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

[sirazimuth]

It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.

indeed... and the fact most are understandably clueless at financial management.
After all, hookers and blow has a fairly poor ROI.

[1714028879]

1714028879

[1714028879]

1714028879

[1714028879]

1714028879

[1714028879]

1714028879

[1714028879]

1714028879

[1714028879]

1714028879

[Anon136]

Target 1 would be 8,600-8,800$ if BTC breaks that we are off to the 9,000$ level again.

[jojo69]

worth getting out of bed for

[mindrust]

Target 1 would be 8,600-8,800$ if BTC breaks that we are off to the 9,000$ level again.

Everytime it breaks $9000 somebody on reddit creates a topic and says "this is the last time we see btc under $9k" and then few days later we go under $9k again.

I think they are dumping on us and like many told before they'll keep dumping it till we hit below $5k. They probably have enough bitcoins to give us 2-3 painful years before the next big boom.

[Toxic2040]

These areas continue to resonate with me. A sharp downward consolidation followed by sideways and upward accumulation. We are either at the end of a long generic whip crack or at the beginning of a upwards wave A(?) if your into that EW stuff. You could even call it a cup and handle if you look at it just right..      
Not the greatest SL but maybe a bottom perhaps? It feels like a bottom. I think the time for cheap corn is getting close to the end..we might not look back once we pass into 5 figures.

It looks like we might be testing the upper $8k's soon.  Hodling here at $8.5k or breaking above $8.65k on the daily candle would be confirmation imho.

#dyor

#btfd

#stronghands

Have a great week everyone. We are almost through the worst of it I do believe.

[Mister_Success]

It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.

indeed... and the fact most are understandably clueless at financial management.
After all, hookers and blow has a fairly poor ROI.

I'm not sure about hookers (unless they're yours), but blow can make a very healthy RoI if used properly.

[bitserve]

This tweet from Charlie Lee has surprised me:

https://twitter.com/SatoshiLite/status/997978007875670016

He was millionaire before Bitcoin? Surprising. Anyone knows what he was doing before?

I think he worked at google right?

That would make for it yeah. Also probably he is older than he looks like (in fact in recent pictures he does).

A million dollars isn’t that much in the scheme of things.  That’s half a house in Vancouver, Canada.   Probably a third of a house in Silicon Valley.   It’s not even a downpayment in London unless you are an hour from the City.

It's not that much if you need to be in one of those places you listed. Where, if you are, you will be paid well enough to be able to afford it (out of necessity) but will still only have a lifestyle on par with someone making 1/5th of your salary elsewhere. A really comfortable retirement starting at age 30 only requires about 2 million though. So it's not that a million is a small amount of money so much as it's that the particular examples you gave are WAY overpriced. For reference you need about 7 million dollars in assets to be in the american 1% and about 3 million to be in the global 1% (those figures assume that you have only assets and no income).

But yea there is a sense in which you are absolutely right. A lot of very financially illiterate people have very bad misconceptions about what a million dollars means. They will play a lottery that promises to pay out a million dollars and think if they could just win than they could live like an elite and never have to work again, which of course is not even close to accurate. It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.

Still, having a net worth over 1 million with less than 30 years is a great start. And not something that usual even if there are places where $X00.000 salaries are frequent.

The other day I was reading some article that states that there are many people making those salaries and living from paycheck to paycheck with almost no savings beyond 401k. Here is the article: https://www.cnbc.com/2018/03/06/budget-breakdown-of-a-couple-that-makes-500000-a-year-but-cant-save.html

I supposse there must be a lot of exaggeration and sensationalism in it, but still..... The biggest joke in that "budget" is buying the car with credit....

[bones261]

It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.

indeed... and the fact most are understandably clueless at financial management.
After all, hookers and blow has a fairly poor ROI.

Actually, the main problem with many lotto winners is they end up trusting the wrong people and get scammed. Another problem is that they end up being too generous with family and friends who are looking for handouts.

