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

[HairyMaclairy]

And that looks like resistance turning into support on our impossible dream line.  Go figure. 

[dyask]

Mining on earth (metals) is already controlled by governments.  If you want to take over the bitcoin network it would be very expensive.  

Gold on the other hand will have its value wiped out with one not so large rock moved into orbit around the earth.   The age of metals being a store of value is almost over.    

Another scumbag Dyask post full of bullshit lies as usual.  Bitcoin devs themselves in the past from Gmaxwell to The Gavinator all seemed to make believe that it was inevitable ASICs would undergo commodification and hinted that Bitcoin would be completely pointless and valueless if they did not.  And this is the god damn developers, not fucktard pump and dump scammers like you.  Newsflash:  they never did and there is absolutely no reason for them to ever.  Even Luke Jr refers to ASICs as the equivalent of a pyramid scheme where you buy one and then the ASIC maker uses that money to build ten for himself.

The entire purpose of Bitcoin mining is to attempt to make it an open entropy system.  If the door fee to even get into the game is having millions/billions of dollars to design chips and build a state of the art foundry, then Bitcoin mining doesn't even serve a purpose because it's essentially a closed entropy system again run by four companies:  TSMC, Global Foundries, Samsung, and Intel.  As for metals mining, yes, large companies can use economy of scale or concentration of massive capital to exert advantages over the common man, but Bitcoin mining is a ubiquitous, winner take all pool where a monoply takes everything and metals are not.

If Barrick spends billions on creating state of the machines to mine gold that no other humans or civilizations on the planet can compete with, does that mean they get all the gold in the world?  No.  They do not get to magically tunnel under your house to steal your minerals.  You can get down there with a shovel and get them yourself if you want to, but you can't feasibly mine Bitcon by hand.  They would get to leverage their monopoly to steal all the Bitcoins in the world, though; because like I said, Bitcoin is omnipresent and ubiquitous - it's designed to faciliate corporate monpoly while metals are not.  As for your jackass claims about "metals having no value because you can find them in space durrr", I already shut you down and made you look like an idiot multiple times with these claims because the cost of production is laughable and not even feasible in the first place.

Wow you really have a serious comprehension issue.   Again gold is doomed as a source of value because there is so much of it available.   Scarcity of gold is only because of the limits on technologies.   The technology is developing and greed will insured that it is used until there is minimal value left in getting more gold.    Gold is doomed.    

Cyptrocurrency has plenty of risks and it may not have that long of a future, but the Pandora's box has been opened and at least it has a brighter future than something like soon to be a common metal.    

[dyask]

Good news-it would mean unbelievable prices ahead (300K-500K)

You braindead, idiot scammers in this thread have NEVER once explained how the price of Bitcoin can go to $500k or even $50k while cost of production is $3-6k.  Nobody would ever buy a coin for $500k when they can simply mine one for $3-6k instead.  And mining CAN'T expand by an order of magnitude to drag cost of production up or it would use more power than the entire United States.  The crypto pump and dump scam seriously is butting up against the limits of the natural world now but that sure doesn't stop you scammers from posting complete bullshit 24 hours a day.

The production cost of bitcoin has been increasing and will continue to increase if the price keeps going up.   That is a factor of how much mining there is.   Higher prices drives more mining which drives down the reward for mining.   When btc is selling for $500k, the cost of producing one bitcoin will like be close to $500k.   It is a pretty simple concept.

[realr0ach]

You think the present day power consumption of Bitcoin can increase by two orders of magnitude?  HAHAHAHAHA.

[infofront]

And mining CAN'T expand by an order of magnitude to drag cost of production up or it would use more power than the entire United States.

Hyperstagflation is coming over the next decade.

Increases in price of everything we need to use, deflation in price of everything we used to buy with debt.

Additionally $200+k would be a peak price after the halving so the cost of production would be halved. And indeed maybe every old ASIC would be incentivized to mine that peak, but the rest of the people will have to buy BTC because there is a limited supply of ASICs.

Wth the $1 million peak probably not until after another or two more halvings after 2020, thus 1/4 to 1/8 of the production cost required by that juncture.

P.S. It’s the limited supply of ASICs that makes the Core SegWit donations attack even more viable.

[xhomerx10]

In spite of the Treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space, including the Moon and Other Celestial Bodies,



All your space are belong to us

[xhomerx10]

Lamborghini Huracan Evo
Base Price:


Just testing a tool I found that will update an image to reflect the current Bitcoin value of a fiat currency price. Nice!
https://btc-priceimg.herokuapp.com/
The Bitcoin value displayed is the global weighted average from BitcoinAverage.com

[LoyceMobile]

You think the present day power consumption of Bitcoin can increase by two orders of magnitude?  HAHAHAHAHA.

If power capacity becomes a limitation, the price of power will go up. The market will find a balance.

[jojo69]

I'll leave the panty wearing to the lefties.

Don't knock it 'till you've tried it.

[dyask]

You think the present day power consumption of Bitcoin can increase by two orders of magnitude?  HAHAHAHAHA.

Over time the block rewards will decline and miners will also actually use less power but the cost for the hardware will probably be more of a factor than the cost of power at some point.   However when it comes to the amount of power that can be used ... considering that current world's power requirements could be handled with less than 120,000 sq km of solar panels ... at growth of 100x power use for bitcoin over the next 100 years won't be an issue.   Like metals, energy is actually in abundance, we just haven't had the technology in place to use it.   (120k sq km is about 0.024% of the earth's surface area, I just showing how little of our available power we actually use.  Solar is only one technology, fusion based power plants could exist 100 years from now.)  

