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

[Room101]

one more story.

https://www.reddit.com/r/Bitcoin/comments/gmzbc0/i_finally_understand_it/

And what happens when U$D is in very bad situation due to printing money? One bitcoin is one bitcoin. But how do we calculate the value if $1 is $10.000 in a few years?

It's not going to work like that. The US dollar is the reserve currency, and the only currency big enough and liquid enough to absorb all the money printing everyone else is doing. It's why despite the Fed printing like crazy all year, the USD is up against all major other currencies, by a lot. This will keep going, the USD will keep strengthening, right up till it implodes. It won't be a slow inflation, it can't be. USD will be the most sort after currency in the world (ie more people wanting to buy than sell, which pushes price UP not DOWN) for a while, then it will implode, probably overnight, when richer more powerful people than us or the idiots we vote for decide it can no longer survive.

God knows what comes next, but I expect bitcoin will do well, and be worth a lot in whatever new ponzi scheme they replace the current system with.

[vapourminer]

but i have reallocated the percentage of these "classes" over the years too, and bitcoin has been much more prominent of late. both from a sound money point of view and a ridiculously preforming asset/investment. if push comes to shove, bitcoin will be the last thing to sell if it comes to that.

Sounds like a crude and real world description of Gresham's law combined with reallocation motivations.

pretty much. only its done my way in my head. end result is the same(ish); get rid of the crap and convert to something that stands a chance of surviving.

interestingly enough when i was talking to the financial peeps the other day, one of them brought bitcoin up for a quick opinion on how i think its doing. we always discuss it even though he always recommends selling some off.. and thats what i pay him for, his honest opinion. he acknowledges its been the best investment hes ever seen. but its still unproven when you get right down to it. another said that cash in banks or any form is not a good place to be going forward. even the stock market is not really a safe place anymore in the timelines we discussed (as if it ever was IMO), inflation will be a killer and she cant see anyway around that. of course thats obvious to us but when financial people are getting the drift you know somethings up.

this is a very simplified version of the discussions though.

however as much as i believe bitcoin is the future of money/wealth/store of value/whatever you want to call it i do live in the present. and i do realize that my "plan," while it has worked in the past, may need drastic revision at any point.

never stop learning.

Fair enough.  If all of a sudden, some very large and unanticipated expense rolled into your door.. you might have to say fuck.  And, you might have liquidate a decently large portion of your bitcoin's even though it was either last or towards the end of you liquidation list.

Nice for us to have those kinds of options, even though they do not necessarily resolve all issues that might end up coming in our direction.. including some major issues that could undermine our bitcoin stash, too..

yeah, we have discussed "fuck you" amounts of money here before. however i can easily see a "no, fuck YOU" looming on the horizon.

[BitcoinGirl.Club]

The 10K$ resistance was is still like <image snipped>

Yeah it's been few days but this is Wednesday so I guess we will see something today 🤪

[Globb0]

Talking about video cards...someone mistakenly (I think) posted MSI 1080 ti Gaming X (open box) at $45.88 plus shipping on ebay...30 were already sold in one day (today).
Either scam or a mistake, there is no way he will send them out for this price...lol. I didn't bother to buy since it is all going to be refunded at best or lost at the worst.

I did see some one saying they got scammed like this.

The card in the box wasn't the one advertised just some shitty old video card.

I wonder how many people got it and just plugged it in and thought its not as good as the reviews.  

[Peanutswar]

I'm waiting for the 10k market price of the bitcoin again but when I saw this I feels bad

Today I’m ready to crush the 10K line ....
-lovely GF

I wish I have a girlfriend too while waiting profit of 10k.

[AlcoHoDL]

however as much as i believe bitcoin is the future of money/wealth/store of value/whatever you want to call it i do live in the present. and i do realize that my "plan," while it has worked in the past, may need drastic revision at any point.

never stop learning.

