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

[JayJuanGee]

^
@these prices, you Made a good deal

In a foreseeable future.... take your time and look back to Posts as these “reminder of what a great buy you Made right here”

I hope I won't regret it later about my bitcoin purchase.

Do you have any specifics to share?

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[JayJuanGee]

Isn't it almost incredible how far the ATH or even $10K+ seems about now?

To the contrary, $10k seems incredibly near. Especially knowing that Bitcoin is still in it's infancy.

Don't say that!

I'm buying a house, I've nearly stopped my accumulation for 3 months. Only putting my forum earning on the side.

Once the moving is over I'll start accumulating again! Give me a few months left under 4k pleaaaaaaase

Yeah, we all need to wait and suffer in order that you can buy an additional .1BTC.  

[Hueristic]

present time is open to attacks or feared attacks.

ETH fork constantinople is postponed.

https://www.coindesk.com/ethereums-constantinople-upgrade-faces-delay-due-to-security-vulnerability

Incompetent children rushing i.e. forcing a fork. #Decentralized smart contracts.

Thanks for sharing, indeed a worthwhile tweet storm. Seen some of the quotes before, but interesting when all put together.

Whenever someone uses Satoshi's Vision as a counter argument you can automatically assume that they've lost. This is science, not a religion. The tweet storm was nicely written.

+1 WO

I love your 'feet on the ground' exploration of the Hong Kong BTC scene.

In respect of the Lightning Network I stumbled on this article:  https://www.theblockcrypto.com/2019/01/15/the-growth-of-the-lightning-network-has-been-remarkable-but-theres-a-catch/

Conclusion: a bit of centralisation going on in terms of network capacity, but the area is still young  

Not unexpected, but perfectly acceptable for micro payments.

Weeee! I just got paid $4300 for the inherited land. It was double than what I expected because of some error in my favour of the parameters in the documents. Now waiting for the money to arrive at CB. Then with no hesitation I will hit the button for a direct buy, I love to do that!  I know that this sum is ridiculously small for many in this forum, but I am happy to increase my modest low 2 digit stash with 2BTC in a month. At these prices I could buy with my fucking salary in the shittiest country in the world only 2BTC in a year! My decision has always been to ignore the market pumps and dumps (I am not that good to predict esp. the dumps) and wait 2-3 years for my first sale. I hope to be able to buy a villa at the beach with part of my stash by then. I still have a firm belief that we will make it to 30K-40K range by then. We shall see.

That is the best plan. IOU +1sM

[JayJuanGee]

Repost of a classic chart (source unknown):

Whoaza!!!!!

I am not sure if I like that, even though logically it makes a decent amount of sense.  The $160k in August 2023 seems like decently acceptable, but then again, by August 2023 we are going to be coming close to the 2024 halvening, which will likely be in early 2024 (meaning before May).

[Arriemoller]

So what's the plan guys? If Grin works out well, bitcoin devs shove all that tech onto bitcoin?
https://github.com/mimblewimble/grin/blob/master/doc/grin4bitcoiners.md

I don’t know that you could port Bitcoin onto Grin. So it is a threat.  

But their monetary policy is fuxxed.  Big mistake having an endless emissions.  Same trap Monero fell into.  

So that significantly reduces the threat.  

No that is untrue, an emission is a necessity for a currency that's goal is use and low volatility for a plethora of reasons while a cap is good for a SOV which Btc is.

Endless emission means no value, this is, literally, economics 101. No value means that it is useless. Those guys might be good coders but they know absolutely nothing about economics.
But don't take my word for it, just wait until their wishes meets reality.

[kurious]

Repost of a classic chart (source unknown):

Leading up to halving price starts to move. Maybe it's different this time.

Looks different..  It has hit the '3000 in October 2019' level way earlier than that chart shows.  So 2023 looks pessimistic, but we will find out in time.  I think the price will be significantly above where we are now by autumn this year.  No ATH, but higher by a good deal.

New ATH? Sometime between late 2020 and late 2021, if the relationship to the halving and the roughly four year cycle holds.  YMMV.

[Arriemoller]

We already have Binance in Europe.

Launches Binance Jersey

Crypto Exchange Binance Enters European Markets

According to the release, Binance is launching a new trading platform, dubbed Binance Jersey, designed for fiat-to-crypto trading of the euro (EUR) and British pound (GBP) with Bitcoin (BTC) and Ethereum (ETH) within Europe and the United Kingdom.

https://www.binance.je

https://cointelegraph.com/news/crypto-exchange-binance-enters-european-markets-launches-binance-jersey

Hmmm, won't be long before they start forcing KYC as well. Time to stop being lasy and get some cold storage going and get excess funds off of there. I hate fighting with the printer, only use it once a year or so and those cartridges drive me batty.

Did you account for air drag, or did you only consider gravitational acceleration?

I took an average pebble out my garden. It weighs 10 grams and has a mean diameter of about 20 mm. If we assume it were perfectly spherical with a drag coefficient of 0.47, travelling through air with standard density of 1.225 kg/m^3, and plug the figures into the formula for terminal velocity we get: sqrt((2*0.01*9.81)/(1.225*(3.14*0.01^2)*0.47)) = 33 m/s or 119 km/h. If we pipe that into E = 1/2*m*v^2 for energy, we get ~5.5 J or ~4 ft-lb.

Or in other words, I need Bitcoin to do something exciting.

