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

[OutOfMemory]

Why are they talking about changing the price of electricity?

Does the change in the price of electricity have anything to do with the change in the price of Bitcoin?

Yeah, uhm... sorta yes. (short answer).
But the real question is how relevant electricity prices are for the price of Bitcoin.
Miners have to pay electricity bills, so they have to sell some coins. Higher e-price, higher amounts of sold minercoins. And that is only one aspect.
Miners like to stay in profit, higher e-prices makes mining more unprofitable and that could lead to some awkward miner decisions, indirectly impacting price.
It's complex, but as the e-price has some weight in the complex Bitcoin ecosystem, it also affects Bitcoin price.
I think quite some people posting regularly in WO can explain it better than myself, and paint a more complete picture of the process, though.

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[ChartBuddy]

Explanation

[Gachapin]

Greenpeace spent $1 million in new "Change The Code" ads to intensify their attack on Bitcoin's PoW.

Source: https://twitter.com/BitcoinMagazine/status/1570418736385097730

Ahhh, this nonsense again? Whilst irritating, I’ll take the free forked, shitcoins thank you.

These idiots just ignore that any "change" would lead to a fork and that people always have the freedom to decide.  

They don't seem to get that BTC functions on base of freedom and the will of the people.  Everyone is free to choose and there is not one entity that decides for the others


Like anyone else Greenpeace could just make a (greenPeace Of Shit) fork and see if the markets wants it...  
I wonder why they didn't use the million for that  


En large they seem to be communists with the "morally right" agenda, so they don't value free democratic processes that go against their ideology.  They work with propaganda and prefer dictatorial measures

[goldkingcoiner]

On the first day of the Eth merge, Ethereum has already proven why Bitcoin should never switch to POS:

Two Ethereum addresses run up to 45.18% of all nodes post-Merge. source: https://coingape.com/ethereum-merge-concerns/

Boom, undecentralized.

[Gachapin]

On the first day of the Eth merge, Ethereum has already proven why Bitcoin should never switch to POS:

Two Ethereum addresses run up to 45.18% of all nodes post-Merge. source: https://coingape.com/ethereum-merge-concerns/

Boom, undecentralized.

it's an in-game currency

[MusaPk]

Ahh. Chartbuddy made 6 Posts on this page out of 8 Posts (excluding this). When was the last time you see the WO that quiet?

Shhh!  We're watching the queen's coffin procession.

I don't know why the whole world is crazy for this royal family. They are just a ceremonial royal family as real power in England lies with parliament. But they got special attention whenever someone of them died, marry someone or have a new born.

I'm not. I dd read  about the death of Elizabeth n the news, i think it's only hard for her relatives now. Never had any further interest in celebrations or whatever.
There must be more people than just me (not) doing that, so "the whole world" seems a bit irritatiing to me.

Bear markets are perfect for getting more of a life, imho  

You are right. There are many people who don't give much importance to that family events but there are equal number of people who get excited for no reason. Like Prince Harry n William marriage got too much attention globally.

And yes bear markets are time to buy. Just see how much bitcoin has fallen in previous years and that gives you confidence that it can bounce back.

Image copied from Facebook page of 21 million club.

[JayJuanGee]

Fun story written by life:

Today i got to dip my toes into a situation like "getting rekt".
Some of you might remember i was on vacation a few weeks ago. What i did, like every time when i leave the house for more than a day, i moved my hardware wallet out of the building and hid it, along with various obfuscated forms of passphrases and seed word lists. Those who know me from here for longer will not be surprised that i totally forgot about this, initiated a small transaction in the ledger frontend today, and as prompted to connect the thing, i went for the usual place i store my ledger in.

Me:
Also me: Fuck! I guess i have left the stick somewhere, the kids were playing with it until they dropped it somewhere and my beloved wife threw it away, in belief that it's a stupid toy radio or whatever.
Me, after a while of searching: Hey, at least i got the seed words, time to take and use them...
Me, again: Fuck!
There were no seed lists anymore.

I can't describe how exactly i felt like in this moment and in the following 25 minutes, which were probably some less, but time was like standing still. I kept looking for the thing, constantly switching mood between desperation and hope.

About half an hour later i remembered my old habit of moving important stuff out of the house, made plans to lay out the most likely places to search in, and not even 20 minutes later i found the seedwords and ledger again.

As funny as it may sound, i was quite frightened (and also sweaty) until i found the stuff again.

Hi "life".. glad to hear about your wee-widdo story... the life story is a great one to have, and by definition only seems to happen while still living. even though information could be "discovered" after the fact.. which leads us back to king daddy and our current topic of potentially wanting to secure and to pass value through time..

I am pretty sure that the most common ways that people lose their coins has been by locking themselves out of them.. so even if your memory was not having to remember complicated things, it still needed to remember some basic details.. and then what happens if you are the ONLY one to know this information.. and something happens to you?  Maybe someone finds it?  Maybe they don't find it for 40 years or longer?  And when they find it, does it help anyone? or anyone then living who you care about.. maybe even the "wrong person" finds it 40 years later.

Next of kin.  I knew that he had some coins.. but I cannot remember where or how many.  Similar things have happened to me.  I have some "cheat sheets," and I am trying to figure them out.. They are "easy" but even I am having trouble figuring them out, so what is going to happen to "next of kin" when they forgot what they were even supposed to be looking for..?    

Oh yeah, those 30 bitcoins that were bought in 2015  and were lost in 2018 now happen to  be worth quite a bit of money.. should we just ignore the amounts since we never had access to those coins anyhow?  So what daddy OOM had left the coins to us.. it's kind of an abstraction regarding were there coins there or not?   Part of my point is that it can difficult to find things, even when you know what you are looking for, and part of the question might be whether next of kin (heirs) are going to really be inspired to figure matters out if they might not be sure (exactly?) what they are looking for?

