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

[ChartBuddy]

Explanation

[1714479205]

1714479205

[1714479205]

1714479205

[1714479205]

1714479205

[Toxic2040]

Sunday morning charts

a quiet weekend as price appears range bound near $39kish on light volume


dyor


4h


D

stronghands

[El duderino_]

Quoting for future Wall Observer historians:

1 unit of #dirtyfiat 💵 gets you this much #bitcoin:

🇺🇸 $1 USD = 2558 sat
🇪🇺 €1 EUR = 2792 sat
🇬🇧 £1 GBP = 3335 sat
🇨🇭 1 CHF = 2729 sat
🇸🇬 $1 SGD = 1899 sat
🇦🇺 $1 AUD = 1866 sat
🇨🇳 ¥1 CNY = 403 sat
🇭🇰 $1 HKD = 327 sat
🇷🇺 ₽1 RUB = 27 sat
🇯🇵 ¥1 JPY = 22 sat

https://twitter.com/FiatHealth/status/1502769042083528716

Bread 1 BRD = 19778-ish Sat ?

[aesma]

Personally I'm in favor of BTC moving to POS or something else to reduce its energy use. Maybe something like masternodes where you would need 1 BTC by masternode, a bit like ETH 2.0

A lot of thought needs to go into it of course, the security of the protocol must be preserved.

And the transition would be over something like 5 years so that miners can recoup their investment.

I'm well aware of the difficulty in getting consensus so that BTC can evolve, and this is only my opinion, I have no coding skills to contribute, I have stopped maths long ago after an overdose of it in university...

How we get there, I don't know, but it would be a good outcome. I could imagine small coiners joining up to invest in a node, so that even poor countries can participate. And that would leave one less reason for government crackdowns, of course.

[merekamo]

I come from the city of Boyarka, not far from the capital city of Kyiv. Don't know who to turn to for help? my friends, my family, my relatives  have been bombarded by the russian army. i have some BTC can someone help sell it? I can't withdraw money in the current situation  pleace

[Tash]

Almost 19 million have been mined 18981981, 2 million (2018019) to be mined the next 130 years or so, the argument about mining has left town.
Race cars drive around in circles for entertainment and flown around the world, thats ok? A million things on can list if need be, what i do as hobby is my business.

[ChartBuddy]

Explanation

[JimboToronto]

Good morn Bicoinland.
Three eight nine six nine dollars
(Bitcoinaverage).

Yawn. Ho freaking hum.
I need another coffee.
Sideways is boring.

Personally I'm in favor of BTC moving to POS or something else to reduce its energy use.

Please. No proof of stake.
Proof of work is Bitcoin's strength.
It works. Don't "fix" it.

[JayJuanGee]

[edited out]

Good work, Phil_S.

Pretty close to the 200-Week MA, which has always been monotonically increasing and is currently at $20,283.

Ok.. so it is ONLY me who does not know what Phil_S is referring to and how it differs from the 200-week moving average?

He is referring to the 169-Week Moving Average indicator, which has a slightly shorter horizon than the 200-Week MA (3.25 years vs. 4 years), hence the higher current value ($23k vs. $20k).

Thanks for your explanation, and it seems to me that it is a bit more clear what is being talked about... even though I still am having a bit of trouble having the whole value of the exercise to sink in... but still at lease when you use the term 169-week moving average, then at least, I see how the tweaks are being made to which amount of time in the weekly moving average is being used in order to attempt to answer the original question that d_eddie had raised..

I would still assert that I still do not quite understand the explanation about why the 169-week moving average works but at least I have a better understanding regarding what is being talked about and the attempt to get to the shortest one in which the spot price stays higher.. something like that... .. I know it is getting at a different question to assert that the ATH spot price in December 2017 had reached $19,666, and therefore at what point did the spot price cross back over without going back down below that.. which would be around 3 years, but you are going to get different answers when using weekly moving average prices rather than focusing on spot price - even if we might be comparing and contrasting spot price with weekly moving averages or maybe picking some other period to get a moving average - because frequently we are going to consider the spot price to be way to whimsical and volatile to even be representative regarding what is actually going on when accounting for both volume and periods of time that BTC is traded at various price points.

so yeah, we can refer to the spot price or various moving averages.. whether we are referring to daily, weekly or other moving averages, and we can come up with all kinds of possible measurements.. which might end up  causing us some new ways of attempting to look at the matter... and also in terms of where we might be at regarding trying to get to fuck you status.. or maintaining or stash or shaving some off.

