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

[Enjel]

Gold and Silver are two of the most heavily manipulated commodities in existence, especially if you live in the US.

They haven't even done well (they've done terribly) against holding the USD at 0% interest.


Bitcoin becomes money if people believe in the Bitcoin brand, it being the first coin. Limited supply and fungibility? Check.

I've always wondered why the Bitcoin price, despite technological inferiority, rose so much recently. It's not just because Bitcoin is constantly changing, but rather that people believe in Bitcoin for itself, and its history.


The only thing that Ag and Au have for them are the facts that they have endured their value as money for a long long time. They are highly overvalued compared to their utilitarian use value.

So, as Bitcoin survives more and more, it will further fulfill its role as money.


There is just one big BUT: Unless something comes along that threatens Bitcoin's security - just like alchemy would destroy the value of gold, quantum computing or other threats could potentially destroy Bitcoin.

These threats just need to be adapted to, and things are fine. There are obviously more threats to Bitcoin than to the precious metals... but Bitcoin has survived a lot.

I read r0ach's blog, and it's just like a broken clock thing... eventually you will be right.. but at what cost?

[Last of the V8s]

"Buttalik Butterin" Russian jackass!

[bitcoinPsycho]

"Buttalik Butterin" Russian jackass!

is that roach?

[Last of the V8s]

"Buttalik Butterin" Russian jackass!

is that roach?

no not that scammer a different one - Vitalik Buterin

[Icygreen]

I know this is off topic, but it appears someone spammed the BCH mempool, recently. It appears some of the pools are electing to only mine 1MB blocks, others 2MB blocks and a couple the full 8 MB blocks.  

https://cash.coin.dance/blocks
https://jochen-hoenicke.de/queue/cash/#24h

What's the point of having big blocks when one of the mystery miners will only mine 1MB blocks?

That 35K BTC whale is still sending out huge batches of "spams" to BTC chain since Dec. 20, 2017.  You know that's the day when Coinbase decided to list BCH in the middle of night with nothing more than a twit and 1 hour notice on blog, and a certain someone go on CNBC and said that BTC is useless and people should keep their BTC on exchange just in case that miner decides to switch off on mass, and satoshilite decides to twit that he had sold all his LTC holdings, and of course that is also the start of correction from 19K+.  

I guess someone had finally decided that everyone can play the same game, except that instead of costing that 35K whale around 500K~1.5 mio fiatcoin per day to "stress-test" the BTC network, it actually cost zilch to do the same to even 8 MB chain.  Ironically, over 2K BTC fee spent so far on stress-testing actually make the fee market and BTC tx count look far better than it really is.  It didn't do jack to the "true vision of Satoshi" chain except to make people "fee arbitrage" to ETH and XRP, with some to LTC.  

Of course, at the current burn rate, that 35K BTC whale can keep this up for more than a year if he doesn't mind blowing away all those BTC on fees.  Even then, it is still possible to pay nominal tx fees and then pay those "out of band" fee via fiatcoin to various mining pool accelerators to take up space in the next block.  So people can play this war of attrition as long as they have the BTC, fiat, and willingness to do so.  But in the end, I suspect that it is still going to do jack, not getting even some personal satisfaction or schadenfreude from all these money that could have been simply used to pump own ALT coin.  

Imagine if that 35K BTC whale spamming the network was one of the mining cartels. I'd imagine it might even be profitable. Spend XXX on spam transactions and receive XXXX on high cost transactions. We need an ASIC killer me thinks. Hope lightning will be the one and it is secure.

[realr0ach]

getting sick of these cheesy youtube pump videos 'everyone was talking about bitcoin at the casino today. whats with this bitcoin thing? is it a bubble? well i have 5 cars and bitcoin has risen 10,000,000% and I know these whales and let me tell you what they have to say...'

If Tai Lopez isn't the signal for the top of craptocurrency, I don't know what else could be.  Maybe Matthew Lesko, but he's probably dead.  Of course someone even worse like John Mcafee could show up, but I doubt that will ever happen.

