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

[European Central Bank]

I tried to see what people saw in ETH. I just couldn't. I still can't.

and 99% of the people who put money in can't either. they like the rising price, the fancy words, the leader who would have to be invented if he didn't already exist he's that perfect and the marketing pushes.

[Torque]

ETH could have made me a millionaire. If it goes 5X from here I will eat a shoe.

No it wouldn't have. You know why? You're completely discounting the fact that you would have completely sold out at various points of it's stupid rise.

$20? I'm selling at least half. No way it goes up more from here.

$50? I'm completely out. I bet it crashes from here.

$100? That's insane. Not getting back in now.

$200? Ridiculous.

You get the point? You would have been completely out of it long ago. Regardless of the fact that you didn't believe in it in the beginning when it was crowd-selling for $0.50.

I remember when Adam was trying to give his ETC away. That's how much they were being laughed at.

[BlindMayorBitcorn]

ETH could have made me a millionaire. If it goes 5X from here I will eat a shoe.

No it wouldn't have. You know why? You're completely discounting the fact that you would have completely sold out at various points of it's stupid rise.

$20? I'm selling at least half. No way it goes up more from here.

$50? I'm completely out. I bet it crashes from here.

$100? That's insane. Not getting back in now.

$200? Ridiculous.

You get the point? You would have been completely out of it long ago.

Not if I was a delusional mETHhead. But I see what you mean.

[Torque]

Just remember: the slow turtle wins the race.

Work hard in life, remove or at least reduce all your debts, don't use credit for anything unless you absolutely have to, live simply. And sock everything else you make into Bitcoin and maybe some PMs (only like 5-10% max). But mostly Bitcoin. I guarantee that you'll retire wealthy.

[BlindMayorBitcorn]

And don't do crimes. Ross Ulbrict just lost his appeal. He will die in jail.

[European Central Bank]

Just remember: the slow turtle wins the race.

Work hard in life, remove or at least reduce all your debts, don't use credit for anything unless you absolutely have to, live simply. And sock everything else you make into Bitcoin and maybe some PMs (only like 5-10% max). But mostly Bitcoin. I guarantee that you'll retire wealthy.

your perfectly justifiable dislike of alts is also clouding the chance to make more money. sure they're almost all junk, and it may be too late for now, but they're here to stay.

and bitcoin is in no way safe as houses compared to most other things. it's better to risk throwing away some money in search of higher returns to diversify much earlier with much more just in case.

[BlindMayorBitcorn]

Regardless of the fact that you didn't believe in it in the beginning when it was crowd-selling for $0.50.

I'm a cynical old coot, but I tried. I cornered him once over a pint, I just couldn't get my head around it. I still don't see a single reasonable use-case.

[Torque]

Regardless of the fact that you didn't believe in it in the beginning when it was crowd-selling for $0.50.

I'm a cynical old coot, but I tried. I cornered him once over a pint, I just couldn't get my head around it. I still don't see a single reasonable use-case.

Because there aren't any. Also young people are completely delusional if they think that smart contracts will be able to cut out the involvement of lawyers, and that there are no need for legal protections when it comes to contractual obligations of what is recognized and enforceable by law.

Unbelievable, laughable delusion. Something a 10 year old child would naively think is possible.

[European Central Bank]

I'm a cynical old coot, but I tried. I cornered him once over a pint, I just couldn't get my head around it. I still don't see a single reasonable use-case.

here's what's best to keep in mind - there are no fundamentals, there probably won't be any use cases, there is a lot of greed and stupidity. the latter two are the golden ticket on a ride upwards as they're almost infinite resources. make sure you get off at the right time as they eventually turn into an express elevator to hell. 

[julian071]

Sooooo tempted to short the weekend. But I've been burned too often, trading using leverage. I'll just set a low buy order instead I guess.

[BlindMayorBitcorn]

Sooooo tempted to short the weekend. But I've been burned too often, trading using leverage. I'll just set a low buy order instead I guess.

CNBC is telling the world we're going to hit $4000. Bloomberg has taken over shilling for us. I wouldn't short now if you paid me.

[JimboToronto]

Good morning Bitcoinland.

Seems we're back to going basically sideways after yesterday's decent rise, $130 correction and bounce back up... currently $2420USD (Bitcoinaverage).

Steady as she goes. Let's keep creeping up slowly.

[Torque]

Don't ever short Bitcoin, even at the top of a bubble. Inexplicably it will go higher. Just look at ETH for proof.