Perfectly spherical bullets are way different to regular bullets that end up tumbling as soon as they lose the rotational speed with a way higher air drag.

Much of the penetration of a regular gunshot is thanks to its rotational speed. That's why pipeguns are not that effective, even at very short distance, unless properly directed against unprotected vital points (neck, eyes, temple, etc).

To the mooooooon!!! weeeeeeeeee

WO is a surprise box. I share this hobby, sports shooting, it seems that they understand a lot about ballistics.

Oh, past year I decided to cancel/not renew my "sports shooting" license and sell my firearms. Now I am an officially unarmed civilian 

It was already pretty boring and expensive hobby with all the increasing legislation, requirements and taxes. I envy our American friends in the gun regulations.

Of course, United States is different.

Yup, Cops stole all my guns, different.

Would you like to share with the rest of the class?

[Arriemoller]

Well, if it's infinite it won't be worth anything. That's Economics 101.

No it's not, that is a common misconception, deflationary emission can create security as well as lower volatility. There is no reason a currency should not restore lost or destroyed coins except to create a system that creates rarity of those coins and that is a SOV type system which has not been proven to be secure as of yet.

Standard economic models do not apply to crypto as they do not take the cost of the security of the currency into account.

Yes they do, they apply to everything that can be bought and sold.

[BitBustah]

The 21 million limit and block reward reductions are not set in stone. All it takes is consensus and these things can be changed.

[wachtwoord]

The 21 million limit and block reward reductions are not set in stone. All it takes is consensus and these things can be changed.

Have fun forking into oblivion.

[Last of the V8s]

https://bitcointalk.org/index.php?topic=5090427.msg49266991#msg49266991
theymos answered some of our Grin musings ... and more

[Hueristic]

^
@these prices, you Made a good deal

In a foreseeable future.... take your time and look back to Posts as these “reminder of what a great buy you Made right here”

I hope I won't regret it later about my bitcoin purchase.

This will turn out to be one of the best decisions you ever made.

[Hueristic]

Satoshi's intent was privacy on the and chain that is paramount and a deal breaker in my mind if it is not included. BTC has not fulfilled that promise as of yet.

Your algo is unraveling..more back testing required. /s

Hah, lack of coffee and no proof reading before posting got me a little dyslectic there. Thx, fixed.

And I elaborated as well.

Satoshi's intent was privacy on the chain and that is paramount and a deal breaker in my mind if it is not currently included. BTC has not fulfilled that promise as of yet and a second layer solution is not acceptable.

[Hueristic]

So what's the plan guys? If Grin works out well, bitcoin devs shove all that tech onto bitcoin?
https://github.com/mimblewimble/grin/blob/master/doc/grin4bitcoiners.md

I don’t know that you could port Bitcoin onto Grin. So it is a threat.  

But their monetary policy is fuxxed.  Big mistake having an endless emissions.  Same trap Monero fell into.  

So that significantly reduces the threat.  

No that is untrue, an emission is a necessity for a currency that's goal is use and low volatility for a plethora of reasons while a cap is good for a SOV which Btc is.

Endless emission means no value, this is, literally, economics 101. No value means that it is useless. Those guys might be good coders but they know absolutely nothing about economics.
But don't take my word for it, just wait until their wishes meets reality.

The Bolded is patently false and your premise and therefore your argument is based on a false premise and not substantiated.

Would you like to share with the rest of the class?

Nope /OpSec ...even though this account is not actively hidden

[rebal15]

Repost of a classic chart (source unknown):

no sense.

[Hueristic]

Well, if it's infinite it won't be worth anything. That's Economics 101.

No it's not, that is a common misconception, deflationary emission can create security as well as lower volatility. There is no reason a currency should not restore lost or destroyed coins except to create a system that creates rarity of those coins and that is a SOV type system which has not been proven to be secure as of yet.

Standard economic models do not apply to crypto as they do not take the cost of the security of the currency into account.

Yes they do, they apply to everything that can be bought and sold.

Not those in "Economics 101"

https://bitcointalk.org/index.php?topic=5090427.msg49266991#msg49266991
theymos answered some of our Grin musings ... and more

thanks for the link.

[mindrust]

Repost of a classic chart (source unknown):

If this graph is real shiieet. Prepare to wait 3-4+ years to see $10k+ again. Now I feel like shit. From $200 to $20k was the best chance I ever had and I've seen it coming 7-8 months before it happened (when it was around $1500) and yet I didn't do much about it.

Now I have to get older for another 5 years.  

[LFC_Bitcoin]

Repost of a classic chart (source unknown):

If this graph is real shiieet. Prepare to wait 3-4+ years to see $10k+ again. Now I feel like shit. From $200 to $20k was the best chance I ever had and I've seen it coming 7-8 months before it happened (when it was around $1500) and yet I didn't do much about it.

Now I have to get older for another 5 years.  

I think that chart is miles off how it will play out to be honest. I’m no expert, far from it but it’s way too conservative timescale wise.

[LFC_Bitcoin]

Repost of a classic chart (source unknown):

If this graph is real shiieet. Prepare to wait 3-4+ years to see $10k+ again. Now I feel like shit. From $200 to $20k was the best chance I ever had and I've seen it coming 7-8 months before it happened (when it was around $1500) and yet I didn't do much about it.

Now I have to get older for another 5 years.  

[El duderino_]

^
that graph is really looking ugly MAN delete it from our minds