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

[Hueristic]

Seems like the miners squished out every little hash rate left in their miners yesterday, reaching an ATH at the day of the halving:
Bitcoin Hashrate All Time High May 11, 2020:  149.72 EH/s

Currently we are estimated to be down with about 21% after the halving. Lets monitor how this evolves, no 'minder dead spiral' yet it seems.
Current Bitcoin Hashrate:  118.64 EH/s

W0w, I remember saying FUCK when it hit a Petahash.

Actually thats what told me its too late to mine this shit. Lol

I should have ignored that and mined anyway.

[1713556979]

1713556979

[1713556979]

1713556979

[Hueristic]

Katie Charm / James Daniel Davis / americanpegasus / Shade7x - Blew 2.5 million dollars to live out his fetish
https://kiwifarms.net/threads/katie-charm-james-daniel-davis-americanpegasus-shade7x.32306/

I remember reading about him/her/it/they/mx a few months back. A truly nutty tale. It sounded like their life was 100% destroyed. I guess being a manic visionary eventually comes with a downswing too. An industrial strength one in their case.

I heard hes been back sniffing around the alt section but I haven't bothered to look.

That damn tether thing is a huge liability and the next big thing to pop

I thought so years ago but it just keeps on trucking against all logic so wtf do I know?

[jojo69]

the market can remain scammy longer than you can remain honest

[JayJuanGee]

https://www.reddit.com/r/Bitcoin/comments/2y97hl/the_next_bubble_the_10k_25k_one_will_be_epic_and/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

Fun prediction from 5 y back

Interestingly enough, that user has absolutely no crypto any more and is flat broke from the last update that I saw from them; pretty sad story really

Wooow really.... what a n00b

Yeah man, I'll try to find the whole story later when I've got a bit of time

EDIT: Found it quicky... they changed their username but here's the story

https://np.reddit.com/r/Bitcoin/comments/cogbjt/this_guy_gets_it_5years_ago_look_at_how_he_was/ewidaol/

Katie Charm / James Daniel Davis / americanpegasus / Shade7x - Blew 2.5 million dollars to live out his fetish
https://kiwifarms.net/threads/katie-charm-james-daniel-davis-americanpegasus-shade7x.32306/

Wow.  He does not look too bad as a guy, but as a girl.. holy shit.  That just seems like a lack of appreciation for working with the cards that you have been dealt.

I actually remember thinking a lot of negative things about myself as a teenager, and even though i am not going to go into details about those delusional inferiority complex aspects, I remain quite grateful to have had enough guidance in my life to attempt to work on the positives rather than to make drastic changes that would have been fighting reality.

Sure maybe many of us would want to change our circumstances, and especially if there were a compelling reason... but in my humble bumble opinion, the guy looked o.k. as a guy, so he could probably have been picking up guys, gals or just had options and just working on the cards that he had been dealt.

Some of us, surely need to work on our brains, first.  Many of us have problems, but just think about how fortunate any of us are going to be, if we can figure out better ways to work with what we got and to build upon what we have, rather than fighting reality.

[bkbirge]

Some of us, surely need to work on our brains, first.  Many of us have problems, but just think about how fortunate any of us are going to be, if we can figure out better ways to work with what we got and to build upon what we have, rather than fighting reality.

Thought you were talking about Craig Wright or John McAfee for a second.

[bitebits]

There are currently about 18,375 million bitcoins in circulation. Think I read about four million bitcoins are considered lost, including the estimated one million bitcoins owned by Satoshi that never moved.

That means that there is a real stock of 14,375 million bitcoins. And with a block reward of now 6.25 bitcoins, there are 328,500 new bitcoins mined per year. This puts the inflation of Bitcoin for the next 365 days at around 2.8%.

Yes people tend to forget this. But you made a mistake in your calculation it is 2.3% and not 2.8%.  However you look at it, it is very close to Gold. Bitcoins future is scarce.

Thanks for checking Febo, I intended to type 2.28% instead ((328,500 / 14,375,000) x 100 = 2.28%).

Of course the number of lost bitcoins is just a guesstimate, maybe even a bit high which exaggerates the above calculated current Bitcoin inflation. Over time we can with more certainty say how many bitcoins can really be considered lost (not moved for 50 years for example).

Private keys will however continue to be permanently lost, contrary to gold: Don’t think much gold still gets sunk to the bottom of the ocean nowadays, and even then it might be retrieved one day. Same for the gold used in electronics and teeth, it all gets recycled.

