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

[becoin]

Dat selloff...

OMG bitcoin is done. Sell everything.

[Torque]

So let me get this straight.

The CME Group is supposed to launch Bitcoin futures trading on Nov 14th. Then, "The Idiots Who Shall Not Be Named" are set to launch SegWit2x on Nov 16th.

And everyone thinks this timing is nothing more than coincidental??  

I asked myself the same question. Now a plausible explanation maybe is to cause a massive shake-out... .

also the bitcoin cash jokers at the same time:
https://www.bitcoinabc.org/november
Bitcoin ABC has published version 0.16.0 which contains an updated Difficulty Adjustment Algorithm (DAA).  

This is a change to the Bitcoin Cash consensus rules, but the change does not activate until November 13th.  This is a hard fork, so exchanges, wallets, and other software need to upgrade before November 13th.

How comical.

And I suppose they'll time the big drop with SegWit2x FUD, some Goldman Sachs Elliott Wave bullshit chart showing it heading back to $4k, along with trotting out another elitist big bankster Jamie Dimon-wannabe calling Bitcoin "pure fraud tulip bulbs", and perfectly timed with Japan doing an about-face and deciding to ban Bitcoin.  

All on the same day.

[doc12]

So let me get this straight.

The CME Group is supposed to launch Bitcoin futures trading on Nov 14th. Then, "The Idiots Who Shall Not Be Named" are set to launch SegWit2x on Nov 16th.

And everyone thinks this timing is nothing more than coincidental??  

I asked myself the same question. Now a plausible explanation maybe is to cause a massive shake-out... .

also the bitcoin cash jokers at the same time:
https://www.bitcoinabc.org/november
Bitcoin ABC has published version 0.16.0 which contains an updated Difficulty Adjustment Algorithm (DAA).  

This is a change to the Bitcoin Cash consensus rules, but the change does not activate until November 13th.  This is a hard fork, so exchanges, wallets, and other software need to upgrade before November 13th.

How comical.

And I suppose they'll time the big drop with SegWit2x FUD, some Elliot Wave bullshit chart showing it heading back to $4k, along with trotting out another elitist big bankster Jamie Dimon-wannabe calling Bitcoin "pure fraud tulip bulbs", and perfectly timed with Japan doing an about-face and deciding to ban Bitcoin.  

All on the same day.

Oh my ... this is not an unrealistic scenario.   You forgot china banning all mining operations...

[vroom]

So let me get this straight.

The CME Group is supposed to launch Bitcoin futures trading on Nov 14th. Then, "The Idiots Who Shall Not Be Named" are set to launch SegWit2x on Nov 16th.

And everyone thinks this timing is nothing more than coincidental??  

I asked myself the same question. Now a plausible explanation maybe is to cause a massive shake-out... .

also the bitcoin cash jokers at the same time:
https://www.bitcoinabc.org/november
Bitcoin ABC has published version 0.16.0 which contains an updated Difficulty Adjustment Algorithm (DAA).  

This is a change to the Bitcoin Cash consensus rules, but the change does not activate until November 13th.  This is a hard fork, so exchanges, wallets, and other software need to upgrade before November 13th.

How comical.

And I suppose they'll time the big drop with SegWit2x FUD, some Elliot Wave bullshit chart showing it heading back to $4k, along with trotting out another elitist big bankster Jamie Dimon-wannabe calling Bitcoin "pure fraud tulip bulbs", and perfectly timed with Japan doing an about-face and deciding to ban Bitcoin.  

All on the same day.

Oh my ... this is not an unrealistic scenario. 

And bitcoin will just don't give a sh* and spike up to 10k!! weee?

[toknormal]

It will go down and then up, except more up than down.

Forks will be no more than splinters cos investors just want their product free of suffixes.

[Wekkel]

Bitcoin will not care about what happens to its price.



Manipulators' actions won't persuade me from holding until we reach market extremes again. We are not at extremes yet.

[marcus_of_augustus]

Apparently you need to hard fork now! twice in 4 months to stay true to Satoshi's Vision.

We should ask jbreher what is next for the one true coin, if he has been having visions of divine inspiration for the next hard fork now! instructions being bought down from the mountain.

So let me get this straight.

The CME Group is supposed to launch Bitcoin futures trading on Nov 14th. Then, "The Idiots Who Shall Not Be Named" are set to launch SegWit2x on Nov 16th.

And everyone thinks this timing is nothing more than coincidental??  

also the bitcoin cash jokers at the same time:
https://www.bitcoinabc.org/november
Bitcoin ABC has published version 0.16.0 which contains an updated Difficulty Adjustment Algorithm (DAA).  

This is a change to the Bitcoin Cash consensus rules, but the change does not activate until November 13th.  This is a hard fork, so exchanges, wallets, and other software need to upgrade before November 13th.

[_javier_]

is this the healthy correction?

c`mon!!!  try harder

[lightfoot]

It's down .2%???

Fuck, time to look at Trabants.

[jbreher]

. Not one investor is remotely interested in blocksize, capacity or any other monetary vehicular niceties any more.

