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

[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

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[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.

[Phil_S]

I've been preparing myself mentally for 8000.

[El duderino_]

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. 

Ain’t gonna get some though...

[El duderino_]

I've been preparing myself mentally for 8000.

Prepare for 12,000

[jbreher]

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

I find the participation of these nonprofits interesting:

Nonprofit

Women’s World Banking – uses a network of 40 independent micro-finance institutions and banks provide support to entrepreneurs in the underdeveloped world with an emphasis on women

Kiva – 501 non-profit organization that allows users to lend money to low-income entrepreneurs in over 80 countries through its platform

Mercy Corps – global humanitarian aid organization that provides support to regions hit by disasters, whether they be economic, environmental, social or political

Also the fact that both Uber and Lyft are onboard, but nobody else running 'the sharing economy' such as AirBnB, et al.

[jojo69]

I've been preparing myself mentally for 8000.

I mean, there has to be a real pullback at some point to establish a higher low...right?

[serveria.com]

I've been preparing myself mentally for 8000.

I mean, there has to be a real pullback at some point to establish a higher low...right?

9k is the new higher low 

[jbreher]

https://twitter.com/AldersonBSV/status/1140939535670317056

#Libra Libra coin is: 1. Not a blockchain 2. A bank account 3. Subject to BSA checks and this expensive 4. Based on the model of selling PII 5. In breach of EU privacy laws 6. Uses my patents. CSW

::zing!::

[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.

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.

yes, good points.
i also mentioned local currencies instability here: https://bitcointalk.org/index.php?topic=178336.msg51493595#msg51493595

Basically, libra (which would be based only on usd, eur, pounds and yen) would decimate local currencies. If used broadly, why would anyone use local? Binance research suggests something similar, but in a wrong direction.

[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.

Except we don't really KNOW if it was really fully backed.

Agreed. Sorry for not adding an /s tag. Kinda my point, actually.

[fabiorem]

From what I understood, libra poses a threat to tether, not to bitcoin.

There is a difference between a digital currency and a crypto currency. Libra looks more like the first case: it dont have privacy, it is centralized, and have the characteristics of a bank account.

Any fiat currency can be digital, if you use debit cards instead of bank notes. However, if libra dont have the absurd fees banks charge for international transfers, then it will have an advantage over fiat, but still its not a crypto currency.

[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.

yes, good points.
i also mentioned local currencies instability here: https://bitcointalk.org/index.php?topic=178336.msg51493595#msg51493595

Basically, libra (which would be based only on usd, eur, pounds and yen) would decimate local currencies. If used broadly, why would anyone use local? Binance research suggests something similar, but in a wrong direction.

Hmmm that's a complex and deep thought.... I mean, I have never really believed that one global currency (Bitcoin or anything else) would replace current monetary system. Not in a reasonable timeframe to even consider the probability. But... if hundreds of millions of facebook users started adopting it? Well, yeah, that is a new scenario I never considered before....

In any case, and as I said: We will see. From the moment all I see is vaporware.

[Last of the V8s]

https://www.rt.com/news/462140-merkel-zelensky-shaking-ill/
wtf is this
drugs
parkinsons
lizardry
why does the guy ignore?

[FractalUniverse]

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.

in any way, crypto backed by debt is as disgusting as fiat 1:1 or not :p
.. and its shaping up as something from r0ach's nightmare.

[hv_]

https://twitter.com/AldersonBSV/status/1140939535670317056

#Libra Libra coin is: 1. Not a blockchain 2. A bank account 3. Subject to BSA checks and this expensive 4. Based on the model of selling PII 5. In breach of EU privacy laws 6. Uses my patents. CSW

::zing!::

Some of the 800 + patents will do.

Glad we have that, a brain that can think what shit might happen against BitCoin