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

[lightfoot]

That said, in this time where social media or biased media are now the main sources of 'accepted truth', real truth is a rare commodity; claimed by many, actually spoken by few.

Just remember: "Accepted truth" can make you feel good. "Real truth" can kill you.

[Biodom]

The US dollar is about to break 10 year support.

Come on Bitcoin, the time is now!!!!!

How so? 10 year support is around 75 (EDIT: corrected from 73-74) and we are at 95 in DXY.
maybe you are talking about 1 year support?

[marcus_of_augustus]

... something big is in the wind, gold, silver, oil popping and US$ taking a dive.

... if btc can't catch a bid here and break free higher it is well and truly under control.

[soxxx]

The US dollar is about to break 10 year support.

Come on Bitcoin, the time is now!!!!!

How so? 10 year support is around 73-74 and we are at 95 in DXY.
maybe you are talking about 1 year support?

Oops I meant the trend line running since 2011. There is support all over the place but if it falls below the trend line, I think its heading toward a long term bear market. The last bear market for US dollar lasted 7 years between 2001-2008.

[BobLawblaw]

https://twitter.com/BitmexWhale/status/1285751457338331137

[cAPSLOCK]

https://twitter.com/BitmexWhale/status/1285751457338331137

Holy shoot.  That is either someone who knows something, or one drunk motherfoocker.

[aesma]

Finally some movement yesterday, but let's just say my trading isn't paying the bills at the moment !

I agree that this is probable, but the question arises..when will it stop? Never? Are we at a verge of basic income and MMT?
Too much resistance to those ideas, so it is unlikely to happen. However, passing every 6 mo a 2-3 trillion bill does not seem likely either.
At the moment, it is clearly gold and high beta stocks that benefit the most. Bitcoin is not in play and I wonder why. maybe because it was in a deep correction for too long and lost its appeal with the fast money. It could be temporary, though. At least, this is my hope, but the whole apple-cart is upside down.

If the trend described below is true, then we would have a deflationary impulse as well:
https://www.politico.com/news/2020/07/19/wage-cuts-economy-crisis-368508

Basically stock market speculators (in the US) have a free ride. The market goes up they win, the market goes down the Fed and congress put more money into it so it goes up again. They can't lose. With BTC, you can lose.

That is until they don’t, it is true that what you describe has been the norm during the last decades but at some point it will be impossible to maintain the system as it is and even those that believed they could privatize profits and socialize losses will find out this cannot last forever.

I really think the current pandemic has accelerated this process and while I don't wish to see such a huge crisis in my lifetime I’m convinced this is inevitable and taking precautions for that day is the only thing I can do, and as you may guess holding some bitcoin is part of my preparations, and while some may complain about the sideways movement of bitcoin this is great for anyone looking to increase their stash.

I think it can still last a long time but we'll see, look at the EU, it will borrow money to spend it on "stuff" for the first time, certainly not the last.

It doesn't hurt to be prepared, I'm looking at houses with large plots of arable land to make some fruits and vegs, and allow for more production if needed (cereals, poultry, rabbits...). Having useful skills and train for new ones, too.

I can feel some sympathy and even agree with some people that think the current system is unjust, but if they're not doing something about it, or to at least improve their own situation, that sympathy only goes so far. Whining is not a plan.

[BobLawblaw]

https://twitter.com/BitmexWhale/status/1285761997125058564

[Krubster]

WO gentlemen,

I've been off-grid for the past week, on a fishing trip way out of nowhere. I've had no internet/phone service during that time. Fuck, I'd hope to come back to some price action, but it still seems we're grindning around 9k. Boring. Dissapointing.

Anyway, back to my fishing trip. It's been been quite a stress-reliver to be honest. No-one can reach you - I can't reach no-one. It kind of remind me of my youth. I guess anyone of you 35+ y.o. can relate. The age before internet and cell phones.




During this time I also recieved a new offer from Fortress, wanting to buy my claim from the MtGox Trustee. Let me quote (I've edited out names and numbers).

