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

[HairyMaclairy]

I’m sorry guys the rebound from $6400 was mechanical buying.

Shorts being liquidated and buy stop orders being triggered.

It’s not a real rally imho, it’s just market mechanics.

I'm not sure the bounce was strong enough to squeeze a short from the bottom. The most leverage that I know about that directly interacts with the market is 5X. Unless whales are being given more leverage than I am aware of. Bitmex and OKex are total derivatives, I thought.

Good point but there must be an arbitrage link between Bitmex and OKex and physical markets.  And shorters will want to buy to close their positions.

[HairyMaclairy]

In other words is it a glade? Or is it a rally within the bigger glade thatll extend the larger glade and perhaps revisit $8K before the real crash?

Do bears poop in the glade?

[BTCMILLIONAIRE]

For those of you comparing gold to bitcoin, don’t.  

The gold price is suppressed because gold is too easy to mine with modern mining techniques. Gold has a supply problem, there is too much of it.  We have mined far more gold since 1950 than we have in all of history, and that has flooded the market.

The best estimates currently available suggest that around 190,040 tonnes of gold has been mined throughout history, of which around two-thirds has been mined since 1950.

Source:  https://www.gold.org/about-gold/gold-supply/gold-mining/how-much-gold-has-been-mined

Further there are too many planned mine expansions.  A single planned mine expansion in Australia (BHP Olympic Dam) would yield 15,000 tonnes of gold and 90,000 tonnes of silver.  That’s almost 10% of historical global supply from a single mine. No market can absorb that type of new supply without collapsing the price.

So ignore the 4th dimension conspiracy bullshit, because the author doesn’t know how supply and demand works in the gold market.

Bitcoin is scarce.  Gold is as common as dirt.

Not to mention the very real threat of synthetic gold becoming dirt cheap with breakthroughs in either the synthetic process itself or energy (nuclear fusion), or future asteroid mining. I wouldn't bet on metals for the next decades as a safe haven.

[bones261]

For those of you comparing gold to bitcoin, don’t.  

The gold price is suppressed because gold is too easy to mine with modern mining techniques. Gold has a supply problem, there is too much of it.  We have mined far more gold since 1950 than we have in all of history, and that has flooded the market.

The best estimates currently available suggest that around 190,040 tonnes of gold has been mined throughout history, of which around two-thirds has been mined since 1950.

Source:  https://www.gold.org/about-gold/gold-supply/gold-mining/how-much-gold-has-been-mined

Further there are too many planned mine expansions.  A single planned mine expansion in Australia (BHP Olympic Dam) would yield 15,000 tonnes of gold and 90,000 tonnes of silver.  That’s almost 10% of historical global supply from a single mine. No market can absorb that type of new supply without collapsing the price.

So ignore the 4th dimension conspiracy bullshit, because the author doesn’t know how supply and demand works in the gold market.

Bitcoin is scarce.  Gold is as common as dirt.

Not to mention the very real threat of synthetic gold becoming dirt cheap with breakthroughs in either the synthetic process itself or energy (nuclear fusion), or future asteroid mining. I wouldn't bet on metals for the next decades as a safe haven.

I'm not sure why people all go to nucleosynthesis and asteroid mining when presenting these arguments. The gold industry hasn't even made it economically feasible to do deep sea mining or just digging deeper. We haven't even pecked the surface of our own planet. I would imagine going down deeper  into the crust and maybe even starting to go into the mantle would be way cheaper than flying back and forth to some asteroid.

[Ivor Biggun]

For those of you comparing gold to bitcoin, don’t.  

The gold price is suppressed because gold is too easy to mine with modern mining techniques. Gold has a supply problem, there is too much of it.  We have mined far more gold since 1950 than we have in all of history, and that has flooded the market.

The best estimates currently available suggest that around 190,040 tonnes of gold has been mined throughout history, of which around two-thirds has been mined since 1950.

Source:  https://www.gold.org/about-gold/gold-supply/gold-mining/how-much-gold-has-been-mined

Further there are too many planned mine expansions.  A single planned mine expansion in Australia (BHP Olympic Dam) would yield 15,000 tonnes of gold and 90,000 tonnes of silver.  That’s almost 10% of historical global supply from a single mine. No market can absorb that type of new supply without collapsing the price.

