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

[LFC_Bitcoin]

Bought £250 worth of BTC today, every little helps in the accumulation phase.

Now doing my best micg impression -

I had saved a merit especially for this, was expecting your good food post
And with big luck I gained 1 other sendable merit for JoJo’s genial food post

The Mic is back on empty, but had lot of pleasure with those 2 Posts haha

Have a good meal boys .....

(I’m gonna give a lfc impression as well in this hour )
On my football field

Cheers guys

Eat more of my sMerit amigo

[1713502400]

1713502400

[LFC_Bitcoin]

via Imgflip Meme Generator

LFC impression on our impressive stadion

Love it, I’m wearing my red one now

[HI-TEC99]

Bought £250 worth of BTC today, every little helps in the accumulation phase.

Now doing my best micg impression -

This is my best micg impression. Spam fritters for me tonight.

[jojo69]

full fucking English

Oh man, I am hungry now

[realr0ach]

The Long And Winding Road To A $10 Million Bitcoin.

https://medium.com/@lucidfunds/the-long-and-winding-road-to-10-million-bitcoin-4b1c83d26e5d

LOL.  $10 million per bitcoin.  Bitcoin does not have a valid Schelling point.  The higher the price goes, the more motive there is to create another digital shitcoin where the distribution favors you instead of buying into someone else's pyramid scheme to make them rich.  So even forgetting all the vast scalability problems and hundreds of other issues that would prevent this, there is no possible outcome in the entire universe in which bitcoin is the only currency people use with a monopoly over everything.

The only reason gold and silver ever achieved the above status is because it's not possible to create a new periodic table, noble metal in your basement.  No other form of resource based, physical commodity money achieved remotely comparable fundamentals either.  This fact enforces a hard coded Schelling point.  The alternatives are worse, and it's not possible to create even a new sidegrade solution.

Digital shitcoins are the complete opposite.  It's easy to create a slightly better, vastly better, or sidegrade new version.  Pile on all the scalability issues, governance issues, worse fundamentals like them having built-in middlemen, being non-fungible, and not removing counterparty risk, and they're doomed fundamentals-wise in comparison to physical metals in the long game.

[El duderino_]

via Imgflip Meme Generator

LFC impression on our impressive stadion

Love it, I’m wearing my red one now

My brother just gave me this one on saturday....
And I remember you wearing a dsquared on that selfie stadion pic
So this was one on my homecrew pitch
The field where I rule haha sometimes

[HI-TEC99]

full fucking English

Oh man, I am hungry now

Do you like spam?

[goldkingcoiner]

full fucking English

Oh man, I am hungry now

Do you like spam?

What even is spam? Reject cat food?

[jojo69]

full fucking English

Oh man, I am hungry now

Do you like spam?

very much so

1cm cubes fried up and added to macaroni and cheese is the best

My buddy does a Hawaiian version of this with pineapple in it, just superb.

[Wekkel]

Bitcoin does not have a valid Schelling point

I only know one person who keeps hammering on this point. Well, theory is just that .... a theory.

Honey Badger ain't no know Mr Schelling and does not care.

• All Models are wrong
• Some Models are useful

To me, Schelling point solely seems to be a fancy way of arguing that Bitcoin can be copied. Good luck with that. The existence of 1,000s of copy cat coins for many years while Bitcoin is still worth more than $0, proves this interesting quasi intellectual wordy argumentation as useless as Bitcoin Cash  

Dead. In. The. Water.

[Biodom]

The Long And Winding Road To A $10 Million Bitcoin.

https://medium.com/@lucidfunds/the-long-and-winding-road-to-10-million-bitcoin-4b1c83d26e5d

He lost me at "When the final bottom is in, which we believe will be below $1,000".
With no explanation provided whatsoever, apart from 'regulation would continue' it was just annoying numerology, nothing else.

If we have to wait for $400,000 to be reached then the demand has come from the Cowboys [those investors with free-hand in asset selection].....

interesting

[BTCMILLIONAIRE]

A few interesting factoids and opinions:

Davos: the backlash
Corp profits above pay trend for a while. Author thinks that it should go back to trend.
https://www.bloomberg.com/opinion/articles/2019-01-21/davos-the-backlash-against-fat-cat-bosses-is-coming

An opposite opinion: why a few have so many?
Pareto law as an explanation (J. Peterson):
https://www.youtube.com/watch?v=-k_FfS1kHfY

Finally: tax collection employes supercomputer/service
https://www.wnd.com/2019/01/big-data-meets-big-govt-new-irs-spy-software/

It could also flag a person whose tax return shows relatively low annual income but whose social-media posts indicate something entirely different.

