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

[ChartBuddy]

Explanation

[nutildah]

What about NFTs stored inside the Bitcoin blockchain? Ordinals is causing a huge stir but relative silence on the forum about it.

NFTs Coming to Bitcoin Sparks Handwringing About Crypto Purists

Nothing triggering about that headline at all  

I don't blame anyone here if they're against it. I'm kind of on the fence about it personally. But it seems to be happening whether anybody likes it or not.

• An NFT implementation which embeds NFT content in Taproot witnesses, assigning them to the first sat of the first output of the transaction, "inscribing" that sat with content
  

Super interesting to watch the discussion over this bullet point in particular unfolding on Twitter as it now appears to be possible to upload several KB (theoretically up to ~4 MB) worth of data to the blockchain for the purposes of on-chain NFT storage.

https://ordinals.com/inscription/69d500051f9a0812ed41798eeb06d4af93349529480c23e9cf1ef0ccb2a921a8i0

On one side you have lukedashjr calling it an attack on Bitcoin and Adam Back calling for transaction censorship by miners; on the other side you have Peter Todd calling the "freakout" about ordinals "stupid" and reminding everyone that adding non-standard transaction data to transactions has always been possible.

It has reinvigorated the age-old debate of "appropriate use of block space," what "blockchain spam" entails, and whether Bitcoin should be used to store data not related to the actual transaction of BTC (for financial purposes).

Here is a brief overview of how it works as far as NFTs are concerned:

https://read.pourteaux.xyz/p/illegitimate-bitcoin-transactions

...

Almost zero mentions of this debate here, so let's mention it.

[ChartBuddy]

Explanation

[El duderino_]

All of my friends and me
Wild about

The last of us “serie”

But maaaaaaaaaaaaan that 3th episode fucked up a lot

[hisslyness]

What about NFTs stored inside the Bitcoin blockchain? Ordinals is causing a huge stir but relative silence on the forum about it.

NFTs Coming to Bitcoin Sparks Handwringing About Crypto Purists

Nothing triggering about that headline at all  

I don't blame anyone here if they're against it. I'm kind of on the fence about it personally. But it seems to be happening whether anybody likes it or not.

• An NFT implementation which embeds NFT content in Taproot witnesses, assigning them to the first sat of the first output of the transaction, "inscribing" that sat with content
  

Super interesting to watch the discussion over this bullet point in particular unfolding on Twitter as it now appears to be possible to upload several KB (theoretically up to ~4 MB) worth of data to the blockchain for the purposes of on-chain NFT storage.

https://ordinals.com/inscription/69d500051f9a0812ed41798eeb06d4af93349529480c23e9cf1ef0ccb2a921a8i0

On one side you have lukedashjr calling it an attack on Bitcoin and Adam Back calling for transaction censorship by miners; on the other side you have Peter Todd calling the "freakout" about ordinals "stupid" and reminding everyone that adding non-standard transaction data to transactions has always been possible.

It has reinvigorated the age-old debate of "appropriate use of block space," what "blockchain spam" entails, and whether Bitcoin should be used to store data not related to the actual transaction of BTC (for financial purposes).

Here is a brief overview of how it works as far as NFTs are concerned:

https://read.pourteaux.xyz/p/illegitimate-bitcoin-transactions

...

Almost zero mentions of this debate here, so let's mention it.

I really don’t see the problem with this. I personally wouldn’t do it, as it is a waste of Bitcoins.

But, if someone wants to create a transaction that will take up an entire block and it is willing to pay for the privilege, then go for it!

If they want to waste/spend 16sat/vbyte or approx. 0.32BTC per block, with stupid NFT monkeys, then good luck to them! Not sure how long they would be able to keep it up!

Bitcoin blockchain has a predictable growth, using it to store data in Taproot script-path isn’t going to change that growth!

If this forces transactions off to a second layer (LN), even better!

In regards to "appropriate use of block space" who am I to decide what you put in your transactions? as long as you are not double spending, i couldn't give a shit!

[ChartBuddy]

Explanation

[Lucius]

All of my friends and me
Wild about

The last of us “serie”

But maaaaaaaaaaaaan that 3th episode fucked up a lot

I completely agree here, the third episode went too far in a direction that most people don't want to watch in such a type of series. Although the whole concept of the series is nothing new, it is actually about zombies infected with a fungus (or something like that) and one child who represents salvation for the whole world. For me, it's just a déjà vu, and a very average one at that, which has all the prerequisites to turn into a very bad one.

[Unknown Op]

TWITTER

[Davian144]

In January 2023 the increase in the price of Bitcoin can be said to be extraordinary even though there is still a correction in the market as seen today. But there is a strange but real thing that happened to the 14 largest crypto companies where they in January started to cut the number of their workers which is at least 2,900 workers or almost 3,000 for staff. These companies are Coinbase, Gemini, Digital Currency Group, ConsenSys, and Blockchain.com.

I don't know why these companies are laying off some of their staff this month, even though in general the movement of Bitcoin is working very well this month and also has the possibility to remain good in the next month if nothing bad happens that can affect the market and Bitcoin as a whole general.



