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

[infofront]

So has anyone here actually treated themselves to anything after passing an arbitrary milestone?

I bought myself a laptop for Christmas to replace my 7 year old one. I didn't sell any bitcoins though.

I'm thinking about maybe taking some profit at 100K. Although, when bitcoin was 1K I probably said I'd take some profit at 10K.

I took my wife out to dinner last night to the best steakhouse in town.  They asked if we were celebrating anything.  I put "celebrating Bitcoin hitting $10,000" on the online reservation system.  I also mentioned this to everyone that asked us.  Not one person knew what the hell I was talking about.

Sigh

Don't sweat it. The restaurant staff is organising a home invasion as I type.

LMAO. I was thinking about the same thing as I read that.

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[gembitz]

Im expecting a dip down to maybe 9800-10200 followed by s recovery back to here. Start to form a month long bullish Penant before a big break up

keep saying it over and over>.>it must come true :-D lel

[Ludwig Von]

So has anyone here actually treated themselves to anything after passing an arbitrary milestone?

http://50years-u87.neumann.com/ - Fucking Rhodium Plated !!!
https://www.sweetwater.com/store/detail/VT737SP

Nothing as Neumann in the studio... .

[TERA2]

[Rosewater Foundation]

For anyone other than Bitmain to spam Bcash they'd have to buy it and kiss it goodbye forever as no one other than Bitmain is mining it.

https://cash.coin.dance/blocks/today

No one even bothers to spam them with 0 fee transactions?

Save your breath. Jbreher isn't looking for the truth, and he doesn't give a toss about decentralization.

Incorrect on both counts. I value the truth very highly, and I find your definition of centralization (well, your _apparent_ definition of centralization, as you refuse to define it) as useless.

As evidence, see the following:

As long as nobody who desires to mine is forcibly barred from mining, then the mining is by definition decentralized. At least as far as can be said for voluntary action.

Force has nothing to do with it.

It's hopeless. His game is nothing but misdirection. Doesn't give a toss.

[infofront]

I got this from another thread. It was originally posted by someone on /r/bitcoin:

I thought I’d share some of my stock market knowledge to help my fellow HODLers get a perspective on the CME futures that will be launching soon.
First let me explain a bit of history: in 1982 CME group launched futures on the S&P500.
What happened next? The stock market went on a spectacular run for 5 years until it eventually crashed in 1987.
Why does this matter for Bitcoin? Because I believe a similar story is about to unfold. This story is the fundamental story about adding leverage to a new underlying asset.
Bitcoin is a relatively “unleveraged” asset as compared to other financial assets. It’s new, it’s untainted. This is significant because of the mechanics of market prices and the future potential of market prices.

When something enters a levering stage, like Bitcoin is about to, the mechanics of the market are HEAVILY weighted to the buy side and not the sell side. Why? Because to be a seller you MUST be a previous buyer (or if you’re shorting, the supply comes from a previous buyer). This may sound weird, but the potential capacity to sell is a function of those who previously bought. This is why in an early market like Bitcoin it’s very hard for it to consistently fall as there’s not a lot of buyers yet built into the price. It takes years and years of accumulation and volatility to create a normalized market. When it’s new, especially pre leverage, it’s very easy to bid it up.
When the CME futures are added, it will likely lead to spectacular rallies, but you need to arm yourself with the knowledge that the eventual buying will plant the seeds of the future capacity to panic.

This is what happened in 1987: The stock market had a 3 day wipeout of over 22%. It took 5 years to develop the buy side enough to create the conditions for panic. This was caused by the CME futures in 1982.
Even since 1987, there has never been a crash of similar magnitude, because that initial levering stage was eventually normalized and a healthy market now exists on both bid side and ask side (sell side).

Why do I tell you this? I want to arm you with expectations to keep your wits when it all goes down. The crash on Bitcoin will likely be of many magnitudes deadlier than the stock market. We just had a 29% correction and it was frankly less than the last two. 20-40% corrections are standard in Bitcoin. When we have the futures levered crash, it’ll likely be 50-60%+. This will be hard on your psychological commitment. Prices do funny things to people’s perception, just like how BCH rose and now suddenly everyone thinks it’s a BTC contender. (Nothing’s changed, price was just pumped up and psychology affected.)

So first thing: prepare for that eventual crash, I suspect it’ll take 1-3 years to create the conditions for an extreme sell side due to leveraging. This sell will start and accelerate, hitting stop losses and margin calls, which is “mechanical selling”. The mechanical selling (forced selling) will cascade and create a feedback loop where more margin calls are hit, more stop losses, etc etc until almost all profits of the last year or 2 are wiped. Combined with the emotional panic caused by extreme falling prices, it will make people think Bitcoin isn’t real and abandon it.

Next thing: the 1987 crash, while devastating in many ways, was completely recovered by the stock market in 8 months. Seriously! The worst crash ever was repaired in 8 months and the market has been much more healthy since then. It is up dramatically since those days, and that crash was just a blip on the screen.
The same will happen with Bitcoin, but my fear is that crash will be worse than even wallsteeters can handle, and it may shake you HODLers to the core.
But if you understand that the powerful selling is just a function of the leveraged previous buying, it’s just fundamentally an opportunity.
I will ride this hard as we lever up, and after an extreme period of euphoria, when Bitcoin is on every front page, when every HODLer owns a mansion, when your government-loving socialist neighbour is asking for your help converting money to Bitcoin, I’ll be lightening up heavily, waiting for the crash. I will bet everything at the bottom of the crash, and sail off into the sunset a crypto-god.