Disclaimer: I don't think that bitcoin is in a severe bubble right now. Maybe a little higher than average, but not extremely overbought as previous times. And hashrate is still climbing which is a good healthy sign.

I also feel like we have some stronger hands this time around. Newcomers are more educated now. More people are buying for long term hodling, and playing the altcoin market to make more btc.

[Samarkand]

And don't do crimes. Ross Ulbrict just lost his appeal. He will die in jail.

Plenty of other marketplaces like his old site are still up and running. Not everyone
of the owners will spend their remaining years in jail 

[European Central Bank]

Plenty of other marketplaces like his old site are still up and running. Not everyone
of the owners will spend their remaining years in jail 

the first to do it is always the one who gets destroyed as a warning to everyone else. he pioneered the idea and planted the seed. everyone else from now on will get normal sentences.

and probably 90% of dark markets are operated out of the fbi office anyway.

[yefi]

i don't get why people are emotionally attached to bitcoin only. it ain't emotionally attached to you.

it's maybe a terrible time to do some alt betting but there's nothing wrong with shameless profiteering when the opportunity was there. of course almost all of them are worthless. others may not know that so there's money to be made.

The opportunity is still there. Most users ever on Polo... play the pumps, dump on the chumps.

[Samarkand]

Plenty of other marketplaces like his old site are still up and running. Not everyone
of the owners will spend their remaining years in jail 

the first to do it is always the one who gets destroyed as a warning to everyone else. he pioneered the idea and planted the seed. everyone else from now on will get normal sentences.

and probably 90% of dark markets are operated out of the fbi office anyway.

I would do the same if I worked for the FBI. Setup a dark market and use it as a honeypot to catch
some drug dealers, weapon dealers and so on.

[Torque]

i don't get why people are emotionally attached to bitcoin only. it ain't emotionally attached to you.

It was belief, or emotional attachment, in the beginning that gave bitcoin value. The idea that you would actually take your fiat and convert it to bitcoin, because you believed that it has more long term value than the fiat you converted it for. And if you believed that then, then you still believe it today and on into the future. And the more people that joined in and did that too, the stronger the form of money becomes among the people who use and retain it.

For a new form of deflationary money to be successful long term, it needs to retain the "hallucination of money" over decades, entire generations in order to reinforce it and give it strength. That's exactly how PMs became valuable as a form of money over thousands of years.

Not just some fad that lasts for just a few years, and then withers and ultimately disappears.

[Dabs]

I have a bunch of alts. I can tell you about 20 of them died a slow and ... well, it's NOT painful, it's just a slow death. As in, the node counts went to zero, price went to 1 satoshi, then zero satoshi, (got listed on litecoin market, so I consider that below zero) and they got delisted on whatever exchanges they were on.

I do hold some of the more popular ones.

The strategy here, is, just HODL... I can't tell you which ones, as it's almost gambling. Just get a bunch that you can afford to lose. If you lose, then that's it. If it goes 5x, cash out. If it goes even higher, don't buy back in anymore, forget it.

Some of these alts, I got for "free" as part of my little "escrow hobby" around here. I've done, maybe a dozen ICOs, where I've held all of 10 BTC worth of "investments" or "donations" from contributors or participants, the altcoin launches, I get paid my 1% fee, and get tipped 1 million of the altcoin with a supply of 100 million. (1% both ways.)

Most I just hodled to death. A few went to the moon, so I traded them all for BTC, even tried doing some "Ping Pong" on polo and bittrex.

With alts, its not so much the technology or the blockchain or the smartness of the smart contracts, but the psychology of the people involved. There are masses of people with tons of BTC moving volumes.

I started this year with 1 or 2 BTC. I'm now at about 5 BTC, and another 10 BTC equivalent of assorted altcoins, some of which I will trade soon, others I will wait a little bit more, and one or two I will wait until the end of year.

[JayJuanGee]

I think we might have a weekend dump again like last week.
It seems like when the markets are open, the price rises, but at the weekend crazy stuff happens.

I seem to remember the big falls back in February being on Fridays, and last week it was too.  If it does happen, I hope it is less crazy than last week!

It propbaby will but surely it's irrelevant. I mean we are back to 2430 5 days later

but will be a good opportunity to short and earn some bits

Shorting could cause you to lose money, too.  What are the odds of up versus the odds of down?  How much down do you need before your short would close? If you are banking on a 15% or more down, then maybe we will get a 15% up before we get a 15% down? 

There seems to be quite a lot of up pressure right now.