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

[realr0ach]

Proof of Stake:  designed to centralize into monopoly or cartel
Proof of Work:   designed to centralize into monopoly or cartel

Nothing beats Proof of Open Mine Pit, eh?

In any realistic remonetization of metals, it is not just gold or a bi-metallic system that would be needed to fuction.  It would require gold, silver, and copper.  They're all interchangeable at market or fixed ratios, and copper is very abundant and can be mined yourself in your own background.  There's amateur blacksmiths who do it on Youtube - dig up some copper themselves, smelt it, and forge some type of copper sword or whatever on their back porch.  

There is no ASIC lockout and perma-monopoly in any type of metals system because copper is relatively abundant.  If someone hordes all the gold, people utilize silver more.  If someone hordes all the gold and silver, the peasants flood the market with copper and liquidity never stops.  Tri-metallism is as close to a perfect system as it gets.

[1713497809]

1713497809

[1713497809]

1713497809

[Saint-loup]

https://cointelegraph.com/news/bitcoin-vs-traditional-assets-how-does-cryptos-10-year-performance-sync-up

[gentlemand]

I'm getting a few copies bought... Wonder if their 'sales figures' get a bump today.

Will it not end up like those 'collectible' coins and plates they sell in the back of newspapers?

I bought all 1000 'editions' of an airbrushed plate with a wolf howling on it from the Mail on Sunday. I smashed all but one and sent the sole survivor to Christies expecting it to raise millions. The auctioneer used it as an ashtray and told me to fuck off.

It's the stuff no one bothered to collect at the time that winds up worth something. A nice little souvenir all the same.

[LFC_Bitcoin]

https://cointelegraph.com/news/bitcoin-vs-traditional-assets-how-does-cryptos-10-year-performance-sync-up

Looks great!
The problem is that the SEC don’t seem remotely interested in granting us an approval.

[realr0ach]

https://cointelegraph.com/news/bitcoin-vs-traditional-assets-how-does-cryptos-10-year-performance-sync-up

Platinum ETF = entirely insider trade front run, then price collapses the day the ETF opens.  A buy the rumor sell the news event.

[xhomerx10]

I think "Proof of Keys" is an unnecessary burden to the Bitcoin & exchange networks... I don't like the idea of shooting myself in the foot. I understand the idea of not letting exchanges use our coins in a fractional reserve setting, but I don't think it will make a difference for just one day... If they want to do it, they will, since they will always have some of our coins in their wallets. The good qualities of Bitcoin (decentralized, distributed, immutable, fungible, borderless, permissionless, rare, capped, non-inflationary), as compared to fiat, are guaranteed by its design, not by what exchanges do or don't do.

Why not do the opposite: withdraw all of our fiat from the banks! That would put a stress to their network...

 It would cause a lot of stress for nearly everyone since loans exceed savings by a very large margin.  In Canada, there is no reserve requirement so theoretically we have an indeterminate (possibly infinite) money supply based on the formula for money multiplier (m) given the Reserve requirement (R):

m=1/R

 That being said, I went into the bank a couple of years ago to withdraw more than I was able to withdraw in one day from an ATM (which is $2000) - seems to me I was looking to get around 6k.  First, they wanted to know why I needed "so much" money and if a bank draft or check wouldn't be a better option.  They chastised me for not calling ahead and I had to sit and wait for the money to be ready.  Oh, I was also required to withdraw my maximum from their ATM first (I don't pay a fee if I use theirs so that didn't bother me too much).  When the cashier called me back to the counter, she had a manila envelope she was digging her hand into that I could see had at least two wrapped stacks of $100 dollar bills.  I tried to keep the conversation light-hearted saying "You have plenty of cash there!  Why did you make me take money from the ATM?" and she told me they had been directed to discourage large cash withdrawals.
 Fast forward a couple of years to the present and just before Christmas I went to the same branch because it was on my route and I needed some cash.  While they still have people working inside, they don't do physical cash withdrawals.  The only option is to use their ATMs.  They have been popping up everywhere since about the middle of 2018 in this area and I believe one bank calls them "Advice-based Centers" where the bank employees are directed to show you how to use an ATM if you request cash and they don't have tellers anymore.

