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

[olseh]

bitcoin already has huge future for cross-border, settlement, censorship-resistance, off-shore flows, gambling, global supply-chain finance, etc, etc but I think Lightning network will be bitcoin's killer app. In the future we will look back upon August 2017 as bitcoin network's "Netscape moment" ... when the GUI web browser demonstrated to Joe 'n Jane mainstream what the geeks already knew about the utility of the information superhighway. Lightning will make 'real' the utility of bitcoin to the average intelligence person who wants stuff that 'just works'. Bitcoin does not need the mainstream to adopt to achieve a significant market share of currency float, since the mainstream probably only commands about 20% of the wealth, but it would be great if the mainstream got in first and the wealth re-distribution moved towards reducing the inequality gap. Lightning may strike into the core of the Facebook, twitter masses who expect money-on-the-like-button.

This is about levelling the playing field.

Money on the like button, now that sounds pretty awesome!


Can someone explain, what does the shorts will get REKT means?

About price, I think we'll see one more major dump before aug 1. Why? cuz i wanna buy some more cheap btc 

Rekt is another funny little internet term (one of the thousands out there) Just an simpler and funnier way of writing "wrecked"

So basically shorts will get rekt = anyone shorting bitcoin will get caught out

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[Olivious]

Bitcoin is now back at $1812 does this completely means that it recovered from the btc-e hack?

How many times does bitcoin forked in history?

[ErisDiscordia]

Can someone explain, what does the shorts will get REKT means?

REKT = wrecked. It's a meme. Here you go:
http://knowyourmeme.com/memes/rekt

You are the worst kind of idiot roach because you know enough to be a danger to yourself and everyone around you but clueless to the limits of your knowledge, unwilling to acknowledge any such limits and brimming with self-conviction in your tiny bubble of wisdom, surrounded by a universe of ignorance that you are in complete denial of.

You've totally over-thought this and somehow managed to be smack in the epicenter of intelligence for the biggest bull market humanity has ever known ... and conclusively missed it through your own arrogance. You will go down in history as one of the biggest losers ever, in all sense of the word ... right up there with jstolfi.

Buy bitcoins, it really is that simple, even for a fucking dimwitted drooling retard like you.

*chuckles* Indeed, his fervent dogmatism and arrogance just make him funnier. People (critters?) like roach are what I like to call neophobes - they fear and detest the new and long for the past. For the romanticized good old days, when things seemed simple and made sense. Evolution is completely beyond them and the idea that new concepts might displace old ones is inconceivable, even though it has been happening constantly throughout history. Trump managed to tap wonderfully into this longing to lick the boots of the strongman who can summon the good old days with his slogans of "make American great AGAIN" etc. Simple solutions for simple minds. Too bad the world is not that simple

[allstolennnnn]

Quite high, is time for another dip?
Gold times for shorter.

Stamp manipulated price upto +300 USD only with 350 btc orders.

[Ted E. Bare]

Quite high, is time for another dip?
Gold times for shorter.

Always a great time for your shorts right? Right??? lol

[allstolennnnn]

Quite high, is time for another dip?
Gold times for shorter.

Always a great time for your shorts right? Right??? lol

LOL? Teenager there?

We just had 2800/2400/2800.
Tell me that you did not short?
Now you are angry?

[Torque]

So how you guys liking that back-and-forth wash trading?

Feels just like a groundswell of overwhelming public demand, doesn't it?  At this rate we'll be over $5K in no time!  /s

Still wash trading?

Or your butt-hole starting to pucker up on those shorts?

Nah, I don't trade. I'm hedged either way the market goes. And of course as a perma bull I'm rooting for Bitcoin to go to the moon so that I can retire early.  

But notice one small thing.

It. Still. Hasn't. Broken. The. All. Time. High. Since. Over. Six. Weeks.

