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

[Ibian]

What I like about BTG is the algorithm change. What I understood is that the algo change makes mining more decentral, it's possible to mine with GPU.

A warehouse full of ASICs vs a warehouse full of GPUs, the mining is still going to be centralized to massive farms to maximize profits with economies of scale.

And also there's this:

TREZOR Statement on Bitcoin Gold Fork

Bitcoin Gold is a proposed fork of Bitcoin, sharing its history up until the block height 491407 (around October 24, 6am UTC). As Bitcoin Gold has a subsequent pre-mine period, we do not yet know when the coin will launch.

pre-mine period

Hahahahahahaha!!!    

That pretty much says it all. Dump coin it is.

Yup. Instant dump, thanks for the heads up.

[Torque]

Network effect. Facebook is an abomination that should objectively be burnt to the ground, and ZukZuk strung up for spying on the world.

It's amazing to me how all the govt/state spy devices are being hard marketed and sold to the public, right to their faces, and they will just fall for it because 'muh innovashuns'.

Social media apps to collect your browsing, interests, and conversation data. Smart phones and smart watches to track your every location and record your calls and texts, smart home devices (Google Home, Amazon Echo, Apple HomePod) to secretly listen/spy on your private in-home conversations and record your voice and discussions, CCTV cameras on every street corner and in every public space, etc.

Call me paranoid, but things are heading in a very negative direction when it comes to personal privacy rights.  

[vroom]

[JimboToronto]

Gotta love this. The price bounces up and down by over $300 and nobody seems to care.

Just another day in Bitcoinland.

[becoin]

Bitcoin Tumbles After Saudi Prince Calls Crypto - "Enron In The Making"

Damn.
Who in this world can say something to make price drop for more than 2 hours?

[jojo69]

yeah...I'm on snooze till 3.5K or 10K

[Ludwig Von]

Network effect. Facebook is an abomination that should objectively be burnt to the ground, and ZukZuk strung up for spying on the world.

It's amazing to me how all the govt/state spy devices are being hard marketed and sold to the public, right to their faces, and they will just fall for it because 'muh innovashuns'.

Social media apps to collect your browsing, interests, and conversation data. Smart phones and smart watches to track your every location and record your calls and texts, smart home devices (Google Home, Amazon Echo, Apple HomePod) to secretly listen/spy on your private in-home conversations and record your voice and discussions, CCTV cameras on every street corner and in every public space, etc.

Call me paranoid, but things are heading in a very negative direction when it comes to personal privacy rights.  

We are already longtime there... . Take your Soma and you don 't worry too much.

[Spaceman_Spiff_Original]

Sad that I was already too long to take advantage of today's dip. 

[starmman]

BTG futures market already active and going haywire on Yobituary.  
current bids .083btc... crypto insanity, but what else is new?...

I have to be honest, I was really hoping to ignore this one. I guess that's not happening.

I feel the same way, and from the outside looking in it must be fucking weird. Free money and people are complaining???

LOL - I've sold my yobit stash already. The premine doens't sit well with me, current value of the premine is $46,000,000

Quote from Trex: -
https://support.bittrex.com/hc/en-us/articles/115002320451-Statement-on-Bitcoin-Gold-BTG-

Bitcoin Gold does not currently have:

Fully formed consensus code
Implemented replay protection
Adequate code for testing and auditing
Publicly known code developers

[Syke]

Sad that I was already too long to take advantage of today's dip. 

Goodbye 5xxx. Welcome the new 6xxx floor.

[Icygreen]

Yeah, I know what you mean. I won't have private conversations around my computer, phone etc.  Unfortunately privacy is not an issue for most people, including myself and once it is discovered as an issue, it could be too late.

[Torque]

Cool, so Miley Cyrus is Bitcoin fan.  

[Icygreen]

Definitely forming a nice future floor at 6K.  A double top is still not out of question but the buy pressure feels healthy.

[JayJuanGee]

So I guess you are out and on the sideline then?

I'm in cash only with my trading stash (5% of my savings -who are still in BTC).
I won't pick any bottom higher that 4K.

Is not a little high?

maybe low 3000s is a better target:
https://www.tradingview.com/i/ep3NGzgD/

Good luck with that.  I have not yet seen the trend change, merely because we are pausing at the top for a while.... That is not unusual and does not necessitate any kind of significant correction of 40% or 50%, even though one may come, but 20% would be more reasonable, ... even though in the end, anything is fair game in bitcoinlandia... .

the guy doing the chart has been calling a short since the past 2 months.
Then again he might be right, they say a broken clock is right twice a day...