 So really, the only thing a bank run will cause is line-ups at the ATMS and stress for those with savings accounts.

::


Buy Bitcoin.


edit: added chars to separate the images

[realr0ach]

^Imagine all those Indians trying to fit into 1 MB bitcoin blocks.

[rhomelmabini]

I think "Proof of Keys" is an unnecessary burden to the Bitcoin & exchange networks... I don't like the idea of shooting myself in the foot. I understand the idea of not letting exchanges use our coins in a fractional reserve setting, but I don't think it will make a difference for just one day... If they want to do it, they will, since they will always have some of our coins in their wallets. The good qualities of Bitcoin (decentralized, distributed, immutable, fungible, borderless, permissionless, rare, capped, non-inflationary), as compared to fiat, are guaranteed by its design, not by what exchanges do or don't do.

Why not do the opposite: withdraw all of our fiat from the banks! That would put a stress to their network...

 It would cause a lot of stress for nearly everyone since loans exceed savings by a very large margin.  In Canada, there is no reserve requirement so theoretically we have an indeterminate (possibly infinite) money supply based on the formula for money multiplier (m) given the Reserve requirement (R):

m=1/R

 That being said, I went into the bank a couple of years ago to withdraw more than I was able to withdraw in one day from an ATM (which is $2000) - seems to me I was looking to get around 6k.  First, they wanted to know why I needed "so much" money and if a bank draft or check wouldn't be a better option.  They chastised me for not calling ahead and I had to sit and wait for the money to be ready.  Oh, I was also required to withdraw my maximum from their ATM first (I don't pay a fee if I use theirs so that didn't bother me too much).  When the cashier called me back to the counter, she had a manila envelope she was digging her hand into that I could see had at least two wrapped stacks of $100 dollar bills.  I tried to keep the conversation light-hearted saying "You have plenty of cash there!  Why did you make me take money from the ATM?" and she told me they had been directed to discourage large cash withdrawals.
 Fast forward a couple of years to the present and just before Christmas I went to the same branch because it was on my route and I needed some cash.  While they still have people working inside, they don't do physical cash withdrawals.  The only option is to use their ATMs.  They have been popping up everywhere since about the middle of 2018 in this area and I believe one bank calls them "Advice-based Centers" where the bank employees are directed to show you how to use an ATM if you request cash and they don't have tellers anymore.

 So really, the only thing a bank run will cause is line-ups at the ATMS and stress for those with savings accounts.




Buy Bitcoin.


  

That queue is a cue to really go with the trend or the future of money. I may be a newbie with this industry but Bitcoin, blockchain and cryptocurrencies really has future to create massive change especially in finance, economy, government etc.,

[xhomerx10]

So @slammielayer

Hello Vastly Lates

hmm strange lol. stings a little

 Meh.  That's not even an anagram ffs.  Very amateurish.

Hat, Vests Of L8

[goldkingcoiner]

Happy 10th Birthday to Bitcoin! My baby booooy!

10 years later and still, not one person has been able to prove that Bitcoin has failed. 10 years later and we have the same people screaming "its a fad its a fad!" or "Bubble this tulips that!"

[xhomerx10]

I think "Proof of Keys" is an unnecessary burden to the Bitcoin & exchange networks... I don't like the idea of shooting myself in the foot. I understand the idea of not letting exchanges use our coins in a fractional reserve setting, but I don't think it will make a difference for just one day... If they want to do it, they will, since they will always have some of our coins in their wallets. The good qualities of Bitcoin (decentralized, distributed, immutable, fungible, borderless, permissionless, rare, capped, non-inflationary), as compared to fiat, are guaranteed by its design, not by what exchanges do or don't do.

Why not do the opposite: withdraw all of our fiat from the banks! That would put a stress to their network...