Until that happens, the game hasn't changed much. Other than the whales and traders sucking out all liquidity from the exchanges and the market being so razor thin. Hell, right now you could toss in a satoshi and sneeze on it, and the market would move.

[aesma]

Interesting that the price goes up while at the same time many people have withdrawn funds from exchanges. I couldn't withdraw everything from poloniex so I'm lending some coins, and the rates have made a x10 jump yesterday, I've locked some loans at more than 0,8%/day ! If people have shorted, even better for me, I guess. ATM rates have come down a bit but still much better than 2 days before.

[YamashitaRen]

Bitcoin is now back at $1812 does this completely means that it recovered from the btc-e hack?

You can't know until the tempest has passed.
So far it's good but the news is only days old...

[Last of the V8s]

Imagine how bullish if btc-e did come back.

Anyway, am pretty certain now that Vinnik was not one of their 2 admins, just a broker very close to them. Hope he keeps shtum/stays safe.

https://bitcointalk.org/index.php?topic=2045826.msg20442847#msg20442847 He says this more than once

[allstolennnnn]

Buy support at stamp is currently low.
Pressure to move back to 2500 USD is extreme.
If 2700 fails, next stop is at 24/2500 range.

[fichtn12345]

You've totally over-thought this and somehow managed to be smack in the epicenter of intelligence for the biggest bull market humanity has ever known ... and conclusively missed it through your own arrogance. You will go down in history as one of the biggest losers ever, in all sense of the word ... right up there with jstolfi.

Lmao! 

[williamuk]

Can someone explain, what does the shorts will get REKT means?

It's how preteen gamers talk This kind of language gives them a sense of belonging and boosts their ego.

Interpret their statements accordingly.

[abercrombie]

Can someone explain, what does the shorts will get REKT means?

About price, I think we'll see one more major dump before aug 1. Why? cuz i wanna buy some more cheap btc  

In the past week, short interest has risen from 6k to 20k.  

Most of those positions added in the last 24 hours so they are currently underwater.

Last time we had so many people shorting Bitcoin was back in April 2017.

Re: https://bfxdata.com/positions/btcusd

[aztecminer]

The bitcoin market is in deep shit once the general public finds out Lightning Network isn't a valid scaling solution.  Sure, it works as a CENTRALIZED scaling solution, but not a decentralized one.  Not that the base bitcoin network itself is even decentralized in the first place.  

The market can remain irrational longer than you can remain solvent, but on a long enough timeline, dumping bitcoin for silver (while silver is at the floor) is the best move you can make in the long run right now.  Sure, some idiot could pump BTC higher, but there is no valid scaling solution, and it's useless without scaling.  It's value prospect is also supposed to be based on decentralization, and it's not even decentralized either!  There's no god damn fundamentals for it anywhere!  It's all just a pump and dump scheme at this point.

I don't get this.  BTC doesn't have to be for buying your fucking coffee in the morning.  It can be more like the SDR or bank wires.  I envision it as a settlement structure for very large transactions.  It DOES NOT HAVE TO SCALE!  Use sidechains and altcoins to buy your goddamn starbucks...jesus, this isn't that hard folks.

Also, as someone with an Ag DCA just over $12 I really don't see current prices as a "floor"

Nice product placement for ZeroHedge though, I'll give you that.

Bitcoin has ZERO, I repeat, ZERO value as a settlement layer because there already exists far better settlement alternatives - noble metals (gold and silver).  This is why currencies were always derivatives of them in the past.  Bitcoin has built-in middle men (transaction validators) and counter party risk while metals DO NOT.  Bitcoin is a rent seeking usury system where miners expect to get a cut out of every transaction like the mafia while metals ARE NOT.  