Fair enough.  If all of a sudden, some very large and unanticipated expense rolled into your door.. you might have to say fuck.  And, you might have liquidate a decently large portion of your bitcoin's even though it was either last or towards the end of you liquidation list.

Nice for us to have those kinds of options, even though they do not necessarily resolve all issues that might end up coming in our direction.. including some major issues that could undermine our bitcoin stash, too..

I am in a similar situation to the one you describe and probably the solution is to sell BTC, this is the true magic of Bitcoin, the alarm light of the Fiat reserves has gone on, according to my plan, I cannot face the unforeseen and continue decapitalizing me, BTC will save my ass like other times.

No need to comment on the reason for this decision, we have enough shit in this 2020
As soon as I can recover financially, I will start buying again
Nothing changes, the same VB1, Bull, StrongHat, but practically with 0 BTC

Man, sorry to hear that VB...

Well, at least it was need, and not fear, that made you sell. After all, there are much more important things in life than even Bitcoin... In the end, it's just a tool, a means to realise our wants and needs. And if there's a great need for something very important, you use your fiat/BTC/whatever you have...

Just keep accumulating. I strongly believe that in a few years' time, having even one (1) BTC will be enough to set you up for life.

[OutOfMemory]

Wow, sorry to hear this, kind of drastic, but, bro, any amount of btc is good as long as your mind is on a right track as a bitcoiner.

WAaaaaa!!!
WTF happened  

So sorry VB.

Correct, a drastic measure, but of an indirect unforeseen, not generated by me.
These are strange and difficult times for everyone including family and friends.
I am sure many of you would have acted the same.

Shit dude, i'm sorry for your loss.
Take my last sMerit.

[OutOfMemory]

BOOOYYYYYYZZZZZZZ 
Just saw i can wear my hat again!
Hold my beer...

[Ibian]

A sidenote: I personally believe that there is some validity in ESP, don't know how to explain it from a scientific view point, let's leave it at that.

Superstition is probably genetic. Even someone like Jung believed in synchronicity. We see patterns where there are none, that's all it is.

[Ibian]

Why would having more miners make any difference in fees. Any miner will mine the highest value transactions, that's just like saying wheels will fall into potholes.

*shakes head*

uh... supply and demand?

[Room101]

Why would having more miners make any difference in fees. Any miner will mine the highest value transactions, that's just like saying wheels will fall into potholes.

*shakes head*

uh... supply and demand?

? The only supply and demand involved is demand for space in each block. The supply of space is fixed, at 1MB. It doesn't matter if there is one miner or one billion, or what the hash rate of the network is. The only thing that sets fees is how much people are willing to pay to get into a block. When demand is low, fees are low, and visa-versa.

[Ibian]

Why would having more miners make any difference in fees. Any miner will mine the highest value transactions, that's just like saying wheels will fall into potholes.

*shakes head*

uh... supply and demand?

? The only supply and demand involved is demand for space in each block. The supply of space is fixed, at 1MB. It doesn't matter if there is one miner or one billion, or what the hash rate of the network is. The only thing that sets fees is how much people are willing to pay to get into a block. When demand is low, fees are low, and visa-versa.

The miners compete for solved blocks and fees. The more miners, the less each of them gain and the less each of them have the ability to manipulate the market as a whole.

Also it's 2MB. Remember? We had that whole civil war on the best way to increase the size?

[JimboToronto]

Good morning Bitcoinland.

More of the same: up, down, and ending up sideways... currently $9769USD/$13562CAD (Bitcoinaverage).

Yawn. Stronger coffee please.

looking at that chart, can't I see a similar "Elusive Golden Cross" a few months ago? Immediately afterwards bitcoin fell of a fucking cliff.

yea, because TA cannot predict real life events, like the virus or the price of Bitcoin

ftfy

[Room101]

Why would having more miners make any difference in fees. Any miner will mine the highest value transactions, that's just like saying wheels will fall into potholes.

*shakes head*

uh... supply and demand?

