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

[realr0ach]

I think it may be time for some retaliation attacks against Wu and Antpool who have demonstrably become malicious miners, attacking the bitcoin network.

They are withholding blocks, spamming the network to drive up fees and being a general nuisance to the point that if they were excluded from the mining network it would do more good than harm to bitcoin. They are doing everything in their power to subvert the network, without performing the 51% attack which they may actually be capable of.

In other words, you're doing an insane amount of mental gymnastics to try and dodge admitting bitcoin is completely centralized and there is no fixing it?  I already talked about why it's not fixable, because anyone that can create a miner and have it spit out rewards to you while on cruise control without you doing anything is the same thing as INTEREST.  Then instead of one man one vote, you get to scale your interest generating machine to one man infinite votes.  The only way to stop that would be forcing people to do manual labor to solve blocks (captchas), but people would just create bots to solve the captchas and you're back to square one.

[LewisPirenne]

So $150,000,000 isn't considered "filthy rich"?

There are quite a number of people who can make 100+ mio in a single year, let alone their net worth.  There is also this bitcoiner who had just donated like $100 million to charity.  That dude is probably somewhat rich, but definitely not "filthy".  

[JayJuanGee]

So here it is, perhaps 12 levels could accommodate most of us and show some progression in our financial well-being (especially if we did the right thing in regards to buying, accumulating and hodling bitcoin):

First we start at:

1. supported by the parents [ 0 BTC ]

2. living paycheck to paycheck  [ 0-1 BTC ]

3. having a bit of a reserve and using that reserve to invest in bitcoin [ 1-3 BTC ]

4. getting by with a cushion [ 3-5 BTC ]

5. comfortable [ 5-10 BTC ]

6. sassy and splurging a bit [ 10-15 BTC ]

7. well off [ 15-30 BTC ]

8. feeling rich, but not yet there [ 30-100 BTC ]

9. moderately rich [ 100-250 BTC ]

10. rich [ 250-1000 BTC ]

11. this is gentlemen [ 1000-10000 BTC ]

12. filthy rich [ 10000+ BTC ]

I've added some values, and made some slight changes to the order and naming. Removed "wealthy", as it conveys a different meaning and I believe it should not appear in the list. This is how I see it, based on my own perception of wealth status, and based on one's current BTC holdings. I'm sure each of us would use different amounts of BTC for each category...

The remarkable thing about Bitcoin is that in 12 months from now you can remove one least significant digit from each value range, and the list will still hold true!

Whoaza!!!!! 

Great contribution.  Like you suggested, I do think that it is a bit problematic to value this in number of BTC - and perhaps a dollar value would be a better indicator.. even though I recognize that the dollar is inflationary and bitcoin is deflationary and since bitcoin seems to remain in an extraordinary price finding period, the values seem likely to change a lot more by placing them into bitcoin rather than into dollars.

[somac.]

All coins up big and BTC still at the same level. Can't wait till the alt-money is gonna be dumped into BTC. 

That's what I'm waiting for, but, I'm slightly concerned that we won't make it back up to 60% BTC dominance level that we were at the other week, and that we will just drift lower from here. It got down to the 30s earlier in the year, and I'd rather it not go back there.

[CristiTCM]

So here it is, perhaps 12 levels could accommodate most of us and show some progression in our financial well-being (especially if we did the right thing in regards to buying, accumulating and hodling bitcoin):

First we start at:

1. supported by the parents [ 0 BTC ]

2. living paycheck to paycheck  [ 0-1 BTC ]

3. having a bit of a reserve and using that reserve to invest in bitcoin [ 1-3 BTC ]

4. getting by with a cushion [ 3-5 BTC ]

5. comfortable [ 5-10 BTC ]

6. sassy and splurging a bit [ 10-15 BTC ]

7. well off [ 15-30 BTC ]

8. feeling rich, but not yet there [ 30-100 BTC ]

9. moderately rich [ 100-250 BTC ]

10. rich [ 250-1000 BTC ]

11. this is gentlemen [ 1000-10000 BTC ]

12. filthy rich [ 10000+ BTC ]

I've added some values, and made some slight changes to the order and naming. Removed "wealthy", as it conveys a different meaning and I believe it should not appear in the list. This is how I see it, based on my own perception of wealth status, and based on one's current BTC holdings. I'm sure each of us would use different amounts of BTC for each category...

The remarkable thing about Bitcoin is that in 12 months from now you can remove one least significant digit from each value range, and the list will still hold true!