A few years ago I really thought power would be a problem, but then I started doing some computations.   Energy isn't the issue, technology and politics are the issues.   However since bitcoin depends more on networks than location, politics can be bypassed.    

[eddie13]

It kind of pissed me off. I was taking my sweet ass time accumulating in the $3K-$4K range. I assumed we'd probably still be there now.

I only ended up re-buying half of what I had originally planned

#shakeout

[VB1001]

So apparently there are only 70 days that Bitcoin has been unprofitable to buy. This means that if you you’ve bought Bitcoin at any random point in time there a 98.17% chance that you’re profitable!

https://twitter.com/AltcoinSara/status/1144650654662758400

I like it, the first coffee of seeing this graphic.

Good morning WO,s

[JayJuanGee]

IMO moon and $13,800 was not the top. Follow 3 day RSI and look for a top to form when 3 day RSI is over 90. I believe $10,300 was the local bottom.

It's truly jaw-dropping to think we may never see four digits again. Everybody thought there'd be copious time to accumulate... nope.

Hhahahahaha

Gotta get in while the getting is good... can't be waiting around for a lower price.

Of course, you can buy more if the price goes down, but you should not be diddally daddaling around attempting to time lower prices.

I think that Mindrust was a decent example, at least he seemed to be buying on an ongoing basis - even though it was painful.

Part of his problem, recently is that he sold some BTC with some kind of expectation to buy back lower, which is NOT how we should be playing this game when we are in an accumulation phase.  Once we pass the accumulation phase, we can become a bit more reckless and risk-taking.. but even folks like me don't tend to sell on the way down.. I just sell on the way up and buy on the way down..

[mersal]

So apparently there are only 70 days that Bitcoin has been unprofitable to buy. This means that if you you’ve bought Bitcoin at any random point in time there a 98.17% chance that you’re profitable!

https://twitter.com/AltcoinSara/status/1144650654662758400

I like it, the first coffee of seeing this graphic.

Good morning WO,s

Downloaded this pic.

And will show it to everyone who says bitcoin is the most risky thing to invest.

Will be better we can have some comparision like this to gold since we had bitcoin.

Possible?

[jojo69]

this is perfect

[deepcolderwallet]

Does anyone want to have a local copy of this thread? I could compress all pages into a downloadable file, so you can search the raw HTML for old posts.

How big would that be? Put it in the BSV blockchain, they have gigabyte blocks. The only other thing there are weather stuff.

You're evil!

[alevlaslo]

Altcoins will disappear because bitcoin can do anything and they do not make sense. Only BSV will remain because this is the version of bitcoin with a large block that is needed

[becoin]

Good news-it would mean unbelievable prices ahead (300K-500K)

You braindead, idiot scammers in this thread have NEVER once explained how the price of Bitcoin can go to $500k or even $50k while cost of production is $3-6k. 

The cost of production of $100 bill is $0.18. The cost of production of digital $ tokens is virtually zero, just a few key strokes on the keyboard. Well, who is the braindead idiot scammer in this thread?

[Saint-loup]

You think the present day power consumption of Bitcoin can increase by two orders of magnitude?  HAHAHAHAHA.

Over time the block rewards will decline and miners will also actually use less power but the cost for the hardware will probably be more of a factor than the cost of power at some point.   However when it comes to the amount of power that can be used ... considering that current world's power requirements could be handled with less than 120,000 sq km of solar panels ... at growth of 100x power use for bitcoin over the next 100 years won't be an issue.   Like metals, energy is actually in abundance, we just haven't had the technology in place to use it.   (120k sq km is about 0.024% of the earth's surface area, I just showing how little of our available power we actually use.  Solar is only one technology, fusion based power plants could exist 100 years from now.)  

A few years ago I really thought power would be a problem, but then I started doing some computations.   Energy isn't the issue, technology and politics are the issues.   However since bitcoin depends more on networks than location, politics can be bypassed.

Ok but I think nobody cares about the price in one century or even 2 or 3 decades. We are talking about the price in few years/months here.

[JayJuanGee]

You think the present day power consumption of Bitcoin can increase by two orders of magnitude?  HAHAHAHAHA.

Over time the block rewards will decline and miners will also actually use less power but the cost for the hardware will probably be more of a factor than the cost of power at some point.   However when it comes to the amount of power that can be used ... considering that current world's power requirements could be handled with less than 120,000 sq km of solar panels ... at growth of 100x power use for bitcoin over the next 100 years won't be an issue.   Like metals, energy is actually in abundance, we just haven't had the technology in place to use it.   (120k sq km is about 0.024% of the earth's surface area, I just showing how little of our available power we actually use.  Solar is only one technology, fusion based power plants could exist 100 years from now.)  

A few years ago I really thought power would be a problem, but then I started doing some computations.   Energy isn't the issue, technology and politics are the issues.   However since bitcoin depends more on networks than location, politics can be bypassed.

Ok but I think nobody cares about the price in one century or even 2 or 3 decades. We are talking about the price in few years/months here.

I am planning to be dead in about 3-5 decades (and that is being very charitable regarding my longevity)...

So, yeah, starting to cash out some in a few years might be a good plan.. .that way can enjoy some of it.. and spread it to some others.