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

[OWZ1337]

It’s not a shitty precious metal either that you can shovel out of the ground as soon as the price rises.

It looks like you have no understanding of the energy industry.  The only reason there was an enormous amount of metals being mined in the 20th century compared to all previous ones is because it was just a process of arbing excess energy that wasn't vital to keep nations running.  But now the energy industry as a whole has virtually given up funding to find new sources (maybe because they already took just about every low hanging fruit possible).  We are entering something resembling a Seneca cliff in the oil industry.

The only reason oil is plentiful right now in the US (and thus the price is low) is because enormous amounts of production increased lately that's almost entirely low grade shale/tar sand type stuff.  These alternative oil sources that are coming to market aren't even being done so at a profit.  They are losing money doing so.  How does it continue then?  There's lots of bad investment in the energy sector that has not toppled down and collapsed yet, but will because they are not making profits.  Or you can take the conspiracy route and think the US govt just prints money and gives it to them to subsidize the energy industry so it doesn't collapse (which is also possible since corporate welfare happens all the time).

Regardless, the era of having endless amounts of excess oil and energy to arb into bringing metals out of the ground is mostly over.  There will either be energy shortages from a Seneca cliff and no metals coming out of the ground, or energy prices will go to the moon, and since the price of oil makes up the vast majority of metals prices, metals go with them.  Here's a good chart to show the correlation of oil and metals.  Due to the bankers constantly naked shorting metals down to cost of production to try and suppress them and prop up the dollar, they act mostly as an energy futures contract until the global banker monopoly fix ends:

while i steal natural gas from the center of the earth to power my asics ~ iceland is mostly vikingzzz ha

[Rosewater Foundation]

Did we just double top? Isn't that bad?

[d_eddie]

Did we just double top? Isn't that bad?

It looks like sideways-downward. A small dip incoming maybe? Ready for reasonably priced corn (not really cheap, it seems).

[Rosewater Foundation]

Did we just double top? Isn't that bad?

It looks like sideways-downward. A small dip incoming maybe? Ready for reasonably priced corn (not really cheap, it seems).

IDK. Setting up a digital corn wallet is such a technical burden. I may have to call a teenager.

[ragnar0k]

It’s not a shitty precious metal either that you can shovel out of the ground as soon as the price rises.

It looks like you have no understanding of the energy industry.  The only reason there was an enormous amount of metals being mined in the 20th century compared to all previous ones is because it was just a process of arbing excess energy that wasn't vital to keep nations running.  But now the energy industry as a whole has virtually given up funding to find new sources (maybe because they already took just about every low hanging fruit possible).  We are entering something resembling a Seneca cliff in the oil industry.

The only reason oil is plentiful right now in the US (and thus the price is low) is because enormous amounts of production increased lately that's almost entirely low grade shale/tar sand type stuff.  These alternative oil sources that are coming to market aren't even being done so at a profit.  They are losing money doing so.  How does it continue then?  There's lots of bad investment in the energy sector that has not toppled down and collapsed yet, but will because they are not making profits.  Or you can take the conspiracy route and think the US govt just prints money and gives it to them to subsidize the energy industry so it doesn't collapse (which is also possible since corporate welfare happens all the time).

Regardless, the era of having endless amounts of excess oil and energy to arb into bringing metals out of the ground is mostly over.  There will either be energy shortages from a Seneca cliff and no metals coming out of the ground, or energy prices will go to the moon, and since the price of oil makes up the vast majority of metals prices, metals go with them.  Here's a good chart to show the correlation of oil and metals.  Due to the bankers constantly naked shorting metals down to cost of production to try and suppress them and prop up the dollar, they act mostly as an energy futures contract until the global banker monopoly fix ends:

I am sure silver and gold will be worth a lot once Elon (or Virgin?) will make civilian space ships. I mean, gold and silver are so scarce in space.

[GreekGeek]

I am sure silver and gold will be worth a lot once Elon (or Virgin?) will make civilian space ships. I mean, gold and silver are so scarce in space.

Wood is more scarce than gold and silver is space...

