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

[El duderino_]

Btw Micg is emotional.... gotta pick up my queen in a few hours from now !!!!!

the 2 primary emotions of a man are hunger and horniness. 

Haha waiting at the AirPort as we write

2 emotions taking care of today

This weekend you will have a lot of work and you'll sleep a little.
You know, eat, drink,....

She just woke up... didn't slept at the plain

The eat stuff will be in 1H and 30 min

then

A small party at my village

then

We go dark, of the radar.....

[VB1001]

^
It is a good plan.

[realsteelboy]

Who wants to move to Venezuela for a year and get their mine on
I’d consider it if I was single & a couple of us went into business together.

Mate, I’ve got a friend with a Venezuelan missus.

That place is Fucked.

He’s a six foot six guy. Can’t even walk around in the pm without a local.

[El duderino_]

Quick reminder, Buy The Sideways !

[JayJuanGee]

"You throw another document in my courtroom you will be in handcuffs so fast your head will spin" -- Judge Reinhart (talking to Craig Wright)
https://twitter.com/CarolinaBolado/status/1144664316496535553

Is this real?

LOL
Seems like the entire court is upset with Craig's stupidity.

Would be nice if they actually do something about it, and by the way, I have seen some posts that seem to give him some benefit of the doubt, in terms of him being an idiot, like you suggest, and I would think that courts are going to be inclined to give some benefit of the doubt, too, but after a while, even if the court is a kind of dumbass that is willing to give a lot of benefit of the doubt, the judge should be able to recognize, one would hope, that Craig is not merely stupid, he is intentional in a way that is likely to be punishable - and even hopefully the court is smart enough to see that his intentionality rises to the level of criminal that should not be allowed to be flaunted in an actual court of law - even if the proceedings are civil rather than criminal.

[WinslowIII]

Shouldn't the poll be updated? June 28 was yesterday. 

[JayJuanGee]

I have roach on ignore but would be happy to counter his misinformation in this instance. Bitcoin (per coin on average) costs anywhere between $1,300 and $37,400 to mine depending on where you are in the world. As you can see, mining is prohibitively expensive in much of the world (this is based on today's prices):



https://coinrate.com/cryptocurrency-mining-prices-and-profitability-by-country-in-realtime

And yes, not anybody can just start up their own mining operation to get "cheap coins." Most mining farms operate in the red for months or years before turning a profit -- they are invested in the long haul and weather unprofitable periods on the bet that the price of BTC will continue to increase in the future.

Besides, roach should know as well as anybody that the market dictates prices. This is what gives BTC - like any traded good in the world - its premium.

I checked the web page. They need to update their statistics. It appears that they are using figures for the S9, which uses 100 J/TH. The S15 uses 57J/TH and the S17 uses 56 J/TH. So it appears the costs need to be adjusted down by almost half. Still expensive to mine a BTC in most places though. From what I can tell, it also does not factor in additional costs, like cooling costs and depreciation of mining equipment.

Good observations, Bones, especially regarding the overall processing efficiencies of some of the newer mining equipment.

Regarding your points about cooling and depreciation of equipment, there is a geographical (and within country borders component to the efficiency depiction of the map), so I can see how cooling of equipment might by somewhat geographical, but even some countries are going to have variation in the climate range within their borders.  The depreciation of mining equipment might also have some geographical differences based on available markets, but I have a harder time considering the depreciation of machines to have much of a geographical / national border component that would be easy to capture in such a map.

[Last of the V8s]

Good observations, Bones, especially regarding the overall processing efficiencies of some of the newer mining equipment.

[d_eddie]

Dear r0ach, thanks for your post. My guesstimate is you made it to 90% of the ignore lists here. I'm in the other 10% because I love your impersonation. As I already said, you're probably a middle class, well educated Jew, politically engaged in an undercover operation to ridicule and undermine the alt-right.

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.

We did. I know I did recently.

I think the issue with realr0ach is mixing up marginal cost (cost for mining your next bitcoin) - and initial, fixed and recurrent costs (buying the equipment before Bitmain makes sure it's obsolete by using it "for testing", maintaining it). Those initial costs are too much of a risk. Risk a dozen grand so I can mine 0.4 coins at 3k per coin over a few months? I wouldn't do it, personally, if I didn't know damn well what it entails. Not even OG miners here do. My numbers might be off - I know jackshit about mining - but work out the arithmetic and see what you come up with.

Of course, the explanation wasn't for you - you won't listen, as all the regulars know.

I did it just so the occasional newcomer doesn't get caught in your net of lies.

[BTCMILLIONAIRE]

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.

Velocity of money.

[JayJuanGee]

Who wants to move to Venezuela for a year and get their mine on
I’d consider it if I was single & a couple of us went into business together.

    The US has an embargo against Venezuela, so I wouldn't be able to go into such a venture. Unless I was planning on not returning to the US until the embargo is lifted. Plus, I'm not certain that I would want to live for a moment under a corrupt socialist government. I know scoring that cheap corn is enticing, but there are limits. 

I would not go so far as asserting that Venezuela has a "corrupt socialist government."  You seem to be buying too much into non-substantiated conclusory thinking that has been spun a lot in mainstream media.. especially in the USA and other countries who also are inclined to demonize Venezuela in a campaign that has been going on for nearly 20 years with clear roots during the Chavez regime, but more successful in recent times under the Maduro govt.

