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

[Saint-loup]

I believe this facebook coin will fail. Only boomers uses facebook these days and they dont have a clue how cryptocurrencies work. They will treat it as some generic digital coin, like those you use inside MMOs for example. It will be restricted to facebook, which is a dying platform, practically an icon of nocoinery and technological backwardness.

I don't think it will be restricted to facebook, that's why it's so dangerous...

You dont need all these logos when you have multipass.

he was ridiculous with his hair  

[bitserve]

LTC tremors

Who gives any shits?  besides you? goofball.  

Me .I like litecoin

It's an honest coin

Same here.

The big majority of my crypto stash is just BTC. Additionally I do have some traces of an ample variety of *shameful cryptoshit* you wouldn't even imagine, but... LTC? I am proud of that little bugger even if I plan to sell some soon. I bought a bunch of it when they announced they were adopting Segwit even before than BTC and have hodl (most) since.

JJG, this thing backfired you

[ChinkyEyes]

I believe this facebook coin will fail. Only boomers uses facebook these days and they dont have a clue how cryptocurrencies work. They will treat it as some generic digital coin, like those you use inside MMOs for example. It will be restricted to facebook, which is a dying platform, practically an icon of nocoinery and technological backwardness.

I don't think it will be restricted to facebook, that's why it's so dangerous...






https://www.theblockcrypto.com/2019/06/14/facebooks-cryptocurrency-partners-revealed-we-obtained-the-entire-list-of-inaugural-backers/

Facebook has whatsapp and Instagram too. So if it gets integrated into whatsapp it's going to be like how WeChat Pay works in Asia. For instagram I could see some insta famous person fund raise libra for a charity in the future. Tech companies have noticed how oldschool the banking system is, they are now looking for a piece of the pie.

[fabiorem]

I believe this facebook coin will fail. Only boomers uses facebook these days and they dont have a clue how cryptocurrencies work. They will treat it as some generic digital coin, like those you use inside MMOs for example. It will be restricted to facebook, which is a dying platform, practically an icon of nocoinery and technological backwardness.

I don't think it will be restricted to facebook, that's why it's so dangerous...

You dont need all these logos when you have multipass.

he's ridiculous with his hair 

[ivomm]

We haven't even sustained a break below $9k, what kinda dump is this?

Because FOMO at $9K kicks off. Most of the new investors understand that they would take a huge risk selling now and waiting for some 1-2% drop below 9K. The risk is that if the price won't drop, they will miss the last train to get a profit 10x or more in near future. So the n00b traders who always sell when the candle gets red are left alone with no help from the majority. In this way the support channel gets narrower after each significant raise. So far the channel is 9-9.3K excluding the temporary peaks. It could be widened to 8.8-9.3K but would it be worth the risk for another 1% drop to miss the train? Of course no! And the majority understands it.

[jojo69]

Sub $9,000 again, let’s see how this plays out.

obviously it's the end of Bitcoin

[serveria.com]

Wow I thought bones261 was a nice guy but giving merit to gembitz? WTF man?

[bones261]

Wow I thought bones261 was a nice guy but giving merit to gembitz? WTF man?

I liked the logo that he gave for libra. Want to see more of that from him. 

[Biodom]

re that facebookcoin thingie...
basing on what i read...did not read the white paper yet...

They said that it is 'backed' by currencies and/or gov bonds, but the question is to what proportion.
If it anything less than 1:1, then they are acting like a bank without being officially a bank (no bank license).
French already raised a question about it.
The question of sovereignty also came up.

[Neo_Coin]

ZuckCoin... ZuckCoin... can't find it in Coinmarketcap. 

[bitserve]

re that facebookcoin thingie...
basing on what i read...did not read the white paper yet...

They said that it is 'backed' by currencies and/or gov bonds, but the question is to what proportion.
If it anything less than 1:1, then they are acting like a bank without being officially a bank (no bank license).
French already raised a question about it.
The question of sovereignty also came up.

There are much more questions about that point:

- They say it is a (somewhat?) stable coin, but as soon as they are backing it with a basket of different assets/currencies the price MUST fluctuate.

- If the value of the underlaying assets fluctuate does the price gets set by them according to that estimated recalculated value? If so, every second? minute? hour? day?... yearly?

- If they don't set the price then exchanges should exist for that. Once the coin is tradable no matter what the real value of the underlaying assets is the price could fluctuate heavily in relation to its real value (pumps and dumps).

