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

[JimboToronto]

Why buy that much fiat all at once? Why not just buy as much as you need as you go along.

I'd rather be retired with as much Bitcoin as possible growing in cold storage far more than a bunch of crumbling dollars in some bank account.

If you need to buy a new car, or some  real estate, or simply some cash to party with, by all means spend some coins as need be.

Otherwise it makes more sense to just continue holding.

What if Bitcoin implodes and goes down to zero? What then? I think his approach is smarter, as he is guaranteed to enjoy the rest of his life with his $2m, even if Bitcoin disappears. And he is still left with more than 600 BTC for the future.

What if the dollar implodes and goes down to zero? It's probably as likely as Bitcoin imploding and going to zero, although both are extremely unlikely.

I can see hedging your bet by spending some coins on appreciating assets like businesses, land, or other means of production.

Fiat currency doesn't appreciate. It's a depreciating asset.

I do hope you're right about Bitcoin going to zero being extremely unlikely. If Bitcoin's value keeps increasing, then it's obvious that your strategy makes the most sense and guarantees maximum profitability, and also low to zero taxation for those of us with modest needs, as the conversion to fiat can be kept to a minimum and only when needed. Also, converting large amounts of BTC to fiat has its own problems. Do we trust the banks to hold our fiat? What if there's a bail-in, as it has already happened in Cyprus? Then there's the depreciation of fiat due to inflation.

All these are valid reasons not to liquidate, and follow your strategy, provided Bitcoin keeps rising (or, at least, not dropping) in value. I hope Bitcoin has a bright future, but no one can know for sure, hence my conservative reply to BobLawblaw's post.

Indeed, there's a risk with everything. Even land can become unusable under certain circumstances. Banks can default and businesses can fail.

Risk reduction through diversification is a good thing. Fiat currency is just something I choose not to invest too much into.
_______

When I finally spend some of my hard-earned Bitcoin, I plan on buying land and and new implanted teeth and paying off what the taxman thinks I owe them. That would total more than what I spent to acquire all my coins. Then my entire stash would be gravy. That might be as early as January.

I've already arranged to buy the land with Bitcoin. I'm hoping the dental tourism clinic will accept Bitcoin as well. That just leaves the Canada Revenue Agency to be paid in dollars, so I guess I'll have to buy enough to pay them.

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[realr0ach]

But a wildcard that I'm expecting is the implosion of Finex.

Agree 100%.  Like I said 1000x times before, the bitcoin price has mostly been controlld by a SINGLE ENTITY on Bitfinex ever since it was $200.  If a market is almost entirely controlled by one person, it's not a market, it's a fucking scam.  There is obviously very shady shit going on at Finex ever since they stole all those bitcoins during the halving then claimed they were "hacked".  

All I hope for is that someone at Bitfinex goes to prison when this bitcoin bubble eventually implodes, except I wouldn't discount the idea that it's possible someone from Goldman Sachs or the US govt is involved and nobody goes to prison.  It's impossible Fort Knox has over 2000 tons of gold in it (more likely probably 0), so they might be trying to distract people from buying metals by creating a bitcoin bubble.  China and Russia are both in the process of re-monetizing gold though, so if the US is pushing that scam strategy, it's going to blow up in their face anyway.

In case anyone forgot about Bitfinex's lies about their "hack", I screenshotted and documented the whole thing as it occurred.  The first picture in the second link also shows you how obvious it is Bitfinex price is controlled entirely by a single entity with a high probability of being the staff themselves:

http://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

http://steemit.com/money/@r0achtheunsavory/the-r0ach-report-vol-3-bitfinex-scamming-intensifies-and-more-on-the-silver-and-gold-markets

[gembitz]

Why buy that much fiat all at once? Why not just buy as much as you need as you go along.

I'd rather be retired with as much Bitcoin as possible growing in cold storage far more than a bunch of crumbling dollars in some bank account.

If you need to buy a new car, or some  real estate, or simply some cash to party with, by all means spend some coins as need be.

Otherwise it makes more sense to just continue holding.

What if Bitcoin implodes and goes down to zero? What then? I think his approach is smarter, as he is guaranteed to enjoy the rest of his life with his $2m, even if Bitcoin disappears. And he is still left with more than 600 BTC for the future.

What if the dollar implodes and goes down to zero? It's probably as likely as Bitcoin imploding and going to zero, although both are extremely unlikely.

I can see hedging your bet by spending some coins on appreciating assets like businesses, land, or other means of production.

Fiat currency doesn't appreciate. It's a depreciating asset.

I do hope you're right about Bitcoin going to zero being extremely unlikely. If Bitcoin's value keeps increasing, then it's obvious that your strategy makes the most sense and guarantees maximum profitability, and also low to zero taxation for those of us with modest needs, as the conversion to fiat can be kept to a minimum and only when needed. Also, converting large amounts of BTC to fiat has its own problems. Do we trust the banks to hold our fiat? What if there's a bail-in, as it has already happened in Cyprus? Then there's the depreciation of fiat due to inflation.