Dear xxxxx xxxxxx,

The Mt Gox Trustee published a Civil Rehabilitation plan on March 24, 2020 which described potential future distributions for Mt Gox creditors. Due to the Covid-19 pandemic, the court subsequently delayed proceedings. The Trustee’s plan could take several years before making a distribution to creditors who lost BTC on Mt Gox, because the Trustee’s plan does not commit to a BTC distribution until CoinLab’s litigation is resolved. The Japanese court system was closed due to Covid-19, and our attorneys estimate it may take 3-5 more years for CoinLab’s litigation to reach a conclusion (including appeals).

Due to these delays, many creditors have expressed a desire to get back their lost BTC. We are now offering a way for creditors to sell us their claim and receive BTC as payment. The amount of BTC you will receive is based on the amount of BTC the Trustee is currently holding for your account:

• The Trustee currently holds 141,686 BTC out of the 950,000 which were originally lost. This is a recovery ratio of 14.91% (click here to view full report from Mt Gox Trustee (https://www.mtgox.com/img/pdf/20191001_report.pdf)
• You originally lost xxx.xx BTC, which means the Trustee is holding xx.xx BTC for your account to eventually be distributed after the Coinlab litigation is resolved.
• We are offering to buy your claim for 90% of this amount, or xx.xx BTC. We can make payment in BTC to your wallet address at a reputable exchange of your choice.
• If you prefer to be paid in cash, your purchase price would be $xxx,xxx, payable in your local fiat currency via wire transfer to your bank account

·       
This offer to buy your claim and make payment of xx.xx BTC or $xxx,xxx is valid only until our funding is fully allocated. Please respond as soon as possible if you would like to receive a claim transfer contract.

What they fail mention is that the Trustee is also holding a shitload of fiat, which is supposed to be fairly shared among all the creditors. My understanding is that your BTC claim is worth 0.18 BTC, 0.18 BCH, plus $440 per BTC claimed.

Let say you had 1 BTC claimed. That means according to https://www.ozcoin.com.au/index.php your claim is worth $2,150. Fortress is offering 14.91% which is (9300 * 0.1491) = $1,394. That means Fortress is paying (1394/2150) = 65% of your claim.

Thank you Fortress, that's a decent offer. But not quite the 90% you are claiming you're offering. Anyway, I've waited 6 years for any pay-out, I guess I can wait a few years more.

It doesn't matter though. My bags are full for the next bull run, bring it on.

[infofront]

Smithsonian Institution Explains that 'Rationality' & 'Hard Work' are Racist

What are these sinister aspects of “white culture,” you ask? Well, according to the Smithsonian, values like “hard work,” “self-reliance,” “be[ing] polite,” and timeliness are all a product of the “white dominant culture.” Indeed, it turns out that conventional grammar, Christianity, the notion that “intent counts” in courts of law, and the scientific method and its emphasis on “objective, rational linear thinking” are all proprietary to “white culture.”

[JayJuanGee]

I was gonna kick that fuckers ass but I could never catch him in the parking lot so I got sick of driving out of my way and just did the windshield.

I am so glad that you exercised self-restraint to "only" perform property rather than bodily damage upon the guy, even if such "self-constraint" was because you did not have enough staying power to continue to stalk the poor incompetent, and perhaps corrupt, fella.    

[Hueristic]

I was gonna kick that fuckers ass but I could never catch him in the parking lot so I got sick of driving out of my way and just did the windshield.

I am so glad that you exercised self-restraint to "only" perform property rather than bodily damage upon the guy, even if such "self-constraint" was because you did not have enough staying power to continue to stalk the poor incompetent, and perhaps corrupt, fella.    

Dick head deserved an attitude adjustment.

[jbreher]

The changes BSV makes to the protocol will inevitably centralize the protocol,

You'll need to be more specific. Which changes exactly are you speaking of?

I certainly hope we are not headed down some semantic rabbit hole about who changed what... but...