Integration of all three:

If the trend would become toward more taxation (as Davos article predicts), then the rich would probably employ crypto in some form, hopefully, bitcoin.
Bitcoin is dealing with high gini already, so it won't be a problem to absorb a $ trillion or two or ten.

this chart is old but it represents the wealth inequality trend It has gotten really bad over the last 10 years.

I'm sure most of you are wealthy enough or libertarian enough to not be concerned about the younger generation and lower class.  Millenials can't even afford to purchase houses,  most of the new wealth created is getting sucked up by the top.  Baby boomer generation could at least work a normal job and have a good life but today things are upside down.  The thing is this can't go on much longer before the inequality gets too out of hand and with job automation getting worse.  Will eventually be revolution unless things change.

We live in a world with finite space and constantly increasing population. Millenials can very well afford houses, but they want houses in heavily congested areas that they can not afford. I never understood why poor people would try to move to rich cities without having a job guarantee.
Millionaires could start complaining that they can't afford the houses of billionaires and it'd be roughly the same thing with an extra three zeroes. It's just a plain retarded argument that has no place in reality.

Furthermore, wealth concentrating among older people is also a more than obvious conclusion. After all, they had more time to mature in their financial decisions.

Wealth inequality is a non-problem and merely a propaganda talking point that distracts people from empowering themselves. I'm a millenial from a low income immigrant family by the way, and there's no such thing as lack of upward mobility. Just don't fucking spend 99% of your waking hours getting shitfaced and you'll at least move toward a comfortable upper middle class life with more than enough options to purchase reasonable real estate (multiple rooms, pools, saunas in most cities). It may not be easy, but it certainly is as simple as that.

Anyone who has time to complain about wealth inequality doesn't really deserve moving upwards in the food chain, as they could've invested the same time on figuring out sensible goals for their life as well as some steps towards them. Whining and trying to steal from others who have done so before is going to do fuck all at best, and get a lot of people killed at worst. Just stop.

[realr0ach]

Bitcoin does not have a valid Schelling point

I only know one person who keeps hammering on this point.

It's like Anonymint said, most of the people posting here are Dunning Krugers.  Everyone just spams rehashed Andreas Antonopolous talking points which aren't even true.  The only time you hear any actual facts, non-herd opinion or propaganda, or new concepts at all, are from people like me who are not posting rearranged Andreas Antonopolous pump and dumper spam.

[vroom]

A few interesting factoids and opinions:

Davos: the backlash
Corp profits above pay trend for a while. Author thinks that it should go back to trend.
https://www.bloomberg.com/opinion/articles/2019-01-21/davos-the-backlash-against-fat-cat-bosses-is-coming

An opposite opinion: why a few have so many?
Pareto law as an explanation (J. Peterson):
https://www.youtube.com/watch?v=-k_FfS1kHfY

Finally: tax collection employes supercomputer/service
https://www.wnd.com/2019/01/big-data-meets-big-govt-new-irs-spy-software/

It could also flag a person whose tax return shows relatively low annual income but whose social-media posts indicate something entirely different.

Integration of all three:

If the trend would become toward more taxation (as Davos article predicts), then the rich would probably employ crypto in some form, hopefully, bitcoin.
Bitcoin is dealing with high gini already, so it won't be a problem to absorb a $ trillion or two or ten.

this chart is old but it represents the wealth inequality trend It has gotten really bad over the last 10 years.

I'm sure most of you are wealthy enough or libertarian enough to not be concerned about the younger generation and lower class.  Millenials can't even afford to purchase houses,  most of the new wealth created is getting sucked up by the top.  Baby boomer generation could at least work a normal job and have a good life but today things are upside down.  The thing is this can't go on much longer before the inequality gets too out of hand and with job automation getting worse.  Will eventually be revolution unless things change.

I think we need some kind of universal basic income. UBI or a very bloody system reset (global war).

[JayJuanGee]

The price...

FML

May is too far away. I need to buy a few things now.

I guess I convert from my US dollars to bitcoins to baht instead of just selling at these prices.

I am sorry to hear that Elwar.

I had rather assumed that you, chasing your dreams with such abandon, were well and truly set up from the previous runups.

Perhaps you are more courageous than I realized.

I don't understand any clear explanation regarding how someone like Elwar could be doing very badly, unless there is some part of the story that is left out.

Seems to me that he made a really BIG gamble when BTC prices were in the $500s and even overleveraged into BTC, but why wouldn't that overleveraging have paid off, even if he has to shave off some BTC from time to time in order to cover expenses and even if he is only getting  6x or 7x returns rather than 30x?

