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

[savetherainforest]

Cheers for Bart and the more money he is giving us!!!

[1619013655]

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[Elwar]

To anyone thinking BTC price will drop once the USDT shenanigans are exposed:

Imagine there's a small planet of fishermen who use shells as currency. There's a limited supply of shells.

One day an astronaut arrives  from an advanced planet; he carries a secret device which allows him to create several fake shells.
For some weeks the astronaut buys a lot of local diamonds (unique and also limited in supply). He pays with his synthetised shells but the fishermen don't know they're fake and thus his market demand drives the diamonds prices up.

One day the astronaut returns to his planet with the diamonds and then the fishermen find out all the shells he gave them were fake and have now turned to ash.

Will the price of diamonds go down?

Nope.

The fishermen will still use shells to buy diamonds, and astronaut gone or not, there's still the same amount of shells around and the same amount of diamonds.

Kinda like the way the wealthy elite have gamed the system to print fiat out of thin air, then turn around and use it to buy real assets (businesses, stock shares, real estate, PMs, etc.) with that printed fake money. The assets themselves never really go down in value, but the fiat purchasing power sure does.

One day it'll all hyperinflate and go poof. And then they'll reset and start the game all over again.

Not exactly the same; Federal Reserve (and other central banks) do not create money out of thin air as they need to be solvent for what they emit (which with fractional reserve must be indeed only a fraction of their output); they do however profit from the interest generated by this multiplied supply they emit. This interest is "out of thin air" generated revenue - yes.
But whoever issues USDT goes even further than this, as they do actually create money out of thin air.
Even calling it Monopoly money is a compliment since USDT doesn't even cost paper.

How is producing 10 times the amount of money you have...not printing money out of thin air?

If not out of thin air, where does the new money come from?

[toknormal]

How is producing 10 times the amount of money you have...not printing money out of thin air?

If not out of thin air, where does the new money come from?

It is underwritten by 3rd party debt - either sovereign, corporate or person debt.

A bank cannot simply create money "out of thin air".. They need to get an economically productive entity to underwrite it / "back" it with a promise of future productivity.

[Tyr808]

How is producing 10 times the amount of money you have...not printing money out of thin air?

If not out of thin air, where does the new money come from?

It is underwritten by 3rd party debt - either sovereign, corporate or person debt.

A bank cannot simply create money "out of thin air".. They need to get an economically productive entity to underwrite it / "back" it with a promise of future productivity.

This.

However the profit they get from the +interest+ received by lending that newly issued liquidity, is essentially free money.

Privilege in the hands of few which costed humanity wars, rapes, misery, poverty.

[Mahirap]

One of the best price analysis i've ever saw in my entire life lol. I'm sure Bitcoin will come back really soon but there are no big evidence that it will climb to sky rocket again but still in the next halving im quite sure that it will go up again.

[Ludwig Von]

Well, at least somebody is trying to hold "The bottom" up... . (Mic post some good pic) 

[El duderino_]

Hey it'll probably spike down to sub $600!! /s

When bearish calls get really stupid, the bottom is close.  

i only had 2 smerits left but this is just exactly EXACTLY how it is

same as a friend of me on the last DIP he was calling BTC dead from that point he becamed our private REVEARSE INDICATOR so when most get extreme bearish it could means something good 

[infofront]

Well, at least somebody is trying to hold "The bottom" up... . (Mic post some good pic) 

Confirmed. Bottom is being held up.




Sometimes I feel like my biggest contribution to this thread is butt pictures, but I guess that's good enough.

[Torque]

How is producing 10 times the amount of money you have...not printing money out of thin air?

If not out of thin air, where does the new money come from?

It is underwritten by 3rd party debt - either sovereign, corporate or person debt.

A bank cannot simply create money "out of thin air".. They need to get an economically productive entity to underwrite it / "back" it with a promise of future productivity.

Newly printed money created from debt than can never be paid back is the very definition of "out of thin air".

It's a snake eating its own tail.

[starmman]

Well, at least somebody is trying to hold "The bottom" up... . (Mic post some good pic) 

Confirmed. Bottom is being held up.




Sometimes I feel like my biggest contribution to this thread is butt pictures, but I guess that's good enough.

I had to study that technical analysis for a bit longer than usual

[Raja_MBZ]

Point to ponder:

[suzanne5223]

Can someone make this stop :-/

I can't stop now buddy cause the market is already flooded and one thing is sure and the thing is , it will never go below $6000 but there's 70% possibility that there will be change next week though.