The most obvious change.  They have taken the big block ethos to it's end.  They did not only lift block size limitations, but the community has been building applications and uses that encourage as much use of the blockchain as possible.  

Well, there is that, aye.

Perhaps it is in the nature of a semantic rabbit hole, but your use of the future tense for a past enhancement threw me off track. I thought you were referring to some nebulous future changes.

They ridicule the BTC camp for it's Raspberry Pi nodes and have embraced the idea that nodes (which for them are de facto miners) will be big server farms pushing the boundaries of storage space, network bandwidth and computational resources.

Well, yes. I get that many think that huge numbers of non-mining fully-validating clients bring security to the system. I just find such notions delusional.

In the end, the entities with the power are the entities with the most to lose - the miners. The thing that keeps the miners from acting nefarious is the threat of users -- measured by economic power, not by a numerical count of trivially sybillable validators -- abandoning their generated chain en masse. Which is the brilliant design left us by satoshi.

And even if non-mining validators _actually_ held any power: Why would we want to artificially constrain the potentially world-changing power of this network to a lowest common denominator of irresponsible neckbeard hobbyists unable to make the proper life choices to enable them to leave mommy's basement? The notion is pure folly.

[jbreher]

Fully rotten to the core. After getting fired for not backing down on a case against a fraudulent ophthalmologist who was billing the insurance plan for botox done on her crooked doctor pals, it took me one final job working for a vastly overpricing specialty drug insurance company before I said "that's it, I'd rather die than do this for another day," and I switched to self-employment afterward.

It hasn't been a cakewalk but I'm happy knowing I will never step foot in a cubicle ever again, working for completely corrupted fuckheads who value money over human life.

Respect, dude. Begrudging (as you can well imagine), but respect nonetheless.

[dragonvslinux]

Good afternoon WO!
A boring observation of $9,166

Are you saying that Bitcoin finally is stable. 😜

I guess technically yes I was, but that it's about to get unstable again quite quickly 

[jbreher]

Smithsonian Institution Explains that 'Rationality' & 'Hard Work' are Racist

What are these sinister aspects of “white culture,” you ask? Well, according to the Smithsonian, values like “hard work,” “self-reliance,” “be[ing] polite,” and timeliness are all a product of the “white dominant culture.” Indeed, it turns out that conventional grammar, Christianity, the notion that “intent counts” in courts of law, and the scientific method and its emphasis on “objective, rational linear thinking” are all proprietary to “white culture.”

Gag me with a maggot.

[bitebits]

https://twitter.com/digitaliknet/status/1285455790510428160

Current price is about 47% of the previous ATH.

After previous halving in 2016 price was around $570 which is around 45% of previous ATH.

[DaRude]

Your turn. What is the definition of decentralization to which you adhere, DaRude? Hmmm?

Riiiight, that's just you bitching about nodes, still not seeing you defining decentralization, and criteria that you used to come to conclusion that BTC and BSv are as decentralized? Surely you're not just putting out claims without backing them up  

Still dodging, eh? Nothing to offer?

Huh, YOU claimed that both coins are equally decentralized, i asked for you to back it up, and you're asking me to define decentralization?

FWIW, what I think jbreher is saying, is that BTC and BSV can both potentially be equally decentralized. In other words, the algorithms themselves allow for the same amount of decentralization.

Bingo. From a technical perspective, they are equally decentralized. The only difference in decentralization between the two is the current popularity of each.

If those are the vapors upon which you wish to hoist your flag, so be it.

Of course, the next layer of the discussion is 'how much decentralization is meaningful'? Then 'what aspects are important to be decentralized'? Followed by 'what concrete goals do the intermediate objective of decentralization serve'? But shieeeeit - we can't even agree on what decentralization even means, because those who scream it loudest refuse to admit they don't have a concrete definition thereof.

Ahh and there we have it. So following your logic and your definition of decentralization, BTC is as decentralized as BCD (Bitcoin Diamond)? And you expect us to take you seriously? Look i just created jbreher_shitcoin, and in its first second of existence, from a technical perspective, it's already as decetralized as BTC, or so i can claim to sound impressive when trying to offload it on noobs, would you like to buy some?? Way to waste everyone's time here.

