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

[JayJuanGee]

Quite fun!

The road to 9000 seems clear of any obstacles.

Volume is quite low still.

From where do you get your trade volume information?  daily candles?  hourly?  are you accounting for trade volume from last week in your consideration of what is happening right now?

Most frequently, you need to look at longer time frames to assess trade volume to be low, and merely because trade volume has recently come down, that snap shot assessment of trade volume is going to be inadequate if not viewed in proper context, and last week we had one of the largest volume bars ever, especially in terms of USD... .... in other words, consideration of context is surely important when assessing current trade volume.

[mymenace]

everywhere

[600watt]

everywhere

silence of the lamb(o)s

[rjclarke2000]

Very good 600watt. That comment could be comment of the day.

[Toxic2040]

Hmmm...came across this about a potential double spend attack. Seriously interesting and actually surprised this isnt a bigger deal.

Basically there is a chance that a miner(pool) would be able to match the entire hashrate of bcash and create a low risk/high reward double spend.

Julian, the Co-Founder of TenX explains it in this video.
https://www.youtube.com/watch?v=_cuImsvmSf4&feature=youtu.be





While some might argue that this is a bcash problem I disagree. This is an all crypto problem really. If such an attack can be carried out and funds exchanged from the double spend, it not only devalues the exchange but the crypto in question.

[bitserve]

Hmmm...came across this about a potential double spend attack. Seriously interesting and actually surprised this isnt a bigger deal.

Basically there is a chance that a miner(pool) would be able to match the entire hashrate of bcash and create a low risk/high reward double spend.

Julian, the Co-Founder of TenX explains it in this video.
https://www.youtube.com/watch?v=_cuImsvmSf4&feature=youtu.be


While some might argue that this is a bcash problem I disagree. This is an all crypto problem really. If such an attack can be carried out and funds exchanged from the double spend, it not only devalues the exchange but the crypts in question.

Exactly for that reason is that it has not happened and probably never will.

It is well known that in case a double spent attack like that would be carried out, the loses from the negative impact would be bigger than the potential profit for the attacker.

IIRC,  that is covered in the whitepaper, when it talks about the incentives for NOT acting maliciously.

[rafanadal]

9k has proven to be a major resistance.

[bitserve]

9k has proven to be a major resistance.

Yup. So you know what that means when it is finally broken

One thing I like about this (huge) correction is that we are testing all the levels we just passed on inertia/fomo during the final month of the last rally. And we are doing it the right way. If we were able to just forget about the final stage of the last rally (as if it never happened), it is as if we continued with a helthy growth rate after the last (11 nov) dip.

Oh, and without most weak hands too. We had loads of those before.

[JayJuanGee]

9k has proven to be a major resistance.

Yup. So you know what that means when it is finally broken

One thing I like about this (huge) correction is that we are testing all the levels we just passed on inertia/fomo during the final month of the last rally. And we are doing it the right way. If we were able to just forget about the final stage of the last rally, it is as if we continued with a helthy growth rate after the last (11 nov) dip.

Oh, and without most weak hands too. We had loads of those before.

I don't want to forget about the last surge past $10k and up to $19,666.

I feel that I made pretty decent money on that because I was selling on the way up, and such price upsurge allowed me to generate a decent level of fiat in order that I have more bitcoin this time around (on the way back up).

Another reason that I don't want to forget about our last upward price surge is because such upward surge is likely demonstrating a more bullish upwards BTC price path than had previously been considered.  So the fact that BTC prices went up so fast and nearly effortlessly from $10k to $19,666 in a matter of a few weeks, showed a decently bullish upwards BTC price potential that clearly goes to $19k again, and also supports a case of $50k and $100k, when prior to passing $10k, talk of $50k and $100k was considered as too much fantasy.  No longer the case.

[Last of the V8s]

[bitserve]

9k has proven to be a major resistance.

Yup. So you know what that means when it is finally broken

One thing I like about this (huge) correction is that we are testing all the levels we just passed on inertia/fomo during the final month of the last rally. And we are doing it the right way. If we were able to just forget about the final stage of the last rally, it is as if we continued with a helthy growth rate after the last (11 nov) dip.

Oh, and without most weak hands too. We had loads of those before.

I don't want to forget about the last surge past $10k and up to $19,666.

I feel that I made pretty decent money on that because I was selling on the way up, and such price upsurge allowed me to generate a decent level of fiat in order that I have more bitcoin this time around (on the way back up).

Another reason that I don't want to forget about our last upward price surge is because such upward surge is likely demonstrating a more bullish upwards BTC price path than had previously been considered.  So the fact that BTC prices went up so fast and nearly effortlessly from $10k to $19,666 in a matter of a few weeks, showed a decently bullish upwards BTC price potential that clearly goes to $19k again, and also supports a case of $50k and $100k, when prior to passing $10k, talk of $50k and $100k was considered as too much fantasy.  No longer the case.