Reference Source: https://cointelegraph.com/news/crypto-firms-cut-nearly-3-000-jobs-in-january-despite-bitcoin-s-rise

[AverageGlabella]

In January 2023 the increase in the price of Bitcoin can be said to be extraordinary even though there is still a correction in the market as seen today. But there is a strange but real thing that happened to the 14 largest crypto companies where they in January started to cut the number of their workers which is at least 2,900 workers or almost 3,000 for staff. These companies are Coinbase, Gemini, Digital Currency Group, ConsenSys, and Blockchain.com.

I don't know why these companies are laying off some of their staff this month, even though in general the movement of Bitcoin is working very well this month and also has the possibility to remain good in the next month if nothing bad happens that can affect the market and Bitcoin as a whole general.

Because their profits have been hit like many other countries. The recession has hit companies like amazon very hard who have infinite resources and are still firing people because of a lack of money. I think it is obvious that crypto companies will fire people because they are running low on resources after one of the most difficult times for bitcoin. I do not think this is shocking or unexpected. I think this is what will happen for the next year until we start seeing the world recover from the recession

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[BitcoinBunny]

All of my friends and me
Wild about

The last of us “serie”

But maaaaaaaaaaaaan that 3th episode fucked up a lot

In a good or bad way? Saw a clip and it seems to be now doing stuff not in the game? There was no plane crash site in the game or showing people murdered by army just so they wouldn't get infected. That was not hinted at really as far as I remember.

Haven't watched the series fully yet. Am addicted to the re - re - mastered game though, especially the bookstore level. So much fun taking the baddies out in many different ways. I actually prefer all the tribal stuff as opposed to dealing with the zombies. Think all the talking between the bad guys makes things very funny.

Can't imagine the series will follow the second game. What a mess that became with that big muscle Abbie character. awful carry on.

------
Finally started to watch Stranger Things. Thought it was just a stupid JJ Abrams Super 8 rip off / extension.

But MAN... that series is sooo good! Certainly my favourite since Breaking Bad and Haunting of Hill House.

Goes the distance and shows what's in the mystery box as opposed to the likes of Lost, only ever hinting at things.

Great effects also.

[Torque]

What about NFTs stored inside the Bitcoin blockchain? Ordinals is causing a huge stir but relative silence on the forum about it.

NFTs Coming to Bitcoin Sparks Handwringing About Crypto Purists

Nothing triggering about that headline at all  

I don't blame anyone here if they're against it. I'm kind of on the fence about it personally. But it seems to be happening whether anybody likes it or not.

• An NFT implementation which embeds NFT content in Taproot witnesses, assigning them to the first sat of the first output of the transaction, "inscribing" that sat with content
  

Super interesting to watch the discussion over this bullet point in particular unfolding on Twitter as it now appears to be possible to upload several KB (theoretically up to ~4 MB) worth of data to the blockchain for the purposes of on-chain NFT storage.

https://ordinals.com/inscription/69d500051f9a0812ed41798eeb06d4af93349529480c23e9cf1ef0ccb2a921a8i0

On one side you have lukedashjr calling it an attack on Bitcoin and Adam Back calling for transaction censorship by miners; on the other side you have Peter Todd calling the "freakout" about ordinals "stupid" and reminding everyone that adding non-standard transaction data to transactions has always been possible.

It has reinvigorated the age-old debate of "appropriate use of block space," what "blockchain spam" entails, and whether Bitcoin should be used to store data not related to the actual transaction of BTC (for financial purposes).

Here is a brief overview of how it works as far as NFTs are concerned:

https://read.pourteaux.xyz/p/illegitimate-bitcoin-transactions

...

Almost zero mentions of this debate here, so let's mention it.

As much as I completely loathe NFTs and everything that surrounds that scam ecosystem, I don't see any problem if people want to store that related data in the Bitcoin blockchain. You still have to pay for it, after all.

Peter Todd is correct. That capability has always been there in the blockchain, and like honey badger it gives exactly zero fucks as to what people do with that data storage.

Isn't it a tiny amount of data storage anyway? And if the Bitcoin devs really see a potential problem/exploits with it down the road, I'm assuming that in a future release it can be either be reduced or eliminated?

[Torque]

Finally started to watch Stranger Things. Thought it was just a stupid JJ Abrams Super 8 rip off / extension.

But MAN... that series is sooo good! Certainly my favourite since Breaking Bad and Haunting of Hill House.

Goes the distance and shows what's in the mystery box as opposed to the likes of Lost, only ever hinting at things.

Great effects also.

It is indeed one of the best shows on Netflix.

You should watch it all.

FYI season 3 is the weakest of them all and went a good bit campy (so don't get discouraged there).

Season 4, although a bit long, absolutely knocks it out of the park and returns to its roots like season 1 in darker tone/vibe all over again.

Seasons 1 and 4 were my favorite. If asked which I liked better, I'd be forced to flip a coin.

