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

[realr0ach]

Banks, not cryptos?

Notably, the Fed’s announcement starts with an emphasis on “the rapid evolution of technology,'' which enables the Federal Reserve and the payment industry “to modernize the nation's payment system and establish a safe and efficient foundation for the future.” However, neither the press release nor the enclosed FAQs make a single mention of Bitcoin, cryptocurrencies, Libra, blockchain or even digital currencies at large.

Indeed, it seems that FedNow wants to topple large banking institutions rather than cryptocurrencies. In fact, banking giants Citigroup, Bancorp and JPMorgan Chase have already started fighting the government’s new effort, as it seems to overlap with their own real-time payments system, the Clearing House, which the banks launched in 2017, following a cumulative $1 billion investment injection from those participating

It is RIDICULOUS how bullish this is for Bitcoin.  

I watched this happen in the music industry with the advent of lossy compressed audio (MP3s).  The RIAA started doing things like taxing blank CDs and suing napster users while the likes of Apple, and eventually Spotify built the rails for the new music delivery system for the world.

By the time it was all over the music industry had been changed from the outside in.

This is what Bitcoin will be doing to the financial systems of the world over the next 5 years.

They are actually IMPROVING Mahatma's old saw:

First they ignore you...
Then they laugh at you...
Then they fight you...
Then they lose focus , forget about you briefly, and start cannibalizing each other and themselves...

Then you win.

That's not what this is.  It's the kikes trying to do an exact repeat the Bolshevik revolution in Russia, centralizing all power and control over everything.  In the process of this centralization of power, many people who thought they were rich or important wind up dead in a ditch, so they're all fighting over who gets to be at the top rather than the mid level people who wind up stripped of all their assets and laying in a ditch.  Virtually nobody benefits from Jewish communism.  All the mid level people who thought they were part of the team just get robbed and murdered by the kikes at the top to consolidate their power.

[jbreher]

Sixteenth Amendment ratification arguments have been rejected in every court case where they have been raised and have been identified as legally frivolous.[3]

Yes, they have been rejected. Without ever addressing the facts of the matter. At least in every case I have reviewed.

Whaddaya expect? Statists gonna state.

You live under a common law system.  Judges make the law by interpreting the constitution, legislation and previous cases.  If a judge says it, it’s law until overturned.   That’s just how it works. If you want to tip over that particular apple cart, you are going to have to go back to the Norman Conquest in 1066.

I think we are in violent agreement on this part. However...

If the courts were to respect the law -- especially common law -- they would be able to trace their decisions through the precedents to the point where any matter of law was considered and judged upon. The basis of the income tax is a matter that cannot be traced back to a source decision. Because there exists none.

United States v Thomas carefully trawls through the ratification argument. This is clearly a source decision that the 16th Amendment has been properly ratified.

https://en.wikipedia.org/wiki/Tax_protester_Sixteenth_Amendment_arguments

Thanks. I'll absorb it when time permits.

Though from a superficial glance, I have the following comments:
- lower court decision not necessarily applicable to courts other than 7th Circuit Illinois jurisdiction
- timing of 1986 is kind of too little too late (I guess better late than never)
- seems to cover only the contention that enactment of differing texts is still valid for the amendment process
- most germane, as a rebuttal to my points, completely ignores the lack legislative and regulatory authority and misapplication

[jbreher]

There's no point for the FED to  posa a "threat to banks" or "topple large banking institutions".

Quite. Especially in light of the fact the the FED is actually a private corporation owned by the banks.

[gallianooo]

LFC_Bitcoin & micgoossens - Amsterdam

ENJOY GUYS !

[El duderino_]

via Imgflip Meme Generator

[fillippone]

via Imgflip Meme Generator

Ah, this is called Bitcoin Dominance!

[BitcoinGirl.Club]

How did you tell??

I know the tattoo 🤪

[VB1001]

If there is any kind of escape, bye, she would have to be protected with a mask.

[BitcoinGirl.Club]

Ah, this is called Bitcoin Dominance!

Not good for the ecosystem 🤪

[jbreher]

This is big.

Blockstream Reveals Massive Bitcoin Mining Facilities, Fidelity An Early Customer

Kyle Torpey at least knows how to edit.

Yeah, I dunno. What do the last three paragraphs have to do with Blockstream having large mining power?

[SuperTA]

I checked some Bitcoin summer activities from 2012 untill now 2019.
Year 2012 to 2018 (2014 excluded). Bottoms from july to 25th august,  (1x june, but it's at the very end of june)

Bitcoin local bottoms included, (2012-2019)

18th august 2012

6th july 2013

25th august 2015

1st august 2016

16th july 2017

29th june 2018

17th july 2019 (for now)


P.S. In the 2014 there was no bottom in the summer, falling until january next year.

[VB1001]

Fiat Currencies on ‘Cliff of Death’ While Recessionary Pressures Grow

A recent tweet from Raoul Pal of Global Macro Investor highlighted weaknesses in several major world currencies:

When the long-term charts all start pointing to a single event risk, I pay attention. When those charts are at the KEY level, I focus. And when they break, it is time for action… Something really BIG is going on…

And one currency, after another, is approaching, and then falling off, the CLIFF of DEATH…



Ultimately, these negative trends in fiat currencies have unfolded as bitcoin valuations have rallied. All of these recessionary warning signs suggest a paradigm shift into cryptos might be unfolding right before our eyes.

https://bitcoinist.com/fiat-currencies-on-cliff-of-death-while-recessionary-pressures-grow/

[sirazimuth]

via Imgflip Meme Generator

At 1st glance, wasn't sure if there was a bitcoin bottom meme/joke in there somewhere.
You know, like "the bottom is in...