On the other hand, I will concede that going there to live would be quite risky because there is a lot of tension there at the moment, and we have heard that there has been a decent amount of conflict with bitcoin miners, too... that could cause you to become a target, even if you were not targeted for being either an american or anti-maduro based on your already asserted statement... hhahahahaha

I think anyone entering Venezuela to mine bitcoins better have some decent appearance of legitimacy about why they are there, perhaps even including family members or some kind of connection like that, and perhaps my brain is just too small to consider that the risks of drawing negative attention to oneself is likely way too much without some kind of real good camouflage as to why you are there and why do you have to run so many air conditioners in your 2 acre garage.

[d_eddie]

That said, these tools surrounding the SV protocol are standalone items created by unrelated individuals. So Craig is not involved in these. What's more, nChain is not involved. See, SV is a wonderously rich ecosystem of scaMs of unrelated parties all building atop Bitcoin something more or less like bcash.

Further, perhpas you missed where I clearly stated "... concatenate them upon retrieval into original large files"

FTFY 

[Elwar]

DATALIGHT RESEARCHES

Lightning Network Study. Will this technology become the new standard for Bitcoin transactions?

https://datalight.me/blog/researches/lightning-network-study-will-this-technology-become-the-new-standart-for-bitcoin-transactions/

Among other things that I have read:

- Bitcoin block size 1Mb.
- The Bitcoin network to transfer big amounts.
- LN for micropayments.

It's fine for me. (but we have to decentralize LN.)

I want LN to work but setting up a wallet is not as simple as downloading a bitcoin wallet and adding some funds.
Last time I tried it I either had to have a node running that I attach to, or use some service that runs a node for me. And even then, I had a hard time with it.

It's a similar problem with OpenBazaar. To buy or sell you need to download the software and run a node or pay for a service.

It reminds me of when I was trying to use gold as a currency. You could pay for a service to hold your gold and secure it and then pay a percentage to spend it via a debit card. The whole point of why I like Bitcoin is that you don't have to pay a monthly fee for someone to secure it for you.

Is there technology down the pipe that will make LN more user friendly? Is it possible?

[WinslowIII]

Roach is what happens to someone who dumped, never bought back and got left in the dust. Run over might be a better way to put it. All of his rants are nothing more than him expressing the anguish and regret he feels. He shouldn't be ignored, he should be pitied and used as a warning to others. His obsession with his own failings is going to get worse soon, a lot worse after the next halving.

[d_eddie]

How good to see Elwar around

[jbreher]

Seriously jbreher, don't you ever get tired of this shit?

Seriously Cryptotourist, indeed I do.

But a direct request was made of me. One that I cannot fulfill. It would probably be rude to just drop the request without the benefit of my reply.

And yes, having to clarify misrepresentations of The Other Bitcoins does indeed get tiresome. But I soldier on. Because truth is important.

Don't mean to get technical on you all the sudden by I was looking into it the other day and as of right now its only possible to cram 100 KB of data into a single BSV transaction (or 4 JJG posts -- sorry JJG, you know I'm still a fan).

BSV has long had widely-distributed tools to split larger files into multiple txs, and concatenate them upon retrieval into original large files.

I heard somewhere (I only come here lol) they also have backup servers to roll back any crap.

Oh. You "heard". How unsurprising. Right here in the echo chamber.

That said, these tools surrounding the SV protocol

Sorry, couldn't help myself. Its just what comes to mind.

OK, that was marginally funny. Touche'.

Nobody would ever buy a coin for $500k when they can simply mine one for $3-6k instead. 

You are forgetting the reward halving, this alone can make the price double without any  extra power needed.

Also, miners can get more efficient in future and use wasted energy.,

No. While exaggerated, r0ach has a point. Additional increase in price will inevitably result in increased hashpower thrown at mining. The natural state (once supply and demand shocks stop oscillating) is that the money expended upon mining opex + capex + marginal profit will be equal to the value of the mining rewards (block reward plus tx fees). Bitcoin hashing chips are already darned near the state of the art, meaning that the generational benefits of new hardware is slowing. Accordingly, capex will have a longer profitable time horizon, leading to the above equation being even more dominated by opex -- which is in turn energy cost.

Efficiency has nothing to do with the amount of energy expended in mining. More efficient HW just means that more hashpower will be put into service, until the energy cost expended brings the above equation back into balance.

[VB1001]

@Elwar

I agree with you, I also want LN to work and it will be easier in the future, there is a lot of money investing in this field.

I liked the article because they respect the origin of BTC.

At this moment I am not interested in LN, I will not pay for coffee with BTC.

I am glad to hear from you.

[nutildah]

Is there technology down the pipe that will make LN more user friendly? Is it possible?

Only 3rd party services at the moment. But I agree that in the future the process needs to be simplified. There should be an Electrum-like version of connectivity that bypasses having to run a full node while still maintaining some degree of independence for the user.

There's a $35 version of Raspberry Pi out there, but it still requires a good deal of determination and know-how to set up a LN channel.

[jojo69]

dark, of the radar.....

[bones261]

Only 3rd party services at the moment. But I agree that in the future the process needs to be simplified. There should be an Electrum-like version of connectivity that bypasses having to run a full node while still maintaining some degree of independence for the user.

There's a $35 version of Raspberry Pi out there, but it still requires a good deal of determination and know-how to set up a LN channel.

   Unfortunately, even when they come up with a SPV version, in order to ensure your channel partners don't try to close the channel with an earlier tx is to remain online at all times. They are working on getting watchtower services up to watch your channel while your node is not online. However, once again, this is third party. Also, there is the quandary that in order to make sure your funds are secure, you node must be online. However, your funds are now stored in a hot wallet, which is not the most secure...