Exactly, there are all kinds of dumb shits proclaiming various low corrections, and from time to time they are right.  This has been going on since about $250, yet it has been increasingly difficult for them to be correct since $250 because we have been in a bull market since $250 and more or less confirmed when prices shot above $500 in May 2016 and have not returned below that price - even though there were a few attempts early on to attempt to get down there.

Now, $3000 has become the new $500... Sure, the fuck, $3k is possible, but it remains quite a bit of a stretch to have any kind of realistic expectation of $3k when we have considerable and ongoing upwards buying pressure.  Any little dip in prices, they say:  "here it comes."  "it is coming this time."  blah blah blah.

I have active buy orders set down to $2600, so surely, I am not Ill-prepared for the possibility of such correction; however, it seems quite low probabilities for those orders to be filled any time in the near future, and it seems even worse to actually spout out expectations that they are going to be filled - for example giving such probability anywhere greater than a 40% chance seems to be quite pie in the sky in my thinking, when maybe they have less than a 30% chance of being filled, and some of these nutjobs are talking as if the odds of such fills were in the 80% to 100% territory.

[ragnar0k]

Here's 6k 

[rjclarke2000]

Just thought I'd tell you this one. I'm sure you all have similar stories.

A friend of mine back in 2013 laughed and joked about Bitcoin and I was laughed too for buying it and preaching to everyone that this will be big. This friend then joined forces with other friends and we all went snowboarding in Feb 2014 and once again Bitcoin was mentioned (not by me this time) and once again it was all a big joke.

This friend asked me around 6 weeks ago how to buy bitcoin so I sent him all the information he needed but without the preaching. In my mind preaching about bitcoin is a bit 2013 for me and not something I do anymore, in fact I try not to talk about it at all. This friend said he has money saved up and was going to buy some btc (at least 1 coin, maybe more).
My reply was that's great news, someone I can chat btc with and I wished him luck.

Today he send me messages saying he didn't buy and now wants to buy some.


Do I bother to help? I feel like he is wasting my time. He's asking me when is the right time to buy and what would be a good dip to buy?

Personally I think he likes the idea of owning btc but doesn't have the balls to push the buy button.

Another issue is I don't think he has done any research of his own at all.

Who else has a similar story?

[European Central Bank]

Do I bother to help?

nope. there've been plenty of chances in the past. he didn't take any. he probably won't now.

[JayJuanGee]

Good luck with that.  I have not yet seen the trend change, merely because we are pausing at the top for a while.... That is not unusual and does not necessitate any kind of significant correction of 40% or 50%, even though one may come, but 20% would be more reasonable, ... even though in the end, anything is fair game in bitcoinlandia... .

It's not much for the TA. It's the forking attacks, the FUD and announced terrorist crackdowns by TPTB ( https://www.coindesk.com/jeff-sessions-bitcoin-use-is-a-big-problem/ ), it's for the technical weak points of BTC (a hundred billions $ project kept alive by some voluntary full node runners? seriously?), and the fact that ultimately it's backed only by faith while every day new better and improved -and cheap- coins are made. 

All this is telling me to not bet the farm on BTC, even if I'm still >80% in it.

No one is telling anyone to bet the farm on BTC; however, you talk about $3k as if it has some kind of high probability of happening, and apparently your portfolio does not represent such pessimism.  So maybe you should temper your language a bit to be better in line with your portfolio holdings rather than painting some kind of doom and gloom scenario as if it were pending and imminent.

Actually, I agree with your point that a 50%-ish correction is not necessarily unrealistic, but we already had a 40% correction, recently, and there still remains a decent amount of uncertainty regarding the severity of the threat of any of the upmanship attacks on bitcoin... yeah they keep upping and upping the ante in terms of their attempts for destruction and disruption, but in the end, are these threats going to materially play out in a meaningful way? In that regard, you better fucking hodl onto your coins because even if we are getting down, we may well get up before we get down... so you are going to want to sell some more priro to any potential 50% or greater correction - that may well come after a further pump - even a 2x pump.

So no one is saying that BTC is the be all end all coin.. or that these attacks are not likely to have any effect.. but it is a matter of when.. and what might happen first before the supposed calamity that you proclaim kicks in.

[Torque]

Do I bother to help?

nope. there've been plenty of chances in the past. he didn't take any. he probably won't now.

Not to mention these people have the "only buying to get rich quick" day-trader mentality. They have no intention of holding or spending their btc on something, only selling for fiat at the first sign of a rise. They don't even really care to do research to understand what Bitcoin is and why it is revolutionary and important. If the price was falling instead of rising, this friend would have zero interest in Bitcoin, just like when it was all a "big joke" to him.

[walou]

3000