Also, the degree to which a current price dynamic is causing a pattern that is outside of normal happenings can be insightful regarding how historically low we might be or how historically high we might be - and even if it does not exactly (and definitively) inform us regarding which way the BTC price might go in the short-term from that point, it should likely help us to assign more realistic probabilities, so that we are somewhat grounded in our expectations rather than completely expecting some kind of result that has low likelihoods of happening from that point.

If you read Phil_S's post carefully, you'll see that the unconventional 169-Week MA is his answer to the question "what is the shortest Weekly Moving Average indicator that has never dropped in value?" He did some number crunching of Bitcoin's historical data and came up with the 169-Week MA as the answer. According to him, anything less (in weeks) has had a drop in its value sometime in its history.

I find his result quite interesting, and one that reinforces the long-term HoDLing advice I always give to Bitcoin newbies.

I hope it is now clearer.

Makes more sense.. again thanks for those various clarifications and fleshing it out a bit more...

[Toxic2040]

#HiakuSunday

Imagine, will you.
With a whimper, not a scream.
The end within sight.

Another hour gone.
Down another rabbit hole.
To another place.

Is it endless night?
No, I shout! darkness depths end.
Sunshine and warm bright.

[cAPSLOCK]

Are we gonna break $69,420 USD/BTC, or nuke ourselves to death first?

Most of us won't get nuked to death but will rather die slowly after we run out of neighbors to eat, so at that point 1

hey i live near an air force base. nukes go flying i plan to sit out on the deck while burning down a fattie with pink floyd playing at max volume. cuz "surviving" nuclear war.. well its kinda a oxymoron..

I live three minutes from a major US downtown.  So I will do the same... though I might start it out with this one.  If I have time that is... 

https://youtu.be/jkAyN7LKa8g

I guess this is it.
Time for what's been called the finale
And this one comes as no surprise
One of a kind, you'll never see this anywhere else, friends,
Sort of brings a tear to your eye
So be watching closely and you'll be impressed
An order is given and a button is pressed
Then a light that is blinding and a sound that is shrill
Don't blink or you'll miss it, it's the end of free will

So turn the radio up and pass the bottle round
And then we'll have one more dance before we all fall down
I'll wear my favorite tie, you can wear your wedding gown
And then we'll both look real sharp when we all fall down

Look at them now, drawing little lines with their speeches
Each daring the other to cross
It won't be long now, one will make a stand he believes in
Believing it's well worth the cost
Then the other gets angry refuses to budge
Fueled by some understandable grudge
And now we wait quietly till the missile arrives
There's no need to shout about the end of our lives

So bring your friends now, and we'll laugh at all the clowns
Who think there'll be a better world when we all fall down
And we can sing this song, we'll make a joyful sound
We'll be singing na na na when we all fall down

Buildings and bridges all leveled to the ground
Cities and nations and we just stand around
Someone unlocked the big cage
and the beast cannot be found
So strike up the music and we'll all fall down.

[Biodom]

The rumblings of something or just posturing?
https://www.foxnews.com/politics/jake-sullivan-china-russias-invasion-ukraine

On the other hand, here is the possibility that China would choose differently:
https://uscnpm.org/2022/03/12/hu-wei-russia-ukraine-war-china-choice/

[cAPSLOCK]

I am a person that will allow a wide range of opinions and strives to respect each one, even the ones I disagree with.

But the idea below reveals a COMPLETE misunderstanding as to what problem Bitcoin fundamentally solved.  POS recreates a digital version of the current system that will be even worse.

Also, this idea is usually driven by the mistaken concept that using energy is inherently bad.  This is a fundamental misunderstanding of what human flourishing looks like.