[ChartBuddy]

Explanation

[OgNasty]

We got a little bit of a correction over the weekend as we dipped below $23,000 but it doesn’t seem to be lasting. I would have preferred to see a little bigger correction to try and wipe out some leverage as we move up, but it shows the strength of the market currently. Too many people are buying right now for a proper correction. So far resistance is holding, but I’m not sure how long that will last.

[ChartBuddy]

Explanation

[philipma1957]

Off topic rant:

I have been selling on ebay for 20 years.

https://www.ebay.com/fdbk/feedback_profile/philipma1957



New rules as of last year. over $600 in sales and you get this












I file taxes and have done so since 1974 my first Job I made 95 a week.

I even worked for the IRS for 2 years, my mom worked for the IRS 25 years ,my wife worked for the IRS 33 years.

But to create a 1099 for in my case <1800 in sales is simply a stupid overreach .  Think if you sell an old snow blower and an old lawn mower and just clear $600 limit for the 2 sales.

Another way for the government to crawl up your ass and do a full audit.

BTW I will be selling 1000's on ebay this year maybe 6 to 11k worth of shit.  Old rule was 20k much more reasonable.

Rant done.


oh did feds release a number? 25 points or what.

[JayJuanGee]

bitcoin derped here a bit..no matter.

Depends on your definition of "derped."

I don't understand... do we really need AI and ChatGPT to understand this basic concepts like inflation?

https://www.reddit.com/r/Bitcoin/comments/10p3ejn/dollar_dollar_bills_yall/

ChatGPT 2.0

Billy means I recommend investing.  Because if his promotion money is invested in Bitcoin then surely Billy will do well later in life.

I think Billy currently owns 44 Bitcoins  

Just imagine if Billy (this isn't Billy no coiner, is it?) had saved his $1 million under his mattress from 1965 until 2013, and then he saw the BTC prices rising from $10 to $1k in 2013 - and then in 2013 he did a back of the napkin calculation and he realized that his $1 million that he had stuffed under his mattress was ONLY worth about $200k (in 1965 dollars)... and also he realized that his having had kept his bitcoin under the mattress for 38 years was not really helping him in terms of his attempt at delayed gratification... and in 2013 dollars, his $1million from 1965 would have been worth about $5million in 1965 (in 2013 values).. so he needs $5 million to equal the same $1 million from 1965.  

His choice to keep his money under his mattress was not working out very much for him.. it was like a melting icecube (to steal from Michael Saylor's description).

Therefore, Billy decided to put his $1 million to work.. instead of just holding those dollars under his mattress.

At the end of 2013, Billy no coiner decided to become a coiner and he decided to invest $200k (20%) into bitcoin, so he bought about 200 BTC at $1k each. which was close to the then top of the BTC prices of that time period, (but how would Billy know that it was near the top?  Except that the BTC price had gone up 100x in a year.).  He also decided to invest the remaining $800k (80%) into various stock index funds instead of keeping it in cash.  Funny that it took Billy around 38 years to figure this out, but don't fight the hypothetical... !!!  

What would be Billy's approximate investment result be in 2023 if he had placed 20% in bitcoin towards to the top of the 2013 BTC price run and 80% into various stock index funds at around that same time?  If we were to be generous and we consider that his various stock index funds might have performed in such a way to double** in value in 9 years, so that those stock index funds were nominally worth $1.6 million in 2023 (but still probably not really increased in purchasing power since the cost of everything had at least doubled from 2013 to 2023), but if we consider our current BTC price of $23k-ish, Billy's 200 BTC would be worth right around $4.6 million (right around the amount that Luke Dasher lost a few weeks ago)... So even though Billy bought only 200 BTC at the top of the 2013 prices, he still seems to be doing pretty good with his BTC purchasing power as compared to the purchasing power of the other $800k that he invested into various stock index funds, no?

In essence, Billy had decided to invest 4x more into index stocks as compared to what he invested into BTC, but even with that, the actual nominal value of his BTC holdings is currently worth about 3x more than what he had put into index stocks, which I would measure to be at least 12x better performance at current prices... Sure there are various ways to make the measurements, and the way that I hypothesized Billy's circumstances were a bit of a pure example, but the example that I gave is largely representative of what has happened in BTC price performance relative to the overall stock market, even if we start measuring from the top of the BTC price in late 2013... and surely, with my choosing the top of the 2013 BTC price I am giving a headstart to the status quo financial system.. so there are quite a few scenarios in which Billy could have lowered his purchasing price of his BTC in late 2013 and to likely have had gotten an average price per BTC that was quite lower than $1k per BTC, but it does not hurt to hypothesize that Billy had screwed up in a variety of ways and was not able to keep his average cost per BTC below $1k per BTC (makes it easier to calculate, too).

**By the way, I believe that most average investors would be hard-pressed to find that there various stock investments are currently double in nominal value from late 2013.. and maybe they are going to have numbers that are more in the ballpark of 70% - however, we can still give some benefit of the doubt to suggest that Billy might have been able to overall outperform the market by choosing "smart" stock index funds.