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

[fillippone]

If it’s to be a stablecoin I won’t bother with it.

Do you truly honestly believe Mark will expose the wealth of his billions of users to a bunch of cockhonkers on Bitmex?

We were just having a nice dream till you guys destroyed it.  

If you want memes and wild dreams go to  BitcoinPermabulls t.me/bitcoinpermabulls on Telegram. Only serious and grownup discussions here on the very polished WO thread.

[gentlemand]

“… Facebook is seeking roughly $1 billion for the new initiative and has already approached credit card companies Visa and MasterCard about a potential partnership. The cash infusion would ensure ‘FB coin’ is well capitalized and stable, unlike most of the major cryptocurrencies today.”
https://www.bbc.com/news/business-48383460

I just don't see how they can keep a balance here. I presume the idea is to go global. How do you balance the exchange rate across the whole world while keeping everyone happy? How would any government with a crappy currency stop everyone from piling in? How do you stay on top of compliance if you get over 1 BILLION users? Ten million would be a herculean task.

No matter what, it's going to be a great show. I gave up Facebook about 12-13 years ago after trying it for a week and having an avalanche of pirate sheep thrown at me so will be sadly excluded.

[Last of the V8s]

https://cryptoinsider.com/facebook-to-launch-project-libra-a-stablecoin-based-network/
 

how bloody Orwellian this is, it's not even funny.

The shitcoin to end all shitcoins.

A FacebookCoin pegged to the USD with full KYC/AML could eat 90% of the market share of credit card processors, non-USD fiat currencies, and shitcoins.
Bitcoin would be your only alternative.

Facebook has a bigger network effect than anyone in payments. If they're smart, they'd stay out of monetary policy & build a payment network around the most liquid asset their users want. With KYC/AML, they'd probably offer more USD liquidity & lower fees than anyone else.

Network effects dominate. In a KYC world, there's very little reason for anything but the dollar and a facebook payment app to exist. Why hold your local gov's shitcoin on an app, when you can hold the dollar & spend globally? Why hold any app that has a smaller network than FB?

Payments will centralize around one network & standard. Currently it's USD, meaning surveillance, inflation & war.
Bitcoin's value proposition is that its most centralized layer is distributed over many thousands of nodes, making it arguably immutable apolitical & uncensorable.

Your choice:

1- A global inflationary currency that uses seigniorage to finance a large bureaucracy & global empire with complete surveillance of everyone

2- Digital immutable apolitical hard money with no seigniorage.

A good take I think from saif, and reminds me of the ubiquitous Chinese payments app Wechat Pay

[BitcoinGirl.Club]

Facebook has 2.38 Billion Users (Q1, 2019)



This is insane! I think we are 7 Billion in the earth.

[Last of the V8s]

If it’s to be a stablecoin I won’t bother with it.

Do you truly honestly believe Mark will expose the wealth of his billions of users to a bunch of cockhonkers on Bitmex?

We were just having a nice dream till you guys destroyed it.  

If you want memes and wild dreams go to @ BitcoinPermabulls on Instagram. Only serious and grownup discussions here on the very polished WO thread.

Not quite. I dream of Rio.

[fillippone]

“… Facebook is seeking roughly $1 billion for the new initiative and has already approached credit card companies Visa and MasterCard about a potential partnership. The cash infusion would ensure ‘FB coin’ is well capitalized and stable, unlike most of the major cryptocurrencies today.”
https://www.bbc.com/news/business-48383460

I just don't see how they can keep a balance here. I presume the idea is to go global. How do you balance the exchange rate across the whole world while keeping everyone happy? How would any government with a crappy currency stop everyone from piling in? How do you stay on top of compliance if you get over 1 BILLION users? Ten million would be a herculean task.

No matter what, it's going to be a great show. I gave up Facebook about 12-13 years ago after trying it for a week and having an avalanche of pirate sheep thrown at me.

They are going to seek stability versus a basket of fiat currencies rather that USD dollars. I guess a basket of USD/EUR/JPY basket, maybe adding other relevant currencies as they expand towards new markets. Effectively it will be a new dollar index, they will be able to use traditional FX hedges to stabilise the value of the thing.

[gentlemand]

They are going to seek stability versus a basket of fiat currencies rather that USD dollars. I guess a basket of USD/EUR/JPY basket, maybe adding other relevant currencies as they expand towards new markets. Effectively it will be a new dollar index, they will be able to use traditional FX hedges to stabilise the value of the thing.

Makes sense. I wonder what many a government will feel when a weird little Vulcan suddenly wields a universe more power than they can possibly dream of.

I'd be shelving it and returning to practicing my blinking if I were him.

[BitcoinGirl.Club]

Not quite. I dream of Rio.

Damn!
I am off to bed. Good night 🤪

[JayJuanGee]

That's fucked up! My first day of trading:
5 losing trades out of 5!
There is something to strive for and where to grow

A trader losing 100% of the times is precious as much as one hitting right 100% of the times.
You just need a friend taking a position opposite your view, but triple the size.

I doubt that the problem is a matter of doubling down, coincidence or whatever.