[Rosewater Foundation]

I am sure silver and gold will be worth a lot once Elon (or Virgin?) will make civilian space ships. I mean, gold and silver are so scarce in space.

Wood is more scarce than gold and silver is space...

There's a space pill for that now.

[gentlemand]

Wood is more scarce than gold and silver is space...

Are we sure?

http://avp.wikia.com/wiki/Alien_III_(Vincent_Ward)

[HairyMaclairy]

Go buy shares in Shell then or Texan wildcats. But a boom in PMs is laughable.  

I worked with a company that could drop a full gold plant into the Burmese jungle (or anywhere else) for US$20 million.  That’s cheap enough that any moron can do it.    And unlike coal, you don’t have build a rail line at $2 million per mile to get the product out.

[gentlemand]

Bleh. Finally decided to apply to Genesis and Bitstamp, in addition to Gemini.

Having one really fucking bad time trying to pull out lots of cash from Coinbase. Not sure what's going on over there. Applied for an increased limit, and updated tickets asking "WTF ?"

Their support is fucking shameful.

I imagine it's like a scene out of "Boiler Room" or something...

I'm dead curious to hear what Genesis is like. Let us know. Bitstamp will ask for a sample of your colonic cells. And freeze you anyway.

[Rosewater Foundation]

Ahhahaha. Good gawd.
https://www.youtube.com/watch?v=nihzliIDWpY&feature=youtu.be

[gentlemand]

Ahhahaha. Good gawd.
https://www.youtube.com/watch?v=nihzliIDWpY&feature=youtu.be

Nice to see him getting out for some fresh air.

[Heater]

Ahhahaha. Good gawd.
https://www.youtube.com/watch?v=nihzliIDWpY&feature=youtu.be

Nice to see him getting out for some fresh air.

So he only invested $25k and now we have to listen to him? SAD!

What a scam artist.

[gentlemand]

So he only invested $25k and now we have to listen to him? SAD!

What a scam artist.

I listen to him because he gives me a stipend. Try asking for one too. No strings attached apart from occasional nods and grunts of acknowledgement.

Oh, and every six months you're contracted to gather a screaming crowd to mob him when he flies into Tokyo.

[Rosewater Foundation]

Seeing the giant disembodied head of Roger Ver on CNBC is about as bad as it gets. I should be numb to it by now, but I ain't.

[Heater]

As predicted, the above infographic was not only stupid, it was totally wrong.

[bitserve]

He only bought 25000 BTC? Or is it just his first purchase?

What really upsets me is not that he shills Bcash over Bitcoin, he has every right to do it.... but blatantly lying with things like "hundreds of dollars fees" or delays even for weeks?

[Heater]

So he only invested $25k and now we have to listen to him? SAD!

What a scam artist.

I listen to him because he gives me a stipend. Try asking for one too. No strings attached apart from occasional nods and grunts of acknowledgement.

Oh, and every six months you're contracted to gather a screaming crowd to mob him when he flies into Tokyo.

This is what keeps me coming back to this thread  :-)

[RayX12]

[......]

As predicted, the above infographic was not only stupid, it was totally wrong.

As more millionaires, investment funds, countries, and all rich and poor people in the connected world want a piece of BTC the demand will continue to rise.

If wall street wants to crush it, they may end up crushed themselves by the underling buying support.

Dont sell your BTC  HODL it now more than ever.    

[bones261]

He only bought 25000 BTC? Or is it just his first purchase?

What really upsets me is not that he shills Bcash over Bitcoin, he has every right to do it.... but blatantly lying with things like "hundreds of dollars fees" or delays even for weeks?

Yes, and it appears his friend, Jihan Wu is sticking it to the people using their Hashnest cloud mining. They set a really lowball fee for BTC withdrawals, so it is taking days for people's withdrawals to finally get confirmed. It appears Bitmain's response to a support ticket is that their transaction fee is fixed at 20,000 sats.

https://bitcointalk.org/index.php?topic=766448.5104

Also, look what "signal" Bitcoin.com pool(operated by Ver) is putting out, lately, to the blocks they mine for BTC.
    

/pool.bitcoin.com/Use/Bitcoin/Cash/