And finally it fails to realize that the existence of Proof of Work will drive us into green energy and less waste and will fund the ability to build renewable energy in areas it was not economically feasible before POW.  It will absolutely revolutionize the energy sector if it is allowed to grow organically.  This last point is, perhaps, the hardest to see, but luckily there are people beginning to see it in government and the energy sector.  Texas is aiming in the right direction here, amazingly.  Although I am worried that eventually it will fall into this same hole of foolishness.

Personally I'm in favor of BTC moving to POS or something else to reduce its energy use. Maybe something like masternodes where you would need 1 BTC by masternode, a bit like ETH 2.0

A lot of thought needs to go into it of course, the security of the protocol must be preserved.

And the transition would be over something like 5 years so that miners can recoup their investment.

I'm well aware of the difficulty in getting consensus so that BTC can evolve, and this is only my opinion, I have no coding skills to contribute, I have stopped maths long ago after an overdose of it in university...

How we get there, I don't know, but it would be a good outcome. I could imagine small coiners joining up to invest in a node, so that even poor countries can participate. And that would leave one less reason for government crackdowns, of course.

[JayJuanGee]

"A provision looking to force proof-of-work cryptocurrencies like bitcoin to switch to the more environmentally friendly proof-of-stake consensus mechanism is in a draft of MiCA up for a parliamentary vote on Monday."

I fail to understand how BTC will ever shift from PoW to PoS, surely it's not even possible. What does that mean?

Source: https://www.coindesk.com/policy/2022/03/12/limiting-proof-of-work-crypto-back-on-the-table-as-eu-parliament-prepares-virtual-currencies-vote/

I might quibble a bit with your assertion that moving bitcoin from POW to POS is "not possible" - because I believe that it is possible.. but it is not going to happen... it's a fucking stupid idea because POW is the invention that bitcoin brought... and moving bitcoin to POS is like uninventing it..., hahahahaha.. pie in the sky to be even suggesting.. and yeah.. what you going to do force bitcoin underground and then kill all the bitcoiners.. that is not going to work out very well...

It's like making the wheel illegal.. the wheel is invented, and anyone who is caught using the wheel is going to be prosecuted to the utmost of the law.. .. some folks had compared it to making math illegal (or gravity). From now you have to follow certain kinds of math charts that are "acceptable" but if you go outside of those math charts and you follow other "more advanced" math principles, you will be prosecuted to the utmost.. blah blah blah.. yeah. they can do it.. but people are not going to comply.. turn the use of POW into a scoff law.,. because people are still going to do it..

but just have to go underground because it is illegal.. and they might not even go underground because no one believes the bullshit... so then it causes the politicians to lose their jobs.. or their lives if they insist upon such nonsense they would be taken out because no one (or at least almost no one) believe them. .. so are they that fucking dumb to play that card...

 I believe I differ from you in the sense that I know that the powers that be can play the card to make POW illegal and I know that they can talk about playing the card to make POW illegal, and surely now that not too many people understand the difference between POW and POS, they will get some traction in their dumbass arguments (that sound appealing on their face), but more and more people are learning that POW is the actual invention that makes a difference.. so once people learn that POW is the actual invention, then it is going to sound completely retarded for anyone to actually be suggesting dumbass retarded ideas that POS is actually adding any kind of substantial or meaningful value to anything except perpetuating the system that already exists (and is not working very well in terms of allowing a kind of distributed fairness).

[edited out]

It's entirely possible to change Bitcoin from POW to POS. All you need is a law. The electrons in the algorithms rearrange themselves as soon as the bill is approved or the law is published - depending on the quantum level of electron compliance. The so-called "electron scare" factor. Scared electrons are reliable electrons and all that stuff.

Actually, given the level of understanding they are showing, it could be worth a shot to try and explain them that Bitcoin is already proof of stake! Those who stake the most hash power get to pick the transactions in the next block. Right?

Hahahaha

That's another way of phrasing/framing the matter.

Personally I'm in favor of BTC moving to POS or something else to reduce its energy use. Maybe something like masternodes where you would need 1 BTC by masternode, a bit like ETH 2.0

A lot of thought needs to go into it of course, the security of the protocol must be preserved.

And the transition would be over something like 5 years so that miners can recoup their investment.