You might want to check that braggadocio. Other than the fact that your absolutest statement is demonstrably false, your position is reminiscent of Democrat party operatives a year ago.

[Torque]

. Not one investor is remotely interested in blocksize, capacity or any other monetary vehicular niceties any more.

You might want to check that braggadocio. Other than the fact that your absolutest statement is demonstrably false, your position is reminiscent of Democrat party operatives a year ago.

Ok, so why don't you prove/demonstrate that his statement is false instead of being the snarky troll you always are.

[LewisPirenne]

It's hard to notice this, even harder to explain. You can set it if you go to: http://statoshi.info/dashboard/db/mining and then choose "Last 7d" or "Last 30d" upper right. It looks like someone is turning enormous amount of mining power on and off the BTC chain, looks like randomly. I bet this is the cause of Bitcoinwisdom's difficulty prediction algorithm to go nuts.

It is just the effect of hashrate leaving for BCH chain when EDA manipulation or price pump makes it more profitable to mine BCH chain.  Various Chinese pools such as VIABTC and BTC.TOP already sets the autopilot for jumping chain depending on relative profitability.  This can lead to 30%~40% of hashrate leaving BTC chain.  This often coincides with spam attack to bloat the mempool, with some tx paying 400+ satoshi/byte, i.e. 1 mbtc for fee on standard 225 byte tx and a few satoshi leftover as dust.  
https://blockchain.info/address/1FLDCfr9iG7n6bAdGsqBXmhaLgC4aSze72

However, BTC went UP during all these time, further proving that people don't give a damn about tx fees or mass adoption or payment utility, at least the whales who can move price don't.  

[Ludwig Von]

It's down .2%???

Fuck, time to look at Trabants.

Humm, a slightly romanticized post era version... . (As the owner too) :-)

[yefi]

wisdom has been on autopilot for like a year

It's a shame the guy's abandoned it. For many of us, it's been the go-to site since the days of Clarkmoody.

[jbreher]

We should ask jbreher what is next for the one true coin,

It's already been discussed upthread. A hard fork to improve the difficulty adjustment algorithm.

Oh - by the way, the term is The One True Bitcoin^[tm]

[jbreher]

. Not one investor is remotely interested in blocksize, capacity or any other monetary vehicular niceties any more.

You might want to check that braggadocio. Other than the fact that your absolutest statement is demonstrably false, your position is reminiscent of Democrat party operatives a year ago.

Ok, so why don't you prove/demonstrate that his statement is false instead of being the snarky troll you always are.

Jeeze, thanks for the low hanging fruit.

I am an investor. I am interested in block size. Ergo, claim is demonstrated as false.

Thanks for playing. We have a lovely consolation prize for you backstage.

[Torque]

. Not one investor is remotely interested in blocksize, capacity or any other monetary vehicular niceties any more.

You might want to check that braggadocio. Other than the fact that your absolutest statement is demonstrably false, your position is reminiscent of Democrat party operatives a year ago.

Ok, so why don't you prove/demonstrate that his statement is false instead of being the snarky troll you always are.

Jeeze, thanks for the low hanging fruit.

I am an investor. I am interested in block size. Ergo, claim is demonstrated as false.

Thanks for playing. We have a lovely consolation prize for you backstage.

Hahahahahahaa!!! So you think by "investor" that he meant a scrub like you?  

Wow, you're so brilliant! What a mastermind you are! How could anyone compete with such intellect??!

[itod]

It's hard to notice this, even harder to explain. You can set it if you go to: http://statoshi.info/dashboard/db/mining and then choose "Last 7d" or "Last 30d" upper right. It looks like someone is turning enormous amount of mining power on and off the BTC chain, looks like randomly. I bet this is the cause of Bitcoinwisdom's difficulty prediction algorithm to go nuts.

It is just the effect of hashrate leaving for BCH chain when EDA manipulation or price pump makes it more profitable to mine BCH chain.  Various Chinese pools such as VIABTC and BTC.TOP already sets the autopilot for jumping chain depending on relative profitability.  This can lead to 30%~40% of hashrate leaving BTC chain.  This often coincides with spam attack to bloat the mempool, with some tx paying 400+ satoshi/byte, i.e. 1 mbtc for fee on standard 225 byte tx and a few satoshi leftover as dust.  
https://blockchain.info/address/1FLDCfr9iG7n6bAdGsqBXmhaLgC4aSze72

However, BTC went UP during all these time, further proving that people don't give a damn about tx fees or mass adoption or payment utility, at least the whales who can move price don't.  

Pardon my ignorance, what is "EDA manipulation"?

It's difficult to comprehend the size of these schemes. When you look at https://coinmarketcap.com/currencies/bitcoin-cash/#markets, it's mind boggling to see 0.7 - 0.8 Billion US$ per day (through fiat, not BTC) moved to a shitcoin like BCH, mostly through South Korean currency (KRW). How can this be done without some kind of government cooperation?

[xhomerx10]

Emergency Difficulty Adjustment

[BlindMayorBitcorn]

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.

Jimbo! January is too soon. I don't even have a boat yet!