...
jbreher's angle is to lure noobs in by digging up some obscure definitions and extrapolating them to a point of absurdity, then when no one wants to waste time debating him that the world isn\t flat he thinks he wins 
...

[DaRude]

In case we didn't already know it, here's more proof that retards use coinbase.

Coinbase says it prevented over 1,000 customers from sending $280,000 worth of bitcoin to Twitter hackers

https://www.theblockcrypto.com/post/72200/coinbase-says-it-prevented-over-1000-customers-from-sending-280000-worth-of-bitcoin-to-twitter-hackers

IIRC the twitter morons only got about 60k from everywhere else.

Talk about inept scammers.

For some reason some WO members use conbase as well so yeah...

yup, me.

so ill do a quick explanation:

yes they bought that analytics team that sold services to dictator countries for spying (or whatever it was .. more coffee will bring additions brains cells into play) - someone will correct me - and YES that one pissed me off huge. almost left. but they "fired" the big shots in it iirc

yes they will track the shit out of your tx

yes in bed with IRS

yes can seize all if they feel like it

yes they will lock if you send to privacy wallet or casino (<< do they still do that? they did)

however for me, who mined my coins, and have only bought (a very little) but sold (mostly) my own coins there for 6 or 7 years, it has not had one issue. at all. and ive cashed out corn amounts that raise flags.

for me, yes its regulated to fuck and worse. but i dont use it as a wallet. its soley an on and off ramp.

yes i am prepared to lose whats there at any time. others who hold there should be too.

but it works for me, and for noob holders until they send to hardware/airgapped/paper/whatever

I get all that, but this is not an argument of exchange vs. no exchange, even when you decide to use an exchange, you do have other options. Why not use exchange (with all the same issues/risks as above) but doesn't have a history of trying to fuck BTC any chance they get? Kraken/Gemini have all the same issues but don't seem to actively go out of their way to screw with BTC

[DaRude]

The changes BSV makes to the protocol will inevitably centralize the protocol,

You'll need to be more specific. Which changes exactly are you speaking of?

I certainly hope we are not headed down some semantic rabbit hole about who changed what... but...

The most obvious change.  They have taken the big block ethos to it's end.  They did not only lift block size limitations, but the community has been building applications and uses that encourage as much use of the blockchain as possible.  

Well, there is that, aye.

Perhaps it is in the nature of a semantic rabbit hole, but your use of the future tense for a past enhancement threw me off track. I thought you were referring to some nebulous future changes.

They ridicule the BTC camp for it's Raspberry Pi nodes and have embraced the idea that nodes (which for them are de facto miners) will be big server farms pushing the boundaries of storage space, network bandwidth and computational resources.

Well, yes. I get that many think that huge numbers of non-mining fully-validating clients bring security to the system. I just find such notions delusional.

In the end, the entities with the power are the entities with the most to lose - the miners. The thing that keeps the miners from acting nefarious is the threat of users -- measured by economic power, not by a numerical count of trivially sybillable validators -- abandoning their generated chain en masse. Which is the brilliant design left us by satoshi.

And even if non-mining validators _actually_ held any power: Why would we want to artificially constrain the potentially world-changing power of this network to a lowest common denominator of irresponsible neckbeard hobbyists unable to make the proper life choices to enable them to leave mommy's basement? The notion is pure folly.

Sounds like someone is still a bit salty and in denial of UASF, users spoke, you lost and that's the reason you're now running a fork and had to make changes to original protocol (modified DAA), but yet somehow you're still in denial and try to claim that it's delusional.

Those neckbearded cypherpunks running their own nodes and validating their own transactions are the pain in Faketoshis ass that he can't do anything about. They add additional costs/risks when factoring a protocol change. Can you imagine how much easier it would be to move coins without a private key when you only have two major datacenters with a full jigawatt sized chain.