[Searing]

Target 1 would be 8,600-8,800$ if BTC breaks that we are off to the 9,000$ level again.

Everytime it breaks $9000 somebody on reddit creates a topic and says "this is the last time we see btc under $9k" and then few days later we go under $9k again.

I think they are dumping on us and like many told before they'll keep dumping it till we hit below $5k. They probably have enough bitcoins to give us 2-3 painful years before the next big boom.

It is mt. gox damn it....from what I figure they have to dump $240 million in usd of BTC a month, to get the liguidation done by the end of this year....*them

trustees want their cut and the Japanese Gov't wants this all over with)

thus, we will go to 9k and drop to 7k and rinse wash repeat for a month or two...then the mt. gox trustees will have a timeline, say end of the year and we will

drop to 4k ...it is gonna suck!

[Quickfant]

This tweet from Charlie Lee has surprised me:

https://twitter.com/SatoshiLite/status/997978007875670016

He was millionaire before Bitcoin? Surprising. Anyone knows what he was doing before?

I think he worked at google right?

That would make for it yeah. Also probably he is older than he looks like (in fact in recent pictures he does).

If you read that twitter stream, to this day Charlie doesn't consider Litecoin a scam.

But often we need to reconsider what the definition of a scam truly is.

I mean, to make Litecoin he literally took a snapshot of the Bitcoin source code, changed like 2 easily-found config parameters, and launched it. And he admitted that it took him all of like a long Saturday to change and test it. He put almost zero effort into creating Litecoin. He created an altcoin of Bitcoin with a few clicks of a mouse. What he did, anyone could literally do with enough knowledge of the code.

So what part about that process and goal isn't scammy? Today when people do that with the Bitcoin source, we say that they're doing it for scammy or selfish purposes. But for some reason we give Charlie a pass because he's a nice guy, Bitcoin proponent, and no longer holds any LTC. (Little known fact: he once DID hold a metric shitload of LTC and probably made a million dollars selling some before LTC even hit $0.20c)

Times change. The fact that it was acceptable when Litecoin first came about is probably because there wasn't a metric tonne of altcoins out then. These days you can't watch some porn without an ICO  popping up "TO THE MOON THE NEW COIN THAT SURPASSES BITCOIN AIRDROP NOW"

I don't consider changing a few parameters as if we look at a lot of things these days they are direct copies of something else. Do people cry about the chinese knock offs? No because they can sometimes be of better investment. Litecoin made a lot of people happy at the time.

If you were to do that now though it's already been done a million times by millions of different "developers". That don't even engage with it's consumers and just bask in the price that their "altcoin" fetches.

[Quickfant]

Target 1 would be 8,600-8,800$ if BTC breaks that we are off to the 9,000$ level again.

Everytime it breaks $9000 somebody on reddit creates a topic and says "this is the last time we see btc under $9k" and then few days later we go under $9k again.

I think they are dumping on us and like many told before they'll keep dumping it till we hit below $5k. They probably have enough bitcoins to give us 2-3 painful years before the next big boom.

It is mt. gox damn it....from what I figure they have to dump $240 million in usd of BTC a month, to get the liguidation done by the end of this year....*them

trustees want their cut and the Japanese Gov't wants this all over with)

thus, we will go to 9k and drop to 7k and rinse wash repeat for a month or two...then the mt. gox trustees will have a timeline, say end of the year and we will

drop to 4k ...it is gonna suck!

Suck? If your an investor for the long term of Bitcoin you are probably relishing your forecast here. A few months of ping ponging back and forth will satisfy some of the day traders and a big drop towards the end of the year will satisfy those who want to invest more long term.

Here's to hoping that your forecast comes true!

[bitserve]

It's also why everyone who wins the lottery blows through it all in a couple years, they think they won WAY more than they actually did.

indeed... and the fact most are understandably clueless at financial management.
After all, hookers and blow has a fairly poor ROI.

Actually, the main problem with many lotto winners is they end up trusting the wrong people and get scammed. Another problem is that they end up being too generous with family and friends who are looking for handouts.

