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

[Ibian]

Hey speaking of, the entire west is heading towards communism.

In germany a baker was faced with a 25k euro fine for having KG instead of kg on the signs in his shop. We are already living under stalinist conditions.

I'd like to hear the facts from two sources. It's not the commies IMO. It's obsessive insistence with The Rulez and the stantarts that neet to be folloft. The Germans are chronically prone to it, as are some other people, each in their own way. There must be a way for a peep to carve himself some slack. I would start to look for any specific reference to minuscule g's in the letter of the law. As for the spirit, typography apart, it's probably meant to ban unconverted pounds or ounces.

It always starts with one extreme edge case. Then that eventually gets normalized, and they go even further. Communism is a gradual process, not a single event.

I don't know if this is still about facts? However, as a German I am more than happy to explain how the executive works over here collecting pocket money (fines and fees) for the state and/or city.

We have plenty of laws (you can be sure you will violate some as soon as you leave your own property - okay, you probably violate some of them by just breathing on your own property as well). For example, there are laws for retailers how to indicate/state the price and weight of products, how to weigh the product, that scales have to be calibrated every so often, etc. Obviously we have government agencies in place to check all these rules and regulations are being followed.

Let's say that one of the friendly inspectors went into a shop and found the baker violated one of the laws. Our baker will now receive a letter informing him what he has done wrong and that he should correct his mistake within e.g. two weeks, otherwise he can be fined up to 25k EUR. This maximum amount is specified in the applicable law. After two weeks it will be checked whether the baker has fulfilled his duty or not. If not - a fine of, let's say 1k EUR, will be charged and he will receive a second letter in which he will be informed of his first fine, how to pay it and of course he will have to correct his mistake within a new deadline, if he does not... he will receive a third letter to pay 2k EUR and so on. In case the baker is... persistent, he will eventually reach the maximum fine. That's basically how citizens will be "educated" over here.

The key point is most people miss the "up to" in the first letter and panic.

Mainstream media will not notice this either, they have to sell a headline.

Sooner or later the "up to" will also be the minimum. And then the laws will get even worse. Why even tolerate it to the point it is today?

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[Last of the V8s]

How long before Ibian's bank announces it's own "cryptocurrency"?

[Ibian]

How long before Ibian's bank announces it's own "cryptocurrency"?

That's hilarious. Doesn't matter to us tho, it is ultimately just another expression of fiat.

[Last of the V8s]

^truth


ewwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww
yuk

[LUCKMCFLY]

The exit of some problems for companies:



Especially those who request loans from banks to increase capitalization or buy raw materials, some to acquire machinery. Now is a good time to capitalize.

[fillippone]

Speaking of diversification:

A "crypto" charlatan will tell you to diversify, and have an ideal allocation of ~70% in Bitcoin and the rest in shitcoins.

The correct allocation for a "crypto" portfolio is 100% Bitcoin.

Diversify at your own risk #bitcoin

https://twitter.com/PsychedelicBart/status/1173974896411598851?s=20


Here, I feel I can disclose my very own portfolio allocation:

[DireWolfM14]

How long before Ibian's bank announces it's own "cryptocurrency"?

I was going through some of Hal Finney's posts recently, and was reminded of this:

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

[fillippone]

^^
This is going to be bank money, or Libra. Libra can easily be a sort of shitcoin (worse than Bitcoin,. better than FIAT) backed by Bitcoin.

We have to say that when this post was written even Hal couldn't imagine the development of second Layer solutions.
Now  we don't even need banks: we can use Bitcoin as a SoV running Layer 2 solution, think of LN, for example, for quick settlement or MoE.

[Wilhelm]

Lithuania: Narvesen Stores and Lithuanian Press Kiosks to Sell BTC

No Know Your Customer checks

No ID or other documents will be required to convert euros into Bitcoin acquired with the coupon. All a user needs is an email address and a Bitcoin wallet address. Raimundas Asauskas, the owner of Rebiton, the service processing the coupons, suggested this is of no regulatory concern:

“While we have greatly simplified the process of acquiring Bitcoin, we strictly comply with money laundering, fraud prevention and other legal requirements regarding our operations. We also make sure there are no abuses. We perform evaluation and validation of email and IP addresses using solutions from partners providing similar services to brands such as Disney, IBM, American Airlines or Santander."

https://cointelegraph.com/news/lithuania-narvesen-stores-and-lithuanian-press-kiosks-to-sell-btc

Flights will increase to visit the country.

Huh. That country is on my List. Let's see what we shall see when I get there (in the spring, probably).

I'm surprised there are actually countries, places where you like to go to.....

Anywhere not in the EU, US, Canada, anything muslim, Africa, Australia, New Zealand, Russia and China.

What is that island called 

[fillippone]

Iceland!

[suchmoon]

Lithuania: Narvesen Stores and Lithuanian Press Kiosks to Sell BTC
[...]

Huh. That country is on my List. Let's see what we shall see when I get there (in the spring, probably).

I'm surprised there are actually countries, places where you like to go to.....

Anywhere not in the EU, US, Canada, anything muslim, Africa, Australia, New Zealand, Russia and China.

Uhm... "that country" is in the EU. Uses euro AFAIK. Schengen borders. Be careful out there.

[Wilhelm]

Lithuania: Narvesen Stores and Lithuanian Press Kiosks to Sell BTC
[...]

Huh. That country is on my List. Let's see what we shall see when I get there (in the spring, probably).

I'm surprised there are actually countries, places where you like to go to.....

Anywhere not in the EU, US, Canada, anything muslim, Africa, Australia, New Zealand, Russia and China.

Mexico!!!