Pretty decent points indeed. Ok, we can consider it similar to what happened in november 2015 when it surged/"bubbled" to $500. Even if it quickly retraced, for me it was the signal that showed BTC was well alive and showed a glimpse of its future. But, even then, it needed to retrace and continue where it left with a healthier growth rate. And see where we are today

[toknormal]

such upward surge is likely demonstrating a more bullish upwards BTC price path

When a single corporate entity registered in the British Virgin Islands is responsible for cooking up worthless tokens out of nothing that account for 2/3rds of global volume then it's not a bad bet.

Better pray they don't stop printing. (And stay out of gaol !)

https://www.reddit.com/r/CryptoCurrency/comments/7xae98/understanding_tether_why_it_accounts_for_a/

[Wekkel]

... when prior to passing $10k, talk of $50k and $100k was considered as too much fantasy.  No longer the case.

Our minds have been prepared now. Priming minds followed by the real thing works best.

[JayJuanGee]

9k has proven to be a major resistance.

Yup. So you know what that means when it is finally broken

One thing I like about this (huge) correction is that we are testing all the levels we just passed on inertia/fomo during the final month of the last rally. And we are doing it the right way. If we were able to just forget about the final stage of the last rally, it is as if we continued with a helthy growth rate after the last (11 nov) dip.

Oh, and without most weak hands too. We had loads of those before.

I don't want to forget about the last surge past $10k and up to $19,666.

I feel that I made pretty decent money on that because I was selling on the way up, and such price upsurge allowed me to generate a decent level of fiat in order that I have more bitcoin this time around (on the way back up).

Another reason that I don't want to forget about our last upward price surge is because such upward surge is likely demonstrating a more bullish upwards BTC price path than had previously been considered.  So the fact that BTC prices went up so fast and nearly effortlessly from $10k to $19,666 in a matter of a few weeks, showed a decently bullish upwards BTC price potential that clearly goes to $19k again, and also supports a case of $50k and $100k, when prior to passing $10k, talk of $50k and $100k was considered as too much fantasy.  No longer the case.

Pretty decent points indeed. Ok, we can consider it similar to what happened in november 2015 when it surged/"bubbled" to $500. Even if it quickly retraced, for me it was the signal that showed BTC was well alive and showed a glimpse of its future. But, even then, it needed to retrace and continue where it left with a healthier growth rate. And see where we are today

Actually the comparison of the late 2015 is not a bad a bad comparison, even though that particular surge kind of demonstrates the whole beginning of this bull run, and now we are either continuing in the bull run or ending the bull run, and I think that the case for continuing the bull run is stronger, even though we could experience a 3 to 12 month delay.... and hopefully, more on the shorter end of this consolidation period... so yeah, considering the bull case scenario, which seems to be the more plausible one, we could experience quite a few ups and downs within a $7k to $18,500 range  for several months, and it seems that ups and downs within that range would not undermine the ongoing bull case scenario.

The bear case would likely involve a break below $7k which would have a pretty decently high likelihood of cascading us down to $5k and even dips down to $3k.. so that would be a more bearish scenario, and surely any bearish scenario would likely need to be accompanied by decently sized FUD and perhaps spam attacks and alt coin pumping that fools folks into some kind of belief that bitcoin is not king..... Another bearish scenario could come through a very large level of ICO/Alt coin collapse and/or crack down that could drag bitcoin down with it... yet the bull case does continue to seem as the more plausible one, at least currently... and even if such bull case drags out several months before returning to ATH striking distance.

[JayJuanGee]

such upward surge is likely demonstrating a more bullish upwards BTC price path

When a single corporate entity registered in the British Virgin Islands is responsible for cooking up worthless tokens out of nothing that account for 2/3rds of global volume then it's not a bad bet.

Better pray they don't stop printing. (And stay out of jail !)

https://www.reddit.com/r/CryptoCurrency/comments/7xae98/understanding_tether_why_it_accounts_for_a/

Hasn't this horse been beaten to oblivion in the past 4-6 months?  Fuck, I seem to recall the beating of that horse further back, as well.  

We gots ourselves all kinds of stupid ass theories regarding the supposed bitcoin bubble, and yeah, it does not surprise me that you, toknormal want to include some of those exaggerated and FUDster talking points, since you seem to kind of specialize in those kinds of doom and gloom talking points.        

[toknormal]

Hasn't this horse been beaten to oblivion in the past 4-6 months?  Fuck, I seem to recall the beating of that horse further back, as well.  