Bitcoin’s current inflation is somewhere between 1.78% and 2.28%, it does not matter much anymore. I think the third halving has a big impact on Bitcoin being considered as a store of value.

[Wekkel]

Something to ponder: https://t.co/X2CHqwQeqS

[Globb0]

75 pages? Ill skip it who cares what somebody did with their money.


It doesn't mean crypto did anything wrong. If they are trying to muddy things by association.

[eddie13]

If they print tether out of thin air and don't actually have the USD reserves, wouldn't that be just like printing USD out of thin air?

If tether is outed as a scam, wouldn't peopl just sell as much tether as they could for BTC? How would that make BTC dump?

"Tether is a scam so I'm going to sell Bitcoins for tether.." I don't think so..

If a scam came out wouldn't people just be dumping tether for BTC, WDing, and running away with whatever they could?

I don't see how this printing of tether is a bad thing for BTC..

They are just printing more buy orders for BTC, and if it turns out to be a scam, Wouldn't it all just get dumped for BTC?

How does a scam in tether hurt BTC? Wouldn't it just reinforce the fact that Bitcoin is scure, and other shitcoins like centralized tether are not secure or safe compared to Bitcoin?

[Globb0]

I thought printed tether was dollars added?

[jojo69]

It artificially inflates the number of "dollars" chasing a limited supply of BTC.

I do believe this has had the effect of driving up the BTC price in the past.

The way it hurts is when everyone realizes that the BTC price has been inflated by these fake exchange dollars and the market rushes to a new, lower, consensus price.

[bkbirge]

I thought printed tether was dollars added?

I haven't looked at it in awhile but my understanding is that there is some debate about that. This is from a quick google, I don't know how trustworthy or current this info is but something to digest...

https://beincrypto.com/tether-co-founder-it-doesnt-really-matter-if-usdt-backed-by-equal-amount-of-dollars/

William Quigley, both the CEO of WAX and the Co-founder of Tether, believes that having the exact amount of USD reserves to back USDT is not that important. In fact, what is important is that investors believe it is worth $1.

https://breakermag.com/tether-now-admits-its-not-fully-backed-by-dollars/

Tether’s website has publicly stated for years that “every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USDT is always equivalent to 1 USD.” That claim has been replaced by the following word salad:
“Every Tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.”

https://coinnounce.com/is-tether-usdt-really-backed-by-us-dollars-whats-the-proof/

The Tether Blockchain platform was actually initiated by the same person who is the man behind the cryptocurrency exchange, Bitfinex. However, high amounts of speculations as well as accusations hover around Tether, as it is speculated to be a scam. To be very specific, not a single authority has confirmed that the cryptocurrency blockchain platform is really backed by an equivalent amount of Fiat currency is deposited in the Bank.

[600watt]

https://www.reddit.com/r/Bitcoin/comments/2y97hl/the_next_bubble_the_10k_25k_one_will_be_epic_and/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

Fun prediction from 5 y back

Interestingly enough, that user has absolutely no crypto any more and is flat broke from the last update that I saw from them; pretty sad story really

Wooow really.... what a n00b

i liked his posts. and ironic if he´d have no bitcoin anyomore. bitter.

[JimboToronto]

Us boomers got to stick together.

I never liked the term "boomer" as if everyone born between 1945 and 1963 was a member of the same cohort just because they were all products of the postwar economic boom. Yeah, our parents may have all decided to have a zillion kids at the same time (after the Great Depression and WW2 could you blame them?) but really it was 2 distinct groups:
_____

I was a member of the first group, those born in the 1940s and very early 1950s. When I was a kid we still had horse-drawn daily delivery wagons in the city, bringing us our milk, bread, ice, and coal. More people still had iceboxes than refrigerators and more people shoveled coal into their furnaces than had thermostatically-controlled gas or oil. A wringer washing machine was a modern labor-saving device. Many people still used washboards. Public transit was mostly streetcars.

We had no running hot water. On bath night my father would light a gas water heater to warm our bathwater. When my mother did dishes or laundry, she heated water in a big kettle on the kitchen stove. She dissolved ends of bar soap in the dish pan with a metal cage thingy with a handle because they didn't sell liquid dish soap yet.