[markj113]

Point to ponder:

Looks like someone is worried he's about to have a dick sandwich.

[ivomm]

While I was trolling on EOS bitcointalk thread about John Oliver show,

Can anyone explain what is EOS all about?  Clearly, even John Oliver can't:    Usable applications?!?!?!? 
https://youtu.be/g6iDZspbRMg?t=1146

I noticed some familiar names which are heavily invested in EOS, e.g. FractalUniverse:

over 100mio staked now 2/3 of required amount. http://dev.cryptolions.io/mainnet/#
and it looks like theres over 71mio on bitfinex balances.
So it now mostly depends on bitfinex' internal voting process. if bitfinex stakes, it could get over 150mio required in an instant pity i didnt find any info about the current results of finex internal poll.

and this is a recent post here on WO

The lower it gets, the more bitcoins will be removed from market by long term holders' buying spree.
I would use such opportunity for sure. if it should get below 4-3-2 or even 1k as some pple here predict, Id probably raid my entire bank account ant put it all into bitcoin.

The conlusions I leave to you. Just don't trust the fake bears anymore!

[infofront]

Interdasting.

[jojo69]

$6144 two part betting game.

A) When will $6144 be broken on the way down.

B) When will $6144 be broken back on the way up.

June 8

for both

You were pretty close, jojo. Happened on June 13, for both.

OK, enough of that... Let's go back to $7000, shall we...

It is pretty disturbing for me that anyone is paying attention to my deranged ravings ...that was over a month ago...are you my personal FBI man?

[Anon136]

$6144 two part betting game.

A) When will $6144 be broken on the way down.

B) When will $6144 be broken back on the way up.

June 8

for both

You were pretty close, jojo. Happened on June 13, for both.

OK, enough of that... Let's go back to $7000, shall we...

It is pretty disturbing for me that anyone is paying attention to my deranged ravings

All you have to do is say what people want to hear. They will listen to anyone if they do that.

[jojo69]

I sold bits and pieces. Not enough that I'm not a mountain of regret. TBH

Don't forget at that convenient time everyone could have been rich. Their funds were also all tied up in KYC.

also...peaked pretty much precisely when we would have to pay the absolute most taxes on it...fishy man

[rolling]

How is producing 10 times the amount of money you have...not printing money out of thin air?

If not out of thin air, where does the new money come from?

It is underwritten by 3rd party debt - either sovereign, corporate or person debt.

A bank cannot simply create money "out of thin air".. They need to get an economically productive entity to underwrite it / "back" it with a promise of future productivity.

This makes no logical sense (although it is taught like this in universities). Money is supposed to represent production. It can only originate from production. Creating money to "represent" debt or future production is literally creating money "out of nothing". This is the problem with the current system, it is backwards and only exists because it allows governments and corporations unlimited power to steal from producers.

Real money can only be created out of production and only after this has happened, can it be borrowed to create debt, not the other way around. The current monetary system is not real money, it is a house of cards built on decades of mind-fucking the public. There will be an awakening.

[Toxic2040]

Good morning all.

Some legacy market news for your viewing pleasure before we move on to bitcoin. The softening Chinese economy might indicate another upswing of interest in crypto from that sector as capital seeks shelter.

Global stocks weaken as hawkish Fed, slowing China data trim risk appetite.

U.S. dollar softens, however, as investors focus on growth optimism, not inflation concern, in Jerome Powell comments.

China's central bank fails to follow Fed hike as domestic investment falls to 22-year low.

Euro rises to multi-week high as investor await potential policy signal from ECB President Draghi.

Wall Street futures drift lower amid broader sentiment pullback, but tech stocks may outperform.

Oil prices edge lower as weak China data offsets falling U.S. stockpiles.

I found this article informative as well. Captain Kirk is onboard. Mewn confirmed.  
https://cointelegraph.com/news/new-solar-powered-crypto-mining-outfit-blasts-off-backed-by-star-trek-s-shatner

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Bitcoin

1h
Market consolidation has continued overnight with bitcoin retracting to just below $6.4k and is looking for support in that area. Most alts are back in the green now after a serious sell-off yesterday indicating we might have bottomed out locally.


4h
Is that a small bat signal way up high? Small break in the clouds approaching, looks like a test of resistance in that area.


D
Support hodling. MACD slowly turning upwards. RSI still oversold.

#dyor