Any of us who chose to place a very large amount of our total reserves into bitcoin is going to have to cash out from time to time because the world remains run on fiat and priced in fiat, at least expected for a considerable time into the future.

Personally, I believe that it remains much more prudent to have some of your cashflow figured out in fiat for 6-12 months in advance - and if bear trends continue for longer, then the next plan is going to involve dipping into bitcoin, especially if you have caused such a situation in your own way of keeping a large amount of your total value in BTC.

So far in BTC's history, such a plan to keep a large amount of value in BTC will have worked for a large number of folks, if they front load, and if their cashing out plan has at least a few years.   Actually, if there was front loading in late 2013 in the supra $1k price territory, it would have taken 4 years to get into the break even territory, but then to really prosper after that, as long as there was an ability to hang on for a bit longer.

Who knows if such plans to frontload and to have 3-4 year plus timelines will continue to pay off in bitcoin in the coming years?  Does seem that odds remain decently well in such plans and practices continuing to be quite profitable, even though risky, but there likely could be a need to have several years in the personal plan's timeline in order to be able to really insure that the reaping of benefits is going to be profitable without being forced to withdraw too much of the value during low price periods.

[Biodom]

and there's no such thing as lack of upward mobility.

I agree that each individual case mostly depends on someone's effort, however, there is some evidence that upward mobility has declined (for some reason, especially in the Midwest, less in NY, Massachusetts and Montana):
http://science.sciencemag.org/content/356/6336/398

You can argue why it happened, but not whether it happened or not, according to the authors.

[realr0ach]

Millenials can't even afford to purchase houses

Millenials can very well afford houses

Of course millenials can't afford houses, and it's by design.  Artificial real estate bubbles and the 30 year mortgage are the cornerstone of debt enslavement, which is WHAT THE BANKS WANT:

https://steemit.com/money/@r0achtheunsavory/the-r0ach-report-42-debt-enslavement-revolves-almost-entirely-around-creating-real-estate-bubbles

People say millenials are stupid, but in a way, they're one of the smartest generations because they're REFUSING to sign up for these 30 year mortgages.  They would rather face the shame of just living in their parents house or a van by the river rather than being a debt serf.  A lot of it is due to them already having been fleeced on artificially high education prices/loans.  The price of an education is like 10x higher now in real terms than what most people here probably paid for theirs, and then they don't even have prospect of a job afterwards.

[HI-TEC99]

full fucking English

Oh man, I am hungry now

Do you like spam?

What even is spam? Reject cat food?

It's a sumptuous tinned specialist meat product.



It's so versatile that there are zillions of different recipes using it.

egg and spam; egg bacon and spam; egg bacon sausage and spam; spam bacon sausage and spam; spam egg spam spam bacon and spam; spam sausage spam spam bacon spam tomato and spam;

spam spam spam egg and spam; spam spam spam spam spam spam baked beans spam spam spam;

or Lobster Thermidor au Crevette with a Mornay sauce served in a Provencale manner with shallots and aubergines garnished with truffle pate, brandy and with a fried egg on top and spam.

[Wekkel]

Bitcoin does not have a valid Schelling point

I only know one person who keeps hammering on this point.

It's like Anonymint said [...]

Why not address the argument for once. Prove Schelling Point true for Bitcoin in the face of existing facts

[...] Andreas Antonopolous [...].

Red Herring not working on my Teflon suit.



I am also still awaiting your response on how someone can 'print' Bitcoins: https://bitcointalk.org/index.php?topic=178336.msg49196760#msg49196760

Serve rehashed points, evade, try to provoke with useless racist stormfront material. Rinse. Repeat.

I would appreciate your rational arguments and thoughts without the bull shit surrounding it. That would be much appreciated.

[realr0ach]

and there's no such thing as lack of upward mobility.

I agree that each individual case mostly depends on someone's effort, however, there is some evidence that upward mobility has declined

Are you people trolling?  Money is a ZERO SUM GAME.  Introducing compound interest into that equation = neo-feudalism, slavery, call it what you will.  Anything with interest involved is also probably guaranteed to have cyclical collapses of civilization because people will just refuse to be beasts of burden for others living off interest.  They introduced the debt jubilee where lenders take a bath to try and avoid/reset things like this.  In reality, money should never really generate interest in the first place and borrowing would all be highly pawn shop style collateralized.  I.E. if you can't offer up a car or something as collateral, you're never getting any type of loan.