[edited out]

maybe consider using shamir backup..

How does that help?  You can leave your secret out in the open and no one knows what it is?

[edited out]

Right. The power consumption depends on What Card you are mining on and what algorithm you are mining.
For Most of the AMD Cards, The most profitable algorithm is kawpaw at this moment which consumes 30.76% more electricity than Ethash.
So, If GPU miners move to kawpaw algorithm. It will increase power consumption.

Power consumption frameworks are pretty fucking dumb, lame and distractions in the first place.  Who's telling anyone to turn off their Christmas lights?  Or to makes sure they are shutting off electrical items when they are not using them or I bet that there is all kinds of energy waste that would drown the fuck out of anything related to bitcoin mining or shitcoin mining to the extent that shitcoin mining energy consumption is relevant in these here parts.

Generally speaking, historically if people had been able to pay for their energy consumption they were mostly able to do it.. so it just seems to be problematic to be going down the road of figure out good and bad energy consumption, unless the matter is something somewhat extreme and/or outrageous.. and the use of energy on bitcoin is not extreme and outrageous  because it is merely data processing (with value attached to it) - except that some peeps are worried about bitcoin energy consumption because they are worried about normies being financially and informationally empowered.  We would not want normies to be empowered would we?

[ChartBuddy]

Explanation

[Gachapin]

[edited out]

maybe consider using shamir backup..

How does that help?  You can leave your secret out in the open and no one knows what it is?

mmh.. close...

I hope I got it right:

if someone knows one seed, it's worthless until you get all needed seeds..

For example, you could have a 4 of 7  shamir backup (shares: 7, threshold: 4), and only if you know 4 "seeds" (shares) you can access the coins ...provided you also know the pass phrase.
Any lower number of shares is worthless.  

Even if someone finds half of the shares it doesn't lower the security of the other ones. Shares are completely worthless - just until the point you get the last needed share for reaching the threshold...

You can have up to 16 shares and choose the threshold.

So even if you loose shares or people find them it's no problem.
You could give shares to friends and relatives. And it doesn't matter, if someone knows the words of a share or even looses them, as long as you have enough shares left to reach the threshold.


Of course this system has some weaknesses to consider as well, but it's much more convenient and resilient than a single seed or multisig imo


https://trezor.io/shamir/

[JayJuanGee]

Now scammers are using vitalik (shit founder) name.

 

Horey fuck.

How would you even conclude that kind of information even comes close to anything that would be of concern here?

As the presupposed "adult" in the room, this is how I feel right at this moment.



Remember that I have intended that no actual babies would be damaged with my communicating these kinds of feelings of frustration.

But I've made already a mistake on my price expectations not long ago, so.. what do I know?

Not too much, it appears.   #nohomo

Why are they talking about changing the price of electricity?

Does the change in the price of electricity have anything to do with the change in the price of Bitcoin?

Yes... and no..  of course.. mining profitability is affected by cost, and energy prices is one of the greatest costs.

and even if mining costs are not the only factor that contributes towards bitcoin price, mining costs can be factors in terms of whether mining equipment is running or not, updated or not, and the bitcoin proceeds are sold or not...

Energy costs (as well as regulatory friendliness - or not) for bitcoin mining can contribute towards the choices of miners where to locate and/or how permanent they might want their facilities to be in any given jurisdiction, too... so changes in any of the cost inputs (or perception of possible future changes) can cause changes in behaviors of those actors today.

[execijutiere]

Ethereum's merge update did not affect bitcoin, naturally. The market is still in the decision phase. After a slight fake rise, I expect a decline towards the 16-17 thousand dollar band. After that, there will be another decline in the medium term. The market turned red again. It looks like we are waiting for Bitcoin's movement.

[Richy_T]

En large they seem to be communists with the "morally right" agenda, so they don't value free democratic processes that go against their ideology.  They work with propaganda and prefer dictatorial measures

The usual watermelon authoritarian BS.

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[El duderino_]

Just to good not to post 

[Gachapin]

Just to good not to post  

This was one of the top comments under the Disney trailer.  With picture it's even better...


Since downvoting is not an option anymore, people really crashed the comment section...  fun to read:

The Little Mermaid - Official Teaser Trailer
https://www.youtube.com/watch?v=0-wPm99PF9U

[Gambit2s]

Just to good not to post 

Loudest laugh i had in a long time  thanks for sharing

[ChartBuddy]

Explanation

[Biodom]

Partially OT...although I traded VB coin when it was profitable to do in the past, over the last 3-4 years I gravitated more and more toward an opinion similar to philipma's:
VB coin turned out into an abomination (maybe it always was  ).
I honestly don't see how it can succeed long term when there is no 'independence' mechanism there whatsoever.
They can turn and twist their tokenomics any way they can and NOW Gary is chiming in with this snippet:
https://www.wsj.com/articles/ethers-new-staking-model-could-draw-sec-attention-11663266224

TL;DR securitaa...securitaaaaa..

Not sure what would happen with it's POW offshoot (that is coming tomorrow). Could be a gimmick or could provide a valuable lesson.

IMHO, there is NO difference between fiat and POS VB coin..not even now, but most certainly not in the future.

It all is up to bitcoin and if it fails (which I doubt), then it's all just history and we would be back to square one or worse, essentially.

[BTCaesar]

How the shitty current market seems!

https://twitter.com/buitengebieden/status/1570466431195643905?s=20&t=4regGSIdvjfAAnpaERY21A