Something seems quite wrong and unsustainable if you are losing 100% of the time with 5 bets, and you just begun to engage in the activity.

Likely the better strategy is to quit for a while and reassess the prudence of your approach.

[hodl_2015]

This is insane! I think we are 7 Billion in the earth.

7.000.000.001 (my cat has a facebook account)

[infofront]

If it’s to be a stablecoin I won’t bother with it.

Do you truly honestly believe Mark will expose the wealth of his billions of users to a bunch of cockhonkers on Bitmex?

Merited exclusively for the use of the word "cockhonkers".

Respect.
+1 WO merit

[Biodom]

They are going to seek stability versus a basket of fiat currencies rather that USD dollars. I guess a basket of USD/EUR/JPY basket, maybe adding other relevant currencies as they expand towards new markets. Effectively it will be a new dollar index, they will be able to use traditional FX hedges to stabilise the value of the thing.

Makes sense. I wonder what many a government will feel when a weird little Vulcan suddenly wields a universe more power than they can possibly dream of.

I'd be shelving it and returning to practicing my blinking if I were him.

Yeah, remember what happened last time a large pseudo-monopolist claimed that that they will soon take the 'vig' from all transactions?
cough-Microsoft-cough

Not going to happen^TM

[MrFreeRoMan]

That's fucked up! My first day of trading:
5 losing trades out of 5!
There is something to strive for and where to grow

A trader losing 100% of the times is precious as much as one hitting right 100% of the times.
You just need a friend taking a position opposite your view, but triple the size.

I doubt that the problem is a matter of doubling down, coincidence or whatever.

Something seems quite wrong and unsustainable if you are losing 100% of the time with 5 bets, and you just begun to engage in the activity.

Likely the better strategy is to quit for a while and reassess the prudence of your approach.

at the end of the day 1 came out profitable!) Total 1/6)
For me the most important thing is that I recognized my mistakes! It costs a lot

A little bit of bitcoin history


https://twitter.com/Josh_Rager/status/1131668130995085312/photo/1

[JayJuanGee]

Maybe I should put a nice lil picture of my hat next to each comment in this thread. That way I feel like I'm a bit more part of the gang, and it might increase my chances of being invited to the $100k party. Its kind of like how newbies would include their signature text in their comment field after they got demoted when the merit requirements went into effect.

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Can't disagree with the inclusion of the hat approach.    But you might get yourself in a bit of a pickle (a pun of our residential pickle, ibian) if you are posting signatures in this forum.. through such text inclusion.  In other words, would become a nuisance, and really, I would not mind if theymos just allowed signatures in this thread, but NOT likely to happen based on our current forum situation.

[Biodom]

at the end of the day 1 came out profitable!) Total 1/6)
For me the most important thing is that I recognized my mistakes! It costs a lot

I remember reading a blog of one very prominent trader (sorry, I forgot the linky).
He said:

1. if your last 4-5 trades went bad, become very defensive.

2. if your last 4-5 trades were profitable, become very aggressive.

I lost a large chunk of my trading equity in 2001-2002 since I only knew the bull market of 1997-2001 prior to that.
Nothing worked, but I kept 'buying the dip'.
It was a good lesson.

[Raja_MBZ]

Not sure who the hell could dare to short that at this stage!

[JayJuanGee]

 

weeeeeeeee

gembitz  .... our residential wisher.... wwwwwwwwhhhhhhhhhhhheeeeeeeeaaaazzzzzzllllleeeeee.  

[Last of the V8s]

https://www.dailymail.co.uk/money/markets/article-7068219/Facebook-boss-Mark-Zuckerberg-secret-meeting-Banks-Mark-Carney.html
bit of twat on twat action there

https://davidgerard.co.uk/blockchain/2019/05/24/facebooks-globalcoin-why-are-they-doing-it-as-a-cryptocurrency/
solo twat makes some good points

it turns out that all the hard part is regulatory compliance.

[JayJuanGee]

We are missing those rock climbers 🤪

That is be called koreck!!!!

Joy is generated when pics of tops, bottoms, climbers and other quasi-clothed beauties... throw in a juxtaposed lambo or a rocket here or there doesn't hurt, neither.   

[JayJuanGee]

That's fucked up! My first day of trading:
5 losing trades out of 5!
There is something to strive for and where to grow

A trader losing 100% of the times is precious as much as one hitting right 100% of the times.
You just need a friend taking a position opposite your view, but triple the size.

I doubt that the problem is a matter of doubling down, coincidence or whatever.

Something seems quite wrong and unsustainable if you are losing 100% of the time with 5 bets, and you just begun to engage in the activity.

Likely the better strategy is to quit for a while and reassess the prudence of your approach.

at the end of the day 1 came out profitable!) Total 1/6)
For me the most important thing is that I recognized my mistakes! It costs a lot

A little bit of bitcoin history


https://twitter.com/Josh_Rager/status/1131668130995085312/photo/1

Personally, I don't care about the punchline, and I stand by my earlier statement.

Furthermore, even though engaging in Martingale style of betting will tend to have profitable outcomes, it is not a sound nor a prudent long term strategy or a way to live, from my humble bumble perspective.