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

[jbreher]

I’ve been to Vegas twice & going in June for a third time, going shooting is one of my favourite hobbies over there.

Hve you been to Front Sight out in Pahrump? Highly recommended.

Not yet, might have to give it a go. The one I’ve done twice is called ‘Bullets & Burgers’ believe it or not.

Not aware of Bullets and Burgers. Vegas has quite a few 'fun time' ranges with stuff like full auto experience, etc.

Front Sight is a serious endeavour. It is considered by many as among the top firearms training academies worldwide. Their marketing techniques are laughably MMM- or Shamwow-esque, but they've got valuable instruction regardless of previous experience.

Oh, and of course, full auto too, if that be your interest.

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[jbreher]

What is this PAC coin, 3rd in market cap???
https://coinmarketcap.com/currencies/paccoin/

Three and a half trillion units in existence, somebody wash-traded a handful for less than two cents each

Nothing to see here.

[realr0ach]

the IRS started sending out letters to Coinbase users telling them coins they bought for pennies require thousands of dollars in taxes on even if they used the coins to do something like buy a pizza before the price went up.  

Do you have any evidence to go with with your assertion, or are you just doubling down on your fever dreams?

Jim Rickards claims it was happening to people:

"But when K read the 1099, it got even worse. It showed that he owed $2.4 million in taxes, despite his estimate that he only put $8,000 into cryptos. K has decided to sit tight in the belief that he does not owe the taxes.  Big mistake."

It's not exactly hard to imagine the IRS doing something like that since they consider the burden of proof for everything you do to be on you.  We've talked about this issue before, that the govt will eventually try to make people prove they haven't spent the coins or making it illegal to hold your own private keys or something.  It shows how stupid people are to think using an Orwellian system like bitcoin where everything is monitored is a good idea.  All you're doing is creating a vast mountain of evidence for the govt where if you make one tiny mistake you're providing them the noose to hang you, and it will even be 100% automated at some point.

So yes, fuck bitcoin and all the idiot bugmen who promote it.  In your wildest dreams you cannot create a more tyrannical and Orwellian system than a non-fungible token where everything is monitored and transaction validators are designed to centralize turning it into a permissioned ledger.  That is not a system of freedom, it's a system of control.  The funny part is that even though it's the perfect tyrannical system, most of the upper level establishment figures and bankers don't like it since they're all criminals themselves and don't want to leave a permanent paper trail wide out in the open for everyone to see of their misdeeds.

#InPhysicalSilverWeTrust

[jojo69]

What is this PAC coin, 3rd in market cap???
https://coinmarketcap.com/currencies/paccoin/

Three and a half trillion units in existence, somebody wash-traded a handful for less than two cents each

Nothing to see here.

nice publicity stunt for the coin I guess

[realr0ach]

What is this PAC coin, 3rd in market cap???
https://coinmarketcap.com/currencies/paccoin/

Three and a half trillion units in existence, somebody wash-traded a handful for less than two cents each

Nothing to see here.

Which is why people who claim the BTC market dominance percentage is a meaningful number or number that you should trade on are idiots.  Right now you have people claiming, oh, the BTC dominance percentage is low, it always bounces from here!  In reality, since the creation of altcoins is infinite, and you can hold a high market cap with only one penny on the buy side, it's impossible for the BTC market dominance percentage to go ANYWHERE but straight down.

[jbreher]

In my countys news, like an hour ago, they told us that even common objects like a pen are good to defend against an attacker with a knife, can you belive that? Good luck, lol. Can't make that shit up.

If all you have is a pen, it is better than bare-handed.

A pen has about the same cross-section as a knife. If you can grip it tight enough not to slip, it will stab just as deeply. Lack of a real handle makes gripping difficult, and of course there is no ability to slash. But the defensive mindset will be prepared to make use of any available tool.

[acquafredda]

No way could I ever work for somebody else now, been out on my own even without bitcoin for 10 years. I remember being 19/20 & being told to put the kettle on for an office full of people.
I remember being 5/10 minutes late for work a bunch of times & panicking about it.
 
