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

[OutOfMemory]

You know you made it when current Bitcoin fees do not bother you because you are hodling. But it is hurts to see the ordinal scammers smearing Bitcoin's name with their Bullshit-Rort-Con 20 tokens.

Well, at least the miners are making decent profits off the idiots who actually fall for the BRC20 scam. Enjoy it while it lasts (Protip: it wont).

I don't think the miners are happy with the situation. No one in their right mind would bite the hand that feeds. A blow to the image of bitcoin will subsequently hit the miners. Fans of NFTs and other tokens will see that the network is overloaded and has become too expensive, and will go somewhere else (I really hope so). And miners need real bitcoin, just like the rest of us.

one day there will be sidechains / second layers for all this stuff to run on Bitcoin, if we like it or not.  mEth and all these other projects will die.

Bitcoin will be the settlement layer for everything - even scams.  Fees will go into the thousands of USD.  One single onchain transaction will settle millions of offchain transactions.

these BRC20/ordinals are just the beginning of what's going to happen within the next decade(s).  We can already see them push exchanges like BChinance to implement Lightning.


only my2cts

For my part, i never even liked the idea of Ordinals. It's complete shit, with more than just doubtful use, imo.
Scalability is also one of the main challenges in Bitcoin's design, which should have been addressed first.
Sure, the road to success is bumpy sometimes, but i would really like to know Satoshis opinion on that shit.

it's up to the market to decide.  
Bitcoin is the most secure database humanity has invented, and the market participants will outbid each other for being able to use it.  

Right now only a bunch of freaks are using it. But wait until mainstream catches up. We have seen nothing yet... (compare it to the internet)

You know, i'm bullish on Bitcoin's future too, but ordinals (NFT)... i mean, c'mon 
It's up to the market to decide? The "market" is a mix of participants, like a society is a mix of individuals. Like noise is consisting of many sinus waves of different frequencies. You know the whitepaper. I think ordinals are way beyond scope of an electronic p2p cash system. Why should Bitcoin do things which other shitcoins already do? Don't get me wrong, i don't mean that everything shitcoins do is bad, but ordinals don't do much to advance BTC in its role as said electronic cash/asset.

[HI-TEC99]

...

For my part, i never even liked the idea of Ordinals. It's complete shit, with more than just doubtful use, imo.

...

... but ordinals (NFT)... i mean, c'mon  

...

[ChartBuddy]

Explanation

[fillippone]

Oh, shit, here we go again!

BITTREX INC FILES FOR CHAPTER 11 BANKRUPTCY IN DELAWARE

https://twitter.com/cryptounfolded/status/1655679019939921922

[HI-TEC99]

Oh, shit, here we go again!

BITTREX INC FILES FOR CHAPTER 11 BANKRUPTCY IN DELAWARE

https://twitter.com/cryptounfolded/status/1655679019939921922

Is this just the USA branch, or are the branches abroad also going bankrupt?

All I can find about it is this.

https://www.deb.uscourts.gov/recently-filed-chapter-1115s

A search for bittrex on that page brings up this.

Case Number   Chapter   Case                                           Date Filed   Judge
23-10598-BLS    11    Bittrex, Inc.                                   05/08/2023    Shannon
23-10599-BLS    11    Bittrex Malta Holdings Ltd.            05/08/2023    Shannon
23-10600-BLS    11    Bittrex Malta Ltd.                           05/08/2023    Shannon

[edit]

Bloomberg just published this story (behind a paywall).

https://www.bloomberg.com/news/articles/2023-05-08/crypto-platform-bittrex-files-chapter-11-bankruptcy-in-delaware

[Volgastallion]

Oh, shit, here we go again!

BITTREX INC FILES FOR CHAPTER 11 BANKRUPTCY IN DELAWARE

https://twitter.com/cryptounfolded/status/1655679019939921922

GOLD RULE IN FINANCIAL BUSINESS:

" YOU HAVE TO SELECT ONE MARKET TO OPERATE, THE WORLD OR USA " NEVER BOTH.

I know you are gonna think this its trash, but not, the USA justice and some elements of the USA goverment are really troublesome.

Look at Binance no problem in the whole world, they open on USA and the problems begun.

[bitcoinPsycho]

https://www.benzinga.com/pressreleases/23/05/b32277046/bittrex-inc-statement-on-chapter-11-bankruptcy


It's just the usa affected

[ChartBuddy]

Explanation

[aesma]

In other news I didn't win at the green card lottery.