 It would cause a lot of stress for nearly everyone since loans exceed savings by a very large margin.  In Canada, there is no reserve requirement so theoretically we have an indeterminate (possibly infinite) money supply based on the formula for money multiplier (m) given the Reserve requirement (R):

m=1/R

 That being said, I went into the bank a couple of years ago to withdraw more than I was able to withdraw in one day from an ATM (which is $2000) - seems to me I was looking to get around 6k.  First, they wanted to know why I needed "so much" money and if a bank draft or check wouldn't be a better option.  They chastised me for not calling ahead and I had to sit and wait for the money to be ready.  Oh, I was also required to withdraw my maximum from their ATM first (I don't pay a fee if I use theirs so that didn't bother me too much).  When the cashier called me back to the counter, she had a manila envelope she was digging her hand into that I could see had at least two wrapped stacks of $100 dollar bills.  I tried to keep the conversation light-hearted saying "You have plenty of cash there!  Why did you make me take money from the ATM?" and she told me they had been directed to discourage large cash withdrawals.
 Fast forward a couple of years to the present and just before Christmas I went to the same branch because it was on my route and I needed some cash.  While they still have people working inside, they don't do physical cash withdrawals.  The only option is to use their ATMs.  They have been popping up everywhere since about the middle of 2018 in this area and I believe one bank calls them "Advice-based Centers" where the bank employees are directed to show you how to use an ATM if you request cash and they don't have tellers anymore.

 So really, the only thing a bank run will cause is line-ups at the ATMS and stress for those with savings accounts.

::


Buy Bitcoin.


  

That queue is a cue to really go with the trend or the future of money. I may be a newbie with this industry but Bitcoin, blockchain and cryptocurrencies really has future to create massive change especially in finance, economy, government etc.,

Sorry, there are two queues actually.  I didn't provide enough separation.
  The left is in India and on the right, Greece.

[realr0ach]

Happy 10th Birthday to Bitcoin! My baby booooy!

10 years later and still, not one person has been able to prove that Bitcoin has failed. 10 years later and we have the same people screaming "its a fad its a fad!" or "Bubble this tulips that!"

Typing out the number "10 years" kind of puts it in a bad light.  Things like Myspace were already born, conquered the world, then died off in a shorter time span, while bitcoin all in all has actually made very little impact on the world in that long timespan.  Yea, there's a lot of bullshit hype and news articles, but that's it.  The only thing it's really used for in the real world is pump and dump scams.

[bitserve]

I think "Proof of Keys" is an unnecessary burden to the Bitcoin & exchange networks... I don't like the idea of shooting myself in the foot. I understand the idea of not letting exchanges use our coins in a fractional reserve setting, but I don't think it will make a difference for just one day... If they want to do it, they will, since they will always have some of our coins in their wallets. The good qualities of Bitcoin (decentralized, distributed, immutable, fungible, borderless, permissionless, rare, capped, non-inflationary), as compared to fiat, are guaranteed by its design, not by what exchanges do or don't do.

Why not do the opposite: withdraw all of our fiat from the banks! That would put a stress to their network...

 It would cause a lot of stress for nearly everyone since loans exceed savings by a very large margin.  In Canada, there is no reserve requirement so theoretically we have an indeterminate (possibly infinite) money supply based on the formula for money multiplier (m) given the Reserve requirement (R):

m=1/R

 That being said, I went into the bank a couple of years ago to withdraw more than I was able to withdraw in one day from an ATM (which is $2000) - seems to me I was looking to get around 6k.  First, they wanted to know why I needed "so much" money and if a bank draft or check wouldn't be a better option.  They chastised me for not calling ahead and I had to sit and wait for the money to be ready.  Oh, I was also required to withdraw my maximum from their ATM first (I don't pay a fee if I use theirs so that didn't bother me too much).  When the cashier called me back to the counter, she had a manila envelope she was digging her hand into that I could see had at least two wrapped stacks of $100 dollar bills.  I tried to keep the conversation light-hearted saying "You have plenty of cash there!  Why did you make me take money from the ATM?" and she told me they had been directed to discourage large cash withdrawals.
 Fast forward a couple of years to the present and just before Christmas I went to the same branch because it was on my route and I needed some cash.  While they still have people working inside, they don't do physical cash withdrawals.  The only option is to use their ATMs.  They have been popping up everywhere since about the middle of 2018 in this area and I believe one bank calls them "Advice-based Centers" where the bank employees are directed to show you how to use an ATM if you request cash and they don't have tellers anymore.