After dinner, we'd sit around the floor-model vacuum tube radio (no permanent-magnet speakers: a speaker had a voice coil and a field coil) and listen to radio shows like Amos and Andy or The Lone Ranger. Phonograph records were 78 RPM and made of shellac. Most people who had record players had wind-up acoustic phonographs. My father was a classical music collector so he had a electric turntable with a piezoelectric cartridge that you mounted metal needles into with a thumbscrew. It connected to the radio. When the first TV arrived on our block it was quite the novelty. All the neighbors came around to look at the tiny round screen reflected in a mirror because the CRT was mounted vertically. Music was still mostly crooners and big bands.

We bought our meat at a butcher shop, our produce from a greengrocer, and what baked goods that weren't homemade came from a bakery. Cheese was cut and weighed by the piece, also by the butcher.
_____

By the mid-1950s everything seemed to change. Everybody had a fridge, hot water, an automatic washing machine (and dryer) and a thermostat. All the horses and many of the streetcars were replaced by internal combustion engines. Supermarkets replaced specialized food shops. Foods were pre-wrapped and packaged.

Television ruled. Radios were relegated to music and to a small degree, talk. TV commercials effected how people shopped, ate, clothed themselves and went about their daily lives. The propaganda was relentless. McCarthyism gave us a new enemy to hate and fear. It wasn't the Gerrys and Japs anymore. It was the Commies.

As the decade went on, transistors started replacing vacuum tubes and vinyl replaced shellac. Rock&roll replaced swing and new attitudes arose. It was OK to have fun and be sexy again, just like during the roaring '20s before the Depression and the war made everybody miserable and security-conscious.

Anyone who wanted a job could get one and everyone seemed to have lots of money. A guy with an average job could afford to own a home, a cottage, a stay-at-home wife, 3 or 4 kids, a new car every 3 years, and still be able to save enough to send his kids to college.

The "boomers" born in these times were a completely different cohort from the "boomers" of the 1940s.
_____

Modern generational divisions are usually based on technological or social differences. GenXers are those who came after the cultural upheaval of the early 1960s with the Kennedy assassination and the emergence of the counterculture. The Millennials are defined by growing up with the internet. GenZ by life-long internet access and post 9/11 oppression. Gen Alpha by social media.

The early and late Boomers, however, get lumped together despite major societal and technological changes in the 1950s simply because of their numbers, which has more to do with their parents than them.

[jojo69]

get off Jimbo's lawn

[machasm]

Us boomers got to stick together.

I never liked the term "boomer" as if everyone born between 1945 and 1963 was a member of the same cohort just because they were all products of the postwar economic boom. Yeah, our parents may have all decided to have a zillion kids at the same time (after the Great Depression and WW2 could you blame them?) but really it was 2 distinct groups:
_____

I was a member of the first group, those born in the 1940s and very early 1950s. When I was a kid we still had horse-drawn daily delivery wagons in the city, bringing us our milk, bread, ice, and coal. More people still had iceboxes than refrigerators and more people shoveled coal into their furnaces than had thermostatically-controlled gas or oil. A wringer washing machine was a modern labor-saving device. Many people still used washboards. Public transit was mostly streetcars.

We had no running hot water. On bath night my father would light a gas water heater to warm our bathwater. When my mother did dishes or laundry, she heated water in a big kettle on the kitchen stove. She dissolved ends of bar soap in the dish pan with a metal cage thingy with a handle because they didn't sell liquid dish soap yet.

After dinner, we'd sit around the floor-model vacuum tube radio (no permanent-magnet speakers: a speaker had a voice coil and a field coil) and listen to radio shows like Amos and Andy or The Lone Ranger. Phonograph records were 78 RPM and made of shellac. Most people who had record players had wind-up acoustic phonographs. My father was a classical music collector so he had a electric turntable with a piezoelectric cartridge that you mounted metal needles into with a thumbscrew. It connected to the radio. When the first TV arrived on our block it was quite the novelty. All the neighbors came around to look at the tiny round screen reflected in a mirror because the CRT was mounted vertically. Music was still mostly crooners and big bands.

We bought our meat at a butcher shop, our produce from a greengrocer, and what baked goods that weren't homemade came from a bakery. Cheese was cut and weighed by the piece, also by the butcher.
_____

By the mid-1950s everything seemed to change. Everybody had a fridge, hot water, an automatic washing machine (and dryer) and a thermostat. All the horses and many of the streetcars were replaced by internal combustion engines. Supermarkets replaced specialized food shops. Foods were pre-wrapped and packaged.