I’d ratter die than go back to that kind of humiliating existence.

Epic post

Reading your words feels like reading a good book! You master your English so well and you are such an insightful person. And you hodl and buy the dips.
Grazie Jimbo

[realr0ach]

Reading your words feels like reading a good book! You master your English so well and you are such an insightful person. And you hodl and buy the dips.
Grazie Jimbo

You cannot be serious.  This thread has gotten progressively worse over time where the entire thing is nothing but dumb money now.  They actually call people who don't believe the price can only go up at a 45 degree angle infinitely forever as "trolls".  Yes, you heard me.  They do not even believe it's possible for bitcoin to go sideways now.  Even claiming a sideways movement makes you a "troll".  Look at the charts they post.  Every single chart shows the price going to infinity at a 45 degree angle.  These people are 100% dumb money, conmen, or both at the same time.

[cofefeGandalf]

In my countys news, like an hour ago, they told us that even common objects like a pen are good to defend against an attacker with a knife, can you belive that? Good luck, lol. Can't make that shit up.

If all you have is a pen, it is better than bare-handed.

A pen has about the same cross-section as a knife. If you can grip it tight enough not to slip, it will stab just as deeply. Lack of a real handle makes gripping difficult, and of course there is no ability to slash. But the defensive mindset will be prepared to make use of any available tool.

It might be better than nothing and somehow be useful in the hands of a trained person, but for the average joe, it's GTFO or be done.

Yes, I know that on that distance even a gun won't help, but a pen, that's just hilarious.

[acquafredda]

I was not referring to the whole thread which you are implying; I was actaully referring to that specific Jimbo's post and your comment is simply non-sensical to me Roach.

[jbreher]

the IRS started sending out letters to Coinbase users telling them coins they bought for pennies require thousands of dollars in taxes on even if they used the coins to do something like buy a pizza before the price went up.  

Do you have any evidence to go with with your assertion, or are you just doubling down on your fever dreams?

Jim Rickards claims it was happening to people:

"But when K read the 1099, it got even worse. It showed that he owed $2.4 million in taxes, despite his estimate that he only put $8,000 into cryptos. K has decided to sit tight in the belief that he does not owe the taxes.  Big mistake."

Hmm. I've not had time to keep up with Rickards' emails lately. Trawling through my archives, I find this sent by him on 2018 Feb 26:

This would rank as the funniest article of the week if it weren’t so sad for the individual involved. We’re all familiar with the IRS Form 1099. That’s the one used to report most income other than regular wages that go on Form W-2. The person paying the income — it could be a bank, broker or any supplier — files a copy of the 1099 with the IRS and sends one to the income recipient. It’s the recipient’s job to report the income on their tax return. By the way, IRS computers match 100% of the 1099s they receive with what taxpayers put on their tax returns. It’s a kind of computerized audit. Those who don’t report the income may not get a knock on the door, but they will definitely receive an official letter asking the income recipient to explain the discrepancy. Cases just escalate from there. Coinbase, a major U.S.-based cryptocurrency exchange (not to be confused with Coincheck, the subject of the story above) just sent a Form 1099 to one of its customers identified only by the initial “K” in this story. K was initially freaked out even to be receiving a 1099 from a crypto exchange. What happened to the anonymity in the crypto world? Apparently, it doesn’t exist, as I have been warning for years. But when K read the 1099 it got even worse. It showed that he owed $2.4 million in taxes, despite his estimate that he only put $8,000 into cryptos. K has decided to sit tight in the belief that he does not owe the taxes. Big mistake. The IRS will take its copy of the 1099 from the exchange and assert that K does owe the taxes. The IRS puts the burden of proof on the taxpayer to show they don’t. Courts have backed up the IRS on this burden-of-proof approach. Just ask Al Capone, the notorious gangster who went to Alcatraz not for extortion and murder but for not paying his taxes! K will find this out the hard way, as will millions of other crypto customers. The IRS is warming up for a bonanza of tax claims. Cryptocurrency traders should get ready for the mother of all tax nightmares.