We gots ourselves all kinds of stupid ass theories regarding the supposed bitcoin bubble, and yeah, it does not surprise me that you, toknormal want to include some of those exaggerated and FUDster talking points

Hey, it's not rocket science. Wake tf up please.

This entire sector is about the trading of trustless assets. If you have a single corporate entity accounting for 2/3rds of the GLOBAL "fiat" volume (we're not just talking a single exchange here) you need to be on a high dose of delusionary cool-aid not to see an implicit major problem.

The reserve ratio doesn't matter. (Even if it did exist, which it clearly doesn't, no one keeps $2.2 billion sitting idly in a bank account anyway).

Far from being "beaten to death" it's slowly turning into the elephant in the room with which this market will be "beaten to death" sooner or later.

[HairyMaclairy]

Here’s the thing:

USDT is not just a bitcoin thing, it’s a pair across all crypto.

BTC and ETH pairs are still far bigger.  

Every trade on BFX is counted as a USDT trade, including people like me that have deposited real USD

XRP is bigger and just as much a shit coin

No one with half a brain actually believes it is backed anymore than Dai

So there are all sorts of confounding factors.  

[JayJuanGee]

Hasn't this horse been beaten to oblivion in the past 4-6 months?  Fuck, I seem to recall the beating of that horse further back, as well.  

We gots ourselves all kinds of stupid ass theories regarding the supposed bitcoin bubble, and yeah, it does not surprise me that you, toknormal want to include some of those exaggerated and FUDster talking points

Hey, it's not rocket science. Wake tf up please.

O.k.  Mr.(s) brilliant.  

You do recall the chart of the size of tether as compared with all of the cryptos, correct?

I don't have the link right now, but anyhow tether is a very small fraction of this total crypto space, and don't act like you are the only fuck that happens to be woke, because like I said those dumb ass theories about Tether supposedly artificially pumping and supposedly bringing the whole thing down have been spouted off a lot by FUD spreaders, and the fact of the matter is that it had little to no effect on our current state of correction, which still seems to fall within the realms of normal market movements (even if a bit extreme in having had retraced down 70%, so far).

This entire sector is about the trading of trustless assets.

Get the fuck out of here with that.  There is all kinds of trust when we are dealing with a lot of exchanges.

We have no fucking dominant decentralized exchange system yet, and since MTGOX, began trading in 2010, there have been varying number of third parties who have been entrusted with private keys, and today, there are more than 200 exchanges that are mostly using custodial type models.. so get out of here with your strawman bullshit.

If you have a single corporate entity accounting for 2/3rds of the GLOBAL "fiat" volume (we're not just talking a single exchange here) you need to be on a high dose of delusionary cool-aid not to see an implicit major problem.

Sounds like you are exaggerating a bit here, buddy (and don't even attempt to proclaim that we are not buddies     ).

The reserve ratio doesn't matter. (Even if it did exist, which it clearly doesn't, no one keeps $2.2 billion sitting idly in a bank account anyway).

Who fucking cares?  You really believe that $2billion number is propping up the whole crypto space, or merely bitcoin?  I don't buy your premise (and the other nutjobs that are focusing so much on this supposed calamity waiting to happen).

Far from being "beaten to death" it's slowly turning into the elephant in the room with which this market will be "beaten to death" sooner or later.

You are denying the fact that this has been beaten to death, and trying to suggest that the problem is getting worse.. .. and I am having difficulties seeing either your facts or your logic that support your FUD propagating bear wishing claims.    

Here’s the thing:

USDT is not just a bitcoin thing, it’s a pair across all crypto.

BTC and ETH pairs are still far bigger.  

Every trade on BFX is counted as a USDT trade, including people like me that have deposited real USD

XRP is bigger and just as much a shit coin

No one with half a brain actually believes it is backed anymore than Dai

So there are all sorts of confounding factors.  

What Harry berry said = myditto, and I wished that I would have said it like this.   

[Flamaicon]

Litecoin is a better Bitcoin

[toknormal]

USDT is not just a bitcoin thing, it’s a pair across all crypto.....XRP is bigger and just as much a shit coin

XRP and the other alt pairings are not directly responsible for the worldwide quoted fiat price.

This problem isn't going away and can't be swept under the carpet with some "it's just another sh*coin" dismissal because if Tether tanked the way XRP did in the last few weeks you'd have Bitcoin/USD in 3 figures.

BTC gets it's value from being unbacked. What's happening instead is the market is being turned into a huge cesspool of counterparty risk to the extent that the $USD exchange rate is becoming meaningless by the time you price that in.

(Maybe that's why "regulators" have been so kid-glove in their approach lately - i.e. they know the game's up to some extent. Also maybe it was planned this way all along).