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

[vortex1878]

do   we   keep   an   eye   on   the   price   movement   chart

we are observe wall

Now, THAT is a beautiful wall, though your english isn`t as beautiful.
I like the brick in the lower left, he`s holding it all together.

Löl. Did you know that '≠`? And that a brick is actually neuter, not male? And that English is spelled with an upper case "E"?
People who live in glass houses shouldn't throw stones...  

You´re german, right ?
Please, don´t embarrass us further !

Das kann ich nur zurückgeben. ^^
Schnall' mal den Unterschied zwischen dem Französischen "l'accent" ´ bzw. ` (Du bist nicht einmal konsistent falsch. Löl.) und dem Apostroph '. Und dem ganzen anderen Mist, den ich erwähnte. Mach' Dich nicht lächerlich.
Aber zum Thema nochmals: Wer im Glashaus sitzt...

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[Last of the V8s]

LewisPirenne you read this? http://nakamotoinstitute.org/mempool/hyperbitcoinization/

[jbreher]

grasping...

https://blog.bitgo.com/bitgos-segwit2x-plan-bb8f17e972d3
Belshe's plans

also nb: During this period we’ll be doing two things:  1. Isolating BitGo’s coins ...

inadvertently (?) admits the coins are his if they're on his exchange/wallet

That's not what I get out of it:

At the time of the fork, BitGo will begin a process of double spending (via RBF) some of its own coins to isolate them onto each chain.
...
Isolating BitGo’s coins onto each of the two chains for replay safety, as described above.
...
All transactions will include split coins from BitGo, and will therefore mitigate the risk of spending on the minority chain.

They're obviously describing a process where they mix some post-split coins with transactions funded by pre-split coins in order to provide replay protection. Can't do that without post-split coins. For which they will use their own. Not putting customer coins at risk for the minimally-yet-somewhat risky operation of being split by timing onto chain.

Of course, if you have evil in your heart, you'll see demons lurking in every shadow.

[Torque]

So maybe the possibility to reach 7700 before the star wars relaese becomes close :-)

easy peezy Daisy Ridley

I remember back in May when Bitcoin first hit 2187. I had a little chuckle.

[LewisPirenne]

LewisPirenne you read this? http://nakamotoinstitute.org/mempool/hyperbitcoinization/

I think that article is merely referring to the superiority of BTC against fiat if they were allowed to freely compete and BTC would see widespread adoption as a result.  

But with hyperdeflation, it is not only fiat losing great deal of purchasing power, BTC would also gain enormous purchasing power against other more traditional and productive assets, e.g. gold/crude-oil/farmland.  

As we know, gold and silver retain its purchasing power over long period time, i.e. the tuition for a four year Ivy League degree is still about 5 kg (150 oz) of gold after more than a hundred years and price of cattle since Roman empire time didn't change much in terms of gold.  There is also a somewhat stable relationship between important cross rate such as oil/gold.  But with hyperdeflation, you would expect something like Francis Bacon's triptychs, hoarded and pass off as heirlooms, where owning bitcoin alone would confer status and respect, like some birthright for the aristocracy.    

[jbreher]

you guys really think that this will go on forever? What when the whole US population has a wallet on Coinbase? IMO what is happening is just because almost no alts can be bought for fiat, so bitcoin is a forced step both to get in and out of alts. That's why it's pumping for the double effect of fiat inflow and alt dumping.

At some point some alts might well get traction. Just a matter of time.

Possible, but unlikely. What the average person on the street hears in terms of crypto:

"...bitcoin bitcoin blockchain bitcoin ethereum bitcoin drugs blockchain bitcoin money laundering bitcoin bitcoin bitcoin..."

No, probably won't go on forever. Indeed, once everyone is in, there is pretty much nowhere to go. But we're orders of magnitude away from that.

[BlindMayorBitcorn]

you guys really think that this will go on forever? What when the whole US population has a wallet on Coinbase? IMO what is happening is just because almost no alts can be bought for fiat, so bitcoin is a forced step both to get in and out of alts. That's why it's pumping for the double effect of fiat inflow and alt dumping.

At some point some alts might well get traction. Just a matter of time.

Possible, but unlikely. What the average person on the street hears in terms of crypto:

"...bitcoin bitcoin blockchain bitcoin ethereum bitcoin drugs blockchain bitcoin money laundering bitcoin bitcoin bitcoin..."

No, probably won't go on forever. Indeed, once everyone is in, there is pretty much nowhere to go. But we're orders of magnitude away from that.

Normals are still trying to blockchain all the things. I swear 90% of people in 'fintech' are retarded.

[marcus_of_augustus]

^^^ ... the "everyone all in" adoption scenario figure I come up with for top of the S-curve price is around USD5million per btc (upper bound), but that would be in today's USD which will be toilet paper, wheelbarrow money by then. So 'only' 3 orders of magnitude possible increase left. It maybe be difficult to price btc in that scenario since it will be the numeraire, even gold and silver may be being cast in the streets ...

[jojo69]

TORQUE!!!

thank god

[BitcoinNewsMagazine]

Sometimes it helps to look at a log scale chart. Here is Bitstamp daily bitcoin log scale with a reasonable pitchfork drawn:



The pitchfork suggests we may reach roughly $8000 before a sharp correction down to about $5000 before new all time highs greater than $10,000 by year end. The sell off might occur during the fork drama and rather than the end of the world present just another buying opportunity.