I'm at level 2. Struggling to get to level 3 😯

[JayJuanGee]

So here it is, perhaps 12 levels could accommodate most of us and show some progression in our financial well-being (especially if we did the right thing in regards to buying, accumulating and hodling bitcoin):

First we start at:

1. supported by the parents [ 0 BTC ]

2. living paycheck to paycheck  [ 0-1 BTC ]

3. having a bit of a reserve and using that reserve to invest in bitcoin [ 1-3 BTC ]

4. getting by with a cushion [ 3-5 BTC ]

5. comfortable [ 5-10 BTC ]

6. sassy and splurging a bit [ 10-15 BTC ]

7. well off [ 15-30 BTC ]

8. feeling rich, but not yet there [ 30-100 BTC ]

9. moderately rich [ 100-250 BTC ]

10. rich [ 250-1000 BTC ]

11. this is gentlemen [ 1000-10000 BTC ]

12. filthy rich [ 10000+ BTC ]

I've added some values, and made some slight changes to the order and naming. Removed "wealthy", as it conveys a different meaning and I believe it should not appear in the list. This is how I see it, based on my own perception of wealth status, and based on one's current BTC holdings. I'm sure each of us would use different amounts of BTC for each category...

The remarkable thing about Bitcoin is that in 12 months from now you can remove one least significant digit from each value range, and the list will still hold true!

So $150,000,000 isn't considered "filthy rich"?

Similarly, I was considering that there were some seemingly obvious discrepancies in the "gradations of wealth in accordance with AlcoHoDL".... but I would not know exactly where filthy rich would come to play, either... so sometimes difficult to be too critical of these kinds of ballpark assessments, no?


Edit:

Another problem in quantifying these categories in pure BTC (rather than providing a current dollar equivalent of such) is that there are a lot of us who may have gotten a lot of wealth from BTC, but still we might have a decent quantity of wealth that is currently held in fiat too.. I personally do not believe other cryptos are too relevant to my personal wealth considerations, but that is because I hold less than 1% of my total crypto value in alts, but there are some folks who are deluded and perhaps diluted by those kinds of other crypto "wealth" holdings. 

In the end it seems that a dollar equivalent assessment would be more accurate, and of course the more a guy or gal holds in crypto, the more fluctuation there is likely going to be in the near future, in the coming couple of years, and perhaps even a bit longer - 5 years or more of extreme crypto volatility?

[realr0ach]

Here's another problem Marcus isn't going to want to deal with:

The r0ach report 29: Bitcoin is similar to the double slit experiment in practice - It only works if you don't use it

http://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-29-bitcoin-is-similar-to-the-double-slit-experiment-in-practice-it-only-works-if-you-don-t-use-it

At it's heart, bitcoin is nothing more than a variable number multisig. With current mining centralization, it's probably a 2 of 3 or 3 of 5 multisig. So the only question is how big of a multisig is needed for it to be considered "decentralized"?

The fact that bitcoin is nothing more than a multisig in practice also makes it kind of bogus because a multisig is obviously not an open entropy system. For it to be an open entropy system, instead of using 6 confs, you would probably need to use literally infinite confs. That's kind of how bitcoin is a con in practice, because given an infinite timeline, you can attempt to make the claim bitcoin is a decentralized, open entropy system, but if you actually try to use it on a finite timeline, it morphs into nothing more than a centralized multisig. People claim that's "probabilistic", but no, it's just a centralized multisig when a finite timeline is applied.

So there you go folks, the only way for bitcoin to properly function is by not using it because the act of a human using it applies a fixed timeline and makes it's mechanics fall apart.

(and anonymint is going to argue the confs can be rolled back at any time during the middle of this process making whatever number of confs pointless in the first place)

[JayJuanGee]

All coins up big and BTC still at the same level. Can't wait till the alt-money is gonna be dumped into BTC. 

That's what I'm waiting for, but, I'm slightly concerned that we won't make it back up to 60% BTC dominance level that we were at the other week, and that we will just drift lower from here. It got down to the 30s earlier in the year, and I'd rather it not go back there.

Probably, that indicator is not as important as you seem to be crediting it.

Alt coin pumpers want to give a lot of credit to such numbers in order to scare you out of your bitcoin by causing you to conclude that you need to be investing somewhere else, besides bitcoin. Hopefully, you are not getting distracted by such get rich quick diversions and being tricked out of your bitcoin?

[Biro Bob]

All coins up big and BTC still at the same level. Can't wait till the alt-money is gonna be dumped into BTC. 

That's what I'm waiting for, but, I'm slightly concerned that we won't make it back up to 60% BTC dominance level that we were at the other week, and that we will just drift lower from here. It got down to the 30s earlier in the year, and I'd rather it not go back there.

Probably, that indicator is not as important as you seem to be crediting it.

Alt coin pumpers want to give a lot of credit to such numbers in order to scare you out of your bitcoin by causing you to conclude that you need to be investing somewhere else, besides bitcoin. Hopefully, you are not getting distracted by such get rich quick diversions and being tricked out of your bitcoin?

