting. And they can't let that happen.

Also they can't actually raise rates because then the govt couldn't service the existing debt. They'd have to have a "debt jubilee" across the board.
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May 02, 2021, 12:57:24 AM

The Fed and the govt want people to spend spend spend those stimmy checks. Not hoard as savings or convert to investments, assets, etc. Consumer spending is the only thing that drives economies of the world.

Just take a look at this chart, and tell me what you see:

https://fred.stlouisfed.org/series/M2V

Yeah, the goal of stimmy munny is to be spent all over the place. A similar problem happens with "tax cuts" except that munny isn't spent it's simply locked away in companies and bank vaults.

I used to watch M3 carefully, need to see what it's up to, or the replacement of it. M3 usually could show the true inflationary issues.

Still, I didn't think about the link between endless inflation and the disposable economy. Hm.
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May 02, 2021, 01:08:31 AM
Last edit: May 02, 2021, 01:44:10 AM by Torque

The Fed and the govt want people to spend spend spend those stimmy checks. Not hoard as savings or convert to investments, assets, etc. Consumer spending is the only thing that drives economies of the world.

Just take a look at this chart, and tell me what you see:

https://fred.stlouisfed.org/series/M2V

Yeah, the goal of stimmy munny is to be spent all over the place.

Fed: Stimmy check?  Grin

https://twitter.com/naiiveclub/status/1388491610623598599

“Fortunately, some are born with spiritual immune systems that sooner or later give rejection to the illusory worldview grafted upon them from birth through social conditioning. They begin sensing that something is amiss, and start looking for answers. Inner knowledge and anomalous outer experiences show them a side of reality others are oblivious to, and so begins their journey of awakening. Each step of the journey is made by following the heart instead of following the crowd and by choosing knowledge over the veils of ignorance.”

-Henri Bergson
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