 So really, the only thing a bank run will cause is line-ups at the ATMS and stress for those with savings accounts.

Buy Bitcoin.


  

There are perfectly justified reasons why you need to call in advance to have them get ready your cash if the amount is above regular daily/weekly requirements.

The most they can do (depending on country laws or bank rules you signed) is that they require you to come with a security guard if the cash amount is above certain limits.

Other than that they should have it available for you in less than 48 hours since your request no matter if the amount is millions in cash. Of course you will be asked to explain your reason so that they can fill the mandatory paperwork for the regulators. And maybe you will also have to go to a main branch and not your usual one too.

But that doesn't matter anyways... as you say, they don't have enough cash (and I am not talking about notes, but liquidity) to cover even 10% of the saving accounts + deposit accounts.

What happens then if 20% of the amounts were to be withdrawn? Not much... the bank would loan the cash (usually from the central bank) to fullfil those requests. That's no problem because the bank have enough collateral to do it... if it reaches a point where it doesn't and is impossible to recover it is usually bought by another bank which absorbs its assets and obligations.

But... what happens if it is not a single bank but a country wide bank run?

Then the first clients will probably get all their cash out, but as soon as the requests escalate they do have to impose limits because the central bank is not able to balance the liquidity anymore. See Argentina, Greece, etc...

That's the "beauty" of fractional reserve banking and why we do not want to see anything like that in crypto.

There's not point in doing an exercise of "bank run" with banks, we already know what would happen because that is exactly how it is intended to work. But in crypto it should not happen anything and if it does it is a sign of fractional banking where there should be NONE.


P.S.: Oh, and there are reasons why reserve banking is good for the growth of the economy. In some way it could be considered a way of optimising available resources. The problem comes when you increase the debt levels irresponsibly and all the castle falls apart... and it also opens the door to creating money out of thin air that is not supported by real assets.

[VB1001]

I can not attach it to my profile, activity 98..., at the moment, I'm going to buy a frame, I'll hang it in my office.

Thanks xhomerx10, is perfect, design, texture, background, beautiful, proud of this hat.

[FreedomCoin]

Happy birthday BTC, how far you have come.

[xhomerx10]

I can not attach it to my profile, activity 98..., at the moment, I'm going to buy a frame, I'll hang it in my office.

Thanks Xhomerx10, is perfect, design, texture, background, beautiful, proud of this hat.

 Wow.  I feel honoured
Thank you!

[RivAngE]

@bitserve

I agree with all your points and I'd like you to allow me to add two more point...

Even if there was no fractional reserve and even if all the peoples' money were really existing in banks, we'd have two more problems: security and "precision (?)".
1) The problem of security with cash is obvious, notes can be stolen and centralised digital accounts can be hacked. A successful 51% attack on a widely used blockchain though is not as easy.
2) I can't put a name on this problem but I'll give an example: A bank is holding 10% of a countries wealth in notes. An explosion scattering some in the air while destroys and burns others. What happens next? Do you print the notes again? Do you subtract the missing amount from the bank's own account? What about the notes that went flying? Similar problems in a much smaller scale happen every day, for example having a low value note cut in half or a coin drop in the sewers. I might interpret it wrong but I think that fiat currencies can't work with 0% fractional reserves and money printing, only the blockchain can work without these and still operate fine.


By the way, I'm from Greece, I've been through Capital Controls and we're still under some controls, for example we cannot top-up investment accounts with cards, only through the slow wire transfers.

[realr0ach]

By the way, I'm from Greece, I've been through Capital Controls

The amount of dumb sluts begging for money on the internet is skyrocketing through the stratosphere and probably signals much bigger financial collapse and capital controls soon:

https://www.reddit.com/r/WhereAreAllTheGoodMen/comments/a9nqal/everywhere_i_look_i_see_these_tradthots_they/

[VB1001]

Let them talk, talk, talk..., warming up the engines.

Cambridge Judge Business School



https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/2nd-global-cryptoasset-benchmark-study/#.XC4sw1xKiUk

[hv_]

Instead of Chartbuddy bumping it every hour, is engaging It the new sign of thread deadness?

It's just as mechanical and uncreative.

I want chartbuddy and Adam back..