All these are valid reasons not to liquidate, and follow your strategy, provided Bitcoin keeps rising (or, at least, not dropping) in value. I hope Bitcoin has a bright future, but no one can know for sure, hence my conservative reply to BobLawblaw's post.

Indeed, there's a risk with everything. Even land can become unusable under certain circumstances. Banks can default and businesses can fail.

Risk reduction through diversification is a good thing. Fiat currency is just something I choose not to invest too much into.
_______

When I finally spend some of my hard-earned Bitcoin, I plan on buying land and and new implanted teeth and paying off what the taxman thinks I owe them. That would total more than what I spent to acquire all my coins. Then my entire stash would be gravy. That might be as early as January.

I've already arranged to buy the land with Bitcoin. I'm hoping the dental tourism clinic will accept Bitcoin as well. That just leaves the Canada Revenue Agency to be paid in dollars, so I guess I'll have to buy enough to pay them.

 

#bitcoin dentist

weeeeeeeeeeeeeeeee

[gembitz]

But a wildcard that I'm expecting is the implosion of Finex.

Agree 100%.  Like I said 1000x times before, the bitcoin price has mostly been controlld by a SINGLE ENTITY on Bitfinex ever since it was $200.  If a market is almost entirely controlled by one person, it's not a market, it's a fucking scam.  There is obviously very shady shit going on at Finex ever since they stole all those bitcoins during the halving then claimed they were "hacked".  

All I hope for is that someone at Bitfinex goes to prison when this bitcoin bubble eventually implodes, except I wouldn't discount the idea that it's possible someone from Goldman Sachs or the US govt is involved and nobody goes to prison.  It's impossible Fort Knox has over 2000 tons of gold in it (more likely probably 0), so they might be trying to distract people from buying metals by creating a bitcoin bubble.  China and Russia are both in the process of re-monetizing gold though, so if the US is pushing that scam strategy, it's going to blow up in their face anyway.

8K lucky~here yee >.>u r all controlled by a monkey! :-D weeeeeee

[conspirosphere.tk]

Predictions: 16K by 2018, 100K by 2025. What do you guys think?

For the moment it looks like we need a correction soon even on the long term log chart.

[FractalUniverse]

Agree 100%.  Like I said 1000x times before, the bitcoin price has mostly been controlld by a SINGLE ENTITY on Bitfinex ever since it was $200.  If a market is almost entirely controlled by one person, it's not a market, it's a fucking scam.  There is obviously very shady shit going on at Finex ever since they stole all those bitcoins during the halving then claimed they were "hacked".

u r all controlled by a monkey! :-D weeeeeee

[micalith]

up or down from here debate across the internet is getting intense. I like this pitch here:

 https://twitter.com/cryptopicasso/status/927159979559280640

[Ted E. Bare]

I'm holding forever but I have to admit this went up quick!

[gembitz]

Agree 100%.  Like I said 1000x times before, the bitcoin price has mostly been controlld by a SINGLE ENTITY on Bitfinex ever since it was $200.  If a market is almost entirely controlled by one person, it's not a market, it's a fucking scam.  There is obviously very shady shit going on at Finex ever since they stole all those bitcoins during the halving then claimed they were "hacked".

u r all controlled by a monkey! :-D weeeeeee

got tokens? ===> who is pumping NXT? :-D weeee


https://poloniex.com/exchange#btc_nxt

[Meuh6879]

I can't see any scenario right now where SegWit would get deprecated, at least in the foreseeable future.

indeed, segwit address rise ...

[Last of the V8s]

[Vin]

Thats all? I thought there were even more 

[Last of the V8s]

[img  width=445]https://i.imgur.com/tp2tAn3.jpg[/img][img  width=345]https://i.imgur.com/98Ly1Ro.jpg[/img]

Thats all? I thought there were even more  

in 2 weeks (tm) (r) (*)

[Torque]

So someone clue me in on what's going on with the hashrate?

[conspirosphere.tk]

https://i.imgur.com/98Ly1Ro.jpg

It lacks my favorite: Bitcore (BTX).

[Meuh6879]

God only knows what Bitcorn is going to do between now and then...

but mathematics are not my science, Bro ...

[Meuh6879]

What if Bitcoin implodes and goes down to zero?

[Last of the V8s]

So someone clue me in on what's going on with the hashrate?

https://fork.lol/pow/hashrate
same old?

[Torque]

https://fork.lol/pow/hashrate
same old?

No, I mean the estimated next difficulty drop of -24.87% in seven days. Is this chart off?

https://bitcoinwisdom.com/bitcoin/difficulty

[Last of the V8s]

https://fork.lol/pow/hashrate
same old?

No, I mean the estimated next difficulty drop of -24.87% in seven days

https://bitcoinwisdom.com/bitcoin/difficulty

bitcoinwisdom algo completely caput for some weeks now. fubar

afaik there's no good next diff estimator out there except doing it oneself...