[BitUsher]

https://twitter.com/BitfuryGeorge/status/926104635001143297

"Last 2 weeks we had over 50 Multi-Billion Family Offices approach us to get into Bitcoin !"

[harrymmmm]

Hey - who here remembers Goat's Lambo?

Less than four years ago. It's hard to imagine where bitcoin will be in another 4 years.

https://bitcointalk.org/index.php?topic=378936.0

USD 191,000
BTC 216.8

Same priced car can now be bought with about 27 BTC. Or on the flip side, that 216.8 BTC is now worth a cool 1.5 million USD.

This poser thinks he was the first: https://www.youtube.com/watch?v=yY86vH7z9qA

goat is canny ... he bought the lambo, new, and then sold it on when btc had tanked ... pretty sure he would have got back in near the lows.

A couple years ago I made a ThailandBitcoin subreddit. In the middle of a thread on bitcoin exchanges and the 'banning' of bitcoin in thailand, goat said:
"Yes I bought a Lambo with XBT but I recently sold it and bought more XBT. It was a pro XBT PR stunt that also helped me acquire more XBT"
(https://www.reddit.com/r/BitcoinThailand/comments/2ysqmh/exchanges/)

The thread mostly consisted of him and a thai exchange owner slinging crap at each other ... worth a read.

[jojo69]

Goat kicked me out of the cript

said my posts were "low quality" 

[gwoplock]

The pitchfork suggests we may reach roughly $8000 before a sharp correction down to about $5000 before new all time highs greater than $10,000 by year end. The sell off might occur during the fork drama and rather than the end of the world present just another buying opportunity.

I'll confirm that with my gut.

[BlindMayorBitcorn]

https://twitter.com/BitfuryGeorge/status/926104635001143297

"Last 2 weeks we had over 50 Multi-Billion Family Offices approach us to get into Bitcoin !"

You're doing the lord's work over in that beginners sub. Sometimes I learn things.

[Ibian]

Alright, need a new email. I have a downright brilliant idea for it but let's liven this dull place up a bit with some collective brainstorming.

Rules are: Combine something old and new. The older the better, the newer the better. Bonus points for symbolic values.

Aaaaand go!

[lightfoot]

7250+ and 600 for Bitcrap cash and 55 for litecoin. Not a bad way to go to sleep.

And glad I bought the Bitcoin Porsche earlier, it's keeping me from Lambos.

[pfrtlpfmpf]

Guys, i can´t comprehent my sudden wealth, please help me.

This no joke. It´s probably, because i have no use of lambos, don´t know . . .

[Elwar]

Have any US citizens looked into a Charitable Remainder Trust for their BTC? I'm talking to a lawyer next week about setting one up. Seems like the best way to convert capital gains into income. Which, for me living overseas, I would rather have income which is not taxed than gains that are taxed.

Yes. You're basically trading your stash in for an annuity or similar. You can draw a yearly income off of it, but that income itself is still taxable (maybe not so much as an expat?). You're just avoiding cap gains, which might not be as bad as you think. Plus the trust has to be carefully managed to keep the IRS happy.

If you trust in Bitcoin's longevity, you maintain far more control keeping it in Bitcoin, and if Bitcoin cap gains are your only source of income, the first $37.5K are tax free, $75k if you're married, and after that it's only 15%. So say you're married and draw off $150k in pure gains (plus some amount of principle, which might be negligible at this point). The effective tax would only be 7.5%. That's like sale's tax, big f-ing deal.

Gifting Bitcoin also bypasses cap gains. The giftee's cost basis steps up to the date of the gift. Gift every member of your extended family and have them pay for the bulk of your needs. You can gift around $14k per year per person.

The best reason I can see for a charitable remainder trust is if you've totally lost faith in Bitcoin and want to ditch your whole stash pronto for lambos, property, securities, or fiat. Maybe it makes sense to do it for just the part you want to convert, but keep the bulk in Bitcoin until needed. Really depends on your circumstances and faith in Bitcoin.

https://www.estateplanning.com/Understanding-Charitable-Remainder-Trusts/
https://www.fool.com/retirement/2016/12/11/long-term-capital-gains-tax-rates-in-2017.aspx

Haven't lost faith in BTC, just wanted to lock in my retirement and not have to worry about money for the rest of my life. I locked in about half of my BTC stash which means I am only half as excited by the price rise as I was before.

Being an expat I do not pay taxes on the first $100k of income. I jumped the gun earlier this year and cashed out more than the $418k 20% capital gains threshold so a CRT might be able to get me back under that to get that down to 15%. Considering I don't have to pay the charity until I'm dead I hope to outlive the US and not worry about it. Either way money saved now vs money years from now that is worth enough to buy a loaf of bread is always better.

[Elwar]

Guys, i can´t comprehent my sudden wealth, please help me.

This no joke. It´s probably, because i have no use of lambos, don´t know . . .

I had the same thing happen to me when we jumped up to $1200. Puts a whole new perspective on life. Even now.

You go through your whole life with the idea that you have to work to make money, you need to upgrade your skills so you can get further in your career, you plan on working the rest of your life.

Then this happens and that is all thrown out the window. At the very least you can stop working at a job you don't like and start doing things you do like.

For me I want to work on something else and I keep falling into the old way of thinking of looking at how profitable it will be. Obviously if I'm working I want to get compensated but it is not as important. But if I work at some fun job that only pays me $10-$20 per day there's really no reason to make money, may as well do voluntary work.

I have been considering doing some blockchain work like Satoshi and not going the ICO route to make big bucks...just create something that will help the world and set it out there to grow on its own.