So I won't have to worry about operating in the US !

[HI-TEC99]

https://www.benzinga.com/pressreleases/23/05/b32277046/bittrex-inc-statement-on-chapter-11-bankruptcy


It's just the usa affected

Cointelegraph just published this.

https://cointelegraph.com/news/crypto-platform-bittrex-files-for-chapter-11-bankruptcy-following-sec-charges

Cryptocurrency trading platform Bittrex has filed for Chapter 11 bankruptcy protection in the District of Delaware.

In a May 8 filing in the United States Bankruptcy Court for the District of Delaware, Bittrex estimated it had more than 100,000 creditors, between $500 million and $1 billion in assets, and between $500 million and $1 billion in liabilities as part of bankruptcy proceedings. The declaration followed the U.S. Securities and Exchange Commission charging the company and its co-founder and former CEO William Shihara for securities violations in April.

Cointelegraph reached out to Bittrex Global CEO Oliver Linch for comment but did not receive a response at the time of publication.

[coolcoinz]

https://www.benzinga.com/pressreleases/23/05/b32277046/bittrex-inc-statement-on-chapter-11-bankruptcy


It's just the usa affected

We knew about it for over a month since they announced in March that their US branch would be shutting down by the end of April, so we're talking about a defunct exchange filing for bankruptcy. An exchange that shut down 2 weeks ago. This shouldn't affect the markets at all.

[xhomerx10]

In other news I didn't win at the green card lottery.

So I won't have to worry about operating in the US !

 Green card lottery?!  Just cross the border!  They're letting anyone in these days.  You can probably even get some food, clothing, pre-loaded debit cards and a tent if you ask nicely.  Once you get in, get yourself to a sanctuary city where you can get a driver's license or a state ID card - no questions asked - this will allow you to travel by air throughout the USA.  Good luck!

edit:  NB if you entered illegally, you wont be able to apply for a green card from within the US.

[HI-TEC99]

Bittrex says "your funds are safe".

https://www.businesswire.com/news/home/20230508005751/en/Bittrex-Inc.-Statement-on-Chapter-11-Bankruptcy

SEATTLE--(BUSINESS WIRE)--Bittrex, Inc. released the following statement today regarding Bittrex U.S.’ decision to file Chapter 11 bankruptcy:

“Having previously announced that Bittrex, Inc. would be ceasing all operations in the U.S. effective April 30th, we have now made the decision to file Chapter 11 bankruptcy in federal court in Delaware. This announcement does not impact Bittrex Global, which will continue operations as normal for its customers outside the U.S.

For those customers who did not withdraw their funds from the platform prior to the end of April, your funds remain safe and secure, and our main priority is to ensure that our customers are made whole. While the Bankruptcy Court will ultimately decide the method by which those funds can be claimed by and distributed to our customers, we intend to ask the court to activate those accounts as soon as possible so that customers meeting the necessary regulatory requirements will be able to withdraw them. Please visit bittrex.com during this process, as we will provide additional information as we receive it, and affected customers will also receive information directly from the Bankruptcy Court. We have also retained Omni Agent Solutions to provide email and website updates to customers. You can find additional information, free of charge, at https://omniagentsolutions.com/Bittrex.”

[ChartBuddy]

Explanation

[Gachapin]

You know you made it when current Bitcoin fees do not bother you because you are hodling. But it is hurts to see the ordinal scammers smearing Bitcoin's name with their Bullshit-Rort-Con 20 tokens.

Well, at least the miners are making decent profits off the idiots who actually fall for the BRC20 scam. Enjoy it while it lasts (Protip: it wont).

I don't think the miners are happy with the situation. No one in their right mind would bite the hand that feeds. A blow to the image of bitcoin will subsequently hit the miners. Fans of NFTs and other tokens will see that the network is overloaded and has become too expensive, and will go somewhere else (I really hope so). And miners need real bitcoin, just like the rest of us.

one day there will be sidechains / second layers for all this stuff to run on Bitcoin, if we like it or not.  mEth and all these other projects will die.