I'm well aware of the difficulty in getting consensus so that BTC can evolve, and this is only my opinion, I have no coding skills to contribute, I have stopped maths long ago after an overdose of it in university...

How we get there, I don't know, but it would be a good outcome. I could imagine small coiners joining up to invest in a node, so that even poor countries can participate. And that would leave one less reason for government crackdowns, of course.

Here's a case in point.

You see even long term bitcoiners don't know what the fuck bitcoin is and what makes bitcoin tick and what bitcoin is actually contributing... so there you go.. "the masternode" theory.. or something like that...

Make bitcoin moar better, right?

 

... maybe I should make my own little point here?

Fuck POS

Fuck the ESG bullshit.. virtual signalling vaporware ideas nonsense...... don't even acknowledge their baloney framing of these matters..  ---- bitcoin is already gravitating towards more efficient energy usages .. not that people even need to be told how to use energy if they are paying for it... without any help and quite likely that bitcoin mining is going to continue to gravitate towards efficient energy usages... without any patronizing guidances regard what might be nicer blah blah blah (fuck greta too.. she did not invent blah blah blah) ways to mine urs lil bitcoinies..

[BlackHatCoiner]

https://twitter.com/Andrew_J_Howard/status/1503047318123134978

January 9th, 1988:
The Economist publishes "Get ready for a world currency".

January 9th, 2009:
#Bitcoin block 1 is mined.

21 years later, to the exact day.

 

[Biodom]

Personally I'm in favor of BTC moving to POS or something else to reduce its energy use. Maybe something like masternodes where you would need 1 BTC by masternode, a bit like ETH 2.0

A lot of thought needs to go into it of course, the security of the protocol must be preserved.

And the transition would be over something like 5 years so that miners can recoup their investment.

I'm well aware of the difficulty in getting consensus so that BTC can evolve, and this is only my opinion, I have no coding skills to contribute, I have stopped maths long ago after an overdose of it in university...

How we get there, I don't know, but it would be a good outcome. I could imagine small coiners joining up to invest in a node, so that even poor countries can participate. And that would leave one less reason for government crackdowns, of course.

I don't see how it is possible, period.
That said, I remember seeing a table where btc energy use is infinitesimally lower in CO2 release than usage of airplanes.
Electricity use does not mean something 'bad" since EV use electricity-DUH!
ESG crowd energy better spend there.
A totally made-up problem.

[ChartBuddy]

Explanation

[Richy_T]

"A provision looking to force proof-of-work cryptocurrencies like bitcoin to switch to the more environmentally friendly proof-of-stake consensus mechanism is in a draft of MiCA up for a parliamentary vote on Monday."

I fail to understand how BTC will ever shift from PoW to PoS, surely it's not even possible. What does that mean?

Source: https://www.coindesk.com/policy/2022/03/12/limiting-proof-of-work-crypto-back-on-the-table-as-eu-parliament-prepares-virtual-currencies-vote/

It's entirely possible to change Bitcoin from POW to POS. All you need is a law. The electrons in the algorithms rearrange themselves as soon as the bill is approved or the law is published - depending on the quantum level of electron compliance. The so-called "electron scare" factor. Scared electrons are reliable electrons and all that stuff.

Actually, given the level of understanding they are showing, it could be worth a shot to try and explain them that Bitcoin is already proof of stake! Those who stake the most hash power get to pick the transactions in the next block. Right?

[Richy_T]

Hello guys. I don't know if it has already been mentioned, but I think it's interesting, for people who store paper/hard wallets in bank vaults :

Anyone who thought this was a good idea hasn't been paying attention.

[JayJuanGee]

Almost 19 million have been mined 18981981, 2 million (2018019) to be mined the next 130 years or so, the argument about mining has left town.
Race cars drive around in circles for entertainment and flown around the world, thats ok? A million things on can list if need be, what i do as hobby is my business.

To your first point, mining is not just for the production of new coins... but securing and transacting the coins that already exist.... so I would imagine, even after all the coins are mined in 2140-ish - there is still going to continue to exist a pretty damned large BTC mining footprint that will likely be there to secure and transact the reserve currency of the world, aminotrite?