You need to be a complete lunatic to believe bitcoin somehow has better fundamentals as a settlement system than metals.  Can you imagine issuing currencies as a derivative of bitcoin when bitcoin is already only a currency and not money in the first place? LOL.  For the the 500th time, bitcoin is a currency, not money, which is why it's called "cryptocurrency".  The value of currencies are derived from transaction flow, NOT stock.  

i still haven't figured out how to get a silver coin into my pc to make a transaction . don't get me wrong, i own a bunch of pms too. however, i believe we will eventually be trading pms for cryptos to make transactions easier for ourselves in the future .

[pfrtlpfmpf]

bitcoin already has huge future for cross-border, settlement, censorship-resistance, off-shore flows, gambling, global supply-chain finance, etc, etc but I think Lightning network will be bitcoin's killer app. In the future we will look back upon August 2017 as bitcoin network's "Netscape moment" ... when the GUI web browser demonstrated to Joe 'n Jane mainstream what the geeks already knew about the utility of the information superhighway. Lightning will make 'real' the utility of bitcoin to the average intelligence person who wants stuff that 'just works'. Bitcoin does not need the mainstream to adopt to achieve a significant market share of currency float, since the mainstream probably only commands about 20% of the wealth, but it would be great if the mainstream got in first and the wealth re-distribution moved towards reducing the inequality gap. Lightning may strike into the core of the Facebook, twitter masses who expect money-on-the-like-button.

This is about levelling the playing field.

Money on the like button, now that sounds pretty awesome!


Can someone explain, what does the shorts will get REKT means?

About price, I think we'll see one more major dump before aug 1. Why? cuz i wanna buy some more cheap btc 

Rekt is another funny little internet term (one of the thousands out there) Just an simpler and funnier way of writing "wrecked"

So basically shorts will get rekt = anyone shorting bitcoin will get caught out

I seriously thought, it had something to do with "rektum", but i´m not that far off, i guess . . . 

[bones261]

Bitcoin has ZERO, I repeat, ZERO value as a settlement layer because there already exists far better settlement alternatives - noble metals (gold and silver).  This is why currencies were always derivatives of them in the past.  Bitcoin has built-in middle men (transaction validators) and counter party risk while metals DO NOT.  Bitcoin is a rent seeking usury system where miners expect to get a cut out of every transaction like the mafia while metals ARE NOT.  

You need to be a complete lunatic to believe bitcoin somehow has better fundamentals as a settlement system than metals.  Can you imagine issuing currencies as a derivative of bitcoin when bitcoin is already only a currency and not money in the first place? LOL.  For the the 500th time, bitcoin is a currency, not money, which is why it's called "cryptocurrency".  The value of currencies are derived from transaction flow, NOT stock.  

i still haven't figured out how to get a silver coin into my pc to make a transaction . don't get me wrong, i own a bunch of pms too. however, i believe we will eventually be trading pms for cryptos to make transactions easier for ourselves in the future .

It appears there are several options to get a PM backed debit card. Not sure if these are on the up and up. Also, the PM will not be in your control, but theirs.

[Torque]

It appears there are several options to get a PM backed debit card. Not sure if these are on the up and up. Also, the PM will not be in your control, but theirs.

www.goldmoney.com does it.

But of course there are fees involved, and you have to trust them holding your PM. Counter party risk. And possible re-hypothecation.

[JimboToronto]

Good morning Bitcoinland.

I see the price is correcting up nicely from this week's little dip... currently $2773USD (Bitcoinaverage) after briefly passing $2800.

After all the BIP91, BIP141, hardfork, BTC cash, and other panics in the last few weeks, we're basically back to where we were after the original correction following the ATH.

Maybe the market is getting calloused by all the angst and August won't be as big a jolt as some people think. I'd love to see a return to the slow steady growth that has largely characterized the past 2 years.

[jojo69]

I seriously thought, it had something to do with "rektum", but i´m not that far off, i guess . . . 

I think there is a nuance of double entendre there, perhaps "wrecked in the ass" would be the most accurate translation.

Kind of like how pwned is a simple mistype of owned, but suggests "pawn" as well, I think the unintentional cleverness is why some of these catch on.