Bitcoin will be the settlement layer for everything - even scams.  Fees will go into the thousands of USD.  One single onchain transaction will settle millions of offchain transactions.

these BRC20/ordinals are just the beginning of what's going to happen within the next decade(s).  We can already see them push exchanges like BChinance to implement Lightning.


only my2cts

For my part, i never even liked the idea of Ordinals. It's complete shit, with more than just doubtful use, imo.
Scalability is also one of the main challenges in Bitcoin's design, which should have been addressed first.
Sure, the road to success is bumpy sometimes, but i would really like to know Satoshis opinion on that shit.

it's up to the market to decide.  
Bitcoin is the most secure database humanity has invented, and the market participants will outbid each other for being able to use it.  

Right now only a bunch of freaks are using it. But wait until mainstream catches up. We have seen nothing yet... (compare it to the internet)

You know, i'm bullish on Bitcoin's future too, but ordinals (NFT)... i mean, c'mon  
It's up to the market to decide? The "market" is a mix of participants, like a society is a mix of individuals. Like noise is consisting of many sinus waves of different frequencies. You know the whitepaper. I think ordinals are way beyond scope of an electronic p2p cash system. Why should Bitcoin do things which other shitcoins already do? Don't get me wrong, i don't mean that everything shitcoins do is bad, but ordinals don't do much to advance BTC in its role as said electronic cash/asset.

You might have gotten me wrong:  I'm in no way a fan of NFTs ...be it on mEth or BTC

But it's not for me to decide what Bitcoin is used for.  That decision is made by every single user individually.
Like any other technology:  It will be used for bad or stupid stuff.


Why should BTC do what shitcoins do?

Because it can. People apparently wanna use it that way, no matter if we hate it..  
So eventually your question gets turned around: Why should shitcoins do what BTC does?  

it doesn't matter if we both think that ordinals are not needed on BTC.  It's there now unless a majority votes otherwise. we are free to decide to go along or to fork off


Frankly, I always expected that we'd get a shitcoin craze on BTC, one day.  Like somebody wrote before me, it could even be the hype for the next bullrun.  But may god have mercy...    if that happens you will pay hundreds of USD for a transaction.

[aesma]

In other news I didn't win at the green card lottery.

So I won't have to worry about operating in the US !

 Green card lottery?!  Just cross the border!  They're letting anyone in these days.  You can probably even get some food, clothing, pre-loaded debit cards and a tent if you ask nicely.  Once you get in, get yourself to a sanctuary city where you can get a driver's license or a state ID card - no questions asked - this will allow you to travel by air throughout the USA.  Good luck!

edit:  NB if you entered illegally, you wont be able to apply for a green card from within the US.

Lol. I'd like to work a legitimate job making more money than I'm making now, to buy more BTC, so being homeless or a taxi driver isn't really the plan.

[OgNasty]

It looks like the recent full mempool has led to a buying opportunity if you are the kind of guy that thinks this too shall pass. I personally don’t think the fee cost has gotten so high that it will have a major effect but it could make some people think twice and explore other options. Probably good for altcoins no matter what but I’m sure this will turn out good for BTC as well.

[xhomerx10]

I got a letter today telling me the bad news.  Fuck.  They're offering 2 years of identity theft protection services but what good is that when my Social Insurance Number is forever?  I don't have much with Mackenzie but the first thing I do will be to move it out... I'm thinking Bitcoin.

Can you not change your social insurance number? I guess it would be a pain in the arse to change it everywhere, but I'd hope they'd have something in place to secure people who have had their data breached.

 I didn't think I could but after reading your post, I looked into it and if I can prove it was stolen, I can change it!   I'm going to go to Service Canada first thing Monday with my letter and try.  Thanks for prompting me

Canada once again better than the USA !

 Well, I don't want to get my cart ahead of my horse but I'll keep my  fingers crossed.

please keep us informed.

I would be interested to see if you can get it done.

I will check on my US SSN again.

I know there are no attacks on it so far, but it is stolen and it was passed around on the dark web.

I think the only thing helping me is my name is one of a kind.

I am a reverse of John Smith. I have never found anyone anywhere with my name.

 Well I found out today that unless I can prove fraudulent activity using my SIN,  it is not possible to change it.  So far, all I have is the letter saying it was compromised in a hack which isn't sufficient. 

[ChartBuddy]

Explanation

[Gachapin]

https://www.coindesk.com/policy/2023/05/08/us-crypto-exchange-bittrex-files-for-bankruptcy-in-delaware/

Ohh Shit...

One More Crypto Exchange Bankruptcy 

yeah...  read the thread before you post.