...that poor kid's face"

[fillippone]

This is big.

Blockstream Reveals Massive Bitcoin Mining Facilities, Fidelity An Early Customer

Kyle Torpey at least knows how to edit.

Yeah, I dunno. What do the last three paragraphs have to do with Blockstream having large mining power?

I think it's a PR stunt for BetterHash.
I think the rhetoric here is: you mine, you profit but also you can decide not to follow the Chinese pools in taking directions you don't like.
 You can mine the transactions you want.
Here a brief description of what bettterHAsh is:
BetterHash Protocol Lets Pool Miners Regain Control Over Their Hash Power

[jbreher]

This is big.

Blockstream Reveals Massive Bitcoin Mining Facilities, Fidelity An Early Customer

Kyle Torpey at least knows how to edit.

Yeah, I dunno. What do the last three paragraphs have to do with Blockstream having large mining power?

I think it's a PR stunt for BetterHash.
I think the rhetoric here is: you mine, you profit but also you can decide not to follow the Chinese pools in taking directions you don't like.
 You can mine the transactions you want.
Here a brief description of what bettterHAsh is:
BetterHash Protocol Lets Pool Miners Regain Control Over Their Hash Power

Again, I fail to see what the last three paragraphs have to do with Blockstream having large mining power. Reproduced below:

Even with these concerns around Bitcoin mining centralization, some U.S. lawmakers are convinced they would not be able to ban Bitcoin.

On the other hand, Facebook’s Libra cryptocurrency project would be much easier to manipulate, regulate, and control. That said, multiple members of the Bitcoin industry have pointed out the roundabout ways Bitcoin could benefit Facebook’s Libra.

That said, even if improvements are made to the decentralization and censorship resistance of Bitcoin from a technical level, the reality is the digital cash system still faces a serious regulatory issue in terms of its use as a payments mechanism due to the way in which the crypto asset is taxed.

Kind of a funny way to conclude an article on Blockstream's mining activities, no?

[SuperTA]

Bitcoin is outperforming altcoins because the big investors are buying bitcoin and not alts. They can't buy a big amount of altcoins because of a low liquidity. Chinese currency, yuan devaluation and trading wars makes chinese to invest in assets that can store their value. Those assets are gold, silver and bitcoin. But bitcoin is the best performing major asset this year.

If you look at the usd/yuan chart you can see similarity in bitcoin/usd chart. That shows us that some of yuan (chinese currency) is entering in bitcoin. But they are not the only one investing in bitcoin.

There are many nervous stock holders right now. The stock market doesn't look promissing at this moment. Many indicators are showing for a potential recession in the next months. So probably some of their money will go in bitcoin as well. Even if it's only 1% of the stock market money, it will be quite a boost for a small marketcap asset like bitcoin.

[Globb0]

via Imgflip Meme Generator

At 1st glance, wasn't sure if there was a bitcoin bottom meme/joke in there somewhere.
You know, like "the bottom is in...

...that poor kid's face"

Imagine the morning after baked bean night!

[JayJuanGee]

I checked some Bitcoin summer activities from 2012 untill now 2019.
Year 2012 to 2018 (2014 excluded). Bottoms from july to 25th august,  (1x june, but it's at the very end of june)

Bitcoin local bottoms included, (2012-2019)

18th august 2012

6th july 2013

25th august 2015

1st august 2016

16th july 2017

29th june 2018

17th july 2019 (for now)


P.S. In the 2014 there was no bottom in the summer, falling until january next year.

I believe that bitcoin is not really on a calendar year pattern, even though frequently guys try to find some correlation patterns therein.  They are loosely correlated at best, and could even be somewhat random.

[bkbirge]

Pretty cool... "Bitcoin has only spent 63 days in its history where it closed above current price. This was the factoid posted by crypto-analyst Ceteris Paribus on Aug. 6, along with comparative data for selected altcoins." ...
https://cointelegraph.com/news/bitcoin-price-is-currently-sitting-in-its-historic-top-2-range

The hackers are getting more sophisticated, this may be the negative of crypto that will always be with us, an endless cat and mouse game ...
https://cointelegraph.com/news/coinbase-says-it-prevented-a-crafty-phishing-attack-to-exfiltrate-keys

[realr0ach]

Kind of a funny way to conclude an article on Blockstream's mining activities, no?

I'm not sure how Blockstream even attempts to justify their existence.  Bitcoin is supposed to be open source, then a CORPORATION - corporations are private, for profit entities not based on open source - attempts to hijack the protocol as the only possible valid way to send transactions LOL.  So it's not really open source at all if Bitcoin is entirely controlled by a corporation and their proprietary, vendor lock-in solution.  It's as bad of a scam as crisis actor Donald Trump pretending to be a patriot while attempting to ban the 2nd amendment.