Something in this does not match my experience.

I've been 1099'd by Coinbase as well. Just buttresses my documentation. However, the 1099 I received was a 1099-K. Are you familiar with the purpose and structure of a 1099-K? Nowhere on a 1099-K is any indication of tax owed. All it is is a month-by-month accounting of USD-denominated revenues. Conspicuously absent is any mention of USD-denominated expenses.

As we know, the IRS does not claim that you owe income tax on revenue. The IRS claims you owe income tax on income. Which is revenue minus expenses.

Now, it is kind of odd that Coinbase chose the 1099-K as a form to file. This is usually used to track things such as revenue from credit card processors.

But regardless, it is pretty silly that someone in the chain (after reading the source article which is short on details, Jim seems to be taking on faith the claim that the specific 1099 sent to "K." shows tax owed) seems to be confusing revenue with income.

Tempest in a teapot.

[JimboToronto]

$8888 at Stamp. Very lucky. 

[jbreher]

it's GTFO

If GTFO is in any way a viable option, and you are not risking anything irreplaceable, then GTFO is always the best option. Even if you are certain to emerge the victor.

[cofefeGandalf]

it's GTFO

If GTFO is in any way a viable option, and you are not risking anything irreplaceable, then GTFO is always the best option. Even if you are certain to emerge the victor.

On that I agree.

--

Tripple bottom around 6k incoming?

[realr0ach]

As an example of how dumb money this forum has become, someone just made a post on the speculation forum telling people to buy copper.  As you might guess, I did not agree:

Copper is a joke of an investment compared to silver and gold.  It's way too abundant.  Even LEAD is scarcer than copper:

https://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth%27s_crust

I don't really consider copper a true noble metal either.  Look at old Roman coins.  A lot of the gold and silver roman coins still look brand new.  The copper coins from those days look like someone took a shit on them.  They just don't hold up:







There is no need to search any further than silver if you're looking for the best trade for leveraged gold on steroids (due to silver being much smaller market cap and being the most downwardly manipulated metal on earth with the largest naked short positions).

As you can see, there is no instrumenet on the planet artificially manipulated downwards more than silver and this manipulation will violently implode soon enough:

[Torque]

I think we're gonna reverse from here. Bottoming, RSI showing oversold on the 6h and 12h.

But of course the whales are gonna try and punish anyone opening a long here.

[HairyMaclairy]

You need to understand.  Every time it goes under $8700 I’m poor again which means I will be rich but when it goes over $8700 I’m rich again which means I will be poor.  And I’ve been rich and poor five times today and trust me, rich is better except it means you are going to be poor which is worse so it’s better to be poor and worse to be rich.    

I hope you didn't try to catch a falling knife (I know, it's not falling very hard, but still...) with a leveraged long?

No I don’t use leverage. And I’m finished trading in this price range because I am happy with my position and strategy and any trade I could make would make me objectively worse off according to those metrics.  

The commentary was more directed at those panicking over arbitrary price swings, which we all know are inevitable.

[Toxic2040]

I think we're gonna reverse from here. Bottoming, RSI showing oversold on the 6h and 12h.

But of course the whales are gonna try and punish anyone opening a long here.

I was just posting this.



Its important to look at various indicators to get confirmation of your prognostications. If you discount the upward curl of raising volume and just focus on the MACD you can see a crossing that might indicate bearishness. Looking at the additional data of the stochastic RSI you can see we appear close to a local bottom. Its also critical that you change your perspective(time frame) when looking at a chart often so as to see if your narrative has continuity.

[Biro Bob]

Now that I’m poor, I wish I hadn’t told all those clients to go **** themselves in December.

Actually, I don’t. It felt kinda good.  

C’mon Bitcoin! Man up so I can do it to a few more!

[Last of the V8s]

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