[WellAllowMeToRetort]

getting sick of these cheesy youtube pump videos 'everyone was talking about bitcoin at the casino today. whats with this bitcoin thing? is it a bubble? well i have 5 cars and bitcoin has risen 10,000,000% and I know these whales and let me tell you what they have to say...'

If Tai Lopez isn't the signal for the top of craptocurrency, I don't know what else could be.  Maybe Matthew Lesko, but he's probably dead.  Of course someone even worse like John Mcafee could show up, but I doubt that will ever happen.
[But why are you here, day in day out?, I mean it's the weirdest thing, like a pedophile lurking outside a school gate]

[JayJuanGee]

Finally the attempt at the weekend dump.  Well behind schedule.

Let’s see if it can get anywhere. 

yeah, I would be fairly confident about getting filled around 13300, but I am feeling greedy and am set up around 11000

 

[luckygenough56]

Biggest problem with Bitcoin is always its interaction with fiatcoin.

What kind of statement is this lol ? Btc would worth nothing without fiat, not to mention imaginary tether fiat.


well, we're still in 2013 track, dump to 2000 coming soon

[TERA2]

[JayJuanGee]

But give us a good explain

And, please explain where is dee roachie poachie in all of this?  

What is dee Roachie poachie saying/doing?

Making dumb, anti-semitic and non-topical points, right?  Or trying to pump some kind of irrelevant and underperforming PM?

[El duderino_]

Would be better testing 20k

[kurious]

Sheeit. Gonna test $13k again, I reckon.

Afraid so, we have been in a down channel since 17200.   It's a slow burn, though - it is possible to buy low and sell the bounces to maintain your fiat value as it slides if you're careful.   No sign of a turn in the trend yet, though.

[ivomm]

Let's hope this was the last bunch of desparate taxi drivers who bought at 20K and dumping at 13K  

[Deeyoh]

OT: https://txhighway.com/

Pretty funny with the current spam attack underway on Bitcoin Cash.

Every once in a while, the top row gets totally slammed with cars (spam), and the audio stacking up is hysterical.

What the heck is that laughing thing?

[realr0ach]

Let's hope this was the last bunch of desparate taxi drivers who bought at 20K and dumping at 13K  

Since cost of production is $3k, and bitcoin doesn't actually have a finite supply in practice, but an infinite supply when transaction fees are recirculated as block reward, the price should therefore always trend towards cost of production if bitcoin was actually a decentralized system since you can just mine it yourself for $3k instead of paying someone else $13k.  In GPU altcoins you notice this effect very fast.  The fact that bitcoin is still this high above cost of production is just a symptom of how extremely cartel centralized it is.

But there's still likely a handful of non-cartel stray miners that will cause the price to implode back down near cost of production, just over a slightly longer period of time.  This of course assumes the entire bitcoin price isn't one giant tether scam where they just print infinite amounts of tethers, eventually imploding in some sort of MtGox^2 *cough*.

[ErisDiscordia]

But give us a good explain

Sometimes the roach can be funny - it's why I haven't put him on ignore after all these years 

[d_eddie]

And, please explain where is dee roachie poachie in all of this?  

What is dee Roachie poachie saying/doing?

He's the guy behind the camera, my dear Watson.

[gentlemand]

Imagine if that 35K BTC whale spamming the network was one of the mining cartels. I'd imagine it might even be profitable. Spend XXX on spam transactions and receive XXXX on high cost transactions. We need an ASIC killer me thinks. Hope lightning will be the one and it is secure.

I don't see how it could be anyone but a miner. Who would be willing to throw away hundreds of millions of dollars without the possibility of reclaiming it or the higher fees from elsewhere it forces?

[Toxic2040]

Imagine if that 35K BTC whale spamming the network was one of the mining cartels. I'd imagine it might even be profitable. Spend XXX on spam transactions and receive XXXX on high cost transactions. We need an ASIC killer me thinks. Hope lightning will be the one and it is secure.

I don't see how it could be anyone but a miner. Who would be willing to throw away hundreds of millions of dollars without the possibility of reclaiming it or the higher fees from elsewhere it forces?

This crossed my mind also. Its the only thing that makes sense.