Agreed. I was looking at the Bitcoin Dominance indicator and it’s irrelevant. Bitcoin has probably got 90% market share or more. If you remove the non-mineable and scam tokens.... then remove premined coins, you’re only left with BTC, LTC and XMR * with potentially true market values.

Edit: * and BCH

Edit again: possibly BCH doesn’t count because the coins were airdropped... I’m on the fence with that one.

[RoomBot]

All coins up big and BTC still at the same level. Can't wait till the alt-money is gonna be dumped into BTC. 

That's what I'm waiting for, but, I'm slightly concerned that we won't make it back up to 60% BTC dominance level that we were at the other week, and that we will just drift lower from here. It got down to the 30s earlier in the year, and I'd rather it not go back there.

Probably, that indicator is not as important as you seem to be crediting it.

Alt coin pumpers want to give a lot of credit to such numbers in order to scare you out of your bitcoin by causing you to conclude that you need to be investing somewhere else, besides bitcoin. Hopefully, you are not getting distracted by such get rich quick diversions and being tricked out of your bitcoin?

Agreed. I was looking at the Bitcoin Dominance indicator and it’s irrelevant. Bitcoin has probably got 90% market share or more. If you remove the non-mineable and scam tokens.... then remove premined coins, you’re only left with BTC, LTC and XMR * with potentially true market values.

Edit: * and BCH

Edit again: possibly BCH doesn’t count because the coins were airdropped... I’m on the fence with that one.

What da faaaaaaaaaaa???  Just had a look at BCH!!!!111

BTrash is well over $2K

Windfall for Coinbase Customers?

[RealMachasm]

All coins up big and BTC still at the same level. Can't wait till the alt-money is gonna be dumped into BTC. 

That's what I'm waiting for, but, I'm slightly concerned that we won't make it back up to 60% BTC dominance level that we were at the other week, and that we will just drift lower from here. It got down to the 30s earlier in the year, and I'd rather it not go back there.

Probably, that indicator is not as important as you seem to be crediting it.

Alt coin pumpers want to give a lot of credit to such numbers in order to scare you out of your bitcoin by causing you to conclude that you need to be investing somewhere else, besides bitcoin. Hopefully, you are not getting distracted by such get rich quick diversions and being tricked out of your bitcoin?

Agreed. I was looking at the Bitcoin Dominance indicator and it’s irrelevant. Bitcoin has probably got 90% market share or more. If you remove the non-mineable and scam tokens.... then remove premined coins, you’re only left with BTC, LTC and XMR * with potentially true market values.

Edit: * and BCH

Edit again: possibly BCH doesn’t count because the coins were airdropped... I’m on the fence with that one.

What da faaaaaaaaaaa???  Just had a look at BCH!!!!111

BTrash is well over $2K

Windfall for Coinbase Customers?

Maybe Wu and co are trying to make Bcash appear profitable enough that Coinbase users wont drop it all on the market?
I know there are a few of us (not me though) that have held on to their airdrops.

[RoomBot]

They better pony up by 1-1-18.

[Lopumbo]

its altcoin season you know, because in its current state btc is unusable! in what intellectual bubble are you guys chilling? going long on mempool?

[RobSteward]

How I feel observing this thread for the last couple of months:

[DaRude]

its altcoin season you know, because in its current state btc is unusable! in what intellectual bubble are you guys chilling? going long on mempool?

Or we are "seasoned" crypto investors, and are not ADHD kids that can't plan/see more than 6months in advance. You know...cause you want it riiight meow!

[DaRude]

They better pony up by 1-1-18.

Watching Roger and Co. attempting to keep Bcash at 10% of bitcoin when it's rocketing is almost as entertaining in itself. He'd be so much more dangerous now had he not jumped the gun.

[Meuh6879]

Bitcoin network, it's 500 000 Blocks !

[Meuh6879]

So here it is, perhaps 12 levels could accommodate most of us and show some progression in our financial well-being (especially if we did the right thing in regards to buying, accumulating and hodling bitcoin):

First we start at:

1) supported by the parents
2) living paycheck to paycheck,
3) having a bit of a reserve and using that reserve to invest in bitcoin
4) getting by with a cushion
5) comfortable
6) sassy and splurging a bit

7) well off

8.) moderately rich
9) rich
10) wealthy
11) this is gentlemen
12) filthy rich

Or ... in image :

[milkshock100]

Futures mission accomplished

[ragnar0k]

Futures mission accomplished

I can see people capital moving to other currencies if they keep pushing the price down eventually. Don't think they are that stupid... I think a correction is due since long tho