Yes, I do personally know one case where what you said is the exact description.

The thing with lottery is that most winners are people previously just living from paycheck to paycheck, so they think they need to hire a "professional" and there the problems begin -depending on what kind of "professional" they end in the hands-.

Not all of them go on a spending spree, some don't even change their lifestyle significantly but still end up losing all or most of the money due to bad decisions in trusting the wrong people/"professionals".

[jojo69]

[El duderino_]

[HI-TEC99]

It is mt. gox damn it....from what I figure they have to dump $240 million in usd of BTC a month, to get the liguidation done by the end of this year....*them

trustees want their cut and the Japanese Gov't wants this all over with)

thus, we will go to 9k and drop to 7k and rinse wash repeat for a month or two...then the mt. gox trustees will have a timeline, say end of the year and we will

drop to 4k ...it is gonna suck!

The gox trustee isn't allowed to dump any more coins unless the court orders him to. The last dump was because the court decided he needed more money to pay interest on all the fiat owed.

The trustee says he's almost sure civil rehabilitation will be approved, which means all those owed Bitcoins get paid back in Bitcoins. Although there might be another sale of a relatively small number of coins the vast majority are likely to get returned to gox's customers.

It's highly unlikely they will get dumped on the market by the trustee.

https://www.mtgoxlegal.com/2018/05/18/update-18-mar-18/

May 18, 2018 Andy Pag   

We originally calculated that the sale of the 16k coins that moved should be enough to cover all assets. While it’s regrettable that the court/trustee considers they need cash to cover all the assets before moving forward, we concluded there’s nothing we can do about it. We looked at ways to challenge it legally but there was nothing we could practically do.

The further movement of 8k coins caused some alarm as some people thought it implied that the Trustee was on track to liquidate everything. Our lawyer’s view is that that is not the case, but that we should recalculate to allow for delay payment interest. The bankruptcy statute allows for 5 or 6% pa. So the trustee will need at least 20% more cash than we had originally considered. Again it’s disappointing that so many coins need to be sold, and we can only hope the trustee is getting a good price for them.

He has said that he is selling them in a way that will not affect the market. This suggests he’s selling them to a holder, such as an EFT type institution. We will find out in the course of time.

Our lawyer has met with the trustee and has had conversations with his team. He’s asked me not to divulge the details he shared with me, but the information he gave me left me confident that CR will be approved. The Trustee has to arrange Gox’s finances in such a way that meet the conditions set out by Ito, and the court can then approve CR. There seems to be willing from all parties involved, but it will take some more time, and probably the sale of more bitcoins.

As well as stockpiling the requisite amount of cash, the Trustee also has to establish a Trust vehicle to hold the assets that flow into CR. Once this has done, the conditions for approving CR should be met, and the court can then give the green light. The suggestion is that all creditors vote on being paid through the bankruptcy, (better for fiat claims) or allowing your claim to roll over into the Trust, which will then receive the assets left over after fiat claims have been settled, and distribute them under a CR plan (through an exchange or directly with the help of a third party bespoke crypto payment platform and bank transfers).

[xhomerx10]

 Nice to see some upward movement!

[Ibian]

The problem with lottery winners is that they are bad with money in general. That's why they play the fucking lottery in the first place. An argument could be made that state-sponsored lotteries are a way to keep the poor poor.

[bitserve]

The problem with lottery winners is that they are bad with money in general. That's why they play the fucking lottery in the first place. An argument could be made that state-sponsored lotteries are a way to keep the poor poor.

Agreed. Even a casino has a better ROI (less negative) more so if you take into account comps.

Lottery is almost a state sponsored scam.

[HI-TEC99]

The problem with lottery winners is that they are bad with money in general. That's why they play the fucking lottery in the first place.

We only hear about the ones that want publicity. I bet the winners who want their identities kept secret are better with money than those who want publicity.

[bitserve]

It has been some time (March 2017) since we don't have three consecutive red weekly candles so... Nice green candle for next week?