Television ruled. Radios were relegated to music and to a small degree, talk. TV commercials effected how people shopped, ate, clothed themselves and went about their daily lives. The propaganda was relentless. McCarthyism gave us a new enemy to hate and fear. It wasn't the Gerrys and Japs anymore. It was the Commies.

As the decade went on, transistors started replacing vacuum tubes and vinyl replaced shellac. Rock&roll replaced swing and new attitudes arose. It was OK to have fun and be sexy again, just like during the roaring '20s before the Depression and the war made everybody miserable and security-conscious.

Anyone who wanted a job could get one and everyone seemed to have lots of money. A guy with an average job could afford to own a home, a cottage, a stay-at-home wife, 3 or 4 kids, a new car every 3 years, and still be able to save enough to send his kids to college.

The "boomers" born in these times were a completely different cohort from the "boomers" of the 1940s.
_____

Modern generational divisions are usually based on technological or social differences. GenXers are those who came after the cultural upheaval of the early 1960s with the Kennedy assassination and the emergence of the counterculture. The Millennials are defined by growing up with the internet. GenZ by life-long internet access and post 9/11 oppression. Gen Alpha by social media.

The early and late Boomers, however, get lumped together despite major societal and technological changes in the 1950s simply because of their numbers, which has more to do with their parents than them.

Well I was born on the other end of the scale in 1963 and had my early years in London where my parents were still living with my grandmother. I remember having baths which were filled using a kettle boiled on the stove in a freezing iron large bowl in a single glass paned washroom. Though my pre teen years we moved to a suburb of Melbourne in Aus and things were pretty rustic there too with a chemical toilet in the "dunny" out in the back yard which needed emptying by some poor bloke who came round once a week to replace it with an empty one.
Admittedly we did have the luxury of a black and white TV but since there were only a couple of channels with hardly anything a kid would want to watch I spent a lot of my time outside exploring the outback.
I had a whale of a time! Felt great to be left alone and be truly free to muck about with my mates catching lizards, going fishing or just riding our bikes till we were exhausted.
So maybe it was different to your experience but I wouldn't change it for the world.

[fillippone]

Very interesting tweet from @loop based on @coinmetrics

The amount of BTC held by BitMEX and Bitfinex has reached new lows following the March 12th crash. Bitfinex now holds 93.8K BTC, down from 193.9k on March 13th. BitMEX’s BTC supply is now down to 216.0K BTC, down from a peak of 315.7K on March 13th. H/T @coinmetrics

https://twitter.com/lopp/status/1260189246511513601?s=21

The mid March market crash scared the traders, not the holders. He who wanted to gamble their funds, kept them on hot wallet on the exchanges (those are the traders). They lost their funds towards the holders. The holders, being savvy and knowing that “not your keys, not your bitcoin”, withdrew their funds from the exchanges.

[jojo69]

this just in

Proudhon cures Covid!

https://www.sciencealert.com/llama-blood-could-play-a-role-in-helping-people-fight-off-coronavirus-infections

[DaRude]

If they print tether out of thin air and don't actually have the USD reserves, wouldn't that be just like printing USD out of thin air?

If tether is outed as a scam, wouldn't peopl just sell as much tether as they could for BTC? How would that make BTC dump?

"Tether is a scam so I'm going to sell Bitcoins for tether.." I don't think so..

If a scam came out wouldn't people just be dumping tether for BTC, WDing, and running away with whatever they could?

I don't see how this printing of tether is a bad thing for BTC..

They are just printing more buy orders for BTC, and if it turns out to be a scam, Wouldn't it all just get dumped for BTC?

How does a scam in tether hurt BTC? Wouldn't it just reinforce the fact that Bitcoin is scure, and other shitcoins like centralized tether are not secure or safe compared to Bitcoin?

You are correct that tether going down doesn't directly impact BTC.

But indirectly, Tether and Finex have the same owners, so if Tether will go down expect it to take Finex down with it. People loosing $6B in tethers and another exchange going down is not good publicity and will not raise confidence. As i understand it, tethers are used for arbitrage between exchanges, and speculation. Tethers going down will take a lot of liquidity from BTC as people would have to either keep money on exchanges or wait for wires to clear when they want to buy.

Tether is the weakest link and a prime target, so it's not a matter of if Tether will go down but a matter of when, the sooner it happens the better.

[vapourminer]

Some of us, surely need to work on our brains, first. 

1st?

my few remaining brain cells laugh in your general direction.


hahahahahbbpppftt