In conclusion, the pricing thing alone will be a complete nightmare and shitshow.

Other day we could talk about security... as in.... even if it is backed by real assets in custody... what happens if, for example, facebook gets a massive hack in which millions of users get their wallets emptied? What if they mess up with the emission in relation to the backing assets?

Bitcoin has a clear distance from that sort of incidents (even if they impact it in some way each time a big hack happens) but in this case? The shit will be all over the place.

The more I think about it, it would have been safer for them to just implement a multi-crypto wallet into their network and distance from the coin/s used instead.

We will see.

[jbreher]

According to the technical White Paper there should be ways to remain "pseudonymous"

Account addresses.
The Libra protocol does not link accounts to a real-world identity. A user is free to create multiple
accounts by generating multiple key-pairs. Accounts controlled by the same user have no inherent
link to each other. This scheme follows the example of Bitcoin and Ethereum in that it provides
pseudonymity [19] for users.
¹ Concretely we instantiate hash functions with SHA3-256 [17] and digital signatures with EdDSA using the ed-
wards25519 curve [18].

https://developers.libra.org/docs/assets/papers/the-libra-blockchain.pdf

Just because the permissioned protocol allows for pseudo-anonymity does not mean that the permissioned access points will not add identifying links.

[TomCrypto]

Here is an interesting report from binance research that took a first glance at Libra.

[jbreher]

Sadly, not worth the time to read that. Terrible shitcoin.

Great summary!
And for the first time in history, (almost) everybody at bitcointalk will agree with Lauda  

Terrible shitcoin? Sure.

Not worth the time to read? Are you fucking kidding me? Go ahead and wallow in your ignorance. Shitcoin notwithstanding, this Libra thingy is fairly likely to gain significant traction. As such, its very existence will impinge upon the public market perception of Bitcoin.

And frankly, Lopp's take (disclaimer: I've read his article, but have not read FB's source doc) seems like a useful distillation of several of Libra's aspects.

I mean, if you want to base your decisions from a position of ignorance, then knock yourself out. Wiser folk would at least try to garner a cursory understanding.

[VB1001]

I also have some shitcoins, it was when I had a small miner in gear.

Now for a long time I have passed everything to BTC.
Before trading aggressively, sometimes lost and others won, now only deals with 10% of the total and hodl.

This brings me to a reflection:

Bitcoin is like your GF, the altcoins are the rest of the girls that you like, but they can ruin your life, you decide.

This twitt is quite explicit:

Every Bitcoiners at some point gets tempted to do some altcoin.

Only those that really understand Bitcoin's value will be able to resist.

Learn before you're tempted.

https://twitter.com/jimmysong/status/1138998826075901953

[bitserve]

Here is an interesting report from binance research that took a first glance at Libra.

Yeah, very detailed and interesting indeed. Merited.

[jbreher]

They are reinventing the Tether scam. A crypto pegged to FIAT. Nothing to see here.

But one difference with Tether is that Tether is not a scam.  Tether is actually used (and that is why tether get's so much hate in the media, including gov'ts and financial institutions), as contrasted with the vast majority of the other allegedly "stable" coins.

Tether was fully backed by collateral deposits. Until it wasn't.

Tether was so not a scam. Until it was.

[bitserve]

They are reinventing the Tether scam. A crypto pegged to FIAT. Nothing to see here.

But one difference with Tether is that Tether is not a scam.  Tether is actually used (and that is why tether get's so much hate in the media, including gov'ts and financial institutions), as contrasted with the vast majority of the other allegedly "stable" coins.

Tether was fully backed by collateral deposits. Until it wasn't.

Tether was so not a scam. Until it was.

Except we don't really KNOW if it was really fully backed. Also, neither cash nor BANKING FIAT are absolutely NON-FUNGIBLE... if they were selling Tether in exchange of banking fiat coming from dubious individuals/corporations, those funds were not really worth their face value because you are assuming a risk (that finally materialised) that the funds gets frozen later.

That's the reason even people (not only governments/banks) do require reasonable KYC on the origin of funds for big purchases, because you could end up without the sold good plus the obtained funds seized on a later date.

[El duderino_]

We haven't even sustained a break below $9k, what kinda dump is this?



Less than 12 hours later and the market has done a complete 180. More swastikas and shitcoin talk

Just the kind of dumps I like 🤓

[Wekkel]

From the Binance report: “Libra may spark additional cryptocurrency volume due to increased accessibility from both institutional players and everyday retail users.“

Noted.