[Ibian]

Lithuania: Narvesen Stores and Lithuanian Press Kiosks to Sell BTC

No Know Your Customer checks

No ID or other documents will be required to convert euros into Bitcoin acquired with the coupon. All a user needs is an email address and a Bitcoin wallet address. Raimundas Asauskas, the owner of Rebiton, the service processing the coupons, suggested this is of no regulatory concern:

“While we have greatly simplified the process of acquiring Bitcoin, we strictly comply with money laundering, fraud prevention and other legal requirements regarding our operations. We also make sure there are no abuses. We perform evaluation and validation of email and IP addresses using solutions from partners providing similar services to brands such as Disney, IBM, American Airlines or Santander."

https://cointelegraph.com/news/lithuania-narvesen-stores-and-lithuanian-press-kiosks-to-sell-btc

Flights will increase to visit the country.

Huh. That country is on my List. Let's see what we shall see when I get there (in the spring, probably).

I'm surprised there are actually countries, places where you like to go to.....

Anywhere not in the EU, US, Canada, anything muslim, Africa, Australia, New Zealand, Russia and China.

What is that island called 

Good fucking question. I'm pretty much limited to a handful of non-shit asian countries, eastern europe and south america. Hence my little tour of the world. Seeking a place worth living in.

[JayJuanGee]

It's not very easy to fix a broken parabola.

This will be painful to watch. Looks like %55 may be next. I'll try to increase my ALT* exposure to %2 and will cash out to BTC if it ever reaches %10. Sounds like a decent plan.

*By "ALT"s I mean LTC, XMR, Grin, Doge (maybe), Raven. Not absolute shits like ETH, Ripple, Bcash etc.

Yeah.. .let's get in the game of comparing the relative shit-worthiness of shitcoins.  That sounds like a great topic for this thread.   

In my thinking the mere fact that you are trying to make more bitcoin from shitcoins does not cause the topic of shitcoins to become relevant to this thread.

[JayJuanGee]

Roger is on, go get your popcorns. 

lol Roger... what an enigma. I'd love to know where he went so wrong. I actually think he has had some sort of mental break

He definitely cares about that red stuff. He went nuts when Carvalho said "bcash" too. He definitely cares about these. Go and break him.  

That would be the scene to watch.

Well that was fun. Think he's logged off, physically and mentally. He'll be back in another 3-6 months to show how little he's changed.

You are likely correct, nutildah.  Roger does not come around in order to actual interact.  He wants to pump out his various dumbass talking points and then disappear back to the slums from which he had come.

[JayJuanGee]

Whats this crap about alts on the green and btc being tiny red?

Anon prediction about BTC dominance at 40-46%? He never said when.. but but...

My theory about this is that when the mainstream coins like Libra hit the market, they will bring the Bitcoin dominance down because they will be pumped/inflated. Im sure next year we will see Google, Apple, Amazon, etc all jump in. Bitcoins dominance will have to compete with those coins to which would likely bring the dominance down.

P.S. this guy is going to become an absolute god if we hit $16,000 next month.....

-He called the bottom (A lot of people thought we were going much lower when he posted it)
-He called the exact length of the accumulation phase (Said it would end in March and start in April)
-He called the April boom we saw in the first week
-He called the correct price in April
-He called the correct price in July (Bitcoin almost made it out of July without touching $9200, turns out $9100 was the bottom; we haven't gone lower since)

So October will be interesting, this is a legendary posts regardless, the amount of things he has gotten correct already is remarkable.

Likely a lot of luck in there.

None of us should get sucked into the trap of deifying posters into sorcerers. 

Remember how revered Vinnie Lingham was in 2015/16 and how he squandered such reputation in early 2017? - but probably only after a decent number of folks got R3ckt  by selling because they actually relied on his bullshit early 2017 propositions that bitcoin was going below $500.

[JayJuanGee]

Oh look, even after a decade, millions billions of people are still convinced that Bitcoin is a fly-by-night scam.... even though a single bitcoin is now worth more a good used car.

When 1 BTC = middle class house?  Soon^tm.  

FTFY

The next 5 years will be taken up with people discussing different aspects of lightning network.
   

Then they should open a WO LN thread, here we talk about Bitcoin.^tm

FTFY

What the fuck?

I gotta spend time fixing peeps all day long?

[JayJuanGee]

Oh look, even after a decade, millions of people are still convinced that Bitcoin is a fly-by-night scam.... even though a single bitcoin is now worth more a good used car.

When 1 BTC = middle class house?  Soon^tm. 

Soonish^tm

Talk timeline boys..... Mic can't follow with soon and soonish....

Can't you assign your "team"^tm to crowd sourcing (even within the team) the clarification of the confusion situation?   

[Icygreen]

OT
Released today  

[Biodom]

Communism/ socialism has definitely gained popularity among the younger crowd.  Doesn't take a math genius to look at where all the new productivity gains are going to, heres a hint: its not going to hourly workers on the bottom the totem pole.  Wealth disparity is similar to what it was in the gilded age.

Wealth disparity is not the worst thing...historical forces that typically remove the disparity are much more disagreeable.
I am reading a book that systematically looked at what reduces inequality..and turns out only major wars and deadly pandemics (plaque in medieval Europe) were able to temporarily reduce inequality.

All societies "naturally'" trend toward increasing inequality in relatively peaceful conditions (over centuries).

It's called pareto distribution.

https://www.youtube.com/watch?v=TcEWRykSgwE

https://www.youtube.com/watch?v=U4GMUamUjT8

Thanks, but we were mostly talking about dynamic changes in inequality.
You cannot explain change by referencing Pareto.
That principle does not explain why in some epoch Gini is 0.35 while in other 0.85
The book at least shows correlation with historical events and even then it is not a proof of the causation, however, it is at least a starting point.

Sidenote...who put a cap on bitcoin? Bizarro.