So ignore the 4th dimension conspiracy bullshit, because the author doesn’t know how supply and demand works in the gold market.

Bitcoin is scarce.  Gold is as common as dirt.

Not to mention the very real threat of synthetic gold becoming dirt cheap with breakthroughs in either the synthetic process itself or energy (nuclear fusion), or future asteroid mining. I wouldn't bet on metals for the next decades as a safe haven.

I'm not sure why people all go to nucleosynthesis and asteroid mining when presenting these arguments. The gold industry hasn't even made it economically feasible to do deep sea mining or just digging deeper. We haven't even pecked the surface of our own planet. I would imagine going down deeper  into the crust and maybe even starting to go into the mantle would be way cheaper than flying back and forth to some asteroid.

Aluminium used to cost more than gold, then someone figured out how to produce it electrolytically. An inventor can sometimes disrupt an established market like aluminium or gold.

Satoshi's invention springs to mind as another example.

[Rosewater Foundation]

Capitulation question. Canadian exchanges have just thrown up a bundle of verification roadblocks to withdrawal to fiat. With hundreds of BTM's in most cities, what's to stop someone from going machine to machine cashing out?

[HairyMaclairy]

You have to verify for BTMs in my country.

[Rosewater Foundation]

You have to verify for BTMs in my country.

ok I just found one. No verification required, paying about $700 below Preev. I guess that's the cost of laundering monies these days.

[HairyMaclairy]

It won’t last then.

[Rosewater Foundation]

It won’t last then.

agreed.

[European Central Bank]

it looks like sometimes data mining catches out the creeps at the top too.

https://news.uchicago.edu/article/2018/03/06/nyc-taxi-ride-data-suggest-cozy-relationship-between-big-banks-and-fed

[jojo69]

it looks like sometimes data mining catches out the creeps at the top too.

https://news.uchicago.edu/article/2018/03/06/nyc-taxi-ride-data-suggest-cozy-relationship-between-big-banks-and-fed

Utterly unsurprising, yet still infuriating, makes me want to burn and rob.

[yefi]

Further there are too many planned mine expansions.  A single planned mine expansion in Australia (BHP Olympic Dam) would yield 15,000 tonnes of gold and 90,000 tonnes of silver.  That’s almost 10% of historical global supply from a single mine. No market can absorb that type of new supply without collapsing the price.

Is that really reserves? Sounds like it should be resources. The Gold Council page you linked to suggests there's 54 kt of reserves worldwide... so that's a lot.

[Toxic2040]

It wont be long. Couple more weeks to a month. Some good buying opportunities on the horizon.

[Hueristic]

LOL, nice poll for the 1st.

Where's the less than 24 hours choice?

[explorer]

Capitulation question. Canadian exchanges have just thrown up a bundle of verification roadblocks to withdrawal to fiat. With hundreds of BTM's in most cities, what's to stop someone from going machine to machine cashing out?

link?

what kind of roadblocks?  what if one is already verified out the ass on multiple exchanges, domestically and internationally?

Quadriga will still courier bundles of cash, right?

[Rosewater Foundation]

Capitulation question. Canadian exchanges have just thrown up a bundle of verification roadblocks to withdrawal to fiat. With hundreds of BTM's in most cities, what's to stop someone from going machine to machine cashing out?

link?

what kind of roadblocks?  what if one is already verified out the ass on multiple exchanges, domestically and internationally?

Quadriga will still courier bundles of cash, right?

Yeah but check the withdrawal page now. Everything requires verification. That wasn't the case 6 weeks ago.

[cAPSLOCK]

C'mon corn!

If Jesus could do it, I bet you can too!

[European Central Bank]

Yeah but check the withdrawal page now. Everything requires verification. That wasn't the case 6 weeks ago.

canadian localbitcoins volume just went through the roof - https://coin.dance/volume/localbitcoins/CAD

related?

but so did europe as well. it's far higher than the peak of the bubble. i'm really not sure why.

[Rosewater Foundation]

Yeah but check the withdrawal page now. Everything requires verification. That wasn't the case 6 weeks ago.

canadian localbitcoins volume just went through the roof - https://coin.dance/volume/localbitcoins/CAD

related?

but so did europe as well. it's far higher than the peak of the bubble. i'm really not sure why.

Bank of Montreal is stopping all crypto-related purchases through credit/debit card. The rest will probably follow suit