? The only supply and demand involved is demand for space in each block. The supply of space is fixed, at 1MB. It doesn't matter if there is one miner or one billion, or what the hash rate of the network is. The only thing that sets fees is how much people are willing to pay to get into a block. When demand is low, fees are low, and visa-versa.

The miners compete for solved blocks and fees. The more miners, the less each of them gain and the less each of them have the ability to manipulate the market as a whole.

Also it's 2MB. Remember? We had that whole civil war on the best way to increase the size?

You mean by mining empty blocks to artificially increase demand for block space? Admittedly I have not looked for a while, but does that still happen? The only time when the mempool is full that I see empty blocks is if one is mined immediately after another one.

And technically it's still 1MB in the code, we just don't have to include all of the transaction data we used to, so we can squish more in.

[Room101]

Good morning Bitcoinland.

More of the same: up, down, and ending up sideways... currently $9769USD/$13562CAD (Bitcoinaverage).

Yawn. Stronger coffee please.

looking at that chart, can't I see a similar "Elusive Golden Cross" a few months ago? Immediately afterwards bitcoin fell of a fucking cliff.

yea, because TA cannot predict real life events, like the virus or the price of Bitcoin

ftfy

 

[psycodad]

BOOOYYYYYYZZZZZZZ 
Just saw i can wear my hat again!
Hold my beer...

Welcome back Max Headroom

[ivomm]

My mind is telling me not to expect much of the price in the coming days, but I have a gut feeling that there's something brewing. A calm before the storm? The price is stabilizing around $9700 refusing to go up or down. May be this is a sign that the bulls are preparing to charge the $10K resistance like a red flag and level up 1K and more?



And I wonder what the $4.5 billion tethers printed since March 30th and May 14th are waiting for? If only 1/3 of this amount is used for bitcoins, a price above $14K is definitely possible this year.

[Wekkel]

In my view, price is creeping up again, ready to blow higher with leaps.

The current stability is good. Feeds the rocket.

[Ibian]

Why would having more miners make any difference in fees. Any miner will mine the highest value transactions, that's just like saying wheels will fall into potholes.

*shakes head*

uh... supply and demand?

? The only supply and demand involved is demand for space in each block. The supply of space is fixed, at 1MB. It doesn't matter if there is one miner or one billion, or what the hash rate of the network is. The only thing that sets fees is how much people are willing to pay to get into a block. When demand is low, fees are low, and visa-versa.

The miners compete for solved blocks and fees. The more miners, the less each of them gain and the less each of them have the ability to manipulate the market as a whole.

Also it's 2MB. Remember? We had that whole civil war on the best way to increase the size?

You mean by mining empty blocks to artificially increase demand for block space? Admittedly I have not looked for a while, but does that still happen? The only time when the mempool is full that I see empty blocks is if one is mined immediately after another one.

And technically it's still 1MB in the code, we just don't have to include all of the transaction data we used to, so we can squish more in.

Someone explained how mining empty blocks work recently. I don't know much about all the little tricks they can use, but basically it's a gamble. It doesn't always work and when it doesn't that's mining power out the window.

[lightfoot]

Why would having more miners make any difference in fees. Any miner will mine the highest value transactions, that's just like saying wheels will fall into potholes.

*shakes head*

uh... supply and demand?

? The only supply and demand involved is demand for space in each block. The supply of space is fixed, at 1MB. It doesn't matter if there is one miner or one billion, or what the hash rate of the network is. The only thing that sets fees is how much people are willing to pay to get into a block. When demand is low, fees are low, and visa-versa.

Right. Also the more miners, the greater the difficulty and the less profit per miner anyway. It's a pure queen's race and the perfect example of a perfect marketplace. Has no bearing on fees beyond a 2 week difficulty adjustment period.

Ibian does not seem to "get it". There is no magic wand to wave over bitcoin to get what you want or "deserve". That's part of the reason why I like it: The rules are pretty solid.