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

[jojo69]

repeated shill for shitcoin redacted

goodbye

[1714889523]

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[HairyMaclairy]

It’s a big number but it’s only 2 million coin days destroyed.  We have had a dozen transactions like that this month.

The big one this month was 69 million coin days destroyed.  

[Anon136]

Well guys I did the unthinkable that I told myself I would never do it. For the first time in my life I tried to get clever instead of just hodling. I just sold my bitcoin with the intention of buying back lower. Eeek. This is terrifying.

[HairyMaclairy]

You sold all of it or some of it ?

 If you sold all of it place a limit order now for slightly lower than you sold and buy back 50%.  Don’t punt it all in a single go.  You have to ladder in and ladder out.  

[Anon136]

You sold all of it or some of it ?

All of it. But all of my bitcoin does not equal all of my crypto. Not even close.

[jojo69]

dude

you're fucked

[HairyMaclairy]

I edited my post see above.  

If this is going to be a crushing bear market your alts will suffer more than BTC.  If you want to sell some (not all) BTC that’s fine but don’t swim naked because you will get caught if it snaps.

[LFC_Bitcoin]

Well guys I did the unthinkable that I told myself I would never do it. For the first time in my life I tried to get clever instead of just hodling. I just sold my bitcoin with the intention of buying back lower. Eeek. This is terrifying.

[Anon136]

Well guys I did the unthinkable that I told myself I would never do it. For the first time in my life I tried to get clever instead of just hodling. I just sold my bitcoin with the intention of buying back lower. Eeek. This is terrifying.

Time will tell. I have a stop order in place of course. Worst case is I lose some not all.

[realr0ach]

The answer to 1984 is 1488.

http://www.youtube.com/watch?v=SwVzB721gak

[HairyMaclairy]

Ok if you have a stop buy and have calculated the cost then that’s good defensive trading. You can use collars on Bitfinex.  Good luck.

[Jacques_Bittard]

I think that there will be 12-24 months of slow bleed, that will have these little sharp upward spikes that the sheep will repeatedly call  "reversals".
This is how you get the sheep excited enough to stay in the market while you do the shearing. History will repeat itself.

[bitebits]

The main thing that gives bitcoin value is belief. Belief has to pay for about 5 billion dollars per year for electricity and hardware to run a payment network with 5 million users. That is a lot of weight on belief and belief can only do so much. Unnecessarily expensive and outdated systems like BTC PoW mining are dragging this market down.

I have been hearing this argument since < 0.5 billion dollars per year for electricity and hardware. Both 0.5 and 5.0 billion dollars are a drop in the ocean in the grand scheme of things.
I wish I could run a business as competitive and efficient as the bitcoin mining.

[rjclarke2000]

Selling under 10k. Sheeeeeeeeeeeet that’s not good. Why do such a thing?

[jojo69]

Selling under 10k. Sheeeeeeeeeeeet that’s not good. Why do such a thing?

APSS (acute panic sell syndrome) can strike suddenly.  Check out our top 10 warning signs, you won't believe number 6!

[Jacques_Bittard]

The main thing that gives bitcoin value is belief. Belief has to pay for about 5 billion dollars per year for electricity and hardware to run a payment network with 5 million users. That is a lot of weight on belief and belief can only do so much. Unnecessarily expensive and outdated systems like BTC PoW mining are dragging this market down.

I have been hearing this argument since < 0.5 billion dollars per year for electricity and hardware. Both 0.5 and 5.0 billion dollars are a drop in the ocean in the grand scheme of things.
I wish I could run a business as competitive and efficient as the bitcoin mining.

The grand scheme of things is that it costs around 1000$ per year for a single bitcoin network user just to maintain the hardware side of this payment network. Only way for the value of coin to remain or rise is to get some greater fools to pay for this. But greater fools are an abundant resource, so this is just a ticking time bomb when BTC will collapse on it's own weight. Just because it hasn't happened yet doesn't mean that it won't happen.

[HairyMaclairy]

Troll accounts out.  Where were you guys at $11k when we needed you?

[Anon136]

Selling under 10k. Sheeeeeeeeeeeet that’s not good. Why do such a thing?

Well again bitcoin is a small part of my portfolio. But because every technical indicator is flashing red. No I'm not a big believer in technical analysis. But when ALL of them signal red at the same time. Well that's not great. Basically that up trend we were all enjoying since the beginning of February is completely obliterated. Signaling that this is was all a protracted bull-trap and the trend from before February is the real trend. Additionally you should understand that 9,000 dollars is a GREAT price for me. The 9,000 that is depressing to you is god damn amazing to me. It is beyond what was even my even most fanciful wildest dream. Look at my account profile. I've been here since 2010. This profit that I just took is enough to retire on. If I leave it in bitcoin maybe it goes really really low and I have no retirement, I have to go get a damned job.

[realr0ach]

The main thing that gives bitcoin value is belief. Belief has to pay for about 5 billion dollars per year for electricity and hardware to run a payment network with 5 million users. That is a lot of weight on belief and belief can only do so much.

That's probably a completely bogus number of users.  When the price was $1000, people were saying there were 200k users, and even then most of those people didn't actually use bitcoin for anything; buy off-chain coins from an exchange, leave coins on exchange, then pray price goes up.  I don't consider fly by night speculators who may not even of done an on-chain transaction as users, just like someone who owns Netflix stock isn't necessarily a Netflix user.  Not that buying a bitcoin actually grants you a share of anything, although people pretend it does.

[JayJuanGee]

dude

you're fucked

It seems like almost any of us can get tempted into selling a bunch of BTC when the price is dropping so fast..

When it is happening, it seems like no bottom, and after about the third or fourth leg down, you can become so fucking tempted to sell - and that frequently can end up being the bottom.

But, yep, could be that the bottom is in.. .  I hope so.  Probably we need to wait for 20 more hours or so, just to be clear that all of the dumpers have had their dumping go at it... and to ensure we are actually done with the dumping, this time around.

Currently, i do have a sense that the dumping is not over, yet.. but what do I know?