Good luck guys. I hope you weather the next 1-3 years with great savvy.

[arklan]

Wow, great post there. I'll believe it, too. This whole futures thing is going to be a wild ride.

[Rosewater Foundation]

If you like carnage and destruction. Sounds like a blast that.

[babanana]

Why would you buy futures when you can purchase the actual bitcoin?

Its true someone/group are accumulating and price drop attempt has been negated by another purchaser. The CME group are going to sell nothing. They wont matter.

[gembitz]

Wow, great post there. I'll believe it, too. This whole futures thing is going to be a wild ride.

is nxt satoshis' coin too? :-D lol

[hazukison]

I love how your all online shopping for teslas n lambos while I'm sitting here on my 0.44 btc hoping for it to hit 25k or something crazy to make my life alittle smeg easier than living pay check to pay check 😂😪

[xhomerx10]

So has anyone here actually treated themselves to anything after passing an arbitrary milestone?

http://50years-u87.neumann.com/ - Fucking Rhodium Plated !!!
https://www.sweetwater.com/store/detail/VT737SP

 Wow!  I was just watching how those microphones are made on How it's Made!  Those things are pricey.

[explorer]

I love how your all online shopping for teslas n lambos while I'm sitting here on my 0.44 btc hoping for it to hit 25k or something crazy to make my life alittle smeg easier than living pay check to pay check 😂😪

Better hump that pay check for a few more years, and wait for a couple more orders of magnitude.

[infofront]

I love how your all online shopping for teslas n lambos while I'm sitting here on my 0.44 btc hoping for it to hit 25k or something crazy to make my life alittle smeg easier than living pay check to pay check 😂😪

Keep HODLing. Worst case scenario is that you're no worse off than you are now. Best case scenario is that 0.44 BTC will purchase you a few lambos and teslas.

[explorer]

I love how your all online shopping for teslas n lambos while I'm sitting here on my 0.44 btc hoping for it to hit 25k or something crazy to make my life alittle smeg easier than living pay check to pay check 😂😪

Keep HODLing. Worst case scenario is that you're no worse off than you are now. Best case scenario is that 0.44 BTC will purchase you a few lambos and teslas.

[Nods Wisely] Diversify.

[Rosewater Foundation]

This could well have been written about me.

I'm not saying that it is always absolutely wrong to have 90% of your assets in BTC or whatever, but it should be because you are intentionally choosing to do so, not because the price got away from you and you never really considered that you now have 90% of your wealth riding on one thing.

https://www.reddit.com/r/Bitcoin/comments/7gi55s/dont_invest_recklessly/

I'm spooked again.

[gentlemand]

This could well have been written about me.

I'm not saying that it is always absolutely wrong to have 90% of your assets in BTC or whatever, but it should be because you are intentionally choosing to do so, not because the price got away from you and you never really considered that you now have 90% of your wealth riding on one thing.

https://www.reddit.com/r/Bitcoin/comments/7gi55s/dont_invest_recklessly/

I'm spooked again.

All good stuff but the bit about a $100,000 price signifying the end of conventional economics is a bit daffy. It could get there tomorrow afternoon with enough pissheads and exchange outages and the world would carry on turning just as it was today.

[Rosewater Foundation]

This could well have been written about me.

I'm not saying that it is always absolutely wrong to have 90% of your assets in BTC or whatever, but it should be because you are intentionally choosing to do so, not because the price got away from you and you never really considered that you now have 90% of your wealth riding on one thing.

https://www.reddit.com/r/Bitcoin/comments/7gi55s/dont_invest_recklessly/

I'm spooked again.

All good stuff but the bit about a $100,000 price signifying the end of conventional economics is a bit daffy. It could get there tomorrow afternoon with enough pissheads and exchange outages and the world would carry on turning just as it was today.

I'm legitimately concerned about the possibility that Wall St. is setting us up for a big short. If 2014 taught us anything, there's just as much money to be made on the way down. And those guys don't give a toss.

[gentlemand]

I'm legitimately concerned about the possibility that Wall St. is setting us up for a big short. If 2014 taught us anything, there's just as much money to be made on the way down. And those guys don't give a toss.

In Wall St. terms the way down from here is chicken feed. And a mega short right now could well kill things stone dead for a long, long time. I wonder what Wall St. would've done with a $250 Bitcoin that didn't move for months. Sod all probably.

The head room is borderline infinite. And they'd be better off letting that run before walloping things when they can take it better.

[Rosewater Foundation]

I'm legitimately concerned about the possibility that Wall St. is setting us up for a big short. If 2014 taught us anything, there's just as much money to be made on the way down. And those guys don't give a toss.

In Wall St. terms the way down from here is chicken feed. And a mega short right now could well kill things stone dead for a long, long time. I wonder what Wall St. would've done with a $250 Bitcoin that didn't move for months. Sod all probably.

The head room is borderline infinite. And they'd be better off letting that run before walloping things when they can take it better.

Interesting point.