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

[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 Unnecessarily expensive and outdated systems like BTC PoW mining are dragging this market down.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?   

[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.

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 had to do an on-chain transaction as users, just like someone who owns Netflix stock isn't necessarily a Netflix user.

I agree that this number is probably a very optimistic one. There is practically 0 use for BTC in legal commerce. Utility is in illegal commerce or speculation. It is probable that everyone are considered a user who has purchased weed from tor, or who has purchased 50$ worth of BTC after reading an article. And even with this optimistic number, the 1000$ per user anual cost is insane.
In the future, people will be like "wtf, how couldn't you see that one coming?"..But greed has made people blind in the past, and it will continue to do so in the future.

[Totscha]

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?   

Are you trying to say.... wait for it.... that the next 24 hours are critical? 

[JayJuanGee]

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.

Sounds like you are rationalizing away your lack of foresight.  If it had been so great to sell a bit of your holdings, you had a lot of opportunities to sell on the way up and considerably above $10k...

Now you are just spreading bullshit and selling on the way down in a whimpy and whiny and rationalizing way.  Trying to justify it with us, for what reason?   Do you want others to follow?  Get the fuck out of here.    Take your profits, and be happy, don't try to speak out of both sides of your mouth in an attempt to get guys to do the opposite of what they should be doing.

[greensheep]

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.

Well I understand, If you can go on retirement with a 9K price, I would do it too.
Who wouldn't actually.
For me personally, there is some time needed up ahead to reach that point

[fragout]

Fuuuuuccck. It’s going up again.  I’m never going to have solid gold yacht at this rate.

Sure you will buddy. Look you just gotta realign your expectations a little bit.



Just ask Carlos Matos. There is no problem so big that it cant be solved by a positive attitude.


Soooooo did you guys see this? I was watching transactions live and the mother of all transactions scrolled by right before my eyes. In all my years of transaction watching I have never seen anything even in the same universe as this. It's was like going whale watching and seeing the occasional orca swim through I'm pretty impressed then cathulu casually strolls by. Thoughts? https://blockchain.info/tx/c875eb38c6bc141abd92a9014f985b72f5500f88e8722d29e1c8d274b738d744

It's 132 million dollars

Waoh! I never seen any transaction this big myself... I guess the confidence is getting back and people are buying into the dip already. Hope this will validate my earlier speculation about the price rallying back to 10k. Just been hopeful though.

Leads back to this address from early 2013 which had 30k btc . https://blockchain.info/address/1BadjLJqb2CB73t3ZJ296xrwhHNhyo5JaU
And further back  (2012) to this address which is a Bitcoin foundation address. https://blockchain.info/address/1BTCorgHwCg6u2YSAWKgS17qUad6kHmtQW

[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?  

Are you trying to say.... wait for it.... that the next 24 hours are critical?  

You should know that I am not quite capable (or willing) of putting matters so tersely.   But in a nutshell.... maybe

[jojo69]

Who wouldn't actually.

raises hand

working isn't so bad, they aren't getting my corns for less than 40, and only a few of them then

[greensheep]

Who wouldn't actually.

raises hand

working isn't so bad, they aren't getting my corns for less than 40, and only a few of them then

So if you could retire and live a wealthy easy life you wouldn't sell? anyhting?

[greensheep]

Who wouldn't actually.

raises hand

working isn't so bad, they aren't getting my corns for less than 40, and only a few of them then

I would study again I guess, but that's for future times

[jojo69]

Who wouldn't actually.

raises hand

working isn't so bad, they aren't getting my corns for less than 40, and only a few of them then

So if you could retire and live a wealthy easy life you wouldn't sell? anyhting?

I could

right now

My needs for survival are met.  I am a patient individual.

[greensheep]

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.

Sounds like you are rationalizing away your lack of foresight.  If it had been so great to sell a bit of your holdings, you had a lot of opportunities to sell on the way up and considerably above $10k...

Now you are just spreading bullshit and selling on the way down in a whimpy and whiny and rationalizing way.  Trying to justify it with us, for what reason?   Do you want others to follow?  Get the fuck out of here.    Take your profits, and be happy, don't try to speak out of both sides of your mouth in an attempt to get guys to do the opposite of what they should be doing.

True, If you can retire at 9K you could have at 16 or 17 too, better sell on the way up indeed...
You could have retired with twice as much...

[Majormax]

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.

You are quite correct.

A good indicator that the bear market is still on track, is the number of posters who think the opposite and maintain faith that the price will rise.

Having watched every twist and turn of the market since 2012, the repetition is easy to see.

If you are invested, going to fiat is still a risky option, because the hard part is buying back later.

[mindrust]

Yeah keep dumping you noobs. More cheap coins for me. I am buying all your stash. Let's see who'll be laughing when it reaches $100k.

[White sugar]

Yeah keep dumping you noobs. More cheap coins for me. I am buying all your stash. Let's see who'll be laughing when it reaches $100k.

[BTCMILLIONAIRE]

Ok, at this rate, I'm starting to wonder if I pull my BTC off the exchange and back into my wallet. Something tells me I'm not selling BTC before end of March.

This is starting to look like a downright apocalyptic shakeout.

I would, just to make sure no panic selling takes place due to inconvenience of doing so.